Property enforcement as organized consent

This article develops and tests a theory of the institutions that makeproperty rights viable, ensuring their enforcement, mobilizing thecollateral value of assets and promoting growth. In contrast tocontractual rights, property rights are enforced in rem, being affectedonly with the consent of the right holder. This ensures enforcement butis costly when multiple, potentially colliding rights are held in thesame asset. Different institutions reduce the cost of gathering consentsto overcome this trade-off of enforcement benefits for consent costs:recording of deeds with title insurance, registration of rights and evena regimen of purely private transactions. All three provide functionallysimilar services, but their relative performance varies with the numberof transactions, the risk of political opportunism and regulatoryconsistency. The analysis also shows the rationality of allowingcompetition in the preparation and support of private contractswhile requiring territorial monopoly in recording and registrationactivities, this to ensure independence and protect third parties.

Circulation of private notes during a currency shortage

This paper provides a search theoretical model that captures two phenomena that have characterized several episodes of monetary history: currency shortages and the circulation of privately issued notes. As usual in these models, the media of exchange are determined as part of the equilibrium. We characterize all the different equilibria and specify the conditions under which there is a currency shortage and/or privately issued notes are used as means of payment. There is multiplicity of equilibria for the entire parameter space, but there always exist an equilibrium in which notes circulate, either alone or together with coins. Hence, credit is a self-fulfilling phenomenon that depends on the beliefs of agents about the acceptability and future repayment of notes. The degree of circulation of coins depends on two crucial parameters, the intrinsic utility of holding coins and the extent with which it is possible to find exchange opportunities in the market.

Ignorance promotes competition: An auction model with endogenous private valuations

We study a situation in which an auctioneer wishes to sell an object toone of N risk-neutral bidders with heterogeneous preferences. Theauctioneer does not know bidders preferences but has private informationabout the characteristics of the ob ject, and must decide how muchinformation to reveal prior to the auction. We show that the auctioneerhas incentives to release less information than would be efficient andthat the amount of information released increases with the level ofcompetition (as measured by the number of bidders). Furthermore, in aperfectly competitive market the auctioneer would provide the efficientlevel of information.

Report on the Iowa Department of Agriculture and Land Stewardship for the year ended June 30, 2007

Report on the Iowa Department of Agriculture and Land Stewardship for the year ended June 30, 2007

Are tax subsidies for private medical insurance self-financing? Evidence from a microsimulation model for outpatient and inpatient episodes

This paper analyses whether or not tax subsidies to private medicalinsurance are self-financing by means of a structural approach. Weconstruct a simulation routine based on a microeconometric discretechoice model that allows us to evaluate the impact of premium changeson the utilisation of outpatient and inpatient health care services. Wesimulate the 1999 Spanish tax reform that abolished the tax deductionfor expenditures on private health insurance using a representativesample of the Catalan population. Prior to this reform, foregone taxrevenue arising from deductions after the purchase of private insuranceamounted to 69.2 M. per year. In contrast, the elimination of thesubsidies to private policies is estimated to generate an extra costfor the public sector of about 8.9 M. per year.

RAGBRAI Learn about the Land; Day 1, July 2008

Want to know what conditions to expect over the next stage of RAGBRAI? How hilly will it be, what towns and parks are between here and there, or what services are coming up in the next town?

RAGBRAI Learn about the Land; Day 2, July 2008

On today’s ride we continue riding across the Southern Iowa Drift Plain. This landform region covers over 40% of the state and comprises most of southern Iowa. Over the last several million years Iowa was subjected to at least seven glacial advances. The last of these older advances occurred approximately 500,000 years ago. Since then the landscape has been subjected to stream erosion and from12,500-24,000 years ago was mantled with a thick blanket of loess before being further eroded.

RAGBRAI Learn about the Land; Day 3, July 2008

Although during much of its geologic history Iowa was part of an interior sea, today what we see on the land surface has been heavily influenced by recent glaciation. Everything from Iowa soils, rivers, lakes, and hills has been influenced by glaciation. Most of Iowa’s bedrock is hidden beneath a thick mantle of deposits from the Cenozoic (i.e., new life) Era, spanning the last 65 million years. Geologists have divided the Cenozoic Era into two periods. These are the Tertiary (1.8-65 million years ago) and Quaternary Periods (recent to 1.8 million years ago). Most geologic records in Iowa are from the Quaternary period, and include glacial till and loess.

RAGBRAI Learn about the Land; Day 4, July 2008

Today’s ride departs Ames and heads towards Nevada. The Ames area is one of the classic areas to view elongated hummocks. These landforms are discontinous, lower relief curvilinear ridges which are east-west trending features. At one time geologists thought these hummocks formed at the base of the glacier due to glacial movement. It is now understood that these features may have developed within the glacier, in a large crevasse field that formed behind the ice (Bemis Moraine) margin as the ice stagnated and melted.

RAGBRAI Learn about the Land; Day 5, July 2008

Today, after you descend into the valley of the Iowa River north of Marengo, the route turns east on county road F15 and approaches the historic Amana Society. Settled in the late 1850s by German immigrants of the Community of True Inspiration, the new arrivals utilized the local timber and stone resources to construct their buildings. During these early years several stone quarries were opened in the hills along the north wall of the Iowa River valley near East, Middle, and West Amana. Riders will pass close to one of these old quarries 0.7 miles west of West Amana. The stone taken from these quarries is beautiful quartz-rich sandstone that is cemented by light brown to orange tinged iron oxide. This stone was used in the construction of many buildings in Amana.

