Spatial Aspects of Agent-Based Modeling of Large Economy

The paper presents a pilot version of spatial agent-based model simulating the national economy of Russia. The model is supposed to be used for evaluation the effects of industrial and spatial policies. The object of modeling is multi-regional economic space of Russia in its interaction with foreign market. The space is physical; locations of agents are defined by geographical coordinates. The basic hypothesis is that decisions of agents on microeconomic level lead to spatial changes on macroeconomic level. We consider Arrow-Debreu model with Leontief technologies as a microeconomic prototype of our model. Theoretical construction of the model, referred to models of stochastically converging equilibrium. The basic features of the model presented are the following. We explicitly account for space, consideringr interactions between trading agents located in physical space. Moreover, the model is compatible and exchanges information with an existent multiregional input-output model that uses the identical. There are agents of the following types: firms, households, commodity markets, labour market and foreign markets. Agents take decisions on the base of microeconomic models under bounded rationality with the account of transportation costs. Geographical pattern of the model is referred to the stylized map of Russia. Distance is measured as a length of the shortest arc between 2 points on the Earth with their coordinates of longitude and latitude. Initialization of the model uses some elements of geo-informational approach as well as informational exchange with multiregional input-output model. Agents are located on the map on the base of geographical coordinates of cities, real data on demography and statistical performance of economic activities. . Statistical performance is collected mostly across macro-regions and activities and is visualized by graphs. The model is realized on ?Lua? programming language. Spatial pattern of interactions among agents is created by two-part transport tariff: the first part is proportional to the amount of commodities and the second part is proportional to the distance between 2 agents and to the amount of deliveries. In the report we illustrate the algorithm of trade between households with the account of transportation costs. The geographic structure of commodity flows is analyzed. The report also presents some results of the experiments accomplished. We studied the influence of transportation costs on the convergence of prices to the state of quasi-equilibrium. Experiments demonstrated that the Law of One-Price is not observed. Prices converge to clusters within regions, which reflect the impact of differences in industrial pattern of regions. The prospects of future development of the model are discussed

Financial distress and the cross section of equity returns,”

Abstract In this paper, we provide a new perspective for understanding cross-sectional properties of equity returns. We explicitly introduce financial leverage in a simple equity valuation model and consider the likelihood of a firm defaulting on its debt obligations as well as potential deviations from the absolute priority rule (APR) upon the resolution of financial distress. We show that financial leverage amplifies the magnitude of the book-to-market effect and hence provide an explanation for the empirical evidence that value premia are larger among firms with a higher likelihood of financial distress. By further allowing for APR violations, our model generates two novel predictions about the cross section of equity returns: (i) the value premium (computed as the difference between expected returns on mature and growth firms), is humpshaped with respect to default probability, and (ii) firms with a higher likelihood of deviation from the APR upon financial distress generate stronger momentum profits. Both predictions are confirmed in our empirical tests. These results emphasize the unique role of financial distressand the nonlinear relationship between equity risk and firm characteristics-in understanding cross-sectional properties of equity returns. JEL Classification Codes: G12, G14, G3

Prognostic Value of Histological and Immunohistochemical Data in Diabetic Foot Ulcers

