Beyond the Toledo agreement : the intergenerational impact of the spanish pension reform

The paper examines the intergenerational impact of the Spanish public pension system after the 1997 Pension Reform Act. Working within a Generational Accounting framework, we find that maintaining the new legal setting could leave future generations with liabilities as high as 176 percent of base year GDP. As the recent reform measures have been insufficient to achieve the sustainability of the current pension system, we also analyse the impact of alternative reform strategies. Within the current pay-as-you-go setting, a further improvement to tax-benefit linkage in line with the original spirit of the Toledo Agreement is shown to yield and intergenerationally more balanced outcome,than an increase in the retirement age or an expansion of public subsidies financed through indirect taxes. Finally, we examine the generational impact of a move toward a partially funded pension system which might restore theintergenerational balance

The mean-variance model from the inverse of the variance-covariance matrix

En este artículo, a partir de la inversa de la matriz de varianzas y covarianzas se obtiene el modelo Esperanza-Varianza de Markowitz siguiendo un camino más corto y matemáticamente riguroso. También se obtiene la ecuación de equilibrio del CAPM de Sharpe.

A comparison of the processes of institutionalisation of political economy in Spain and Italy (1860-1900)

[spa] El estudio de los procesos a través de los cuales la economía política se ha transformado en una disciplina académica es un área de creciente interés en la historia del pensamiento económico. Dicho estudio se ha abordado a través del análisis de la importancia de la economía política en un conjunto de instituciones, consideradas clave en la expansión de la economía en las sociedades occidentales en la segunda mitad del siglo XIX y primeras décadas del XX: universidades, sociedades económicas, publicaciones periódicas de contenido económico y los parlamentos nacionales. Este papel presenta una comparación entre los desarrollos del proceso de institutionalización de la economía política en España e Italia, a través del estudio de la presencia de esta disciplina en las instituciones mencionadas para el periodo 1860-1900. El objetivo es medir la posible existencia de una vía común en la institucionalización de la economía política en ambos países, como un primer paso hacia la elaboración de un modelo supranacional de institucionalización de la economía en este periodo.

Iowa Welcomes You To The Hospitality and Beauties of the "Hawkeye State.",1957

Contains a forward by the Governor of Iowa, Herschel C. Loveless and photos of the current Lieutenant Governor and other state officials and Supreme Court Justices of Iowa. Includes Iowa facts, trivia, historical information along with photos, with detailed captions, of scenic Iowa, tourist destinations and native plants and wildlife. Lists many other points of interest in Iowa with map legends of state parks in the back of the book.

Iowa Welcomes You to the Hospitality and Beauties of the "Hawkeye State.",1953

Contains a forward by the Governor of Iowa, William S. Beardsley and photos of the current Lieutenant Governor and other state officials and Supreme Court Justices of Iowa. The brochure also includes Iowa facts, trivia, historical information along with photos, with detailed captions, of scenic Iowa, tourist destinations and native plants and wildlife. Lists many other points of interest in Iowa with map legends of state parks in the back of the book.

A comparison of the processes of institutionalisation of political economy in Spain and Italy (1860-1900)

[spa] El estudio de los procesos a través de los cuales la economía política se ha transformado en una disciplina académica es un área de creciente interés en la historia del pensamiento económico. Dicho estudio se ha abordado a través del análisis de la importancia de la economía política en un conjunto de instituciones, consideradas clave en la expansión de la economía en las sociedades occidentales en la segunda mitad del siglo XIX y primeras décadas del XX: universidades, sociedades económicas, publicaciones periódicas de contenido económico y los parlamentos nacionales. Este papel presenta una comparación entre los desarrollos del proceso de institutionalización de la economía política en España e Italia, a través del estudio de la presencia de esta disciplina en las instituciones mencionadas para el periodo 1860-1900. El objetivo es medir la posible existencia de una vía común en la institucionalización de la economía política en ambos países, como un primer paso hacia la elaboración de un modelo supranacional de institucionalización de la economía en este periodo.

Economics of dialysis dependence following renal replacement therapy for critically ill acute kidney injury patients.

BACKGROUND: The obective of this study was to perform a cost-effectiveness analysis comparing intermittent with continuous renal replacement therapy (IRRT versus CRRT) as initial therapy for acute kidney injury (AKI) in the intensive care unit (ICU). METHODS: Assuming some patients would potentially be eligible for either modality, we modeled life year gained, the quality-adjusted life years (QALYs) and healthcare costs for a cohort of 1000 IRRT patients and a cohort of 1000 CRRT patients. We used a 1-year, 5-year and a lifetime horizon. A Markov model with two health states for AKI survivors was designed: dialysis dependence and dialysis independence. We applied Weibull regression from published estimates to fit survival curves for CRRT and IRRT patients and to fit the proportion of dialysis dependence among CRRT and IRRT survivors. We then applied a risk ratio reported in a large retrospective cohort study to the fitted CRRT estimates in order to determine the proportion of dialysis dependence for IRRT survivors. We conducted sensitivity analyses based on a range of differences for daily implementation cost between CRRT and IRRT (base case: CRRT day $632 more expensive than IRRT day; range from $200 to $1000) and a range of risk ratios for dialysis dependence for CRRT as compared with IRRT (from 0.65 to 0.95; base case: 0.80). RESULTS: Continuous renal replacement therapy was associated with a marginally greater gain in QALY as compared with IRRT (1.093 versus 1.078). Despite higher upfront costs for CRRT in the ICU ($4046 for CRRT versus $1423 for IRRT in average), the 5-year total cost including the cost of dialysis dependence was lower for CRRT ($37 780 for CRRT versus $39 448 for IRRT on average). The base case incremental cost-effectiveness analysis showed that CRRT dominated IRRT. This dominance was confirmed by extensive sensitivity analysis. CONCLUSIONS: Initial CRRT is cost-effective compared with initial IRRT by reducing the rate of long-term dialysis dependence among critically ill AKI survivors.

