“Spot, Bilateral and Futures Trading in Electricity Markets. Implications for Stability”

The design of wholesale electricity markets in the transition towards liberalization presents significant differences from country to country. Some spot markets have imposed the concentration of transactions to ensure market liquidity. Other markets are based on bilateral trading. The debate about the optimal trading mechanism mainly concentrates on how to deal with the trade off between the liquidity of the market and the stability of the system. The solution chosen by some market is a mandatory pool with a regulated market for electricity derivatives, that allows to hedge price volatility and to mitigate market power. This paper investigates whether, in the presence of a futures market, spot and bilateral trading can operate together and what are possible outcomes in terms of liquidity of the spot market and stability of the system. The paper extends existing literature on the role of futures market on the behavior of spot market prices, developing a multi-period model in which electricity consumers can choose whether to trade on the spot market or negotiate bilateral contracts. Results suggest that a spot market with futures contracts and a market for bilateral contracts are not necessarily alternative ways to manage stability problems, but may co-exist with positive and synergic outcomes on price behaviors and market power.Derivatives, Electricity, Market power, Hedging

Evaluating administrative burdens through SCM: some indications from the Italian experience

A methodology to measure administrative burdens, based on the Dutch Standard Cost Model (SCM), has been applied in a large number of European countries, coupled in most cases with the commitment to a reduction target. This paper compares the application of the method in different national context and discusses its weaknesses and strengths against more complete forms of evaluation of the adequacy of regulation. The paper also discusses some indication arisen during the measurement of administrative burdens through SCM in Italy. Our main conclusion is that the SCM is a potentially useful tool and could provide motivation for culture change in policymaking. Its major strength, which lies mainly in its pragmatic approach and the possibility of commitment on a quantitative target, may be at the same time a source of weakness and may deliver some misleading results. Also some basic concepts of the model need a more rigorous definition to be consistently applied in different countries.administrative burdens; better regulation; costs of regulation; European governance; standard cost model

Electricity derivatives and the spot market in Italy: mitigating market power in the electricity market.

The increased uncertainty regarding electricity prices caused by the liberalization of the sector and the launch of wholesale spot electricity markets has led to the development of financial derivatives both in regulated and over-the-counter markets. The ability of the spot market to stimulate the economic efficiency and competitiveness of the energy sector depends crucially on its efficiency and liquidity. However, as the theoretical analyses developed after the Californian crisis show, the concentration of spot-market transactions in the day-ahead market in a non-competitive industry exposes electricity prices to excessive peaks and volatility. This is due to their higher exposure to the exercise of market power by the dominant producer as well as to contingent events. This paper argues that introducing a regulated market for standardized derivatives, while giving consumers a strategic role in the market, would contribute to solving the trade-off between the liquidity of the market and the stability of the system. Some interesting policy implications emerge from the analysis

Doctor can I buy a new kidney? I've heard it isn't forbidden: What is the role of the nephrologist when dealing with a patient who wants to buy a kidney?

Organ trafficking is officially banned in several countries and by the main Nephrology Societies. However, this practice is widespread and is allowed or tolerated in many countries, hence, in the absence of a universal law, the caregiver may be asked for advice, placing him/her in a difficult balance between legal aspects, moral principles and ethical judgments. In spite of the Istanbul declaration, which is a widely shared position statement against organ trafficking, the controversy on mercenary organ donation is still open and some experts argue against taking a negative stance. In the absence of clear evidence showing the clinical disadvantages of mercenary transplantation compared to chronic dialysis, self-determination of the patient (and, with several caveats, of the donor) may conflict with other ethical principles, first of all non-maleficence. The present paper was drawn up with the participation of the students, as part of the ethics course at our medical school. It discusses the situation in which the physician acts as a counselor for the patient in the way of a sort of “reverse” informed consent, in which the patient asks advice regarding a complex personal decision, and includes a peculiar application of the four principles (beneficence, non-maleficence, justice and autonomy) to the donor and recipient parties

Relationship between adipose tissue dysfunction, Vitamin D deficiency and the pathogenesis of non-alcoholic fatty liver disease

Non-alcoholic fatty liver disease ( NAFLD) is the most common chronic liver disease worldwide. Its pathogenesis is complex and not yet fully understood. Over the years many studies have proposed various pathophysiological hypotheses, among which the currently most widely accepted is the "multiple parallel hits" theory. According to this model, lipid accumulation in the hepatocytes and insulin resistance increase the vulnerability of the liver to many factors that act in a coordinated and cooperative manner to promote hepatic injury, inflammation and fibrosis. Among these factors, adipose tissue dysfunction and subsequent chronic low grade inflammation play a crucial role. Recent studies have shown that vitamin D exerts an immune-regulating action on adipose tissue, and the growing wealth of epidemiological data is demonstrating that hypovitaminosis D is associated with both obesity and NAFLD. Furthermore, given the strong association between these conditions, current findings suggest that vitamin D may be involved in the relationship between adipose tissue dysfunction and NAFLD. The purpose of this review is to provide an overview of recent advances in the pathogenesis of NAFLD in relation to adipose tissue dysfunction, and in the pathophysiology linking vitamin D deficiency with NAFLD and adiposity, together with an overview of the evidence available on the clinical utility of vitamin D supplementation in cases of NAFLD

User indoor localisation system enhances activity recognition: A proof of concept

Older people would like to live independently in their home as long as possible. They want to reduce the risk of domestic accidents because of polypharmacy, physical weakness and other mental illnesses, which could increase the risks of domestic accidents (i.e. a fall). Changes in the behaviour of healthy older people could be correlated with cognitive disorders; consequently, early intervention could delay the deterioration of the disease. Over the last few years, activity recognition systems have been developed to support the management of senior citizensâ\u80\u99 daily life. In this context, this paper aims to go beyond the state-of-the-art presenting a proof of concept where information on body movement, vital signs and userâ\u80\u99s indoor locations are aggregated to improve the activity recognition task. The presented system has been tested in a realistic environment with three users in order to assess the feasibility of the proposed method. These results encouraged the use of this approach in activity recognition applications; indeed, the overall accuracy values, amongst others, are satisfactory increased (+2.67% DT, +7.39% SVM, +147.37% NN)