Applied Economics

This article challenges prevailing views about the collapse of the New Deal industrial relations system and the role of the market. It argues that the old system has been replaced not by the market but by an employment rights regime, in which the rules of the workplace are imposed by law, judicial opinions, and administrative rulings, supplemented by mechanisms at the enterprise level that are responsive to the law but also are susceptible to employee pressures, both individual and collective. The emergence of this regime is the product of a shift in the axes of social and political mobilization from mobilization around economic identities rooted in class, industry, occupation, and enterprise to identities rooted in the society outside the workplace: sex, race, ethnicity, age, disability, and sexual orientation. The shift in the axes of mobilization in turn reflects the collapse of the underlying model of social and economic organization upon which the collective bargaining regime w...

The aim of this paper is to explore the problems of incompatible strategies in international mergers. Studying a failed merger between the two state-owned Scandinavian telecom corporations, we examine how the parties' strategies were incompatible. We find that the parties' strategies were incompatible in three distinctive areas, and study how the companies tried to resolve these incompatibilities. Owing to national governance structures established to protect national interests, the parties were unable to resolve these strategic incompatibilities.

Transport processes in heterogeneous media such as ionized plasmas, natural porous media, and turbulent atmosphere are often modeled as diffusion processes in random velocity fields. Using the Itô formalism, we decompose the second spatial moments of the concentration and the equivalent effective dispersion coefficients in terms corresponding to various physical factors which influence the transport. We explicitly define "ergodic" dispersion coefficients, independent of the initial conditions and completely determined by local dispersion coefficients and velocity correlations. Ergodic coefficients govern an upscaled process which describes the transport at large tine-space scales. The non-ergodic behavior at finite times shown by numerical experiments for large initial plumes is explained by "memory terms" accounting for correlations between initial positions and velocity fluctuations on the trajectories of the solute molecules.

Longitudinal dispersion coefficients in given realizations of the transport computed by two currently used approximations of the first-order in velocity variance are compared with accurate global random walk simulations. The comparisons are performed for the same ensemble of realizations of the Darcy velocity field, approximated by a quasi-periodic random field, for log-normal hydraulic conductivity with small variance and finite correlation lengths. The results show that, at finite times of about one dispersion time scale, the mean coefficient is underestimated by ≈ 20% and the fluctuations are overestimated by ≈ 80%. At larger times the errors decrease monotonously and the first-order approximations yield fairly good predictions for the mean and the fluctuations of the dispersion coefficient.

The Global Random Walk algorithm (GRW) performs a simultaneous tracking on a fixed grid of huge numbers of particles at costs comparable to those of a single-trajectory simulation by the traditional Particle Tracking (PT) approach. Statistical ensembles of GRW simulations of a typical advection-dispersion process in groundwater systems with randomly distributed spatial parameters are used to obtain reliable estimations of the input parameters for the upscaled transport model and of their correlations, input-output correlations, as well as full probability distributions of the input and output parameters.

Transport processes in heterogeneous media such as ionized plasmas, natural porous media, and turbulent atmosphere are often modeled as diffusion processes in random velocity fields. Using the Itô formalism, we decompose the second spatial moments of the concentration and the equivalent effective dispersion coefficients in terms corresponding to various physical factors which influence the transport. We explicitly define "ergodic" dispersion coefficients, independent of the initial conditions and completely determined by local dispersion coefficients and velocity correlations. Ergodic coefficients govern an upscaled process which describes the transport at large tine-space scales. The non-ergodic behavior at finite times shown by numerical experiments for large initial plumes is explained by "memory terms" accounting for correlations between initial positions and velocity fluctuations on the trajectories of the solute molecules.

Relationships between statistical properties of Eulerian velocity (in a fixed reference frame) and Lagrangian velocity (i.e. the velocity of marked molecules) are examined for the case of diffusion in velocity fields described by random space functions. Assuming a constant diffusion coefficient and a divergence-free homogeneous Eulerian random field, we give simple proofs of the statistical homogeneity of the Lagrangian velocity field and of the equality between the Lagrangian and Eulerian one-point marginal probability densities. Further, we analyze numerical simulations using velocity fields generated with a classical randomization method. The numerical Eulerian velocity is homogeneous within a reasonably small confidence interval. Surprisingly, at early times the Lagrangian mean velocity still depends on the starting point of the trajectory and shows small oscillations which, however, are well beyond the confidence interval for the Eulerian mean velocity. We demonstrate that the lack of strict statistical homogeneity of the Lagrangian velocity induces a dependence of the second moment of the ensemble averaged concentration on the initial concentration distribution. At large times, the simulated Lagrangian mean velocity tends to the Eulerian mean velocity and the second moment of the mean concentration loses the memory of the initial conditions.

