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Why so many representatives? Extending the cube root lawto local assemblies
We investigate the impact of territorial fragmentation on political representation by apply-ing Taagepera’s cube root law to subnational governments. Our model reveals that the totalnumber of local representatives is more elastic to changes in the number of jurisdictions(elasticity e = 2∕3 ) than to variations in population size ( e = 1∕3 ), a relationship we referto as the law of 2/3. As a result, fragmented areas experience amplified political representa-tion. We show that the cube root law holds at the municipal level across 13 countries, albeitimperfectly. Empirical evidence from French municipalities further supports the law of 2/3.
Journal Article
Trade-offs between economic, environmental and social sustainability on farms using a latent class frontier efficiency model: Evidence for Spanish crop farms
This article studies trade-offs of farms in terms of economic sustainability (proxied here by technical efficiency), environmental sustainability (proxied here by farmers’ commitment towards the environment) and social sustainability (proxied here by farmers’ contribution to on farm well-being and communities’ well-being). We use the latent class stochastic frontier model and create classes based on three separating variables, representing farms’ environmental sustainability and social sustainability. The application to a sample of Spanish crop farms shows that more environmentally sustainable farms are likely to have lower levels of technical efficiency. However, improvements in social concerns, both towards own farm and the larger community, may lead to improved technical efficiency levels. In general, our study provides evidence of trade-offs for farms between economic sustainability and environmental sustainability, but also between environmental sustainability and social sustainability.
Cet article étudie les compromis des exploitations agricoles en termes de durabilité économique (représentée ici par l'efficacité technique), de durabilité environnementale (représentée ici par l'engagement des agriculteurs envers l'environnement) et de durabilité sociale (représentée ici par la contribution des agriculteurs au bien-être de l'exploitation et des communautés). Nous utilisons le modèle de frontière stochastique à classes latentes et créons des classes basées sur trois variables séparatrices, représentant la durabilité environnementale et la durabilité sociale des exploitations. L'application à un échantillon d'exploitations agricoles espagnoles montre que les exploitations plus durables sur le plan environnemental sont susceptibles d'avoir des niveaux d'efficacité technique plus faibles. Toutefois, l'amélioration des préoccupations sociales, tant à l'égard de l'exploitation elle-même que de la communauté dans son ensemble, peut conduire à une amélioration des niveaux d'efficacité technique. En général, notre étude fournit des preuves de compromis pour les exploitations agricoles entre la durabilité économique et la durabilité environnementale, mais aussi entre la durabilité environnementale et la durabilité sociale.
Journal Article
The social specificities of hostility toward vaccination against Covid-19 in France
Equal Access to the COVID-19 vaccine for all remains a major public health issue. The current study compared the prevalence of vaccination reluctance in general and COVID-19 vaccine hesitancy and social and health factors associated with intentions to receive the vaccine. A random socio-epidemiological population-based survey was conducted in France in November 2020, in which 85,855 adults participants were included in this study. We used logistic regressions to study being \"not at all in favor\" to vaccination in general, and being \"certainly not\" willing to get vaccinated against Covid-19. Our analysis highlighted a gendered reluctance toward vaccination in general but even more so regarding vaccination against COVID-19 (OR = 1.88 (95% CI: 1.79–1.97)). We also found that people at the bottom of the social hierarchy, in terms of level of education, financial resources, were more likely to refuse the COVID-19 vaccine (from OR = 1.22 (95% CI:1.10–1.35) for respondents without diploma to OR = 0.52 (95% CI:0.47–0.57) for High school +5 or more years level). People from the French overseas departments, immigrants and descendants of immigrants, were all more reluctant to the Covid-19 vaccine (first-generation Africa/Asia immigrants OR = 1.16 (95% CI:1.04–1.30)) versus OR = 2.19 (95% CI:1.96–2.43) for the majority population). Finally, our analysis showed that those who reported not trusting the government were more likely to be Covid-19 vaccine-reluctant (OR = 3.29 (95% CI: 3.13–3.45)). Specific campaigns should be thought beforehand to reach women and people at the bottom of the social hierarchy to avoid furthering social inequalities in terms of morbidity and mortality.
