Transmisión de precios futuros de maíz del Chicago Board of Trade al mercado spot mexicano

In Mexico, the use of currency hedging program from the Agency Services for Marketing and Agricultural Market Development (ASERCA) is an instrument that has been used by producers of corn (mostly white), for the acquisition of derivatives in the Chicago Board of Trade (CBOT), whose underlying is yellow corn quality US#2. In an environment of high volatility in corn prices, CBOT prices should be adjusted with domestic spot prices to encourage Mexican producers to participate in the program, but through an analysis of multivariate stochastic volatility during the period 2007 to 2012, it showed that the market price of corn futures is not closely related to those recorded prices in some country states, so we can infer that the coverage by ASERCA program does not adequately serves the purpose of protecting domestic farmers growing white corn, although their use has increased.     

Multi-unit auctions with private information: an indivisible unit continuous price model

We construct a model of multi-unit auctions in which I bidders bid for two indivisible units of a common value good. Using a first-order approach, we find that there are equilibria in which bidders bid the same price for both units in the discriminatory auction, but not in the uniform auction. When there are only two bidders, under certain conditions, there are linear equilibria for both the discriminatory and the uniform auction formats. In all equilibria, bidders equalize the expected marginal benefit of bidding to the marginal costs of bidding. We show that comparison of the seller??s expected revenue across auction formats depends only on the ratio of the precision of private information to the precision of public information.     

Copying, superstars, and artistic creation

We provide a new perspective on the impact of unauthorized copying and copy levies on artistic creation. Our analysis emphasizes three aspects of artistic markets: the predominance of superstars, the important role of promotion expenditures, and the difficulties of talent-sorting. In the short run, piracy reduces superstars’ earnings and market share and increases the number of niche and young artists. In the long run, copying can also have a positive effect on high-quality artistic creation by helping more young artists start their careers, which increases the number of highly talented artists in subsequent periods. The long-term impact of levies on copy equipment on artistic creation depends on whether their yields primarily accrue to superstars who already receive rents or are allocated to help young artists.     

Economic transition and the distributions of income and wealth

This paper relies on a model of wealth distribution dynamics and occupational choice to investigate the distributional consequences of policies and developments associated with transition from central planning to a market system. The model suggests that even an efficient privatization designed to be egalitarian may lead to increases in inequality (and possibly poverty), both during transition and in the new steady-state. Creation of new markets in services also supplied by the public sector may also contribute to an increase in inequality, as can labour market reforms that lead to a decompression of the earnings structure and to greater flexibility in employment. The results underline the importance of retaining government provision of basic public goods and services; of removing barriers that prevent the participation of the poor in the new private sector; and of ensuring that suitable safety nets are in place.     

The trade creation effect of immigrants: evidence from the remarkable case of Spain

Abstract This paper investigates the immigration‐trade link using data on individual exporting transactions and immigrants in Spanish provinces between 1995 and 2008. We quantify the impact of new immigrants on the extensive margin (number of transactions) and intensive margin (average value per transaction) of exports. We find that immigrants significantly increase exports and that the effect is almost entirely due to an increase in the extensive margin. Consistent with the idea that immigrants reduce the fixed cost of exporting, we find stronger effects for differentiated goods and for countries that are culturally distant from Spain.     

Avoiding commercial piracy

In this paper we analyse the roles of the government and an incumbent in preventing the entry of a pirate, who tries to avoid being caught. The framework of analysis used is a sequential duopoly model of vertical product differentiation with price competition. We find that both the government and the incumbent have key roles in preventing the entry of pirates. We show that the government will not help the incumbent to become a pure monopolist, even if it installs an antipiracy system. It will let the pirate enter either as a follower or a leader, or encourage the incumbent to set a low enough price to successfully deter the pirate from entering the market, depending on its technology for monitoring commercial piracy. Finally, we find that the pirate decides to become a leader to avoid being caught by the incumbent and the government.     

TIME TO MARKET AND IMPATIENT CUSTOMERS

We analyse the decision of firms about when to launch their products on the market when they produce differentiated goods and compete on prices. We find two subgame perfect equilibria: one in which the high‐quality firm holds its leadership in quality, and another in which the low‐quality firm leapfrogs its rival. When the initial level of differentiation is high enough, the low‐quality firm always launches first. Finally, we extend this model to analyse commercial piracy. We obtain that pirates are highly unlikely to launch the illegal copy first because they would bear a higher penalty and a higher risk of being detected.     

Does only size matter in the use of knowledge intensive services?

Knowledge intensive services (KIS) have a key role in the creation and commercialisation of new products, processes and services. They are fundamental as carriers and creators of both technological and organisational innovation. Furthermore, the availability to firms of KIS in their surroundings positively affects their ability to innovate and contribute to the regional development. Nevertheless, a little is known about the factors that explain, why some firms use these services (technological advice, applied research, strategic consultancy, engineering, etc.) more frequently than other firms. This article, reporting from a database of more than 2,000 firms and with the use of binary models, analyses the factors that explain the use of KIS by small and medium-sized firms. Specifically, the services supplied by technological centres with the purpose of improving regional innovative potential are examined. The results show, in a similar way to the most consistent conclusions of the available studies, that demand for services increases with the size of the user firms. Spatial proximity between the user and the supplier of the KIS also seems to be a relevant factor. Other variables such as age, sector, innovation level and exports are also examined.      

Tourism managers' view of the economic impact of cruise traffic: the case of southern Spain

This article focuses on analysing the perception that the tourism sector itself has of its impact in cities at which cruises call. We use a sample of 371 managers of tourism establishments in the hinterlands of two Spanish cruise ports. The conclusions confirm the good public image that cruise traffic has traditionally enjoyed. However, the vision that the managers have is not uniform but depends on the characteristics of the tourist establishment and its own experience. Managers also advocate the direct intervention of the public administrations, even with economic aid, to favour the implementation of cruise tourism in their cities.     

Indirect and non-medical economic burden,quality-of-life,and disabilities of the myelofibrosis disease in Spain

Introduction:

Myelofibrosis is a non-frequent chronic myeloproliferative Philadelphia-negative chromosome neoplasm. It is a heavy incapacitating orphan disease and associated with high morbidity and mortality. In this context, indirect and non-medical costs are expected to be high. The main objective of this project is to estimate the economic burden of this disease in Spain.

Methods:

Thirty-three patients with a diagnosis of myelofibrosis for at least 1 year participated in a questionnaire in three Spanish centers. The study consisted of analyzing in various aspects the cost and impact of the disease; indeed, daily life time limitations with a need of informal care, symtomatology. Additionally, information concerning the clinical management of the disease was collected through a focus group of eight experts.

Results:

The mean age was 65 years. 15 of 33 patients were at their productive stage. Six had difficulties at work and eight have received informal care. Bone and muscular pain were the main symptoms of patients (72%). The estimated global indirect and non-medical costs of the disease were 86,315€ per patient (20% working and 80% informal care), which reached 104,153€ at productive stage patients (45%) and 168,459€ for more symptomatic patients.

Conclusions:

The economic burden of indirect and non-medical costs of myelofibrosis are important (15,142€/annual) as a result, and should be considered in economic evaluation, as well as in preventive plans for patients and caregivers, despite the fact that studies with larger numbers of patients should be done.