Household wealth, portfolio selection and consumption behavior

In the past twenty years, household wealth undergoes profound changes and in particular a notable increase of the share of financial wealth. The hike of stock market prices in the late 1990s, the burst of the speculative bubble since the summer of 2000 and the continued upsurge of housing prices lead to important swings of the value of household wealth. These large changes raise a number of issues concerning their consequences, both real - in terms of consumption and savings - and financial - in terms of portfolio selection. This article studies the break up of wealth between different assets (portfolio choice theory) and the impact of aggregate wealth on consumption (wealth effect), taking into account population ageing. The age of consumers indeed influences both the level of their savings (life-cycle theory) and their investment horizon (short vs. long-run). We should expect that older households, on average, would lean towards more liquid assets as their remaining life span is narrowing. The share of housing wealth in aggregate wealth should decrease. Population aging should also lead to an increase of the aggregate saving rate for at least the coming twenty years.household wealth, wealth effect, portfolio selection, population ageing

Softstar: Heuristic-guided probabilistic inference

Recent machine learning methods for sequential behavior prediction estimate the motives of behavior rather than the behavior itself. This higher-level abstraction improves generalization in different prediction settings, but computing predictions often becomes intractable in large decision spaces. We propose the Softstar algorithm, a softened heuristic-guided search technique for the maximum entropy inverse optimal control model of sequential behavior. This approach supports probabilistic search with bounded approximation error at a significantly reduced computational cost when compared to sampling based methods. We present the algorithm, analyze approximation guarantees, and compare performance with simulation-based inference on two distinct complex decision tasks

Demographic changes and economic growth: a macroeconomic projection for 2020

Exploring the economic consequences of demographic changes is often carried out within simple accounting frameworks. Such approaches consist of projecting the impact of ageing on social security expenditures under exogenous assumptions about economic growth, productivity, wages and employment. Alternative attempts to consider richer interactions between economic and demographic variables are carried out with calibrated computable general equilibrium models with overlapping generations. These models are basically neoclassical. Up to now in France, this question seldom has been examined with macroeconometric models of keynesian inspiration. Studying the results provided by such models for France may therefore be of interest. This is the purpose of this work, which presents an economic outlook for 2020 carried out with MESANGE macroeconometric model. This model has short term keynesian and long term neo-classical properties. This exercise integrates the impact of demographic changes on savings, consumption, social expenditures and disequilibrium on the labour market. Labour force projections and the natural dynamics of the model lead to employment levels that remain insufficient to ensure balance in social accounts. Additional taxes would therefore be required. Two possibilities are explored: the CSG or Generalized Social Contribution (a constant tax rate on capital and labor income) or employers and employees social contributions (with or without an impact of employees contributions on the fiscal wedge). The model predicts that the level of employment is less penalised by the former modality. We also explore the consequences of tougher conditions to get full pensions which, at the 2020 horizon, would lead to a one-year increase of the age of new retirees. In this case, the increase of the CSG that would be required to meet Maastricht criteria amounts to 4.3 points. Choosing between CSG and social contributions might nevertheless depend on other considerations, such as their incidence on the relative standards of living of workers and pensioners, or the wish to keep a strong correspondence between pension benefits and contributions paid during working life.retirement, ageing, growth, sustainability of public spending

Tourist spaces and tourism policy in Spain and Portugal

Advances in Cultura, Tourism and Hospitality Research;10, 235-249This study analyses the relationship between the development of the tourism policy of Spain and Portugal and their effects on regional imbalances. Despite the proximity of the two countries and their specialisation in tourism, there are few comparative studies on tourism of the two Iberian countries. The study focuses on the two major phases of tourism policy: the period of mass tourism and post-Fordist stage. In the conclusions we refer the debate on the existence of a model of development based on tourism to the Latin countries of Southern Europe and we note the export process of the Spanish low-cost tourism model to other countries.Financiado por el Gobierno de España, Programa Fundamental de Investigación, Proyecto de I+D (CSO2012-30840) "Geografías de la crisis: análisis de los territorios urbanos y turísticos de las Islas Baleares, Costa del Sol y principales destinos del Caribe y América Central"