RAGBRAI Learn about the Land; Day 6, July 2008

Today you will be biking over the Iowa and Cedar rivers, two major rivers hit by the Iowa flood of 2008. Three miles northeast of North Liberty you’ll cross the Iowa River. The river crested on June 15, 2008 at a record 31.53 ft., three feet higher than the previous record during the flood of 1993. The flooding river caused extensive damage to the University of Iowa (see cover photo of Iowa Memorial Union taken by Univ. Relations, Univ. of Iowa), Coralville, and numerous smaller towns. The flooding of the Cedar River, which RAGBRAI will cross at Sutliff, caused even greater damage. At Cedar Rapids, the 2008 flood crest of 31.12 ft. was over 11 ft. higher than the previous record set in 1851! This massive amount of water inundated downtown Cedar Rapids, Palo, and Columbus Junction and caused massive damage to buildings and infrastructure. When crossing the Cedar River at Sutliff, be sure to look to your right to see the remains of the Historic Sutliff Bridge, one of the many casualties of the Iowa flood of 2008.

RAGBRAI Learn about the Land; Day 7, July 2008

Iowa’s land was mapped long before it was declared a state. Since Lewis and Clark published their journey across the North American west in 1814, many different uses for maps have been found. Today there are maps of Iowa’s roads, waterways, landscape features, geology, and land use. One of the more recent mapping efforts has involved using a technology called LiDAR. This technology creates a topographic map of Iowa’s elevation that is accurate to within eight inches, ten times higher resolution than in previous elevation maps.

Soil and Water Conservation Quality Review, 2007

A newsletter produced by Iowa Department of Agriculture and Land Stewardship. The DSC is responsible for state leadership in the protection and management of soil, water and mineral resources, assisting soil and water conservation districts and private landowners to meet their agricultural and environmental protection needs.

National Adaptation Programme of Action on Climate Change - 2008 - 2012

The archipelago of Cape Verde is made up of ten islands and nine islets and is located between latitudes 14º 28' N and 17º 12' N and longitudes 22º 40' W and 25º 22' W. It is located approximately 500 km from the Senegal coast in West Africa (Figure 1). The islands are divided into two groups: Windward and Leeward. The Windward group is composed of the islands of Santo Antão, São Vicente, Santa Luzia, São Nicolau, Sal and Boavista; and the Leeward group is composed of the islands Maio, Santiago, Fogo and Brava. The archipelago has a total land surface of 4,033 km2 and an Economic Exclusive Zone (ZEE) that extends for approximately 734,000 km2. In general, the relief is very steep, culminating with high elevations (e.g. 2,829 m on Fogo and 1,979 m on Santo Antão). The surface area, geophysical configuration and geology vary greatly from one island to the next. Cape Verde, due to its geomorphology, has a dense and complex hydrographical network. However, there are no permanent water courses and temporary water courses run only during the rainy season. These temporary water courses drain quickly towards the main watersheds, where, unless captured by artificial means, continue rapidly to lower areas and to the sea. This applies equally to the flatter islands. The largest watershed is Rabil with an area of 199.2 km2. The watershed areas on other islands extend over less than 70 km2. Cape Verde is both a least developed country (LDC) and a small island development state (SIDS). In 2002, the population of Cape Verde was estimated at approximately 451,000, of whom 52% were women and 48% men. The population was growing at an average 2.4% per year, and the urban population was estimated at 53.7 %. Over the past 15 years, the Government has implemented a successful development strategy, leading to a sustained economic growth anchored on development of the private sector and the integration of Cape Verde into the world economy. During this period, the tertiary sector has become increasingly important, with strong growth in the tourism, transport, banking and trade sectors. Overall, the quality of life indicators show substantial improvements in almost all areas: housing conditions, access to drinking water and sanitation, use of modern energy in both lighting and cooking, access to health services and education. Despite these overall socio-economic successes, the primary sector has witnessed limited progress. Weak performance in the primary sector has had a severe negative impact on the incomes and poverty risks faced by rural workers1. Moreover, relative poverty has increased significantly during the past decade. The poverty profile shows that: (i) extreme poverty is mostly found in rural areas, although it has also increased in urban areas; (ii) poverty is more likely to occur when the head of the household is a woman; (iii) poverty increases with family size; (iv) education significantly affects poverty; (v) the predominantly agricultural islands of Santo Antão and Fogo have the highest poverty rates; (vi) unemployment affects the poor more than the nonpoor; (vii) agriculture and fisheries workers are more likely to be poor than those in other sectors. Therefore, the fight against poverty and income inequalities remains one of the greatest challenges for Cape Verde authorities. The various governments of Cape Verde over the last decade have demonstrated a commitment to improving governance, notably by encouraging a democratic culture that guarantees stability and democratic changes without conflicts. This democratic governance offers a space for a wider participation of citizens in public management and consolidates social cohesion. However, there are some remaining challenges related to democratic governance and the gains must be systematically monitored. Finally, it is worth emphasizing that the country’s insularity has stimulated a movement to decentralized governance, although social inequalities and contrasts from one island to the next constitute, at the same time, challenges and opportunities.

On information and competition in private value auctions

How much information does an auctioneer want bidders to have in a private value environment?We address this question using a novel approach to ordering information structures based on the property that in private value settings more information leads to a more disperse distribution of buyers updated expected valuations. We define the class of precision criteria following this approach and different notions of dispersion, and relate them to existing criteria of informativeness. Using supermodular precision, we obtain three results: (1) a more precise information structure yields a more efficient allocation; (2) the auctioneer provides less than the efficient level of information since more information increases bidder informational rents; (3) there is a strategic complementarity between information and competition, so that both the socially efficient and the auctioneer s optimal choice of precision increase with the number of bidders, and both converge as the number of bidders goes to infinity.