bluuebunny/crossref_metadata_2025 huggingface dataset:
The East Asian Model and the Currency Crisis: Credit Policy and Mundell–Fleming Flows
Authors: Fabella Raul V.
Published: March 2003

We attempt a story that accounts for both the East Asian crisis and the East Asian success that preceded it. A two‐sector growth model of a small semi‐open economy is proposed, which reflects most of the features of the so‐called East Asian model: a pegged exchange rate, a regulated capital account and a developmental state wielding tight monetary and credit policy (including credit rationing) to allocate resources towards maximizing export growth and capital accumulation. This means capital starvation for most of the non‐tradable sector. Singular success and the end of the Cold War induced political and economic liberalizations in the 1990s which raised real wages and threatened growth. The deregulation of Mundell–Fleming flows appearing as the least politically costly response to changing comparative advantage induced easy money and endogenized credit allocation which promptly financed asset price imbalances in favour of non‐tradables. The latter dictated the allocation of borrowed resources that made the financial crisis inevitable. We argue that the currency crisis presents East Asia with an opportunity à la Olson upheaval to return to its roots, a path that Taiwan has taken and one which the US Treasury and the International Monetary Fund will have none of.
Child Care Costs and Lone Mothers’ Employment Rates: UK Evidence
Authors: Jenkins Stephen P. , Symons Elizabeth J.
Published: March 2003

The most commonly cited explanations for the low employment rates of British lone mothers are disincentives provided by the benefit system and a lack of suitable jobs or affordable child care. This is the first British study focusing on lone mothers’ employment rates which includes direct measures of child care costs. Using data from the 1989 Lone Parents Survey, we find significant disincentive effects for child care costs, albeit of a smaller magnitude than in some related studies. There are also some novel findings about knowledge of the benefit system, and measures of human capital and financial stability and security.
The Incidence of Insider Trading in Betting Markets and the Gabriel and Marsden Anomaly
Authors: Cain Michael , Law David , Peel David A.
Published: March 2003

Estimates of insider trading in the betting on individual races, conditional on the Shin model (Economic Journal, Vol. 103 (1993), pp. 1141–1153), are employed in an analysis of the market anomaly observed by Gabriel and Marsden (Journal of Political Economy, Vol. 98 (1990), pp. 874–885) that Tote payments on winning bets consistently exceed those paid by bookmakers. Use of more appropriate statistical methods suggests that the original anomaly disappears, but that another remains: bookmakers pay more generously than the Tote on winning bets on favourites, but less generously on winning longshot bets. This discrepancy is shown to be associated with the incidence of insider trading in the betting on each race, and it is argued that it cannot be arbitraged away because of the bookmakers’ dominant market position.
Indeterminacy in Exchange: Disinterring Jevons’s Trading Bodies
Authors: White Michael V.
Published: March 2003

Although W. S. Jevons’s use of the concept of a ‘trading body’ in his Theory of Political Economy has often been criticized as unsatisfactory, much of the subsequent commentary has obscured the role of the device in Jevons’s argument and the reason why he used it. It is shown here that the coherence of the argument depended on a peculiar claim Jevons made regarding the domain of his analysis of exchange. The claim was made to minimize the problem of commodity indivisibility which became important for Jevons following the debates over the laws of supply and demand which preceded the publication of the Theory.
Monetary Union: The Ins and Outs of Strategic Delegation
Authors: Levine Paul , Pearlmann Joseph
Published: March 2003

This paper addresses the conduct of monetary and fiscal policy in a closed trading bloc consisting of ‘ins’ forming a monetary union and ‘outs’ who retain monetary sovereignty. All governments, however, can opt for a particular choice of institutional arrangement for their central bank and delegate monetary policy to central banks with varying degrees of independence or equivalently ‘conservatism’. This paper examines the outcome when these decisions are individually rational for governments and are taken strategically, taking into account the intra‐country interactions between fiscal authorities and their own central banks, and the inter‐country interactions between the same players.
Real Exchange Rate Behaviour under Fixed and Floating Exchange Rate Regimes
Authors: Lothian James R. , McCarthy Cornelia H.
Published: March 2003

In this paper we examine the stability of the real exchange rate and the macroeconomic effects of alternative exchange rate regimes, including currency union, on real exchange rate behaviour. We focus on the Irish punt in order to exploit its diversity of experience over different nominal exchange rate regimes. We make both temporal and cross‐country comparisons of real exchange rate stability for the Irish punt with sterling, the US dollar and the German mark. We reach two conclusions on the basis of our results. The first is that for Ireland, as for most other countries, purchasing power parity provides a reasonably good description of actual exchange rate behaviour over the long run. Our second principal conclusion concerns regime effects. Currency union appears to matter. The real exchange rates we analyse are unambiguously less variable under currency union than under alternative exchange rate systems. Otherwise, however, we find no clear‐cut differences in behaviour across regimes.
Inflation Targeting, Exchange Rate Volatility and International Policy Coordination
Authors: Alexandre Fernando , Driffill John , Spagnolo Fabio
Published: March 2003

