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In French ditransitive sentences, certain person combinations of the two internal arguments cannot be expressed with two co-occurring clitics (a phenomenon referred to as the Person Case Constraint or PCC). To fill the interpretational gap created by this restriction, there is an alternative construction characterized as a “repair”, where the goal is realized as an independent phrase. The fact that the double-clitic construction and the repair construction are in complementary distribution led to a proposal of an interface algorithm that provides a way to repair a non-convergent structure. This article proposes an alternative account of the PCC, and claims that the complementarity between the PCC and its repair is instead accidental and is an artefact of the feature structure of arguments. The proposed account explains the unavailability of certain clitic combinations and some repairs independently, without resorting to a trans-derivational device like the previously proposed algorithm.
We use quasi-orders to describe the structure of C-groups. We do this by associating a quasi-order to each compatible C-relation of a group, and then give the structure of such quasi-ordered groups. We also reformulate in terms of quasi-orders some results concerning C-minimal groups given in .
Periodical Payment Orders (PPOs) have challenged actuarial professionals as they rose to prominence as a new means of settling third-party liability claims, consisting of regular payments in the future, usually for a claimant’s lifetime. This paper explores how this new settlement method has brought about new risks to consider for actuarial professionals working in Motor and Casualty insurance, or any other line where a claim for future periodical payments may arise. Life contingencies have entered the space of general insurance in a new way. In addition, actuarial professionals have investment risk to consider, and for PPOs the inflation risk is unusual, significant and not currently fully hedgeable. The paper highlights methods that could be considered for setting important assumptions, including mortality, indexation, investment return and PPO settlement propensity. For reserving actuaries, the paper explains that the nature of the liabilities does not lend itself to triangulation. Cash flow techniques are needed and actual-versus-expected results can be analysed for discount rate unwinding and mortality profit, for example. Scenario testing will be important to understand the sensitivity of the results and to explain them to senior management. Stochastic modelling is considered in the Capital Modelling section, amongst other significant considerations for actuarial practitioners working with PPOs in this field. Pricing is also affected, as PPOs are a proportion of large loss loadings. The paper also touches briefly on reporting requirements. This is to help provide some basic background for actuaries interacting with those undertaking financial reporting.
Significance evaluation plays a central role in archaeological heritage management. In this paper, a practical approach is presented based on experiences and recent discussions in the Netherlands. A restricted number of values (perception, physical quality and intrinsic quality) are operationalized as criteria in order to evaluate archaeological phenomena. In this manner, a more transparent framework is created to help determine if a monument is worth preserving. In the process of selection, monuments worth preserving are scrutinized from the viewpoints of policy considerations and priorities in archaeological heritage management in order to select monuments deserving of sustained preservation. The form of this system of significance evaluation is such that it can be used by all government levels, that the process is understandable for non-archaeologists, and that its results remain relevant from a research perspective.
Practices within markets are widely regulated and sometimes contested on the basis of moral judgments. Moral entrepreneurs challenge markets and market practices while firms and industry actors defend them, leading to moral struggles opposing different orders of worth. Based on an historical case study, this paper develops a theoretical framework to study moral struggles in markets as social and political processes around commensurability. It identifies three core arenas in which moral struggles play out: ideas, where the morality of specific practices itself is contested and actors ground their moral claims in different institutional orders for legitimation; the economy, where the market viability of changing moral standards is at stake; and politics, where commensuration reflects political power struggles. Through a socio-historical analysis of the fight against battery cages in Swiss egg production in the 1970s and 1980s, the study fleshes out how this moral struggle played out along these dimensions, focusing on the competing discourses, strategies, and tactics of the main moral entrepreneurs and industry associations.
We extend the characterization of extremal valued fields given in  to the missing case of valued fields of mixed characteristic with perfect residue field. This leads to a complete characterization of the tame valued fields that are extremal. The key to the proof is a model theoretic result about tame valued fields in mixed characteristic. Further, we prove that in an extremal valued field of finite p-degree, the images of all additive polynomials have the optimal approximation property. This fact can be used to improve the axiom system that is suggested in  for the elementary theory of Laurent series fields over finite fields. Finally we give examples that demonstrate the problems we are facing when we try to characterize the extremal valued fields with imperfect residue fields. To this end, we describe several ways of constructing extremal valued fields; in particular, we show that in every ℵ1 saturated valued field the valuation is a composition of extremal valuations of rank 1.
