Poor, Hungry and Stupid: Numeracy and the Impact of High Food Prices in Industrializing Britain, 1780-1850

This paper argues that low levels of nutrition impaired cognitive development in industrializing England, and that welfare transfers mitigated the adverse effects of high food prices. Age heaping is used as an indicator of numeracy, as derived from census data. For the cohorts from 1780-1850, we analyse the effect of high grain prices during the Napoleonic Wars. We show that numeracy declined markedly for those born during the war years, especially when wheat was dear. Crucially, where the Old Poor Law provided for generous relief payments, the adverse impact of high prices for foodstuffs was mitigated. Finally, we show some tentative evidence that Englishmen born in areas with low income support selected into occupations with lower cognitive requirements.

Influence de l'administration des preuves sur l'activité mentale menant à la formation du verdict au cours d'un procès pénal

Abstract : The role of order effects has been widely shown and discussed in areas such as memory and social impression formation. This work focuses in a first half on order effects influencing the verdict chosen at the end of a criminal trial. Contrary to impression formation but according to trial's characteristics, it has been hypothesised that a recency effect would influence the verdict's choice. Three groups of students (N = 576) received a mock trial resume with a specific order stemming from the combination of three witnesses, one expert and two ocular witnesses. Results show a recency effect, the last testimony provoking significantly more acquittals if discriminating, and more condemnations if incriminating. The second half of this work starts from Gestalt and sociopsychological researches presenting numerous insights into cognitive organization of perceptions and opinions. It has been postulated that a witness probative value will change according to the emitted verdict, an incriminating witness or expert possessing a higher probative value in a condemning verdict than in an innocenting one, on the other hand a discriminating witness or expert having a higher probative value in an acquittal than in a condemnation. Results using a seven points scale measuring witnesses' probative value confirm this hypothesis. Argumentations written by the subjects to explain their verdict and refering to the accusing expert also show a congruency effect as categories of arguments are identical in case of condemnation or acquittal, the only difference between both types of verdicts residing in the frequency of these categories following the judgement, higher use of incriminating arguments in case of guiltiness and higher use of discriminating ones if the accused is found innocent. Résumé : L'intervention des effets sériels a fait l'objet de nombreuses recherches dans le domaine de la mémoire et de la formation d'impression en psychologie sociale. Ce travail s'intéresse dans une première partie aux effets d'ordre pouvant influencer le choix du verdict à la fin d'un procès pénal. Contrairement aux résultats obtenus en matière de formation d'impression, mais conformément aux caractéristiques d'un procès, l'hypothèse de l'intervention d'un effet de récence a été formulée, affirmant que les derniers témoins influencent le plus le choix du verdict. Trois groupes d'étudiants (N = 576) ont lu le résumé d'un procès fictif présentant trois témoignages, deux témoins visuels à décharge et un expert à charge. Chaque groupe recevait un ordre spécifique de présentation des témoins de sorte que l'expert se trouvait en première, deuxième ou troisième position. Les résultats montrent un effet de récence, le dernier témoin provoquant davantage d'acquittements s'il est disculpant et davantage de condamnations s'il est inculpant. La seconde partie de ce travail émane des recherches effectuées dans le domaine de la théorie de la forme et de la psychologie sociale ayant un intérêt marqué pour l'organisation cognitive de nos perceptions et de nos opinions. L'hypothèse que nous avons posée souligne le lien entretenu entre l'évaluation de la force probante d'un témoin et le verdict émis : un témoignage discriminant possédera plus de poids en cas d'acquittement qu'en cas de condamnation, inversement un témoignage incriminant aura plus de poids en cas de condamnation qu'en cas d'acquittement. L'utilisation d'une échelle en sept points mesurant la force probante des deux types de témoins confirme cette hypothèse, l'estimation de la valeur accordée à un même témoin variant selon le type de verdict choisi. Les argumentations de chaque verdict ont également montré que les catégories d'arguments se référant à l'expert étaient identiques en cas de condamnation ou d'acquittement de l'inculpé, par contre les fréquences de ces catégories entretiennent un lien congruent avec le verdict, celles inculpantes étant majoritairement utilisées pour asseoir la culpabilité mais peu représentées en cas d'acquittement, inversement celles disculpantes apparaissant bien plus lorsqu'il s'agit d'innocenter l'inculpé que pour le condamner.

