Optimal second-degree price discrimination and arbitrage: On the role of asymetric information among buyers

The traditional theory of monopolistic screening tackles individualself-selection but does not address the possibility that buyers couldform a coalition to coordinate their purchases and to reallocate thegoods. In this paper, we design the optimal sale mechanism which takesinto account both individual and coalition incentive compatibilityfocusing on the role of asymmetric information among buyers. We showthat when a coalition of buyers is formed under asymmetric information,the monopolist can do as well as when there is no coalition. Although inthe optimal sale mechanism marginal rates of substitution are notequalized across buyers (hence there exists room for arbitrage), theyfail to realize the gains from arbitrage because of the transaction costsin coalition formation generated by asymmetric information.

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

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

Extracção de areia na Praia de Calhetona (Ilha de Santiago, Cabo Verde) : causas, processos e consequências

A extracção de areia nas praias do mar, nas bacias hidrográficas e nas encostas montanhosas, tem sido prática de muitas famílias cabo-verdianas. A Praia de Calhetona foi uma das que nos últimos anos sofreu degradação significativa, em função da apanha clandestina de areia, sem qualquer plano de extracção, destinada a construção civil. A extracção de areia, para vender ou para a autoconstrução, é efectuada em família por indivíduos, maioritariamente do sexo feminino, de baixa renda ou sem profissão remunerada. O processo de extracção de areia na Praia de Calhetona teve o seu ponto alto nos anos 80, diminuindo consideravelmente com a escassez de areia e implementação do Decreto – Lei nº 69/97, de 3 de Novembro, que visava disciplinar a exploração de inertes nas praias. Em face da pesquisa feita, baseada no estudo de caso, ficou expresso que os inquiridos implicados na actividade de extracção clandestina de areia correm riscos elevados para obterem lucros reduzidos. Quem efectivamente beneficia são os camionistas que compram esse inerte e o vendem pelo dobro do preço. Qualquer actividade de exploração de recursos naturais causa impactes sobre o espaço de actuação. No caso da Praia de Calhetona, observa-se o recuo da linha de costa, a quase ausência de areia e a desertificação de propriedades nas suas proximidades, para além dos impactes negativos sobre o turismo, a função balnear e a desova de tartaruga. Apesar de tudo, constata-se uma consciência generalizada dos impactes ambientais causados pelos inquiridos, os quais, no entanto, alegam que a extracção de areia é uma das alternativas para garantir a sobrevivência individual e das suas famílias.

A-1 Monthly Public Assistance Statistical Report Family Investment Program, December 2007

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

A-1 Monthly Public Assistance Statistical Report Family Investment Program, October 2007

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

Extracção de areia na Praia de Calhetona (Ilha de Santiago, Cabo Verde) : causas, processos e consequências

A extracção de areia nas praias do mar, nas bacias hidrográficas e nas encostas montanhosas, tem sido prática de muitas famílias cabo-verdianas. A Praia de Calhetona foi uma das que nos últimos anos sofreu degradação significativa, em função da apanha clandestina de areia, sem qualquer plano de extracção, destinada a construção civil. A extracção de areia, para vender ou para a autoconstrução, é efectuada em família por indivíduos, maioritariamente do sexo feminino, de baixa renda ou sem profissão remunerada. O processo de extracção de areia na Praia de Calhetona teve o seu ponto alto nos anos 80, diminuindo consideravelmente com a escassez de areia e implementação do Decreto – Lei nº 69/97, de 3 de Novembro, que visava disciplinar a exploração de inertes nas praias. Em face da pesquisa feita, baseada no estudo de caso, ficou expresso que os inquiridos implicados na actividade de extracção clandestina de areia correm riscos elevados para obterem lucros reduzidos. Quem efectivamente beneficia são os camionistas que compram esse inerte e o vendem pelo dobro do preço. Qualquer actividade de exploração de recursos naturais causa impactes sobre o espaço de actuação. No caso da Praia de Calhetona, observa-se o recuo da linha de costa, a quase ausência de areia e a desertificação de propriedades nas suas proximidades, para além dos impactes negativos sobre o turismo, a função balnear e a desova de tartaruga. Apesar de tudo, constata-se uma consciência generalizada dos impactes ambientais causados pelos inquiridos, os quais, no entanto, alegam que a extracção de areia é uma das alternativas para garantir a sobrevivência individual e das suas famílias.

Extracção de areia na Praia de Calhetona (Ilha de Santiago, Cabo Verde) : causas, processos e consequências