Mobility reduction and modal shift towards public transport, walking and cycling were important aims of the Dutch spatial policy from the nineties (VINEX). This policy encompassed several criteria for new housing developments, to limit the mobility these generate. This paper reports on a study into the mobility consequences of the developments that were the result of this VINEX policy. It discusses the compliance of these locations with policy criteria and analyses the (car) travel behaviour of their inhabitants. The study focusses on the spatial situation of all newly built housing from the period 1995-2003 and the travel behaviour of their occupants. Part of these are classified as VINEX developments or dwellings, others are not developed as part of the VINEX policy and are referred to as non-VINEX. Results were obtained from detailled analyses of spatial characteristics and regression analyses of individual travel patterns. Differences between sections of the population and their...

Schizophrenia is a debilitating chronic disease that requires lifelong medical care and supervision. Even with treatment, the majority of patients relapse within 5 years, and suicide may occur in up to 10% of patients. Poor adherence to oral antipsychotics is the most common cause of relapse. The discontinuation rate for oral antipsychotics in schizophrenia ranges from 26% to 44%, and as many as two-thirds of patients are at least partially nonadherent, resulting in increased risk of hospitalization. A very helpful approach to improve adherence in schizophrenia is the use of long-acting injectable (LAI) antipsychotics, although only a minority of patients receive these. Reasons for underutilization may include negative attitudes, perceptions, and beliefs of both patients and health care professionals. Research shows, however, significant improvements in adherence with LAIs compared with oral drugs, and this is accompanied by lower rates of discontinuation, relapse, and hospitalization. In addition, LAIs are associated with better functioning, quality of life, and patient satisfaction. A need exists to encourage broader LAI use, especially among patients with a history of nonadherence with oral antipsychotics. This paper reviews the impact of nonadherence with antipsychotic drug therapy overall, as well as specific outcomes of the schizophrenia patient, and highlights the potential benefits of LAIs.

Purpose – The purpose of this study is to validate the impact of economic and financial development along with energy consumption on environmental degradation using dynamic panel data models for the period 1980-2010. The study uses three sub-panels constructed on the basis of income level to make panel data analysis more meaningful. Design/methodology/approach – Larsson et al. panel cointegration technique, fully modified ordinary least squares and vector error correction model causality analysis are applied for empirical estimation. Findings – Main empirical findings demonstrate that financial development reduces environmental degradation in the high-income panel and increases environmental degradation in the middle- and low-income panels. Hypothesis of the environmental Kuznets curve is accepted in all income panels. Granger causality results show the evidence of bidirectional causality between financial development and CO2 emission in the high-income panel, and unidirectional cau...

Vietnam in recently years is considered to be a country with rapid development of the e-commerce with a lot of online shopping sites e.g., Shoppee, Lazada, Tiki, and Adayroi. These sites provide a high variety of products from household devices to motorbike. However, Vietnamese people are still aware of risk in doing e-purchasing. They often go to tradition outlets to buy products. This study aims to investigate the antecedents of customers’ intentions for the case of using Internet as a new way to purchase products in Vietnam. A research model is developed relied on the integration of theory of Technology Accepted Model and Perceived risk theory to predict customer intentions to online shopping. Five factors are included in this research: Perceived Usefulness, Perceived Ease of use, Perceived Risk, Customer’s Attitude and Customer’s intention. A convenience sample of 336 respondents was collected through online and offline survey. The results of this study support that exist a posi...

An error correction model is derived from a stochastic dynamic programming problem incorporating rational expectations. A parametric restriction is derived that allows a test for the theoretical proposition that the optimal strategy behind the error correction from entails the failure to asymptotically close the gap between the choice variable and the growing target. This is accomplished by nesting a partial adjustment model with forward‐looking expectations within the error correction paradigm. The counterintuitive behaviour embodied in the error correction model is not supported by the data in the context of a cross‐country comparison of cash balances relationships.

Many countries shift substantial public resources across jurisdictions to mitigate spatial economic disparities. We use a general equilibrium model with multiple asymmetric regions, labor mobility, and costly trade to carve out the aggregate implications of fiscal transfers. Calibrating the model for Germany, we find that transfers indeed deliver smaller disparities across regions. This comes at the cost of lower national output, however, because activity is diverted away from core cities and towards remote areas with low productivity. But despite this output loss, national welfare may still increase, because the transfer scheme countervails over-congestion in large cities.