In a linear rational expectations two–country model, using an aggregate demand, aggregate supply framework, we analyse the effects of the adoption of an inflation–targeting regime on exchange rate volatility and the possible scope for policy coordination. This analysis is conducted using optimized interest rate policy rules within a calibrated model. Rules for interest rates that respond either to exchange rates or to portfolio shocks give improved performance and permit gains from international coordination. Optimized Taylor rules perform relatively well.
Multiple Banking Relationships: Evidence from the Italian Experience
Authors: Cosci Stefania , Meliciani Valentina
Published: March 2003

Despite the growing theoretical literature on multiple banking relationships, empirical studies investigating the determinants of the number of bank–lending relationships are very scant. The purpose of this paper is to fill this gap. Using a new data set provided by a large Italian bank we provide econometric evidence that the number of banking relationships is increasing in firms’ leverage and in the riskiness of the sector in which the firm operates. This evidence suggests that firms must engage in multiple banking relationships in order to satisfy their demand for leverage and is consistent with an interpretation of the multiple banking relationship ‘puzzle’ based on the behaviour of the bank. A large bank may find it optimal to finance many firms for a small share of their total leverage rather than fully financing a smaller number of firms in order to share risk and to maximize the number of customers.
Monte Carlo Evaluation of Greeks for Multidimensional Barrier and Lookback Options
Authors: Bernis Guillaume , Gobet Emmanuel , Kohatsu‐Higa Arturo
Published: March 2003

In this paper, we consider the problem of the numerical computation of Greeks for a multidimensional barrier and lookback style options: the payoff function depends in a rather general way on the minima and maxima of the coordinates of the d‐dimensional underlying asset process. Using Malliavin calculus techniques, we derive additional weights that enable computation of the Greeks using Monte Carlo simulations. Numerical experiments confirm the efficiency of the method. This work is a multidimensional extension of previous results (see Gobet and Kohatsu‐Higa 2001).
Market Volatility and Feedback Effects from Dynamic Hedging
Authors: Frey Rüdiger , Stremme Alexander
Published: March 2003

In this paper we analyze the manner in which the demand generated by dynamic hedging strategies affects the equilibrium price of the underlying asset. We derive an explicit expression for the transformation of market volatility under the impact of such strategies. It turns out that volatility increases and becomes time and price dependent. The strength of these effects however depends not only on the share of total demand that is due to hedging, but also significantly on the heterogeneity of the distribution of hedged payoffs. We finally discuss in what sense hedging strategies derived from the assumption of constant volatility may still be appropriate even though their implementation obviously violates this assumption.
Market Participation and Share Prices
Authors: Orosel Gerhard O.
Published: March 2003

Share prices are analyzed in an overlapping generations model in which the generational size is random. This models stochastic fluctuations of market participants and can explain noninformational volatility of share prices. There exists a (stochastic) stationary equilibrium, which may be nonunique. In equilibrium, (a) the share price increases and (b) expected utility decreases with the generational size. A decline of this size below a critical level induces a crash: the stock price falls substantially, shares are undervalued, and investors’ demand is restricted by illiquidity. Further, the model predicts the empirically observed positive correlation between volume of trade and absolute price changes.
On‐Line Portfolio Selection Using Multiplicative Updates
Authors: Helmbold David P. , Schapire Robert E. , Singer Yoram , Warmuth Manfred K.
Published: March 2003

We present an on‐line investment algorithm that achieves almost the same wealth as the best constant‐rebalanced portfolio determined in hindsight from the actual market outcomes. The algorithm employs a multiplicative update rule derived using a framework introduced by Kivinen and Warmuth. Our algorithm is very simple to implement and requires only constant storage and computing time per stock in each trading period. We tested the performance of our algorithm on real stock data from the New York Stock Exchange accumulated during a 22‐year period. On these data, our algorithm clearly outperforms the best single stock as well as Cover's universal portfolio selection algorithm. We also present results for the situation in which the investor has access to additional “side information.”
On the Pricing of Contingent Claims with Frictions
Authors: Bensoussan A. , Julien H.
Published: March 2003

This paper studies the problem of pricing contingent claims in a market which has frictions in the form of costs, such as penalty functions corresponding to constraints. An arbitrage‐free interval is identified, and a fair price based upon utility functions is proposed. It provides a framework to study incomplete markets that is simplier than the one related to constraints on portfolios introduced by Karatzas and Kou.
Pricing American Options Fitting the Smile
Authors: Dempster M. A. H. , Richards D. G.
Published: March 2003

