Liquidity, moral hazard and bank crises

Bank crises, by interrupting liquidity provision, have been viewed as resulting in welfare losses. In a model of banking with moral hazard, we show that second best bank contracts that improve on autarky ex ante require costly crises to occur with positive probability at the interim stage. When bank payoffs are partially appropriable, either directly via imposition of fines or indirectly by the use of bank equity as a collateral, we argue that an appropriately designed ex-ante regime of policy intervention involving conditional monitoring can prevent bank crises.

An affective approach to moral motivation

Over the last few years, there has been a surge of work in a new field called "moral psychology", which uses experimental methods to test the psychological processes underlying human moral activity. In this paper, I shall follow this line of approach with the aim of working out a model of how people form value judgements and how they are motivated to act morally. I call this model an "affective picture": 'picture' because it remains strictly at the descriptive level and 'affective' because it has an important role for affects and emotions. This affective picture is grounded on a number of plausible and empirically supported hypotheses. The main idea is that we should distinguish between various kinds of value judgements by focusing on the sort of state of mind people find themselves in while uttering a judgement. "Reasoned judgements" are products of rational considerations and are based on preliminary acceptance of norms and values. On the contrary, "basic value judgements" are affective, primitive and non-reflective ways of assessing the world. As we shall see, this analysis has some consequences for the traditional internalism-externalism debate in philosophy; it highlights the fact that motivation is primarily linked to "basic value judgements" and that the judgements we openly defend might not have a particular effect on our actions, unless we are inclined to have an emotional attitude that conforms to them.

Moral Behaviour, Altruism and Environmental Policy

Free‐riding is often associated with self‐interested behaviour. However if there is a global mixed pollutant, free‐riding will arise if individuals calculate that their emissions are negligible relative to the total, so total emissions and hence any damage that they and others suffer will be unaffected by whatever consumption choice they make. In this context consumer behaviour and the optimal environmental tax are independent of the degree of altruism. For behaviour to change, individuals need to make their decisions in a different way. We propose a new theory of moral behaviour whereby individuals recognise that they will be worse off by not acting in their own self‐interest, and balance this cost off against the hypothetical moral value of adopting a Kantian form of behaviour, that is by calculating the consequences of their action by asking what would happen if everyone else acted in the same way as they did. We show that: (a) if individuals behave this way, then altruism matters and the greater the degree of altruism the more individuals cut back their consumption of a ’dirty’ good; (b) nevertheless the optimal environmental tax is exactly the same as that emerging from classical analysis where individuals act in self‐interested fashion.

How family caregivers' medical and moral assumptions influence decision making for patients in the vegetative state: a qualitative interview study.

Background Decisions on limiting life-sustaining treatment for patients in the vegetative state (VS) are emotionally and morally challenging. In Germany, doctors have to discuss, together with the legal surrogate (often a family member), whether the proposed treatment is in accordance with the patient's will. However, it is unknown whether family members of the patient in the VS actually base their decisions on the patient's wishes. Objective To examine the role of advance directives, orally expressed wishes, or the presumed will of patients in a VS for family caregivers' decisions on life-sustaining treatment. Methods and sample A qualitative interview study with 14 next of kin of patients in a VS in a long-term care setting was conducted; 13 participants were the patient's legal surrogates. Interviews were analysed according to qualitative content analysis. Results The majority of family caregivers said that they were aware of aforementioned wishes of the patient that could be applied to the VS condition, but did not base their decisions primarily on these wishes. They gave three reasons for this: (a) the expectation of clinical improvement, (b) the caregivers' definition of life-sustaining treatments and (c) the moral obligation not to harm the patient. If the patient's wishes were not known or not revealed, the caregivers interpreted a will to live into the patient's survival and non-verbal behaviour. Conclusions Whether or not prior treatment wishes of patients in a VS are respected depends on their applicability, and also on the medical assumptions and moral attitudes of the surrogates. We recommend repeated communication, support for the caregivers and advance care planning.

¿Charles Taylor en Operación Triunfo?. Análisis de la propuesta filosófico-moral de Taylor -en especial su ideal de autenticidad- y de su posible aplicación al reality show español

Aquest Treball Final de Carrera de la Llicenciatura de Periodisme de la Universitat Abat Oliba CEU té un doble objectiu: a)dur a terme una aproximació teòrico-filosòfica a la proposta cultural de Charles Taylor, i així aprofundir en l'examen dels elements centrals de la seva bibliografia -sobre tot en els pressupòsits antropològics i socials més destacats, així com també en el seu peculiar "ideal d'autenticitat"-; i b)projectar els dits fonaments teòrics en un apartat de naturalesa pràctica, com a forma de concretar la proposta del pensador nord-americà en algun dels fenòmens més interessants de la realitat mediàtica i cultural espanyola. Així, ens vam decidir per un dels programes televisius que més èxit ha tingut al nostre país als darrers temps: Operación Triunfo, donat que en tractar-se d'un concurs vinculat als somnis i a les aspiracions més profundes dels individus que hi participen, té una relació molt més estreta amb l'ideal d'autenticitat. A més, la justificació fonamental d'aquest estudi es basa en el fet que l'aportació filosòfica de Taylor és molt profitosa respecte a la situació cultural actual pels següents dos motius: a) la seva obra presenta una veritable i complerta proposta en positiu, basada en raons i arguments molt clars, que a més porten una esperança de recuperació a la societat occidental; i b) la seva crítica a la Modernitat no és totalment destructiva sinó que més aviat es basa en una comprensió correcta i una recuperació adequada del sentit originari d'algunes de les fonts morals que defineixen la nostra cultura.