Formação dos preços de venda nas Empresas Importadoras de São Vicente

As decisões de preços de venda, é uma das funções com mais relevância no ambiente empresarial para os gerentes, devido o seu carácter estratégico para o sucesso das empresas. O processo de formação de preço (FP) é fundamental para as empresas, embora apresenta graus de dificuldade e de complexidade, por implicar diversos factores. A primeira etapa para a FP consiste na estimativa correcta de custos, para obtenção de preços ideais. Para além dos custos, outros factores internos e externos devem ser analisados para que as decisões possam ser tomadas de forma correcta e obter um preço competitivo. Portanto, os gerentes precisam de informações precisas para poderem tomar decisões com segurança, levando em consideração todos os aspectos relevantes para a FP. O presente trabalho tem como objectivo principal, conhecer uma politica adequada de FP, bem como, descobrir quais os factores mais relevantes considerados na formação desses preços nas empresas e ainda conhecer quais os métodos de FP utilizado pelas empresas de importação de S.Vicente para a FP. A metodologia, consistiu primeiramente numa pesquisa bibliográfica e exploratória. Para a recolha dos dados,foram aplicados questionários com perguntas fechadas múltipla escolha, aos gerentes e aos responsáveis pelos processos de EC e FP e para complementar, foi feita uma entrevista a um especialista da área. Para a análise dos dados, foram utilizadas técnicas qualitativas e quantitativas, feito através das respostas obtidas dos questionários. Os resultados obtidos da pesquisa, mostram que o método de formação de preços de venda adoptado pelas empresas de S.Vicente, é o método baseado no custo e no mercado (método misto), ou seja, o preço é definido com base nos seus custos, mas é ajustado tendo por base o preço da concorrência. The sale prices decisions; it is one of the functions with more relevance in the managerial atmosphere for the managers, due your strategic character for the success of the companies. The process of price formation (FP) it is fundamental for the companies,although it presents degrees of difficulty and of complexity, for implicating several factors. The first stage for FP consists in estimate correct costs, to obtaining ideal prices. Besides the costs, others internal and external factors should be analyzed so that decisions can be made in a correct form to obtain a competitive price. Therefore, the managers need necessary information to make safety decisions, taking in consideration all the important aspects of FP. The main objective of this present work, is to know the appropriate politics of FP, as well as, to discover which the most important factors considered in the formation of those prices to purchases and still to know which of the FP methods used by the import companies in São Vicente. The methodology consisted firstly in a bibliographical and exploratory research. To collect the data, were applied uestionnaires with closed questions, multiple choice to the managers and the responsible for the processes of ECP and EP and to complement, it was made an interview to a specialist. For the analysis of the data, qualitative techniques were used, done through to obtained answers of the questionnaires. The results of the research, show that the method of formation of sale prices adopted for São Vicente's companies, is the method based on the cost and in the market (mixed method), in other words, the price is defined with base in the costs, but it is adjusted tends for base of the competition.

Staphylococcal biofilm formation on the surface of three different calcium phosphate bone grafts: a qualitative and quantitative in vivo analysis.