Impact mass flow sensor for monitoring peanut harvest yields

Yield monitoring systems for harvesting machines and methods that can provide yield monitoring of crops are described. Machines include those that pneumatically convey crop through the machine such as peanut harvesting machines. The yield monitoring system includes a force sensor that can be located in conjunction with a duct of the harvesting machine such that impact of the crop materials on an impact plate within the duct will be registered by the force sensor. This registration can be used to determine a mass flow rate for the crop, which can be correlated to yield of the crop. The systems can include additional components such as optical monitors, moisture sensors, and pressure sensors

Infant exposure to Fluvoxamine through placenta and human milk: a case series - A contribution from the ConcePTION project [case report].

INTRODUCTION Fluvoxamine is widely used to treat depression during pregnancy and lactation. However, limited data are available on its transfer to the fetus or in human milk. This case series provides additional information on the infant exposure to fluvoxamine during pregnancy and lactation. CASE PRESENTATION Two women, aged 38 and 34 years, diagnosed with depression were treated with 50 mg fluvoxamine during pregnancy and lactation. At delivery a paired maternal and cord blood sample was collected for each woman. The first mother exclusively breastfed her child for 4 months and gave one foremilk and one hindmilk sample at 2 days and 4 weeks post-partum, whereas the second mother did not breastfeed. RESULTS The cord to plasma concentration ratios were 0.62 and 0.48, respectively. At 2 weeks post-partum, relative infant doses (RID) were 0.47 and 0.57% based on fluvoxamine concentrations in foremilk and hindmilk, respectively. At 4 weeks post-partum, the RIDs were 0.35 and 0.90%, respectively. The child from the first mother was born healthy and showed a normal development at the 6th, 18th and 36th month follow-ups. One of the twins from the second woman was hospitalized for hypoglycemia that was attributed to gestational diabetes and low birth weight. The second one was born healthy. CONCLUSION These results suggest a minimal exposure to fluvoxamine during lactation which is in accordance with previously published data. Larger clinical and pharmacokinetic studies assessing the long-term safety of this drug during lactation and the variability of its exposure through breastmilk are warranted

Exposure to Bisphenol A and Phthalates during Pregnancy and Ultrasound Measures of Fetal Growth in the INMA-Sabadell Cohort

Background: Prenatal exposure to bisphenol A (BPA) and phthalates may affect fetal growth; however, previous findings are inconsistent and based on few studies. Objectives: We assessed whether prenatal exposure to BPA and phthalates was associated with fetal growth in a Spanish birth cohort of 488 mother–child pairs. Methods: We measured BPA and eight phthalates [four di(2-ethylhexyl) phthalate metabolites (DEHPm), mono-benzyl phthalate (MBzP), and three low-molecular-weight phthalate metabolites (LMWPm)] in two spot-urine samples collected during the first and third trimester of pregnancy. We estimated growth curves for femur length (FL), head circumference (HC), abdominal circumference (AC), biparietal diameter (BPD), and estimated fetal weight (EFW) during pregnancy (weeks 12–20 and 20–34), and for birth weight, birth length, head circumference at birth, and placental weight. Results: Overall, results did not support associations of exposure to BPA or DEHPm during pregnancy with fetal growth parameters. Prenatal MBzP exposure was positively associated with FL at 20–34 weeks, resulting in an increase of 3.70% of the average FL (95% CI: 0.75, 6.63%) per doubling of MBzP concentration. MBzP was positively associated with birth weight among boys (48 g; 95% CI: 6, 90) but not in girls (–27 g; 95% CI: –79, 25) (interaction p-value = 0.04). The LMWPm mono-n-butyl phthalate (MnBP) was negatively associated with HC at 12–20 pregnancy weeks [–4.88% of HC average (95% CI: –8.36, –1.36%)]. Conclusions: This study, one of the first to combine repeat exposure biomarker measurements and multiple growth measures during pregnancy, finds little evidence of associations of BPA or phthalate exposures with fetal growth. Phthalate metabolites MBzP and MnBP were associated with some fetal growth parameters, but these findings require replication

In vitro toxicity of industrially relevant engineered nanoparticles in human alveolar epithelial cells: air–liquid interface versus submerged cultures

