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Ebook Learning in the Credit Card Market

Sat, 21 Nov 2009 06:48:47 +0000

Economists believe that learning through experience underpins optimization and generates technological progress. Large literatures measure learning dynamics in the lab, and in the field.

However, because of data limitations, relatively few papers measure learning in the field with micro-level (household) panel data. Among such household studies, most show that households learn to optimize over time. For example, Miravete (2003) and Agarwal, Chomsisengphet, Liu and Souleles (2007) respectively show that consumers switch telephone calling plans and credit card contracts to minimize monthly bill payments.

PDF Ebook Global Risks 2009

Sat, 21 Nov 2009 06:39:19 +0000

2008 was an historic year. Financial disruptions triggered by declining house prices in the US grew into a global credit crisis of systemic proportions. By the second half of the year, most advanced economies had entered a recession. The downturn spilled over into emerging markets, increasing the likelihood of a global contraction in 2009. Although the world has seen several financial crises, this one differs in two respects. First, it has demonstrated just how tightly interconnected globalization has made the world and its systems. Second, this crisis was driven by developed economies using unprecedented levels of debt and leverage throughout the financial system. Thus, risks that had been identified in the past two editions of this report – the risk of a global meltdown in asset prices (2007) and the widespread mispricing of risk and the potential implications of systemic financial risk (2008) – have materialized with huge consequences.

This year’s report focuses on the effects of the global financial crisis and its implications for those risks that came to the fore of the Global Risk Network assessment for 2009. They include: a sudden further drop in China’s growth to 6% or below; deteriorating fiscal positions; further asset price falls; increasing resource-related risks due to climate change; and the failure of global governance to mitigate global risks. The highly interconnected nature of these risks means that their impact is truly global. The economic outlook for 2009 is a grim one for most economies; markets remain volatile, liquidity has not returned, unemployment is rising, and consumer and business confidence has fallen to record lows. In this climate, risks become even more potent in their impact and, as discussed in previous reports, the tendency towards panic and short-term responses are more pronounced. This report explores the dangers of managing out of this crisis, without considering the broader, long-term consequences of today’s decisions. It also stresses the need for a determined, global focus on balancing the response to the immediate challenges with a concerted effort to mitigate longer term risks, not least those relating to climate change and resources.

Ebook Who Should Bear the Costs of Workplace Injuries? The Difficult Coordination of Workers’ Compensation and Tort Liability in Economic Perspective

Sat, 21 Nov 2009 04:33:53 +0000

Several compensation systems have arisen as alternatives to tort. The tort system makes the defendant actors pay the tort judgments out of their own pockets after the injury has taken place. However, it would be possible to be covered against the potential tort liability by, buying beforehand, liability insurance and paying a risk premium before the accident occurs. For many accidental injuries, tort liability coexists with various sources of compensation for harm such as private insurance, Social Security and Compensation Funds. The coordination problems affecting these heterogeneous compensation mechanisms have vexed lawyers for decades, and recently have started to be analyzed from an economic perspective.

Nonetheless, there are substantial differences between these alternative compensation schemes and tort liability. First, liability triggered in these alternative compensation systems does not, as does most of tort, rest on determinations of fault. Second, recoveries are not measured on a case-by-case basis, as in tort, but rather under compensation parameters determined before the injury has taken place. Finally, these non-fault systems typically compensate less for economics losses because they do not include reduction in earning capacity and exclude intangibles such as pain and suffering.

Ebook Current Trends of High Allergen and Essential Fatty Acid Food intakes in Women of Childbearing age

Sat, 21 Nov 2009 04:13:56 +0000

Atopy is a personal or familial tendency to produce IgE antibodies in response to low doses of antigens, usually proteins, and to develop typical symptoms such as asthma, rhinoconjunctivitis or eczema/dermatitis (van Gool et al, 2004). As a result, food-allergic individuals are at risk of developing life-threatening IgE-mediated systemic reactions upon ingestion of the particular allergen (Roehr et al, 2004) usually nuts, fish, milk or eggs.

The prevalence of allergies in children is rising with up to 40% of Australian children having allergic sensitisation with many developing allergic diseases such as food allergies (Prescott and Tang, 2004). This increase in prevalence has been associated with lifestyle and environmental changes in Western countries that might influence immune regulatory pathways in early life and the propensity for allergic disease (Calder, 2003; Calder, 2006; Dunstan et al, 2003; Laitinen et al, 2006; Prescott and Tang, 2005).

Ebook Audit Of Disaster Home Loan Servicing Centers

Sat, 21 Nov 2009 04:05:57 +0000

We audited the Small Business Administration's (SBA's) disaster home loan servicing operations at the four servicing centers located in Birmingham, El Paso, New York, and Santa Ana. As of September 30, 1997, SBA's portfolio of disaster home loans at the servicing centers consisted of 185,417 loans valued at about $3 billion, of which 12,843 loans valued at $179 million were in a past due, delinquent, or in-liquidation status (referred to hereafter as past due loans). We statistically sampled 432 of these loans valued at $4.8 million to determine whether SBA followed collection procedures or performed liquidation actions intended to minimize losses.

Department of the Treasury guidelines and public policy require that debt collection procedures be designed to maximize the collection of delinquent debts (minimize losses). In line with these guidelines and policies, SBA established standard operating procedures to make maximum use of resources for intensive collection follow-up on delinquent accounts. These procedures require early and predictable contact after loans become delinquent and liquidation action to recover from borrowers who can pay, but will not. If followed, these procedures should minimize SBA's risk of loss by returning delinquent loans to current status or obtaining recovery through liquidation actions.

