Signalling, mating success and paternal investment in sticklebacks (Gasterosteus aculeatus): A theoretical model

I present an optimisation model that links paternal investment, male display and female choice. Although deviced for sticklebacks, it readily applies to other fish with male guarding behaviour. It relies on a few basic assumptions on the ways hatching success depends on paternal investment and clutch size, and male survival on paternal investment and signaling. Paternal investment is here a state-dependent decision, and signal a condition-dependent handicap by which males inform females of how much they are willing to invest. Series of predictions are derived on female and male breeding strategies, including optimal levels of signaling and paternal investment as functions of clutch size, own condition, and residual reproductive value, as well as alternative strategies such as egg kleptoparasitism. Some predictions already have empirical support, for which the present model provides new interpretations. Other might readily be tested, e.g. by simple clutch-size manipulations.

Bilateral Uveal Pigmented Alterations With Remarkable Evolution: Long Term Follow-Up in a Case of Possible Bilateral Diffuse Uveal Melanocytic Proliferation

Purpose: to describe a case of probable bilateral diffuse uveal melanocytic proliferation (BDUMP) with scleral involvement, free from systemic malignancies and cataract. Methods: fifty months of follow up with recurrent complete ophthalmological examinations, including fundus photography, fluorescein/indocyanine green angiography (FA) and optical coherence tomography (OCT). Investigations also included an electroretinography (ERG) and histological examination of scleral biopsy. Extraocular malignancies were repeatedly searched. Results: the patient was a 61 year-old Italian man with chronic hepatitis type C. At first visit his best corrected visual acuity (BCVA) was 20/32 in OS and 20/25 in OD. Funduscopy showed multiple patch-shaped pigmented alterations involving macular region and mid retinal periphery. FA showed corresponding areas of late-phase hyperfluorescent pinpoints (figure 1a, OS) and intemediate-phase hypocyanescence (figure 1b, OS), with subtle serous neurosensory retinal detachment confirmed by OCT. Photopic and scotopic ERG tested normal. Systemic prednisone was administered for one month without any improvement. After ten months round pigmentary lesions appeared also in superior scleral surface of both eyes. Biopsy allowed to disclose slightly pigmented spindle cells. BCVA worsened for further 10 months, with enlargement of FA alteration areas but lenses still clear. After 30 months spontaneous coalescence and atrophy of retinal lesions started, paralleled by progressive visual recovery. At the end of our follow up BCVA was 20/25 in OU while scleral pigmentary lesions remained unchanged. Conclusions: we report the case of a patient with main features of BDUMP and some unusual findings. Although not all classical diagnostic criteria were fulfilled, the presence of scleral pigmented lesions and spontaneous visual recovery may enlarge clinical spectrum of the disease.

Health investment complementarities under competing risks

Applying the competing--risks model to multi--cause mortality,this paper provides a theoretical and empirical investigation of the positive complementarities that occur between disease--specific policy interventions. We argue that since an individual cannot die twice, competing risks imply that individuals will not waste resources on causes that are not the most immediate, but will make health investments so as to equalize cause--specific mortality. However, equal mortality risk from a variety of diseases does not imply that disease--specific public health interventions are a waste. Rather, a cause--specific intervention produces spillovers to other disease risks, so that the overall reduction in mortality will generally be larger than the direct effect measured on the targeted disease. The assumption that mortality from non--targeted diseases remains the same after a cause--specific intervention under--estimates the true effect of such programs, since the background mortality is also altered as a result of intervention. Analyzing data from one of the most important public health programs ever introduced, the Expanded Program on Immunization (EPI) of the United Nations, we find evidence for the existence of such complementarities, involving causes that are not biomedically, but behaviorally, linked.

