Estimating medieval market integration: Evidence from exchange rates

In this paper we present a new method for estimating market integration under a commodity money system such as that which existed in Europe until the demise of the gold standard. The approach is based on the analysis of deviations between exchange rates and parity, which under conditions of a perfectly functioning and fully integrated market should not exceed the bullion points. Consequently the time needed for adjustment, following a violation of the bullion points, can be used as an indicator of market imperfections and as a measure of integration. We apply this approach to trade between late medieval Flanders, Lübeck and Prussia, our results showing that Flanders-Lübeck constituted a much better-integrated market than Flanders-Prussia. Moreover, the results indicate that the degree of market integration increased between the early fourteenth and the middle of the fifteenth century. --

The Assessment of Future Environmental and Economic Impacts of Process-Integrated Biocatalysts

Abstract not availableJRC.J-Institute for Prospective Technological Studies (Seville

Reversed Food Chain. From the Plate to the Farm. Priorities in Food Safety and Food Technology for European Research

Abstract not availableJRC.J-Institute for Prospective Technological Studies (Seville

Robust Performance Hypothesis Testing with the Sharpe Ratio

Applied researchers often test for the difference of the Sharpe ratios of two investmentnstrategies. A very popular tool to this end is the test of Jobson and Korkie (1981), whichnhas been corrected by Memmel (2003). Unfortunately, this test is not valid when returnsnhave tails heavier than the normal distribution or are of time series nature. Instead, wenpropose the use of robust inference methods. In particular, we suggest to construct a studentized time series bootstrap confidence interval for the difference of the Sharpe ratios and to declare the two ratios different if zero is not contained in the obtained interval. This approach has the advantage that one can simply resample from the observed data as opposed to some null-restricted data. A simulation study demonstrates the improved finite sample performance compared to existing methods. In addition, two applications to real data are provided

evidence from exchange rates

In this paper we present a new method for estimating market integration under a commodity money system such as that which existed in Europe until the demise of the gold standard. The approach is based on the analysis of deviations between exchange rates and parity, which under conditions of a perfectly functioning and fully integrated market should not exceed the bullion points. Consequently the time needed for adjustment, following a violation of the bullion points, can be used as an indicator of market imperfections and as a measure of integration. We apply this approach to trade between late medieval Flanders, Lübeck and Prussia, our results showing that Flanders- Lübeck constituted a much better-integrated market than Flanders-Prussia. Moreover, the results indicate that the degree of market integration increased between the early fourteenth and the middle of the fifteenth century

Contingent Valuation of Mining Land Reclamation in East Germany

Large parts of East German landscapes are formed by lignite mining activities. The mining pits destroy vast areas of the existing cultural landscapes. These areas have to be made re-accessible to society through extensive reclamation projects after mining has been finished. For an appraisal of the social benefits that need to be compared to the costs of these projects the Contingent Valuation Method (CVM) is the method of choice. The CVM measures the willingness to pay of households for such a project. This paper reports the findings of a Con-tingent Valuation study assessing the social utility created by a reclamation project north of the city of Cottbus in Brandenburg, Germany. The goal of the study is threefold. Firstly, the affected population's aggregate willingness to pay for the planned reclamation project is cal-culated; it amounts to 2.7 mil. Euro per year. Secondly, the determinants of this willingness to pay are analyzed. Apart from the expected positive impact of income on willingness to pay we find that it is also influenced by people's recreational activities, their general attitudes to-wards public spending and by their concerns about the economic situation. Thirdly, the study explores methodological specifics of an application of the CVM to Germany, especially in East Germany, by focusing on the appropriate design of the willingness to pay question which is an important feature still controversially discussed in the literature.contingent valuation;

Could Stress Contribute to Pain-Related Fear in Chronic Pain?

Learning to predict pain based on internal or external cues constitutes a fundamental and highly adaptive process aimed at self-protection. Pain-related fear is an essential component of this response, which is formed by associative and instrumental learning processes. In chronic pain, pain-related fear may become maladaptive, drive avoidance behaviors and contribute to symptom chronicity. Pavlovian fear conditioning has proven fruitful to elucidate associative learning and extinction involving aversive stimuli, including pain, but studies in chronic pain remain scarce. Stress demonstrably exerts differential effects on emotional learning and memory processes, but this has not been transferred to pain-related fear. Within this perspective, we propose that stress could contribute to impaired pain-related associative learning and extinction processes and call for interdisciplinary research. Specifically, we suggest to test the hypotheses that (1) extinction-related phenomena inducing a re-activation of maladaptive pain-related fear (e.g., reinstatement, renewal) likely occur in everyday life of chronic pain patients and may alter pain processing, impair perceptual discrimination and favour overgeneralization; (2) acute stress prior to or during acquisition of pain-related fear may facilitate the formation and/or consolidation of pain-related fear memories, (3) stress during or after extinction may impair extinction efficacy resulting in greater reinstatement or context-dependent renewal of pain-related fear; and (4) these effects could be amplified by chronic stress due to early adversity and/or psychiatric comorbidity such as depression or anxiety in patients with chronic pain