Prices vs. Quantities in Monopolistic Competition

In perfectly competitive markets taxes and quotas are fully equivalent measures for environmental protection. Based on this regulators' revealed preferences for quotas over that of fees finds its explanation in the procedures and spirits of political decision making. This paper offers another explanation: Ordinary welfare economic considerations make a quota preferable to a tax when regulating polluting firms in monopolistically competitive markets.Demand and Price Analysis, D61, D62, D43,

Pricing as a risky choice: Uncertainty and survival in a monopoly market

Roy (Safety First and the Holding of Assets, 1952) argues that decisions under uncertainty motivate firms to avoid bankruptcy. In this paper the authors ask about the behaviour of a monopolist who pre-commits to price when she has only probabilistic knowledge about demand. They argue that pricing in order to maximise the likelihood of survival explains anomalies such as inelastic pricing, why the firm takes on more risk as gains become less likely, and asymmetric responses to demand and cost changes. When demand is a linear demand, the monopolist's response to an increase in the marginal cost is similar to the response when mark-up pricing is used. That is, there is a one-to-one relationship between an increase of the marginal cost and an increase in price

Wage determination with asymmetric information.

This thesis contains 5 independent chapters together with an Introduction and a General Conclusion. All five chapters consider the problem of wage determination in an economy characterized by asymmetric information. The solution which is implemented, for example a pair consisting of the wage and the level of employment, is restricted to elicit all possible relevant information. This forces some additional constraints upon the optimization problem of the agents. Chapters 2 and 3 demonstrate that since the firm does not voluntarily share its information with other agents, the level of employment is not efficient. In both a separating and a pooling equilibrium, underemployment is the case. Note here that the equilibrium obtained changes qualitatively from Chapter 2 to Chapter 3. We return to this in the General Conclusion. Chapter 4 elaborates upon Chapter 2. It is shown that in an otherwise competitive economy, employment and investment are lowered since they are used as signalling devices, compared to the case of symmetric and perfect information. In a model characterized by monopoly, this conclusion is no longer true. The effect upon investment is no longer unambiguous. We also return to this in the General Conclusion. Chapters 5 and 6 consider economic policy in the case of a separating, respectively, pooling equilibrium. It is shown that in the case of a separating equilibrium, taxation can improve upon the situation. For a pooling equilibrium we show the existence of multipliers. General for these models is that the introduction of asymmetric information certainly does have an effect, but also that the results are possibly non-robust to assumptions with respect to the market form

Search for Oscillation of the Electron-Capture Decay Probability of Pm-142

We have searched for time modulation of the electron capture decay probability of 142Pm in an attempt to confirm a recent claim from a group at the Gesellschaft fur Schwerionenforschung (GSI). We produced 142Pm via the 124Sn(23Na, 5n)142Pm reaction at the Berkeley 88-Inch Cyclotron with a bombardment time short compared to the reported modulation period. Isotope selection by the Berkeley Gas-filled Separator is followed by implantation and a long period of monitoring the 142Nd K alpha x-rays from the daughter. The decay time spectrum of the x-rays is well-described by a simple exponential and the measured half-life of 40.68(53) seconds is consistent with the accepted value. We observed no oscillatory modulation at the proposed frequency at a level 31 times smaller than that reported by Litvinov (Phys. Lett. B 664 (2008) 162). A literature search for previous experiments that might have been sensitive to the reported modulation uncovered another example in 142Eu electron-capture decay. A reanalysis of the published data shows no oscillatory behavior

Interplay of early negative life events, development of orbitofrontal cortical thickness and depression in young adulthood

