Price Rigidity and Strategic Uncertainty An Agent-based Approach

The phenomenon of infrequent price changes has troubled economists for decades. Intuitively one feels that for most price-setters there exists a range of inaction, i.e. a substantial measure of the states of the world, within which they do not wish to modify prevailing prices. However, basic economics tells us that when marginal costs change it is rational to change prices, too. Economists wishing to maintain rationality of price-setters resorted to fixed price adjustment costs as an explanation for price rigidity. In this paper we propose an alternative explanation, without recourse to any sort of physical adjustment cost, by putting strategic interaction into the center-stage of our analysis. Price-making is treated as a repeated oligopoly game. The traditional analysis of these games cannot pinpoint any equilibrium as a reasonable "solution" of the strategic situation. Thus there is genuine strategic uncertainty, a situation where decision-makers are uncertain of the strategies of other decision-makers. Hesitation may lead to inaction. To model this situation we follow the style of agent-based models, by modelling firms that change their pricing strategies following an evolutionary algorithm. Our results are promising. In addition to reproducing the known negative relationship between price rigidity and the level of general inflation, our model exhibits several features observed in real data. Moreover, most prices fall into the theoretical "range" without explicitly building this property into strategies.Agent-based modeling, Evolutionary algorithm, Price rigidity, Social learning, Strategic Uncertainty

Review of existing information on the interrelations between soil and climate change. (ClimSoil). Final report

Carbon stock in EU soils – The soil carbon stocks in the EU27 are around 75 billion tonnes of carbon (C); of this stock around 50% is located in Sweden, Finland and the United Kingdom (because of the vast area of peatlands in these countries) and approximately 20% is in peatlands, mainly in countries in the northern part of Europe. The rest is in mineral soils, again the higher amount being in northern Europe. 2. Soils sink or source for CO2 in the EU – Both uptake of carbon dioxide (CO2) through photosynthesis and plant growth and loss of CO2 through decomposition of organic matter from terrestrial ecosystems are significant fluxes in Europe. Yet, the net terrestrial carbon fluxes are typically 5-10 times smaller relative to the emissions from use of fossil fuel of 4000 Mt CO2 per year. 3. Peat and organic soils - The largest emissions of CO2 from soils are resulting from land use change and especially drainage of organic soils and amount to 20-40 tonnes of CO2 per hectare per year. The most effective option to manage soil carbon in order to mitigate climate change is to preserve existing stocks in soils, and especially the large stocks in peat and other soils with a high content of organic matter. 4. Land use and soil carbon – Land use and land use change significantly affects soil carbon stocks. On average, soils in Europe are most likely to be accumulating carbon on a net basis with a sink for carbon in soils under grassland and forest (from 0 - 100 billion tonnes of carbon per year) and a smaller source for carbon from soils under arable land (from 10 - 40 billion tonnes of carbon per year). Soil carbon losses occur when grasslands, managed forest lands or native ecosystems are converted to croplands and vice versa carbon stocks increase, albeit it slower, following conversion of cropland. 5. Soil management and soil carbon – Soil management has a large impact on soil carbon. Measures directed towards effective management of soil carbon are available and identified, and many of these are feasible and relatively inexpensive to implement. Management for lower nitrogen (N) emissions and lower C emissions is a useful approach to prevent trade off and swapping of emissions between the greenhouse gases CO2, methane (CH4) and nitrous oxide (N2O). 6. Carbon sequestration – Even though effective in reducing or slowing the build up of CO2 in the atmosphere, soil carbon sequestration is surely no ‘golden bullet’ alone to fight climate change due to the limited magnitude of its effect and its potential reversibility; it could, nevertheless, play an important role in climate mitigation alongside other measures, especially because of its immediate availability and relative low cost for 'buying' us time. 7. Effects of climate change on soil carbon pools – Climate change is expected to have an impact on soil carbon in the longer term, but far less an impact than does land use change, land use and land management. We have not found strong and clear evidence for either overall and combined positive of negative impact of climate change (atmospheric CO2, temperature, precipitation) on soil carbon stocks. Due to the relatively large gross exchange of CO2 between atmosphere and soils and the significant stocks of carbon in soils, relatively small changes in these large and opposing fluxes of CO2, i.e. as result of land use (change), land management and climate change, may have significant impact on our climate and on soil quality. 8. Monitoring systems for changes in soil carbon – Currently, monitoring and knowledge on land use and land use change in EU27 is inadequate for accurate calculation of changes in soil carbon contents. Systematic and harmonized monitoring across EU27 and across relevant land uses would allow for adequate representation of changes in soil carbon in reporting emissions from soils and sequestration in soils to the UNFCCC. 9. EU policies and soil carbon – Environmental requirements under the Cross Compliance requirement of CAP is an instrument that may be used to maintain SOC. Neither measures under UNFCCC nor those mentioned in the proposed Soil Framework Directive are expected to adversely impact soil C. EU policy on renewable energy is not necessarily a guarantee for appropriate (soil) carbon management