This paper is a compendium of results—theoretical and computational—from a series of recent papers developing a new American option valuation technique based on linear programming (LP). Some further computational results are included for completeness. A proof of the basic analytical theorem is given, as is the analysis needed to solve the inverse problem of determining local (one‐factor) volatility from market data. The ideas behind a fast accurate revised simplex method, whose performance is linear in time and space discretizations, are described and the practicalities of fitting the volatility smile are discussed. Numerical results are presented which show the LP valuation technique to be extremely fast—lattice speed with PDE accuracy. American options valued in the paper range from vanilla, through exotic with constant volatility, to exotic options fitting the volatility smile.
Option Pricing in Discrete‐Time Incomplete Market Models
Authors: Stettner Lukasz
Published: March 2003

Various aspects of pricing of contingent claims in discrete time for incomplete market models are studied. Formulas for prices with proportional transaction costs are obtained. Some results concerning pricing with concave transaction costs are shown. Pricing by the expected utility of terminal wealth is also considered.
The Asymptotic Expansion Approach to the Valuation of Interest Rate Contingent Claims
Authors: Kunitomo Naoto , Takahashi Akihiko
Published: March 2003

We propose a new methodology for the valuation problem of financial contingent claims when the underlying asset prices follow a general class of continuous Itô processes. Our method can be applied to a wide range of valuation problems including complicated contingent claims associated with the term structure of interest rates. We illustrate our method by giving two examples: the valuation problems of swaptions and average (Asian) options for interest rates. Our method gives some explicit formulas for solutions, which are sufficiently numerically accurate for practical purposes in most cases. The continuous stochastic processes for spot interest rates and forward interest rates are not necessarily Markovian nor diffusion processes in the usual sense; nevertheless our approach can be rigorously justified by the Malliavin–Watanabe Calculus in stochastic analysis.
First‐Order Schemes in the Numerical Quantization Method
Authors: Bally V. , Pagès G. , Printems J.
Published: March 2003

The numerical quantization method is a grid method that relies on the approximation of the solution to a nonlinear problem by piecewise constant functions. Its purpose is to compute a large number of conditional expectations along the path of the associated diffusion process. We give here an improvement of this method by describing a first‐order scheme based on piecewise linear approximations. Main ingredients are correction terms in the transition probability weights. We emphasize the fact that in the case of optimal quantization, many of these correcting terms vanish. We think that this is a strong argument to use it. The problem of pricing and hedging American options is investigated and a priori estimates of the errors are proposed.
The Question of Internationalism in Philosophy and Aesthetics
Authors: Diffey T.J.
Published: March 2003

In this article aesthetics is treated purely as a branch of philosophy, and the points made are intended to apply both to philosophy more generally and aesthetics more specifically. The manner in which internationalism obviously has to do with the organization of the disciplines is discussed. Does it have any bearing on their content or substance? The distinction between organization and content is probed and seen to be much less obvious than at first sight apparent and is doubtfully tenable.

Nations are foreign to philosophy in two respects. First we would remain philosophically impoverished if we attended only to the philosophy produced in our own nation. Secondly, and more interestingly, nations cannot be the subject of philosophy since they are individuals. Individuals can only be of philosophical interest in so far as they can be identified under general categories; then what matters is the category, not the individual. Philosophy, including philosophy of art, can only be interested in individuals as first‐order examples or illustrations of more general second‐order claims or theses.

So nations must be excluded from the domain of philosophy. It does not follow that such exclusion amounts to internationalism. Indeed though internationalism itself might be a philosophical idea the dismissal of nations as philosophically irrelevant more obviously represents a commitment to universalism than to internationalism. Internationalism and universalism should not be confused though they overlap. Universalism is the ideal of the so‐called enlightenment project which is defended in this paper against post‐modernist criticism and also against the charge that it constitutes a view from nowhere. The view from nowhere is in the strictest sense utopian and for that reason is to be championed as a means for criticising our current assumptions and beliefs and not dismissed.

Overt bias including national bias is not a problem, though the writer of philosophy must strive against it on pain of failing to write philosophy. A writer, however, can only guard against overt prejudice and bias. But a text, whether or not philosophical, is also silently exclusionary, that is, there are groups it silently excludes. At a later date the reader can often detect examples of silent exclusion. Since these silences are indefinitely many, it is always possible for a group to feel excluded. The important philosophical point is to concede the possibility of linguistic and indeed conceptual exclusion, to study its mechanisms and to consider on what principles, if any, a moral charge of exclusion is justified and when not.
Internationalism or Search for Roots: A Tension in Modern Indian Thought
Authors: Mohanty J.N.
Published: March 2003

The problems of internationalism often look different and require different solutions depending on one’s particular cultural standpoint. Contemporary Indian philosophers find that their philosophical efforts have long been too much oriented to the West, and that what Indian philosophy now needs is less international influence and more rootedness in their own rich tradition. This is needed for a more balanced international dialogue. The goal of internationalism in philosophy is not to bring into being a world‐philosophy, but a global conversation on philosophical problems that is not inhibited by differing approaches.
Meaning, Truth, and Phenomenology
Authors: Bevir Mark
Published: March 2003