A-1 Monthly Public Assistance Statistical Report Family Investment Program, July 2008

A-1 - Monthly Public Assistance Statistical Report Family Investment Program

Novel Homozygous Rax Gene Mutation in Patients With Bilateral Anophthalmia

Purpose: To report the clinical and genetic study of one family and one isolated case of Egyptian origin with clinical anophthalmia. To further determine the role of RAX in anophthalmia and associated cerebral malformations. Methods: Three patients with clinical anophthalmia and first-degree relatives from 2 consanguineous families of Egyptian origin underwent full ophthalmologic, general and neurological examination, and blood drawing. Cerebral MRI was performed in the index case of the family and in the isolated case. Genomic DNA was prepared from venous leukocytes and direct sequencing of all the exons and intron-exon junctions of the RAX gene was performed after PCR amplification Results: Clinical bilateral anophthalmia was observed in all three patients. General and neurological examination was free in the family; obesity and psychomotor developmental delay was noticed in the isolated case. Orbital MRI showed the presence of cystic remnants and reduced optic nerves. Thin optic chiasm was the only observed cerebral malformation on MRI in the index case while the isolated case harboured diffuse cerebral atrophy and absence of the pituitary gland in addition. The three patients carried a novel homozygous mutation (IVS2-3G>A) in the RAX gene, while their parents were heterozygous healthy carriers. Conclusions: To our knowledge, only two isolated cases of anophthalmia have been found to be caused by compound heterozygote RAX mutations, three null and one missense, affecting nuclear localization or DNA-binding homeodomain. We identified a novel homozygous RAX mutation in three patients with bilateral anophthalmia from Northern Egypt. The mutation potentially affects splicing of the last exon and, if not submitted to non-stop decay, could result in a protein that has an aberrant homeodomain and no paired-tail domain. Functional consequences of this change still need to be characterized. This is the first report of homozygous RAX mutation associated with autosomal recessive bilateral anophthalmia

Pitfalls in the modeling of forward-looking price setting and investment decisions

The present paper makes progress in explaining the role of capital for inflation and output dynamics. We followWoodford (2003, Ch. 5) in assuming Calvo pricing combined with a convex capital adjustment cost at the firm level. Our main result is that capital accumulation affects inflation dynamics primarily through its impact on the marginal cost. This mechanism is much simpler than the one implied by the analysis in Woodford's text. The reason is that his analysis suffers from a conceptual mistake, as we show. The latter obscures the economic mechanism through which capital affects inflation and output dynamics in the Calvo model, as discussed in Woodford (2004).

Credit constraints, firms' precautionary investment and the business cycle

This paper studies the macroeconomic implications of firms' investment composition choices in the presence of credit constraints. Following a negative andpersistent aggregate productivity shock, firms shift into short-term investments because they produce more pledgeable output and because they help alleviate futureborrowing constraints. This produces a short-run dampening of the effects of theshock, at the expense of lower long-term investment and future output, relativeto an economy with no credit market imperfections. The effects are exacerbatedby a steepening of the term structure of interest rates that further encourages ashift towards short-term investments in the short-run. Small temporary shocks tothe severity of financing frictions generate large and long-lasting effects on outputthrough their impact on the composition of investment. A positive financial shockproduces much stronger effects than an identical negative shock, while the responsesto positive and negative shocks to aggregate productivity are roughly symmetric.Finally, the paper introduces a novel explanation for the countercyclicality of financing constraints of firms.

A-1 Monthly Public Assistance Statistical Report Family Investment Program, August 2008

A-1 - Monthly Public Assistance Statistical Report Family Investment Program

Balance Between Investment Protection and Sustainable Development in BITs: the Example of Switzerland

The objective of this article is to examine how substantive and procedural rights granted to foreign investors by Swiss bits are gradually being balanced with social and environmental provisions. Switzerland has enjoyed a long bit practice, as it signed its first treaty with Tunisia fifty years ago. Swiss bits rely on the post-establishment model and include usual standards of treatment. From 1981, they also systematically provide for a dispute settlement mechanism for disputes arising between an investor and a host State. Since the Switzerland - El Salvador bit in 1994, sustainable development concerns have been expressly inserted in some Swiss bits, as well as in several recent free trade agreements. Provisions on this theme are however far from being systematic in Switzerland's bit practice and essentially remain declaratory in nature. The trend towards wider inclusion of sustainable development provisions in bits still faces several practical and political challenges.

