Risk Allocation in Toll Highway Concessions in Spain: Lessons from Economic Recession

Spain has a long tradition of encouraging toll highways by granting concessions to private companies. Concessions in Spain have been characterized by a willingness to transfer considerable risk to the private sector. Traffic demand, acquisition of the right-of-way, and financial risk have often been allocated to the private sector. From 1996 to 2011, 16 toll highway concessions, covering a total distance of 835 km, were awarded by the central government of Spain with this approach. Some of those highways started their operations just before the economic recession began. The recession had negative consequences for Spain's economy. The gross domestic product per capita plummeted, and the unemployment rate increased from 9% to 20% of the working population in just 2 years. The recession also had severe consequences for the economic performance of toll highway concessions. Traffic levels declined at a much greater rate than did the gross domestic product. In addition, the conditions imposed by the financial markets on borrowers became much stricter because of the liquidity crisis. This study analyzes the impact that the economic recession ultimately had on the performance of toll highway concessions in Spain and the actions that the government adopted to avoid the bankruptcy of the concessionaires. It was found that the economic recession helped identify some deficiencies in how risk had been allocated in Spain. The measures that both Spain and the European Union are adopting so as to improve risk allocation are discussed

Circular dielectric cavity and its deformations

The construction of perturbation series for slightly deformed dielectric circular cavity is discussed in details. The obtained formulae are checked on the example of cut disks. A good agreement is found with direct numerical simulations and far-field experiments.Comment: 17 pages, 12 figure

Experimental Test of a Two-dimensional Approximation for Dielectric Microcavities

Open dielectric resonators of different shapes are widely used for the manufacture of microlasers. A precise determination of their resonance frequencies and widths is crucial for their design. Most microlasers have a flat cylindrical geometry, and a two-dimensional approximation, the so-called method of the effective index of refraction, is commonly employed for numerical calculations. Our aim has been an experimental test of the precision and applicability of a model based on this approximation. We performed very thorough and accurate measurements of the resonance frequencies and widths of two passive circular dielectric microwave resonators and found significant deviations from the model predictions. From this we conclude that the model generally fails in the quantitative description of three-dimensional dielectric resonators.Comment: 10 pages, 13 figure

Precautionary advice about mobile phones: Public understandings and intended responses

The official published version can be obtained from the link below - Copyright @ Taylor & FrancisThere is a widespread academic and policy debate about public responses to precaution in public health campaigns. This paper explores these issues in relation to the precautionary stance adopted in the UK around the regulation of mobile telecommunications. The aim of the paper is to examine the nature of attitudes to precaution, and the way in which these, along with other relevant variables, relate to the intention to adopt relevant behaviours. The results from an experimental study (n = 173) indicate that people distinguish between two dimensions of precaution: firstly in relation to its value or necessity per se and secondly as anchored to notions of governance. The two variables differentially relate to other variables including trust and uncertainty, and are predictive of intended behaviour change indirectly, through worry about mobile phone risks. Precautionary advice was generally interpreted as causing concern rather than providing reassurance. The results suggest that precaution may be considered a valuable stance but this does not mean that it is seen as good governance or that it will reduce concern. Whilst the discourse of precaution is aimed at reducing concern, it appears that the uptake of relevant behaviours is largely triggered by worry

Temporal and spatial change of exergy and ascendency in different benthic marine ecosystems

Holistic indicators such as exergy and ascendency have been widely employed to assess the health of ecosystems given by their structure, function and organization. In this study we calculate the exergy, specific exergy and ascendency for the microbenthic loop that represents a major sub-system within the marine food chain. The analysis of the microbenthic loop investigated in terms of organic matter, bacteria, microphytobenthos and meiofauna reflected changes occurring in the trophic state of benthic ecosystems and provided a tool for comparison between different environments. Temporal and spatial variability of the holistic indicators were evaluated using benthic measures collected at different times for different environments in the Mediterranean Sea. Exergy was strongly correlated with the organic contents of the sediments, and did not provide a useful description of the investigated system. In contrast, specific exergy resulted related to the microbenthic loop structure and complexity while Ascendency mostly reflected its activity and organization. Temporal analysis showed that in natural ecosystems specific exergy and ascendency showed convergence and follow similar seasonal trends. On the contrary in strongly eutrophicated systems an uncoupling between the two indicators occurred indicating a malfunctioning of the microbenthic loop that become strongly dissipative.http://www.sciencedirect.com/science/article/B6V2S-4CC7RP3-D/1/49cf1c6b40bddddc9a3bb98c5072e51

