194,433 research outputs found
Good Regulatory Lags for Price Cap and Rolling Cap contracts
No full textPrice caps are a popular form of monopoly price regulation. One of its disadvantages is the perverse incentives that regulated firms might have to scamp on cost reducing effort during the last years before a price review. In order to avoid this problem a “rolling cap†contract was introduced in the United Kingdom that overcomes this last problem. In spite of their popularity, there is scant research on the optimal regulatory lag (number of years between price reviews) of a price cap or rolling cap contract. In practice, around the world most price cap or rolling cap contracts have a lag of 4 to 5 years, but this is not based on any optimality consideration. As is well known, the regulatory lag determines the power of an incentive contract and thus the incentives to undertake cost reducing effort. Schmalensee (1989) studied the optimal power of regulatory contracts in a static model with uncertainty and asymmetric information. She finds that medium powered contracts are generally superior to the polar cases of high or low powered contracts. In this paper, we extend Schmalensee (1989) model used to study the optimal power of regulatory contracts to a dynamic framework. We use numerical simulation to study the optimal regulatory lag for different combinations of demand and cost parameters under a particular linear quadratic structure. We find that in general a 2 year lag is optimal under both a price cap and rolling cap contracts and that a benevolent regulator prefers the rolling cap over the price cap contract in almost all the casesPrice Cap, Rolling Cap, Regulatory Lag, Dynamic Programming
Various Features of the Chooser Flexible Cap
No full textIn this paper, we theoretically look into various features of a chooser flexible cap. The chooser flexible cap is a financial instrument written on an underlying market interest rate index, LIBOR (London Inter-Bank Offer Rate). The chooser flexible cap allows a right for a buyer to exercise a limited and pre-determined number of the interim period caplets in a multiple-period cap agreement. While the chooser flexible cap is more flexible and cheaper instrument than the normal cap, its pricing is more complicated than the cap's because of its flexibility. So it may take long time for its price calculation. We can use the features to cut down the calculation time. At the same time the option holder can use the features for exercise strategies.chooser flexible cap, LIBOR, dynamic programming, exercise strategy.
The CAP and its Reform - Half a Century of Change?
No full textIn the fifty years since the Stresa Conference, the CAP has undergone many changes. Its presence, however, has been one of the most prominent and constant features of the 'European project'. This article outlines how the policy has changed and identifies the key pressures driving that change, in the context of unchanging formal objectives for the policy. Having established price support as the primary means of supporting farm incomes, crucial elements of the EU budget process then combined with rising production and surpluses to put the CAP on a path that led inexorably to financial crisis. As the EU began to deal with these pressures, so price support was already taking the policy towards another pressure point - growing subsidised exports and, ultimately, clashes in the GATT over trade-distorting policies and their effects on other countries. In the reforms since 1992, designed to address both budget and trade concerns, the direction the policy has taken has also been influenced by newly-emerging issues, notably the welfare and health of the environment, animals and consumers. Yet despite all these changes and the vast sums spent, the extent to which the farm income problem has been resolved remains unclear. Despite the centrality of income concerns to the CAP, data on farm household incomes remain limited - and there exists considerable political opposition to changing this situation. Copyright (c) 2008 The Author. Journal compilation (c) The Agricultural Ecomomics Society and the European Association of Agricultural Economists 2008.
Global emission ceiling versus international cap and trade: What is the most efficient system when countries act non-cooperatively?
No full textWe model climate negotiations as a two-stage game. In the first stage of the game, players have to agree on a global emission cap (GEC). In the second stage, they non-cooperatively choose either their emission level or their emission quota, depending on whether emission trading is allowed, under the cap that potentially binds them together. A three heterogenous player quadratic game serves as a base for the analysis. In this framework, when the cap is non-binding, there exists a unique Nash equilibrium. When the emission cap is binding, among all the coupled constraints Nash equilibria, we select a normalized equilibrium by solving a variational inequality, which has a unique solution. In both scenarios – with and without emission trading – we show that there exists a non-empty range of values for which setting a binding cap improves all players’ payoff. It also appears that for some values of the cap, all players get a higher payoff under the GEC system alone than under the international cap and trade (ITC) system alone. Thus, the introduction of a GEC outperforms the ITC system both in terms of emission reduction and of payoff gains.environmental game, climate change, international cap and trade system, national emission quotas, global emission cap, normalized equilibria, variational and quasi-variational inequalities.
