2,779 research outputs found
Logical Implications of GASBβs Methodology for Valuing Pension Liabilities
It is well known that the funding status of state and local government defined benefit pension plans, as measured by the accounting methodology prescribed by the Governmental Accounting Standards Board (GASB), improves when the plans take on more investment risk. This paper documents several lesser known logical implications of the GASB methodology. In particular, I show that GASB accounting is susceptible to the βYogi Berra fallacy,β under which a pizza is less filling when sliced into fewer pieces: GASB gives different βvaluationsβ for the exact same assets and liabilities when they are partitioned differently among plans. Moreover, the marginal valuation of assets can be negative under GASB. In such cases a plan can improve its GASB funding status literally by burning money. Finally, I show that GASBβs methodology is exactly equivalent to fairly valuing plan liabilities, but accounting for stocks at more than twice their traded prices, and further crediting a plan an additional dollar for each dollar of stock that it intends to buy in the future.
ΠΡΠ±Π»ΠΈΡΠ½ΠΎΠ΅ ΠΊΡΠ°ΡΠ½ΠΎΡΠ΅ΡΠΈΠ΅ ΠΈ ΠΏΠΎΠ»ΠΈΡΠΈΡΠ΅ΡΠΊΠ°Ρ Π²Π»Π°ΡΡΡ Π² ΠΏΠΎΠ·Π΄Π½Π΅ΠΉ Π ΠΈΠΌΡΠΊΠΎΠΉ Π Π΅ΡΠΏΡΠ±Π»ΠΈΠΊΠ΅