Background Early negative life events (NLE) have long-lasting influences on neurodevelopment and psychopathology. Reduced orbitofrontal cortex (OFC) thickness was frequently associated with NLE and depressive symptoms. OFC thinning might mediate the effect of NLE on depressive symptoms, although few longitudinal studies exist. Using a complete longitudinal design with four time points, we examined whether NLE during childhood and early adolescence predict depressive symptoms in young adulthood through accelerated OFC thinning across adolescence. Methods We acquired structural MRI from 321 participants at two sites across four time points from ages 14 to 22. We measured NLE with the Life Events Questionnaire at the first time point and depressive symptoms with the Center for Epidemiologic Studies Depression Scale at the fourth time point. Modeling latent growth curves, we tested whether OFC thinning mediates the effect of NLE on depressive symptoms. Results A higher burden of NLE, a thicker OFC at the age of 14, and an accelerated OFC thinning across adolescence predicted young adults' depressive symptoms. We did not identify an effect of NLE on OFC thickness nor OFC thickness mediating effects of NLE on depressive symptoms. Conclusions Using a complete longitudinal design with four waves, we show that NLE in childhood and early adolescence predict depressive symptoms in the long term. Results indicate that an accelerated OFC thinning may precede depressive symptoms. Assessment of early additionally to acute NLEs and neurodevelopment may be warranted in clinical settings to identify risk factors for depression

Adolescent to young adult longitudinal development of subcortical volumes in two European sites with four waves

Adolescent subcortical structural brain development might underlie psychopathological symptoms, which often emerge in adolescence. At the same time, sex differences exist in psychopathology, which might be mirrored in underlying sex differences in structural development. However, previous studies showed inconsistencies in subcortical trajectories and potential sex differences. Therefore, we aimed to investigate the subcortical structural trajectories and their sex differences across adolescence using for the first time a single cohort design, the same quality control procedure, software, and a general additive mixed modeling approach. We investigated two large European sites from ages 14 to 24 with 503 participants and 1408 total scans from France and Germany as part of the IMAGEN project including four waves of data acquisition. We found significantly larger volumes in males versus females in both sites and across all seven subcortical regions. Sex differences in age-related trajectories were observed across all regions in both sites. Our findings provide further evidence of sex differences in longitudinal adolescent brain development of subcortical regions and thus might eventually support the relationship of underlying brain development and different adolescent psychopathology in boys and girls.</p

Psychosocial stress and brain function in adolescent psychopathology

Objective: To explore how conduct, hyperactivity/inattention, and emotional symptoms are associated with neural reactivity to social-emotional stimuli, and the extent to which psychosocial stress modulates these relationships. Method: Participants were community adolescents recruited as part of the European IMAGEN study. Bilateral amygdala regions of interest were used to assess the relationship between the three symptom domains with fMRI neural reactivity during passive viewing of dynamic angry and neutral facial expressions. Exploratory functional connectivity and whole-brain multiple regression approaches were used to analyze how the symptoms and psychosocial stress relate to other brain regions. Results: In response to the social-emotional stimuli, adolescents with high levels of conduct or hyperactivity/inattention symptoms showed hyperactivity of the amygdala, and several regions across the brain, when they experienced a greater number of stressful life events. This effect was not observed with emotional symptoms. A cluster in the mid-cingulate was found to be common to both conduct problems and hyperactivity symptoms. Exploratory functional connectivity analyses suggested amygdala-precuneus connectivity is associated with hyperactivity/inattention symptoms. Conclusions: The results link hyperactive amygdala responses, and regions critical for top-down emotional processing, with high levels of psychosocial stress in individuals with greater conduct and hyperactivity/inattention symptoms. This work highlights the importance of studying how psychosocial stress impacts functional brain responses to social-emotional stimuli, particularly in adolescents with externalizing symptoms

Polygenic risk of psychosis and ventral striatal activation during reward processing in healthy adolescents