This paper empirically investigates the nature of the underlying stochastic processes characterizing real oil prices using a Structural Time Series Model for the period 1960 to 2016. Based on the state space framework the STM decomposes the data into separate stochastic components by the maximum likelihood via the Kalman Filter. In contrast to the extant literature, this approach obviates the need to attain stationarity. Instead, it explicitly represents the nonstationarity properties of real oil prices through time varying structures and incorporation of structural breaks. The results establish that real oil prices are a composite of a long term trend, effect of shocks and short term fluctuations. The trend exhibits stochastic evolution and is punctuated by distinctive breaks triggered by unpredictable and significant events. Short term fluctuations are driven by transitory market influence and result in mean reverting patterns. Overall, the model captures, in a nonstructural frame...

This is a pre-copyedited, author-produced version of an article accepted for publication in Cambridge Journal of Economics following peer review. The version of record Mustafa Caglayan, Firat Demir, Exchange rate movements, export sophistication and direction of trade: the development channel and North-South trade flows, Cambridge

Using micro-level panel data, the paper analyzes the impacts of macroeconomic uncertainty and country risk on real investment under financial liberalization. The results suggest that increasing macroeconomic volatility and country risk hurt fixed investment spending of real sector firms.

Employing a matched employer-employee dataset, this paper explores the effects of exchange rate volatility on the growth performances of domestic versus foreign, and publicly traded versus non-traded private manufacturing firms in a major developing country, Turkey. The empirical results using dynamic panel data estimation techniques and comprehensive robustness tests suggest that exchange rate volatility has a significant growth reducing effect on manufacturing firms. However, having access to foreign, and to a lesser degree, domestic equity markets is found to reduce these negative effects at significant levels. These findings continue to hold after controlling for firm heterogeneity due to differences in export orientation, external indebtedness, profitability, productivity, size, industrial characteristics, and time-variant institutional changes.

The article is based on the second essay of my PhD dissertation. I am thankful to Jaime Ros, my dissertation advisor, and to my committee members, Amitava K. Dutt, Kwan S. Kim, and Kajal Mukhopadhyay, for their helpful comments and suggestions.

There is overwhelming evidence that one of the most important challenges facing society today is the growing scale and unequal distribution of consumption of natural resources. Both the socio-economic implications of resource scarcities and the documented decline in provision of and rising threats to ecosystem services have spurred parts of the academic and policy communities into identification of problems and solutions. Some of the most fundamental debates, led by researchers from various disciplines, centre around economic growth and sustainable consumption. However, there is often a lack of knowledge exchange between these researchers as well as between researchers and policy makers. Together with other factors this results in slow policy progress. In this paper, we seek to contribute to the dialogue and understanding between sustainability science and policy by identifying a set of important research questions that link the challenges of sustainable consumption with economic growth debates and critiques. The research questions have been identified through an extensive participatory process involving leading researchers and policy makers responsible for sustainability policies throughout the whole EU and cover five areas (food, housing, mobility, information and communication technology, finance). The aim of the research questions is to orient researchers towards important research priorities as well as guide policy makers and public authorities in funding of research and use of sound scientific evidence and policy advice to inform decision making. We anticipate that addressing these questions will contribute to rethinking of societal institutions and forms of consumption in order to transition towards sustainability, while improving the synergy between policy and sustainability science. This paper presents some results of the RESPONDER project, Linking Research and Policy Making for Managing the Contradictions of Sustainable Consumption and Economic Growth, funded by the European Commission's 7 th Framework Programme, 2011-2014.

If a chronological economic history of India were prepared with eighteen 'Books' in the style of the Mahabharata, the experiences of the period 1951-1991 ought to appear in "Padkalpana Parvan", the Book on Planning. It is often difficult to appreciate just a chapter from such a Book in isolation. When I reflect upon this substantial volume, introduced as "an analytical macroeconomic history of India from 1964 to 1991 " (page 1), I feel that the time span and the macro economic approach make it a useful supplement to the earlier studies such as Sukhamoy Chakravarty's Development Planning: The Indian Experience (1987), Bimal Jalan's India's Economic Crisis (1991) and Jagdish Bhagwati's India in Transition: Freeing the Economy. (1993). From such an insightful collection, it is now possible to gain a spectrum of views on the successes and failures over the entire period. In commenting upon the year 1990-91, a year which was "among the cruellest in India's post independence history ", Bimal Jalan pointed out that, in addition to the critical social and economic crises facing the government, there was "a widespread feeling in the country that something is 'missing' or wrong in the way we have organized our economy in the last forty years. True there has been progress. But our achievements seem to have fallen far short of original expectations. The economy seems to lurch from one crisis to another" (p. 4). If one enjoys looking primarily at India's "crises ", one will find a number of features of Joshi and Little particularly appealing; on the other hand, one has to turn to other sources to gain a balanced view of the "progress" that Jalan refers to. Let me first start with a thumb-nail sketch• Part 1 of the book provides an impressionistic historical account and a description of the nature of markets and the role of the public sector. Part 2 is a canto on crises. It starts with an account (Chapter 3) of the macroeconomic events of the whole period 1964-91. The reader is then guided through the entire time-interval by a closer view of four major