GUTIERREZ, J. Guadalupe (Cap.)
No full textEl Gral. PEC, Gobernador de Sonora, recomienda ante el Lic. Manuel Berlanga, Gobernador Interino de Jalisco, al Cap. J. Guadalupe Gutiérrez. El Cap. 1º J. Guadalupe Gutiérrez pide al Gral. PEC le envíe certificado para comprobar su grado militar. Respuesta del Gral. PEC adjuntando oficios que certifican sus nombramientos y actuación. Telegrama del Cap. J. Guadalupe Gutiérrez al Gral. PEC, pidiendo que le firme certificados de su actuación militar
Effects of EU CAP implementation on Bulgarian farms
No full textThis paper assesses impacts of EU CAP implementation on Bulgarian farms of different type and specialization. First, a framework for assessing the CAP effects on farms is presented. Next, an evaluation is made of the impacts of CAP on: economic results and income of farms; production and governance efficiency of farms; level of competitiveness of farms; and economic, social, and environmental sustainability of farms. Finally, factors for improvement of CAP impact on farms in the country are identified.impacts of EU CAP, income, efficiency, competitiveness, and sustainability of farms
[Report to Chief J. E. Curry, by an unknown author #1]
No full textReport to Chief J. E. Curry, by an unknown author. The report contains a list of officers who gave depositions to the United States Attorney
[Report to Chief J. E. Curry, by an unknown author #2]
No full textReport to Chief J. E. Curry, by an unknown author. The report contains a list of officers who gave depositions to the United States Attorney
The RRM domain of poly(A)-specific ribonuclease has a noncanonical binding site for mRNA cap analog recognition
No full textThe degradation of the poly(A) tail is crucial for posttranscriptional gene regulation and for quality control of mRNA. Poly(A)-specific ribonuclease (PARN) is one of the major mammalian 3’ specific exo-ribonucleases involved in the degradation of the mRNA poly(A) tail, and it is also involved in the regulation of translation in early embryonic development. The interaction between PARN and the m7GpppG cap of mRNA plays a key role in stimulating the rate of deadenylation. Here we report the solution structures of the cap-binding domain of mouse PARN with and without the m7GpppG cap analog. The structure of the cap-binding domain adopts the RNA recognition motif (RRM) with a characteristic a-helical extension at its C-terminus, which covers the b-sheet surface (hereafter referred to as PARN RRM). In the complex structure of PARN RRM with the cap analog, the base of the N7-methyl guanosine (m7G) of the cap analog stacks with the solvent-exposed aromatic side chain of the distinctive tryptophan residue 468, located at the C-terminal end of the second b-strand. These unique structural features in PARN RRM reveal a novel cap-binding mode, which is distinct from the nucleotide recognition mode of the canonical RRM domains
CAP Reform Options: A Challenge for Analysis and Synthesis
No full textThe European Union’s Common Agricultural Policy is continually evolving. The growing debate about the future of the EU Budget post 2013 raises major questions about the future of the CAP. A formal Communication on the future of the Common Agriculture Policy (CAP) after 2013 is due to be published by the Commission in the summer/early autumn of this year – in order to launch a full public debate on the issues, and as a part of the Budget Review of 2011. Formal legislative proposals on the post-2013 CAP will then follow in mid-2011 – together with Commission proposals for the post-2013 Financial Perspectives. It is, therefore, appropriate to review the discussions of further reforms, and also to consider our professional capacity to provide robust analysis of potential futures. The debate on the future CAP is of more than an agricultural interest as it affects, inter alia, the environment, climate change, food quality and security and rural communities and their development. Numerous views have already been expressed on the future of the CAP. However there is very limited synthesis of the options and principles underlying their evolutionary fitness – that is, the extent to which suggestions correspond to the socio-economic environment and political climate upon which the future persistence of the CAP depends. This paper synthesises present views on the future of CAP, and outlines a possible conceptual framework for future research and analyses in the field.Agricultural and Food Policy,
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