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Frank Rodriguez

. What has changed there, and perhaps elsewhere, is that the trend is no longer close to the underlying expansion of the economy plus a measure of demographic growth. Rather, the growth rate has been displaced downwards and become negative, because to the positive impacts on volumes of economic activity and demography needs to be added the negative impact of e-substitution. Understanding E-substitution Nikali (1995) modeled the effect of a number of teleservices (for example, telefax) on letter mail, in two steps: first, a diffusion model (as a logistic curve), where

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Vance L. Martin, Chris J. Paterson, Heikki Nikali and Qiubang Li

as Direct Mail are included. Instead of treating the cyclical and structural change effects as two separate components, a natural generalization is to develop general equilibrium type models linking these, and indeed other, letter volume drivers under a single unifying system. Given that different letter volume segments are exposed to different types of substitution occurring at differing speeds, it is important to recognize the impact that an adverse economic shock might have on accelerating movements towards the electronic alternatives. This is especially the

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Claire Borsenberger, Sébastien Bréville and Aurélie Dehais

4. Price comparisons in the parcel industry: a new approach based on the hedonic price theory* Claire Borsenberger,† Sébastien Bréville‡ and Aurélie Dehais§ ** †† ‡‡ 1 INTRODUCTION E-commerce activity is expanding, and the parcel sector is increasingly of interest to the European Commission, who studied in particular the EU cross-border parcels market and will publish a Green Paper on cross-border parcel prices in 2012. Opened to competition for many years, a part of the parcels sector is subject to the Universal Service Obligation (USO), notably to an

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Marco R. Di Tommaso and Stuart O. Schweitzer

the hope that this will produce a rate of profit that is what a competitive firm would encounter. Regulation of natural monopolies is common. Declining-cost firms are common in public utilities, for example, such as natural gas, water, electricity, and sewage. The thought of having multiple electricity grids in a city illustrates how costly and ugly competition in an industry like that would be. The trouble is that monopoly regulation can be costly and there are many examples of attempts to regulate which have been ineffective and failed.25 Incomplete Markets

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Industrial Policy in America

Breaking the Taboo

Marco R. Di Tommaso and Stuart O. Schweitzer

In contrast to what observers have frequently argued, this timely and thought provoking book suggests that the concept of industrial policy is not alien to the American past and present. The debate on this topic in the US has always been full of contradictory rhetoric and policy practices, and the expert authors therefore acknowledge a need to rethink the traditional antagonist positions. They illustrate that contemporary markets continue to demand to be fixed by government policies, and governments continue to show how fixing-the-market policies might fail. The conclusion is that the future of industrial policy is about how to make both markets and governments better in their functioning, but that the real goal for industrial policy is to make better-market and better-government policies consistent with the goal of building a better society.
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Edited by Michael A. Crew and Paul R. Kleindorfer

In our increasingly technology-focused world, demand for traditional postal services is steadily shrinking. This timely volume examines the many challenges that the worldwide postal sector is facing as a result of growing electronic competition, and offers expert recommendations for reshaping postal structures to strengthen their competitiveness in an electronic age.
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Marco R. Di Tommaso and Stuart O. Schweitzer

shares, but the question remained, at what price? A range of possibilities existed. At one extreme, the government could sell its ownership interest back to the company at a high price, thereby benefiting taxpayers by reducing the net cost of the bail-out. But in so doing, the company would be weakened by debt and perhaps even crippled. On the other hand, the buyback could be arranged at a low price, thereby benefiting the company but leaving taxpayers with a substantial loss. Complicating this decision has been unease among both government and the general public as to

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Beyond vertical interventions

Breaking the Taboo

Marco R. Di Tommaso and Stuart O. Schweitzer

7. Beyond vertical interventions POLICIES FOR GROUPS OF INDUSTRIES The Health Industry Health care reform has been one of the most debated and visible projects of President Obama. Of course President Obama’s interest in health reform was not new for the country, as literally dozens of plans and programs have been proposed to increase access to health care and reduce its cost, starting during the Great Depression. A common problem has been that, until President Obama, no president had a sufficient mandate to enact comprehensive health system reform. What then

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Kari Elkelä and Heikki Nikali

customized based on his or her areas of interest. Transcoding enables the reshaping of message content so that it can be interpreted and read using new or different communication devices that are taken into use (Meikle and Young, 2012, pp. 15–16). The progressive nature of digital technology has enabled diverse media convergence. With regard to technology, messages can be transmitted over diverse systems and the same message can be converted so that it is compatible with multiple systems. With crew.indb 394 03/01/2013 08:40 Social media challenges the entire postal

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David F. Burgess and Richard O. Zerbe

private capital must be taken into account, but they differ in terms of whether it should be incorporated into the discount rate or reflected by a shadow price. Liu (2003) and Liu et al.’s (2004) MCF criterion depends upon an exogenous rate of return to capital, but Burgess (2012) shows that the MCF approach can be extended to situations where the rate of return to capital is endogenous. In this more general setting the MCF criterion requires that (within-generation) benefits be discounted at the after-tax rate of return (consumption rate of interest) but costs and