Aversion Analysis

In this paper : a) the consumer’s problem is studied over two periods, the second one involving S states, and the consumer being endowed with S+1 incomes and having access to N financial assets; b) the consumer is then representable by a continuously differentiable system of demands, commodity demands, asset demands and desirabilities of incomes (the S+1 Lagrange multiplier of the S+1 constraints); c) the multipliers can be transformed into subjective Arrow prices; d) the effects of the various incomes on these Arrow prices decompose into a compensation effect (an Antonelli matrix) and a wealth effect; e) the Antonelli matrix has rank S-N, the dimension of incompleteness, if the consumer can financially adjust himself when facing income shocks; f) the matrix has rank S, if not; g) in the first case, the matrix represents a residual aversion; in the second case, a fundamental aversion; the difference between them is an aversion to illiquidity; this last relation corresponds to the Drèze-Modigliani decomposition (1972); h) the fundamental aversion decomposes also into an aversion to impatience and a risk aversion; i) the above decompositions span a third decomposition; if there exists a sure asset (to be defined, the usual definition being too specific), the fundamental aversion admits a three-component decomposition, an aversion to impatience, a residual aversion and an aversion to the illiquidity of risky assets; j) the formulas of the corresponding financial premiums are also presented.

Essais sur les frictions financières dans les modèles d'équilibre général dynamique

Cette thèse examine les effets des imperfections des marchés financiers sur la macroéconomie. Plus particulièrement, elle se penche sur les conséquences de la faillite dans les contrats financiers dans une perspective d'équilibre général dynamique. Le premier papier construit un modèle qui utilise l'avantage comparatif des banques dans la gestion des situations de détresse financière pour expliquer le choix des firmes entre les prêts bancaires et les prêts du marché financier. Le modèle réussit à expliquer pourquoi les firmes plus petites préfèrent le financement bancaire et pourquoi les prêts bancaires sont plus répandus en Europe. Le premier fait est expliqué par le lien négatif entre la valeur nette de l'entreprise et la probabilité de faire faillite. Le deuxième fait s'explique par le coût fixe d'émission de bons plus élevé en Europe. Le deuxième papier examine l'interaction entre les contraintes de financement affectant les ménages et les firmes. Une interaction positive pourrait amplifier et augmenter la persistance de l'effet d'un choc agrégé sur l'économie. Je construis un nouveau modèle qui contient des primes de financement externes pour les firmes et les ménages. Dans le modèle de base avec prix et salaires flexibles, j'obtiens une faible interaction négative entre les coûts de financement des firmes et des ménages. Le facteur clé qui explique ce résultat est l'effet du changement contre cyclique du coût de financement des ménages sur leur offre de travail et leur demande de prêts. Dans une période d'expansion, cet effet augmente les taux d'intérêt, réduit l'investissement et augmente le coût de financement des entreprises. Le troisième papier ajoute les contraintes de financement des banques dans un modèle macroéconomiques avec des prêts hypothécaires et des fluctuations dans les prix de l'immobilier. Les banques dans le modèle ne peuvent pas complètement diversifier leurs prêts, ce qui génère un lien entre les risques de faillite des ménages et des banques. Il y a deux effets contraires des cycles économiques qui affectent la prime de financement externe de la banque. Premièrement, il y a un lien positif entre le risque de faillite des banques et des emprunteurs qui contribue à rendre le coût de financement externe des banques contre cyclique. Deuxiément, le lissage de la consommation par les ménages rend la proportion de financement externe des banques pro cyclique, ce qui tend à rendre le coût de financement bancaire pro cyclique. En combinant ces deux effets, le modèle peut reproduire des profits bancaires et des ratios d'endettement bancaires pro cycliques comme dans les données, mais pour des chocs non-financiers les frictions de financement bancaire dans le modèle n'ont pas un effet quantitativement significatif sur les principales variables agrégées comme la consommation ou l'investissement.

