A note on rationalizability and restrictions on beliefs

Rationalizability is a widely accepted solution concept in the study of strategic form game with complete information and is fully characterized in terms of assumptions on the rationality of the players and common certainty of rationality. Battigalli and Siniscalchi extend rationalizability and derive the solution concept called Δ-rationalizability. Their analysis is based on the following assumptions: (a) players are rational; (b) their first-order beliefs satisfy some restrictions; and (c) there is common belief of (a) and (b). In this note I focus on games with complete information and I characterize Δ-rationalizability with a new notion of iterative dominance which is able to capture the additional hypothesis on players' beliefs.rationalizability, strategic form game, complete information

What determines annuity demand at retirement?

In most advanced countries, future retirees will have to rely less on social security schemes and more on private pension plans, which mostly leave to the worker the choice between ashing-in or annuitizing pension wealth at retirement. Therefore, a better understanding of the determinants of the demand for annuities will soon become a priority. Research in this field has been hampered by lack of data (due to current market thinness) and by difficulties in disentagling demand from supply-side effects. In this paper, we avoid these problems resorting to ad hoc survey data from Italy. Our results highlight the importance of wealth, impatience, education and (to a lesser extent) financial literacy in shaping annuity demand.annuities, retirement, life cycle model

The effect of age on portfolio choices: evidence form an Italian pension fund

Optimal Portfolio Theory prescribes that investors reduce their exposure to financial market risk as they get near to retirement. To assess the effect of ageing on portfolio choices, we study the case of an Italian defined contribution pension fund during the period 2002-08. We find that on average the willingness to hold risky assets does indeed significantly decrease with age, but we also document that inertial behaviour is quite widespread, and can be very costly.pension funds, portfolio choice

Heroin-piracetam mixture: suggested mechanisms of action and risks of misinterpretation for drug users

Piracetam is a positive allosteric modulator of the α-amino-3-hydroxy-5-methyl-4-isoxazolepropionic acid receptor that has been frequently used in the treatment of cognitive disorders. Press and internet reports indicate that the use of piracetam, as a heroin adulterant, has spread rapidly in some countries, especially in Asia and Europe. Its use, as adulterant, is believed to produce more profound desirable effects, while decreasing hangover. Recent surveys demonstrated that piracetam protects neurons from heroin-induced apoptosis. The protective role of this adulterating substance may be related to restoration of beta-endorphin levels and to its neuroprotective effects. The aim of this paper is to review the relevant literature and suggest the main hypothetical mechanisms that justify its use as a heroin adulterant, try to understand if its use could help people who want to come off heroin by reducing withdrawal symptoms and, finally, give useful information that permit us to understand why drug trafficking organisations started to use piracetam as heroin adulterant

The impact of the financial crisis on inter-bank funding: evidence from Italian balance sheet data

We analyze the impact of the financial crisis on the structure and the dynamics of the Italian inter-bank market, focusing on monthly banks’ assets and liabilities data between January 2007 and December 2010. The analysis is developed using an ad hoc dataset based on supervisory reports. The data contain nominative information, which allow us to identify different reporting entities and counterparts. We distinguish between intra-group and extra-group transactions, domestic and foreign counterparties, secured and unsecured positions, and short and long-term loans. We also analyse the relationships between big, medium and small groups and characterize the direction of funds between the group parent companies and the other banks of the group.interbank market, financial crisis

Electrochemistry as a tool for nano-TiO2 deposition and for photoremediation pollutant monitoring

In the present work electrochemical technologies are used i) to obtain nanotitania films, by electrophoretic deposition from a slurry of commercial TiO2 in acetylacetone and ii) to monitor in situ the photodegradation of a model organic molecule (formic acid) in water, by using the same electrodeposited layers, which permit the elimination of filtration steps. Keywords: Nanotitania, Electrophoretic deposition, Photocatalysis, In situ voltammetric monitorin

A parametric design-based methodology to visualize building performance at the neighborhood scale

This paper focuses on parametric design-based visualization methods to represent building performance at the neighborhood scale in the perspective of an integrated design-support system. The goal of the developed methodology is to convey the relative effectiveness of different design alternatives according to a wide range of building performance indicators, including the potential for active solar applications, the energy need for space heating/cooling and (spatial) daylight autonomy. The proposed methodology is applied to a case study of a typical urban renewal project in Switzerland for which 768 design variants were analyzed using validated climate-based simulation engines. For each design variant, simulation results are represented qualitatively using multiple false-color maps and quantitatively through comprehensive plots. We conclude by showing the applicability of this methodology to a large number of neighborhood-scale design variants as well as the complementarity of the proposed visualization methods. On the basis of the case study application, a possible implementation as a design-support tool is finally discussed

Emulsifying properties of sugar-based surfactants prepared by chemoenzymatic synthesis

Sugar Fatty Acid Esters (SFAEs) are a class of non-ionic surfactants that can be synthesized from inexpensive natural resources. Depending on carbon chain length and nature of the sugar head group, SFAEs cover a wide range of hydrophilic–lipophilic balance (HLB) values, which result in tunable tenside properties and in turn relevant for a wide variety of industrial applications. Three sugar-based surfactants (6-O-lauroyl-, 6-O-palmitoyl- and 6-O-stearoyl-1-O-butyl glucopyranosides) have been prepared by a lipase-catalyzed esterification of isomeric mixture of n-butyl glucosides. Specifically, their interfacial features together with W/O emulsifying properties and stability over time have been finely evaluated (interfacial tension (IFT) values, W/O emulsion turbidity water droplet size distribution, first order kinetic constants of de-emulsification)

A natural biogenic fluorapatite as a new biomaterial for orthopedics and dentistry: antibacterial activity of lingula seashell and its use for nanostructured biomimetic coatings

Calcium phosphates are widely studied in orthopedics and dentistry, to obtain biomimetic and antibacterial implants. However, the multi-substituted composition of mineralized tissues is not fully reproducible from synthetic procedures. Here, for the first time, we investigate the possible use of a natural, fluorapatite-based material, i.e., Lingula anatina seashell, resembling the composition of bone and enamel, as a biomaterial source for orthopedics and dentistry. Indeed, thanks to its unique mineralization process and conditions, L. anatina seashell is among the few natural apatite-based shells, and naturally contains ions having possible antibacterial efficacy, i.e., fluorine and zinc. After characterization, we explore its deposition by ionized jet deposition (IJD), to obtain nanostructured coatings for implantable devices. For the first time, we demonstrate that L. anatina seashells have strong antibacterial properties. Indeed, they significantly inhibit planktonic growth and cell adhesion of both Gram-positive Staphylococcus aureus and Gram-negative Escherichia coli. The two strains show different susceptibility to the mineral and organic parts of the seashells, the first being more susceptible to zinc and fluorine in the mineral part, and the second to the organic (chitin-based) component. Upon deposition by IJD, all films exhibit a nanostructured morphology and sub-micrometric thickness. The multi-doped, complex composition of the target is maintained in the coating, demonstrating the feasibility of deposition of coatings starting from biogenic precursors (seashells). In conclusion, Lingula seashell-based coatings are non-cytotoxic with strong antimicrobial capability, especially against Gram-positive strains, consistently with their higher susceptibility to fluorine and zinc. Importantly, these properties are improved compared to synthetic fluorapatite, showing that the films are promising for antimicrobial applications.Lingula anatina seashell is an apatite-based shells, and naturally contains fluorine and zinc alongside an organic part (chitin). For the first time, we demonstrate that it has strong antibacterial properties, and that it can be used as nanostructured coatings for orthopaedics and dentistry