Π ΠΊΠ½ΠΈΠ³Π΅ ΠΎΡΠ²Π΅ΡΠ°Π΅ΡΡΡ ΡΠΎΠ»Ρ, ΠΊΠΎΡΠΎΡΡΡ ΠΈΠ³ΡΠ°Π» ΠΏΡΠ±Π»ΠΈΡΠ½ΡΠΉ ΠΏΠΎΠ»ΠΈΡΠΈΡΠ΅ΡΠΊΠΈΠΉ Π΄ΠΈΡΠΊΡΡΡ Π² ΠΏΡΠΎΡΠ΅ΡΡΠ΅ ΡΠ°ΡΠΏΡΠ΅Π΄Π΅Π»Π΅Π½ΠΈΡ Π²Π»Π°ΡΡΠΈ ΠΌΠ΅ΠΆΠ΄Ρ ΡΠ΅Π½Π°ΡΠΎΠΌ ΠΈ Π½Π°ΡΠΎΠ΄ΠΎΠΌ Π² Π ΠΈΠΌΠ΅ ΡΠΏΠΎΡ
ΠΈ ΠΏΠΎΠ·Π΄Π½Π΅ΠΉ Π Π΅ΡΠΏΡΠ±Π»ΠΈΠΊΠΈ. Π ΠΏΡΠΎΡΠΈΠ²ΠΎΠΏΠΎΠ»ΠΎΠΆΠ½ΠΎΡΡΡ ΡΡΠΎΡΠΎΠ½Π½ΠΈΠΊΠ°ΠΌ Β«ΠΎΠ»ΠΈΠ³Π°ΡΡ
ΠΈΡΠ΅ΡΠΊΠΎΠΉΒ» ΠΈ Β«Π΄Π΅ΠΌΠΎΠΊΡΠ°ΡΠΈΡΠ΅ΡΠΊΠΎΠΉΒ» ΠΌΠΎΠ΄Π΅Π»ΠΈ ΠΈΠ½ΡΠ΅ΡΠΏΡΠ΅ΡΠ°ΡΠΈΠΈ Π³ΠΎΡΡΠ΄Π°ΡΡΡΠ²Π΅Π½Π½ΠΎ-ΠΏΠΎΠ»ΠΈΡΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΡΡΡΡΠΎΠΉΡΡΠ²Π° Π ΠΈΠΌΠ° ΡΡΠΎΠ³ΠΎ ΠΏΠ΅ΡΠΈΠΎΠ΄Π°, Π ΠΎΠ±Π΅ΡΡ ΠΠΎΡΡΡΠ΅ΠΉΠ½-ΠΠ°ΡΠΊΡ ΠΏΠΎΠ΄ΡΠ΅ΡΠΊΠΈΠ²Π°Π΅Ρ ΠΏΠΎΡΡΠΎΡΠ½Π½ΠΎΠ΅ Π²ΠΎΡΠΏΡΠΎΠΈΠ·Π²ΠΎΠ΄ΡΡΠ²ΠΎ ΠΏΠΎΠ»ΠΈΡΠΈΡΠ΅ΡΠΊΠΎΠΉ Π²Π»Π°ΡΡΠΈ ΡΠ΅ΡΠ΅Π· ΠΌΠ°ΡΡΠΎΠ²ΡΡ ΠΊΠΎΠΌΠΌΡΠ½ΠΈΠΊΠ°ΡΠΈΡ. Π ΠΊΠ½ΠΈΠ³Π΅ Π°Π½Π°Π»ΠΈΠ·ΠΈΡΡΠ΅ΡΡΡ ΠΈΠ΄Π΅ΠΎΠ»ΠΎΠ³ΠΈΡ ΡΠ΅ΡΠΏΡΠ±Π»ΠΈΠΊΠ°Π½ΡΠΊΠΎΠ³ΠΎ ΠΏΡΠ±Π»ΠΈΡΠ½ΠΎΠ³ΠΎ ΠΊΡΠ°ΡΠ½ΠΎΡΠ΅ΡΠΈΡ Π² ΠΈΠ½ΡΡΠΈΡΡΡΠΈΠΎΠ½Π°Π»ΡΠ½ΠΎΠΌ ΠΈ ΠΈΡΡΠΎΡΠΈΡΠ΅ΡΠΊΠΎΠΌ ΠΊΠΎΠ½ΡΠ΅ΠΊΡΡΠ΅ Β«Π½Π°ΡΠΎΠ΄Π½ΡΡ
ΡΡ
ΠΎΠ΄ΠΎΠΊΒ» (contiones), Π½Π° ΠΊΠΎΡΠΎΡΡΡ
Π·Π°ΡΠ»ΡΡΠΈΠ²Π°Π»ΠΈΡΡ ΠΏΡΠ±Π»ΠΈΡΠ½ΡΠ΅ ΡΠ΅ΡΠΈ. ΠΡΡΠ»Π΅Π΄ΡΡΡΡΡ ΠΊΠΎΠ½ΡΠΈΠΎΠ½Π°Π»ΡΠ½ΡΠ΅ ΡΠ΅ΡΠΈ (Π³Π»Π°Π²Π½ΡΠΌ ΠΎΠ±ΡΠ°Π·ΠΎΠΌ, Π¦ΠΈΡΠ΅ΡΠΎΠ½Π° ΠΈ Π‘Π°Π»Π»ΡΡΡΠΈΡ) Ρ ΠΈΡΠΏΠΎΠ»ΡΠ·ΠΎΠ²Π°Π½ΠΈΠ΅ΠΌ ΡΠΎΠ²ΡΠ΅ΠΌΠ΅Π½Π½ΡΡ
ΠΏΠΎΠ»ΠΈΡΠΈΡΠ΅ΡΠΊΠΈΡ
ΡΠ΅ΠΎΡΠΈΠΉ ΠΈ ΡΠ΅Π·ΡΠ»ΡΡΠ°ΡΠΎΠ² ΡΠΌΠΏΠΈΡΠΈΡΠ΅ΡΠΊΠΈΡ
ΠΈΡΡΠ»Π΅Π΄ΠΎΠ²Π°Π½ΠΈΠΉ ΠΎΠ±ΡΠ΅ΡΡΠ²Π΅Π½Π½ΠΎΠ³ΠΎ ΠΌΠ½Π΅Π½ΠΈΡ ΠΈ ΡΡΠ΅Π΄ΡΡΠ² ΠΌΠ°ΡΡΠΎΠ²ΠΎΠΉ ΠΊΠΎΠΌΠΌΡΠ½ΠΈΠΊΠ°ΡΠΈΠΈ.
