Unemployment insurance an analysis of optimal mechanisms under aggregate shocks

The purpose of this work is to provide a brief overview of the literature on the optimal design of unemployment insurance systems by analyzing some of the most influential articles published over the last three decades on the subject and extend the main results to a multiple aggregate shocks environment. The properties of optimal contracts are discussed in light of the key assumptions commonly made in theoretical publications on the area. Moreover, the implications of relaxing each of these hypothesis is reckoned as well. The analysis of models of only one unemployment spell starts from the seminal work of Shavell and Weiss (1979). In a simple and common setting, unemployment benefits policies, wage taxes and search effort assignments are covered. Further, the idea that the UI distortion of the relative price of leisure and consumption is the only explanation for the marginal incentives to search for a job is discussed, putting into question the reduction in labor supply caused by social insurance, usually interpreted as solely an evidence of a dynamic moral hazard caused by a substitution effect. In addition, the paper presents one characterization of optimal unemployment insurance contracts in environments in which workers experience multiple unemployment spells. Finally, an extension to multiple aggregate shocks environment is considered. The paper ends with a numerical analysis of the implications of i.i.d. shocks to the optimal unemployment insurance mechanism.

Fuel ethanol price drivers in the Atlantic basin : Brazil & the U.S. traders perspectives

Como a oportunidade de exportação de etanol combustível é muito recente, o agronegócio carece de literatura para formação de gestores e estrategistas. Este trabalho tem como objetivo descrever o mecanismo de formação de preços de etanol tanto no Brasil como nos Estados Unidos da America. Decupei as variáveis que impactam na formação de preços, custo de produção de etanol de cana-de-açúcar, custo da logística e desidratação no Caribe, custo do etanol de milho e fiz algumas análises de cenários de formação de preços das principais variáveis e consegui organizar este conhecimento em um gráfico que contém no eixo superior preço do etanol hidratado na usina no Brasil e no eixo inferior o preço do bushel de milho em Chicago cujas interceções nas retas da taxa do dólar e do preço do gás natural, fornecem no eixo Y o preço do produto no porto de Nova York, ficando uma visualização simples das possibilidades da janela de exportação. A metodologia permite assumir diferentes cenários de oferta, demanda e preços e estabelecer diferentes estratégias de comercialização.

Preços de imóveis residenciais novos no Rio de Janeiro: estimação através da metodologia de preços hedônicos

Este trabalho tem por objetivo entender, no município do Rio de Janeiro, quais características são mais importantes para no mercado de imóveis residenciais novos. A abordagem de preços hedônicos foi utilizada para a elaboração deste estudo, uma vez que analisa o bem como um pacote de atributos para os quais o consumidor tem preferências. Diversos itens relacionados à caracterização do imóvel e do condomínio, bem como da localização na qual ele se insere, foram analisados. Como parte da metodologia, a econometria foi utilizada para que fosse possível compreender de que forma, e em qual proporção, as variáveis mapeadas se relacionam com o preço final do imóvel. O resultado final aponta que as variáveis mais importantes para o equilíbrio do mercado imobiliário no Rio de Janeiro são: o bairro onde o imóvel está localizado, o tamanho, número de quartos, a diferenciação entre ser apartamento ou casa e o número de unidades no condomínio.

Implications of ernbodied technological change for development economics

Employing a embodied technologic change model in which the time decision of scrapping old vintages of capital and adopt newer one is endogenous we show that the elasticity of substitutions among capital and labor plays a key role in determining the optimum life span of capital. In particular, for the CD case the life span of capital does not depend on the relative price of it. The estimation of the model's long-run investment function shows, for a Panel data set consisting of 125 economies for 25 years, that the price elasticity of investment is lower than one; we rejected the CD specification. Our calibration for the US suggests 0.4 for the technical elasticity of substitution. In order to get a theoretical consistent concept of aggregate capital we derive the relative price profile for a shadow second-hand market for capital. The shape of the model's theoretical price curve reproduces the empírical estimation of it. \lVe plug the calibrate version of the long-run solution of the model to a cross-section of economies data set to get the implied TFP, that is, the part of the productivity which is not explained by the model. We show that the mo dei represent a good improvement, comparing to the standard neoc!assical growth model with CD production function and disembodied technical change, in accounting the world diversity in productivity. In addition the model describes the fact that a very poor economy can experience fast growth based on capital accumulation until the point of becoming a middle income economy; from this point on it has to rely on TFP increase in order to keep growing.

