Perverse cross-subsidization in the credit market

We show how asymmetric information and borrowers' heterogeneity in wealth may produce equilibria in which, due to decreasing absolute risk aversion, hard working poor borrowers subsidize richer borrowers. In particular, a model of adverse selection and moral hazard in a competitive credit market is developed with private information on borrowers' wealth. Because of the ambiguous effect of decreasing risk aversion on the willingness to post collateral, both separating and pooling equilibria are possible in principle. Under separation the poor borrowers bear the cost of separation in terms of excessive risk taking. In a more likely pooling equilibrium poor hard-working borrowers subsidize richer ones

Adaptive Mesh Refinement for Hyperbolic Systems based on Third-Order Compact WENO Reconstruction

In this paper we generalize to non-uniform grids of quad-tree type the Compact WENO reconstruction of Levy, Puppo and Russo (SIAM J. Sci. Comput., 2001), thus obtaining a truly two-dimensional non-oscillatory third order reconstruction with a very compact stencil and that does not involve mesh-dependent coefficients. This latter characteristic is quite valuable for its use in h-adaptive numerical schemes, since in such schemes the coefficients that depend on the disposition and sizes of the neighboring cells (and that are present in many existing WENO-like reconstructions) would need to be recomputed after every mesh adaption. In the second part of the paper we propose a third order h-adaptive scheme with the above-mentioned reconstruction, an explicit third order TVD Runge-Kutta scheme and the entropy production error indicator proposed by Puppo and Semplice (Commun. Comput. Phys., 2011). After devising some heuristics on the choice of the parameters controlling the mesh adaption, we demonstrate with many numerical tests that the scheme can compute numerical solution whose error decays as $\langle N\rangle^{-3}$, where $\langle N\rangle$ is the average number of cells used during the computation, even in the presence of shock waves, by making a very effective use of h-adaptivity and the proposed third order reconstruction.Comment: many updates to text and figure

Ruptures and repairs of group therapy alliance. an untold story in psychotherapy research

Although previous studies investigated the characteristics of therapeutic alliance in group treatments, there is still a dearth of research on group alliance ruptures and repairs. The model by Safran and Muran was originally developed to address therapeutic alliance in individual therapies, and the usefulness of this approach to group intervention needs to be demonstrated. Alliance ruptures are possible at member to therapist, member to member, member to group levels. Moreover, repairs of ruptures in group are quite complex, i.e., because other group members have to process the rupture even if not directly involved. The aim of the current study is to review the empirical research on group alliance, and to examine whether the rupture repair model can be a suitable framework for clinical understanding and research of the complexity of therapeutic alliance in group treatments. We provide clinical vignettes and commentary to illustrate theoretical and research aspects of therapeutic alliance rupture and repair in groups. Our colleague Jeremy Safran made a substantial contribution to research on therapeutic alliance, and the current paper illustrates the enduring legacy of this work and its potential application to the group therapy context

The use of imaging systems to monitor shoreline dynamics

The development of imaging systems is nowadays established as one of the most powerful and reliable tools for monitoring beach morphodynamics. Two different techniques for shoreline detection are presented here and, in one case, applied to the study of beach width oscillations on a sandy beach (Pauanui Beach, New Zealand). Results indicate that images can provide datasets whose length and sample interval are accurate enough to resolve inter-annual and seasonal oscillations, and long-term trends. Similarly, imaging systems can be extremely useful in determining the statistics of rip current occurrence. Further improvements in accuracy and reliability are expected with the recent introduction of digital systems

Recent Advances in Nanotechnology for the Treatment of Dry Eye Disease

Dry eye disease (DED) incidence is continuously growing, positioning it to become an emergent health issue over the next few years. Several topical treatments are commonly used to treat DED; however, reports indicate that only a minor proportion of drug bioavailability is achieved by the majority of eye drops available on the market. In this context, enhancing drug ability to overcome ocular barriers and prolonging its residence time on the ocular surface represent a new challenge in the field of ocular carrier systems. Therefore, research has focused on the development of multi-functional nanosystems, such as nanoemulsions, liposomes, dendrimers, hydrogels, and other nanosized carriers. These systems are designed to improve topical drug bioavailability and efficacy and, at the same time, require fewer daily administrations, with potentially reduced side effects. This review summarizes the different nanotechnologies developed, their role in DED, and the nanotechnology-based eyedrops currently approved for DED treatment