No evidence for subliminal affective priming with emotional facial expression primes

The present study investigated whether facial expressions of emotion presented outside consciousness awareness will elicit evaluative responses as assessed in affective priming. Participants were asked to evaluate pleasant and unpleasant target words that were preceded by masked or unmasked schematic (Experiment 1) or photographic faces (Experiments 1 and 2) with happy or angry expressions. They were either required to perform the target evaluation only or to perform the target evaluation and to name the emotion expressed by the face prime. Prime-target interval was 300 ms in Experiment 1 and 80 ms in Experiment 2. Naming performance confirmed the effectiveness of the masking procedure. Affective priming was evident after unmasked primes in tasks that required naming of the facial expressions for schematic and photographic faces and after unmasked primes in tasks that did not require naming for photographic faces. No affective priming was found after masked primes. The present study failed to provide evidence for affective priming with masked face primes, however, it indicates that voluntary attention to the primes enhances affective priming.

Microneedle mediated intradermal delivery of adjuvanted recombinant HIV-1 CN54gp140 effectively primes mucosal boost inoculations

Dissolving polymeric microneedle arrays formulated to contain recombinant CN54 HIVgp140 and the TLR4 agonist adjuvant MPLA were assessed for their ability to elicit antigen-specific immunity. Using this novel microneedle system we successfully primed antigen-specific responses that were further boosted by an intranasal mucosal inoculation to elicit significant antigen-specific immunity. This prime-boost modality generated similar serum and mucosal gp140-specific IgG levels to the adjuvanted and systemic subcutaneous inoculations. While the microneedle primed groups demonstrated a balanced Th1/Th2 profile, strong Th2 polarization was observed in the subcutaneous inoculation group, likely due to the high level of IL-5 secretion from cells in this group. Significantly, the animals that received a microneedle prime and intranasal boost regimen elicited a high level IgA response in both the serum and mucosa, which was greatly enhanced over the subcutaneous group. The splenocytes from this inoculation group secreted moderate levels of IL-5 and IL-10 as well as high amounts of IL-2, cytokines known to act in synergy to induce IgA. This work opens up the possibility for microneedle-based HIV vaccination strategies that, once fully developed, will greatly reduce risk for vaccinators and patients, with those in the developing world set to benefit most.

Identity of a Tilapia Pheromone Released by Dominant Males that Primes Females for Reproduction

Knowledge of the chemical identity and role of urinary pheromones in fish is scarce, yet it is necessary in order to understand the integration of multiple senses in adaptive responses and the evolution of chemical communication [1]. In nature, Mozambique tilapia (Oreochromis mossambicus) males form hierarchies, and females mate preferentially with dominant territorial males, which they visit in aggregations or leks [2]. Dominant males have thicker urinary bladder muscular walls than subordinates or females and store large volumes of urine, which they release at increased frequency in the presence of subordinate males or preovulatory, but not postspawned, females [3–5]. Females exposed to dominant-male urine augment their release of the oocyte maturation-inducing steroid 17α,20β-dihydroxypregn-4-en-3-one (17,20β-P) [6]. Here we isolate and identify a male Mozambique tilapia urinary sex pheromone as two epimeric (20α- and 20β-) pregnanetriol 3-glucuronates. We show that both males and females have high olfactory sensitivity to the two steroids, which cross-adapt upon stimulation. Females exposed to both steroids show a rapid, 10-fold increase in production of 17,20β-P. Thus, the identified urinary steroids prime the female endocrine system to accelerate oocyte maturation and possibly promote spawning synchrony. Tilapia are globally important as a food source but are also invasive species, with devastating impact on local freshwater ecosystems [7, 8]. Identifying the chemical cues that mediate reproduction may lead to the development of tools for population control [9–11].

Construction. Primes et prêts spéciaux. [1954.] Aide complémentaire, logements économiques. 2e édition. [Textes mis à jour à la date du 15 mars 1954 par les soins du Ministère de la Reconstruction et du logement.]

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Construction. Primes et prêts spéciaux . Logements économiques et familiaux. Logement des fonctionnaires. Edition mise à jour au 1er janvier 1957

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