A-1 Monthly Public Assistance Statistical Report Family Investment Program, September 2008

A-1 - Monthly Public Assistance Statistical Report Family Investment Program

Firm investment in imperfect capital markets: A structural estimation

We set up a dynamic model of firm investment in which liquidity constraintsenter explicity into the firm's maximization problem. The optimal policyrules are incorporated into a maximum likelihood procedure which estimatesthe structural parameters of the model. Investment is positively related tothe firm's internal financial position when the firm is relatively poor. This relationship disappears for wealthy firms, which can reach theirdesired level of investment. Borrowing is an increasing function of financial position for poor firms. This relationship is reversed as a firm's financial position improves, and large firms hold little debt.Liquidity constrained firms may be unused credits lines and the capacity toinvest further if they desire. However the fear that liquidity constraintswill become binding in the future induces them to invest only when internalresources increase.We estimate the structural parameters of the model and use them to quantifythe importance of liquidity constraints on firms' investment. We find thatliquidity constraints matter significantly for the investment decisions of firms. If firms can finance investment by issuing fresh equity, rather than with internal funds or debt, average capital stock is almost 35% higher overa period of 20 years. Transitory shocks to internal funds have a sustained effect on the capital stock. This effect lasts for several periods and ismore persistent for small firms than for large firms. A 10% negative shock to firm fundamentals reduces the capital stock of firms which face liquidityconstraints by almost 8% over a period as opposed to only 3.5% for firms which do not face these constraints.

Projecto de Cooperacao Bilateral entre Cabo-Verde e os Países Baixos - Energias Renováveis - Relatório Final - 2ª Fase