Inversion Analytics: Análisis sobre rentabilidad de inversiones mediante VAN y TIR

Inversion Analytics es una herramienta para facilitar el análisis en inversiones que se planteen en pequeñas, medianas y grandes empresas, en el que se plasmará toda la información necesaria para determinar los valores que entran en juego en la inversión. La aplicación realiza esta función mediante el cálculo de VAN (Valor Actual Neto) y TIR (Tasa Interna de Rentabilidad) de una inversión determinada, a partir de la información introducida por el usuario y teniendo en cuenta los distintos métodos de amortización de la inversión inicial, así como los distintos enfoques o supuestos en el que clasificaremos el horizonte temporal de la misma.

Inversion of analytic characteristic functions and infinite convolutions of exponential and Laplace densities

This paper shows that certain quotients of entire functions are characteristic functions. Under some conditions, we provide expressions for the densities of such characteristic functions which turn out to be generalized Dirichlet series which in turn can be expressed as an infinite linear combination of exponential or Laplace densities. We apply these results to several examples.

L'environnement moral de la recherche

Cet ouvrage a pour objet de faire un point actualisé sur l'environnement légal et réglementaire de la recherche biomédicale. En effet, le médecin est un acteur fondamental dans l'organisation et la mise en oeuvre d'une recherche biomédicale. La loi du 20 décembre 1988 a redéfini son rôle exact ; elle l'a également mis en charge de nouvelles obligations : responsabilité déontologique, civile et pénale, obligations administratives et financières. Dans le cadre d'essais cliniques, l'accent est mis sur les relations patients/investigateurs. Cet ouvrage a donc pour but de fournir aux médecins les informations dont ils peuvent avoir besoin dans le cadre de leur intervention dans les recherches biomédicales.

Inversion prepared coronary MR angiography: direct visualization of coronary blood flow.

PURPOSE: Visualization of coronary blood flow by means of a slice-selective inversion pre-pulse in concert with bright-blood coronary MRA. MATERIALS AND METHODS: Coronary magnetic resonance angiography (MRA) of the right coronary artery (RCA) was performed in eight healthy adult subjects on a 1.5 Tesla MR system (Gyroscan ACS-NT, Philips Medical Systems, Best, NL) using a free-breathing navigator-gated and cardiac-triggered 3D steady-state free-precession (SSFP) sequence with radial k-space sampling. Imaging was performed with and without a slice-selective inversion pre-pulse, which was positioned along the main axis of the coronary artery but perpendicular to the imaging volume. Objective image quality parameters such as SNR, CNR, maximal visible vessel length, and vessel border definition were analyzed. RESULTS: In contrast to conventional bright-blood 3D coronary MRA, the selective inversion pre-pulse provided a direct measure of coronary blood flow. In addition, CNR between the RCA and right ventricular blood pool was increased and the vessels had a tendency towards better delineation. Blood SNR and CNR between right coronary blood and epicardial fat were comparable in both sequences. CONCLUSION: The combination of a free-breathing navigator-gated and cardiac-triggered 3D SSFP sequence with a slice-selective inversion pre-pulse allows for direct and directional visualization of coronary blood flow with the additional benefit of improved contrast between coronary and right ventricular blood pool.

Generic drugs in Spain: price competition vs. moral hazard

This paper examines competition between generic and brand-name drugs in the regulated Spanish pharmaceutical market. A nested logit demand model is specified for the three most consumed therapeutic subgroups in Spain: statins (anticholesterol), selective serotonin reuptake inhibitors (antidepressants) and proton pump inhibitors (antiulcers). The model is estimated with instrumental variables from a panel of monthly prescription data from 1999 to 2005. The dataset distinguishes between three different levels of patients’ copayments within the prescriptions and the results show that the greater the level of insurance that the patient has (and therefore the lower the patient’s copayment), the lower the proportion of generic prescriptions made by physicians. It seems that the low level of copayment has delayed the penetration of generics into the Spanish market. Additionally, the estimation of the demand model suggests that the substitution rules and promotional efforts associated with the reference pricing system have increased generic market share, and that being among the first generic entrants has an additional positive effect.

Polytene chromosome map and inversion polymorphism in Drosophila mediopunctata

Drosophila mediopunctata belongs to the tripunctata group, and is one of the commonest Drosophila species collected in some places in Brazil, especially in the winter. A standard map of the polytene chromosomes is presented. The breakpoints of the naturally occurring chromosomal rearrangements are marked on the map. The distribution of breaking points through the chromosomes of D. mediopunctata is apparently non-random. Chromosomes X, II and IV show inversion polymorphisms. Chromosome II is the most polymorphic, with 17 inversions, 8 inversions in the distal region and 9 in the proximal region. Chromosome X has four different gene arrangements, while chromosome IV has only two.