This paper investigates the determinants of legal change in a public choice framework. An empirical model explaining the timing and probability of decisions to adopt state-operated lotteries is developed. Employing a Tobit estimator and explicitly considering the effects of statespecific constitutional and political structures, spending and tax policies, and federal revenue importation, evidence is presented showing that legal change is much like economic change: Lotteries are more likely to be adopted and to be adopted earlier where the costs are lowest relative to expected benefits. State legislatures appear to be the main beneficiaries of this public choice process. * We are especially indebted to Tim Sass for many helpful suggestions. Roger Folsom, Thomas Husted, Lydia Ortega, Robert Tollison, and an anonymous referee also provided useful comments. Saurman gratefully acknowledges financial support from the College of Social Sciences at San Jose University. Any remaining errors are our own. U.S. Department of Commerce, Bureau of the Census. (1988 and other various years of issue).

To compare gender differences in alcohol use and the socioeconomic correlates of at-risk drinking among middle-aged and older adults in Australia, the United States (US) and South Korea. Data were drawn from large nationally representative surveys of people aged 45 years and older, collected in 2006. Rates of any drinking and at-risk drinking (>14 US standard drinks/week) were higher for males than females in all countries and these gender differences were largest in Korea. Socioeconomic differentials for at-risk drinking varied by country and gender. In the US, at-risk drinking was associated with lower educational levels among men, but higher educational levels among women; in Korea, it was associated with being unpartnered, particularly for women; and in Australia, at-risk drinking was associated with higher income. Gender-role expectations differ between countries and may influence both the levels at which older adults consume alcohol and the ways in which at-risk drinking is...

Biomarker sind charakteristische biologische Merkmale, die objektiv gemessen werden können und zur Untersuchung normaler biologischer Prozesse, krankhafter Prozesse oder pharmakologischer Reaktionen auf therapeutische Behandlungen im Körper dienen können [2]. Die Definition umfasst dabei unterschiedlichste Marker: neben den in der Diabetesdiagnose und -therapie verwendeten Markern Plasmaglukose, Lipide oder Insulin viele andere Metabolite und Proteine, aber auch Marker zur Charakterisierung des Genoms und Transkriptoms, Marker subklinischer Erkrankungen und metabolische Endprodukte (. Tab. 1).

This is an excellent book, which should form part of the professional education of anyone involved in irrigation -administrators, managers, consultants and researchers alike. While its main focus is obviously on canal irrigation, much of the discussion in the early part of the book on the ways that mislearning and misconception have contributed to the failed promise of irrigation to transform living standardsis applicable to other development-related activities. The main thrust of the argument is that there is not yet a discipline of irrigation management, and this is a point on which those few management specialists who are drawn to the field would heartily agree. There are plenty of highly competent and dedicated professionals working on hardware, on design rules and procedures, and on systems for allocating water to particular areas and types of crops, but very, very few who take a serious interest in many central managerial issues. These include the relative power of different groups of actors; the internal politics of irrigation organizations; the way officials frame their priorities (e.g. equity as inversely measured by the volume of farmer complaints, rather than the optimization of production from a given flow of water); factors affecting the motivation of staff in a resource-poor environment; and social relations as determinants of cooperation and conflict within schemes. Chambers identifies, and discusses in depth, a variety of misconceptions which have had significant deleterious effects on design and on the identification of research-worthy areas in irrigation. The first of these is the fixation on problems below the outlet, which has tended to divert attention away from the main system management problem, which he identifies as 'the central gap'-rightly, although a number of institutions (e.g. Hydraulics Research in the UK) have been making valiant efforts to fill it. He then goes on to look at a number of issues which are ignored or treated in an unrealistic way in the planning of schemes: night irrigation, the role of farmers in initiating action above the outlet, the motivation of scheme managers and administrators. He concludes with a section on analysis and action. The book is clearly intended to alter perceptions of where and what the real limiting factors on making irrigation effective in improving living standards are; in this reviewer's opinion it will be effective in this. If there are weaknesses, they are in the'Analysis and Action'section. Reform of administrative structures and management practices is a complex area, further complicated by the fact that there are competing models of what that process is. Is it technical (provide new procedures, management information systems, etc. and all will be well) or managerial/ psychological or political? Nevertheless, this remains a very valuable contribution. If you are in the irrigation business, read it.

