Aspects of Countertrade and Development

Countertrade or international barter has enjoyed a flourish of activity during the 1980s. Some authors have suggested that countertrade is an effective development tool for third world countries and indeed represents the beginning of a rearrangement of the international economic order in favor of lesser developed. countries....On the other hand, others have suggested that countertrade is an aberration reflecting a misguided understanding of international trade and finance by LDC policymakers

Asset Allocation for Retirement: Simple Heuristics and Target-Date Funds

We examine common asset allocation strategies for retirement investing, considering both static and dynamic approaches, as well as those allocation policies used by leading target-date fund providers. We studied the average performance of each strategy over historical rolling periods (that is, bootstrapping), using actual annual returns starting in 1926. Then we applied the simulation method to review potential future results, as well as to provide additional insight into the structure and characteristics of each approach. We find that, over time, certain static approaches are essentially equivalent to dynamic strategies that reduce equity exposure through time. Further, we find that most target-date fund providers appear to target a dynamic 120 - age equity allocation. We suggest that financial planners consider a 100 percent equity allocation for their clients until approximately 10 years prior to a client\u27s retirement, at which point a more conservative allocation should be employed. Although the average outcome for this approach is technically better there is still significant risk associated with this strategy. Consider the outcome should the year prior to reallocation be like 2008, or the inherent difficulties of a large shift from 100 percent equity to 45 percent equity because of tax or other issues. A more moderate reallocation over a few years may be reasonable. This flexibility suggests that financial planners can play a valuable role by helping investors determine the optimal reallocation time and process, in addition to encouraging a larger equity exposure early on to capture the benefits thereof

The effect of multiple internal representations on context rich instruction

This paper presents n-coding, a theoretical model of multiple internal mental representations. The n-coding construct is developed from a review of cognitive and imaging studies suggesting the independence of information processing along different modalities: verbal, visual, kinesthetic, social, etc. A study testing the effectiveness of the n-coding construct in an algebra-based mechanics course is presented. Four sections differing in the level of n-coding opportunities were compared. Besides a traditional instruction section used as a control group, each of the remaining three treatment sections were given context rich problems following the 'cooperative group problem solving' approach which differed by the level of n-coding opportunities designed into their laboratory environment. To measure the effectiveness of the construct, problem solving skills were assessed as was conceptual learning using the Force Concept Inventory. However, a number of new measures taking into account students' confidence in concepts were developed to complete the picture of student learning. Results suggest that using the developed n-coding construct to design context rich environments can generate learning gains in problem solving, conceptual knowledge and concept-confidence.Comment: Submitted to the American Journal of Physic

Effects of Anacetrapib in Patients with Atherosclerotic Vascular Disease

BACKGROUND: Patients with atherosclerotic vascular disease remain at high risk for cardiovascular events despite effective statin-based treatment of low-density lipoprotein (LDL) cholesterol levels. The inhibition of cholesteryl ester transfer protein (CETP) by anacetrapib reduces LDL cholesterol levels and increases high-density lipoprotein (HDL) cholesterol levels. However, trials of other CETP inhibitors have shown neutral or adverse effects on cardiovascular outcomes. METHODS: We conducted a randomized, double-blind, placebo-controlled trial involving 30,449 adults with atherosclerotic vascular disease who were receiving intensive atorvastatin therapy and who had a mean LDL cholesterol level of 61 mg per deciliter (1.58 mmol per liter), a mean non-HDL cholesterol level of 92 mg per deciliter (2.38 mmol per liter), and a mean HDL cholesterol level of 40 mg per deciliter (1.03 mmol per liter). The patients were assigned to receive either 100 mg of anacetrapib once daily (15,225 patients) or matching placebo (15,224 patients). The primary outcome was the first major coronary event, a composite of coronary death, myocardial infarction, or coronary revascularization. RESULTS: During the median follow-up period of 4.1 years, the primary outcome occurred in significantly fewer patients in the anacetrapib group than in the placebo group (1640 of 15,225 patients [10.8%] vs. 1803 of 15,224 patients [11.8%]; rate ratio, 0.91; 95% confidence interval, 0.85 to 0.97; P=0.004). The relative difference in risk was similar across multiple prespecified subgroups. At the trial midpoint, the mean level of HDL cholesterol was higher by 43 mg per deciliter (1.12 mmol per liter) in the anacetrapib group than in the placebo group (a relative difference of 104%), and the mean level of non-HDL cholesterol was lower by 17 mg per deciliter (0.44 mmol per liter), a relative difference of -18%. There were no significant between-group differences in the risk of death, cancer, or other serious adverse events. CONCLUSIONS: Among patients with atherosclerotic vascular disease who were receiving intensive statin therapy, the use of anacetrapib resulted in a lower incidence of major coronary events than the use of placebo. (Funded by Merck and others; Current Controlled Trials number, ISRCTN48678192 ; ClinicalTrials.gov number, NCT01252953 ; and EudraCT number, 2010-023467-18 .)

Trade Liberalization in Asian Newly Industrialized Countries

Singapore, South Korea, and Taiwan are often perceived as having achieved similar trade patterns; nevertheless, their trade policies and patterns differ in fundamental respects. In this study, three models are considered and different aspects of the trade liberalization policies of these three countries are highlighted. The model of South Korea underscores the significance of product market concentration in restraining real wage growth and contributing to income inequality. The model of Singapore highlights the role of foreign investment in producing manufactured goods for export and in raising real wages. The factor proportions model of a labor-abundant economy adequately describes the Taiwanese liberalization. The model\u27s predictions of rising real wages and no monopoly profits are consistent with Taiwan\u27s declining income inequality