The mean-variance model from the inverse of the variance-covariance matrix

En este artículo, a partir de la inversa de la matriz de varianzas y covarianzas se obtiene el modelo Esperanza-Varianza de Markowitz siguiendo un camino más corto y matemáticamente riguroso. También se obtiene la ecuación de equilibrio del CAPM de Sharpe.

Beyond the Toledo agreement : the intergenerational impact of the spanish pension reform

The paper examines the intergenerational impact of the Spanish public pension system after the 1997 Pension Reform Act. Working within a Generational Accounting framework, we find that maintaining the new legal setting could leave future generations with liabilities as high as 176 percent of base year GDP. As the recent reform measures have been insufficient to achieve the sustainability of the current pension system, we also analyse the impact of alternative reform strategies. Within the current pay-as-you-go setting, a further improvement to tax-benefit linkage in line with the original spirit of the Toledo Agreement is shown to yield and intergenerationally more balanced outcome,than an increase in the retirement age or an expansion of public subsidies financed through indirect taxes. Finally, we examine the generational impact of a move toward a partially funded pension system which might restore theintergenerational balance

Non-conventional water resources in coastal areas: a review of the use of reclaimed water

In an era of increasing concern for limited water resources a wise joint management of conventional and nonconventional water resources must be considered. Water scarcity aggravates in coastal zones which are often characterised by high population density, intense economic activity and tourism; meaning heavy seasonal water demands. The relationships between sea and land-water can also compromise the quality of available freshwater. In this context, the use of non-conventional water increases the availability of water supplies. Non-conventional water resources of low quality could be directed to meet several needs (like watering lawns, washing cars, flushing toilets and cooling systems, among others). Therefore, significantly more potable water would be available to meet human demand for safe water.

Wind Tunnel Analysis of the Effects of Planting at Highway Grade Separation Structures, HR-202, 1979

Blowing and drifting snow has been a problem for the highway maintenance engineer virtually since the inception of the automobile. In the early days, highway engineers were limited in their capability to design and construct drift free roadway cross sections, and the driving public tolerated the delays associated with snow storms. Modern technology, however, has long since provided the design expertise, financial resources, and construction capability for creating relatively snowdrift free highways, and the driver today has come to expect a highway facility that is free of snowdrifts, and if drifts develop they expect highway maintenance crews to open the highway within a short time. Highway administrators have responded to this charge for better control of snowdrifting. Modern highway designs in general provide an aerodynamic cross section that inhibits the deposition of snow on the roadway insofar as it is economically feasible to do so.

Rock Island Centennial Bridge, Final Report on Construction of the Mississippi River Bridge Between Rock Island, Illinois and Davenport, Iowa, 1945

The Rock Island Centennial Bridge spanning the Mississippi River between Rock Island, Illinois and Davenport, Iowa was opened to traffic on July 12, 1940. It is a thoroughly modern, four-lane highway bridge, adequate in every respect for present day high speed passenger and transport traffic. The structure is ideally situated to provide rapid transit between the business districts of Rock Island and Davenport and serves not only the local or shuttle traffic in the Tri-City Area, but also heavy through motor travel on U.S. Highways 67 and 150. The Centennial Bridge is notable in several respects. The main spans are box girder rib tied arches, a type rather unusual in America and permitting simplicity in design with pleasing appearance. The Centennial Bridge is the only bridge across the Mississippi providing for four lanes of traffic with separation of traffic in each direction. It is a toll bridge operating alongside a free bridge and has the lowest rates of toll of any toll bridge on the Mississippi River. It was financed entirely by the City of Rock Island with no obligation on the taxpayers; there was no federal or state participation in the financing. But perhaps the most outstanding feature of the new bridge is its great need. A few remarks on the communities served by the new structure, the services rendered, and some statistics on cross-river traffic in the Tri-City Area will emphasize the reasons for constructing the Centennial Bridge.

On the tractability of the piecewise-linear approximation for general discrete-choice network revenue management

The choice network revenue management (RM) model incorporates customer purchase behavioras customers purchasing products with certain probabilities that are a function of the offeredassortment of products, and is the appropriate model for airline and hotel network revenuemanagement, dynamic sales of bundles, and dynamic assortment optimization. The underlyingstochastic dynamic program is intractable and even its certainty-equivalence approximation, inthe form of a linear program called Choice Deterministic Linear Program (CDLP) is difficultto solve in most cases. The separation problem for CDLP is NP-complete for MNL with justtwo segments when their consideration sets overlap; the affine approximation of the dynamicprogram is NP-complete for even a single-segment MNL. This is in contrast to the independentclass(perfect-segmentation) case where even the piecewise-linear approximation has been shownto be tractable. In this paper we investigate the piecewise-linear approximation for network RMunder a general discrete-choice model of demand. We show that the gap between the CDLP andthe piecewise-linear bounds is within a factor of at most 2. We then show that the piecewiselinearapproximation is polynomially-time solvable for a fixed consideration set size, bringing itinto the realm of tractability for small consideration sets; small consideration sets are a reasonablemodeling tradeoff in many practical applications. Our solution relies on showing that forany discrete-choice model the separation problem for the linear program of the piecewise-linearapproximation can be solved exactly by a Lagrangian relaxation. We give modeling extensionsand show by numerical experiments the improvements from using piecewise-linear approximationfunctions.

First report of the Iowa Soldiers' Monument 1890; Biennial report of the Iowa Soldiers and Sailors Monument Commission, 1894-95

This contains the first (1890),second(1892-93)and third (1894-95) biennial reports of the Iowa Soldiers and Sailors Monument Commission.