Inferring periodic orbits from spectra of simple shaped micro-lasers

Dielectric micro-cavities are widely used as laser resonators and characterizations of their spectra are of interest for various applications. We experimentally investigate micro-lasers of simple shapes (Fabry-Perot, square, pentagon, and disk). Their lasing spectra consist mainly of almost equidistant peaks and the distance between peaks reveals the length of a quantized periodic orbit. To measure this length with a good precision, it is necessary to take into account different sources of refractive index dispersion. Our experimental and numerical results agree with the superscar model describing the formation of long-lived states in polygonal cavities. The limitations of the two-dimensional approximation are briefly discussed in connection with micro-disks.Comment: 13 pages, 19 figures, accepted for publication in Physical Review

Converted phase identification and retrieval of Vp/Vs ratios from move-out reflection analysis: application to the Campi Flegrei caldera

Here, we propose a method for the determination of Vp/Vs ratios in a horizontally layered propagation media using maximization of a coherency function along theoretical travel-times of PS reflected phases. The theoretical travel-times are computed using the information about the propagation media that is extracted by velocity analysis or by topographic analysis performed on the first arrivals. The method is also a valid tool for the identification of the PS phases associated with a fixed seismic reflector, and it is particularly suitable for data that is stored in common mid-point and common conversion point bin- ning; for this kind of data the hypothesis of horizontally and layered media can usually be verified. We applied the method to both simulated and real datasets. The use of the real data that was acquired in the Campi Flegrei caldera (southern Italy) allowed us to estimate a relatively high Vp/Vs ratio (3.5 ± 0.6) for a very shallow layer (maximum depth, 600 m). This hypothesis has been tested by theoretical rock physical modeling of the Vp/Vs ratios as a function of porosity, suggesting that the shallow layer appears to be formed of unconsolidated, water-saturated, volcanic and marine sediments that filled Pozzuoli Bay during the post-caldera activity

Immunoexpression Of Cd95 In Chronic Gastritis And Gastric Mucosa-associated Lymphomas.

CD95 (Fas/APO-1)-mediated apoptosis plays an important role in immunological regulation and is related to the pathogenesis of autoimmune diseases. Immunoexpression of CD95 has been reported to frequently occur in low grade non-Hodgkin lymphomas, especially of post-germinal center histogenesis, among which those originating in mucosa-associated lymphoid tissue (MALT lymphomas). However, there is no report comparing in situ immunoexpression of this marker in lymphomas and the hyperplastic lymphoid reaction (chronic gastritis) related to Helicobacter pylori infection. The purpose of the present research was to compare the intensity of lymphoid CD95 immunoexpression in 15 cases of H. pylori-related chronic gastritis and 15 gastric MALT lymphomas. CD95 (anti-CD95) was detected by an immunoperoxidase technique in paraffin sections using the catalyzed amplification system. Graduation of reaction intensity (percentage of CD95-positive cells) was semiquantitative, from 1+ to 4+. Nine cases of chronic gastritis were 4+, five 2+ and one 1+. Three lymphomas were 4+, three 3+, four 2+, four 1+, and one was negative. Although 14 of 15 lymphomas were positive for CD95, the intensity of the reaction was significantly weaker compared to that obtained with gastric tissue for patients with gastritis (P = 0.03). The difference in CD95 immunoexpression does not seem to be useful as an isolated criterion in the differential diagnosis between chronic gastritis and MALT lymphomas since there was overlapping of immunostaining patterns. However, it suggests the possibility of a pathogenetic role of this apoptosis-regulating protein in MALT lymphomas.371397-40