Thoughts,attitudes and profile of Brazilian consumers regarding food irradiation

This study aimed to examine the neophobia, knowledge, thoughts, and opinions related to food irradiation among consumers living in a small city in Brazil through the application of a behavioral and sociodemographic questionnaire. It was found that the 271 respondents had little knowledge about the process of food irradiation and had low intent to purchase irradiated food; several consumers associated irradiated food with radioactivity and cancer. Individuals with better knowledge about irradiation and those who are young, single, did not live with children, and had higher levels of education and higher monthly family incomes were more likely to buy irradiated foods than others. These results describe the profile of potential consumers of irradiated foods and the knowledge, thoughts and opinions of the residents of a small city relative to food irradiation. This data could assist industries that irradiate foods to adopt strategies that ensure greater acceptance of their products.     

A theory of trust based systems of intermediation

Recent studies have analysed the economic benefits of belongingto high-trust networks and the biological foundations of individualtrust, but much scepticism remains regarding the precise roleof trust in economic transactions, as well as gaps between microand macro concepts of trust. This paper links individual andinstitutional trust by modelling the costs associated with accessingmarket, law and trust-based intermediation systems, and identifiesthe conditions under which one of the three systems may be moreadvantageous for rational actors, and thus more likely to emerge.The discussion concentrates on examples drawn from developmentpolicy to illustrate how the three systems operate together,and how the failing of the trust system affects the legal andmarket systems.     

Assessing market power in the U.S. commercial banking industry under deregulation

This study attempts to investigate market power in the U.S. commercial banking industry since the U.S. government began to deregulate the banking sector in the early 1990s using the static Bresnahan–Lau model (SBLM) and dynamic Bresnahan–Lau model with error corrections (DBLEC). In particular, panel unit root and panel cointegration techniques are utilized to examine the dynamic model. The empirical results of the SBLM show that the banking industry is highly competitive. The empirical results of DBLEC also suggest that the commercial banking industry is close to being perfectly competitive in the short run. By contrast, the adjustment speeds of the supply and demand sides towards the long-run equilibrium are quite slow in that market, which implies that the U.S. commercial banks enjoy a certain degree of long-run market power.     

Social Movements and Public Administration: Spontaneous Citizens’ Committees in Florence

Urban protest is often carried out by citizens’ committees: that is, political groups that mobilize on issues affecting a small territorial area, use various forms of protest, and are organized in very loosely structured forms. Based on interviews with members of citizens’ committees in Florence, this article discusses their identities, strategies and organizational models, as well as their interaction with local authorities. Active mainly in issues of pollution and security, the Florentine committees frame their demands in terms of defending or improving quality of life in a defined territory. Mobilizing citizens who have often had previous experience in voluntary and/or political associations, citizens’ committees evidence a strongly participatory organizational model, with, however, notably discontinuous levels of activity. Whilst privileging moderate forms of protest, citizens’ committees also seem to have more and more channels of access to the institutions of local government, which sometimes perceive them as a source of information and aggregate consensus. The quality of the interactions between citizens’ committees and the public administration plays an important role in determining the extent to which this type of urban protest produces social capital. La contestation urbaine est souvent menée par des comités citoyens, c’est–à–dire des groupes politiques qui se mobilisent sur des problèmes affectant une zone territoriale limitée, emploient diverses formes de protestation et s’organisent selon des structures très informelles. A partir d’entretiens avec des membres de comités citoyens de Florence, cet article étudie leurs identités, stratégies et modèles d’organisation, ainsi que leur interaction avec les autorités locales. Surtout actifs sur des questions de pollution et de sécurité, les comités florentins formulent leurs revendications en termes de défense ou d’amélioration de la qualité de la vie dans un territoire donné. Mobilisant les citoyens qui, souvent, ont déjà eu une expérience dans des associations bénévoles et/ou politiques, ces comités démontrent un modèle organisationnel fortement participatif avec, toutefois, des degrés d’activité particulièrement intermittents. Bien que privilégiant des formes modérées de contestation, les comités citoyens semblent disposer de moyens toujours plus nombreux d’accéder aux institutions des gouvernements locaux, lesquelles les considèrent parfois comme une source d’informations et de consensus collectif. La qualité des interactions entre les comités citoyens et l’administration publique est importante si l’on veut déterminer dans quelle mesure ce type de contestation urbaine génère un capital social.     

What money buys: clients of street sex workers in the US

The article presents a review of current theoretical and empirical approaches to sex work, followed by the presentation of an original theoretical framework (Della Giusta et al., 2006), which is tested with an econometric model of the characteristics of demand for sex services by a sample of clients of street sex workers in the US. We present findings in relation to stigma and the relationship between paid and unpaid sex that corroborate our model's hypotheses and are in line with findings from other empirical studies. Furthermore, we identify in our sample two diametrically opposite profiles: one for clients whom we label ‘experimenters’, and one for more experienced ones that we name ‘regulars’, we also estimate attitudes toward risk, and draw implications in terms of both policy and future theoretical and empirical research.     

A market-financed and growth-enhancing investment plan for the euro area

In this paper, we analyze the problem of public debt-to-GDP stability in the Eurozone. We suggest that a feasible solution might be the realization of a market-financed, growth-enhancing investment program, which would be particularly welcome because of the positive short- and long-term repercussions it would have on GDP growth and the stabilizing effects on interest rates. Some simulations allow us to quantify these effects. The consequences of the COVID-19 pandemic further reinforce our policy implications in terms of public debt sustainability.     

The expectation hypothesis of the term structure of very short-term rates: Statistical tests and economic value

This paper reexamines the validity of the expectation hypothesis (EH) of the term structure of US repo rates ranging in maturity from overnight to 3 months. We extend the work of Longstaff [2000b. The term structure of very short term rates: new evidence for the expectations hypothesis. Journal of Financial Economics 58, 397–415] in two directions: (1) we implement statistical tests designed to increase test power in this context; (2) more important, we assess the economic value of departures from the EH based on criteria of profitability and economic significance in the context of a simple trading strategy. The EH is rejected throughout the term structure examined on the basis of the statistical tests. However, the results of our economic analysis are favorable to the EH, suggesting that the statistical rejections of the EH in the repo market are economically insignificant.     

Spot and forward volatility in foreign exchange

This paper investigates the empirical relation between spot and forward implied volatility in foreign exchange. We formulate and test the forward volatility unbiasedness hypothesis, which may be viewed as the volatility analogue to the extensively researched hypothesis of unbiasedness in forward exchange rates. Using a new dataset of spot implied volatility quoted on over-the-counter currency options, we compute the forward implied volatility that corresponds to the delivery price of a forward contract on future spot implied volatility. This contract is known as a forward volatility agreement. We find strong evidence that forward implied volatility is a systematically biased predictor that overestimates movements in future spot implied volatility. This bias in forward volatility generates high economic value to an investor exploiting predictability in the returns to volatility speculation and indicates the presence of predictable volatility term premiums in foreign exchange.