Importance: Psychotic disorders are characterized by attenuated activity in the brain’s valuation system in key reward processing areas, such as the ventral striatum (VS), as measured with functional magnetic resonance imaging. Objective: To examine whether common risk variants for psychosis are associated with individual variation in the VS. Design, setting, and participants: A cross-sectional study of a large cohort of adolescents from the IMAGEN study (a European multicenter study of reinforcement sensitivity in adolescents) was performed from March 1, 2008, through December 31, 2011. Data analysis was conducted from October 1, 2015, to January 9, 2016. Polygenic risk profile scores (RPSs) for psychosis were generated for 1841 healthy adolescents. Sample size and characteristics varied across regression analyses, depending on mutual information available (N = 1524-1836). Main outcomes and measures: Reward-related brain function was assessed with blood oxygen level dependency (BOLD) in the VS using the monetary incentive delay (MID) task, distinguishing reward anticipation and receipt. Behavioral impulsivity, IQ, MID task performance, and VS BOLD were regressed against psychosis RPS at 4 progressive P thresholds (P < .01, P < .05, P < .10, and P < .50 for RPS models 1-4, respectively). Results: In a sample of 1841 healthy adolescents (mean age, 14.5 years; 906 boys and 935 girls), we replicated an association between increasing psychosis RPS and reduced IQ (matrix reasoning: corrected P = .003 for RPS model 2, 0.4%variance explained), supporting the validity of the psychosis RPS models. We also found a nominally significant association between increased psychosis RPS and reduced MID task performance (uncorrected P = .03 for RPS model 4, 0.2%variance explained). Our main finding was a positive association between psychosis RPS and VS BOLD during reward anticipation at all 4 psychosis RPS models and for 2 P thresholds for reward receipt (RPS models 1 and 3), correcting for the familywise error rate (0.8%-1.9%variance explained). Conclusions and relevance: These findings support an association between psychosis RPS and VS BOLD in adolescents. Genetic risk for psychosis may shape an individual’s response to rewarding stimuli

New evidence of factor structure and measurement invariance of the SDQ across five European nations

The main purpose of the present study was to test the internal structure and to study the measurement invariance of the Strength and Difficulties Questionnaire (SDQ), self-reported version, in five European countries. The sample consisted of 3012 adolescents aged between 12 and 17 years (M = 14.20; SD = 0.83). The five-factor model (with correlated errors added), and the five-factor model (with correlated errors added) with the reverse-worded items allowed to cross-load on the Prosocial subscale, displayed adequate goodness of-fit indices. Multi-group confirmatory factor analysis showed that the five-factor model had partial strong measurement invariance by countries. A total of 11 of the 25 items were non-invariant across samples. The level of internal consistency of the Total difficulties scores was .84, ranging between .69 and .78 for the SDQ subscales. The findings indicate that the SDQ's scales need to be modified in various ways for screening emotional and behavioural problems in the five European countries that were analyzed

Functional neuroimaging predictors of self-reported psychotic symptoms in adolescents

OBJECTIVE: This study aimed to investigate the neural correlates of psychotic-like experiences in youth on measures of inhibitory control, reward anticipation and emotion processing. A secondary aim was to test whether these neuro-functional correlates of risk were predictive of psychotic symptoms 2 years later. METHOD: Functional imaging response to three paradigms: the Stop-Signal, Monetary Incentive Delay, and Faces tasks was collected in youth at age 14, as part of the IMAGEN study. At baseline, youth from London and Dublin sites were assessed on psychotic-like experiences and those reporting significant experiences were compared with matched controls. Significant brain activity differences between the groups were used to predict, with cross-validation, the presence of psychotic symptoms in the context of mood fluctuation at age 16, assessed in the full sample. These prediction analyses were conducted with the London-Dublin subsample (N=246) and the full sample (N=1196). RESULTS: Youth reporting psychotic-like experiences showed increased hippocampus/amygdala activity during neutral faces processing and reduced dorsolateral prefrontal activity during failed inhibition relative to controls. The most prominent region for classifying 16-year olds with mood fluctuation and psychotic symptoms relative to the control groups (those with mood fluctuations but no psychotic symptoms and those with no mood symptoms) included hyperactivation of the hippocampus/amygdala, when controlling for baseline psychotic-like experiences and cannabis use. CONCLUSIONS: The results stress the importance of the limbic network’s increased response to neutral facial stimuli as a marker of the extended psychosis phenotype. These findings might help to guide early intervention strategies for at-risk youth