Community dynamics and function of algae and bacteria during winter in central European great lakes

Abundant phytoplankton and bacteria were identified by microscopy and high-throughput 16S rRNA tag Illumina sequencing of samples from water- and ice phases collected during winter at two central European Great Lakes, Balaton and Fertő (Neusiedlersee). Bacterial reads at all sites were dominated (\u3e85%) by Bacteroidetes and Proteobacteria. Amongst phototrophs, microscopy and 16S sequencing revealed that both phytoplankton and cyanobacteria were represented, with a median of 1500 cyanobacterial sequence reads amongst 13 samples analyzed. The sequence analysis compared replicate Balaton and Fertő ice and water samples with an outgroup from three Hungarian soda lakes. In particular, both water and ice from Fertő contained high contributions from cyanobacteria. Two percent of total reads identified to the level of family in water at Fertő were dominated by a single operational taxonomic unit (OTU) of a cyanobacterium within the Rivulariaceae, which was largely absent from ice. Conversely, ice samples from both lakes yielded an abundant OTU assigned to a Flavobacterium sp. known to be associated with freshwater ice. Principal Coordinates Analysis (PCoA) revealed that the ice communities from all sites were similar to one another, and that the water communities did not cluster together. Fluorescence emission spectra obtained at 77 K confirmed the presence of intact cyanobacteria in Fertő water and ice. Photosynthetic characterization of phototrophs resident in water and ice analyzed by assay of acid-stable photosynthetic H14CO3– incorporation showed that communities from both phases were photosynthetically active, thus adding to growing recognition of ice-covered lakes as viable habitat for phototrophs

Cannabis and benzodiazepines as determinants of methadone trough plasma concentration variability in maintenance treatment: a transnational study

Purpose: To assess tobacco, alcohol, cannabis and benzodiazepine use in methadone maintenance treatment (MMT) as potential sources of variability in methadone pharmacokinetics. Methods: Trough plasma (R)- and (S)-methadone concentrations were measured on 77 Australian and 74 Swiss MMT patients with no additional medications other than benzodiazepines. Simple and multiple regression analyses were performed for the primary metric, plasma methadone concentration/dose. Results: Cannabis and methadone dose were significantly associated with lower 24-h plasma (R)- and (S)-methadone concentrations/dose. The models containing these variables explained 14-16% and 17-25% of the variation in (R)- and (S)-methadone concentration/dose, respectively. Analysis of 61 patients using only CYP3A4 metabolised benzodiazepines showed this class to be associated with higher (R)-concentration/dose, which is consistent with a potential competitive inhibition of CYP3A4. Conclusion: Cannabis use and higher methadone doses in MMT could in part be a response to—or a cause of—more rapid methadone clearance. The effects of cannabis and benzodiazepines should be controlled for in future studies on methadone pharmacokinetics in MM

Convergence of TCR and cytokine signaling leads to FOXO3a phosphorylation and drives the survival of CD4+ central memory T cells