This essay approaches Derrida through a consideration of his writings on Saussure and Husserl. Derrida is right to insist, following Saussure, on a relational theory of meaning: words do not have a one‐to‐one correspondence with their referents. But he is wrong to insist on a purely differential theory of meaning: words can refer to reality within the context of a body of knowledge. Similarly, Derrida is right to reject Husserl's idea of presence: no truths are simply given to consciousness. But he is wrong to reject the very idea of objective knowledge: we can defend a notion of objective knowledge couched in terms of a comparison of rival bodies of theories. The essay concludes by considering the implications of the preceding arguments for the enterprise of phenomenology.
Psychologism Revisited in Logic, Metaphysics, and Epistemology
Authors: Jacquette Dale
Published: March 2003

Psychologism is a philosophical ideology that seeks to explain the principles of logic, metaphysics, and epistemology as psychological phenomena. Psychologism has been the storm center of concerted criticisms since the nineteenth century, and is thought by many to have been refuted once and for all by Kant, Frege, Husserl, and others. The project of accounting for objective philosophical or mathematical truths in terms of subjective psychological states has been largely discredited in mainstream analytic thought. Ironically, psychologism has resurfaced in unexpected guises in the form of intuitionistic logic and mathematics, cognitivism, and naturalized epistemology. I examine some of the principal objections to psychologism – distinguishing roughly between good and bad or philosophically acceptable versus unacceptable psychologism – and consider the extent to which a new wave of psychologism may be gaining prominence in contemporary philosophy, and the light its successes and failures may shed on the original concept and underlying perspective of classical psychologism.
Strategy for Dualism
Authors: Langsam Harold
Published: March 2003

Dualists need to change their argumentative strategies if they wish to make a plausible case for dualism. In particular, dualists should not merely react and respond to physicalist views and arguments; they need to develop their own positive agenda. But neither should they focus their energies on constructing a priori arguments for dualism. Rather, dualists should acknowledge that what supports their view that consciousness exists and is a nonphysical phenomenon is observation, not argumentation. What is needed is a positive account of the nature of consciousness and the indispensable role that it plays in our lives, for it is only by showing the explanatory utility of the nonphysical that dualists can begin to discredit those who would deny its existence. In this paper, I try to give some idea of what such a positive theory of consciousness would look like. In particular, I argue for a theory of consciousness that contains a priori synthetic truths about the ontological nature and causal powers of consciousness.
A Radical Notion of EmbeddednessA Logically Necessary Precondition for Agency and Self‐Awareness
Authors: Stuart Susan
Published: March 2003

The aim of this essay is to establish the logically necessary preconditions for the existence of self‐awareness in an artificial or a natural agent. It examines the terms agent, situated, embodied, embedded, and representation as employed ubiquitously in cognitive science, attempting to clarify their meaning and the limits of their use. It discusses the minimal conditions for an agent’s environment constituting a ‘world’ and rejects most, though not all, types of virtual world. It argues that to qualify as genuinely situated an agent should function in real time within the dynamic world we inhabit, or some close simulacrum of it. It shows that embodied agents will possess or evolve local coordinate systems, or points of view, locating, identifying, and interacting with objects relative to their current position in space‐time, and it discusses various types of embodiment, arguing that most current situated and embodied systems are too limited to be candidates for even the most minimal claim to self‐identity. It argues that a truly autonomous agent has to be active in its participation with the world, able to synthesize and order its internal representations from its own point of view, and that to do this effectively the agent will have to be embedded. To this end it proposes a six‐point definition of embeddedness. Ultimately it argues for a philosophical‐cum‐cognitive‐science model of the self that satisfies essential elements of both sets of definitions of the term.
The Stanford Encyclopedia of Philosophy: A Developed Dynamic Reference Work
Authors: Allen Colin , Nodelman Uri , Zalta Edward N.
Published: March 2003

The present information explosion on the World Wide Web poses a problem for the general public and the members of an academic discipline alike, of how to find the most authoritative, comprehensive, and up‐to‐date information about an important topic. At the Stanford Encyclopedia of Philosophy (SEP), we have since 1995 been developing and implementing the concept of a dynamic reference work (DRW) to provide a solution to these problems, while maintaining free access for readers. A DRW is much more than a web‐based encyclopedia, and its scope far exceeds that of an electronic journal or preprint exchange. In this article we document the progress of the SEP toward full implementation of the DRW concept. We discuss the fiscal challenges posed by our desire to maintain free or low‐cost access to the contents of the SEP, and we consider technological challenges posed by the desire to stay abreast of technological developments in document markup while making it easy for authors and subject editors to write and maintain entries representing the very best scholarship.
Some Worries about Normative and Metaethical Sentimentalism
Authors: Brady Michael S.
Published: March 2003