As conservation resources decline and numbers of threatened species increase, prioritizing species for conservation is increasingly important, and prioritizing based on attributes may be the most efficient approach. Despite the importance of biodiversity as a legacy to future generations, children's preferences for species attributes have never been considered. We surveyed 3rd and 5th grade students, typically 8–10 years old, in North Carolina, USA, to determine how children prioritize conservation of species based on attributes. We asked the students to rank five species attributes, allocate money to species with each attribute, and choose between each species attribute and endemism in terms of their importance for conservation. Children prioritized species that are important in nature and those whose numbers are declining over species with other attributes, whereas research suggests that adults prioritize endemic species over most other types. Our results suggest children prioritize biodiversity conservation differently from adults, and in ways that may be more conducive to biodiversity conservation in cases where endemism is not directly related to species endangerment, and we suggest the perspectives of children be considered more fully within biodiversity conservation.
Financial economics holds that payment streams should be valued using discount rates that reflect the cash flows’ risks. In the case of pension liabilities, the appropriate discount rate for a pension fund's liabilities is the expected rate of return on a portfolio that would be held under a liability-driven investment policy. The valuation of defined benefit pension obligations involves choices revolving around deciding: (1) what future benefit payments to recognize today (i.e., which liability concept to use); and (2) from whose point of view to value the liabilities. Moving towards modeling, the distribution of future liabilities using a ‘risk-neutral’ framework, would allow for calculating the present value of the future liabilities more accurately. This would provide policymakers with information more relevant for the decision-making, and it would also permit easier communication of the risks facing the Pension Benefit Guaranty Corporation's PIMS model via a single univariate statistic.
Over the past half-century or more, economists have developed a robust literature on the theory and practice of benefit-cost analysis (BCA) as applied to diverse projects and policies. Recent years have seen a growing demand for practical applications of BCA to climate change policy questions. As economists seek to meet this demand, they face challenges that arise from the nature of climate change impacts, such as the long time frame and the potential for non-marginal changes, the importance of intangible effects, and the need to grapple with Knightian uncertainty. As a result of these and other characteristics of climate change, many of the fundamental tenets of BCA are coming under scrutiny and the limits of BCA’s methodological and practical boundaries are being tested. This special issue assembles a set of papers that review the growing body of literature on the economics of climate change. The papers describe the state of the literature valuing climate change impacts, both globally and at more disaggregated levels. The papers also discuss the challenges economists face in applying BCA to support climate change decision making and adaptation planning. This introduction provides background and context on the current use of BCA in climate change analysis, and sets each paper firmly in that context, identifying also areas for future research. While the challenges in conducting BCA and interpreting its results are significant, across the papers it becomes clear that economic analysis in general, and the tools and methods of BCA in particular, have a central role to play in supporting decision-making about how to respond to climate change.
The paper deals with the development of unitised with-profits business in the United Kingdom. The authors trace the recent history of these products and comment on the main reasons for their development. They also deal with corporate issues, including implications for policyholders and shareholders of different fund structures and different types of life office. Pricing and product development issues are also covered. Reserving issues including the range of valuation methods, statutory requirements and policyholders' reasonable expectations are explored. Finally the paper considers the actuary's contribution to the management of unitised with-profits policyholders' expectations.
The concept of ‘Ecosystem Services’ (ES) focuses on the linkages between ecosystems, including agroecosystems, and human well-being, referring to all the benefits, direct and indirect, that people obtain from ecosystems. In this paper, we review the application of the ES framework to pasture-based livestock farming systems, which allows (1) regulating, supporting and cultural ES to be integrated at the same level with provisioning ES, and (2) the multiple trade-offs and synergies that exist among ES to be considered. Research on livestock farming has focused mostly on provisioning ES (meat, milk and fibre production), despite the fact that provisioning ES strongly depends on regulating and supporting ES for their existence. We first present an inventory of the non-provisioning ES (regulating, supporting and cultural) provided by pasture-based livestock systems in Europe. Next, we review the trade-offs between provisioning and non-provisioning ES at multiple scales and present an overview of the methodologies for assessing biophysical trade-offs. Third, we present non-biophysical (economical and socio-cultural) methodologies and applications for ES valuation. We conclude with some recommendations for policy design.
