Miracle-dz/UniFAR-FTUs huggingface dataset:
Finitely Repeated Games with Finite Automata

The paper studies the implications of bounding the complexity of the strategies players may select, on the set of equilibrium payoffs in repeated games. The complexity of a strategy is measured by the size of the minimal automation that can implement it. A finite automation has a finite number of states and an initial state. It prescribes the action to be taken as a function of the current state and a transition function changing the state of the automaton as a function of its current state and the present actions of the other players. The size of an automaton is its number of states. The main results imply in particular that in two person repeated games, the set of equilibrium payoffs of a sequence of such games, G(n), n =1, 2, . , converges as n goes to infinity to the individual rational and feasible payoffs of the one shot game, whenever the bound on one of the two automata sizes is polynomial or subexponential in n and both, the length of the game and the bounds of the automata sizes are at least n. A special case of such result justifies cooperation in the finitely repeated prisonerÂ¹s dilemma, without departure from strict utility maximization or complete information, but under the assumption that there are bounds (possibly very large) to the complexity of the strategies that the players may use.
Value and size investment strategies during the global financial crisis: evidence from the South African equity market

Value/growth and size investment strategies involve the creation of equity portfolios on the bases, respectively, of intrinsic value relative to market value and market capitalisation. The propositions that a portfolio of high relative intrinsic value shares anomalously outperforms a low intrinsic value portfolio (in other words, there is a value premium) and a portfolio of low market capitalisation shares outperforms big company shares (a size effect) have attracted a great deal of academic and professional attention in recent decades. This paper examines the value premium and the size effect in the context of the South African equity market for the period July 2006 to June 2012, which includes the global financial crisis and its continuing economic aftermath. Two specific issues are investigated: firstly, whether the value premium and size effect exist in this market and this time frame, and secondly, whether the evidence in this context provides any support for a rational investor explanation for the observed state of the equity market. In terms of the first research objective, statistically significant results are found in support of the existence of the value premium in the specific context of small shares and the size effect in the context of value shares. In terms of the second, some evidence is presented that may support the argument that these particular equity market anomalies are not associated with differences in risk.
Spillovers from high‐value agriculture for exports on land use in developing countries: evidence from Madagascar

High-value agriculture for exports is increasingly important in developing countries. In a case study of contract farming for exports of vegetables from Madagascar, strong spillover effects of these trade opportunities on land use are found to exist. Using a matched plot sampling design, the productivity of rice-the main domestically consumed staple-is shown to be two-thirds higher on fields that were contracted during the off-season for the production of vegetables. This increase in yields is linked to an increase of soil fertility due to the application of fertilizer and compost, which farmers did not use prior to the contracts. Although agricultural output goes up significantly, labor productivity stays the same, suggesting that there is greater labor absorption on existing land and the diffusion of this type of technology at a larger scale throughout Madagascar would be expected to substantially decrease incentives to deforest by increasing wages and to boost productivity of existing lands relative to newly deforested ones. Copyright 2007 International Association of Agricultural Economists.
Decentralized optimization for economic operation of islanding microgrids based on Gossip algorithm

The economic operation of islanding microgrids is getting more and more attention. In view of the problems of information burden and high cost of communication, poor expansion in the centralized control, a fully distributed optimization method for the economic operation of islanding microgrids is proposed. The proposed method is decentralized based on the Gossip algorithm, in which only through exchanging the information of respective micro incremental rates between neighboring nodes, can the microgrids achieve optimal economic operation. The robustness of the proposed method is verified by MATLAB and two cases: the normal operation and abnormal operation considering the change of the communication topology caused by the exit of specific nodes. The simulation results show that the economic optimal operation of the islanding microgrids can be realized by the proposed decentralized optimization method, meanwhile making the power supply and demand balance, and effectively improve the performance of plug and play feature of microgrids.
How organizational characteristics affect the adaptive tactics used by human service nonprofit managers confronting financial uncertainty

The way that nonprofits respond to funding uncertainty is crucial to their ability to meet goals and position themselves for future success. This article investigates how structural, managerial, and financial characteristics affect the adaptive tactics used by human service nonprofits during times of financial stress. These tactics include adding new programs, reducing programs or staff, expanding or starting joint programs, pursuing earned income, and expanding advocacy involvement. Using longitudinal data on human service nonprofits collected on either side of the 2002–2003 economic downtown, we find that larger size provides organizations with a unique ability to choose among different adaptive tactics, as larger size was significantly predictive of adding new programs, reducing programs, expanding advocacy, and pursuing earned income. Strategic planning was positively associated with innovative tactics such as starting joint programs or pursuing earned income. Financial stress or declines in an organization's major funding source led to cutbacks, as expected, but managers who foresaw these challenges were able to respond proactively by adding programs or starting joint programs. However, managers with more training did not respond much differently than did other managers, and organizational age and use of performance management tools had no effect in guiding organizational responses to financial uncertainty.
HYPERBOLIC DISCOUNTING AND POSITIVE OPTIMAL INFLATION