Vereinigung) in Nordbaden/Germany was available for analysis, covering the total regional population enrolled in Statutory Health Insurance (> 2.2 million lives for years 2003 to 2009). Linear trend analyses were performed using regression analysis with the growth index of the prevalence rates of MHDs as dependent variable, and a coefficient of determination R2> 0.57 at a significance level p< 0.05 indicating a meaningful trend observation. Results: Overall, MHD diagnoses remained stable at rates between 31% and 34% during the observation period. MHDs were diagnosed more frequently in females (rates 37%-43%) than in males, whereas a significant increase was observed in males only (from 23.5% in 2003 to 28% in 2009). Most frequently diagnosed mental health problems in 2009 were depressive episodes, with an overall administrative 12-months prevalence rate of 8.3%; unspecified somatoform disorders, 4.8%; harmful use of tobacco, 3.4%; neurasthenia, 2.3%; and adjustment disorders, 2.2%. Age and gender specific trends will be reported in detail. For example, from 2003 to 2009, the administrative prevalence of attention-deficit/hyperactivity disorder (ADHD) increased by 79% (from 0.53% in 2003 to 0.95% overall; 6-12 years, 8.0%; 13-17 years, 4.2%; adults from 0.04% in 2003 to 0.17% in 2009). Substantial prevalence increases were also found for dementia (significant for males only) and for disorders due to substance abuse (both males and females). ConClusions: The overall prevalence of MHDs did not increase during the observation period. Growing numbers for some disorders were compensated for by decreases of others.

Vereinigung) in Nordbaden/Germany was available for analysis, covering the total regional population enrolled in Statutory Health Insurance (> 2.2 million lives for years 2003 to 2009). Linear trend analyses were performed using regression analysis with the growth index of the prevalence rates of MHDs as dependent variable, and a coefficient of determination R2> 0.57 at a significance level p< 0.05 indicating a meaningful trend observation. Results: Overall, MHD diagnoses remained stable at rates between 31% and 34% during the observation period. MHDs were diagnosed more frequently in females (rates 37%-43%) than in males, whereas a significant increase was observed in males only (from 23.5% in 2003 to 28% in 2009). Most frequently diagnosed mental health problems in 2009 were depressive episodes, with an overall administrative 12-months prevalence rate of 8.3%; unspecified somatoform disorders, 4.8%; harmful use of tobacco, 3.4%; neurasthenia, 2.3%; and adjustment disorders, 2.2%. Age and gender specific trends will be reported in detail. For example, from 2003 to 2009, the administrative prevalence of attention-deficit/hyperactivity disorder (ADHD) increased by 79% (from 0.53% in 2003 to 0.95% overall; 6-12 years, 8.0%; 13-17 years, 4.2%; adults from 0.04% in 2003 to 0.17% in 2009). Substantial prevalence increases were also found for dementia (significant for males only) and for disorders due to substance abuse (both males and females). ConClusions: The overall prevalence of MHDs did not increase during the observation period. Growing numbers for some disorders were compensated for by decreases of others.

The purpose of this article is to investigate how and why the truck manufacturer Scania adapted to the economic downturn between 2008 and 2010 in the manner it did. First, Scania signed a crisis agreement on fewer working hours and lower wages, and, later, it signed an agreement stipulating fewer working hours, but without wage reductions. Both of these agreements were combined with investments in competence development and education as well as with the decision not to give notice to the employees, which was uncommon among Swedish companies. It is claimed that the company wanted to strengthen the competitiveness by integrating the unions and the employees even more in the business. An important prerequisite was the company’s Flexibility Agreement, which allowed the company not to give temporary employees new contracts and to let temporary employees leave the company as soon as their maximum employment period of six months expired.