A extracção de areia nas praias do mar, nas bacias hidrográficas e nas encostas montanhosas, tem sido prática de muitas famílias cabo-verdianas. A Praia de Calhetona foi uma das que nos últimos anos sofreu degradação significativa, em função da apanha clandestina de areia, sem qualquer plano de extracção, destinada a construção civil. A extracção de areia, para vender ou para a autoconstrução, é efectuada em família por indivíduos, maioritariamente do sexo feminino, de baixa renda ou sem profissão remunerada. O processo de extracção de areia na Praia de Calhetona teve o seu ponto alto nos anos 80, diminuindo consideravelmente com a escassez de areia e implementação do Decreto – Lei nº 69/97, de 3 de Novembro, que visava disciplinar a exploração de inertes nas praias. Em face da pesquisa feita, baseada no estudo de caso, ficou expresso que os inquiridos implicados na actividade de extracção clandestina de areia correm riscos elevados para obterem lucros reduzidos. Quem efectivamente beneficia são os camionistas que compram esse inerte e o vendem pelo dobro do preço. Qualquer actividade de exploração de recursos naturais causa impactes sobre o espaço de actuação. No caso da Praia de Calhetona, observa-se o recuo da linha de costa, a quase ausência de areia e a desertificação de propriedades nas suas proximidades, para além dos impactes negativos sobre o turismo, a função balnear e a desova de tartaruga. Apesar de tudo, constata-se uma consciência generalizada dos impactes ambientais causados pelos inquiridos, os quais, no entanto, alegam que a extracção de areia é uma das alternativas para garantir a sobrevivência individual e das suas famílias.

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

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

Immigration, family responsibilities and the labor supply of skilled native women

This paper investigates the effects of Spain s large recent immigration wave on thelabor supply of highly skilled native women. We hypothesize that female immigration led to an increase in the supply of affordable household services, such as housekeeping and child or elderly care. As a result, i) native females with high earnings potential were able to increase their labor supply, and ii) the effects were larger on skilled women whose labor supply was heavily constrained by family responsibilities. Our evidence indicates that over the last decade immigration led to an important expansion in the size of the household services sector and to an increase in the labor supply of women in high-earning occupations (of about 2 hours per week). We also find that immigration allowed skilled native women to return to work sooner after childbirth, to stay in the workforce longer when having elderly dependents in the household, and to postpone retirement. Methodologically, we show that the availability of even limited Registry data makes it feasible to conduct the analysis using quarterly household survey data, as opposed to having to rely on the decennial Census.

New evidence on inflation persistence and price stickiness in the Euro area: Implications for macro modelling

This paper evaluates new evidence on price setting practices and inflation persistence in the euro area with respect to its implications for macro modelling. It argues that several of the most commonly used assumptions in micro-founded macro models are seriously challenged by the new findings.

Family physician involvement in cancer care follow-up: the experience of a cohort of patients with lung cancer.

PURPOSE There has been little research describing the involvement of family physicians in the follow up of patients with cancer especially during the primary treatment phase We undertook a prospective longitudinal study of patients with lung cancer to assess their family physician s involvement in their follow up at the different phases of cancer METHODS In 5 hospitals in the province of Quebec Canada patients with a recent diagnosis of lung cancer were surveyed every 3 to 6 months whether they had metastasis or not, for a maximum of 18 months to assess aspects of their family physician s involvement in cancer care RESULTS Of the 395 participating patients 92% had a regular family physician but only 60% had been referred to a specialist by him/her or a colleague for the diagnosis of their lung cancer A majority of patients identified the oncology team or oncologists as mainly responsible for their cancer care throughout their cancer journey except at the advanced phase where a majority attributed this role to their family physician At baseline only 16% of patients perceived a shared care pattern between their family physician and oncologists but this pro portion increased with cancer progression Most patients would have liked their family physician to be more involved in all aspects of cancer care CONCLUSIONS Although patients perceive that the oncology team is the main party responsible for the follow up of their lung cancer they also wish their family physicians to be involved Better communication and collaboration between family physicians and the oncology team are needed to facilitate shared care in cancer follow up

Price regulation of plastic money: A critical assessment of Spanish rules

Recent decisions by the Spanish national competition authority (TDC) mandate paymentsystems to include only two costs when setting their domestic multilateral interchange fees(MIF): a fixed processing cost and a variable cost for the risk of fraud. This artificiallowering of MIFs will not lower consumer prices, because of uncompetitive retailing; but itwill however lead to higher cardholders fees and, likely, new prices for point of saleterminals, delaying the development of the immature Spanish card market. Also, to the extent that increased cardholders fees do not offset the fall in MIFs revenue, the task of issuing new cards will be underpaid relatively to the task of acquiring new merchants, causing an imbalance between the two sides of the networks. Moreover, the pricing scheme arising from the decisions will cause unbundling and underprovision of those services whose costs are excluded. Indeed, the payment guarantee and the free funding period will tend to be removed from the package of services currently provided, to be either provided by third parties, by issuers for a separate fee, or not provided at all, especially to smaller and medium-sized merchants. Transaction services will also suffer the consequences that the TDC precludes pricing them in variable terms.

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

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

Minimum price variations, time priority and quotes dynamics

We analyze the impact of a minimum price variation (tick) and timepriority on the dynamics of quotes and the trading costs when competitionfor the order flow is dynamic. We find that convergence to competitiveoutcomes can take time and that the speed of convergence is influencedby the tick size, the priority rule and the characteristics of the orderarrival process. We show also that a zero minimum price variation is neveroptimal when competition for the order flow is dynamic. We compare thetrading outcomes with and without time priority. Time priority is shownto guarantee that uncompetitive spreads cannot be sustained over time.However it can sometimes result in higher trading costs. Empiricalimplications are proposed. In particular, we relate the size of thetrading costs to the frequency of new offers and the dynamics of theinside spread to the state of the book.