Diabetic foot ulcers are an extremely urgent medical and social problem throughout the world. The purpose of this study was to analyse the histological and immunohistochemical features of tissues and cells of different sections of wounds taken during the primary surgical treatment of chronic wounds in patients with diabetic foot syndrome with favourable and unfavourable outcomes. Material and methods. A clinical prospective observational study of the treatment outcomes of fifty-three patients with diabetic foot ulcers hospitalized twice in one specialized centre over the course of the year was conducted. The analysis of histological and immunohistochemical data of the tissues of the edges and the centre of the ulcer taken during the primary surgical treatment was performed. While performing histological analyses of wound tissues, special attention was given to the determination of cellular characteristics of leukocyte-necrotic masses, granulation tissue, and loose and dense connective tissue. Immunohistochemistry was performed using a set of monoclonal antibodies, allowing verification of neutrophilic leukocytes, fibroblasts, and endothelial cells. Results. Unfavourable outcomes (amputation, reamputation, death from cardiovascular diseases, nonhealing ulcer within a year) were registered in 52.8% of cases. Uniform distribution of neutrophils and endothelial cell fibroblasts in all parts of the wound was recorded in patients with a favourable outcome. An unfavourable outcome was predetermined by the uneven content of these cells with a significant increase in neutrophilic leukocytosis in the bottom of the wounds, as well as a significant decrease in the number of fibroblasts and endotheliocytes in the centre of the wounds. Conclusions: The datasets obtained during primary surgical treatment are extremely informative to predict the outcome of the treatment of diabetic foot ulcers and indicate more active surgical strategies with the potential to reduce the treatment time, increase its effectiveness, and eventually make the treatment cost-effective

Morphometry of the superior ophthalmic vein unaffected by dilating factors

Context: Data on the superior ophthalmic vein (SOV) dilation captivate the attention of neurologists as an early sign of several neurovascular disease manifestations, but measurements vary widely in publications. Aims: This study attempts to shed light on disparate data and develop more stringent criteria for determining the dilation of these veins. Settings and Design: To this end, 44 orbits of 25 formalin-embalmed human cadavers without risk factors for SOV dilation were dissected. Materials and Methods: The SOV branching pattern and length were photographed, and multiple segments were analyzed microscopically, histologically, and statistically. Statistical Analysis Used: Simple descriptive statistics as well as linear regression were used to compare the data. Results: The mean SOV diameter was 2.05 ± 0.7 mm. Other morphometric findings included the presence of valves and an unreported branching pattern of the SOV. Conclusion: Knowledge of the mean diameter serves as a diagnostic reference to help recognize SOV dilation, while the unreported variation of SOV (trifurcation at the exit point) may have implications in neurosurgery when using this vein to approach the cavernous sinus

Evaluation of Direct and Cell-Mediated Lactoferrin Gene Therapy for the Maxillofacial Area Abscesses in Rats

Resistance to antibacterial therapy requires the discovery of new methods for the treatment of infectious diseases. Lactoferrin (LTF) is a well-known naïve first-line defense protein. In the present study, we suggested the use of an adenoviral vector (Ad5) carrying the human gene encoding LTF for direct and cell-mediated gene therapy of maxillofacial area phlegmon in rats. Abscesses were developed by injection of the purulent peritoneal exudate in the molar region of the medial surface of the mandible. At 3–4 days after phlegmon maturation, all rats received ceftriaxone and afterward were subcutaneously injected around the phlegmon with: (1) Ad5 carrying reporter gfp gene encoding green fluorescent protein (Ad5-GFP control group), (2) Ad5 carrying LTF gene (Ad5-LTF group), (3) human umbilical cord blood mononuclear cells (UCBC) transduced with Ad5-GFP (UCBC + Ad5-GFP group), and (4) UCBC transduced with Ad5-LTF (UCBC + Ad5-LTF group). Control rats developed symptoms considered to be related to systemic inflammation and were euthanized at 4–5 days from the beginning of the treatment. Rats from therapeutic groups demonstrated wound healing and recovery from the fifth to seventh day based on the type of therapy. Histological investigation of cervical lymph nodes revealed purulent lymphadenitis in control rats and activated lymphatic tissue in rats from the UCBC + Ad5-LTF group. Our results propose that both approaches of LTF gene delivery are efficient for maxillofacial area phlegmon recovery in rats. However, earlier wound healing and better outcomes in cervical lymph node remodeling in the UCBC + Ad5-LTF group, as well as the lack of direct exposure of the viral vector to the organism, which may cause toxic and immunogenic effects, suggest the benefit of cell-mediated gene therapy