 The paper presents key results regarding a possible reform of the Common Agricultural Policy direct payments, based on a scenario analysis by the CAPRI (Common Agricultural Policy Regionalized Impact) modelling system. Combining aggregate programming models at the NUTS 2 level with a global spatial multi-commodity model, it enables depicting the impacts of different policy and economic scenarios from regional to the global scale. The paper discusses simulated impacts on farm income and agricultural markets from implementing the European flat rate hectare payment corrected for the purchasing power disparities across the Member States while reducing the overall budget outlays for direct payments by 50% and dismantling the remaining coupled support to ruminants. The results are an outcome of a comparative static analysis against a reference scenario which assumes the Health Check policy in 2020. The model results suggest a drop of the agricultural gross value added by 9% at the aggreg...

Purpose: This study was aimed to systematically identify and review studies conducted using simulated client/patients that examine medicine selling prices in healthcare settings, including pharmacies, clinics, and hospitals. The quoted drug pricing information, including the dispensing fees and healthcare financing system of the countries involved, were also compared.Design/methodology/approach: We searched Pubmed, OVID, Scopus, Ebsco (Medline) and ProQuest for papers reporting on simulated patient studies in various medical settings, specifying drug or pharmaceutical pricings. Randomized controlled trials, non-randomized controlled trials, longitudinal studies, cohort or case–control studies, and descriptive studies were included. The quality of included studies was checked using a validated tool.Findings: A total of 19 papers from 13 countries from all regions of the world were included in this systematic review. Various ,edical conditions that were presented by the simulated pati...

Research on family caregiving has been based largely on small samples, often drawn from support organisations or services, and has tended to focus on particular disability groups. Our study was population-based and included all ages and disabilities. As the first stage in a longitudinal research and health promotion program for informal caregivers, a statewide random survey of over 26 000 households was conducted by telephone: 78 per cent of self-identified carers ( N = 976) agreed to participate in a one-hour interview. This paper presents a sociodemographic profile of Australian caregivers. Four types of relationship between carers and care recipients (adult offspring, spouses, parents and other relatives and friends) provide the framework for results. Group differences were observed on most characteristics: for example, age, living arrangements, work status and duration of care. Care recipient characteristics, including difficult behaviours and need for assistance, are also reported, as well as use of and need for community services. What the findings reflected most was the heterogeneity of both caregivers and care recipients and the diversity of caregiving roles and circumstances.

The paper analyses the contribution of informally employed women (for the age group of 16-60 years) to their household budget. The urban informal sector largely absorbs women workers. We examine the determinants of their contribution to their household budgets for the survival of the families. Applying the OLS model to 937 observations, it is found that women as heads of household, women’s education, and ownership of assets by woman have a positive effect on their contribution. The burden of the large family size, household poverty, and loans availed by the household are shared by the informally employed women, as these variables positively affect their contribution. Age of the woman has a non-linear effect on woman’s contribution. The contribution first increases and then decreases by an increase in the age of the woman. Married women and women living in nuclear families contribute more to the household budget. The household per capita income and number of children (5-15 years) in ...

This article provides a legal analysis of some of the key issues that arise in examining the system for allocating emissions allowances under the EU's emissions trading scheme directive (EU ETS). There is a strong series of arguments in support of the view that the free allocation of allowances under the various national allocation plans (NAPs) involves an element of State aid, which has neither been formally notified to, nor cleared by, the Commission under the EC Treaty. Even if it is found properly to have been notified, there are serious doubts as to whether the extent of aid granted satisfies the proportionality principle. As a result, the operation of the EU ETS may be subject to some legal uncertainty with regard to possible legal challenges to the current allocation of allowances. Going forward, proposals to amend the operation of the EU ETS must take into account similar State aid considerations (particularly proportionality) and the experience gained from the working of the EU ETS in phase I. The structural outline of a possible legislative package has been suggested, which could achieve the safeguarding of commercial and legal certainty under the current allocation regime, while at the same time providing a basis for amendment of the allocation mechanism under the EU ETS for phase II and beyond.

