Lender Liability in the Consumer Credit Market

In many countries consumer credit legislation provides for the extension of liability for product failure to the financial institution that advances credit to the consumer. In particular, lender liability is imposed on those credit grantors who closely operate with the supplier of the good. This paper provides a rationale for lender-responsibility in the consumer credit market. It shows that, when judicial enforcement is inefficient or there is risk of seller liquidation, lender-liability helps to protect consumers who systematically underestimate the probability of product failure and overestimate the extent to which they can obtain compensation

Optimism and lender liability in the consumer credit market

Credit purchases of consumer goods are commonly made upon terms governed by an agreement between the lender and the seller. This type of purchase is generally subject to a legal principle of joint responsibility under which the lender and the seller are jointly liable to the consumer for breach of the sale contract by the seller. We study the rationale for this principle in situations where market failure arises because consumers underestimate the risk of product failure - for example due to seller misrepresentation - and it is difficult to enforce seller responsibility. We show that joint responsibility increases welfare and reduces the incentives of sellers to misrepresent the quality of their products

Decision rules and information provision: monitoring versus manipulation

The paper focuses on the organization of institutions designed to resolve disputes between two parties, when some information is not veri…able and decision makers may have vested preferences. It shows that the choice of how much discretional power to grant to the decision maker and who provides the information are intrinsically related. Direct involvement of the interested parties in the supply of information enhances monitoring over the decision maker, although at the cost of higher manipulation. Thus, it is desirable when the decision maker is granted high discretion. On the contrary, when the decision maker has limited discretional power, information provision is better assigned to an agent with no direct stake. The analysis helps to rationalize some organizational arrangements that are commonly observed in the context of judicial and antitrust decision-makin

Jets and outflows in Radio Galaxies: implications for AGN feedback

One of the main debated astrophysical problems is the role of the AGN feedback in galaxy formation. It is known that massive black holes have a profound effect on the formation and evolution of galaxies, but how black holes and galaxies communicate is still an unsolved problem. For Radio Galaxies, feedback studies have mainly focused on jet/cavity systems in the most massive and X-ray luminous galaxy clusters. The recent high-resolution detection of warm absorbers in some Broad Line Radio Galaxies allow us to investigate the interplay between the nuclear engine and the surrounding medium from a different perspective. We report on the detection of warm absorbers in two Broad Line Radio Galaxies, 3C 382 and 3C 390.3, and discuss the physical and energetic properties of the absorbing gas. Finally, we attempt a comparison between radio-loud and radio-quiet outflows.Comment: To be published in the proceedings of High Energy Phenomena in Relativistic Outflows III (HEPRO III, IJMPCS). 4 pages, 2 figure

Impact of earthworms on trace element solubility in contaminated mine soils amended with green waste compost

The common practice of remediating metal contaminated mine soils with compost can reduce metal mobility and promote revegetation, but the effect of introduced or colonising earthworms on metal solubility is largely unknown. We amended soils from an As/Cu (1150 mgAs kg−1 and 362 mgCu kg−1) and Pb/Zn mine (4550 mgPb kg−1 and 908 mgZn kg−1) with 0, 5, 10, 15 and 20% compost and then introduced Lumbricus terrestris. Porewater was sampled and soil extracted with water to determine trace element solubility, pH and soluble organic carbon. Compost reduced Cu, Pb and Zn, but increased As solubility. Earthworms decreased water soluble Cu and As but increased Pb and Zn in porewater. The effect of the earthworms decreased with increasing compost amendment. The impact of the compost and the earthworms on metal solubility is explained by their effect on pH and soluble organic carbon and the environmental chemistry of each element

Detection of C3O in the low-mass protostar Elias 18

We have performed new laboratory experiments which gave us the possibility to obtain an estimate of the amount of carbon chain oxides (namely C3O2, C2O, and C3O) formed after irradiation (with 200 keV protons) of pure CO ice, at 16 K. The analysis of laboratory data indicates that in dense molecular clouds, when high CO depletion occurs, an amount of carbon chain oxides as high as 2-3x10^-3 with respect to gas phase carbon monoxide can be formed after ion irradiation of icy grain mantles. Then we have searched for gas phase C2O and C3O towards ten low-mass young stellar objects. Among these we have detected the C3O line at 38486.891 MHz towards the low-mass protostar Elias 18. On the basis of the laboratory results we suggest that in dense molecular clouds gas phase carbon chain oxides are formed in the solid phase after cosmic ion irradiation of CO-rich icy mantles and released to the gas phase after desorption of icy mantles. We expect that the Atacama Large Millimeter Array (ALMA), thanks to its high sensitivity and resolution, will increase the number of carbon chain oxides detected in dense molecular clouds.Comment: 19 Pages, 5 figures, Accepted to Ap

Garigliano nuclear power plant: seismic evaluation of the turbine building

The Italian Garigliano Nuclear Power Plant (NPP) started its energy production in 1963. At present it is in the decommissioning stage. In order to get a proper management of the radioactive waste that will be produced during the dismantling operations it has been considered convenient to convert the turbine building of the plant into a temporary waste repository. This decision posed a remarkable seismic safety assessment issue. As a matter of fact, the challenge was to extend, in satisfactory safety conditions, the use of an important facility that has reached the end of its designed lifetime and to have this extended use approved by nuclear safety agencies. In this context many tasks have been accomplished, of which the most important are: (a) a new appraisal of site seismic hazard; (b) the execution of many investigations and testing on the construction materials; (c) the set up of a detailed 3D finite element model including the explicit representation of foundation piles and soil; (d) consideration of soil structure kinematic and dynamic nteraction effects. This paper describes the adopted seismic safety assessment criteria which are based on a performance objectives design approach. While performance based design is the approach currently recommended by European Regulations to manage seismic risk and it is fully incorporated in the Italian code for conventional buildings, bridges and plants, NPP are not explicitly considered. Therefore it was necessary to delineate a consistent interpretation of prescribed rules in order to properly select the maximum and operating design earthquakes on one side and corresponding acceptable limit states on the other side. The paper further provides an outline of the numerical analyses carried out, of the main results obtained and of the principal retrofitting actions that will be realized

Impact of the earthworm Lumbricus terrestris (L.) on As, Cu, Pb and Zn mobility and speciation in contaminated soils

To assess the risks that contaminated soils pose to the environment properly a greater understanding of how soil biota influence the mobility of metal(loid)s in soils is required. Lumbricus terrestris L. were incubated in three soils contaminated with As, Cu, Pb and Zn. The concentration and speciation of metal(loid)s in pore waters and the mobility and partitioning in casts were compared with earthworm-free soil. Generally the concentrations of water extractable metal(loid)s in earthworm casts were greater than in earthworm-free soil. The impact of the earthworms on concentration and speciation in pore waters was soil and metal specific and could be explained either by earthworm induced changes in soil pH or soluble organic carbon. The mobilisation of metal(loid)s in the environment by earthworm activity may allow for leaching or uptake into biota

Adult lifelong learning and counselling in life transitions: Challenges for universities.

The paper aims to explore the implications of university lifelong learning on professional and personal transitions (and micro-transitions) and the role of adult counselling in supporting and facilitating them. This is a challenge for Italian Universities as national rules are being implemented in the perspective of a National Lifelong Learning System. In recent decades in Europe different research has analysed the phase betwee