A Case Where Barro Expectations Are Not Rational

This note generalizes Feldstein’s (1976) criticism of Barro’s(1974) analysis for the case that the interest rate exceeds the growth rate. This is done by considering an economy in steady state where all agents hold “Barro expectations”: they believe that government debt must necessarily be repaid and therefore leave the present value of their income streams unchanged. In this scenario, a change in the mode of taxation affects the present value of disposable income in the private sector. This violates their Barro expectations

Towards an integral computer environment supporting system operations analysis and conceptual design

VITROCISET has in house developed a prototype tool named System Dynamic Analysis Environment (SDAE) to support system engineering activities in the initial definition phase of a complex space system. The SDAE goal is to provide powerful means for the definition, analysis, and trade-off of operations and design concepts for the space and ground elements involved in a mission. For this purpose SDAE implements a dedicated modeling methodology based on the integration of different modern (static and dynamic) analysis and simulation techniques. The resulting 'system model' is capable of representing all the operational, functional, and behavioral aspects of the system elements which are part of a mission. The execution of customized model simulations enables: the validation of selected concepts with respect to mission requirements; the in-depth investigation of mission specific operational and/or architectural aspects; and the early assessment of performances required by the system elements to cope with mission constraints and objectives. Due to its characteristics, SDAE is particularly tailored for nonconventional or highly complex systems, which require a great analysis effort in their early definition stages. SDAE runs under PC-Windows and is currently used by VITROCISET system engineering group. This paper describes the SDAE main features, showing some tool output examples

The merger history of massive spheroids since z~1 is size independent

Using a compilation of 379 massive (stellar mass M > 10^{11} M_Sun) spheroid-like galaxies from the near-infrared Palomar/DEEP-2 survey, we have probed, up to z~1, whether the presence of companions depends on the size of the host galaxies. We have explored the presence of companions with mass ratios down to 1:10 and 1:100, with respect to the central massive galaxy, and within a projected distance of 30, 50 and 100 kpc of these objects. We find evidence for these companions being equally distributed around both compact and extended massive spheroids. This finding suggests that, at least since z~1, the merger activity in these objects is rather homogeneous across the whole population and its merger history is not affected for the size of the host galaxy. Our result could indicate that both compact and extended massive spheroid-like galaxies are growing in size at the same rate.Comment: 9 pages, 6 figures, accepted for publication in MNRA

Evolution of the anti-truncated stellar profiles of S0 galaxies since z=0.6z=0.6 in the SHARDS survey: I - Sample and Methods

The controversy about the origin of the structure of S0--E/S0 galaxies may be due to the difficulty of comparing surface brightness profiles with different depths, photometric corrections and PSF effects (almost always ignored). We aim to quantify the properties of Type-III (anti-truncated) discs in a sample of S0 galaxies at 0.2<z<0.6. In this paper, we present the sample selection and describe in detail the methods to robustly trace the structure in their outskirts and correct for PSF effects. We have selected and classified a sample of 150 quiescent galaxies at 0.2<z<0.6 in the GOODS-N field. We perform a quantitative structural analysis of 44 S0-E/S0 galaxies. We corrected their surface brightness profiles for PSF distortions and analysed the biases in the structural and photometric parameters when the PSF correction is not applied. Additionally, we have developed Elbow, an automatic statistical method to determine whether a possible break is significant - or not - and its type and made it publicly available. We found 14 anti-truncated S0-E/S0 galaxies in the range 0.2<z<0.6 (~30% of the final sample). This fraction is similar to the those reported in the local Universe. In our sample, ~25% of the Type-III breaks observed in PSF-uncorrected profiles are artifacts, and their profiles turn into a Type I after PSF correction. PSF effects also soften Type-II profiles. We found that the profiles of Type-I S0 and E/S0 galaxies of our sample are compatible with the inner profiles of the Type-III, in contrast with the outer profiles. We have obtained the first robust and reliable sample of 14 anti-truncated S0--E/S0 galaxies beyond the local Universe, in the range 0.2<z<0.6. PSF effects significantly affect the shape of the surface brightness profiles in galaxy discs even in the case of the narrow PSF of HST/ACS images, so future studies on the subject should make an effort to correct them.Comment: Accepted for publishing in Astronomy & Astrophysics. 75 pages, 57 figure

The role of corporate social responsibility in the wine industry: The case study of veneto and friuli venezia giulia