Differences in physico-chemical characteristics of bone grafts to fill bone defects have been demonstrated to influence in vitro bacterial biofilm formation. Aim of the study was to investigate in vivo staphylococcal biofilm formation on different calcium phosphate bone substitutes. A foreign-body guinea-pig infection model was used. Teflon cages prefilled with β-tricalcium phosphate, calcium-deficient hydroxyapatite, or dicalcium phosphate (DCP) scaffold were implanted subcutaneously. Scaffolds were infected with 2 × 10(3) colony-forming unit of Staphylococcus aureus (two strains) or S. epidermidis and explanted after 3, 24 or 72 h of biofilm formation. Quantitative and qualitative biofilm analysis was performed by sonication followed by viable counts, and microcalorimetry, respectively. Independently of the material, S. aureus formed increasing amounts of biofilm on the surface of all scaffolds over time as determined by both methods. For S. epidermidis, the biofilm amount decreased over time, and no biofilm was detected by microcalorimetry on the DCP scaffolds after 72 h of infection. However, when using a higher S. epidermidis inoculum, increasing amounts of biofilm were formed on all scaffolds as determined by microcalorimetry. No significant variation in staphylococcal in vivo biofilm formation was observed between the different materials tested. This study highlights the importance of in vivo studies, in addition to in vitro studies, when investigating biofilm formation of bone grafts.

Equilibrium asset prices and savings of heterogeneous agents in the presence of incomplete markets and portfolio constraints

We study the quantitative properties of a dynamic general equilibrium model in which agents face both idiosyncratic and aggregate income risk, state-dependent borrowing constraints that bind in some but not all periods and markets are incomplete. Optimal individual consumption-savings plans and equilibrium asset prices are computed under various assumptions about income uncertainty. Then we investigate whether our general equilibrium model with incomplete markets replicates two empirical observations: the high correlation between individual consumption and individual income, and the equity premium puzzle. We find that, when the driving processes are calibrated according to the data from wage income in different sectors of the US economy, the results move in the direction of explaining these observations, but the model falls short of explaining the observed correlations quantitatively. If the incomes of agents are assumed independent of each other, the observations can be explained quantitatively.

Impact of High Crop Prices on Environmental Quality: A Case of Iowa and the Conservation Reserve Program, 2007

Growing demand for corn due to the expansion of ethanol has increased concerns that environmentally sensitive lands retired from agricultural production into the Conservation Reserve Program (CRP) will be cropped again. Iowa produces more ethanol than any other state in the United States, and it also produces the most corn. Thus, an examination of the impacts of higher crop prices on CRP land in Iowa can give insight into what we might expect nationally in the years ahead if crop prices remain high. We construct CRP land supply curves for various corn prices and then estimate the environmental impacts of cropping CRP land through the Environmental Policy Integrated Climate (EPIC) model. EPIC provides edge-of-field estimates of soil erosion, nutrient loss, and carbon sequestration. We find that incremental impacts increase dramatically as higher corn prices bring into production more and more environmentally fragile land. Maintaining current levels of environmental quality will require substantially higher spending levels. Even allowing for the cost savings that would accrue as CRP land leaves the program, a change in targeting strategies will likely be required to ensure that the most sensitive land does not leave the program.

The customer valuations game as a basis for revenue management

I describe the customer valuations game, a simple intuitive game that can serve as a foundation for teaching revenue management. The game requires little or no preparation, props or software, takes around two hours (and hence can be finished in one session), and illustrates the formation of classical (airline and hotel) revenue management mechanisms such as advanced purchase discounts, booking limits and fixed multiple prices. I normally use the game as a base to introduce RM and to develop RM forecasting and optimization concepts off it. The game is particularly suited for non-technical audiences.

Launching prices for new pharmaceuticals in heavily regulated and subsidized markets

This paper provides empirical evidence on the explanatory factorsaffecting introductory prices of new pharmaceuticals in a heavilyregulated and highly subsidized market. We collect a data setconsisting of all new chemical entities launched in Spain between1997 and 2005, and model launching prices. We found that, unlike inthe US and Sweden, therapeutically "innovative" products are notoverpriced relative to "imitative" ones. Price setting is mainly used asa mechanism to adjust for inflation independently of the degree ofinnovation. The drugs that enter through the centralized EMAapproval procedure are overpriced, which may be a consequence ofmarket globalization and international price setting.

