PUBLIC DEBT STABILIZATION: REDISTRIBUTIVE DELAYS VERSUS PREEMPTIVE ANTICIPATIONS

This article illustrates and formalizes the conditions under which majority voting can lead to either delays or anticipations in public debt stabilizations. Under the assumptions of proportional taxation and universal public expenditures, we present an intertemporal version of the “Meltzer-Richard” result, which captures the difficulty of controlling increases in public expenditures. In the benchmark model delays are endogenous and have redistributive effects, but when a relatively rich minority makes the decisions, we may observe anticipation in public debt stabilization.Stabilization delays, Economic adjustments, Economic reforms, Majority voting

Building Bridges: Heterogeneous Jurisdictions, Endogenous Spillovers, and the Benefits of Decentralization

We model two heterogeneous districts of unequal size that may enjoy each other's local public good if a costly national infrastructure (the bridge) is provided. We compare a decentralized regime where local public goods are decided locally and the bridge centrally, with a centralized regime where all decisions are taken centrally, under both benevolent planner and median voter decision making. In both cases, it may happen that either both regimes build the bridge, none, or only one does. We provide a full-edged welfare comparison of all the possibilities. When the bridge is built in both regimes, centralization dominates if the spillovers allowed by the bridge are sufficiently high. When the bridge is not built in the centralized regime, decentralization is always preferred. We also show that, under some circumstances, it may happen that decentralization dominates even if it does not build the bridge, while the centralized regime does. Finally, we suggest a simple mechanism to avoid the costs imposed by the centralized regime upon minorities: allocating decision power over the local public goods and the bridge to different local constituents.Local public goods; Endogenous Spillovers; Fiscal (de)centralization.

Nature-based tourism in the Algarve: a fact or a myth?

The Algarve is a mature destination in the south of Portugal and is mainly well-known for its offerings of sun and sea. In addition to strong seasonal changes, the region also faces strong competition from other nearby destinations, which has affected its ability to better attract tourists. Regional stakeholders have recognized the need to diversify the tourist experience, and a strong effort has been dedicated to the development of complementary tourist products, with special attention to eco-tourism. The present study uses data from a survey of tourists who visited the Algarve in December 2010 (low season) to determine the extent to which tourists visiting the region would actively search for nature-related activities, and the profile of these individuals. In particular, the study aims to understand whether these tourists share environmentally friendly values or, instead, have chosen the Algarve based on its attributes of traditional appealing climatic conditions and beaches. Depending on whether nature-based tourism in the Algarve is a fact or a myth, strategies for repositioning the destination can be adapted, new tourist products can be proposed and communication campaigns may need to be rethought.info:eu-repo/semantics/publishedVersio

The Possibility of a Non-Lagrangian Theory of Gravity

General Relativity resembles a very elegant crystal glass: If we touch its principles, that is, its Lagrangian, there is a risk of breaking everything. Or, if we will, it is like a short blanket: Curing some problems creates new problems. This paper is devoted to bring to light the reasons why we pursue the possibility of a non-Lagrangian theory of gravity under the hypothesis of an extension of the original general relativity with an ansatz inspired in the fundamental principles of classical and quantum physics.Comment: 6 pages, 1 figure. Version accepted in Universe MDP

Estimation of component redundancy in optimal age maintenance

The classical Optimal Age-Replacement defines the maintenance strategy based on the equipment failure consequences. For severe consequences an early equipment replacement is recommended. For minor consequences the repair after failure is proposed. One way of reducing the failure consequences is the use of redundancies, especially if the equipment failure rate is decreasing over time, since in this case the preventive replacement does not reduce the risk of failure. The estimation of an active component redundancy degree is very important in order to minimize the life-cycle cost. If it is possible to make these estimations in the early phase of system design, the implementation is easier and the amortization faster. This work proposes an adaptation of the Optimal Age-Replacement method in order to simultaneously optimize the equipment redundancy allocation and the maintenance plan. The main goal is to provide a simple methodology, requiring the fewer data possible. A set of examples are presented illustrating that this methodology covers a wide variety of operating conditions. The optimization of the number of repairs between each replacement, in the cases of imperfect repairs, is another feature of this methodology

