Monetary integration and the cost of borrowing

With the beginning of the European Monetary Union (EMU), euro-area sovereign securities¿ adjusted spreads over Germany (corrected from the foreign exchange risk) experienced an increase that caused a lower than expected decline in borrowing costs. The objective of this paper is to study what explains that rising. In particular, if it took place a change in the price assigned by markets to domestic (credit risk and/or market liquidity) or to international risk factors. The empirical evidence supports the idea that a change in the market value of liquidity occurred with the EMU. International and default risk play a smaller role

FY'13 Biodiesel Fuel Revolving Fund Expenditures Report, January 27, 2014

Pursuant to Iowa Code section 307.20, the biodiesel fuel revolving fund (Fund) was created and is to be used to purchase biodiesel fuel for use in the Department of Transportation's vehicles. The act directed that the Fund receive money from the sale of EPAct credits banked by the DOT on the effective date of the act, moneys appropriated by the General Assembly, and any other moneys obtained or accepted by the DOT for deposit in the Fund. This report is of the expenditures made from the Fund during FY 2013.

Materiales para una investigación fenomenológica sobre el dinero

En nuestra exposición pretendemos hacer una aportación a la fundamentación de una fenomenología del dinero. Se parte del hecho de la comprensión preteórica del dinero como un "ente para", es decir, como un útil. En esta comprensión preteórica, el dinero es entendido siempre desde su teleología: el dinero es [algo que es] para comprar. Difícilmente se define el dinero desde la actitud preteórica como "algo para vender" o como "el resultado del esfuerzo de mi trabajo". El ser del dinero deviene, desde su vivencia cotidiana, inseparable del acto de compra, remarcando la naturaleza profundamente proyectiva de su esencia. Para captar esta naturaleza proyectiva del dinero, será necesario llevar a cabo una fenomenología del acto de compra. ¿Comprar¿ es obtener algo con dinero. Pero, ¿cómo es la cosa adquirida? No es una cosa cualquiera: es una mercancía. En descripciones fenomenológicas sucesivas se intentará mostrar cómo la descripción de la espacialidad y la temporalidad de la mercancía es esencial para comprender aquello que el dinero lleva a cabo con la espacialidad y temporalidad del mundo circundante.

Asphalt Emulsions for Highway Construction, HR-216, 1985

A 5.8 mile section of Dubuque County (Iowa) Road D-53 was selected for this project, the objective of which were to: 1. identify a cost effective asphalt emulsion bound macadam typical cross section; 2. determine the effectiveness of engineering fabric placed under macadam roadbeds; and 3. evalaute the use of emulsions in surface seal coats. A number of conclusions were reached: 1. The minus #200 sieve material for the macadam stone should be held to a minimum. For the emulsion used on this project, the minus #200 material had less than 4 percent to achieve satisfactory coating of the macadam stone. 2. The placement of the emulsion treated macadam required no additional equipment or time than the plain macadam placement. 3. Emulsion treating the macadam stone for the shoulder base appears unnecessary. 4. The emulsion treated macadam base beneath an asphaltic concrete wearing surface yielded a higher structural rating than the plain macadam beneath a comparable ashaltic concrete surface. 5. The performance of the fabric between the subgrade and the macadam base to prevent soil intrusion into the base could not be determined by the non-destructive testing conducted. 6. When no choke stone is used over the macadam base, allowance for ac mix overrun should be made. 7. Use of an emulsion instead of a cutback asphalt saved money and energy. However, the poor performance of the seal coat negated any real savings.

Thin Asphalt Concrete Pavement on Crushed Rock Base - Cass County, Construction Report, HR-2075, 1997

The road paving cost continues to increase and the backlog of projects waiting for funding is growing. Finding a more cost-effective way to use the available money to pave roads will result in more miles of road being paved with the same amount of money. This project is in Cass County on G35 between US 71 and Norway-Center. It consists of a thin layer of asphalt over a base designed to achieve stability while having some permeability. This project was paved in 1996. An asphalt cement concrete pavement was chosen for the project based on cost, convenience, and historic portland cement concrete problems in Cass County. The new pavement gives quicker access time to farms and residences.

Hiring Iowa Teens: A Guide for Employers About Iowa Child Labor Laws, June 2012

As an employer, you are always seeking good employees to add to your business. Many youth are eager to work in Iowa, especially during the summer months.To a teenager, a job means money for school and other expenses, work experience and help in deciding on a career.