o interesse da República de Cabo Verde na utiliza9ao da energia renovável é basicamente económico. O país é muito pobre e todo o custo de energia pesa profundamente na sua economia nacional,visto nao existirem recursos de energia "tradicional". A utiliza~ao da energia renovável para bombagem de água é por isso, de grande importancia porque reduz a importa~ao de petróleo. Tanto a energia eólica como a energia solar oferecem grandes possibilidades em Cabo Verde. O país está sendo atingido pelo pior e mais langa período de seca jamais experimentado na sua história. Pode-se imaginar os problemas enfrentados para abastecimento de água a populac~o, abeberamento de animais e irriga- .., , ,,, , ~ao das poucas areas agrlcolas. O abastecimento de água potável é extremamente importante neste país, é apenas para a sobrevivencia da maior parte da sua popula9ao rural (190.000 habitantes), com pouco poder aquisitivo dado a diminuisao da área agrícola irrigada e a quantidade de gado, nos últimos 15 anos. Na agricultura irrigada, de momento totalizando apenas 2.000 ha, utilizase relativamente grande quantidade de combustível, porque 50% consiste em irrigasao por bombagem. Por esta razao o governo de Cabo Verde estimula fortemente a utilizasao das energias renováveis. As actividades neste campo come~aram em 1977 com a cria~ao da Divisao de Energias Renováveis (DER) dentro do Ministério do Desenvolvimento Rural (MUR). O governo de Cabo Verde e a PNUD (Projecto PNUD CVI/76/X05 - Demonstrasao de Energia Nao Convenciorial) puseram fundos a disposi~ao. Este projecto contribuiu com 3 aerogeradores e um volontário, Sr. Van Meel, que trabalhou anteriormente no Grupo de Energia Eólica de Eindhoven e que faz parte do CWD. Desde o seu início, a Divisao deu prioridade a bombagem de água para o abastecimento de água potável, o que foi e continua a ser urna necessidade urgente nas Ilhas de Cabo Verde. Os Servi~os da Igreja Mundial ofereceram 25 aerobombas Dempster com ventoinha de 8' de diametro e mais tarde a UNICEF distribuiu 10 Dempsters de ]4'. Gradualmente mais organiza90es financiadoras envolveram-se nas actividades da DER, como por exemplo a ClMADE, FAC, Embaixada An~ricana, Embaixada do Canadá, ICCO, etc. O Ministério do Desenvolvimento e Coopera9ao dos Países Baixos (DGIS) encarregou- se, em 1979, da norneasao do voluntárío da PNUD. Também em 1979 a USAID envolveu-se. Foi reconhecido e implementado um projecto de energia renovável (ref. 1). Este projecto comecou em Agosto de 1980. O papel prin cipal do projecto consistia na aquisiq~o de material e equipamento para urna nova oficina da DER. Urna das premissas do projecto era que o DGIS prestaria assistencia él Divisao. A pedido do DGIS a CWD realizou um estudo sobre a viabilidade de aplica9ao de aerobombas durante o primeiro semestre de 1980 (ref. 2). O estudo revelou que 75% das necessidades de água por bombagem em Cabo Verde, pode ria ser desempenhado pelos moinhos. - O projecto proposto diz respeito nao apenas a assistencia técnica, mas também ao financiamento da nova oficina e a aquisi9ao de cerca de 30 moi nhos. Este projecto bilateral entre Cabo Verde e os Países Baixos - Energias Renováveis", depois da aprova<;ao de Cabo Verde e do DGIS, veia a comecar no dia 1 de Julho de 1981 e estendeu-se por 3 anos. O período de 1977 a Julho de 1981 classifica-se agora como a primeira fase das actividades. Durante este período o CWD contribuiu com a assist€ncia técnica. O período de Julho de 1981 a Julho de 1984 é classificado como segunda fase e será relatado neste documento. O projecto foi executado pela DER. O Director da DER é, desde Fevereiro de 1983, o Sr. Daniel Livramento, licenciado em Física (Brasil 1982). Outros funcionários do corpo directivo sao o Sr. David Cardoso (desde Novem bro de 1983) e muito recentemente, desde Maio de 1984, o Sr. F. Ferreira7 A colaboracao dos Países Baixos para o projecto tem sido efectuada por En genheiros Consultores do DHV, em nome e como associados do CWD. O Sr. K.Versteegh, consultor do CWD, comecou a trabalhar para o projecto em 1 de Julho de 1981 e o Sr. N.Pieterse,~consultordo CWD, em 15 de Setembro de 1981. O Sr. Van Meel deixou o projecto a 1 de Novembro de 1981. O projecto foi avaliado em Novembro de 1983, por urna missao tripartida (Cabo Verde, USAID, DGIS) - Ref. 3. As conclusoes desta missao de avaliacao foram, em geral, positivas e o prolongamento do projecto foi fortemen te recomendado, com €nfase sobre aprodu~ao local. Entretanto, a DER e o CWD prepararam urna proposta para a extensao do projecto por mais 3 anos (Ref. 4). Esta extensao foi aprovada por Cabo Verde e pelo DGIS. O Sr. Versteegh foi substituído em Julho de 1984 e o Sr. Pieterse será substituido em Setembro de 1984 pelos Srs. J.Diepens e H. van der Spek, respectivamente. O conteúdo deste relatório é o seguinte: No capitulo 2 é apresentada urna exposi~ao do trabalho que incluiu um resumo das actividades realizadas na fase 1. Nos restantes capítulos descrevem-se as actividades durante a segunda fase. O relatório divide-se em tr€s partes: la. Parte (capítulo 3 a 8) refere-se ao trabalho executado: instalacao, funcionamento e rnanutencao de aerobombas servi~o~ e materiais distribuidos J pessoal e organiza9ao finalidade e sistema económico revisao da pot€ncia da água bombeada apoio ao projecto relatórios 2a. Parte salienta alguns aspectos importantes do projecto: funcionamento e manuten9ao de aerobombas (Cp. 19) metodologia de selec~ao de locais (Cp. 10) alguns estudos dos sistemas de funcionamento (Cp. 1]) elabora~ao de dados do vento (Cp. ]2) rendirnento das aerobombas utilizadas pela DER (Cp. ]3) 3a. Parte apresenta as conclusoes e recomendações (Cp. 14)

Entrepreneurial risk, investment and innovation

In this paper I develop a general equilibrium model with risk averse entrepreneurialfirms and with public firms. The model predicts that an increase in uncertainty reducesthe propensity of entrepreneurial firms to innovate, while it does not affect thepropensity of public firms to innovate. Furthermore, it predicts that the negativeeffect of uncertainty on innovation is stronger for the less diversified entrepreneurialfirms, and is stronger in the absence of financing frictions in the economy. In thesecond part of the paper I test these predictions on a dataset of small and mediumItalian manufacturing firms.

A-1 Monthly Public Assistance Statistical Report Family Investment Program, October 2008

A-1 - Monthly Public Assistance Statistical Report Family Investment Program