This book highlights the role played by public, political discourse in shaping the distribution of power between Senate and People in the Late Roman Republic. Against the background of the debate between βoligarchicalβ and βdemocraticβ interpretations of Republican politics, Robert Morstein-Marx emphasizes the perpetual negotiation and reproduction of political power through mass communication. The book analyses the ideology of Republican mass oratory and situates its rhetoric fully within the institutional and historical context of the public meetings (contiones) in which these speeches were heard. Examples of contional orations, drawn chiefly from Cicero and Sallust, are subjected to an analysis that is influenced by contemporary political theory and empirical studies of public opinion and the media, rooted in a detailed examination of key events and institutional structures, and illuminated by a vivid sense of the urban space in which the contio was set.Π‘ΠΏΠΈΡΠΎΠΊ ΡΠΎΠΊΡΠ°ΡΠ΅Π½ΠΈΠΉ: Ρ. XIII-XIV. Π‘ΡΡΠ»ΠΊΠΈ: Ρ. 288-305. ΠΠ½Π΄Π΅ΠΊΡ: Ρ. 306-313. Π Π΅ΡΠ΅Π½Π·ΠΈΡ ΡΠΌ., Π½Π°ΠΏΡΠΈΠΌΠ΅Ρ: http://elar.uniyar.ac.ru/jspui/handle/123456789/1373
Bidder Collusion
Within the heterogeneous independent private values model, we analyze bidder collusion at first and second price single-object auctions, allowing for within-cartel transfers. Our primary focus is on (i) coalitions that contain a strict subset of all bidders and (ii) collusive mechanisms that do not rely on information from the auctioneer, such as the identity of the winner or the amount paid. To analyze collusion, a richer environment is required than that required to analyze non-cooperative behavior. We must account for the possibility of shill bidders as well as mechanism payment rules that may depend on the reports of cartel members or their bids at the auction. We show there are cases in which a coalition at a first price auction can produce no gain for the coalition members beyond what is attainable from non-cooperative play. In contrast, a coalition at a second price auction captures the entire collusive gain. For collusion to be effective at a first price auction we show that the coalition must submit two bids that are different but close to one another, a finding that has important empirical implicationsauctions, collusion, bidding rings, shill
Mutual Interference in the Microchemical Determination of Ore Minerals
The use of microchemical methods is spreading rapidly, both for the qualitative and quantitative determination of elements. Microchemistry offers a decided advantage over "bulk" methods, not only because of the greater speed with which the determinations can be carried out, but also
because of the very small amounts of material required for a test. Microchemical methods are particularly valuable in determining the composition of the small inclusions in ores and metallurgical products.
Most of the reagents used are sufficiently sensitive to show the presence of 0.005 per cent or less of the desired element. Needless to say, if such minute quantities of an element are to be identified, it is essential that the procedure of the test be carefully followed and the utmost
caution taken that there is no pollution of the reagent or the test drop. Despite such care, it frequently happens that the test obtained is not wholly satisfactory. Either the color of the precipitate is unusual, the form is changed or entirely different, or sometimes no test is obtained when previous observations have indicated that the element should be present. When such changes occur-and they occur frequently, even in the hands of skilled technicians-the observer is never certain whether they are due to variations in the PH of the solution, concentration of
reagent or solution, or to the presence of some interfering anion or cation. The first two variables can be controlled by proper attention to the procedure of the test; in many cases the last variable-presence of an interfering anion or cation-is beyond control. Often, much time could be saved by recognizing that a given variation in the precipitate is
caused by the presence of another element. In fact, some of the interferences are as characteristic of the interfering element as any other known test.