Monitoring the quality of tourism experience

The new economic era the experience economy that we entered in the XXI century is challenging the overall tourism industry and destinations to respond to visitor expectations in a radically different way, demanding a new vision on what is truly being delivered to them. Within the current era, tourism businesses and destinations, in order to thrive and compete globally, are bound to recognize that experience, not goods or services, are what motivates visitors to travel, repeat visits to the destinations and recommend it to friends and relatives. Being so, a research agenda for tourism development and quality should place at its centre the nature of tourist experience and meanings of quality tourist experience from the stakeholders point of view, so that the industry actors can take joint action supported by in-depth knowledge of meanings attached to experience. With few exceptions, in tourism related literature, quality tourism experience has been largely overlooked. However, tourist experience and tourism experience have been discussed by Clawson [1], [2], [3], [4], [5], [6], [7], [8], [9] among others. Clawson[1] wrote about recreation experience; Boorstin[2] discoursed on authenticity in tourist experience; Cohen[3], [4] studied the phenomenological tourist experience frames; MacCannell's[5] presented contemporaneous writings on tourist experience and authenticity. Pearce and Caltabiano[7] further extended consideration of traveller and tourist experience and authenticity with connections to motivations. Smith [6], Smith and Brent [8] addressed the interaction of host and guest in travel experience. Ryan [9] focused particularly on the `tourist experience'. Tourism and tourist experience past research have also focused on temporary and activity-based relationships [1] and some only on activity [10], [11]. Borrie and Birzell[12] presented four ways used to understand tourist and tourism experience. Those four ways include (1) meaningsbased[13], (2) benefits, (3) satisfaction[14], and (4) experience based means[4], [15]. Urry[16] introduced the notion of 'gaze' into considerations of tourist experience albeit 'his gazes' were challenged by Perkins and Thorns[17]. Although there has been considerable theoretical thinking on the subject, not much empirical research is available. One reason for this to happen is the multidimensional, complex and highly diversified nature of the tourist experience. Another reason is related to the fact that supporting constructs, namely satisfaction, quality and value, continue relatively ambiguous and are not always part of an integrated vision and consistent research. And yet, understanding of major and relevant dimensions of the tourist experience are of utmost importance to construct operationalization for effective experience management at destination level. The article proposes an integrated vision on how to monitor the quality of tourism in a mass tourism coastal destination the Algarve (Portugal). While analyzing the quality of the tourism experience from tourists' perspective represents the overall purpose of this paper, and the specific objectives are threefold. Firstly, the research intends to assess the tourists' perceptions on the four dimensions of the experience destination, attributes and compares them with satisfaction felt in terms of the same attributes. Secondly, it expects to provide an overall assessment of tourism experience. Thirdly, the study proposes to establish the relationship between tourist satisfaction and the tourist experience and destination loyalty.The questionnaires were based on the work of Oh, Fiori and Jeong [18], after having been adapted to the Algarve tourist destination context, and refer to the four areas of the Experience Economy: Education (items a, b, c, d), aesthetics (items e, f, g, h), Entertainment (i, j, k, l) and Escapism (m, n, o, p). The last three items- q, r, s are related to memory and memories. To that end, a survey was carried out sampling 405 individuals. Of the 397 valid questionnaires obtained, 90% were answered by tourists from Portugal, Germany, Spain, the Netherlands, Ireland and the United Kingdom. The results show about 95% of the respondents are satisfied and very satisfied. Approximately 95.3% of the respondents say they are satisfied and very satisfied with their stay in the Algarve. About the quality of lived experience, 77.3% classified very good and excellent. One of the important findings of this research is that the majority of the respondents (93`)/0) intends to recommend the Algarve to friends and relatives. With this research, the team expects to contribute to a thorough understanding of tangible and intangible activities and attributes that form the underlying basis of the tourist experience in coastal tourism

Opportunities for large-scale energy storage in geological formations in mainland Portugal

This article presents the methodology and results of the first screening conducted in Portugal to identify geological formations suitable for large-scale storage of energy from renewable sources. The screening focused on the identification of adequate porous media rocks, salt formations and igneous host rocks that could act as reservoirs for gas (hydrogen or methane) storage, Compressed Air Energy Storage, Underground Pumped Hydro and Underground Thermal Energy Storage. Public access geological information was collected, compiled in a database and spatially referenced in a GIS environment. The GIS and database were cross-checked with criteria for selecting geological reservoirs and with existing or anticipated spatial, environmental and social constraints. In a third step the feasibility of deploying each large-scale energy storage technology in each prospective reservoir was assessed and classified according to confidence, ranging from unlikely to proven, and to proximity to areas with wind or solar energy potential, accessibility to power transmission lines and natural gas networks. The outcome is a first screening of priority sites to be studied at the local scale in future projects. Early target for detailed studies are the existing salt caverns and an abandoned salt mine in the Lusitanian Basin. Natural gas storage in salt formations is being carried in the region for decades, proving the adequacy of the salt formations and demonstrating the social acceptance. Porous media aquifers in the same Lusitanian basin may also hold an interesting potential, although there is considerable uncertainty due to the scarcity of geological data about deep aquifers. The Sines industrial cluster, in SW Portugal, is another interesting target area, due to the existence of a host rock with proven containment capacity. The technologies with the best potential for application in the Portuguese geologic context seem to be CAES and Underground Gas Storage linked to Power-to-gas projects

Phronesis and the control of public administration acts in brazilian legal system

This article considers the Brazilian Legal System and the requirements of an act performed by public administration. To do so, it presents six main chapters. The first one considers Brazilian Constitution as it regards State form, legal and judicial systems. The second chapter presents the public administration stated in the Constitution. The requirements of a public administration act are presented in the third chapter. The improbity law, which determines how public administration acts should be performed, is presented on the fourth chapter. How one of the main judicial courts of Brazil has understood this law is the topic of the fifth chapter. The sixth chapter presents a proposal of how could be Phronesis used to solve misunderstandings about improbity in the Brazilian Legal System