We use a stated choice experiment to estimate household willingness-to-pay for a program providing incentives to private forest land owners in the Red Hills region of southwest Georgia and northwest Florida. The estimated values of various program attributes inform a landscape analysis that identifies high-priority private forest land that could be targeted for conservation incentives. Households report an increase in utility from the program when it explicitly identifies a target ecosystem-service priority. Also, inclusion of stated preference values in the prioritization plan highlights a potential scarcity effect that has important implications for conservation targeting.
Stated preference scenarios often provide information on intermediate biophysical processes but omit information on the resulting final services that provide utility. This may cause respondents to speculate about the effects of intermediate outcomes on their welfare, leading to biased welfare estimates. This work clarifies distinctions between intermediate and final ecosystem services within stated preference valuation and develops a structural model by which to infer respondents’ speculations when a final ecosystem service is omitted. The model also derives implications for welfare estimates. Methods and results are illustrated using an application of choice experiments to fish restoration in Rhode Island's Pawtuxet watershed.
The water quality index (WQI) has emerged as a central way to convey water quality information to policy makers and the general public and is regularly used in US EPA regulatory impact analysis. It is a compound indicator that aggregates information from several water quality parameters. Several recent studies have criticized the aggregation function of the EPA WQI, arguing that it suffers from “eclipsing” and other problems. Although past papers have compared various aggregation functions in the WQI (usually looking at correlation), this is the first paper to examine these functions in the context of benefit-cost analysis. Using data from the 2003 EPA CAFO rule, the present paper examines four aggregation functions and their impact on estimated benefits. Results indicate that the aggregation method can have a profound effect on benefits, with total benefit estimates varying from $82 million to $504 million dollars. The net benefits of the rule vary from negative to positive over this range of estimates. Furthermore, a sensitivity analysis does not find convincing evidence to substitute the current aggregation function, although several changes to the underlying WQI methodology may be warranted.
The theme of this paper is that life office valuation can be based on an analysis of the characteristics of the individual cash flows which form the net cash flow of an office. These cash flows may be compared with the income and gains derived from traded securities such as equities and gilts in order to assess their values. Standard asset pricing models of modern portfolio theory enable one to allow for lapse, mortality and other risks.
The methodology outlined in the paper is illustrated by reference to the very different types of revenue generated by non-profit, unit-linked and with-profits products. It is also used, in the valuation of future new business, to allow for the risks that expected sales volumes and profitability levels will not be achieved.
The paper provides a rationale for the choice of discount rates used in the valuation of a life office and facilitates the comparison of life office and alternative investment opportunities.
The paper deals with the development of unitised with-profits business in the United Kingdom. The authors trace the recent history of these products and comment on the main reasons for their development They also deal with corporate issues, including implications for policyholders and shareholders of different fund structures and different types of life office. Pricing and product development issues are also covered. Reserving issues including the range of valuation methods, statutory requirements and policyholders' reasonable expectations are explored. Finally the paper considers the actuary's contribution to the management of unitised with-profits policyholders' expectations.
This paper sets out a framework, based on option pricing theory, that can be used to assess the value of deferred unrealised capital gains tax. In the U.K. and Australia, capital gains tax is paid on realisation of assets and the basis for determining the tax allows for inflation indexation of the cost base of the asset. Capital gains tax payments under these circumstances are shown to resemble those of a complex option. A number of theoretical approaches to the valuation of this option are discussed in the paper.
With some exceptions, local populations’ opinions are not considered sufficiently important in developing policies related to protected areas (PAs), despite their recognized effect on conservation and management. This paper surveys the views and the activities performed by residents living inside or near the 10 PAs of the densely-populated, industrialized Autonomous Region of Madrid, with a view toward better informing their management. The degree of knowledge, perception of conservation state, activities performed inside them and stated importance were assessed, and the hypothesis that the economic valuation of PAs had decreased between 2006/2007 and 2009 as a result of Spain's economic crisis was tested using the contingency valuation method. Local populations valued PAs highly, despite their limited use of them and their moderate perception of the conservation state of these areas. The objective valuation of PAs (measured by three economic variables) remained high among the local populations at the peak of the economic crisis (assessed by the gross domestic product growth), although declared economic support for PAs had significantly shifted towards a ‘pay per use’ scheme.