News About News: Information Arrival and Irreversible Investment

We analyze how uncertainty about when information about future returns to a project may be revealed affects investment. While 'good news' about future returns boosts investment, 'good news about news' (that is news that information may arrive sooner) is shown to depress investment. We show that early revelation increases the value of an irreversible investment project to a risk-neutral investor. We relate our results on preference for early revelation to results in non-expected utility theory. Our framework allows us to study irreversible investment projects whose value has a time-variable volatility. We also consider how heterogeneity of revelation information across firms may induce a better-informed firm to share its information with competitors.

The Labor Movement’s Framework for Comprehensive Immigration Reform

[Excerpt] Immigration reform is a component of a shared prosperity agenda that focuses on improving productivity and quality; limiting wage competition; strengthening labor standards, especially the freedom of workers to form unions and bargain collectively; and providing social safety nets and high-quality lifelong education and training for workers and their families. To achieve this goal, immigration reform must fully protect U.S. workers, reduce the exploitation of immigrant workers and reduce employers’ incentive to hire undocumented workers rather than U.S. workers. The most effective way to do that is for all workers— immigrant and native-born—to have full and complete access to the protection of labor, health and safety and other laws. Comprehensive immigration reform must complement a strong, well-resourced and effective labor standards enforcement initiative that prioritizes workers’ rights and workplace protections. This approach will ensure that immigration does not depress wages and working conditions or encourage marginal low-wage industries that depend heavily on substandard wages, benefits and working conditions

The unified protocol for transdiagnostic treatment of emotional disorders compared with diagnosis-specific protocols for anxiety disorders a randomized clinical trial

IMPORTANCE: Transdiagnostic interventions have been developed to address barriers to the dissemination of evidence-based psychological treatments, but only a few preliminary studies have compared these approaches with existing evidence-based psychological treatments. OBJECTIVE: To determine whether the Unified Protocol for Transdiagnostic Treatment of Emotional Disorders (UP) is at least as efficacious as single-disorder protocols (SDPs) in the treatment of anxiety disorders. DESIGN, SETTING, AND PARTICIPANTS: From June 23, 2011, to March 5, 2015, a total of 223 patients at an outpatient treatment center with a principal diagnosis of panic disorder with or without agoraphobia, generalized anxiety disorder, obsessive-compulsive disorder, or social anxiety disorder were randomly assigned by principal diagnosis to the UP, an SDP, or a waitlist control condition. Patients received up to 16 sessions of the UP or an SDP for 16 to 21 weeks. Outcomes were assessed at baseline, after treatment, and at 6-month follow-up. Analysis in this equivalence trial was based on intention to treat. INTERVENTIONS: The UP or SDPs. MAIN OUTCOMES AND MEASURES: Blinded evaluations of principal diagnosis clinical severity rating were used to evaluate an a priori hypothesis of equivalence between the UP and SDPs. RESULTS: Among the 223 patients (124 women and 99 men; mean [SD] age, 31.1 [11.0] years), 88 were randomized to receive the UP, 91 to receive an SDP, and 44 to the waitlist control condition. Patients were more likely to complete treatment with the UP than with SDPs (odds ratio, 3.11; 95% CI, 1.44-6.74). Both the UP (Cohen d, −0.93; 95% CI, −1.29 to −0.57) and SDPs (Cohen d, −1.08; 95% CI, −1.43 to −0.73) were superior to the waitlist control condition at acute outcome. Reductions in clinical severity rating from baseline to the end of treatment (β, 0.25; 95% CI, −0.26 to 0.75) and from baseline to the 6-month follow-up (β, 0.16; 95% CI, −0.39 to 0.70) indicated statistical equivalence between the UP and SDPs. CONCLUSIONS AND RELEVANCE: The UP produces symptom reduction equivalent to criterion standard evidence-based psychological treatments for anxiety disorders with less attrition. Thus, it may be possible to use 1 protocol instead of multiple SDPs to more efficiently treat the most commonly occurring anxiety and depressive disorders.This study was funded by grant R01 MH090053 from the National Institute of Mental Health. (R01 MH090053 - National Institute of Mental Health)First author draf

The Effects of Minimum Wages on Employment: Theory and Evidence from the US

Recent work on the economic effects of minimum wages has stressed that the standard economic model, where increases in minimum wages depress employment, is not supported by the empirical findings in some labour markets. In this paper we present a theoretical framework which is general enough to allow minimum wages to have the conventional negative impact on employment, but which also allows for the possibility of a neutral or a positive effect. The model structure is based on labour market frictions which give employers some degree of monopsony power. The formulated model has a number of empirical implications which we go on to test using data on industry-based minimum wages set by the UK Wages Councils between 1975 and 1990. Some strong results emerge: minimum wages significantly compress the distribution of earnings and, contrary to conventional economic wisdom but in line with several recent studies, do not have a negative impact on employment. If anything, the relationship between minimum wages and employment is estimated to be positive.

