Cheap Talk, Gullibility, and Welfare in an Environmental Taxation Game

We consider a simple dynamic model of environmental taxation that exhibits time inconsistency. There are two categories of firms, Believers, who take the tax announcements made by the Regulator to face value, and Non-Believers, who perfectly anticipate the Regulator's decisions, albeit at a cost. The proportion of Believers and Non- Believers changes over time depending on the relative profits of both groups. We show that the Regulator can use misleading tax announcements to steer the economy to an equilibrium that is Pareto superior to the solutions usually suggested in the literature. Depending upon the initial proportion of Believers, the Regulator may prefer a fast or a low speed of reaction of the firms to differences in Believers/Non-Believers profits.Environmental policy, Emissions taxes, Time inconsistency, Heterogeneous agents, Bounded rationality, Learning, Multiple equilibria, Stackelberg games

Essais en économie avec frictions financières

Les trois essais dans cette thèse étudient les implications des frictions financières, telles que les contraintes de collatérale ou de crédit, pour les décisions économiques des agents et leur impact sur les variables macro-économiques agrégées. Dans le premier chapitre "Financial Contracts and the Political Economy of Investor Protection" nous proposons une théorie du niveau de protection des investisseurs. Une faible protection des investisseurs implique un coût de financement externe plus élevé à cause des problèmes d'agence plus aigus entre les investisseurs et les entrepreneurs. À l'équilibre, ceci exclut les agents plus dépendants sur le financement externe de l'entrepreneuriat, ce qui augmente les profits des entrepreneurs qui restent actifs. Quand le niveau de la protection des investisseurs est choisi par un vote majoritaire, la théorie génère (i) une protection des investisseurs plus faible dans les économies avec plus grande inégalité dans les besoins de financement externe parmi les entrepreneurs, (ii) une dynamique non-monotone de l'output, (iii) améliorations (détériorations) de la protection des investisseurs suite à des ralentissements (accélérations) de l'output agrégé. L'évidence empirique donne un support à ces prédictions de la théorie. Dans le deuxième chapitre "Financial Frictions, Internal Capital Markets, and the Organization of Production", nous examinons comment la présence des frictions financières peut mener à la formation des conglomérats et des "business groups" diversifiées. Particulièrement, nous construisons un modèle d'équilibre général d'entrepreneuriat dans lequel les conglomérats émergent de façon endogène et substituent partiellement le marché du crédit imparfait. Nous montrons que ce modèle est capable d'expliquer quantitativement plusieurs faits stylisés concernant l'organisation de la production, les différences de productivité entre les firmes et les différences en présence des conglomérats entre les pays. Le troisième chapitre "Size and Productivity of Single-segment and Diversified Firms: Evidence from Canadian Manufacturing" étudie empiriquement la relation entre la taille, la productivité, et la structure organisationnelle d'une firme. Utilisant les micro-données sur les établissements manufacturiers canadiens, nous documentons plusieurs faits stylisés concernant la taille et la productivité totale des facteurs des établissements dans les conglomérats et dans les firmes non-diversifiées. Nous trouvons que les établissements dans les conglomérats sont en moyenne plus larges que leurs contreparties dans les firmes non-diversifiées, les petits établissements dans les conglomérats sont moins productifs que les établissements de taille similaire dans les firmes non-diversifiées, mais les larges établissements dans les conglomérats sont plus productifs que ceux de taille similaire dans les firmes non-diversifiées. Cette évidence est consistante avec réallocation interne efficiente des ressources au sein des conglomérats.The three essays in this thesis study the implications of financial frictions, such as collateral and credit constraints, for economic decisions of agents and their impact on aggregate macroeconomic variables. In the first chapter "Financial Contracts and the Political Economy of Investor Protection", we propose a theory of the level of investor protection. Lower investor protection implies higher cost of external financing due to more severe agency problems between outside investors and entrepreneurs. In equilibrium, this excludes more financially dependent agents from entrepreneurship, increasing the profits of the remaining entrepreneurs. When the level of investor protection is chosen by majority voting, the theory generates (i) lower investor protection in economies with higher inequality in financial dependence across entrepreneurs, (ii) non-monotone output dynamics, (iii) improvements (worsening) of investor protection following output slowdowns (accelerations). The empirical evidence provides some support to these predictions. In the second chapter "Financial Frictions, Internal Capital Markets, and the Organization of Production", we investigate how the presence of financial frictions may lead to formation of diversified conglomerates or business groups. Specifically, we build a general equilibrium model of entrepreneurship in which business groups arise endogenously and partially substitute for imperfect credit market. We show that the model is able to quantitatively explain several key stylized facts on the way production is organized, on cross-firm productivity differences, and on cross-country differences in the degree of conglomeration. The third chapter "Size and Productivity of Single-segment and Diversified Firms: Evidence from Canadian Manufacturing" studies empirically the relation between size, productivity, and the organizational structure of a firm. Using micro-data on Canadian manufacturing plants, we document several stylized facts about size and total factor productivity of establishments in conglomerates and single-segment firms. We find that establishments in conglomerates are on average larger than their counterparts in single-segment firms, small plants in conglomerates are less productive than plants of similar size in single-segment firms, but large plants in conglomerates are more productive than those of similar size in single-segment firms. This evidence is consistent with efficient internal reallocation of resources in conglomerates

Analytical modeling of mixed-Mode bending behavior of asymmetric adhesively bonded pultruded GFRP joints

