Efficiency of competition in insurance markets with adverse selection

There is a general presumption that competition is a good thing. In this paper we show that competition in the insurance markets can be bad when there is adverse selection. Using the dual theory of choice under risk, we are able to fully characterize both the competitive and the monopoly market outcomes. When there are two types of risk, the monopoly dominates competition if and only if competition leads to market unravelling. When there are a continuum of types the efficiency of competition is less trivial. In effect monopoly is shown to provide better insurance but at the cost of driving out some agents from the market. Performing simulation for different distributions of risk, we find that monopoly in general performs (much) better than competition in terms of the realization of the gains from trade across all traders in equilibrium. The reason is that the monopolist can exploit its market power to relax the incentive constraints

Is Competition for FDI Bad for Regional Welfare?

We investigate the impact on regional welfare of policy competition for FDI when a multinational firm can strategically react to differences in statutory corporate tax rates and shift taxable profits to lower-tax jurisdictions. We show that competing governments may have an incentive to tax discriminate between domestic and multinational firms even in the presence of profit shifting opportunities for the latter. In particular, tax competition leads to higher welfare for the region as a whole than lump-sum subsidy competition when the difference in statutory corporate tax rates and/or their average is high enough. We also find that policy competition increases regional welfare by changing the firm's investment decision when profit shifting motivations might induce the firm to locate in the least profitable country.

Indigenous and introduced species of the Bemisia tabaci complex in sweet potato crops from Argentina

La batata (Ipomoea batatas (L.) Lam) es uno de los cultivos más importantes en el mundo. Recientemente se observó una severa sintomatología viral en cultivos de la región pampeana argentina, en la que están identificados begomovirus y crinivirus, ambos transmitidos exclusivamente por mosca blanca. El objetivo de este estudio fue identificar las especies de B. tabaci en cultivos de batata en Colonia Caroya, mediante el análisis de secuencias mitocondriales de la citocromo oxidasa subunidad I (mtCOI). Se identificaron dos haplotipos (especies crípticas) ya descriptos en el mundo: New World2 (especie nativa) y MEAM1 (especie introducida). Los resultados indican la presencia de ambas especies, las cuales son potenciales vectores de begomovirus y crinivirus en batata en Argentina.Sweet potato (Ipomoea batatas (L.) Lam) is one of the most important crops worldwide. Recently, the appearance of severe viral symptoms has been observed in sweet potato crops in the pampas region of Argentina and both begomovirus and crinivirus, exclusively transmitted by whiteflies, have been identified. The aim of this study was to identify B. tabaci species from sweet potato crops in Colonia Caroya by analysing mitochondrial cytochrome c oxidase subunit I (mtCOI) sequences. Two previously described haplotypes were identified: New World2 (indigenous species) and MEAM1 (introduced species). The results indicate the presence of both species, which are potential vectors of begomovirus and crinivirus in Argentina.Fil: Alemandri, V.. Instituto Nacional de Tecnología Agropecuaria. Centro de Investigaciones Agropecuarias. Instituto de Patología Vegetal; ArgentinaFil: Martino, Julia Andrea. Instituto Nacional de Tecnología Agropecuaria. Centro de Investigaciones Agropecuarias. Instituto de Patología Vegetal; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Di Feo, Liliana del Valle. Instituto Nacional de Tecnología Agropecuaria. Centro de Investigaciones Agropecuarias. Instituto de Patología Vegetal; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Truol, G.. Instituto Nacional de Tecnología Agropecuaria. Centro de Investigaciones Agropecuarias. Instituto de Patología Vegetal; Argentin

An eigenvalue problem for the anisotropic Φ\Phi-Laplacian

We study an eigenvalue problem involving a fully anisotropic elliptic differential operator in arbitrary Orlicz-Sobolev spaces. The relevant equations are associated with constrained minimization problems for integral functionals depending on the gradient of competing functions through general anisotropic $N$-functions. In particular, the latter need neither be radial, nor have a polynomial growth, and are not even assumed to satisfy the so called $\Delta_2$-condition. The resulting analysis requires the development of some new aspects of the theory of anisotropic Orlicz-Sobolev spaces

The Supersymmetric Ward-Takahashi Identity in 1-Loop Lattice Perturbation Theory. I. General Procedure

The one-loop corrections to the lattice supersymmetric Ward-Takahashi identity (WTi) are investigated in the off-shell regime. In the Wilson formulation of the N=1 supersymmetric Yang-Mills (SYM) theory, supersymmetry (SUSY) is broken by the lattice, by the Wilson term and is softly broken by the presence of the gluino mass. However, the renormalization of the supercurrent can be realized in a scheme that restores the continuum supersymmetric WTi (once the on-shell condition is imposed). The general procedure used to calculate the renormalization constants and mixing coefficients for the local supercurrent is presented. The supercurrent not only mixes with the gauge invariant operator $T_\mu$. An extra mixing with other operators coming from the WTi appears. This extra mixing survives in the continuum limit in the off-shell regime and cancels out when the on-shell condition is imposed and the renormalized gluino mass is set to zero. Comparison with numerical results are also presented.Comment: 16 pages, 2 figures. Typos error correcte

Monte Carlo simulation of SU(2) Yang-Mills theory with light gluinos

In a numerical Monte Carlo simulation of SU(2) Yang-Mills theory with light dynamical gluinos the low energy features of the dynamics as confinement and bound state mass spectrum are investigated. The motivation is supersymmetry at vanishing gluino mass. The performance of the applied two-step multi-bosonic dynamical fermion algorithm is discussed.Comment: latex, 48 pages, 16 figures with epsfi

Application of the Higher-Order Hamilton Approach to the Nonlinear Free Vibrations Analysis of Porous FG Nano-Beams in a Hygrothermal Environment Based on a Local/Nonlocal Stress Gradient Model of Elasticity

Nonlinear transverse free vibrations of porous functionally-graded (FG) Bernoulli–Euler nanobeams in hygrothermal environments through the local/nonlocal stress gradient theory of elasticity were studied. By using the Galerkin method, the governing equations were reduced to a nonlinear ordinary differential equation. The closed form analytical solution of the nonlinear natural flexural frequency was then established using the higher-order Hamiltonian approach to nonlinear oscillators. A numerical investigation was developed to analyze the influence of different parameters both on the thermo-elastic material properties and the structural response, such as material gradient index, porosity volume fraction, nonlocal parameter, gradient length parameter, mixture parameter, and the amplitude of the nonlinear oscillator on the nonlinear flexural vibrations of metal–ceramic FG porous Bernoulli–Euler nano-beams