This study aimed to investigate the awareness of Corporate Social Responsibility (CSR) among wineries located in the Italian regions of Veneto and Friuli Venezia Giulia (FVG) (1), (2) the obstacles (3) and market drivers of its implementation (4), the practices and range of actions that are concretely implemented in the field of CSR (5), the implications that this management approach can have on company performance (6), and the communication tools used. The methodology adopted is based on a qualitative approach integrated with quantitative measures. In total, 28 wineries participated in the study. The results show that all of the wineries were aware of the importance of implementing CSR, although they mainly refer to environmental issues. Sponsorship in fair trade activities is considered the most relevant market driver, while Italian consumers are generally perceived as not particularly interested in sustainable wine production. The practices implemented are mainly focused on reducing environmental impact. Interesting insights have emerged from this study, such as an unusual disparity between theoretical knowledge and practical implementation of socially responsible activities, a tendency to adapt the entrepreneurial style towards CSR, as well as a fundamental willingness to implement good practices that go beyond the legal requirements currently in force

Regional Income Convergence in Portugal (1991-2002)

Our research aims to address the problem of inequality in income distribution from a different perspective than the usual. We intend to verify if geography influences the pattern of inequality, that is, if the standard of living varies from region to region and if, in the process of growth, spatial units in Portugal have been converging in terms of most relevant variables, such as income. We search the answers to these questions by introducing the treatment of convergence between smaller territorial units, the municipalities as individuals. We intend to evaluate convergence or divergence in income growth and test empirically the theoretical hypothesis that β-convergence, although necessary, is not a sufficient condition for σ-convergence. To study convergence, we use information about GDP and wages for NUTS III regions, and wages for municipalities. We observe spatial dependence between municipalities, so we estimate spatial econometric models to test convergence. With regard to conditional convergence between municipalities, the model most appropriate is the one which includes in the explanatory variables the weight of primary sector employment, leading us to conclude that this variable distinguishes the "steady state" of the small economies. Variables like the activity rate and percentage of active population with higher education also reveal highly significant on the growth of wages, reflecting the different contexts of the labor market at regional level

Genome-wide analyses of the Bemisia tabaci species complex reveal contrasting patterns of admixture and complex demographic histories.

Once considered a single species, the whitefly, Bemisia tabaci, is a complex of numerous morphologically indistinguishable species. Within the last three decades, two of its members (MED and MEAM1) have become some of the world's most damaging agricultural pests invading countries across Europe, Africa, Asia and the Americas and affecting a vast range of agriculturally important food and fiber crops through both feeding-related damage and the transmission of numerous plant viruses. For some time now, researchers have relied on a single mitochondrial gene and/or a handful of nuclear markers to study this species complex. Here, we move beyond this by using 38,041 genome-wide Single Nucleotide Polymorphisms, and show that the two invasive members of the complex are closely related species with signatures of introgression with a third species (IO). Gene flow patterns were traced between contemporary invasive populations within MED and MEAM1 species and these were best explained by recent international trade. These findings have profound implications for delineating the B. tabaci species status and will impact quarantine measures and future management strategies of this global pest

SHARDS: Constraints on the dust attenuation law of star-forming galaxies at z~2

We make use of SHARDS, an ultra-deep (<26.5AB) galaxy survey that provides optical photo-spectra at resolution R~50, via medium band filters (FWHM~150A). This dataset is combined with ancillary optical and NIR fluxes to constrain the dust attenuation law in the rest-frame NUV region of star-forming galaxies within the redshift window 1.5<z<3. We focus on the NUV bump strength (B) and the total-to-selective extinction ratio (Rv), targeting a sample of 1,753 galaxies. By comparing the data with a set of population synthesis models coupled to a parametric dust attenuation law, we constrain Rv and B, as well as the colour excess, E(B-V). We find a correlation between Rv and B, that can be interpreted either as a result of the grain size distribution, or a variation of the dust geometry among galaxies. According to the former, small dust grains are associated with a stronger NUV bump. The latter would lead to a range of clumpiness in the distribution of dust within the interstellar medium of star-forming galaxies. The observed wide range of NUV bump strengths can lead to a systematic in the interpretation of the UV slope ($\beta$) typically used to characterize the dust content. In this study we quantify these variations, concluding that the effects are $\Delta\beta$~0.4.Comment: 13 pages, 11+2 figures, 3 tables. MNRAS, in pres

Inequality, Fiscal Capacity and the Political Regime: Lessons from the Post-Communist Transition

Using panel data for twenty-seven post-communist economies between 1987-2003, we examine the nexus of relationships between inequality, fiscal capacity (defined as the ability to raise taxes efficiently) and the political regime. Investigating the impact of political reform we find that full political freedom is associated with lower levels of income inequality. Under more oligarchic (authoritarian) regimes, the level of inequality is conditioned by the state’s fiscal capacity. Specifically, oligarchic regimes with more developed fiscal systems are able to defend the prevailing vested interests at a lower cost in terms of social injustice. This empirical finding is consistent with the model developed by Acemoglu (2006). We also find that transition countries undertaking early macroeconomic stabilisation now enjoy lower levels of inequality; we confirm that education fosters equality and the suggestion of Commander et al (1999) that larger countries are prone to higher levels of inequality.http://deepblue.lib.umich.edu/bitstream/2027.42/57211/1/wp831 .pd