Atomic Cournotian Traders May Be Walrasian.

In a bilateral oligopoly, with large traders, represented as atoms, and small traders, represented by an atomless part, when is there a non-empty intersection between the sets of Walras and Cournot-Nash allocations? Using a two commodity version of the Shapley window model, we show that a necessary and sufficient condition for a Cournot- Nash allocation to be a Walras allocation is that all atoms demand a null amount of one of the two commodities. We provide two examples which show that this characterization holds non-vacuously. When our condition fails to hold, we also confirm, through some examples, the result obtained by Okuno, Postlewaite, and Roberts (1980): small traders always have a negligible influence on prices, while the large traders keep their strategic power even when their behavior turns out to be Walrasian in the cooperative framework considered by Gabszewicz and Mertens (1971) and Shitovitz (1973).

Factors Affecting the Financial Success of Motion Pictures: What is the Role of Star Power?

In the mid-1940s, American film industry was on its way up to its golden era as studios started mass-producing iconic feature films. The escalating increase in popularity of Hollywood stars was actively suggested for its direct links to box office success by academics. Using data collected in 2007, this paper carries out an empirical investigation on how different factors, including star power, affect the revenue of ‘home-run’ movies in Hollywood. Due to the subjective nature of star power, two different approaches were used: (1) number of nominations and wins of Academy Awards by the key players, and (2) average lifetime gross revenue of films involving the key players preceding the sample year. It is found that number of Academy awards nominations and wins was not statistically significant in generating box office revenue, whereas star power based on the second approach was statistically significant. Other significant factors were critics’ reviews, screen coverage and top distributor, while number of Academy awards, MPAA-rating, seasonality, being a sequel and popular genre were not statistically significant.

Water scarcity, social power and the production of an elite suburb: the political ecology of water in Matadepera, Catalonia

This article investigates the history of land and water transformations in Matadepera, a wealthy suburb of metropolitan Barcelona. Analysis is informed by theories of political ecology and methods of environmental history; although very relevant, these have received relatively little attention within ecological economics. Empirical material includes communications from the City Archives of Matadepera (1919-1979), 17 interviews with locals born between 1913 and 1958, and an exhaustive review of grey historical literature. Existing water histories of Barcelona and its outskirts portray a battle against natural water scarcity, hard won by heroic engineers and politicians acting for the good of the community. Our research in Matadepera tells a very different story. We reveal the production of a highly uneven landscape and waterscape through fierce political and power struggles. The evolution of Matadepera from a small rural village to an elite suburb was anything but spontaneous or peaceful. It was a socio-environmental project well intended by landowning elites and heavily fought by others. The struggle for the control of water went hand in hand with the land and political struggles that culminated – and were violently resolved - in the Spanish Civil War. The displacement of the economic and environmental costs of water use from few to many continues to this day and is constitutive of Matadepera’s uneven and unsustainable landscape. By unravelling the relations of power that are inscribed in the urbanization of nature (Swyngedouw, 2004), we question the perceived wisdoms of contemporary water policy debates, particularly the notion of a natural scarcity that merits a technical or economic response. We argue that the water question is fundamentally a political question of environmental justice; it is about negotiating alternative visions of the future and deciding whose visions will be produced.

Prospective validation of the Pulmonary Embolism Severity Index. A clinical prognostic model for pulmonary embolism

Practice guidelines recommend outpatient care for selected patients with non-massive pulmonary embolism (PE), but fail to specify how these low-risk patients should be identified. Using data from U.S. patients, we previously derived the Pulmonary Embolism Severity Index (PESI), a prediction rule that risk stratifies patients with PE. We sought to validate the PESI in a European patient cohort. We prospectively validated the PESI in patients with PE diagnosed at six emergency departments in three European countries. We used baseline data for the rule's 11 prognostic variables to stratify patients into five risk classes (I-V) of increasing probability of mortality. The outcome was overall mortality at 90 days after presentation. To assess the accuracy of the PESI to predict mortality, we estimated the sensitivity, specificity, and predictive values for low- (risk classes I/II) versus higher-risk patients (risk classes III-V), and the discriminatory power using the area under the receiver operating characteristic (ROC) curve. Among 357 patients with PE, overall mortality was 5.9%, ranging from 0% in class I to 17.9% in class V. The 186 (52%) low-risk patients had an overall mortality of 1.1% (95% confidence interval [CI]: 0.1-3.8%) compared to 11.1% (95% CI: 6.8-16.8%) in the 171 (48%) higher-risk patients. The PESI had a high sensitivity (91%, 95% CI: 71-97%) and a negative predictive value (99%, 95% CI: 96-100%) for predicting mortality. The area under the ROC curve was 0.78 (95% CI: 0.70-0.86). The PESI reliably identifies patients with PE who are at low risk of death and who are potential candidates for outpatient care. The PESI may help physicians make more rational decisions about hospitalization for patients with PE.