Ebook Neonatal fatty acid status and neurological development

Sat, 21 Nov 2009 04:03:38 +0000

LCPUFAs are abundantly present in the CNS of infants. Their accumulation in the brain occurs, especially during the last trimester of gestation and during early postnatal life, a process that is affected by nutrition. It is conceivable that dietary supplementation of LCPUFAs enhances incorporation of LCPUFAs into the membranes of the CNS and possibly improves the neurologic condition of the young child. At present, there is increasing evidence of a beneficial effect of LCPUFA supplementation on visual function and psychomotor development in preterm and term infants. No consistent evidence has been provided of a positive effect of LCPUFA supplementation on developmental outcome at 1 to 3 y, and no data are available on the effect of LCPUFA supplementation on neurobehavioral development beyond the age of 3 y. Less is known about the effect of the infant’s neonatal fatty acid status on neurodevelopmental outcome.

A recent study by our own group indicated that a lower neonatal status of docosahexaenoic acid [(DHA), a member of the n-3 fatty acid series], AA (a member of the n-6 fatty acids), EFA in the umbilical vein is associated with a less favorable neurologic condition on postnatal days 10 to 14. Helland et al. reported that supplementation with cod liver oil (rich in n-3 fatty acids) during pregnancy and lactation resulted in higher levels of n-3 fatty acids in blood plasma at birth, which were associated with more mature electroencephalography (EEG) scores on the second day of life.

Ebook Relationship Of Maternal Serum Fatty Acids And Body Mass Index

Sat, 21 Nov 2009 03:50:12 +0000

Lipids have long been recognized as important dietary substances for growth and development. Recently, there has been considerable interest in the role of dietary lipids, specifically essential fatty acids, in the earliest phases of life. The long chain polyunsaturated fatty acids (LCPUFA) docosahexaenoic acid (DHA, 22:6?3) and arachidonic acid (ARA, 20:4?6) are important structural components of membrane phospholipids. The highest concentrations of these LCPUFA, especially DHA, are found in the brain. Exponential fetal accumulation begins during the last trimester of pregnancy and continues until the age of two. During the prenatal period the fetus depends on the maternal supply of preformed DHA and ARA to meet its needs. These fatty acids are transferred across the placenta by placental fatty acid binding proteins (p-FABP).

Recent findings suggest that insulin resistance may result in altered lipid metabolism and thus impact fetal LCPUFA status. Insulin resistance in pregnancy is often characterized by increased maternal body mass index (BMI). Due to the increase in the number of women entering pregnancy as overweight or obese, concern has been raised regarding insulin resistance, which can lead to gestational diabetes mellitus (GDM). These conditions could prove detrimental to the developing fetus in part because of their impact on nutrient supply to the fetus. The purpose of the present study is to assess if maternal serum fatty acids are associated with maternal BMI in the second trimester of pregnancy.

Ebook Credit Union Portfolio Management - An Additive Fuzzy Goal Programming Approach

Sat, 21 Nov 2009 03:46:37 +0000

Credit unions are operated as member-owned, tax-exempt, not-for-profit financial cooperatives and are democratically governed by a volunteer member elected board of directors (Walker and Chandler, 1976 and 1977). Credit unions consistently offer higher interest rates on deposits than commercial banks, charge lower interest rates on loans, and have lower fees on transactions due to lower operational expenses and tax exemptions. Customer service at credit unions is personal, friendly and usually highly ranked by credit union members. Under provisions of the credit union Act of 1934, U.S. credit unions are chartered by their respective states or by the federal government. The investment decisions of these institutions are also very challenging because of several conflicting objectives including maximization of returns, minimization of risk, and allocation of funds to different types of loan programs (products). The product offerings are selective as their main resources are the savings collected from the members. However, their financial risks, specifically credit and liquidity risks are similar to commercial banks but are somewhat different because of the size, geographic concentration, liquidity needs and extension of credit only to their members. Geographic concentration limits the need for evaluation of relative financial strengths and ability to assess and adequately monitor the risks of the investments. A small size credit union may manage the risks by investing all of its surplus funds in a corporate credit union instead of investing in securities. However, with the growth of credit union’s size, the risk-reward opportunities and credit evaluations needs (including continuous monitoring and measuring acceptable level of risks), against available reserves depending on economic conditions, also change. Credit union management often uses a laddered portfolio as a tool for managing liquidity needs and exposure to interest rate risk. In this approach, investment maturities are laddered to provide necessary cash flow to meet the ongoing liquidity needs and to some extent minimizing exposure to interest rate risk. However, this approach can not be successful in a volatile economic environment. The current dynamics of the domestic and global economic environment is drawing academicians’ attention as well as corporate professionals to identify why their credit and forecasting models failed to warn of and predict the current domestic and global financial situation. The recent financial crisis has also affected adversely the local credit unions. Local credit unions borrow money from corporate credit unions for their funding needs, but now have run into liquidity problems and are unable to borrow to meet their needs due to the recent financial crisis. Credit unions that have more exposure to real estate loans are facing more liquidity problems because of high delinquencies and foreclosures of these loans. Although credit policy guidelines for loan approvals are strict and sub-prime lending or non-traditional mortgage lending is not one of the main reasons for liquidity issues for most of the credit unions, yet they are also facing similar challenges for their survival as are other commercial banks. Credit unions that have followed strict rules and have not been involved in non-prime lending, their portfolios have not been directly affected by the inability of mortgagees to pay their mortgages nor do they have a portfolio riddled with non-performing mortgage loans. However, their members may have a sub-prime loan from another lender, or may have been laid off due to economic conditions, which are impacting their ability to make payments of credit loans including credit cards and auto loans. The subprime or non-prime mortgage crisis, rising unemployment rates, and increased consumer debt have made the economy a top concern for everybody i[...]

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