The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan, King, and Wolman [Review of Economic Studies 10 (4), 825–860] uses a richer model but still finds deflation optimal. In an otherwise standard New Keynesian model we show that, if households have hyperbolic discounting, small positive rates of inflation can be optimal. In our baseline calibration, the optimal rate of inflation is 2.1% and remains positive across a wide range of calibrations.
The adoption of open innovation within the telecommunication industry

Purpose – The paper, covering the actual argument of open innovation, aims to answer two main research questions, namely: “Which open innovation approach is adopted by the companies belonging to the ICTs industry? ” and “Which types of collaborations are carried out by the companies and which are the dynamics that characterize it? ”. Design/methodology/approach – In order to answer the research questions a multiple case study methodology is adopted. The research framework was structured in three main phases: first, a literature review on the matter of open innovation in general and within the ICTs industry in particular, as well as of the specific features of the industry investigated, was carried out. Second, a list of questions containing the main issues that arose from the previous step has been designed for the case study protocol, to be used in the following structured interviews. Finally, structured direct interviews were conducted on three important Italian companies active in the telecommunications area. Findings – Results highlighted different ways to manage the open innovation processes, based on teamwork or task forces, and the different roles, more or less proactive, that an information communication technology (ICT) company may undertake within this process. Moreover, they show that ICT companies acquire external knowledge and skills mainly from universities and research centers, as well as from value chain’s actors (suppliers in primis). Originality/value – Still little attention has been paid to the understanding of the open innovation approach of Italian firms belonging to the ICT industry, thus the authors believe that this paper may represent a valuable basis for future research on the open innovation issues in the field of ICT.
Do Spiders Respond to Global Change? A Study on the Phenology of Ballooning Spiders in Switzerland 1

Abstract: We studied ballooning spiders captured weekly over an 11-y period using a 12.2-m-high suction trap in an agricultural landscape of western Switzerland. We analyzed population trends, changes in phenology, and species composition. Yearly trends in population size of the most abundant species were studied with nonparametric correlations. We found that these trends were markedly different for ground-living (92% of all decreasing species) and upper-strata species (75% of all increasing species). These contrasting tendencies can be explained by a stronger effect of meteorological conditions on species living at ground level and by an observed decrease in habitat availability for open-habitat species. The phenology of ballooning spiders was analyzed using mixtures of Gaussian curves fitted to the yearly capture data; this was possible for the 7 most abundant species. From these, we estimated the dates of the ballooning peaks for each species and each year (1 to 4 peaks depending on the species). We found that the dates remained mostly constant: the timing of dispersal peaks showed no annual trend for all but 1 species. Using nonparametric correlation, we analyzed the relationships between the dates of the peaks and the meteorological parameters occurring before the peak dates. In line with the absence of trend, the dates of the peaks were only weakly related to meteorological conditions. The extreme climatic event of 2003 had a strong impact by reducing populations of ground-living species. Using Canonical Correspondence Analysis and clustering methods, we identified a strong shift in the phenological structure of the ballooning spider assemblage in that year. In all, despite noticeable trends in population size during the study period, the dispersal phenology did not change, which contrasts with observations from other arthropod groups.
Exchange Rate Pass-Through and Monetary Policy: A Cross-Commodity Analysis

This paper investigates how a change in monetary policy affects the degree and the speed of exchange rate pass-through to import prices in the emerging market economy, using a newly constructed data set from Taiwan's trading commodities. First, the analytical framework is set up following Goldberg and Knetter (1997) and Campa and Goldberg (2005). Next, the period-by-period and the multiple-period cumulative effects of monetary policy on the degree of exchange rate pass-through can be traced out. The dynamic panel data model is then estimated by Bun and Carree's (2005) bias-corrected approach, which enjoys easy calculation and robust testing performances, leading to more reliable empirical results. Our cross-commodity evidence strongly supports the partial pass-through in the short run and the complete pass-through in the long run. Moreover, following a change in monetary policy, this pass-through effect increases during several initial periods and declines to zero over time.
Speakers' Sex Differences in Voice Onset Time: Some Preliminary Findings

