The build, operate, and transfer ("BOT") approach to infrastructure projects in developing countries

Build, operate and transfer (BOT) projects are exceedingly complex from both a financial and a legal point of view. They require an extended period of time to develop and negotiate. If a country is not able to finance all of its needed infrastructure on the basis of budgetary resources or sovereign borrowings, the BOT approach is an option to be considered. A BOT project appears to provide some"additionality"in tapping sources of private sector financing which otherwise might not be available. The sponsors'commitment of substantial equity to a project assures that they will also remain committed to the project's successful operation over the concession period. Their investment provides a strong incentive to have the project perform above its minimum expectations. Likewise, having the design, implementation and operation of a BOT project largely in the hands of the private sector may provide economies and efficiencies that will balance out or even outweight the higher financing costs of non sovereign borrowing and equity investment. The BOT approach appears to be a useful possible alternative to the conventional financing and operation of infrastructure projects in developing countries.Municipal Financial Management,Public Sector Economics&Finance,Housing Finance,Environmental Economics&Policies,Banks&Banking Reform

Active balance system and vibration balanced machine

An active balance system is provided for counterbalancing vibrations of an axially reciprocating machine. The balance system includes a support member, a flexure assembly, a counterbalance mass, and a linear motor or an actuator. The support member is configured for attachment to the machine. The flexure assembly includes at least one flat spring having connections along a central portion and an outer peripheral portion. One of the central portion and the outer peripheral portion is fixedly mounted to the support member. The counterbalance mass is fixedly carried by the flexure assembly along another of the central portion and the outer peripheral portion. The linear motor has one of a stator and a mover fixedly mounted to the support member and another of the stator and the mover fixedly mounted to the counterbalance mass. The linear motor is operative to axially reciprocate the counterbalance mass

Active vibration and balance system for closed cycle thermodynamic machines

An active balance system is provided for counterbalancing vibrations of an axially reciprocating machine. The balance system includes a support member, a flexure assembly, a counterbalance mass, and a linear motor or an actuator. The support member is configured for attachment to the machine. The flexure assembly includes at least one flat spring having connections along a central portion and an outer peripheral portion. One of the central portion and the outer peripheral portion is fixedly mounted to the support member. The counterbalance mass is fixedly carried by the flexure assembly along another of the central portion and the outer peripheral portion. The linear motor has one of a stator and a mover fixedly mounted to the support member and another of the stator and the mover fixedly mounted to the counterbalance mass. The linear motor is operative to axially reciprocate the counterbalance mass. A method is also provided

State School Finance Issues for the 1980s

School finance will continue to be an important policy issue in the future

Simulation of dynamic systems by energy statements through symbolic programming

A digital computer program is developed and explicitly given for the symbolic conversion of energy and power dissipation statements into differential equations. Snobol Four is the language used

Overinference from Weak Signals and Underinference from Strong Signals*

Abstract: When people receive new information, sometimes they revise their beliefs too much, and sometimes too little. We show that a key driver of whether people overinfer or underinfer is the strength of the information. Based on a model in which people know which direction to update in, but not exactly how much to update, we hypothesize that people will overinfer from weak signals and underinfer from strong signals. We then test this hypothesis across four different environments: abstract experiments, a naturalistic experiment, sports betting markets, and financial markets. In each environment, our consistent and robust finding is overinference from weak signals and underinference from strong signals. Our framework and findings can help harmonize apparently contradictory results from the experimental and empirical literatures

Overinference from Weak Signals and Underinference from Strong Signals

When people receive new information, sometimes they revise their beliefs too much, and sometimes too little. In this paper, we show that a key driver of whether people overinfer or underinfer is the strength of the information. Based on a model in which people know which direction to update in, but not exactly how much to update, we hypothesize that people will overinfer from weak signals and underinfer from strong signals. We then test this hypothesis across four different environments: abstract experiments, a naturalistic experiment, sports betting markets, and financial markets. In each environment, our consistent and robust finding is overinference from weak signals and underinference from strong signals. Our framework and findings can help harmonize apparently contradictory results from the experimental and empirical literatures

Did COVID-19 Change Life Insurance Offerings?

The profitability of life insurance offerings is contingent on accurate projections and pricing of mortality risk. The COVID-19 pandemic created significant uncertainty, with dire mortality predictions from early forecasts resulting in widespread government intervention and greater individual precaution that reduced the projected death toll. We analyze how life insurance companies changed pricing and offerings in response to COVID-19 using monthly data on term life insurance policies from Compulife. We estimate event-study models that exploit well-established variation in the COVID-19 mortality rate based on age and underlying health status. Despite the increase in mortality risk and significant uncertainty, we find limited evidence that life insurance companies increased premiums or decreased policy offerings due to COVID-19