Anàlisi i disseny d'una aplicació web per a un banc del temps

Els bancs del temps són eines que permeten l'intercanvi de serveis entre persones d'una mateixa localització geogràfica. El tret més característic és que aquest serveis s'intercanvien sense utilitzar diners, agafant el temps propi d'una persona com a moneda de canvi. Es poden intercanviar tot tipus de serveis: passejar gossos, fer companyia a persones majors, classes de repàs, assessorament informàtic, etc. Aquest projecte proposa la creació d'un portal web que permeti i gestioni el funcionament d'un banc del temps, tant a nivell d'usuari com a nivell d'administració.

Biodiesel Fuel Revolving Fund Expenditures report FY'14

Pursuant to Iowa Code section 307.20, the biodiesel fuel revolving fund (Fund) was created and is to be used to purchase biodiesel fuel for use in the Department of Transportation’s vehicles. The act directed that the Fund receive money from the sale of EPAct credits banked by the DOT on the effective date of the act, moneys appropriated by the General Assembly, and any other monies obtained or accepted by the DOT for deposit in the Fund. This report is of the expenditures made from the Fund during FY 2014.

Behavioural queueing : cellular automata and a laboratory experiment

Dans cette thèse, nous étudions les aspects comportementaux d'agents qui interagissent dans des systèmes de files d'attente à l'aide de modèles de simulation et de méthodologies expérimentales. Chaque période les clients doivent choisir un prestataire de servivce. L'objectif est d'analyser l'impact des décisions des clients et des prestataires sur la formation des files d'attente. Dans un premier cas nous considérons des clients ayant un certain degré d'aversion au risque. Sur la base de leur perception de l'attente moyenne et de la variabilité de cette attente, ils forment une estimation de la limite supérieure de l'attente chez chacun des prestataires. Chaque période, ils choisissent le prestataire pour lequel cette estimation est la plus basse. Nos résultats indiquent qu'il n'y a pas de relation monotone entre le degré d'aversion au risque et la performance globale. En effet, une population de clients ayant un degré d'aversion au risque intermédiaire encoure généralement une attente moyenne plus élevée qu'une population d'agents indifférents au risque ou très averses au risque. Ensuite, nous incorporons les décisions des prestataires en leur permettant d'ajuster leur capacité de service sur la base de leur perception de la fréquence moyenne d'arrivées. Les résultats montrent que le comportement des clients et les décisions des prestataires présentent une forte "dépendance au sentier". En outre, nous montrons que les décisions des prestataires font converger l'attente moyenne pondérée vers l'attente de référence du marché. Finalement, une expérience de laboratoire dans laquelle des sujets jouent le rôle de prestataire de service nous a permis de conclure que les délais d'installation et de démantèlement de capacité affectent de manière significative la performance et les décisions des sujets. En particulier, les décisions du prestataire, sont influencées par ses commandes en carnet, sa capacité de service actuellement disponible et les décisions d'ajustement de capacité qu'il a prises, mais pas encore implémentées. - Queuing is a fact of life that we witness daily. We all have had the experience of waiting in line for some reason and we also know that it is an annoying situation. As the adage says "time is money"; this is perhaps the best way of stating what queuing problems mean for customers. Human beings are not very tolerant, but they are even less so when having to wait in line for service. Banks, roads, post offices and restaurants are just some examples where people must wait for service. Studies of queuing phenomena have typically addressed the optimisation of performance measures (e.g. average waiting time, queue length and server utilisation rates) and the analysis of equilibrium solutions. The individual behaviour of the agents involved in queueing systems and their decision making process have received little attention. Although this work has been useful to improve the efficiency of many queueing systems, or to design new processes in social and physical systems, it has only provided us with a limited ability to explain the behaviour observed in many real queues. In this dissertation we differ from this traditional research by analysing how the agents involved in the system make decisions instead of focusing on optimising performance measures or analysing an equilibrium solution. This dissertation builds on and extends the framework proposed by van Ackere and Larsen (2004) and van Ackere et al. (2010). We focus on studying behavioural aspects in queueing systems and incorporate this still underdeveloped framework into the operations management field. In the first chapter of this thesis we provide a general introduction to the area, as well as an overview of the results. In Chapters 2 and 3, we use Cellular Automata (CA) to model service systems where captive interacting customers must decide each period which facility to join for service. They base this decision on their expectations of sojourn times. Each period, customers use new information (their most recent experience and that of their best performing neighbour) to form expectations of sojourn time at the different facilities. Customers update their expectations using an adaptive expectations process to combine their