The goal of highly active antiretroviral therapy (HAART) has been to stabilize and reconstitute immune function and suppress viral replication to the greatest degree possible. Suppression of HIV viral replication has been associated with improved long-term and short-term prognosis. Limited data are available on the level of virologic suppression and immune function of pediatric patients followed in clinical settings in the HAART era. Objective: The objective of this study was to assess the level of virologic suppression and immune function in a cohort of children with perinatally acquired HIV infection followed at dedicated HIV specialty care sites. Research Design: This study comprised a cohort study of HIVinfected children and adolescents. Subjects: Study subjects consisted of 263 HIV-positive children (Յ17 years old), on HAART, with at least one outpatient visit and CD4 test recorded in 2001 seen at 4 U.S. HIV primary pediatrics and specialty care sites (2 eastern, 1 southern, and 1 western). Measures consisted of all plasma HIV-1 RNA levels Յ400 during calendar year 2001. Results: Two hundred sixty-three patients received HIV-related treatment during 2001, with a mean age of 8.5 years. Sixty-eight percent were black, 54% were females, and the majority (85%) was insured by Medicaid. A total of 28.6% had a class C AIDS diagnosis. A total of 23.5% and 34% of patients maintained viral suppression at Ͻ50 copies per milliliter (cpm), or Ͻ400 cpm, respectively, for the calendar year; 32.5% and 38.8%, respectively, fulfilled the criteria if one "blip" to Ͻ5000 cpm was allowed. Forty-eight percent maintained all viral loads Ͻ5000 cpm, and 74.9% overall had HIV-1 RNAs Յ15,000 cpm. Eighty-seven percent of patients had CD4% Ͼ25; only 4.2% had CD4 Ͻ15%. Overall, 12.5% of patients had either CD4% Ͻ15 or severely decreased absolute CD4 counts (adjusted for age). A total of 4.6% of patients had HIV-1 RNAs Ͼ100,000 cpm and severe immunosuppression. Patients who were less likely to achieve virologic suppression to Ͻ400 cpm included those with CD4 count Ͻ200 cells/mm 3 (odds ratio ͓OR͔, 0.06; 95% confidence interval ͓CI͔, 0.007-0.46), those with AIDS (OR, 0.5; 95% CI, 0.28 -0.94), and those with moderate (OR, 0.42; 95% CI, 0.22-0.79), or severe immunologic suppression (OR, 0.14; 95% CI, 0.046 -0.43) based on CD4%. In this multisite, pediatric cohort, the rate of nearcomplete virologic suppression (Ͻ50 or Ͻ400 cpm) was low. However, the majority of patients have near-normal CD4 counts and viral loads Ͻ15,000 cpm. Follow up will be critical to assess the implications of ongoing low-level viral replication with near-normal CD4 values.

The rationale for high school dropout reduction programs rests mainly on evidence that graduates are more successful than dropouts in the labor market. It is not evident, however, whether this difference is attributable to the diploma itself or to underlying characteristics that affect both graduation and labor market success. This paper estimates the effect of the diploma on labor market success, over and above prior differences between graduates and dropouts, using a statistical procedure controlled for observable characteristics (ethnicity, gender, and academic achievement). The research also attempted to discover the role of unmeasured characteristics that may be associated with high school completion and labor market success. After selecting data from the 1980 sophomore cohort in the "High School and Beyond" survey, comparisons were made between a group who left school without a diploma and a group who graduated but did not attend postsecondary school. Results indicate that differences in employment and earnings between teenagers with and without diplomas are primarily not attributable to differences in measured prior characteristics. Dropouts' labor market difficulties are therefore not merely symptomatic of the prior characteristics measured by this research. The question remains whether the problems are due to discrimination by employers against dropouts or to other unmeasured variables. Society's gain from dropout reduction programs depends on whether employers' reasons for favoring graduates are arbitrary or valid. Conversely, if dropouts have unobserved characteristics causing them to be less productive than graduates, then society's gain from program efforts depends on whether would-be dropouts acquire characteristics during schooling that make them more productive. Seventeen references and 13 tables of data are appended. (CJH)

The rationale for high school dropout reduction programs rests mainly on evidence that graduates are more successful than dropouts in the labor market. It is not evident, however, whether this difference is attributable to the diploma itself or to underlying characteristics that affect both graduation and labor market success. This paper estimates the effect of the diploma on labor market success, over and above prior differences between graduates and dropouts, using a statistical procedure controlled for observable characteristics (ethnicity, gender, and academic achievement). The research also attempted to discover the role of unmeasured characteristics that may be associated with high school completion and labor market success. After selecting data from the 1980 sophomore cohort in the "High School and Beyond" survey, comparisons were made between a group who left school without a diploma and a group who graduated but did not attend postsecondary school. Results indicate that differences in employment and earnings between teenagers with and without diplomas are primarily not attributable to differences in measured prior characteristics. Dropouts' labor market difficulties are therefore not merely symptomatic of the prior characteristics measured by this research. The question remains whether the problems are due to discrimination by employers against dropouts or to other unmeasured variables. Society's gain from dropout reduction programs depends on whether employers' reasons for favoring graduates are arbitrary or valid. Conversely, if dropouts have unobserved characteristics causing them to be less productive than graduates, then society's gain from program efforts depends on whether would-be dropouts acquire characteristics during schooling that make them more productive. Seventeen references and 13 tables of data are appended. (CJH)