This study presents a brief investigation into sex differences of speakers in the voice onset time of English plosives that are stressed in both word-initial and prevocalic position. 72 short phrases were presented to 5 men (range 25 to 37 years, mean age 34.2 yr.) and five women speakers (range 28 to 38 years, mean 32.6 yr.). Analysis showed that the women as speakers had on average, longer voice onset time values than their male peers.
Impaired vascular dilatation in women with a history of pre-eclampsia

Objective The mechanisms underlying increased cardiovascular risk among women with a history of pre-eclampsia remain unclear. Impaired endothelial function has been observed in both pre-eclampsia and atherosclerosis, and provides a plausible link between the two conditions. We studied endothelial function and arterial compliance in non-pregnant, previously pre-eclamptic women. Design A study of 30 women with a history of pre-eclampsia and 21 women with a previous normotensive, uncomplicated pregnancy was carried out. Methods Changes in brachial artery blood flow, induced by intra-arterial infusions of an endothelium-independent (sodium nitroprusside) and an endothelium-dependent (acetylcholine) vasodilator, were measured by venous occlusion plethysmography. Arterial stiffness was assessed by pulse-wave analysis. Results Vasodilatation was impaired in women with previous pre-eclampsia; at low and high concentrations of endothelium-independent (P = 0.004 and P = 0.057, respectively) and endothelium-dependent (P = 0.045 and P = 0.02) vasodilators, respectively. There was no difference in arterial stiffness between the groups (P = 0.45). In multiple regression analyses both endothelium-independent and endothelium-dependent vasodilatations were independently associated with a history of pre-eclampsia and parity. There was no correlation with blood pressure, body mass index (BMI), smoking or age. Conclusions The finding of impaired vascular dilatation several years after a pre-eclamptic pregnancy could contribute to the higher risk of cardiovascular disease in these women.
Evaluation of Three Commercial Backpack Sprayers with Aqualuer® 20–20 Against Caged Adult Aedes Aegypti

Abstract Three commercially available backpack sprayers were evaluated with Aqualuer® 20–20 (20.6% permethrin, active ingredient; 20.6% piperonyl butoxide, technical) against caged adult Aedes aegypti in semifield trials in northeastern Florida. Two battery-powered sprayers, Birchmeier and Hudson, were compared with the standard hand-pump SOLO 425 sprayer, which is currently used in pest management operations. Physical characteristics, droplet analysis, and overall ease of use were documented. Multiple dilutions of the insecticide were also evaluated. The results indicated that the Birchmeier sprayer was the preferable machine in terms of its physical characteristics and operator use. There was no significant difference in percent mortality of the test mosquitoes between the sprayers. Multiple dilutions ranging from 1:9 to 1:1050 of the insecticide resulted in greater than 80% mean mortality.
Recycling Redux: A Nash-Cournot Approach

We consider an industry characterized by simultaneous competition between the producer of a primary good, and N recylers who are Cournot rivals. Two important factors influence the effect of recycling on the equilibrium outcome and on the primary producer's market power: the structure of production costs, and the time lag between primary production and recycling. The presence of the recycling sector may increase the market power of the primary producer, as conventionally measured by the Lerner index. Some of the results raise doubts about the appropriateness of the Lerner measure of market power in certain contexts.
An Analysis of Lease Disclosures by Australian Companies

From 1964 to 1980 there was a twenty-fold increase in the extent to which the average Australian company resorted to lease finance. Lease disclosure by lessees was voluntary throughout this period, yet we observe that, by 1979, three out of four lessee companies had begun to disclose their lease commitments. Our study sought an answer to the question: what factors influenced Australian lessees, in their decision whether or not to disclose lease commitments in their annual reports? In a wider sense, we use this issue to probe further our power to explain accounting policy choice, particularly in situations, such as in Australia, where a small population restricts our ability to observe some aspects of the economic and political process. Based on a univariate and multivariate tests, we infer from our study that the relative frequency of voluntary disclosure by lessees was related to (a) industry, (b) firm size and (c) whether the lessee was a subsidiary company of a foreign parent; was only weakly related to (d) whether the lessee entered the Australian Institute of Management good reporting award; and was unrelated to (e) the identity of the lessee's audit firm (f) the existence of bonus scheme tied to reported profit and (g) the relative risk of the firm.
The Non-Traded Sector, Lobbying, and the Choice between the Customs Union and the Common Market

