Solving non-linear stochastic models by parameterizing expectations: An application to asset pricing with production

A new algorithm called the parameterized expectations approach(PEA) for solving dynamic stochastic models under rational expectationsis developed and its advantages and disadvantages are discussed. Thisalgorithm can, in principle, approximate the true equilibrium arbitrarilywell. Also, this algorithm works from the Euler equations, so that theequilibrium does not have to be cast in the form of a planner's problem.Monte--Carlo integration and the absence of grids on the state variables,cause the computation costs not to go up exponentially when the numberof state variables or the exogenous shocks in the economy increase. \\As an application we analyze an asset pricing model with endogenousproduction. We analyze its implications for time dependence of volatilityof stock returns and the term structure of interest rates. We argue thatthis model can generate hump--shaped term structures.

Financement et autonomie fiscale de la Catalogne: Deux décénnies de problèmes non résolus

From the perspective of redistributing income fromrich to poor, equalizing intergovernmental grants are bound to have some perverse effects. For suchgrants, although transfering income from wealthy topoor on average, will inevitably result in some incometransfers from poor individuals who reside in wealthyjurisdictions to rich persons in generally poor areas.

Females of Tapinotaspoides, a genus in the oil-collecting bee tribe Tapinotaspidini, collect secretions from non-floral trichomes (Hymenoptera, Apidae)

Harvesting of secretions from non-floral trichomes by females of Tapinotaspoides serraticornis is reported for the first time. The females exhibit a type of mopping behavior using the fringes of long, wavy setae along the posterior margins of their metasomal sterna. Our observations indicated a wide range of host plants used as sources for these secretions, including Waltheria (Sterculiaceae), Tibouchina (Melastomataceae), Sida (Malvaceae), Jacquemontia (Convolvulaceae), and unidentified species of Commelinaceae and Cyperaceae.

Contribution des facteurs génétiques et non génétiques au niveau de vitamine D chez des individus infectés par le VIH

La vitamine D est connue pour son rôle dans le métabolisme osseux et dans des nombreux autres systèmes. La fréquence de carence en vitamine D est élevée dans la population générale, et elle est encore plus élevée chez les individus infectés par le VIH. Des nombreuses études ont recherché les facteurs qu'influencent la concentration plasmatique de 25(OH)D dans la population générale. Notre travail a pour but d'analyser la contribution des facteurs génétiques et non génétiques qu'influencent le niveau de 25(OH)D plasmatique chez des individus infectés par le VIH. La population de notre étude est constituée par 552 patients de la SHCS d'ethnie caucasienne et ayant eu au moins une mesure de la concentration plasmatique de 25(OH)D. Nous avons développé un modèle de pharmacocinétique des populations pour étudier la contribution de chaque facteur inclus dans nos analyses. Les facteurs analysés étaient: le sexe, l'âge, le poids, le BMI, la hauteur, la saison, le tabagisme et 7 SNPs associés au niveau de 25(OH)D identifiés par les études d'association pangénomique. Ces SNPs sont situés sur 4 gènes impliqués dans le métabolisme de la vitamine D. Nous observons dans cette population une prévalence élevée de carence en vitamine D: 78.8% des patients ont eu des taux de 25(OH)D insuffisants et 53.1% avaient une déficience de 25(OH)D. De plus, nous observons que le niveau plasmatique de 25(OH)D est associé de façon statistiquement significative avec: la période de l'année (p≈3.42x10−42), le BMI (p≈0.006), le tabagisme (p≈0.009) et le SNP rs2282679 (p≈0.0035). Ce dernier se trouve sur le gène GC, qui est responsable du codage pour la transcription de la DBP, protéine qui sert au transport des métabolites de la vitamine D dans le plasma. Ces éléments nous permettent d'expliquer 8% de la variabilité interindividuelle totale des taux de 25(OH)D retrouvée dans cette population. Une grande partie de la variabilité interindividuelle doit encore être expliquée, mais notre étude nous a permis, d'un côté de confirmer l'influence de certains facteurs identifiés dans la population générale sur une population spécifique qui est particulièrement à risque de développer une carence en vitamine D et, de l'autre côté d'examiner la contribution des polymorphismes génétiques au métabolisme de la vitamine D. Les efforts pour comprendre toujours davantage les causes de carence en vitamine D sont importants pour pouvoir identifier les individus plus à risque, de façon à prévenir et mieux prendre en charge une condition qui est source importante de morbidité et de mortalité et qui est facile à traiter.

Second ESMO consensus conference on lung cancer: pathology and molecular biomarkers for non-small-cell lung cancer.

To complement the existing treatment guidelines for all tumour types, ESMO organises consensus conferences to focus on specific issues in each type of tumour. The Second ESMO Consensus Conference on Lung Cancer was held on 11-12 May 2013 in Lugano. A total of 35 experts met to address several questions on management of patients with non-small-cell lung cancer (NSCLC) in each of four areas: pathology and molecular biomarkers, early stage disease, locally advanced disease and advanced (metastatic) disease. For each question, recommendations were made including reference to the grade of recommendation and level of evidence. This consensus paper focuses on recommendations for pathology and molecular biomarkers in relation to the diagnosis of lung cancer, primarily non-small-cell carcinomas.

Introducing systematic dispatcher-assisted cardiopulmonary resuscitation (telephone-CPR) in a non-Advanced Medical Priority Dispatch System (AMPDS): implementation process and costs.

OBJECTIVE: In order to improve the quality of our Emergency Medical Services (EMS), to raise bystander cardiopulmonary resuscitation rates and thereby meet what is becoming a universal standard in terms of quality of emergency services, we decided to implement systematic dispatcher-assisted or telephone-CPR (T-CPR) in our medical dispatch center, a non-Advanced Medical Priority Dispatch System. The aim of this article is to describe the implementation process, costs and results following the introduction of this new "quality" procedure. METHODS: This was a prospective study. Over an 8-week period, our EMS dispatchers were given new procedures to provide T-CPR. We then collected data on all non-traumatic cardiac arrests within our state (Vaud, Switzerland) for the following 12months. For each event, the dispatchers had to record in writing the reason they either ruled out cardiac arrest (CA) or did not propose T-CPR in the event they did suspect CA. All emergency call recordings were reviewed by the medical director of the EMS. The analysis of the recordings and the dispatchers' written explanations were then compared. RESULTS: During the 12-month study period, a total of 497 patients (both adults and children) were identified as having a non-traumatic cardiac arrest. Out of this total, 203 cases were excluded and 294 cases were eligible for T-CPR. Out of these eligible cases, dispatchers proposed T-CPR on 202 occasions (or 69% of eligible cases). They also erroneously proposed T-CPR on 17 occasions when a CA was wrongly identified (false positive). This represents 7.8% of all T-CPR. No costs were incurred to implement our study protocol and procedures. CONCLUSIONS: This study demonstrates it is possible, using a brief campaign of sensitization but without any specific training, to implement systematic dispatcher-assisted cardiopulmonary resuscitation in a non-Advanced Medical Priority Dispatch System such as our EMS that had no prior experience with systematic T-CPR. The results in terms of T-CPR delivery rate and false positive are similar to those found in previous studies. We found our results satisfying the given short time frame of this study. Our results demonstrate that it is possible to improve the quality of emergency services at moderate or even no additional costs and this should be of interest to all EMS that do not presently benefit from using T-CPR procedures. EMS that currently do not offer T-CPR should consider implementing this technique as soon as possible, and we expect our experience may provide answers to those planning to incorporate T-CPR in their daily practice.