The presence of a variety of elements in the test drop is due either to a poor sample or to a complex mineral. A poor sample is obtained if the original area of the mineral or inclusion is too small. In this case, allowance can usually be made for the presence in the solution of elements
of the host mineral, although their presence may cause notable interferences. Where the mineral varies in composition there may be no hint of the presence of elements, other than those expected in the mineral, until trouble is encountered in the testing.</p
Economic and Financial Approaches to Valuing Pension Liabilities
Financial economics holds that payment streams should be valued using discount rates that reflect the cash flowsβ risks. In the case of pension liabilities, the appropriate discount rate for a pension fundβs liabilities is the expected rate of return on a portfolio that would be held under a liability-driven investment policy. The valuation of defined benefit (DB) pension obligations involves choices revolving around deciding 1) what future benefit payments to recognize today (i.e., which liability concept to use); and 2) from whose point of view to value the liabilities. Moving towards modeling the distribution of future liabilities using a βrisk-neutralβ framework would allow for calculating the present value of the future liabilities more accurately. This would provide policymakers with information more relevant for decisionmaking, and it would also permit easier communication of the risks facing the Pension Benefit Guaranty Corporationβs PIMS model via a single univariate statistic
Understanding The Relationship Between Moral Reasoning And Liberalism-Conservatism
This thesis aims to clarify the nature of the relationship between moral reasoning, as per the neo-Kohlbergian DIT approach of Rest and his colleagues, and liberalism-conservatism. Moral reasoning and liberalism-conservatism are consistently found to be related but the resultant interpretation that liberals are more moral-cognitively advanced than conservatives has been challenged by Emler and his colleagues who argue that the DIT is liberally biased. Subsequent research on this issue has produced a methodological quagmire that this thesis aims to proceed beyond. The specific aim of this thesis is to test several different (or competing) hypotheses purporting to explain the relationship between Kohlbergian moral reasoning and liberalism-conservatism. These are (1) that liberals are more morally advanced than conservatives; (2) that "advanced moral reasoning" is merely social presentation; (3) that moral reasoning is separately constrained by moral development and conservatism; (4) that moral development and liberalism represent distinct paths to postconventional reasoning preference; (5) that moral reasoning differences between liberals and conservatives are broader than usually thought; (6) that the political content of moral issues affects moral reasoning differences between liberals and conservatives; and (7) that moral reasoning instruments have exaggerated moral reasoning differences between liberals and conservatives. Study 1 found that a non-ipsative, indirect moral reasoning measure was correlated with liberalism-conservatism thus disconfirming hypotheses 2 and 7. Additionally, hypothesis 5 was not supported by several DIT findings. Opposing hypotheses 2 and 6, Study 2 found that a conservative version of the DIT was correlated with liberalism-conservatism although a potential methodological issue arose. Study 3 developed an objective measure of moral comprehension, broader in scope than previous moral comprehension measures, which demonstrated acceptable reliability and validity. Employing this measure, Study 4 found that moral comprehension and liberalism were weakly correlated and that they independently predicted moral reasoning, although their interaction did not. Together, these findings provide some support to hypotheses 1 and 4 but not hypotheses 3 and 6. Overall these findings reveal that liberals appear more moral-cognitively advanced than conservatives but, compared to conservatives, liberals appear to indicate preference for advanced moral reasoning earlier in their moral-cognitive development. This latter mechanism appears stronger and suggests that, although DIT scores are still somewhat reflective of moral-cognitive development, the DIT's estimate of liberals' moral-cognitive development is elevated. Future research can continue to explore these hypotheses (e.g., via longitudinal and/or "faking" studies) and, in so doing, further clarify the relationship between Kohlbergian moral reasoning and liberalism-conservatism
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