Weak-type estimates for Haar shift operators: Sharp power on the A(p) characteristic

"Vegeu el resum a l'inici del document del fitxer adjunt."

A doubling measure on R(d) can charge a rectifiable curve

"Vegeu el resum a l'inici del document del fitxer adjunt"

Inflation dynamics and the New Keynesian Phillips curve in EU-4

The paper seeks to shed light on inflation dynamics of four new EU member states: the Czech Republic, Hungary, Poland and Slovakia. To this end, the New Keynesian Phillips curve augmented for open economies is estimated and additional statistical tests applied. We find the following. (1) The claim of New Keynesians that the real marginal cost is the main inflation-forcing variable is fragile. (2) Inflation seems to be driven by external factors. (3) Although inflation holds a forward-looking component, the backward-looking component is substantial. An intuitive explanation for higher inflation persistence may be rather adaptive than rational price setting of local firms.

Service offshoring and the skill composition of labor demand

This paper studies the effects of service offshoring on the skill composition of labor demand, using novel comparable data for nine Western European countries between 1990 and 2004. The empirical analysis delivers three main results. First, service offshoring is skill-biased, because it increases the demand for high and medium skilled labor and decreases the demand for low skilled labor. Second, the effects of service offshoring are similar to those of material offshoring, both qualitatively and quantitatively. Third, the economic magnitude of these effects is not large.

Reconsideration of dimensions and curve fitting practice in economics ellaborating on Georgescu-Roegen’s economic methodology

This paper is to examine the proper use of dimensions and curve fitting practices elaborating on Georgescu-Roegen’s economic methodology in relation to the three main concerns of his epistemological orientation. Section 2 introduces two critical issues in relation to dimensions and curve fitting practices in economics in view of Georgescu-Roegen’s economic methodology. Section 3 deals with the logarithmic function (ln z) and shows that z must be a dimensionless pure number, otherwise it is nonsensical. Several unfortunate examples of this analytical error are presented including macroeconomic data analysis conducted by a representative figure in this field. Section 4 deals with the standard Cobb-Douglas function. It is shown that the operational meaning cannot be obtained for capital or labor within the Cobb-Douglas function. Section 4 also deals with economists "curve fitting fetishism". Section 5 concludes thispaper with several epistemological issues in relation to dimensions and curve fitting practices in economics.

