Adoption of financial technologies: Implications for money demand and monetary policy

In this paper we argue that inventory models are probably not usefulmodels of household money demand because the majority of households does nothold any interest bearing assets. The relevant decision for most people is notthe fraction of assets to be held in interest bearing form, but whether to holdany of such assets at all. The implications of this realization are interesting and important. We find that(a) the elasticity of money demand is very small when the interest rate is small,(b) the probability that a household holds any amount of interest bearing assetsis positively related to the level of financial assets, and (c) the cost ofadopting financial technologies is positively related to age and negatively relatedto the level of education. Unlike the traditional methods of money demand estimation, our methodology allowsfor the estimation of the interest--elasticity at low values of the nominalinterest rate. The finding that the elasticity is very small for interest ratesbelow 5 percent suggests that the welfare costs of inflation are small. At interest rates of 6 percent, the elasticity is close to 0.5. We find thatroughly one half of this elasticity can be attributed to the Baumol--Tobin orintensive margin and half of it can be attributed to the new adopters or extensivemargin. The intensive margin is less important at lower interest rates and moreimportant at higher interest rates.

Perfil dos Turistas que Visitam a Ilha de São Vicente

O presente trabalho tem por objectivo definir o perfil do turista que visitou a ilha de São Vicente e avaliar o grau de satisfação do turista enquanto consumidor de diferentes bens e serviços, nos meses de Maio e Junho do decorrente ano. Para se fazer uma abordagem qualitativa falou-se da problemática do mercado turístico - procura e oferta turística – e a importância da segmentação desse sistema turístico juntamente com algumas teorias do comportamento do consumidor. Por sua vez, para o estudo do perfil e satisfação dos turistas utilizou-se uma abordagem quantitativa, através da aplicação de questionários no Aeroporto Internacional Cesária Évora e entrevistas aos estabelecimentos hoteleiros, 150 e 7 respectivamente. Após a análise explicativa, com base na bibliografia seleccionada, nas entrevistas e questionários realizados, os resultados da pesquisa indicam que estudar o perfil e a satisfação dos turistas permite fazer um levantamento de diversas variáveis importantes como, por exemplo, a nacionalidade do turista, a principal razão e objectivo da viagem e o que gostaram, ou desejavam ver no destino. E assim, entender-se o perfil do visitante e propor-se estratégias, que contribuam para um planeamento sustentável do desenvolvimento turístico na região pretendida. A complexidade do processo de decisão do turista por um ou outro destino é que verdadeiramente motiva esta pesquisa. The objective of the following work is to define the profile of a tourist that visited São Vicente, and evaluate the levels of satisfaction of the tourist as a consumer of different items and services, on May and June of the current year. For a quality methodological approach, the problematic of the touristic industry (demand and touristic offer) – the essential of subdivision of these touristic systems alongside with the principles of the consumer behavior were discussed. In continuity, to define the profile and satisfaction of the tourists, a quantity approach was also used, through the application of questionnaires at the International Airport Cesária Évora and interviews throughout hotel establishments, 150 and 7 respectively. After an explanatory analyses, based on a selected bibliography, the applied interviews and questionnaires, the outcome of this research shows that by studying the profile and the satisfaction of the tourists allows to have variable important results, for example, the tourist´s nationality, the main reason and objective of the trip and what they enjoyed or would like to see on their destination. Thus, understanding the visitor´s profile and suggesting strategies, that contributes for a sustainable planning of a touristic development on the intended region. The process complexity of the decision making of the tourist for one destination is truly the main motivation for this research.

Health care provider choice in the case of patient-initiated contacts. An extended version of discrete choice of model demand

This paper analyzes the nature of health care provider choice inthe case of patient-initiated contacts, with special reference toa National Health Service setting, where monetary prices are zeroand general practitioners act as gatekeepers to publicly financedspecialized care. We focus our attention on the factors that mayexplain the continuously increasing use of hospital emergencyvisits as opposed to other provider alternatives. An extendedversion of a discrete choice model of demand for patient-initiatedcontacts is presented, allowing for individual and town residencesize differences in perceived quality (preferences) betweenalternative providers and including travel and waiting time asnon-monetary costs. Results of a nested multinomial logit model ofprovider choice are presented. Individual choice betweenalternatives considers, in a repeated nested structure, self-care,primary care, hospital and clinic emergency services. Welfareimplications and income effects are analyzed by computingcompensating variations, and by simulating the effects of userfees by levels of income. Results indicate that compensatingvariation per visit is higher than the direct marginal cost ofemergency visits, and consequently, emergency visits do not appearas an inefficient alternative even for non-urgent conditions.

Do market conditions affect preferences? Evidence from experimental markets with excess supply and excess demand

We study whether people's preferences in an unbalanced market are affected by whether they are on the excess supply side or the excess demand side of the market. Our analysis is based on the comparison of behavior between two types of experimental gift exchange markets, which vary only with respect to whether first or second movers are on the long side of the market. The direction of market imbalance could influence subjects' motivation, as second movers, workers, might react differently to favorable actions by first movers, firms, in the two cases. Our data show strong deviations from the standard game-theoretic prediction. However, we only find secondary treatment effects. First movers are not more generous when they are in excess supply and second movers do not respond less favorably when they are in excess demand. Competition has only minor psychological effects in our data.