This paper models immigration policy as the outcome of political competition between interest groups representing individuals employed in different sectors. In standard positive theory, restrictive immigration policy results from a low-skilled median voter voting against predominantly low-skilled immigration. In the present paper, in contrast, once trade policies are liberalized, restrictive immigration policy results from anti-immigration lobbying by interest groups representing the non-traded sectors. It is shown that this is in line with empirical regularities from recent episodes of restrictive immigration legislation in the European Union. It is further shown that if governments negotiate bilaterally over trade and migration policy regimes, the equilibrium regime depends (i) on the sequencing of the international negotiation process and (ii) on the set of available trade and migration policy regimes. In particular, the most comprehensive and most welfare-beneficial type of liberalization may be rejected only because a less comprehensive type of liberalization is available. Copyright 2008 The Author. Journal compilation 2008 Blackwell Publishing Ltd.
Impacts of investment attitude in service innovation

The purpose of this study was to explore impacts of investment attitude on service innovation. According to the literature, impact relationships between investment attitude, the speed of service innovation, worker behaviour, and business performance has been established. In addition, this study further discusses test results from empirical cases. In the methodology, the structural equation model is adopted. According to the test results, investment attitude positively affects the speed of service innovation and worker behaviour, the speed of service innovation positively affects worker behaviour, and worker behaviour positively affects business performance. The speed of service innovation is not found to positively affect business performance; however, it still indirectly affects business performance due to the relationship existing between speed of service innovation, worker behaviour, and business performance.
Sheep CRC Renewal Proposal: Economic Evaluation of the Proposed Scientific Themes

The Australian sheep industry and its associated research and development agencies have developed a proposal for the CRC for Sheep Industry Innovation. “Top-down” and “bottomup” procedures were used to assess the expected economic benefits from this proposal. Formal “with-CRC” and “without-CRC” scenarios were defined for each product and each research theme. Relevant costs were similarly defined. The requested investment by the Commonwealth and the Australian sheep industry in the CRC is assessed relative to a scenario where an alternative, lower cost research program into this industry is implemented. These extra resources have a discounted value of about $34 million over the 25-year period of this evaluation. These resources are sufficient to allow some new research components to be added to the portfolio, some existing components to produce better outcomes, and a more targeted approach to development and extension that speeds up and increases the adoption of the new technologies that are generated by the research program. The benefit from this extra investment and consequent research effort is estimated to be worth about $518 million in present value terms, which is far in excess of the marginal investment. Thus every $1 of these extra resources brought into the Australian sheep industry through funding the proposed CRC is expected to return around $15.30 to the industry in present value terms.
Literacy Strategies that Promote Democratic Skills, Attitudes, and Behaviors in the Social Studies Classroom

We contend that a major purpose of education is to prepare students to be active and critical partici-pants in our democracy. To facilitate this goal, students should acquire a repertoire of literacy skills that enable them to think critically about text and make judgments about what they read, skills that are transferable to their roles as citizens in a democracy. This topic is particularly relevant to social studies educators because they expect students to learn a great deal of content through reading. In this article, we present our view of the essential elements of democracy, along with a list of criteria and questions closely related to these elements. The list provides a framework for teachers to use in analyzing and modifying content area literacy strategies. The article also illustrates the democratic and theoretical underpinnings of several literacy strategies that can be used in the social studies classroom.
Theory Versus Practice: Perspectives of Middle Eastern Financial Managers

This paper reproduces a survey - previously applied in two different Continents, North America and Europe - to inquire about cost of capital, capital budgeting, capital structure, and corporate governance. The survey utilized in this article is Graham & Harvey's survey ( 2001) and its extended form employed by Brounen, Jong, and Koedijk (2004), which added two questions on corporate governance. We applied Brounen, de Jong and Koedijk extended form and we added one question on Islamic financial instruments. All firms analyzed are located in countries that abide by a mix of Islamic Law and secular Laws, mainly the French law and Common law. The sample firms were from Bahrain, Kuwait, Oman, and United Arab Emirates. Despite unique firms' characteristics and institutions, CFOs are acting roughly similar to their counter-parts in the U.S. and Europe.
Learning About Assessment An Evaluation of a Ten-State Effort to Build Assessment Capacity in High Schools

In 2006, the State of Delaware and the Council of Chief State School Officers (CCSSO) partnered with the Consortium for Policy Research in Education (CPRE) to conduct an evaluation of a ten-state initiative that sought to enhance assessment practices at the high school level. This effort aimed to help states, districts, and schools build familiarity with instruction that uses assessment as part of the learning process, a practice known as assessment for learning. This report focuses primarily on the third goal of this project, the creation and function of teacher learning teams focused on assessment for learning. Disciplines Curriculum and Instruction | Educational Assessment, Evaluation, and Research | Educational Methods | Education Policy | Teacher Education and Professional Development Comments View on the CPRE website. This report is available at ScholarlyCommons: http://repository.upenn. edu/cpre_researchreports/52 University of Pennsylvania Teachers College Columbia University