Are Low-Price Compromises Collusion Guarantees? An Experimental Test of Price Matching Policies

In a symmetric differentiated experimental duopoly we test the ability of Price Matching Guarantees (PMG) to rise prices above the competitive levels. PMG is introduced both as a market institution (the effective selling price is always the lowest posted price) and as a strategic choice so subjects have to decide whether or not to offer it. Our results show that PMG leads to a clear collusive outcome as markets quickly and fully converge to the collusive prediction if PM is imposed as a market institution. If subjects are allowed to decide whether to adopt PMG or not we observe that almost all subjects decide to adopt PMG and prices get very close to the collusive ones.price-matching guarantees, experimental economics

Calling for a plurality of perspectives on design futuring: an un-manifesto

The Futures Cone, a prominent model in design futuring, is useful for promoting discussions about possible, plausible, probable, and preferable futures. Yet this model has limitations, such as representing diverse human experiences as a singular point of “the present” and implicitly embedding notions of linear progress. Responding to this, we argue that a plurality of perspectives is needed to engage imaginations that depict a diverse unfolding of potential futures. Through reflecting on our own cultural and professional backgrounds, we offer five perspectives for design futuring as a contribution to this plurality: Parallel Presents, “I Am Time”, Epithelial Metaphors, the Uncertainties Cone, and Meet (with) “Speculation”. These perspectives open alternative approaches to design futuring, move outside prevalent notions of technological progress, and foreground interdependent, relational agencies

Policy volatility and growth

The paper aims to examine how fiscal and monetary volatility might affect the balanced economic growth rate using a standard monetary growth model characterized by nominal wage rigidity and productive public spending. The model shows that any type of shock — monetary or fiscal — can generate either a negative or positive relationship between short-run volatility and long-run growth, critically de- pending on the size of government and the elasticity of output with respect to labor/ capital. In particular, given the labor income share, it shows that excessive government spending may cause the impact of fiscal volatility on long-run growth to turn from positive to negative. In addition, a rise in the volatility of the monetary shock is capable of generating either an increase or decrease in the mean of growth. With the range of the labor share values in reality, the model produces results consistent with the fact that the relationship between volatility and growth is generally found empirically to be more negative in developing than in developed countries. The model can be seen as a further explanation for the ambiguous empirical evidence in the existing literature.info:eu-repo/semantics/publishedVersio

Surroundings of Altamira, an archaeological site around the cave of Altamira (Santillana del Mar, Cantabria)

RESUMEN: este artículo presenta la situación actual de la investigación sobre el yacimiento de Alrededores de Altamira a través de la revisión de los estudios publicados hasta la fecha y de los resultados obtenidos en la primera fase de investigación en el marco del proyecto de Altamira Prospecta desarrollado por el Museo Nacional y Centro de Investigación de Altamira. El estudio de Alrededores de Altamira permite profundizar en el conocimiento de los primeros pobladores de la zona circundante a la cueva de Altamira, así como conocer las estrategias que estas sociedades han desarrollado en este entorno a lo largo de una dilatada cronología, a lo largo de todo el Paleolítico.ABSTRACT: this paper presents the current situation of research on the Surroundings of Altamira site through the review of studies published to date and results obtained in the first phase of research within the framework of the Altamira Prospecta project, developed by the Museo Nacional y Centro de Investigación de Altamira. The study of Surroundings of Altamira allows us to deepen the knowledge of first settlers of the area surrounding the cave of Altamira, as well as to get a better understanding of the strategies that these societies have developed in this environment throughout a wide chronology, throughout the Palaeolithic

Why sustainable, inclusive, and resilient investment makes for efficacious post-COVID medicine

Abstract: The global economy is facing an unprecedented challenge, with the risk of a protracted depression following the response to COVID‐19. In 2014, I argued here that macroeconomic conditions made it a relatively favorable time to kick‐start investments in a resource‐efficient, low carbon economy. Yet the opportunity was, for the most part, squandered. Failure to utilize active fiscal policy contributed to growing private indebtedness, limited productivity and wage growth and widened inequality helping erode trust in institutions. All the while, greenhouse gas emissions continued to rise. This time, there are grounds for optimism that a more coordinated response toward generating an ambitious transition to net zero emissions might contribute to a strong, sustainable, and resilient recovery. This article is categorized under: Climate Economics > Economics of Mitigatio

Identification of genetic variants associated with Huntington's disease progression: a genome-wide association study