This paper examines the discursive transformation of the historic American public market from that of a municipally regulated institution intended to ensure fair trade and equitable food distribution to ''a public place'' that emphasizes community identity and sociability. Using a semiotic analysis of interviews with 31 market managers of 30 historic and contemporary American public markets, data from historic documents, and multiple site visits, we compare the social construction of the contemporary public market to farmers markets, supermarkets, and the early twentieth century public market. We analyze the meanings managers create in the contemporary public market to understand the administrative rationalities within which the public market operates. Our analysis reveals evidence of competing imaginaries active in the public market, organized around broad notions of ''public benefit,'' ''community culture'' and ''institutional viability.'' We propose that these tensions are embedded in the public market as an institution historically implicated in regimes of food distribution. In the contemporary context, we conclude, public markets largely substitute the spectacle of community and the image of an historic public life for a legally instated commitment to the just governance of food systems.

Based on Easton & Harris model (1991), this study aims to investigate the relationship between accounting information reported in financial statements and stock returns. We collected the sample of 108 listed firms on the Ho Chi Minh stock market - the most developmental economic zone in Vietnam during the period of 4 years, from 2010 to 2013. In order to examine the relationship, this paper principally used quantity approach and data estimation techniques of Pooled Regression Model, Fixed Effects Model (FEM) and Random Effects Model (REM). We then utilized the Hausman Test to choose an appropriate model between FEM and REM. The results indicate that there is an association between accounting information and stock returns in Vietnam, but this association is considerably weak. It implies that the accounting information is less useful to make investment decisions in the Vietnamese stock market.

The complete evaluation of the offsite effects of national policies or programs that affect levels of agricultural nonpoint source pollution requires linking extensive water quality changes to changes in recreational activity. A sequential decision model is specified to describe an individual's decisions about fishing. A participation model for recreational fishing that includes a water quality index reflecting regional water quality is developed and estimated as a logit model with national level data. A visitation model for those who decide to fish that also includes the water quality index is estimated using ordinary least squares. The water quality index is found to be significant in the participation model but not in the visitation model. Together, the two models provide a means of estimating how changes in water quality might influence the number of recreation days devoted to fishing. The model is used to estimate changes in fishing participation for the Conservation Reserve Program. WATER QUALITY IMPACTS ON RECREATIONAL FISHING Benefits to water-based recreation are one aspect of the offsite benefits from national soil conservation programs or other agricultural programs or policies that reduce agricultural nonpoint source pollution. Studies have indicated that water pollution damages to recreation are substantial and that large benefits could result from improving water quality [Freeman, 1982; Heintz et al., 1976; Unger, 1975; Feenberg and Mills, 1980]. If reducing agricultural sources of pollution can substantially improve overall water quality, then sizable benefits in terms of improved recreational opportunities can be gained. In this paper a model for estimating recreational fishing benefits from a national agricultural conservation program is developed. A water quality index representing regional water quality is used to drive changes in demand for fishing. The resulting model was used to estimate changes in fishing participation brought about by the Conservation Reserve Program. Decisions about agricultural production at both the micro and macro levels can influence water quality. At the farm level, farmers can choose crop management, tillage, soil conservation, and chemical management techniques. Their choices affect the amounts of sediments and chemicals washing off the land and into water resources. Of interest here are the national policy decisions that can influence the production decisions of a large percentage of the nation's farmers. Policies include conservation policies but also price support and acreage reduction programs. Such programs or policies can have a substantial impact on national water quality by influencing acreage in production, intensity of production, and degree of conservation. Assessing the offsite water quality impacts of such national policies requires some way of linking water quality to This paper is not subject to U.S. copyright. Published in 1991 by the American Geophysical Union. Paper number 91 WR00798. recreational behavior at the national level. A site-by-site approach would be extremely difficult, since national policies or programs influence water quality in many areas simultaneously. Also, the number of site studies required to analyze such changes would be prohibitively large. Even multisite or regional recreation visitation models such as those used by Sutherland [1982], Morey [1981], and Donnelly et aI. [!985] would be extremely cumbersome to use for a truly national policy analysis. Alternatively, a national model can be developed that does not rely on site data. The primary problem in estimating a national model is the availability of the necessary data.