In this response I raise a number of problems for Michael Slote's normative and metaethical sentimentalism. The first is that his agent–based account of rightness needs be qualified in order to be plausible; any such qualification, however, leaves Slote's normative ethics in tension with his metaethical views. The second is that an agent–based ethics of empathic caring will indeed struggle to capture our common–sense understanding of deontological constraints, and that appeal to the notion of causal immediacy will be of little help here. Finally, it seems to me that Slote's metaethical account will turn out to be much less externalist (and hence, by his own lights, much less plausible) than he suspects.
Normal Values and Average Values
Authors: Park Man‐Seop
Published: March 2003

This essay discusses the implications of the idea that the Keynesian premise implies deviations between the normal and the average degrees of utilization. A system of equations called the ``average system'' is proposed for the study of average values, as distinct from normal values, by way of a hypothetical steady‐ state growth path for each sector. A long‐period implication of the short‐period under‐utilization of productive capacity is presented in terms of a two‐sector model.
The Ordinality of Effort Revisited
Authors: Currie Martin , Steedman Ian
Published: March 2003

Where effort is an ordinal variable, representations of effort levels cannot be added together and thus the function Q = F(eN) with which efficiency‐wage theorists routinely start is incoherent. Furthermore, the ordinality of effort implies that the convexity of the distribution function condition, as invoked by principal‐agent theorists, is meaningless.
Wealth, Exploitation and Labor Discipline in the Contemporary Capitalist Economy
Authors: Yoshihara Naoki
Published: March 2003

This paper synthesizes in a Leontief economic model the arguments of exploitation and unequal distribution of wealth put forward by Roemer (1982, 1986) and of the power relationship between employers and employees with regard to the performance of labor presented by Bowles and Gintis (1988, 1990). The author introduces the level of the agent’s labor‐discipline as measured by the ratio of labor effort per unit of labor time to the real wage rate. The connection bet ween this kind of power index and both exploitation status and wealth distribution is then examined. The result obtained is that, under some reasonable assumptions, the exploitation status and the level of labor‐discipline accurately reflect the unequal distribution of wealth.
Crime, Control and Environmental Policy: The Case of Hazardous Wastes
Authors: Gottinger Hans W.
Published: March 2003

In the context of a model of principal–agency the institutional setting in which the agency operates is investigated. Optimal behaviour for an agency which is restricted to enforcement policies is deduced, and further behavioural interactions between the firm and the restricted agency are explored. Also the firm's behavioural responses to agency dump fee policies are developed, and the welfare implications are derived.
Patents and Innovation in Cancer Therapeutics: Lessons from CellPro
Authors: Bar‐Shalom Avital , Cook‐Deegan Robert
Published: March 2003

How scientific knowledge is translated into diagnostic and therapeutic tools is important to patients with dread diseases as well as to regulators and policymakers. Patents play a crucial role in that process. Indeed, concern that the fruits of federally funded research would languish without commercial application led to the passage of the Bayh‐Dole Act (PL 96‐517), which reinforced incentives to patent the results of inventions arising from federally funded research (Eisenberg 1996). Subsequently, rates of patenting among U.S. academic institutions have increased (Henderson, Jaffe, and Trajtenberg 1988). A recent survey by the Association of University Technology Managers counted 20,968 licenses and options from 175 academic institutions and 6,375 patent applications filed in fiscal year 2000 (Pressman 2002). Analysis suggests that the number of academic patents was already rising when the Bayh‐Dole Act was passed in 1980 (Mowery et al. 2001), but it is clear that the act reinforced the patenting norm in research universities and mandated a technology transfer infrastructure at those universities that had not yet established a technology licensing office.

This article discusses the interaction between intellectual property and cancer treatment. CellPro developed a stem cell separation technology based on research at the Fred Hutchinson Cancer Center. A patent with broad claims to bone marrow stem cell antibodies had been awarded to Johns Hopkins University and licensed to Baxter Healthcare under the 1980 Bayh‐Dole Act to promote commercial use of inventions from federally funded research. CellPro got FDA approval more than two years before Baxter but lost patent infringement litigation. NIH elected not to compel Hopkins to license its patents to CellPro. CellPro went out of business, selling its technology to its competitor. Decisions at both firms and university licensing offices, and policies at the Patent and Trademark Office, NIH, and the courts influenced the outcome.
The Use of EPSDT and Other Health Care Services by Children Enrolled in Medicaid: The Impact of OBRA'89
Authors: Gavin Norma I. , Adams E. Kathleen , Herz Elicia J.
Published: March 2003