Background Huntington's disease is caused by a CAG repeat expansion in the huntingtin gene, HTT. Age at onset has been used as a quantitative phenotype in genetic analysis looking for Huntington's disease modifiers, but is hard to define and not always available. Therefore, we aimed to generate a novel measure of disease progression and to identify genetic markers associated with this progression measure. Methods We generated a progression score on the basis of principal component analysis of prospectively acquired longitudinal changes in motor, cognitive, and imaging measures in the 218 indivduals in the TRACK-HD cohort of Huntington's disease gene mutation carriers (data collected 2008–11). We generated a parallel progression score using data from 1773 previously genotyped participants from the European Huntington's Disease Network REGISTRY study of Huntington's disease mutation carriers (data collected 2003–13). We did a genome-wide association analyses in terms of progression for 216 TRACK-HD participants and 1773 REGISTRY participants, then a meta-analysis of these results was undertaken. Findings Longitudinal motor, cognitive, and imaging scores were correlated with each other in TRACK-HD participants, justifying use of a single, cross-domain measure of disease progression in both studies. The TRACK-HD and REGISTRY progression measures were correlated with each other (r=0·674), and with age at onset (TRACK-HD, r=0·315; REGISTRY, r=0·234). The meta-analysis of progression in TRACK-HD and REGISTRY gave a genome-wide significant signal (p=1·12 × 10−10) on chromosome 5 spanning three genes: MSH3, DHFR, and MTRNR2L2. The genes in this locus were associated with progression in TRACK-HD (MSH3 p=2·94 × 10−8 DHFR p=8·37 × 10−7 MTRNR2L2 p=2·15 × 10−9) and to a lesser extent in REGISTRY (MSH3 p=9·36 × 10−4 DHFR p=8·45 × 10−4 MTRNR2L2 p=1·20 × 10−3). The lead single nucleotide polymorphism (SNP) in TRACK-HD (rs557874766) was genome-wide significant in the meta-analysis (p=1·58 × 10−8), and encodes an aminoacid change (Pro67Ala) in MSH3. In TRACK-HD, each copy of the minor allele at this SNP was associated with a 0·4 units per year (95% CI 0·16–0·66) reduction in the rate of change of the Unified Huntington's Disease Rating Scale (UHDRS) Total Motor Score, and a reduction of 0·12 units per year (95% CI 0·06–0·18) in the rate of change of UHDRS Total Functional Capacity score. These associations remained significant after adjusting for age of onset. Interpretation The multidomain progression measure in TRACK-HD was associated with a functional variant that was genome-wide significant in our meta-analysis. The association in only 216 participants implies that the progression measure is a sensitive reflection of disease burden, that the effect size at this locus is large, or both. Knockout of Msh3 reduces somatic expansion in Huntington's disease mouse models, suggesting this mechanism as an area for future therapeutic investigation

Warum verstoßen vorwiegend die großen EWU-Länder gegen den Stabilitäts- und Wachstumspakt?

Spätestens seit dem Scheitern der Frühwarnung im Februar 2002 und dem Aussetzen des Defizitverfahrens gegenüber Deutschland auf der Sitzung des Ecofin-Rates im November 2003 erlangte der Stabilitäts- und Wachstumspakt öffentliches Aufsehen. Die Frage, warum gerade die großen Länder wie Deutschland und Frankreich gegen die 3 %-Defizithürde verstoßen, wirft so manches Rätsel auf, auch wenn Deutschland nicht alleine in der Riege der Defizitsünder ist. Hinzu kamen in jüngster Zeit auch Äußerungen, die in der politischen Arena für Wirbel und Furore sorgten. So sagte der Kommissionspräsident der Europäischen Union, Romano Prodi, in der Zeitung Le Monde: “Der Pakt ist dumm – wie alle Regeln, die rigide sind.“ Seitdem ist klar: Eine Reform des Stabilitätspaktes liegt in der Luft. Die Reformdiskussion, die heftig und kontrovers geführt wird, ist mittlerweile selbst für Insider kaum noch zu überschauen. Darüber hinaus gibt es bis heute keine vernünftige ökonomische Theorie, die die Defizit- und Schuldengrenzwerte erklären könnte. Diese Tatsache führt unweigerlich zu dem Problem, dass vielen Argumenten in der Reformdiskussion ein theoretisches Fundament fehlt. Im vorliegenden Beitrag werden deshalb ein Überblick über die theoretischen Erklärungsansätze für den Stabilitäts- und Wachstumspakt gegeben sowie deren Reformansätze diskutiert. Im Zentrum stehen dabei folgende Fragen: 1. Was ist eine optimale Regel für einen heterogenen Währungsraum? 2. Warum verstoßen bislang vorwiegend große Länder gegen den Stabilitätspakt? Abstract The Stability and Growth Pact – who does not know it? The need for reforming the Stability and Growth Pact became more and more obvious in the year 2002. The big countries as Germany and France are in systematic breach of the rules within the Stability and Growth Pact. They are likely to do so again in 2004. Moreover, when the President of the European Commission calls the fiscal rules of the Stability and Growth Pact “stupid” and “rigid” it is clear that changes to the Pact are in the air. So we can conclude that everybody in Europe knows something goes wrong with the current fiscal framework and especially with the Stability and Growth Pact because Ecofin is unlikely to vote in favour of imposing sanctions. Since these events, there is a huge reform discussion about reforming the Stability and Growth Pact. But the theoretical fundament of the main arguments in the reform discussion is pretty vague. In this article I will identify the key issues and relevant trade-offs that are essential for designing appropriate fiscal policy rules at the EMU and national level. Now it is time to overcome the clearly pre-embryonic state and to look for an appropriate fiscal framework, which cures the main problems and drawbacks, particularly the current rules of the Stability and Growth Pact

Fiscal policy responsiveness, persistence, and discretion

Fiscal policy, Fiscal volatility, E62, H50,