memory and their new information. We label "conservative" those customers who give more weight to their memory than to the xiv Summary new information. In contrast, when they give more weight to new information, we call them "reactive". In Chapter 2, we consider customers with different degree of risk-aversion who take into account uncertainty. They choose which facility to join based on an estimated upper-bound of the sojourn time which they compute using their perceptions of the average sojourn time and the level of uncertainty. We assume the same exogenous service capacity for all facilities, which remains constant throughout. We first analyse the collective behaviour generated by the customers' decisions. We show that the system achieves low weighted average sojourn times when the collective behaviour results in neighbourhoods of customers loyal to a facility and the customers are approximately equally split among all facilities. The lowest weighted average sojourn time is achieved when exactly the same number of customers patronises each facility, implying that they do not wish to switch facility. In this case, the system has achieved the Nash equilibrium. We show that there is a non-monotonic relationship between the degree of risk-aversion and system performance. Customers with an intermediate degree of riskaversion typically achieve higher sojourn times; in particular they rarely achieve the Nash equilibrium. Risk-neutral customers have the highest probability of achieving the Nash Equilibrium. Chapter 3 considers a service system similar to the previous one but with risk-neutral customers, and relaxes the assumption of exogenous service rates. In this sense, we model a queueing system with endogenous service rates by enabling managers to adjust the service capacity of the facilities. We assume that managers do so based on their perceptions of the arrival rates and use the same principle of adaptive expectations to model these perceptions. We consider service systems in which the managers' decisions take time to be implemented. Managers are characterised by a profile which is determined by the speed at which they update their perceptions, the speed at which they take decisions, and how coherent they are when accounting for their previous decisions still to be implemented when taking their next decision. We find that the managers' decisions exhibit a strong path-dependence: owing to the initial conditions of the model, the facilities of managers with identical profiles can evolve completely differently. In some cases the system becomes "locked-in" into a monopoly or duopoly situation. The competition between managers causes the weighted average sojourn time of the system to converge to the exogenous benchmark value which they use to estimate their desired capacity. Concerning the managers' profile, we found that the more conservative Summary xv a manager is regarding new information, the larger the market share his facility achieves. Additionally, the faster he takes decisions, the higher the probability that he achieves a monopoly position. In Chapter 4 we consider a one-server queueing system with non-captive customers. We carry out an experiment aimed at analysing the way human subjects, taking on the role of the manager, take decisions in a laboratory regarding the capacity of a service facility. We adapt the model proposed by van Ackere et al (2010). This model relaxes the assumption of a captive market and allows current customers to decide whether or not to use the facility. Additionally the facility also has potential customers who currently do not patronise it, but might consider doing so in the future. We identify three groups of subjects whose decisions cause similar behavioural patterns. These groups are labelled: gradual investors, lumpy investors, and random investor. Using an autocorrelation analysis of the subjects' decisions, we illustrate that these decisions are positively correlated to the decisions taken one period early. Subsequently we formulate a heuristic to model the decision rule considered by subjects in the laboratory. We found that this decision rule fits very well for those subjects who gradually adjust capacity, but it does not capture the behaviour of the subjects of the other two groups. In Chapter 5 we summarise the results and provide suggestions for further work. Our main contribution is the use of simulation and experimental methodologies to explain the collective behaviour generated by customers' and managers' decisions in queueing systems as well as the analysis of the individual behaviour of these agents. In this way, we differ from the typical literature related to queueing systems which focuses on optimising performance measures and the analysis of equilibrium solutions. Our work can be seen as a first step towards understanding the interaction between customer behaviour and the capacity adjustment process in queueing systems. This framework is still in its early stages and accordingly there is a large potential for further work that spans several research topics. Interesting extensions to this work include incorporating other characteristics of queueing systems which affect the customers' experience (e.g. balking, reneging and jockeying); providing customers and managers with additional information to take their decisions (e.g. service price, quality, customers' profile); analysing different decision rules and studying other characteristics which determine the profile of customers and managers.