The impact of negative social environmental events on the market value of supply chain partners

The present work analyzes the impact of negative social / environmental events on the market value of supply chain partners. The study offers a contextualized discussion around important concepts which are largely employed on the Operations Management and Management literature in general. Among them, the developments of the literature around supply chains, supply chain management, corporate social responsibility, sustainable development and sustainable supply chain management are particularly addressed, beyond the links they share with competitive advantage. As for the theoretical bases, the study rests on the Stakeholder Theory, on the discussion of the efficient-market hypothesis and on the discussion of the adjustment of stock prices to new information. In face of such literature review negative social / environmental events are then hypothesized as causing negative impact in the market value of supply chain partners. Through the documental analysis of publicly available information around 15 different cases (i.e. 15 events), 82 supply chain partners were identified. Event studies for seven different event windows were conducted on the variation of the stock price of each supply chain partner, valuing the market reaction to the stock price of a firm due to triggering events occurred in another. The results show that, in general, the market value of supply chain partners was not penalized in response to such announcements. In that sense, the hypothesis derived from the literature review is not confirmed. Beyond that, the study also provides a critical description of the 15 cases, identifying the companies that have originated such events and their supply chain partners involved.

Volatility of returns, variations in prices and volume traded: evidence from the main stocks in Brazil

We study the relationship between the volatility and the price of stocks and the impact that variables such as past volatility, financial gearing, interest rates, stock return and turnover have on the present volatility of these securities. The results show the persistent behavior of volatility and the relationship between interest rate and volatility. The results also showed that a reduction in stock prices are associated with an increase in volatility. Finally we found a greater trading volume tends to increase the volatility.

Economic analysis of cucumber and lettuce intercropping under greenhouse in the winter-spring

A análise econômica complementa a avaliação da eficiência dos cultivos consorciados, considerando além da produção física das culturas, o preço dos produtos segundo sua classificação qualitativa e época do ano. Avaliou-se economicamente consórcios de alface crespa e pepino, em duas populações de plantas, no inverno-primavera, em casa de vegetação, em Jaboticabal, SP, Brasil. Foram calculados o custo operacional total (COT), a receita bruta (RB) e o lucro operacional (LO) das culturas do pepino e alface em monocultura e em consórcio. A mão-de-obra foi a componente com maior participação no COT das culturas em consórcio e monocultura. Maiores RB e LO foram observadas nos cultivos consorciados estabelecidos com o transplante da alface e do pepino no mesmo dia, independente da densidade populacional. Considerando-se o lucro operacional e o índice de uso eficiente da área, recomenda-se o cultivo consorciado com transplante da alface até 10 dias após o transplante (DAT) do pepino, com duas linhas, e ao 0 DAT do pepino cultivado com uma linha no canteiro

Effectiveness of fused magnesium potassium phosphate for marandu grass

O alto custo atual do KCl e a grande dependência de sua importação para suprir a demanda nacional sugerem a necessidade de estudos que procurem avaliar a eficiência de outras fontes de K, principalmente aquelas baseadas em matéria-prima nacional. Nesse sentido, foi conduzido um experimento em casa de vegetação com amostras de um Latossolo Vermelho distrófico textura média, adotando-se o delineamento inteiramente casualizado em esquema fatorial 4 x 3 x 2, sendo quatro doses de K (0, 60, 120 e 180 mg kg-1 de K), três fontes [(cloreto de potássio (KCl)], termofosfato magnesiano potássico (FMPP) e a mistura de 70 % FMPP + 30 % KCl) e duas granulometrias (100 e 60 mesh), com três repetições. Verificou-se que a adubação potássica promoveu incrementos significativos na produção de matéria seca (parte aérea) e nos teores de K no solo e na planta, não havendo diferenças entre as fontes e suas granulometrias. Os níveis críticos de K no solo e na parte aérea das plantas foram de 1,53 mmol c dm-3 e 19,1 g kg-1, respectivamente.