Wing myology of Caracaras (Aves, Falconiformes): muscular features associated with flight behavior

Caracaras (Aves, Falconiformes, Falconidae) are Neotropical diurnal raptors that belong to the subfamily Polyborinae. The forelimb myology of this group has not been comprehensively studied or compared with that of other Falconidae. Thus, the aims of this study were i) to describe the forelimb muscles of two species of Polyborinae (Caracara plancus and Milvago chimango), ii) to explore the possible relationship between muscular features and their function in flight behavior and iii) to compare the muscular features of these species with those of species of the subfamily Falconinae. To this end, the forelimb muscles of C. plancus (n=4) and M. chimango (n=4) were dissected. Additonally, to complement this data set, two specimens of M. chimachima were dissected. The mass of each muscle of one wing and its percentage with respect to the body mass were obtained. A total of 45 muscles were identified, and differences with respect to Falconinae were related to the presence of single or additional bellies. The total forelimb muscle mass represented between 7.68 and 10.26 % of the body mass. The muscle pectoralis represented ̴ 5% of the body mass, followed by the muscles scapulohumeralis caudalis (0.64–0.79%), deltoideus major (0.43 –0.53%), supracoracoideus (0.34– 0.38%) and biceps brachii (0.26 –0.39%). The high values of these muscles are in agreement with their important function: they are involved in the downstroke and upstroke phases of the flapping flight. On the other hand, the muscles that seemed to contribute little to the mechanical power for flight presented low values that ranged between 0.01 and 0.25%. Comparison of the forelimb muscles of caracaras with published data on Falconinae species suggests that their muscular features might be associated with their type of flight, which is more erratic and less powerful than that of Falconinae.Fil: Picasso, Mariana Beatriz Julieta. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata; Argentina. Universidad Nacional de La Plata. Facultad de Ciencias Naturales y Museo. División Paleontología Vertebrados; ArgentinaFil: Mosto, María Clelia. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata; Argentina. Universidad Nacional de La Plata. Facultad de Ciencias Naturales y Museo. División Paleontología Vertebrados; Argentin

A New Taxonomy of Thin Markets

The traditional conception of a thin market based on transactions volume remains relevant in many agricultural markets but does not adequately frame emerging thin market issues. As non-price means of pricing goods becomes more common, some cash commodity markets have become residual markets. In some of these markets, not only the volume of transactions but also the representativeness of transactions to those on the related contract market is an important issue. This paper develops a concept of thin markets that accounts for this dimension of market thinness and proposes a research agenda related to this topic.Marketing,

WTO’s Trade Liberalisation, Agricultural Growth, and Poverty Alleviation in Pakistan

Pakistan is an agrarian based developing country, and like many other developing countries, its agriculture sector is subjected to domestic forces of demand and supply and changes in prices at international level, as well. More specifically, in the late 1990s, the World Trade Organisation (WTO) emerged as one the major players affecting such market changes more vigorously at international arena. The WTO’s Agreement on Agriculture, which was established as a result of the 1986–94 Uraguay Round talks, requires, for both developed and developing countries, to initiate a process of reforms in their agrarian economies with the objective of establishing a fair and market oriented agricultural trading system through multilateral trade negotiations. This Agreement on Agriculture (AoA) specifically asks for major reductions in export subsidies, domestic support and import barriers on agricultural products to achieve this objective, the WTO’s Agreement of Agriculture [WTO (2001)] had set the following quantitative targets for cuts in each of the three specified area, namely import tariffs, domestic supports and export subsidies.

Electron correlation in the Si(100) surface

Motivated by the controversy between quantum chemists and solid-state physicists, and by recent experimental results, spin-polarized density-functional (DFT) calculations are used to probe electron correlation in the Si(100) reconstructed surface. The ground state displays antiferromagnetic spin polarization for low dimer inclinations indicating, not magnetic order, but the importance of Mott-like correlations among dangling bonds. The lowest energy corresponds to a higher dimer inclination with no spin. DFT energies, however, should be taken with caution here. Our results together with quantum-chemical findings suggest dimers with highly correlated electrons that tend to buckle due to interactions with other dimers.Comment: 5 pages, 1 eps figure, 1 table; RevTeX v3.1. To appear in Surface Science (proceedings of the European Conference On Surface Science, ECOSS-19, Madrid, Sept. 5-8, 2000

The global chilling effects of antidumping.

Advocates of antidumping (AD) laws downplay their effects by arguing that the trade flows that are subject to AD are small and their distortions negligible. This paper is the first to counter that notion by quantifying the worldwide effect of AD laws on aggregate trade flows. The recent proliferation of AD laws across countries provides us with a natural experiment to estimate the trade effects of adopting versus using AD laws; differences in the intensity of use among countries with older AD laws allow us to investigate reputation effects. For this purpose, we estimate worldwide trade flows using a gravity equation spanning 21 years (1980-2000) of annual observations. Our estimates confirm that AD effects are not small. Among other findings, new tough users have their aggregate imports depressed by 15.7 billion US$a year (or 6.7$ on top of the cumulative negative effect of reputation. For some countries, the dampening effects of AD laws on trade flows are found to nearly offset the gains from trade liberalization.Behavior; Control; Power; Law; Intensity; Trade liberalization;