Diverse industries have already incorporated within their production processes engineered nanoparticles (ENP), increasing the potential risk of worker inhalation exposure. In vitro models have been widely used to investigate ENP toxicity. Air–liquid interface (ALI) cell cultures have been emerging as a valuable alternative to submerged cultures as they are more representative of the inhalation exposure to airborne nano-sized particles. We compared the in vitro toxicity of four ENP used as raw materials in the advanced ceramics sector in human alveolar epithelial-like cells cultured under submerged or ALI conditions. Submerged cultures were exposed to ENP liquid suspensions or to aerosolised ENP at ALI. Toxicity was assessed by determining LDH release, WST-1 metabolisation and DNA damage. Overall, cells were more sensitive to ENP cytotoxic effects when cultured and exposed under ALI. No significant cytotoxicity was observed after 24 h exposure to ENP liquid suspensions, although aerosolised ENP clearly affected cell viability and LDH release. In general, all ENP increased primary DNA damage regardless of the exposure mode, where an increase in DNA strand-breaks was only detected under submerged conditions. Our data show that at relevant occupational concentrations, the selected ENP exert mild toxicity to alveolar epithelial cells and exposure at ALI might be the most suitable choice when assessing ENP toxicity in respiratory models under realistic exposure conditions

In Vitro Toxicity of Industrially Relevant Engineered Nanoparticles in Human Alveolar Epithelial Cells: Air-Liquid Interface versus Submerged Cultures

This article belongs to the Special Issue Engineered Nanomaterials Exposure and Risk Assessment: Occupational Health and SafetyDiverse industries have already incorporated within their production processes engineered nanoparticles (ENP), increasing the potential risk of worker inhalation exposure. In vitro models have been widely used to investigate ENP toxicity. Air-liquid interface (ALI) cell cultures have been emerging as a valuable alternative to submerged cultures as they are more representative of the inhalation exposure to airborne nano-sized particles. We compared the in vitro toxicity of four ENP used as raw materials in the advanced ceramics sector in human alveolar epithelial-like cells cultured under submerged or ALI conditions. Submerged cultures were exposed to ENP liquid suspensions or to aerosolised ENP at ALI. Toxicity was assessed by determining LDH release, WST-1 metabolisation and DNA damage. Overall, cells were more sensitive to ENP cytotoxic effects when cultured and exposed under ALI. No significant cytotoxicity was observed after 24 h exposure to ENP liquid suspensions, although aerosolised ENP clearly affected cell viability and LDH release. In general, all ENP increased primary DNA damage regardless of the exposure mode, where an increase in DNA strand-breaks was only detected under submerged conditions. Our data show that at relevant occupational concentrations, the selected ENP exert mild toxicity to alveolar epithelial cells and exposure at ALI might be the most suitable choice when assessing ENP toxicity in respiratory models under realistic exposure conditions.This research was funded by CERASAFE (www.cerasafe.eu; accessed on 26 October 2021), with the support of ERA-NET SIINN (project id:16) and the Portuguese Foundation for Science and Technology (FCT; SIINN/0004/2014). This work was also supported by the NanoBioBarriers project (PTDC/MED-TOX/31162/2017), co-financed by the Operational Program for Competitiveness and Internationalization (POCI) through European Regional Development Funds (FEDER/FNR) and FCT; Spanish Ministry of Science and Innovation (projects PCIN-2015-173-C02-01 and CEX2018-000794- S-Severo Ochoa), and by the Romanian National Authority for Scientific Research and Innovation (CCCDI-UEFISCDI, project number 29/2016 within PNCDI III). M.J. Bessa (SFRH/BD/120646/2016) and F. Brandão (SFRH/BD/101060/2014) are recipients of FCT PhD scholarships under the framework of Human Capital Operating Program (POCH) and European Union funding. The Doctoral Program in Biomedical Sciences, of the ICBAS—University of Porto, offered additional funds. S. Fraga thanks FCT for funding through program DL 57/2016–Norma transitória (Ref. DL-57/INSA-06/2018). Thanks are also due to FCT/MCTES for the financial support to EPIUnit (UIDB/04750/2020).info:eu-repo/semantics/publishedVersio