Minimum consumption and transitional dynamics in wealth distribution

This paper investigates the evolution of wealth distribution in a one sector growth model along its transition path. A key feature of the model is that a household's consumption cannot fall below a positive level each period. This requirement introduces a positive association between the intertemporal elasticity of substitution and household wealth. Households only differ in their initial holdings of capital. The model is calibrated to match some key statistics of the US economy. The level of inequality in the wealth distribution of our artificial economy has a n inverted Ushape. The level of wealth inequality and its evolution resembles that of the US economy. However, our model illustrates that the existence of a Kuznets curve is very sensitive tothe sources of growth: whether it is driven by productivity growth or capital accumulation. Additionally, our model predicts an upsurge in wealth inequality following the productivity slowdown in the 1970's

The irony of choice in recruitment: when similarity turns recruiters to other candidates

Across two experimental studies, we examine the influence of similarity perceptions on recruiters’ job fit perceptions of job applicants. In addition, a robustness study extends the effect of similarity by introducing work-related sources of similarity and tests the relationship between workrelated similarities on similarity perceptions. Moreover, we explore the emotional and cognitive mechanisms behind the effects of similarity perceptions on job fit. We also propose and test a boundary condition, such that, when job desirability is low, the effect of demographic similarity on perceived similarity is reversed. The sample for the three studies consist of specialized master’s students with work experience in human resources management who acted as recruiters in a resume screening situation. The results show that the effects of similarity are not always positive for job fit perceptions. The studies provide evidence that when recruiters perceive applicants as similar to themselves, biased evaluations occur. Finally, we provide results that show the effects of mediation and moderation analysis whereby liking mediates the relationship between similarity perceptions and job fit perceptions through emotional, cognitive and motivational sequential mediators. Additionally, job desirability moderates the relationship between demographic similarity and similarity perceptions so that when job desirability is low, the effect of demographic similarity on perceived similarity is reversed

On the user cost and homeownership

This paper studies the determinants of housing tenure choice and the differences in the cost of housing services across households in an overlapping generations model with household-specific uninsurable earnings risk and housing prices that vary over time. We model houses as illiquid assets that provide collateral for loans. To analyze the impact of preferential housing taxation on the tenure choice, we consider a tax system that mimics that of the U.S. economy in a stylized way. We find that a mixture of idiosyncratic earnings uncertainty, house price risk, down payments and transaction costs are needed for the model to deliver life cycle patterns of homeownership and portfolio composition similar to those found in the data. Through simulations, we also show that a rental equivalence approach (relative to a user cost approach) overestimates the mean unit cost of housing by approximately 3 percent

Implementación de la NIIF 16 (arrendamientos): impacto de las decisiones de la empresa en los estados financieros

The IASB recently issued a new lease standard (IFRS 16) that will be applicable for annual periods beginning on or after 1 January 2019. This standard changes the accounting model applied by lessees. The new model (known as the capitalisation model) will entail recognising most previous operating leases in the balance sheet, thus impacting the financial statements of companies in many sectors. The impact on an individual company will vary depending on several decisions that the company’s management must make. These decisions can be divided into two groups: 1) alternative accounting treatments that IFRS 16 permits for certain aspects and 2) estimations. We analyse each of these decisions, their effect on financial statements and how companies are expected to address them. In general, companies are expected to make decisions that reduce the impact of IFRS 16 on their leverage level.El IASB ha emitido recientemente una nueva norma contable de arrendamientos (NIIF 16) que será aplicable para ejercicios que comiencen a partir de 1 de enero de 2019. Esta norma cambiará el modelo contable que aplican los arrendatarios. El nuevo modelo (conocido como modelo de capitalización) conllevará reconocer en balance la mayoría de los antiguos arrendamientos operativos, creando un gran impacto en los estados financieros de las compañías en numerosos sectores. El impacto en cada empresa individual puede ser diferente en función de una serie de decisiones que la Dirección de la empresa debe tomar. Estas decisiones pueden dividirse en dos grupos: 1) tratamientos contables alternativos que la norma permite para ciertos aspectos y 2) estimaciones. Analizamos cada una de esas decisiones, su efecto en los estados financieros y cómo se espera que las empresas las utilicen. En general, se espera que las empresas utilicen estas decisiones para reducir el impacto en el nivel de apalancamiento

