Toward Reasonable Regulation of Debit Card Interchange Fees: The Case for Modifying the Federal Reserve Board’s December 16, 2010 Proposals

This paper shows why the Federal Reserve Board’s proposed alternatives for regulating interchange fees are not “reasonable” and therefore in direct violation of the statutory mandate that these rules be “reasonable” and “proportional” to the costs incurred by debit card issuers. The Board’s December 16, 2010 proposal is not “reasonable” because it would lead to a series of “unreasonable” outcomes, which, in significant part, flow from the predictable responses issuers of debit cards would take in response to the proposal. Policy makers cannot reasonably assume that banks in competitive markets will sit idly by while being forced to reduce their current market-determined debit card interchange fees, which comprise much of their debit-card revenues and a material portion of bank profits, by anywhere from 73 to 84 percent. To the contrary, banks will attempt to make up as much of the lost revenue as they can by some combination of higher fees on checking accounts, fees or reductions of benefits for debit card use, or more refusals by issuers to permit consumers to conduct higher-cost types of transactions that impose greater fraud risk. We argue that the Board should find that, in the absence of empirical evidence evaluated using the analytical framework governing two-sided markets proving otherwise, market-set interchange fees are reasonable and proportional to cost. Any other decision would lead to the unreasonable outcomes.

THE DEMAND FOR MEAT PRODUCTS IN THE UNITED STATES: AN EMPIRICAL ANALYSIS

Given the importance of meat consumption, and the proportion of consumers' income spent on meat, this study estimates the demand for eight meat categories using two different functional forms. An inverse almost ideal demand system (IAIDS), and linear double-log price dependent demand models are specified. In most cases, flexibilities obtained from both methods are comparable and show that the demand for meat products is price inflexible. In addition, there are regional as well as seasonal variations in the demand for meat products.Demand and Price Analysis,

AN ENTERPRISE COMPETITION ANALYSIS OF BEEF PRODUCTION IN THE SOUTH

Livestock Production/Industries,

CMB power spectra from cosmic strings: predictions for the Planck satellite and beyond

We present a significant improvement over our previous calculations of the cosmic string contribution to cosmic microwave background (CMB) power spectra, with particular focus on sub-WMAP angular scales. These smaller scales are relevant for the now-operational Planck satellite and additional sub-orbital CMB projects that have even finer resolutions. We employ larger Abelian Higgs string simulations than before and we additionally model and extrapolate the statistical measures from our simulations to smaller length scales. We then use an efficient means of including the extrapolations into our Einstein-Boltzmann calculations in order to yield accurate results over the multipole range 2 < l 3000 in the case of the temperature power spectrum, which then allows cautious extrapolation to even smaller scales. We find that a string contribution to the temperature power spectrum making up 10% of power at l=10 would be larger than the Silk-damped primary adiabatic contribution for l > 3500. Astrophysical contributions such as the Sunyaev-Zeldovich effect also become important at these scales and will reduce the sensitivity to strings, but these are potentially distinguishable by their frequency-dependence.Comment: 18 pages, 16 figure

IMPACT OF MEAT IMPORTS ON LEAST-COST UNITED STATES BEEF PRODUCTION

International Relations/Trade,

CMB power spectrum contribution from cosmic strings using field-evolution simulations of the Abelian Higgs model

We present the first field-theoretic calculations of the contribution made by cosmic strings to the temperature power spectrum of the cosmic microwave background (CMB). Unlike previous work, in which strings were modeled as idealized one-dimensional objects, we evolve the simplest example of an underlying field theory containing local U(1) strings, the Abelian Higgs model. Limitations imposed by finite computational volumes are overcome using the scaling property of string networks and a further extrapolation related to the lessening of the string width in comoving coordinates. The strings and their decay products, which are automatically included in the field theory approach, source metric perturbations via their energy-momentum tensor, the unequal-time correlation functions of which are used as input into the CMB calculation phase. These calculations involve the use of a modified version of CMBEASY, with results provided over the full range of relevant scales. We find that the string tension $\mu$ required to normalize to the WMAP 3-year data at multipole $\ell = 10$ is $G\mu = [2.04\pm0.06\textrm{(stat.)}\pm0.12\textrm{(sys.)}] \times 10^{-6}$, where we have quoted statistical and systematic errors separately, and $G$ is Newton's constant. This is a factor 2-3 higher than values in current circulation.Comment: 23 pages, 14 figures; further optimized figures for 1Mb size limit, appendix added before submission to journal, matches accepted versio

A Comparative Analysis of the Impact of University Field Supervision on Administrative Mindsets: Considerations for Redesign

The purpose of this study was to evaluate perceptions of principal preparation program candidates regarding the impact professional coaching and field supervision had on the development of their administrative mindsets. A secondary purpose was to determine if there was a significant difference in perceptions regarding the impact that professional coaching and field supervision had on administrative mindsets when comparing students who received face-to-face field supervision and coaching activities to those involved in online field supervision and coaching activities. Forty percent of the 150 principal candidates contacted in this study responded to a survey regarding their practicum field experiences. Candidates noted that both the online medium and face-to-face medium were positive in contributing to their professional growth and learning within the program. Inferential tests revealed little if any significant difference regarding the perceived impact online field supervision activities had on developing administrative mindsets as compared to those participating in face-to-face field supervision activities

Native Plant Establishment Success Influenced by Spotted Knapweed (\u3ci\u3eCentaurea stoebe\u3c/i\u3e) Control Method

Invasive species frequently need to be controlled as part of efforts to reestablish native species on degraded sites. While the effectiveness of differing control methods are often reported, the impacts these methods have on the establishment of a native plant community are often unknown. To determine methods that effectively reduce spotted knapweed (Centaurea stoebe) while enhancing native species establishment, we tested 12 treatment combinations consisting of an initial site preparation (mowing, mowing + clopyralid, or mowing + glyphosate), in factorial combination with annual adult knapweed hand pulling and/or burning. We established 48 plots and applied site preparation treatments during summer 2008, seeded 23 native forbs and grasses during spring 2009, pulled adult knapweed annually from 2009–2012, and burned in the early spring 2012. During July of 2011 and 2012, percent cover of all species was visually estimated. By 2011, seeded species had established in all treatment plots, including plots that retained greater than 50% knapweed cover, indicating that native species successfully established despite knapweed dominance. Mowing alone had no longterm impacts on community development. Clopyralid favored non-native grass establishment, while glyphosate encouraged non-native forbs. Clopyralid had minimal impacts on native forb establishment, but did effectively control knapweed. Pulling reduced knapweed cover, increased non-native grass cover and enhanced native species establishment. Burning had little impact, possibly due to low intensity and unseasonable weather. On the heavily invaded site we studied, combining the use of clopyralid with hand pulling effectively controlled knapweed and favored the establishment of seeded native grasses and forbs