Dynamic commitment and imperfect policy rules

Considering the dynamics of commitment highlights, some neglected features of time inconsistency problems. We modify the standard rules-versus-discretion question in three ways: (1) A government that does not commit today retains the option to do so tomorrow, (2) the government's commitment capability is restricted to a class of simple rules, and (3) the government's ability to make irrevocable commitments is restricted. Three results stand out. First, the option to wait makes the incumbent regime (rules or discretion) relatively more attractive. Second, the option to wait means that increased uncertainly makes the incumbent regime more attractive. Third, because the commitment decision takes place in 'real time,' policy choice displays hysteresis.Monetary policy

Dynamic commitment and imperfect policy rules

An examination of the dynamics of commitment, showing that because the decision regarding rules versus discretion occurs in real time, opting for discretion is often the better choice, since it leaves open the possibility of adopting rules later on.Monetary policy

Commitment as investment under uncertainty

An explanation of how irreversible investment and the techniques associated with pricing real options can apply to a broad range of problems in finance, macroeconomics, and trade policy.Economic policy ; Macroeconomics

Towards Structural Testing of Superconductor Electronics

Many of the semiconductor technologies are already\ud facing limitations while new-generation data and\ud telecommunication systems are implemented. Although in\ud its infancy, superconductor electronics (SCE) is capable of\ud handling some of these high-end tasks. We have started a\ud defect-oriented test methodology for SCE, so that reliable\ud systems can be implemented in this technology. In this\ud paper, the details of the study on the Rapid Single-Flux\ud Quantum (RSFQ) process are presented. We present\ud common defects in the SCE processes and corresponding\ud test methodologies to detect them. The (measurement)\ud results prove that we are able to detect possible random\ud defects for statistical purposes in yield analysis. This\ud paper also presents possible test methodologies for RSFQ\ud circuits based on defect oriented testing (DOT)

Year One Evaluation of the New York City Department of Education Respect for All Training Program

The GLSEN Research Department conducted an evaluation of the New York City Department of Education's (NYC DOE) Respect for All training program for secondary school educators. The two-day training program, which was one component of the NYC DOE's Respect for All initiative, was implemented so that every secondary school in the district had at least one staff member who could support lesbian, gay, bisexual, transgender, and questioning (LGBTQ) students and combat all forms of bias-based bullying and harassment, particularly bias based on sexual orientation, gender identity, and gender expression.In order to evaluate Year One of the training program, GLSEN surveyed 813 educators who participated in the training at three times -- before the training, six weeks after, and six months after. Training participants were also compared to educators who had not yet completed the training. Focus groups were conducted in order to gain a greater, in-depth understanding of participants' experiences in the training. Key findings are listed below.Compared to before the training, after the training educators demonstrated increased:Knowledge of appropriate terms;Access to LGBTQ-related resources;Awareness of how their own practices might have been harmful to LGBTQ students;Empathy for LGBTQ students;Belief in the importance of intervening in anti-LGBTQ remarks;Communication with students and staff about LGBTQ issues;Engagement in activities to create safer schools for LGBTQ students (i.e., supporting Gay-Straight Alliances, including LGBTQ content in curriculum); andFrequency of intervention in anti-LGBTQ name-calling, bullying, and harassment.In addition, compared to educators who had not yet participated in the training, those who had participated in the training indicated higher levels of:Communication with students and staff about LGBTQ issues; andEngagement in activities to create safer schools for LGBTQ students.Findings from the Year One evaluation demonstrate that this training program is an effective means for developing the competency of educators to address bias-based bullying and harassment, and to create safer school environments for LGBTQ students. The findings suggest that providing such training to all school staff, including administrators, would result in an even stronger effect on the school environment. Furthermore, ensuring sufficient opportunities for developing educators' skills in intervening in anti-LGBTQ behaviors could enhance the effectiveness of trainings. To maintain the benefits of training, staff should receive continued and advanced professional development opportunities related to supporting LGBTQ students and combating bias-based bullying and harassment

Alternatives to the Gypsy Moth Eradication Program in Michigan

Responding to questions of what the gypsy moth, Porthetria dispar, would do in Michigan forests, a computer simulation model was constructed. The model consisted of three subunits: a submodel of gypsy moth population dynamics, a submodel of forest growth and a submodel of tree defoliation and mortality. Several different policies were simulated for an 80 year period. The eradication policy now employed in Michigan failed due to survival of small portions of the population. Allowing the gypsy moth to become established in Michigan forests and then responding by spraying when defoliation is visible provided a policy with the least economic and environmental cost

An Intergenerational Model of Wages, Hours and Earnings

In this paper we develop and estimate a factor model of the earnings, labor supply, and wages of young men and young women, their parents and their siblings. We estimate the model using data on matched sibling and parent-child pairs from the National Longitudinal Survey of Labor Market Experience. We measure the extent to which a set of unobserved parental and family factors that drive wage rates and work hours independently of wage rates lead to similarities among family members in labor market outcomes. We find strong family similarities in work hours that run along gender lines. These similarities are primarily due to preferences rather than to labor supply responses to family similarities in wages. The wage factors of the father and mother influence the wages of both sons and daughters. A `sibling' wage factor also plays an important role in wage determination. We find that intergenerational correlations in wages substantially overestimate the direct influence of fathers, and especially mothers, on wages. This is because the father's and mother's wage factors are positively correlated. The relative importance for the variance in earnings of the direct effect of wages, the labor supply response induced by wages, and effect of hours preferences varies by gender, and by age in the case of women. For all groups most of the effect of wages on earnings is direct rather than through a labor supply response.