The molecular events involved in the establishment and maintenance of CD4+ central memory and effector memory T cells (TCM and TEM, respectively) are poorly understood. In this study, we demonstrate that ex vivo isolated TCM are more resistant to both spontaneous and Fas-induced apoptosis than TEM and have an increased capacity to proliferate and persist in vitro. Using global gene expression profiling, single cell proteomics, and functional assays, we show that the survival of CD4+ TCM depends, at least in part, on the activation and phosphorylation of signal transducer and activator of transcription 5a (STAT5a) and forkhead box O3a (FOXO3a). TCM showed a significant increase in the levels of phosphorylation of STAT5a compared with TEM in response to both IL-2 (P < 0.04) and IL-7 (P < 0.002); the latter is well known for its capacity to enhance T cell survival. Moreover, ex vivo TCM express higher levels of the transcriptionally inactive phosphorylated forms of FOXO3a and concomitantly lower levels of the proapoptotic FOXO3a target, Bim. Experiments aimed at blocking FOXO3a phosphorylation confirmed the role of this phosphoprotein in protecting TCM from apoptosis. Our results provide, for the first time in humans, an insight into molecular mechanisms that could be responsible for the longevity and persistence of CD4+ TCM

Yellow fever vaccine induces integrated multilineage and polyfunctional immune responses

Correlates of immune-mediated protection to most viral and cancer vaccines are still unknown. This impedes the development of novel vaccines to incurable diseases such as HIV and cancer. In this study, we have used functional genomics and polychromatic flow cytometry to define the signature of the immune response to the yellow fever (YF) vaccine 17D (YF17D) in a cohort of 40 volunteers followed for up to 1 yr after vaccination. We show that immunization with YF17D leads to an integrated immune response that includes several effector arms of innate immunity, including complement, the inflammasome, and interferons, as well as adaptive immunity as shown by an early T cell response followed by a brisk and variable B cell response. Development of these responses is preceded, as demonstrated in three independent vaccination trials and in a novel in vitro system of primary immune responses (modular immune in vitro construct [MIMIC] system), by the coordinated up-regulation of transcripts for specific transcription factors, including STAT1, IRF7, and ETS2, which are upstream of the different effector arms of the immune response. These results clearly show that the immune response to a strong vaccine is preceded by coordinated induction of master transcription factors that lead to the development of a broad, polyfunctional, and persistent immune response that integrates all effector cells of the immune system

Effect of electroacupuncture on opioid consumption in patients with chronic musculoskeletal pain: protocol of a randomised controlled trial

This is an open access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/2.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. The electronic version of this article is the complete one and can be found online at: http://www.trialsjournal.com/content/13/1/169BACKGROUND Chronic musculoskeletal pain is common and has been increasingly managed by opioid medications, of which the long-term efficacy is unknown. Furthermore, there is evidence that long-term use of opioids is associated with reduced pain control, declining physical function and quality of life, and could hinder the goals of integrated pain management. Electroacupuncture (EA) has been shown to be effective in reducing postoperative opioid consumption. Limited evidence suggests that acupuncture could assist patients with chronic pain to reduce their requirements for opioids. The proposed research aims to assess if EA is an effective adjunct therapy to standard pain and medication management in reducing opioids use by patients with chronic musculoskeletal pain. METHODS In this multicentre, randomised, sham-acupuncture controlled, three-arm clinical trial, 316 patients regularly taking opioids for pain control and meeting the defined selection criteria will be recruited from pain management centres and clinics of primary care providers in Victoria, Australia. After a four-week run-in period, the participants are randomly assigned to one of three treatment groups to receive EA, sham EA or no-EA with a ratio of 2:1:1. All participants receive routine pain medication management delivered and supervised by the trial medical doctors. Twelve sessions of semi-structured EA or sham EA treatment are delivered over 10 weeks. Upon completion of the acupuncture treatment period, there is a 12-week follow-up. In total, participants are involved in the trial for 26 weeks. Outcome measures of opioid and non-opioid medication consumption, pain scores and opioid-related adverse events are documented throughout the study. Quality of life, depression, function, and attitude to pain medications are also assessed. DISCUSSION This randomised controlled trial will determine whether EA is of significant clinical value in assisting the management of debilitating chronic pain by reducing opioids consumption and their associated adverse events, as well as improving the quality of life for those with chronic pain. Such an outcome will provide the rationale for including EA into multidisciplinary programmes for effective management of chronic musculoskeletal pain. TRIAL REGISTRATION Australian New Zealand Clinical Trial Registry (ACTRN12609000676213) http://www.anzctr.org.au/trial_view.aspx?ID=308008Charlie CL Xue, Robert D Helme, Stephen Gibson, Malcolm Hogg, Carolyn Arnold, Andrew A Somogyi, Cliff Da Costa, Yanyi Wang, Shao-chen Lu and Zhen Zhen