To increase the participation of Medicaid children in the Early and Periodic Screening, Diagnosis and Treatment (EPSDT) program and to improve their health, Congress included several provisions in the Omnibus Budget Reconciliation Act of 1989 (OBRA’89) that addressed problematic program features. The impact of these provisions on children's health service use was investigated in a study funded by the Health Care Financing Administration. After conducting site visits to four states, the authors analyzed claims data for the children residing there and found evidence that, in 1992, these states placed a higher priority on improving the effectiveness of EPSDT than they did before 1989. The states’ efforts to expand the EPSDT provider base and to enhance outreach and service provision were either directly or indirectly inspired by OBRA’89. The authors also found evidence of a significant impact on provider participation and caseloads and on children’s use of both preventive care and diagnostic and treatment services. However, the effects were modest in comparison to the size of the progress that is required.
Applying Disease Management Strategies to Medicare
Authors: Tompkins Christopher P. , Bhalotra Sarita , Trisolini Michael , Wallack Stanley S. , Rasgon Scott , Yeoh Hock
Published: March 2003

Medicare coverage begins for many when they have already developed one or more chronic diseases, and it often pays for the latest and costliest phases. Population‐based disease modeling, patient screening, and monitoring would be appropriate interventions for chronic renal disease. Patients who have not yet advanced to end‐stage renal disease would benefit from management of diabetes and hypertension, avoidance of nephrotoxic substances, and better preparation for dialysis. Administrative support could take the form of clinical guidelines, physician‐led multidisciplinary teams, integrated delivery systems, provider and patient education, and new information technologies. Medicare reflects the long‐term public perspective, and thus should further this new direction by supporting education, reimbursing for prevention efforts and allied health services, encouraging efficiency, and monitoring cost and quality outcomes.
Maternal Substance Abuse and Infant Health: Policy Options across the Life Course
Authors: Frohna John G. , Lantz Paula M. , Pollack Harold
Published: March 2003

Maternal substance abuse is a significant contributor to infant morbidity and mortality. The setting of prenatal care has long been the focus of interventions and policies to prevent these adverse outcomes. However, substance abuse programs and policies that are designed for women who are not yet pregnant can have a significant impact upon this problem. Thus it is essential to view the female life course from a broader perspective in order to consider the full range of policy options for reducing the infant mortality and morbidity caused by maternal substance abuse. This framework also allows comparisons across and between substances and offers new directions for policy development.
Does the Chronic Care Model Serve Also as a Template for Improving Prevention?
Authors: Glasgow Russell E. , Tracy Orleans C. , Wagner Edward H. , Curry Susan J. , Solberg Leif I.
Published: March 2003

Practical models of ways to enhance service delivery are sorely needed to help close the gap between research and practice. An evidenced‐based model of chronic‐illness management is shown to apply equally to preventive interventions. Successful examples of prevention programs in cancer screening and counseling for health behavior change illustrate the utility of the model for prevention and across different types of health care organizations. Although there are some important differences between interventions required for chronic disease management and prevention, there are a greater number of common factors. They share the need to alter reactive acute‐care‐oriented practice to accommodate the proactive, planned, patient‐oriented longitudinal care required for both prevention and chronic care.
The Norms of Cognitive Development
Authors: Gerrans Philip
Published: March 2003

Once the notion of a precursive relationship between developmental stages is fully articulated in terms of the distinction between ‘role’ and ‘realiser’ states, it turns out that the ‘Theory of Mind’ literature operates with a notion of precursive relationships described at too high a level of abstraction to explain actual mechanisms of development. Furthermore, the tendency within that literature to explain precursive relationships in terms of role states with isomorphic linguistic/computational structures is misleading. Developmental relationships are more likely to exist between states which play a similar normative role in the agents’s psychology than between states which can be described as sharing a similar computational architecture.
Monism, Dualism, Pluralism
Authors: Van Gelder Tim
Published: March 2003

The traditional mind‐body debate is chronically unwell. Its problems are largely due to unwitting acceptance of four deep metaphysical assumptions. Rejecting those assumptions leads to a pluralist conception of the ontology of mind and a correspondingly complex account of the fit between mind and world.
Arguing for Frege’s Fundamental Principle
Authors: Frances Bryan
Published: March 2003

Saul Kripke’s puzzle about belief demonstrates the lack of soundness of the traditional argument for the Fregean fundamental principle that the sentences ‘S believes that a is F’ and ‘S believes that b is F’ can differ in truth value even if a =b. This principle is a crucial premise in the traditional Fregean argument for the existence of semantically relevant senses, individuative elements of beliefs that are sensitive to our varying conceptions of what the beliefs are about. Joseph Owens has offered a new argument for this fundamental principle, one that is not subject to Kripke’s criticisms. I argue that even though Owens’ argument avoids Kripke’s criticisms, it has other flaws.
Causation by Content?
Authors: Noordhof Paul
Published: March 2003

Non‐reductive Physicalism together with environment‐dependence of content has been thought to be incompatible with the claim that beliefs are efficacious partly in virtue of their possession of content, that is, in virtue of their intentional properties. I argue that this is not so. First, I provide a general account of property causation. Then, I explain how, even given the truth of Non‐reductive Physicalism and the environment‐dependence of content, intentional properties will be efficacious according to this account. I go on to relate my discussion to that concerning whether Anomalous Monism is committed to epiphenomenalism. I close by considering how my proposal suggests we should conceive of different levels of causation in a layered world.
Transubstantiation after Wittgenstein
Authors: Kerr Fergus
Published: March 2003