On the impact of leverage constraints on asset prices and trading volume

Researchers have used stylized facts on asset prices and trading volumein stock markets (in particular, the mean reversion of asset returnsand the correlations between trading volume, price changes and pricelevels) to support theories where agents are not rational expected utilitymaximizers. This paper shows that this empirical evidence is in factconsistent with a standard infite horizon perfect information expectedutility economy where some agents face leverage constraints similar tothose found in todays financial markets. In addition, and in sharpcontrast to the theories above, we explain some qualitative differencesthat are observed in the price-volume relation on stock and on futuresmarkets. We consider a continuous-time economy where agents maximize theintegral of their discounted utility from consumption under both budgetand leverage con-straints. Building on the work by Vila and Zariphopoulou(1997), we find a closed form solution, up to a negative constant, for theequilibrium prices and demands in the region of the state space where theconstraint is non-binding. We show that, at the equilibrium, stock holdingsvolatility as well as its ratio to stock price volatility are increasingfunctions of the stock price and interpret this finding in terms of theprice-volume relation.

Value and prices in Russian economic thought (1890-1920)

The subject "Value and prices in Russian economic thought (1890--1920)" should evoke several names and debates in the reader's mind. For a long time, Western scholars have been aware that the Russian economists Tugan-Baranovsky and Bortkiewicz were active participants to the Marxian transformation problem, that the mathematical models of Dmitriev prefigured forthcoming neoricardian based models, and that many Russian economists were either supporting the Marxian labour theory of value or being revisionists. Moreover, these ideas were preparing the ground for Soviet planning. Russian scholars additionally knew that this period was the time of introduction of marginalism in Russia, and that, during this period, economists were active in thinking the relation of ethics with economic theory. All these issues are well covered in the existing literature. But there is a big gap that this dissertation intends to fill. The existing literature handles these pieces separately, although they are part of a single, more general, history. All these issues (the labour theory of value, marginalism, the Marxian transformation problem, planning, ethics, mathematical economics) were part of what this dissertation calls here "The Russian synthesis". The Russian synthesis (in the singular) designates here all the attempts at synthesis between classical political economy and marginalism, between labour theory of value and marginal utility, and between value and prices that occurred in Russian economic thought between 1890 and 1920, and that embraces the whole set of issues evoked above. This dissertation has the ambition of being the first comprehensive history of that Russian synthesis. In this, this contribution is unique. It has always surprised the author of the present dissertation that such a book has not yet been written. Several good reasons, both in terms of scarce availability of sources and of ideological restrictions, may accounted for a reasonable delay of several decades. But it is now urgent to remedy the situation before the protagonists of the Russian synthesis are definitely classified under the wrong labels in the pantheon of economic thought. To accomplish this task, it has seldom be sufficient to gather together the various existing studies on aspects of this story. It as been necessary to return to the primary sources in the Russian language. The most important part of the primary literature has never been translated, and in the last years only some of them have been republished in Russian. Therefore, most translations from the Russian have been made by the author of the present dissertation. The secondary literature has been surveyed in the languages that are familiar (Russian, English and French) or almost familiar (German) to the present author, and which are hopefully the most pertinent to the present investigation. Besides, and in order to increase the acquaintance with the text, which was the objective of all this, some archival sources were used. The analysis consists of careful chronological studies of the authors' writings and their evolution in their historical and intellectual context. As a consequence, the dissertation brings new authors to the foreground - Shaposhnikov and Yurovsky - who were traditionally confined to the substitutes' bench, because they only superficially touched the domains quoted above. In the Russian synthesis however, they played an important part of the story. As a side effect, some authors that used to play in the foreground - Dmitriev and Bortkiewicz - are relegated to the background, but are not forgotten. Besides, the dissertation refreshes the views on authors already known, such as Ziber and, especially, Tugan-Baranovsky. The ultimate objective of this dissertation is to change the opinion that one could have on "value and prices in Russian economic thought", by setting the Russian synthesis at the centre of the debates.