This paper presents a semi-analytical methodology for the fracture mechanics assessment of asymmetric adhesively bonded composite joints. The method is based on the classical lamination theory, the simple beam theory and the extended global method. Experimental results obtained from quasi-static mixed-Mode bending (MMB) tests of adhesively bonded glass fiber reinforced polymer (GFRP) laminates were used for the validation of the introduced methodology. The main advantage of the proposed methodology is the ability of taking into account the fiber bridging effects as well as the arbitrariness of the adherend stacking sequence in a distance from the crack propagation path

Development of an anti-flood board to protect the interiors and exteriors of the infrastructure

This article deals with the development of an anti-flood board to protect the interior and exterior of various infrastructures, such a houses, cottages or industrial buildings. It was designed prototypes and assembled numerical simulations. In Central Europe and in particular in the Czech Republic, floods are an integral part of the natural water cycle and cause great loss of life and great property damage. The development of new types of mobile anti-flood boards is very important as the design solution is developed for flood protection with regard to minimizing weight, cost of production, easy manipulation, simplicity and speed of installation

Development of an anti-flood board to protect the interiors and exteriors of the infrastructure

This article deals with the development of an anti-flood board to protect the interior and exterior of various infrastructures, such a houses, cottages or industrial buildings. It was designed prototypes and assembled numerical simulations. In Central Europe and in particular in the Czech Republic, floods are an integral part of the natural water cycle and cause great loss of life and great property damage. The development of new types of mobile anti-flood boards is very important as the design solution is developed for flood protection with regard to minimizing weight, cost of production, easy manipulation, simplicity and speed of installation

Impact of infection on the prognosis of critically ill cirrhotic patients: results from a large worldwide study

BACKGROUND: Infections are a leading cause of death in patients with advanced cirrhosis, but there are relatively few data on the epidemiology of infection in intensive care unit (ICU) patients with cirrhosis. AIMS: We used data from the Extended Prevalence of Infection in Intensive Care (EPIC) II 1-day point-prevalence study to better define the characteristics of infection in these patients. METHODS: We compared characteristics, including occurrence and types of infections in non-cirrhotic and cirrhotic patients who had not undergone liver transplantation. RESULTS: The EPIC II database includes 13,796 adult patients from 1265 ICUs: 410 of the patients had cirrhosis. The prevalence of infection was higher in cirrhotic than in non-cirrhotic patients (59 vs. 51%, P < 0.01). The lungs were the most common site of infection in all patients, but abdominal infections were more common in cirrhotic than in non-cirrhotic patients (30 vs. 19%, P < 0.01). Infected cirrhotic patients more often had Gram-positive (56 vs. 47%, P < 0.05) isolates than did infected non-cirrhotic patients. Methicillin-resistant Staphylococcus aureus (MRSA) was more frequent in cirrhotic patients. The hospital mortality rate of cirrhotic patients was 42%, compared to 24% in the non-cirrhotic population (P < 0.001). Severe sepsis and septic shock were associated with higher in-hospital mortality rates in cirrhotic than in non-cirrhotic patients (41% and 71% vs. 30% and 49%, respectively, P < 0.05). CONCLUSIONS: Infection is more common in cirrhotic than in non-cirrhotic ICU patients and more commonly caused by Gram-positive organisms, including MRSA. Infection in patients with cirrhosis was associated with higher mortality rates than in non-cirrhotic patients

Infectious Complications and Immune/Inflammatory Response in Cardiogenic Shock Patients: A Prospective Observational Study.

IntroductionPatients with cardiogenic shock (CS) are at a high risk of developing infectious complications; however, their early detection is difficult, mainly due to a frequently occurring noninfectious inflammatory response, which accompanies an extensive myocardial infarction (MI) or a postcardiac arrest syndrome. The goal of our prospective study was to describe infectious complications in CS and the immune/inflammatory response based on a serial measurement of several blood-based inflammatory biomarkers.MethodsEighty patients with CS were evaluated and their infections were monitored. Inflammatory markers (C-reactive protein, procalcitonin, pentraxin 3, presepsin) were measured seven times per week. The control groups consisted of 11 patients with ST segment elevation myocardial infarction without CS and without infection, and 22 patients in septic shock.ResultsInfection was diagnosed in 46.3% of patients with CS; 16 patients developed an infection within 48 h. Respiratory infection was most common, occurring in 33 out of 37 patients. Infection was a significant or even the main reason of death only in 3.8% of all patients with CS, and we did not find statistically significant difference in 3-month mortality between group of patients with CS with and without infection. There was no statistically significant prolongation of the duration of mechanical ventilation associated with infection. Strong inflammatory response is often in patients with CS due to MI, but we found no significant difference in the course of the inflammatory response expressed by evaluated biomarkers in patients with CS with and without infection. We found a strong relationship between the elevated inflammatory markers (sampled at 12 h) and the 3-month mortality: the area under the curve of receiver operating characteristic ranged between 0.683 and 0.875.ConclusionThe prevalence of infection in patients with CS was 46.3%, and respiratory tract infections were the most common type. Infections did not prolong statistically significantly the duration of mechanical ventilation and did not increase the prevalence of hospital mortality in this high-risk CS population. CS due to acute myocardial infarction was accompanied by a strong and highly variable inflammatory response, but it did not reach the intensity of the inflammatory response observed in patients with septic shock. An extensive immune/inflammatory response in patients with CS is linked to a poor prognosis