Catholic doctrine of the eucharist is commonly thought to incorporate a metaphysical theory of substance. Wittgenstein subverts such theories. Elizabeth Anscombe and Michael Dummett, much respected post‐Wittgensteinian philosophers, who are also deeply committed Catholics, argue that substance/accidents metaphysics as well as modern transignification theories prevent the religious events to stand on their own: the moment of consecration, the reservation of the consecrated elements. Bad theories which occlude the religious realities are thus removed—which does not show that all philosophizing about religious doctrine must be “rubbish”.
Where Does Holy Teaching Leave Philosophy? Questions on Milbank's Aquinas
Authors: Lash Nicholas
Published: March 2003

Focusing on two essays in John Milbank's The Word Made Strange, Lash argues that Milbank's claim that, for Aquinas, ‘the domain of metaphysics is not simply subordinate to, but completely evacuated by theology’ is unwarranted. First, Milbank's notion of metaphysics often lacks historical specificity. Second, Lash defends recent studies of Aquinas on analogy against Milbank's critique, and questions his construal of ens commune. Concluding sections challenge Milbank's reading of the Prologue to Aquinas's commentary on Aristotle's Metaphysics, suggesting a more nuanced reading of the relations between philosophy (and, by implication, the whole sweep of the physical, moral and social sciences) and ‘holy teaching’.
Sexual Utterances and Common Life
Authors: McCarthy David Matzko
Published: March 2003

The essay discusses sexual activity as forms of communication that are constitutive of social practices. In this context, marriage is understood as a representative practice of the church, nothing more and nothing less. The essay draws on Thomas Nagel's essay, ‘Sexual Perversion’, and Robert Solomon'ls ‘Sexual Paradigms’ for its account of sexual communication. For its critical perspective, it frames questions about sex with Herbert McCabe's account of bodily utterances as ‘ways of entering into social life’
The strategic choice of operator skills in CNC installations
Authors: Pagell Mark , Barber Alison E.
Published: March 2003

The authors test a strategic choice model to further define the factors managers respond to when making skill level decisions for plants using CNC equipment. The results indicate that managers respond to the level of uncertainty in both the internal and external environments as well as the level of perceived discretion management has in regards to the workforce.
An analysis of Libya’s revenue per barrel from crude oil upstream activities, 1961‐93
Authors: Mahmud Mustafa Bakar , Russell Alex
Published: March 2003

This paper: (a) briefly describes the contractual agreements between Libya and the oil and gas companies operating within the country from 1961 to 1996; (b) presents a detailed analysis of the factors which affect state revenue from crude oil production; and (c) presents an analysis of Libya’s revenue per barrel of oil from 1961 to 1993.

The review and analysis is important for at least two reasons. First, Libya has neither satisfactorily diversified its economy nor achieved high growth rates in the non‐oil sectors. Hence, it is important for Libyans and oil and gas analysts to evaluate the efficiency with which the Libyan state has managed its oil and gas reserves. And secondly, since Libya’s national development programmes, GDP, foreign trade, balance of payments and inter‐national reserves still depend heavily upon oil revenue, the analysis should prove to be of interest to other developing countries, as well as to Western observers.

This analysis of Libya’s per barrel revenue over an extended period of time is new and revealing.
Oil and macroeconomic fluctuations in Ecuador
Authors: Boye François
Published: March 2003

This paper sets out to test the conventional contention that the Ecuadorian economy has been totally dependent on fluctuations in the international oil market since the 1970s. It does this through the use of univariate statistical techniques in the first part, while it resorts to the econometric structural break test and impulse response analysis respectively in the final two parts. Its findings take issue with intuition and conventional wisdom, in that: first, they do not establish the international oil market as the prime mover of the economy; secondly, they provide no evidence that the real and trade sectors evolve necessarily in accordance with fluctuations in the oil sector; and thirdly, they call for a multicausal view of economic fluctuations in Ecuador.
Temporary Separations and Firm Size in the German Labour Market
Authors: Mavromaras Kostas G. , Rudolph Helmut
Published: March 2003

We estimate the duration of out‐of‐work periods in the German labour market from 1980–90 and their relationship with employment protection legislation. We distinguish between Employment Interruptions that are legally protected and ordinary Layoffs. We investigate the question of whether the size of employer has an impact on the choice of the type of temporary separation. We find that firm size does matter, in both the type and the duration of temporary separations, and we examine the complex re‐hiring process.
Why are Older Pensioners Poorer?
Authors: Johnson Paul , Stears Gary
Published: March 2003