Journal Article
Central bank's communication and stabilization policies under firms'motivated beliefs
Using a simple microfounded macroeconomic model with price making firms and a central bank maximizing the welfare of a representative household, we show that the presence of firms'motivated beliefs has stark consequences for central banks' optimal communication and stabilization policies. Under pure communication, motivated beliefs overweighting the accuracy of firms'private information may reverse the bang-bang solution of transparency found in the literature under objective beliefs and lead to intermediate levels of communication. Similarly, when communication and stabilization policies are combined, motivated beliefs overweighting firms'ability to process idiosyncratic information in general may reverse the bang-bang solution of opacity applying under objective beliefs, leading again to intermediate levels of communication and stabilization.
Journal Article
Germany's Tax Revenue and its Total Administrative Cost
Tax administrative cost reduction is an economically and socially desirable goal for public policy. This article proposes total administrative cost as percentage of total tax revenue as a vivid measurand, also useful for cross-jurisdiction comparisons. Statistical data, surveys and a novel approach demonstrate: Germany's 2021 tax administrative costs likely exceeded 20% of total tax revenue, indicating need for improvement of Germany's taxation system--and for the many jurisdictions with similar tax regimes. In addition, this article outlines possible reasons for and implications of the seemingly high tax administrative burden as well as solutions. Keywords tax revenue, ratio, percentage, economics, public policy
Journal Article
Understanding the worst-kept secret of high-frequency trading
Volume imbalance in a limit order book is often considered as a reliable indicator for predicting future price moves. In this work, we seek to analyse the nuances of the relationship between prices and volume imbalance. To this end, we study a market-making problem which allows us to view the imbalance as an optimal response to price moves. In our model, there is an underlying efficient price driving the mid-price, which follows the model with uncertainty zones. A single market maker knows the underlying efficient price and consequently the probability of a mid-price jump in the future. She controls the volumes she quotes at the best bid and ask prices. Solving her optimization problem allows us to understand endogenously the price-imbalance connection and to confirm in particular that it is optimal to quote a predictive imbalance. Our model can also be used by a platform to select a suitable tick size, which is known to be a crucial topic in financial regulation. The value function of the market maker's control problem can be viewed as a family of functions, indexed by the level of the market maker's inventory, solving a coupled system of PDEs. We show existence and uniqueness of classical solutions to this coupled system of equations. In the case of a continuous inventory, we also prove uniqueness of the market maker's optimal control policy.
Journal Article
Edoxaban for stroke prevention in atrial fibrillation in routine clinical care: 1-year follow-up of the prospective observational ETNA-AF-Europe study
Abstract
Aims
Non-vitamin K oral anticoagulants are safe and effective for stroke prevention in patients with atrial fibrillation (AF). Data on the safety and efficacy of edoxaban in routine care are limited in Europe. We report 1-year outcomes in patients with AF treated with edoxaban in routine care.
Methods and results
ETNA-AF-Europe is a prospective, multicentre, post-authorization, observational study enrolling patients treated with edoxaban in 10 European countries, the design of which was agreed with the European Medicines Agency as part of edoxaban’s post-approval safety plan. Altogether 13 092 patients in 852 sites completed the 1-year follow-up [mean age: 73.6 ± 9.5 years; 57% male, mean follow-up: 352 ± 49 days (median: 366 days)]. Most patients had associated comorbidities (mean CHA2DS2-VASc score: 3.1 ± 1.4). Stroke or systemic embolism was reported in 103 patients (annualized event rate: 0.82%/year), and major bleeding events were reported in 132 patients (1.05%/year). Rates of intracranial haemorrhage were low [30 patients (0.24%/year)]. Death occurred in 442 patients (3.50%/year); cardiovascular (CV) death occurred in 206 patients (1.63%/year). The approved dosing of edoxaban was chosen in 83%. All-cause and CV mortality were higher in patients receiving edoxaban 30 mg vs. 60 mg, in line with the higher age and more frequent comorbidities of the 30 mg group. Major bleeding was also numerically more common in patients receiving edoxaban 30 mg vs. 60 mg.
Conclusion
The rates of stroke, systemic embolism, and major bleeding are low in this large unselected cohort of high-risk AF patients routinely treated with edoxaban.
Journal Article