Reservations on the use of event studies to evaluate economic policy

Event studies represent an increasingly popular method to evaluate the welfare effects of economic policy decisions. The basic idea is that stock market reactions to the announcement of policy decisions contain superior information about the welfare effects of these decisions. This paper investigates the degree of reliability of event studies as a policy evaluation method by critically reflecting upon two underlying assumptions. Since both the information superiority of financial markets and the determination of economic welfare effects based on abnormal returns consist of considerable interpretation problems, we issue a note of caution: scientists and policy makers should be very reluctant to rely on stock market reactions as a referee on economic policy decisions. Event studies cannot replace thorough theoretical economic analysis

Qualité biologique de l’eau de mer évaluée in situ par le test embryo-larvaire de Crassostrea gigas et Mytilus galloprovincialis = In situ monitoring of sea water quality with the embryo-larval bioassay of Crassostrea gigas and Mytilus galloprovincialis

Embryos and larvae of bivalves are frequently used in marine ecotoxicology for the purpose of assessing seawater quality, because they are very sensitive to pollutants and provide rapid responses. Laboratory studies, however, cannot accurately simulate natural conditions. We conducted bivalve embryo-larval studies in situ at the marina of Arcachon (southwest French Atlantic coast), in order to assess ‘biological quality’ of the water. One experiment conducted in winter 1999 (temperatures of 10 °C) with embryos of the Mediterranean mussel, Mytilus galloprovincialis, has shown that such tests are practicable in winter at low temperatures. This study did not show any deterioration in ‘biological quality’ of the water. Four series of experiments were subsequently performed during summer 2000 (ambient water temperatures of 19 to 22.4 °C) with embryos of the Japanese oyster, Crassostrea gigas. The results show that the ‘sea water biological quality’ deteriorates from the port entrance towards its inner part. To our knowledge, this is the first investigation of the marine environment in which bivalve embryos have been used in situ. They are very suitable for this type of study, because bivalve embryos and larvae are more sensitive to pollutants than the adults, and also because they belong to euryhaline species and the embryos tolerate summer temperatures (both species) as well as winter temperatures (mussels), allowing biomonitoring to be conducted all over the year

Nitrated and oxygenated derivatives of polycyclic aromatic hydrocarbons in the ambient air of two French alpine valleys: Part 1: Concentrations, sources and gas/particle partitioning

International audienceAmbient measurements (gas+particle phases) of 16 polycyclic aromatic hydrocarbons, 17 nitrated PAHs (NPAHs) and eight oxygenated PAHs (OPAHs) were carried out during the winter 2002-2003 and the summer 2003 in two French alpine valleys on various types of sites (traffic, sub-urban, altitude and rural). Atmospheric concentrations of these classes of compounds are of interest because they include potential mutagens and carcinogens. During both summer and winter campaigns, OPAH concentration levels were of the same order of magnitude as PAH ones while NPAH concentrations were one to two orders of magnitude lower. Total particulate PAH, OPAH and NPAH concentrations were higher in the Chamonix valley than in the Maurienne valley. A heavier pollutant accumulation process in the Chamonix valley and geomorphology promoting their dispersion seem to explain such differences. Despite reaching lower atmospheric concentrations, NPAHs seemed to account up to 20% of carcinogenic potency of particulates collected at the sites away from pollution sources. The formation of secondary compounds such as NPAHs increases significantly the carcinogenic risk at the sites away from pollution sources. Study with 2-nitrofluoranthene/1-nitropyrene ratio showed that NPAH gas phase formation was hindered in winter, and when relative contribution from primary sources was higher. Nevertheless, in winter under specific conditions, evidence of secondary NPAH formations was observed at sub-urban and traffic sites (snowfalls) and rural site (accumulation of pollutants and snowfalls). For all sampling sites, the daytime OH initiated reaction seemed to be the dominant gas phase formation pathway over the NO3 initiated reaction. The fraction of PAHs, OPAHs and NPAHs associated with the particle phase was strongly depending on their vapour pressure and the ambient conditions