We show that older male pensioners have substantially lower incomes than younger pensioners. There are a number of possible reasons for this including under‐indexation of private pensions and the running down of income producing assets. In fact we find that cohort differences more than account for the lower incomes of older pensioners in the sense that the mean income of older pensioners is actually higher than the mean income of the same cohort of pensioners when they were younger. We explore a number of possible reasons for this and conclude that it is driven by differential mortality between richer and poorer pensioners. We show how this manifests itself in a long time series of cross‐sectional datasets.
Market Services: Productivity Benchmarks for the UK
Authors: O'Mahony Mary , Oulton Nicholas , Vass Jennet
Published: March 2003

This paper presents comparisons of labour productivity (value added per hour worked) in market services for the UK, the US, France and Germany in 1993. Market services, defined as (1) Distribution, Hotels and Catering, (2) Transport and Communications and (3) Finance, Insurance and Real Estate, make up 34–43 percent of total employment in the four countries. For productivity in market services overall, the US led the UK by 35 percent in 1993, Germany led the UK by 34 percent and France led the UK by 36 percent. The UK productivity shortfall vis‐à‐vis Germany and France was wider in market services than in manufacturing.
Market Segmentation and Stock Price Behaviour
Authors: Cuthbertson Keith , Hayes Simon , Nitzsche Dirk
Published: March 2003

We employ Campbell and Shiller’s (1989) VAR methodology to examine the relative performance of the CAPM and the consumption‐CAPM. We find that although neither provides a complete description of stock price behaviour, the former clearly dominates the latter. We then consider the implications for sub‐sectors of the market. According to the CAPM, sub‐sector returns depend on the covariance of sub‐sector returns with market returns. However, if analysts are more skilled at eliminating mis‐pricing in sub‐sectors of the market than in the market as a whole, the required return on a sectoral portfolio may depend only on the expected return variance within that sub‐sector. Using quarterly UK data for five industry‐based portfolios, we find little support for the covariance model at the sectoral level, whereas the own‐variance model fares better. It seems therefore that moving from return variances to covariances produces little if any improvement in the performance of the CAPM.
The Expectations Hypothesis of the Term Structure and Time‐Varying Risk Premia: a Panel Data Approach
Authors: Harris Richard D. F.
Published: March 2003

One implication of the expectations hypothesis is that the yield spread should forecast subsequent changes in the long yield. However, regression tests based on this specification strongly reject the expectations hypothesis. One explanation for this rejection is that these tests fail to allow for a time varying risk premium that is correlated with this yield spread, leading to a bias in the estimated regression coefficients. This paper uses panel data in order to testm the expectations hypothesis under the assumption that risk premia are time‐varying but driven by a single factor. It is found that while the expectations hypothesis is still rejected, the bias in the estimated coefficient is verysubstantially reduced.
Semiparametric Estimation of a Duration Model
Authors: Alonso Anton A. , Fernandez Sainz A. , Rodriguez‐Poo J.
Published: March 2003

Within the framework of the proportional hazard model proposed in Cox (1972), Han and Hausman (1990) consider the logarithm of the integrated baseline hazard function as constant in each time period. We, however, proposed an alternative semiparametric estimator of the parameters of the covariate part. The estimator is considered as semiparametric since no prespecified functional form for the error terms (or certain convolution) is needed. This estimator, proposed in Lewbel (2000) in another context, shows at least four advantages. The distribution of the latent variable error is unknown and may be related to the regressors. It takes into account censored observations, it allows for heterogeneity of unknown form and it is quite easy to implement since the estimator does not require numerical searches. Using the Spanish Labour Force Survey, we compare empirically the results of estimating several alternative models, basically on the estimator proposed in Han and Hausman (1990) and our semiparametric estimator.
THE USE OF SPATIAL ANALYSIS TO STUDY PREHISTORIC SETTLEMENT ARCHITECTURE
Authors: CUTTING MARION
Published: March 2003

Summary. Archaeologists have applied the quantitative access analysis techniques of space syntax to archaeological material with varying degrees of success. This article makes a distinction between access analysis as a quantitative methodology and as a non‐quantitative ‘tool to think with’ and suggests the level of architectural definition needed for the quantitative approach.

The paper begins with a brief description of access analysis and discusses five studies that illustrate its application to archaeological material. It then presents original research, applying the method to three plans from two prehistoric Anatolian sites, Çatalhöyük and Hacılar. The results are discussed in qualitative rather than quantitative terms.

A number of problems are identified even when applying access analysis to late Chalcolithic Hacılar, a small settlement with well‐preserved buildings, clear entrances and a boundary wall. These include a difficulty in identifying discrete household spaces, a lack of information about the upper storeys, and uncertainty about access arrangements between communal spaces and individual household units.

The paper concludes that access analysis as a quantitative technique is of limited use in studying prehistoric constructed space unless the archaeological record already provides information about the definition of individual spaces and unambiguous evidence as to how those spaces were accessed. On the other hand, if one limits the use of access analysis to a visually‐rich ‘tool to think with’, it can provide useful insights into settlement life. The paper suggests a number of implications for both research and field archaeologists.