The wealth distribution with durable goods

This paper studies the effect that illiquid assets and collateral credit frictions have on the level of wealth inequality in a standard model of ex-ante heterogenous agents with idiosyncratic uncertainty. We calibrate our model so that its steady state statistics match selected aggregate statistics of the U.S. economy and data on the earnings distribution. We find that adding illiquid assets and collateral credit frictions decreases wealth inequality decreases slightly relative to an economy with liquid assets and no credit frictions. The effect is small because these frictions mostly affect poor households that account for a small fraction of aggregate wealth. Nevertheless, our richer model allows us to study other dimensions of wealth inequality. In particular, our model replicates the fact that financial assets are more concentrated than total wealth, while residential assets are less concentrated. Furthermore, we document that, in the U.S., the earnings and housing distributions are remarkably similar. Our model can account for this fact so long as the earnings process is fairly persisten

Efficient state reduction methods for PLA-based sequential circuits

Experiences with heuristics for the state reduction of finite-state machines are presented and two new heuristic algorithms described in detail. Results on machines from the literature and from the MCNC benchmark set are shown. The area of the PLA implementation of the combinational component and the design time are used as figures of merit. The comparison of such parameters, when the state reduction step is included in the design process and when it is not, suggests that fast state-reduction heuristics should be implemented within FSM automatic synthesis systems

A new species of Hormathia (Actiniaria, Hormathiidae) from the eastern Weddell Sea, Antarctica

A new species of sea anemone in the genus Hormathia, is described and illustrated based on fortytwo specimens collected during the Polarstern cruises ANT XV/3 and ANT XVII/3 in the Weddell Sea. The main features of the new taxon are the crown of flattened and hooked tubercles at the distal end of the scapus, the regular arrangement of pointed tubercles along the column and the cnidom. The new species shares the pointed tubercles, at least in the upper part of the scapus, with two other species of Hormathia in the southern hemisphere: Hormathia spinosa Hertwig 1882 and H. pectinata Hertwig 188

Optimization of a low weight electronic differential for LEVs

It is presented a performance analysis of an Electronic Differential (ED) system designed for Light Electric Vehicles (LEVs). We have developed a test tricycle vehicle with one front steering wheel and two rear fixed units is a same axis with a brushless DC integrated in each of them. Each motor has an independent controller unit and a common Arduino electronic CPU based that can plan specific speeds for each wheels as curves are being traced. Different implementations of sensors (input current/torque, steering angle and speed of the wheels) are discussed related to hardware complexity, and performance obtained based on speed level requirements and slipping on the traction wheels.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

Stephanthus antarcticus, a new genus and species of sea anemone (Actiniaria, Haloclavidae) from the South Shetland Islands, Antarctica

Stephanthus antarcticus gen. nov. et sp. nov. is described and illustrated from six specimens collected in the Antarctic Peninsula on the Polarstern cruises ANT XV/3 and ANT XIX/3. The new genus is characterised by the absence of sphincter and basilar musculature, the presence of a single strong siphonoglyph with a basal enlargement, distinct parietobasilar musculature, tentacles without acrospheres, two cycles of six pairs of mesenteries (only one of them perfect), and a deep fosse with parapet; another remarkable feature is the absence of microbasic p-mastigophores. The new genus shows characteristics of three families of soft-bottomdwelling sea anemones, namely Haloclavidae Verrill, 1899, Halcampoididae Appellöf, 1896, and Andresiidae Stephenson, 1922. The generic characters of Stephanthus gen. nov. are discussed and it is tentatively placed in the family Haloclavidae