Trade-Offs in Means Tested Pension Design

Inclusion of means testing into age pension programs allows governments to better direct benefits to those most in need and to control funding costs by providing flexibility to control the participation rate (extensive margin) and the benefit level (intensive margin). The former is aimed at mitigating adverse effects on incentives and to strengthen the insurance function of an age pension system. In this paper, we investigate how means tests alter the trade-off between these insurance and incentive effects and the consequent welfare outcomes. Our contribution is twofold. First, we show that the means test effect via the intensive margin potentially improves the insurance aspect but introduces two opposing impacts on incentives, the final welfare outcome depending upon the interaction between the two margins. Second, conditioning on the compulsory existence of pension systems, we find that the introduction of a means test results in nonlinear welfare effects that depend on the level of maximum pension benefits. More specifically, when the maximum pension benefit is relatively low, an increase in the taper rate always leads to a welfare gain, since the insurance and the positive incentive effects are always dominant. However, when maximum pension benefits are relatively more generous the negative incentive effect becomes dominant and welfare declines.

Contract Damages and Investment Dynamics

The present article provides an economic analysis to examine how contract damages affects both breach and investment decisions over time. Unlike the standard static model, this article studies a model in which, upon signing a contract, a seller invests over two periods, and a buyer may breach at the end of each period. The dynamic structure of the model allows us to investigate investment dynamics under alternative contract damages. First, under expectation damages, the seller has an incentive to invest only in the first period (front-loading of investment). Second, under reliance damages, a similar front-loading of investment occurs, and the degree of front-loading is excessive relative to the expectation damages. Third, under restitution damages, the seller has an incentive to invest only in the second period. We also examine efficiency properties of new hybrid measures of damages in which damages depend on the timing of breach.Contract Damages, Investment Dynamics

Convergence and Growth Linkages Between North and South

Using cross-sectional data for 98 countries for 1960-85, this paper shows that growth of per capita GDP depends negatively on initial income levels, as implied by the convergence hypothesis, as well as on international differences in investment rates in physical and human capital. There is some evidence of slight economies of scale (1.06) among the industrial countries. The evidence in favor of the convergence hypothesis is strongest for the countries of the OECD and Latin America, and weakest for Asia. Growth in Latin America and Africa is lower than elsewhere even after allowing for international differences in initial income levels, scale, schooling and capital investment. Analysis of Solow residuals for the OECD countries (for which capital stock data are available) shows convergence in rates of technical progress, suggesting that convergence of per capita GDPs is not Just a function of differences in investment rates. The linkage between per capita GDP and the real exchange rate is found to be strong for the OECD and Asia, weak for Africa and negative for Latin America.

Consumer Research Needs from the Food and Drug Administration on Front-of-Package Nutritional Labeling

Americans have increasingly busy lifestyles and desire quick and nutritious food choices. To provide consumers with at-a-glance nutrition information, many food manufacturers have introduced front-of-package (FOP) nutritional labeling systems. The purpose of this review is to reach out to the marketing and public policy discipline by identifying research needs on FOP systems not only to aid decision making for federal agencies, but also to help advance research on this important topic. We describe the many FOP systems, the FDA\u27s regulatory background and approach to FOP systems, recent experimental research and gaps in knowledge, and research needs on FOP nutrition labeling

Intelligent Agents for Retrieving Chinese Web Financial News

As the popularity of World Wide Web increases, many newspapers expand their services by providing news information on the Web in order to be competitive and increase benefit. The Web provides real time dissemination of financial news to investors. However, most investors find it difficult to search for the financial information of interest from the huge Web information space. Most of the commercial search engines are not user friendly and do not provide any tailor-made intelligent agents to search for relevant Web documents on behalf of users. Users have to exert a lot of effort to submit an appropriate query to obtain the information they want. Intelligent agents that learn user preferences and monitor the postings of Web information providers are desired. In this paper, we present an intelligent agent that utilizes user profiles and user feedback to search for the Chinese Web financial news articles on behalf of users. A Chinese indexing component is developed to index the continuously fetched Chinese financial news articles. User profiles capture the basic knowledge of user preferences based on the sources of news articles, the regions of the news reported, categories of industries related, the listed companies, and user specified keywords. User feedback captures the semantics of the user rated news articles. The search engine will rank the top 20 news articles that users are most interested in based on these inputs. Experiments were conducted to measure the performance of the agents based on the inputs from user profile and user feedback

A checklist of the hepatics and anthocerotes of Panamá

A brief account of the geography and floristic regions of Panamá is complemented with an historical account of the liverwort studies of this country. This is followed by an annotated checklist of 289 taxa, including 93 new for Panamá. Among these are four hornwort taxa that represent the first anthocerotes reported. Each checklist entry comprises proper taxon citation, collection data and/or bibliographic references.Una revisión de la geografía y regiones florísticas de Panamá es complementada con una nota histórica de los estudios sobre hepáticas de este país. Esto es seguido por una lista anotada de 289 taxa, incluyendo 93 que son nuevos para Panamá. Entre éstos se encuentran cuatro antocerotes que representan las primeras comunicaciones en esta División. Cada taxon ingresado contiene la citación apropiada, datos de colecta y/o referencias bibliográficas