From Walsh, Adrian “The Morality of the Market and the Medieval Schoolmen,” Politics, Philosophy & Economics 2004; 3; 241-259
“Exploring the evils of usury exercised the minds of a great many medieval philosophers, writers and artists. Consider Dante’s Inferno. As Dante descends into the depths of Hell, he discovers usurers (along with sodomites) in the smallest and most terrifying ring (Round 3 of Circle VII) of the Inferno. Dante inquires as to the nature of the sins of the usurers and is told that their sins are classified as a kind of violence towards God because usury was an attack on the natural use for money given by God and it implied contempt for God’s bounty.
Dante’s views are typical of the moral condemnation of his society for those who made a living out of interest. The practice of usury was not only subject to moral disapprobation; theological and legal injunctions against the practice were in force during the period over much of Europe. In 1274 Gregory X, in the Council of Lyons, ordained that no community, corporation or individual should permit foreign usurers to hire houses, but that they should expel them from their territory; and the disobedient, if laymen, were to be castigated with ecclesiastical censures. In 1311 the Council of Vienne declared all secular legislation in favour of usury null and void, and branded as heresy the belief that usury was not sinful. Anti-usury laws, although subsequently subjected to numerous modifications, persisted across Europe for over 500 years until the time of the Napoleonic Code. After the Napoleonic Code had allowed the taking of interest, the Church too decided to abandon the old usury doctrine. It was quietly buried (although not revoked) in 1830, when the Church issued instructions to confessorsnot to disturb penitents who lent money at the legal rate of interest without any title other than the sanction of Civil Law."
Saturday, May 22, 2010
Friday, May 21, 2010
Market orders, programmed trading and loss of thickness
I haven't yet read a convincing account of the one-day stock market crash and rebound on May 6, but here's an early (May 9, NY Times) story that makes a case that a lot of conventional market tools could have interacted to produce a bad outcome: Thursday’s Stock Free Fall May Prompt New Rules.
"The S.E.C., which oversees the nation’s equity markets, requires a suspension in trading only in the event of a broad market collapse, defined as a drop of at least 10 percent in the Dow Jones industrial average, which is based on the share prices of 30 large American companies.
Other countries, like Germany, impose similar circuit breakers on trading in shares of any individual company that has a similar drop, but the S.E.C. has never done so. A former S.E.C. official said the possibility had been discussed in recent years, but “I don’t think there was quite the urgency to deal with it.”
The S.E.C. and the Commodity Futures Trading Commission said in a joint statement on Friday that the issue now had their attention.
“We are scrutinizing the extent to which disparate trading conventions and rules across various markets may have contributed to the spike in volatility,” the statement said. “This is inconsistent with the effective functioning of our capital markets and we will make whatever structural or other changes are needed.”
Early this year, the S.E.C. also began a broad review of equity markets, including whether computerized trading is properly regulated.
The heads of several of the largest electronic exchanges said Friday that they would support industrywide rules for breaking free falls.
But there are other ideas to keeping computerized markets in check. Lawrence E. Harris, a finance professor at the University of Southern California, said regulators should simply require all sellers to specify a minimum price below which they do not want to complete the sale of their shares. Market orders, placed at the best available price, can be too risky in the fast-moving age of electronic trading.
On Thursday, some sellers placed orders that were not fulfilled until prices had plunged as low as a penny a share. If sellers had placed “limit orders” instead, those transactions would not have happened, Professor Harris said.
“Electronic exchanges in most other countries only accept limit orders,” said Professor Harris, a former S.E.C. chief economist. “Without any mechanisms to stop the market, we just had stocks falling through the ice.”
But Rafi Reguer, a spokesman for the electronic exchange Direct Edge, said retail investors liked market orders because limit orders could be rejected, forcing the seller to try again, in some cases at a lower price.
“Sometimes what people value is the certainty of execution,” Mr. Reguer said.
Experts also note that the value of limit orders can be subverted if investors routinely set unrealistically low limits, to avoid the inconvenience of having their orders rejected.
The BATS Exchange, a large electronic exchange based near Kansas City, rejects orders if the price would be more than 5 percent or 50 cents away from the last completed transaction.
During the market panic on Thursday, between 2:40 and 3 p.m., BATS prevented more than 47.6 million orders from executing — more than 95 percent of all orders during that period, according to Randy Williams, a spokesman for the company. "
And here's a May 19 NY Times story on the SEC's new rules: New Rules Would Limit Trades in Volatile Market
"The Securities and Exchange Commission said Tuesday that it would temporarily institute circuit breakers on all the stocks in the Standard & Poor’s 500-stock index after the huge market gyrations on May 6.