Detecting nonlinearity in run-up on a natural beach

International audienceNatural geophysical timeseries bear the signature of a number of complex, possibly inseparable, and generally unknown combination of linear, stable non-linear and chaotic processes. Quantifying the relative contribution of, in particular, the non-linear components will allow improved modelling and prediction of natural systems, or at least define some limitations on predictability. However, difficulties arise; for example, in cases where the series are naturally cyclic (e.g. water waves), it is most unclear how this cyclic behaviour impacts on the techniques commonly used to detect the nonlinear behaviour in other fields. Here a non-linear autoregressive forecasting technique which has had success in demonstrating nonlinearity in non-cyclical geophysical timeseries, is applied to a timeseries generated by videoing the waterline on a natural beach (run-up), which has some irregular oscillatory behaviour that is in part induced by the incoming wave field. In such cases, the deterministic shape of each run-up cycle has a strong influence on forecasting results, causing questionable results at small (within a cycle) prediction distances. However, the technique can clearly differentiate between random surrogate series and natural timeseries at larger prediction distances (greater than one cycle). Therefore it was possible to clearly identify nonlinearity in the relationship between observed run-up cycles in that a local autoregressive model was more adept at predicting run-up cycles than a global one. Results suggest that despite forcing from waves impacting on the beach, each run-up cycle evolves somewhat independently, depending on a non-linear interaction with previous run-up cycles. More generally, a key outcome of the study is that oscillatory data provide a similar challenge to differentiating chaotic signals from correlated noise in that the deterministic shape causes an additional source of autocorrelation which in turn influences the predictability at small forecasting distances

Age-related differences during visual search: the role of contextual expectations and cognitive control mechanisms

We explored the efficacy of drawing pictures as an encoding strategy to enhance memory performance in healthy older adults and individuals with probable dementia. In an incidental encoding phase, participants were asked to either draw a picture or write out each word from a set of 30 common nouns for 40 seconds each. Episodic memory for the target words was compared in a group of healthy older adults to individuals with probable dementia (MMSE/MOCA range 4 to 25). In two experiments we showed that recall and recognition performance was higher for words that were drawn than written out during encoding, for both participant groups. We suggest that incorporating visuo-perceptual information into memory enhanced performance by increasing reliance on visual-sensory brain regions, which are relatively intact in these populations. Our findings demonstrate that drawing is a valuable technique leading to measurable gains in memory performance for individuals with probable dementia

Ocular Surface Side Effects of Novel Anticancer Drugs

Surgery, anticancer drugs (chemotherapy, hormonal medicines, and targeted treatments), and/or radiation are common treatment strategies for neoplastic diseases. Anticancer drugs eliminate malignant cells through the inhibition of specific pathways that contribute to the formation and development of cancer. Given the ability of such pharmacological medications to combat cancerous cells, their role in the management of neoplastic diseases has become essential. However, these drugs may also lead to undesirable systemic and ocular adverse effects due to cyto/neuro-toxicity and inflammatory reactions. Ocular surface side effects are recognized to significantly impact patient’s quality of life and quality of vision. Blepharoconjunctivitis is known to be a common side effect caused by oxaliplatin, cyclophosphamide, cytarabine, and docetaxel, while anastrozole, methotrexate, and 5-fluorouracil can all determine dry eye disease. However, the potential processes involved in the development of these alterations are yet not fully understood, especially for novel drugs currently available for cancer treatment. This review aims at analyzing the potential ocular surface and adnexal side effects of novel anticancer medications, trying to provide a better understanding of the underlying pharmacological processes and useful insights on the choice of proper management

Similar mechanisms of temporary bindings for identity and location of objects in healthy ageing:An eye tracking study with naturalistic scenes

The ability to maintain visual working memory (VWM) associations about the identity and location of objects has at times been found to decrease with age. To date, however, this age-related difficulty was mostly observed in artificial visual contexts (e.g., object arrays), and so it is unclear whether it may manifest in naturalistic contexts, and in which ways. In this eye-tracking study, 26 younger and 24 healthy older adults were asked to detect changes in a critical object situated in a photographic scene (192 in total), about its identity (the object becomes a different object but maintains the same position), location (the object only changes position) or both (the object changes in location and identity). Aging was associated with a lower change detection performance. A change in identity was harder to detect than a location change, and performance was best when both features changed, especially in younger adults. Eye movements displayed minor differences between age groups (e.g., shorter saccades in older adults) but were similarly modulated by the type of change. Latencies to the first fixation were longer and the amplitude of incoming saccades was larger when the critical object changed in location. Once fixated, the target object was inspected for longer when it only changed in identity compared to location. Visually salient objects were fixated earlier, but saliency did not affect any other eye movement measures considered, nor did it interact with the type of change. Our findings suggest that even though aging results in lower performance, it does not selectively disrupt temporary bindings of object identity, location, or their association in VWM, and highlight the importance of using naturalistic contexts to discriminate the cognitive processes that undergo detriment from those that are instead spared by aging