Dots i llegats dels Baldrich de Valls (1768-1863)

Aquest article presenta les dificultats que van haver d’afrontar entre 1768 i 1863 els hereus de la casa Baldrich de Valls per liquidar els dots i les deixes testamentàries. Anton Baldrich Janer va nomenar hereu el fill gran del primer matrimoni amb l’obligació de pagar als seus germans i especialment als seus germanastres unes quantitats molt elevades de diners atorgats en un moment de grans expectatives econòmiques, gràcies al comerç amb Amèrica i el nord d’Europa. Durant la primera meitat del segle XIX, alguns anys de males collites, les contínues guerres i la independència de les colònies americanes feren minvar els recursos i van afeblir la hisenda familiar. Els successius hereus maldaven per pagar les contínues reclamacions dels cabalers i les cabaleres de les diferents generacions, fet que els impedia invertir en noves empreses per tal d’ampliar i modernitzar els seus negocis. L’any 1863, el darrer hereu Baldrich va morir sense descendència, havent pagat els darrers deutes familiars però sense haver creat nous horitzons per als seus successors.

Aplicación de la metodología “policy deployment” planificación estratégica a un departamento de suministro de materiales para aerogeneradores para reducir inventarios

Debido a la necesidad de diferenciarse y hacer frente a la competencia, las empresas han apostado por desarrollar operaciones que den valor al cliente, por eso muchas de ellas han visto en las herramientas lean la oportunidad para mejorar sus operaciones. Esta mejora implica la reducción de dinero, personas, equipos grandes, inventario y espacio, con dos objetivos: eliminar despilfarro y reducir la variabilidad. Para conseguir los objetivos estratégicos de la empresa es imprescindible qué éstos estén alineados con los planes de la gerencia a nivel medio y a su vez con el trabajo realizado por los empleados para asegurar que cada persona está alineada en la misma dirección y al mismo tiempo. Ésta es la filosofía de la planificación estratégica. Por ello uno de los objetivos de este proyecto será el desarrollar una herramienta que facilite la exposición de los objetivos de la empresa y la comunicación de los mismos a todos los niveles de la organización para a partir de ellos y tomando como referencia la necesidad de reducir inventarios en la cadena de suministro se realizará un estudio de la producción de un componente de control del aerogenerador para conseguir nivelarla y reducir su inventario de producto terminado. Los objetivos particulares en este apartado serán reducir el inventario en un 28%, nivelar la producción reduciendo la variabilidad del 31% al 24%, mantener un stock máximo de 24 unidades garantizando el suministro ante una demanda variable, incrementar la rotación del inventario en un 10% y establecer un plan de acción para reducir el lead time entre un 40-50%. Todo ello será posible gracias a la realización del mapa de valor presente y futuro para eliminar desperdicios y crear un flujo continuo y el cálculo de un supermercado que mantenga el stock en un nivel óptimo.

Evaluación y optimización de los servicios de un taller de mantenimiento mediante el software de simulación ARENA

Debido a la necesidad de diferenciarse y hacer frente a la competencia, las empresas han apostado por desarrollar operaciones que den valor al cliente, por eso muchas de ellas han visto en las herramientas lean la oportunidad para mejorar sus operaciones. Esta mejora implica la reducción de dinero, personas, equipos grandes, inventario y espacio, con dos objetivos: eliminar despilfarro y reducir la variabilidad. Para conseguir los objetivos estratégicos de la empresa es imprescindible qué éstos estén alineados con los planes de la gerencia a nivel medio y a su vez con el trabajo realizado por los empleados para asegurar que cada persona está alineada en la misma dirección y al mismo tiempo. Ésta es la filosofía de la planificación estratégica. Por ello uno de los objetivos de este proyecto será el desarrollar una herramienta que facilite la exposición de los objetivos de la empresa y la comunicación de los mismos a todos los niveles de la organización para a partir de ellos y tomando como referencia la necesidad de reducir inventarios en la cadena de suministro se realizará un estudio de la producción de un componente de control del aerogenerador para conseguir nivelarla y reducir su inventario de producto terminado. Los objetivos particulares en este apartado serán reducir el inventario en un 28%, nivelar la producción reduciendo la variabilidad del 31% al 24%, mantener un stock máximo de 24 unidades garantizando el suministro ante una demanda variable, incrementar la rotación del inventario en un 10% y establecer un plan de acción para reducir el lead time entre un 40-50%. Todo ello será posible gracias a la realización del mapa de valor presente y futuro para eliminar desperdicios y crear un flujo continuo y el cálculo de un supermercado que mantenga el stock en un nivel óptimo.