A study on the expressive power of some fragments of the modal µ-Calculus

Résumé Le μ-calcul est une extension de la logique modale par des opérateurs de point fixe. Dans ce travail nous étudions la complexité de certains fragments de cette logique selon deux points de vue, différents mais étroitement liés: l'un syntaxique (ou combinatoire) et l'autre topologique. Du point de vue syn¬taxique, les propriétés définissables dans ce formalisme sont classifiées selon la complexité combinatoire des formules de cette logique, c'est-à-dire selon le nombre d'alternances des opérateurs de point fixe. Comparer deux ensembles de modèles revient ainsi à comparer la complexité syntaxique des formules as¬sociées. Du point de vue topologique, les propriétés définissables dans cette logique sont comparées à l'aide de réductions continues ou selon leurs positions dans la hiérarchie de Borel ou dans celle projective. Dans la première partie de ce travail nous adoptons le point de vue syntax¬ique afin d'étudier le comportement du μ-calcul sur des classes restreintes de modèles. En particulier nous montrons que: (1) sur la classe des modèles symétriques et transitifs le μ-calcul est aussi expressif que la logique modale; (2) sur la classe des modèles transitifs, toute propriété définissable par une formule du μ-calcul est définissable par une formule sans alternance de points fixes, (3) sur la classe des modèles réflexifs, il y a pour tout η une propriété qui ne peut être définie que par une formule du μ-calcul ayant au moins η alternances de points fixes, (4) sur la classe des modèles bien fondés et transitifs le μ-calcul est aussi expressif que la logique modale. Le fait que le μ-calcul soit aussi expressif que la logique modale sur la classe des modèles bien fondés et transitifs est bien connu. Ce résultat est en ef¬fet la conséquence d'un théorème de point fixe prouvé indépendamment par De Jongh et Sambin au milieu des années 70. La preuve que nous donnons de l'effondrement de l'expressivité du μ-calcul sur cette classe de modèles est néanmoins indépendante de ce résultat. Par la suite, nous étendons le langage du μ-calcul en permettant aux opérateurs de point fixe de lier des occurrences négatives de variables libres. En montrant alors que ce formalisme est aussi ex¬pressif que le fragment modal, nous sommes en mesure de fournir une nouvelle preuve du théorème d'unicité des point fixes de Bernardi, De Jongh et Sambin et une preuve constructive du théorème d'existence de De Jongh et Sambin. RÉSUMÉ Pour ce qui concerne les modèles transitifs, du point de vue topologique cette fois, nous prouvons que la logique modale correspond au fragment borélien du μ-calcul sur cette classe des systèmes de transition. Autrement dit, nous vérifions que toute propriété définissable des modèles transitifs qui, du point de vue topologique, est une propriété borélienne, est nécessairement une propriété modale, et inversement. Cette caractérisation du fragment modal découle du fait que nous sommes en mesure de montrer que, modulo EF-bisimulation, un ensemble d'arbres est définissable dans la logique temporelle Ε F si et seulement il est borélien. Puisqu'il est possible de montrer que ces deux propriétés coïncident avec une caractérisation effective de la définissabilité dans la logique Ε F dans le cas des arbres à branchement fini donnée par Bojanczyk et Idziaszek [24], nous obtenons comme corollaire leur décidabilité. Dans une deuxième partie, nous étudions la complexité topologique d'un sous-fragment du fragment sans alternance de points fixes du μ-calcul. Nous montrons qu'un ensemble d'arbres est définissable par une formule de ce frag¬ment ayant au moins η alternances si et seulement si cette propriété se trouve au moins au n-ième niveau de la hiérarchie de Borel. Autrement dit, nous vérifions que pour ce fragment du μ-calcul, les points de vue topologique et combina- toire coïncident. De plus, nous décrivons une procédure effective capable de calculer pour toute propriété définissable dans ce langage sa position dans la hiérarchie de Borel, et donc le nombre d'alternances de points fixes nécessaires à la définir. Nous nous intéressons ensuite à la classification des ensembles d'arbres par réduction continue, et donnons une description effective de l'ordre de Wadge de la classe des ensembles d'arbres définissables dans le formalisme considéré. En particulier, la hiérarchie que nous obtenons a une hauteur (ωω)ω. Nous complétons ces résultats en décrivant un algorithme permettant de calculer la position dans cette hiérarchie de toute propriété définissable.

A never-ending debate: Demand versus supply water policies. A CGE analysis for Catalonia

Water scarcity is a long-standing problem in Catalonia, as there are significant differences in the spatial and temporal distribution of water through the territory. There has consequently been a debate for many years about whether the solution to water scarcity must be considered in terms of efficiency or equity, the role that the public sector must play and the role that market-based instruments should play in water management. The aim of this paper is to use a Computable General Equilibrium (CGE) model to analyze the advantages and disadvantages associated with different policy instruments, from both a supply and a demand viewpoint, which can be applied to water management in Catalonia. We also introduce an ecological sector in our CGE model, allowing us to analyze the environmental impact of the alternative policies simulated. The calibration of the exogenous variables of the CGE model is performed by using a Social Accounting Matrix (SAM) for the Catalan economy with 2001 data. The results suggest that taking into account the principle of sustainability of the resource, the policy debate between supply and demand in water policies is obsolete, and a new combination of policies is required to respect the different values associated with water. Keywords: Water Policies; Computable General Equilibrium Model; Economic Effects; Environmental Effects.