Toxicity assessment of water-accommodated fractions from two different oils using a zebrafish (Danio rerio) embryo-larval bioassay with a multilevel approach

International audiencePetroleum compounds from chronic discharges and oil spills represent an important source of environmental pollution. To better understand the deleterious effects of these compounds, the toxicity of water-accommodated fractions (WAF) from two different oils (brut Arabian Light and Erika heavy fuel oils) were used in this study. Zebrafish embryos (Danio rerio) were exposed during 96 hours at three WAF concentrations (1, 10 and 100% for Arabian Light and 10, 50 and 100% for Erika) in order to cover a wide range of polycyclic aromatic hydrocarbon (PAH) concentrations, representative of the levels found after environmental oil spills. Several endpoints were recorded at different levels of biological organization, including lethal endpoints, morphological abnormalities, photomotor behavioral responses, cardiac activity, DNA damage and exposure level measurements (EROD activity, cyp1a and PAH metabolites). Neither morphological nor behavioral or physiological alterations were observed after exposure to Arabian Light fractions. In contrast, the Erika fractions led a high degree of toxicity in early life stages of zebrafish. Despite of defense mechanisms induced by oil, acute toxic effects have been recorded including mortality, delayed hatching, high rates of developmental abnormalities, disrupted locomotor activity and cardiac failures at the highest PAH concentrations (Σ TPAHs=257029 ± 47231 ng.L-1). Such differences in toxicity are likely related to the oil composition. The use of developing zebrafish is a good tool to identify wide range of detrimental effects and elucidate their underlying foundations. Our work highlights once more, the cardiotoxic action (and potentially neurotoxic) of petroleum-related PAHs

Caged Gammarus fossarum (crustacea) as a robust tool for the characterization of bioavailable contamination levels in continental waters. Toward the determination of threshold values

We investigated the suitability of an active biomonitoring approach, using the ecologically relevant species Gammarus fossarum, to assess trends of bioavailable contamination in continental waters. Gammarids were translocated into cages at 27 sites, in the Rhône-Alpes region (France) during early autumn 2009. Study sites were chosen to represent different physico-chemical characteristics and various anthropic pressures. Biotic factors such as sex, weight and food availability were controlled in order to provide robust and comparable results. After one week of exposure, concentrations of 11 metals/metalloids (Cd, Pb, Hg, Ni, Zn, Cr, Co, Cu, As, Se and Ag) and 38 hydrophobic organic substances including polycyclic aromatic hydrocarbons (PAHs), polychlorobiphenyles (PCBs), pentabromodiphenylethers (PBDEs) and organochlorine pesticides, were measured in gammarids. All metals except Ag, and 33 organic substances among 38 were quantified in G. fossarum, showing that this species is relevant for chemical biomonitoring. The control of biotic factors allowed a robust and direct inter-site comparison of the bioavailable contamination levels. Overall, our results show the interest and robustness of the proposed methodological approach for assessing trends of bioavailable contamination, notably for metals and hydrophobic organic contaminants, in continental waters. Furthermore, we built threshold values of bioavailable contamination in gammarids, above which measured concentrations are expected to reveal a bioavailable contamination at the sampling site. Two ways to define such values were investigated, a statistical approach and a model fit. Threshold values were determined for almost all the substances investigated in this study and similar values were generally derived from the two approaches. Then, levels of contaminants measured in G. fossarum at the 27 study were compared to the threshold values obtained using the model fit. These threshold values could serve as a basis for further implementation of quality grids to rank sites according to the extent of the bioavailable contamination, with regard to the applied methodology

Bioaccumulation of perfluoroalkyl compounds in midge (Chironomus riparius) larvae exposed to sediment