Demand for private health insurance: Is there a quality gap?

Quality of care is qualified as a main determinant of the demand forvoluntary private health insurance (PHI) in National Health Systems(NHS). This paper provides new evidence on the influence of the qualitygap between public and private health insurance and other demanddeterminants in the demand for PHI in Catalonia. The demand for PHI ismodelled as a demand for health care quality. Unlike previous studies, the database employed allows for the development of a link between thetheoretical and the empirical model dealing with unobserved heterogeneityand endogeneity issues. Results suggest that a rise in PHI qualityenhances an equivalent influence in the demand for PHI as an equalreduction of NHS quality. Income and price elasticity estimates areconsistent with the observed feature that PHI appears to be a luxurygood and individuals tend to be relatively insensible to tax relief'sand monetary co-payments in insurance contracts.

Special investigation of the Area XV Regional Planning Commission located in Ottumwa, Iowa for the period July 1, 2000 through June 30, 2006

Special investigation of the Area XV Regional Planning Commission located in Ottumwa, Iowa for the period July 1, 2000 through June 30, 2006

Why England? Demand, growth and inequality during the Industrial Revolution

Why was England first? And why Europe? We present a probabilistic model that builds on big-push models by Murphy, Shleifer and Vishny (1989), combined with hierarchical preferences. The interaction of exogenous demographic factors (in particular the English low-pressure variant of the European marriage pattern)and redistributive institutions such as the old Poor Law combined to make an Industrial Revolution more likely. Essentially, industrialization is the result of having a critical mass of consumers that is rich enough to afford (potentially) mass-produced goods. Our model is then calibrated to match the main characteristics of the English economy in 1750 and the observed transition until 1850.This allows us to address explicitly one of the key features of the British IndustrialRevolution unearthed by economic historians over the last three decades the slowness of productivity and output change. In our calibration, we find that the probability of Britain industrializing is 5 times larger than France s. Contrary to the recent argument by Pomeranz, China in the 18th century had essentially no chance to industrialize at all. This difference is decomposed into a demographic and a policy component, with the former being far more important than the latter.

Unobserved heterogeneity and censoring in the demand for health care

This paper analyses the demand for private health care by Spanishhouseholds using a micro budget survey. The methodology used takescare of the three part decision process involved in this type ofbehaviour, namely the decision to use private health care, howoften to do so and how much to spend each time and also the effectsof unobserved heterogeneity. Since the theoretical frameworkcorresponds to the Grossman model of health investment, the resultsalso provide a test of the theory when these issues are considered.Finally, the obtained evidence also suggest that the current systemof tax deductions for private health care expenditures is regressive.

Long Term Recovery Planning Task Force Report, August 2008

Eighty-five of 99 Iowa counties were declared Presidential Disaster Areas for Public Assistance and/orIndividual Assistance as a result of the tornadoes, storms, and floods over the incident period May 25 through August 13, 2008. Response dominated the state’s attention for weeks, with a transition to recovery as the local situations warranted. The widespread damage and severity of the impact on Iowans and their communities required a statewide effort to continue moving forward despite being surrounded by adversity. By all accounts, it will require years for the state to recover from these disasters. With an eye toward the future, recovery is underway across Iowa. As part of the Rebuild Iowa efforts, the Long Term Recovery Planning Task Force was charged with responsibilities somewhat different from other topical Task Force assignments. Rather than assess damage and report on how the state might address immediate needs, the Long Term Recovery Planning Task Force is directed to discuss and discern the best approach to the lengthy recovery process. Certainly, the Governor and Lieutenant Governor expect the task to be difficult; when planning around so many critical issues and overwhelming needs, it is challenging to think to the future, rather than to rise to the current day’s needs.

Division of Criminal and Juvenile Justice Planning, Department of Human Rights Performance Plan, FY 2009

Agency Performance Plan, Division of Criminal and Juvenile Justice Planning, Department of Human Rights

Iowa Division of Criminal and Juvenile Justice Planning, Strategic Plan, 2007

This report outlines the strategic plan for Iowa Division of Criminal and Juvenile Justice Planning including,goals and mission.

Making land-use fit to planning goals. Weaknesses and opportunities within the Swiss land management regime

In Switzerland, the issue of land consumption has made it to the front of the political agenda in recent years. Studies conducted on a national level have concluded that there is an excess of land zoned for construction (ARE, 2008), which is seen as contributing to urban sprawl. This situation is looked upon as a failure of the Federal Law on Spatial Planning (LAT, 1979) and there is a political push to change it in order to reinforce zoning regulations. In this article, we look on the issue from a different angle. While there may be large quantities of land zoned for construction, in many urban areas land actually available for development is scarce. Building on the idea that planning's efficiency is linked to its capacity of influencing actual land-use, we focus on how this situation can be dealt with within the current Swiss institutional context.