Intertemporal Substitution in Labor Force Participation: Evidence from Policy Discontinuities

This paper presents new empirical evidence on intertemporal labor supply elasticities. We use administrative data on the census of private sector employees in Austria and variation from mandated discontinuous changes in retirement benefits from the Austrian pension system. We first present graphical evidence documenting delays in retirement in response to the policy discontinuities. Next, based on the empirical evidence, we develop a model of career length decisions. Using an estimator that exploits the graphical evidence, we estimate an intertemporal labor supply elasticity of 0.30; this relatively low estimate reflects that the disutility of labor supply rises relatively quickly with additional years of work.life-cycle labor supply, retirement decisions, intertemporal labor supply elasticity, policy discontinuities

Client-contractor bargaining on net present value in project scheduling with limited resources

The client-contractor bargaining problem addressed here is in the context of a multi-mode resource constrained project scheduling problem with discounted cash flows, which is formulated as a progress payments model. In this model, the contractor receives payments from the client at predetermined regular time intervals. The last payment is paid at the first predetermined payment point right after project completion. The second payment model considered in this paper is the one with payments at activity completions. The project is represented on an Activity-on-Node (AON) project network. Activity durations are assumed to be deterministic. The project duration is bounded from above by a deadline imposed by the client, which constitutes a hard constraint. The bargaining objective is to maximize the bargaining objective function comprised of the objectives of both the client and the contractor. The bargaining objective function is expected to reflect the two-party nature of the problem environment and seeks a compromise between the client and the contractor. The bargaining power concept is introduced into the problem by the bargaining power weights used in the bargaining objective function. Simulated annealing algorithm and genetic algorithm approaches are proposed as solution procedures. The proposed solution methods are tested with respect to solution quality and solution times. Sensitivity analyses are conducted among different parameters used in the model, namely the profit margin, the discount rate, and the bargaining power weights

OTC Derivatives Market in India: Recent Regulatory Initiatives and Open Issues for Market Stability and Development

The OTC derivatives markets all over the world have shown tremendous growth inrecent years. In the wake of the present financial crisis, which is believed to have beenexacerbated by OTC derivatives, increasing attention is being paid to analysing theregulatory environment of these markets. In this context, we analyse the regulatoryframework of the OTC derivatives market in India. The paper, inter alia, seeks toprove the point that the Indian OTC derivatives markets, unlike many otherjurisdictions, are well regulated. Only contracts where one party to the contract is anRBI regulated entity are considered legally valid in India. A good reporting systemand a post-trade clearing and settlement system, through a centralised counter party,has ensured good surveillance of the systemic risks in the Indian OTC market.From amongst the various OTC derivatives markets permitted in India, interest rateswaps and foreign currency forwards are the two prominent markets. However, byinternational standards, the total size of the Indian OTC derivatives markets stillremains small because credit default swaps were conspicuously absent in India untilnow. It appears that Indian OTC derivatives markets will grow fast once again afterthe present financial crisis is over. This research paper explores those open issues thatare important to ensure market stability and development. On the issue of the muchdiscussed competition between exchange-traded and OTC-traded derivatives, webelieve that the two markets serve different purposes and would contribute more torisk management and market efficiency, if viewed as complementary. Regarding theintroduction of new derivative products for credit risk transfer, the recentannouncement by the RBI that it would introduce credit default swaps is a welcomesign. We believe that routing of credit default swaps through a reporting platform andmanaging its post-trade activities through a centralised counterparty would providebetter surveillance of the market. Strengthening the position of the ClearingCorporation of India Ltd. (CCIL) as the only centralised counterparty for Indian OTCderivatives market and better supervision of the off-balance sheet business offinancial institutions are two measures that have been proposed to ensure the stabilityof the market.Derivatives and Over the Counter Market, Financial Institutions and Services and Government Policy and Financial Regulation