Midge larvae (Chironomus riparius) were exposed to sediments from a deposition sampled at a site along the Rhône River (France) downstream of an industrial site releasing various perfluorinated chemicals. This sediment is characterized by high concentrations of perfluoroundecanoic acid (PFUnA) and perfluorotridecanoic acid (PFTrDA) and a low perfluorooctane sulfonate (PFOS) concentration. Concentrations of 23 perfluoroalkyl compounds, including C4eC14 carboxylate acids, C4eC10 sulfonates, and seven precursors, were analyzed in overlying and pore water, sediment, and larvae. Midge larvae accumulated carboxylate acids (C11eC14), PFOS, and two precursors (perfluorooctane sulfonamide: FOSA and 6:2 fluorotelomer sulfonic acid, 6:2 FTSA). These substances accumulated mainly during the fourth instar larvae exponential growth phase. Accumulation of 6:2 FTSA, PFUnA, and PFOS occured via trophic and tegumentary routes. Other compounds mainly accumulated from food. Kinetics followed a partition model, from which uptake and elimination constants were derived

Technical, economic and environmental evaluation of advanced tertiary treatments for micropollutants removal (oxidation and adsorption)

International audienceTwo pilots for tertiary treatment, an advanced oxidation processes (AOP - O3/UV/H2O2) pilot and a granular activated carbon pilot, were tested in three different wastewater treatment plants after a secondary treatment. A total of 64 micropollutants including drugs, pesticides, alkylphenols, PAHs and metals were analysed in the samples at the inlet and the outlet of the pilots. The tertiary treatments studied (ozone, AOP and activated carbon) were efficient for the removal of most of the compounds analysed in this study, except metals. The addition of hydrogen peroxide to ozone increased the number of substances well removed but it did not improve the removal of substances that readily react with ozone (such as betablockers or carbamazepine). The other AOP (ozone/H2O2 and UV/H2O2) did not improve the number of substances well removed in comparison with ozone alone. The granular activated carbon was still efficient (R>70%) after 6 months working 24/7 for most of the drugs and the urea and triazine pesticides. The 5 technologies studied were sized at full scale in order to calculate their cost for two sizes of WWTP. The implementation of a tertiary treatment on a 60 000 to 200 000 PE WWTP would increase the wastewater treatment cost by 1,5 to 17,6 euros cents per cubic meter treated according to the technology and the removal objective. Concerning the environmental impact, for the big WWTP, the activated carbon is more impacting than the other processes for most of the impacts calculated. The order of POA by increasing environmental impact is ozone < ozone/H2O2 < ozone/UV ~ UV/H2O2. For the medium size WWTP however, the activated carbon is comparable to the other solutions regarding environmental impact

Image segmentation with traveling waves in an exactly solvable recurrent neural network

We study image segmentation using spatiotemporal dynamics in a recurrent neural network where the state of each unit is given by a complex number. We show that this network generates sophisticated spatiotemporal dynamics that can effectively divide an image into groups according to a scene's structural characteristics. Using an exact solution of the recurrent network's dynamics, we present a precise description of the mechanism underlying object segmentation in this network, providing a clear mathematical interpretation of how the network performs this task. We then demonstrate a simple algorithm for object segmentation that generalizes across inputs ranging from simple geometric objects in grayscale images to natural images. Object segmentation across all images is accomplished with one recurrent neural network that has a single, fixed set of weights. This demonstrates the expressive potential of recurrent neural networks when constructed using a mathematical approach that brings together their structure, dynamics, and computation

An exact mathematical description of computation with transient spatiotemporal dynamics in a complex-valued neural network

We study a complex-valued neural network (cv-NN) with linear, time-delayed interactions. We report the cv-NN displays sophisticated spatiotemporal dynamics, including partially synchronized ``chimera'' states. We then use these spatiotemporal dynamics, in combination with a nonlinear readout, for computation. The cv-NN can instantiate dynamics-based logic gates, encode short-term memories, and mediate secure message passing through a combination of interactions and time delays. The computations in this system can be fully described in an exact, closed-form mathematical expression. Finally, using direct intracellular recordings of neurons in slices from neocortex, we demonstrate that computations in the cv-NN are decodable by living biological neurons. These results demonstrate that complex-valued linear systems can perform sophisticated computations, while also being exactly solvable. Taken together, these results open future avenues for design of highly adaptable, bio-hybrid computing systems that can interface seamlessly with other neural networks