Asset prices, debt constraints and inefficiency

In this paper, we consider economies with (possibly endogenous) solvency constraints under uncertainty. Constrained ine±ciency corresponds to a feasible redistribution yielding a welfare improvement beginning from ev- ery contingency reached by the economy. A sort of Cass Criterion (Cass [10]) completely characterizes constrained ine±ciency. This criterion involves only observable prices and requires low interest rates in the long-run, exactly as in economies with overlapping generations. In addition, when quantitative limits to liabilities arise from participation constraints, a feasible welfare im- provement, subject to participation, coincides with the introduced notion of constrained ine±ciency.Private debt; solvency constraints; default; Cass Criterion; asset

Conditioning analysis of block incomplete factorization and its application to elliptic equations

The paper deals with eigenvalue estimates for block incomplete fac- torization methods for symmetric matrices. First, some previous results on upper bounds for the maximum eigenvalue of preconditioned matrices are generalized to each eigenvalue. Second, upper bounds for the maximum eigenvalue of the preconditioned matrix are further estimated, which presents a substantial im- provement of earlier results. Finally, the results are used to estimate bounds for every eigenvalue of the preconditioned matrices, in particular, for the maximum eigenvalue, when a modified block incomplete factorization is used to solve an elliptic equation with variable coefficients in two dimensions. The analysis yields a new upper bound of type γh−1 for the condition number of the preconditioned matrix and shows clearly how the coefficients of the differential equation influ- ence the positive constant γ

Modeling emergency departments using discrete event simulation techniques

This paper discusses the application of Discrete Event Simulation (DES) for modeling the operations of an Emer-gency Department (ED). The model was developed to help the ED managers understand the behavior of the system with regards to the hidden causes of excessive waiting times. It served as a tool for assessing the impact of major departmental resources on Key Performance Indicators (KPIs), and was also used as a cost effective method for testing various what-if scenarios for possible system im-provement. The study greatly enhanced managers’ under-standing of the system and how patient flow is influenced by process changes and resource availability. The results of this work also helped managers to either reverse or modify some proposed changes to the system that were previously being considered. The results also show a possible reduc-tion of more than 20% in patients waiting times

Improvement of neuropsychological performances and reduction of immune-activation markers after probiotic supplementation and change of life-style in an HIV positive male: targeting the microbiota to act on gut-brain axis

The gut-brain axis is widely in uenced by the intestinal microbiota and dysbiosis is consequently associated with a large dysregulation of its functions. Probiotic supplementation, reducing the harmful effects of dysbiosis, has shown positive effects not only on gut and brain functions, but also on the control of the dangerous effects of immune activation. Mounting evidence has shown that neurocognitive impairment can be a secondary to the impairment of the microbiota-gut-brain axis in HIV positive patients. In this case report we analyzed the im- provement of neurocognitive performances associated with a reduction of levels of peripheral immune-activa- tion, after 6 months of probiotic supplementation. In this case, the achieved result may have been in uenced by a more comprehensive modi cation of the patient’s lifestyle with the introduction of a controlled diet and regular physical activity. Our observations suggest that integrate antiretroviral therapy and non-pharmacological tools into an overall approach, can be a useful strategy to control some non-AIDS related diseases

The transparency of the banking industry and the efficiency of information-based bank runs

In this paper, we investigate the relationship between the transparency of banks and the fragility of the banking system. We show that information-based bank runs may be inefficient because the deposit con-tract designed to provide liquidity induces depositors to have excessive incentives to withdraw. An im-provement in transparency of a bank may reduce depositor welfare through increasing the chance of an inefficient contagious bank run on other banks. A deposit insurance system in which some depositors are fully insured and the others are partially insured can ameliorate this inefficiency. Under such a system, bank runs can serve as an efficient mechanism for disciplining banks. We also consider bank managers’ control over the timing of information disclosure, and find that they may lack the incentive to reveal in-formation about their banks.bank run; contagion; transparency; market discipline; deposit insurance

Comparing Model Checking and Flip-Flop Gates Using EvenKainit

Randomized algorithms [1] and access points, while essential in theory, have not until recently been considered theoretical. in fact, few information theorists would disagree with the im- provement of write-back caches, which embod- ies the structured principles of operating sys- tems. We propose a novel approach for the anal- ysis of spreadsheets, which we call EvenKainit

Формування в учнів 5-7 класів вмінь доводити на уроках розвитку зв’язного мовлення в контексті методичної спадщини Медушевського А.П.

In the article the necessity of discussing methods usage in process of building skills of provement in pupils of 5 - 7 th classes on ukrainian language lessons has been shownВ статье автор рассматривает использование дискуссионных методов в процессе формирования умения доказывать у учащихся 5-7 классов на уроках развития речиУ статті розглянуто використання дискусійних методів у процесі формування вмінь доводити в учнів 5-7 класів на уроках розвитку зв’язного мовленн

The impact of economic growth on the competitiveness of national elite sport systems

India is the extreme under - achiever in international sport competitions. This has only marginally changed with the recent promotion of the Indian economy into the league of BRIC nations. Whereas in China high growth rates have been accompanied by a huge im provement of its performance in international sport events a similar impact of extraordinary growth rates has been almost totally absent in the case of India. Is India an exception? Several econometric studies have shown that income per capita is a signifi cant variable explaining elite sport results such as results in the Olympic Games. From this stylized fact follows the hypothesis that 'above/below average' growth rates lead to relative improvements/deterioration of elite sport results (with a time lag)‟. This paper tests the hypothesis by means of a study of the correlation between growth in GNP per capita and growth in medal points in the sports of the Olympic Summer Games. The findings show no correlation. However, a detailed analysis of country evidenc e shows interesting trends and details. The paper concludes with tentative explanations for the findings including the contradictory country evidence