Cane farming in the Trinidad sugar industry

Sugar cane is being produced in the Caribbean under both the plantation and peasant systems of agriculture. This dualism is not only characteristic of Trinidad and the Caribbean, but also of other sugar cane producing countries in the Tropical world. Current problems facing Caribbean territories, namely increasing populations, unemployment, limited land resources and lack of capital for industrialisation make it necessary to study systems of cultivation so that development can be purposefully planned.Historically, in the Caribbean, export crops based on the plantation system have dominated both agriculture and the entire economy. The provision of an infrastructure and services were directed primarily to the benefit of the large estates. This equally applied to the provision of labour supplies, for the peasantry of today grew out of the needs of the plantations and was consequently affected by their requirements,with tenurial rights in some islands remaining almost the same as in the pre - 183$ era. This left little scope for the development of prosperous rural communities. Today the sugar industry is experiencing a critical period in its history, as with current cost conditions the plantation sector strives to attain full -scale mechanisation. In this respect policies have to be formulated that will prevent serious social dislocation which could derive from mechanisation. The aim must also be to create vibrant and progressive communities able to attain reasonable Tiving standards while utilising scarce resources efficiently. The dilemma in rural progress in social and economic terms, is in deciding what form development should take for both plantation and peasant, or what is an acceptable balance between the two.This study provides a view of peasant cane farming in Trinidad. Its development is traced briefly, followed by a description of the operation of the whole industry and its impact on the landscape. This is followed by a more detailed treatment of cane farming in which consideration is given to the physical, structural and institutional framework within which peasant cane farming operates. Sufficient information was not available from documentary sources so it was necessary to carry out field studies in the form of the construction of a land -use map and a questionnaire survey among the cane -farming population.From studies of the data collected, it is the opinion of the present writer that size of holding is the major factor affecting production in the peasant sector. This is shown through the interaction of farm -size, capital inputs, yields and other related variables. It is suggested that integrated attempts at planning must be made in order to transform peasant producers into efficient users of limited land resources and that haphazard and laissez - faire attitudes should be reformed.In a changing Caribbean scene where social and economic objectives are sometimes contraposed, it is necessary to chart courses carefully. Both types of objectives are now being considered more closely than earlier in the history of these islands. It is hoped that this study portrays some of the constraints which prevent the development -of the most important form of peasant commercial agriculture in Trinidad, and also in the entire Caribbean region

School Sanitation in Underserved Urban Areas in India

This paper discusses how GIZ is supporting the Ministry of Urban Development in improving the sanitation situation for the urban poor. It selected 47 schools in five Indian cities to significantly improve the sanitation conditions, aiming to build awareness and capacity. All schools showed measurable improvements on school sanitation at the end of the project

Motivating Factors For Murder With Rape Of Minor Girls In India: A Study Using Systematic Content Analysis

Gender-related homicides of young women and minor girls have reached alarming proportions in India. The 2020 crime statistics reported 1,582 homicides of children, with 119 (7.5%) minor victims raped and murdered. However, no empirical studies address the motives nor offer incident-based details of the murders and rape/gang-rape of minors. The current study used systematic content analysis of news media sources published in India. The search included five primary print media—The Times of India, Hindustan Times, The Hindu, The Indian Express, and The New Indian Express, published in English and reported from 2017 to 2018. The search also included digital news sources from newswire, web based, and other online news sources. Specifically, the study (1) compared official statistics from the National Crime Records Bureau (NCRB) with the systematic search results on murder with rape/gang-rape incidents to identify trends and state and regional variations, (2) analyzed the bias-motivating factors such as social, political, religious, and caste-based discrimination, (3) assessed the trend between non-bias motivating factors such as revenge/anger, sexual sadism, or opportunity with bias factors, (4) reviewed the criminal/juvenile justice systems’ response, and (5) assessed public reaction to these incidents. The results showed discrepancies and variations in reported incidents between NCRB and the systematic search data. In addition, social bias was noted as the most common bias factor, followed by political, religious, and caste biases. Among the non-bias motivating factors, opportunity was the most common factor, followed by revenge/anger and sexual sadism. Along with motivating factors, the criminal justice agencies failed to act. Instead, they blamed the victim, destroyed the evidence, or supported the accused. The public reactions also varied widely from public anger, protests, and rallies in support of the victims, mob violence against the perpetrators, or supporting the perpetrator to victim-blaming. The research provides a broader understanding of motivations for committing child rapes and murders in India. Additionally, this research might assist in discussing patriarchal views, educating youth on social justice advocacy, and organizing community initiatives to protect the victims. Finally, the outcomes would guide Indian juvenile and criminal justice reforms. Keywords: motivating factor, murder, rape/gang-rape, girls, India, content analysi