Social and financial aspects of the artisanal fisheries of Middle Sao Francisco River, Minas Gerais, Brazil

The presence or absence of motorized boats, partnerships and multispecies catches characterize the fisheries of Sao Francisco River, Minas Gerais, Brazil. Fishing activity based on 109 interviews, carried out in the wet (high water: February and March) and dry (low water: July and August) seasons, with professional fishermen are described. Aiming to identify the fishery income components, a covariance model was proposed, with the income as the response variable, related to the factors: fishing ground, use of motorized or paddle boat; seasonality; presence of fishing assistant, and the following covariates: capture in weight in the week Frier to the interview, fisherman experience in yrs; and distance (km) travelled for fishing. The results indicated that the main contributions to income were the absence of an engine (because of high price of the fuel), the absence of a partner (because of low capture) and the amount of fish caught by the fishermen.

Collection of Fafia [Pfaffia glomerata (Spreng.) Pedersen] in northwestern state of Parana-Brazil

Interviews were conducted with fafia (Pfaffia glomerata (Spreng.) Pedersen) collectors from the municipal districts of Querencia do Norte and Porto Rico, where enterprises and buyers of this plant are concentrated. The results allowed us to conclude that both the adults and children make collection. Each adult collects from 50 to 150 kg of roots/day, depending on the collection area, for about 8 months/year. Collections mostly occur all over the year, but the activity becomes more intense from May to August. All families are not exclusively dedicated to fafia collection and also develop other rural activities. They have been collecting fafia for 2 to 13 years, indicating that an intensive exploitation has been present in the region for over a decade. During collection, no plant part is used for replanting the species. The roots are commercialised by regional buyers. The price of the roots varies from US $ 0.07 to US $ 0.13/kg and average gain is about US $ 2,055/family/year, representing a considerable profit for the collectors.

Optimal Contract Pricing of Distributed Generation in Distribution Networks

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Collection of Fáfia [Pfaffia glomerata (Spreng.) Pedersen] in Northwestern State of Paraná - Brazil

Interviews were conducted with fáfia (Pfaffia glomerata (Spreng.) Pedersen) collectors from the municipal districts of Querência do Norte and Porto Rico, where enterprises and buyers of this plant are concentrated. The results allowed us to conclude that both the adults and children make collection. Each adult collects from 50 to 150 kg of roots/day, depending on the collection area, for about 8 months/year. Collections mostly occur all over the year, but the activity becomes more intense from May to August. All families are not exclusively dedicated to fáfia collection and also develop other rural activities. They have been collecting fáfia for 2 to 13 years, indicating that an intensive exploitation has been present in the region for over a decade. During collection, no plant part is used for replanting the species. The roots are commercialised by regional buyers. The price of the roots varies from US $ 0.07 to US $ 0.13/kg and average gain is about US $ 2,055/family/year, representing a considerable profit for the collectors.

Evaluating the effects of high penetrations of roof-top wind Turbines on secondary distribution circuits

Incentives for using wind power and the increasing price of energy might generate in a relatively short time a scenario where low voltage customers opt to install roof-top wind turbines. This paper focuses on evaluating the effects of such situation in terms of energy consumption, loss reduction, reverse power flow and voltage profiles. Various commercially-available roof-top wind turbines are installed in two secondary distribution circuits considering real-life wind speed data and seasonal load demand. Results are presented and discussed. © 2006 IEEE.

On the immature stages of the crazy ant Paratrechina longicornis (Latreille 1802) (Hymenoptera: Formicidae)

The ant Paratrechina longicornis is a cosmopolitan ant species that has been accidentally spread by commerce around the world, and now is a pest of houses and hospitals. The morphology of its larval stages has been previously described without knowledge of the number of instars. The present study revisits the original description of P. longicornis larvae by adding differences observed among the three larval instars. Compared to other Paratrechina species studied so far, P. longicornis presents smaller larvae, less evident variation in mandible morphology, and clear variation in the morphology of head hairs between the analysed specimens of the second and third instar larvae. Ultrastructural images of the eggs, larval spiracle ornamentation, and pupae are also presented for the first time. Copyright © 2007 - Magnolia Press.

Impact of changes in the European Union import regimes for sugar, banana and rice on selected CARICOM countries

Includes bibliography