Total Cost of Transportation Analysis of Road and Highway Issues, HR-388, 2002

In the administration, planning, design, and maintenance of road systems, transportation professionals often need to choose between alternatives, justify decisions, evaluate tradeoffs, determine how much to spend, set priorities, assess how well the network meets traveler needs, and communicate the basis for their actions to others. A variety of technical guidelines, tools, and methods have been developed to help with these activities. Such work aids include design criteria guidelines, design exception analysis methods, needs studies, revenue allocation schemes, regional planning guides, designation of minimum standards, sufficiency ratings, management systems, point based systems to determine eligibility for paving, functional classification, and bridge ratings. While such tools play valuable roles, they also manifest a number of deficiencies and are poorly integrated. Design guides tell what solutions MAY be used, they aren't oriented towards helping find which one SHOULD be used. Design exception methods help justify deviation from design guide requirements but omit consideration of important factors. Resource distribution is too often based on dividing up what's available rather than helping determine how much should be spent. Point systems serve well as procedural tools but are employed primarily to justify decisions that have already been made. In addition, the tools aren't very scalable: a system level method of analysis seldom works at the project level and vice versa. In conjunction with the issues cited above, the operation and financing of the road and highway system is often the subject of criticisms that raise fundamental questions: What is the best way to determine how much money should be spent on a city or a county's road network? Is the size and quality of the rural road system appropriate? Is too much or too little money spent on road work? What parts of the system should be upgraded and in what sequence? Do truckers receive a hidden subsidy from other motorists? Do transportation professions evaluate road situations from too narrow of a perspective? In considering the issues and questions the author concluded that it would be of value if one could identify and develop a new method that would overcome the shortcomings of existing methods, be scalable, be capable of being understood by the general public, and utilize a broad viewpoint. After trying out a number of concepts, it appeared that a good approach would be to view the road network as a sub-component of a much larger system that also includes vehicles, people, goods-in-transit, and all the ancillary items needed to make the system function. Highway investment decisions could then be made on the basis of how they affect the total cost of operating the total system. A concept, named the "Total Cost of Transportation" method, was then developed and tested. The concept rests on four key principles: 1) that roads are but one sub-system of a much larger 'Road Based Transportation System', 2) that the size and activity level of the overall system are determined by market forces, 3) that the sum of everything expended, consumed, given up, or permanently reserved in building the system and generating the activity that results from the market forces represents the total cost of transportation, and 4) that the economic purpose of making road improvements is to minimize that total cost. To test the practical value of the theory, a special database and spreadsheet model of Iowa's county road network was developed. This involved creating a physical model to represent the size, characteristics, activity levels, and the rates at which the activities take place, developing a companion economic cost model, then using the two in tandem to explore a variety of issues. Ultimately, the theory and model proved capable of being used in full system, partial system, single segment, project, and general design guide levels of analysis. The method appeared to be capable of remedying many of the existing work method defects and to answer society's transportation questions from a new perspective.

Thin Asphalt Concrete Pavement on Crushed Rock Base, HR-2075, 2001

The road paving cost continues to increase and the backlog of projects waiting for funding is growing. Finding a more cost-effective way to use the available money to pave roads will result in more miles of road being paved with the same amount of money. This project is in Cass County on G35 between US 71 and Norway-Center. It consists of a thin layer of asphalt over a base designed to achieve stability while having some permeability. This project was paved in 1996. An asphalt cement concrete pavement was chosen for the project based on cost, convenience, and historic portland cement concrete problems in Cass County. The new pavement gives quicker access time to farms and residences.

The enterprise face to the environmental challenge: straddling the fence between social responsibility and penal responsibility

This contribution aims to analyse how to incur companies' criminal liability when they violate environmental protection globally. In Switzerland, companies' criminal liability has already been provided for to fight against money launder- ing (Article 102 CP). Could a similar liability be incurred, in Switzerland, for companies that infringe environmental protection? This is what our contribution is all about. Since the company is at the heart of our subject, the point is to see to what extent criminal liability could be transposed to cases of violation by companies of the environmental principles promoted by the CSR concept.