Characterization of Rock/Fluids Interactions at Reservoir Conditions

In this study, interfacial phenomena of spreading, wettability, and rock/oil adhesion interactions in complex rock/oil/water systems were characterized at reservoir conditions of elevated pressures and temperatures. Capabilities of both ambient and reservoir condition optical cells were used for measuring the oil/water interfacial tension and dynamic (the water-receding and the water-advancing) contact angles for various complex rock/oil/water systems. Well known sessile oil drop volume alteration method was successfully used in this study for evaluating the applicability of the modified Young’s equation for characterizing the line tension in complex rock/oil/water systems at reservoir conditions. This appears to be first time when rock/fluids interactions in complex rock/oil/water systems of petroleum engineering interest have been characterized in terms of the measured oil/water interfacial tension (IFT), wettability, line tension, and the work of adhesion at elevated pressures (up to 14,000 psi) and temperatures (up to 250°F) using representative reservoir fluids and common reservoir rock minerals surfaces (glass, quartz, dolomite or calcite). Different oil (recombined live oil and stock-tank oil) and aqueous (deionized water, synthetic reservoir brines, synthetic sea water, and 35,000 ppm NaCl solution) phases were used to study the effects of fluids composition and experimental conditions on the oil/water IFT and the wetting characteristics of complex rock/oil/water systems of petroleum engineering interest. The effect of rock mineralogy was investigated by conducting the experiments with different mineral surfaces (quartz and calcite). A new equation was developed using the concepts of the line tension and the work of adhesion to estimate the adhesion energy per unit volume correlatable to maximum disjoining pressure in complex rock/oil/water systems. This equation uses the measured data of the oil/water interfacial tension (IFT) and dynamic contact angles, and an assumed thickness of the aqueous wetting films. The experimentally estimated adhesion energy per unit volume values for two glass/recombined live oil/synthetic reservoir brine systems using this new equation were compared with the maximum disjoining pressure values derived from the published reservoir condition disjoining pressure isotherms for the glass/Yates crude oil/Yates brine systems. The experimentally estimated values were found to be one order of magnitude higher than the theoretical values

Overview of Legal Systems in the Asia-Pacific Region: India

This article provides a general description of the legal system of India. It further discusses aspects of legal education and legal practice in that country

Placenta previa: outcomes in scarred and unscarred uterus

Background: Placenta previa complicates 0.3% - 0.5% of all pregnancies and is a major cause of third-trimester hemorrhage. Almost 30 % maternal deaths in the Asian population are due to major obstetrical haemorrhage in placenta previa, especially due to rise in the incidence of cesearean sections. Significant maternal morbidity in the form of increased incidence of fetalmalpresentation, cesearean delivery, increased blood loss and peripartum hysterectomy have been noted in cases of placenta previa and can lead to prolonged hospitalization in these women. Premature deliveries can occur which lead to higher admission to neonatal intensive care unit and stillbirths.Methods: This retrospective study was conducted in the Department of Obstetrics and Gynecology at Cama and Albless Hospital (Sir J.J Group of Hospitals), Mumbai. Cases of placenta previa from January 2013 to December 2015 were studied.Results: Significantly high number of patients delivered before 37 weeks of gestation in Group A (66.7%) than that in group B (20%). (p=0.003, Hsig). There was only case of placenta accreting in Group A (6.7%) and only this patient required an obstetric hysterectomy. Both Groups showed a favourable fetal outcome (Group A 100%, Group B 96%).Conclusions: In conclusion, primary prevention in the form of reduction in the rate of primi cesearean section must be done in order to prevent likelihood of placenta previa in scarred uteri. Early diagnosis by Ultrasound and planned delivery should be the goal