The circuit breakers will pause trading in those stocks for five minutes if the price moves by 10 percent or more in a five-minute period. The trial run will begin after a 10-day comment period and will last through Dec. 10, the commission said. The circuit breakers will apply both to rising and falling stock prices.
But in a separate report, the S.E.C. and the Commodity Futures Trading Commission said that they had not been able to pinpoint the cause of the sharp market decline that shook investors and markets two weeks ago.
Generally, the agencies said, the drop was caused by traders stepping back from the market and refusing to buy or sell, in both the stock and futures markets. The government found that there was also a heavy reliance by investors on automated orders to sell at the market price once stock prices had declined by a certain amount. Further, there were different rules on different exchanges about when trading is automatically slowed or stopped. "
"The S.E.C., which oversees the nation’s equity markets, requires a suspension in trading only in the event of a broad market collapse, defined as a drop of at least 10 percent in the Dow Jones industrial average, which is based on the share prices of 30 large American companies.
Other countries, like Germany, impose similar circuit breakers on trading in shares of any individual company that has a similar drop, but the S.E.C. has never done so. A former S.E.C. official said the possibility had been discussed in recent years, but “I don’t think there was quite the urgency to deal with it.”
The S.E.C. and the Commodity Futures Trading Commission said in a joint statement on Friday that the issue now had their attention.
“We are scrutinizing the extent to which disparate trading conventions and rules across various markets may have contributed to the spike in volatility,” the statement said. “This is inconsistent with the effective functioning of our capital markets and we will make whatever structural or other changes are needed.”
Early this year, the S.E.C. also began a broad review of equity markets, including whether computerized trading is properly regulated.
The heads of several of the largest electronic exchanges said Friday that they would support industrywide rules for breaking free falls.
But there are other ideas to keeping computerized markets in check. Lawrence E. Harris, a finance professor at the University of Southern California, said regulators should simply require all sellers to specify a minimum price below which they do not want to complete the sale of their shares. Market orders, placed at the best available price, can be too risky in the fast-moving age of electronic trading.
On Thursday, some sellers placed orders that were not fulfilled until prices had plunged as low as a penny a share. If sellers had placed “limit orders” instead, those transactions would not have happened, Professor Harris said.
“Electronic exchanges in most other countries only accept limit orders,” said Professor Harris, a former S.E.C. chief economist. “Without any mechanisms to stop the market, we just had stocks falling through the ice.”
But Rafi Reguer, a spokesman for the electronic exchange Direct Edge, said retail investors liked market orders because limit orders could be rejected, forcing the seller to try again, in some cases at a lower price.
“Sometimes what people value is the certainty of execution,” Mr. Reguer said.
Experts also note that the value of limit orders can be subverted if investors routinely set unrealistically low limits, to avoid the inconvenience of having their orders rejected.
The BATS Exchange, a large electronic exchange based near Kansas City, rejects orders if the price would be more than 5 percent or 50 cents away from the last completed transaction.
During the market panic on Thursday, between 2:40 and 3 p.m., BATS prevented more than 47.6 million orders from executing — more than 95 percent of all orders during that period, according to Randy Williams, a spokesman for the company. "
And here's a May 19 NY Times story on the SEC's new rules: New Rules Would Limit Trades in Volatile Market
"The Securities and Exchange Commission said Tuesday that it would temporarily institute circuit breakers on all the stocks in the Standard & Poor’s 500-stock index after the huge market gyrations on May 6.
The circuit breakers will pause trading in those stocks for five minutes if the price moves by 10 percent or more in a five-minute period. The trial run will begin after a 10-day comment period and will last through Dec. 10, the commission said. The circuit breakers will apply both to rising and falling stock prices.
But in a separate report, the S.E.C. and the Commodity Futures Trading Commission said that they had not been able to pinpoint the cause of the sharp market decline that shook investors and markets two weeks ago.
Generally, the agencies said, the drop was caused by traders stepping back from the market and refusing to buy or sell, in both the stock and futures markets. The government found that there was also a heavy reliance by investors on automated orders to sell at the market price once stock prices had declined by a certain amount. Further, there were different rules on different exchanges about when trading is automatically slowed or stopped. "
Thursday, May 20, 2010
College admissions fraud, at Harvard
The Globe weighs in: Trust-based admissions process leaves elite colleges open to fraud
"The former Harvard College senior accused of duping one of the world’s most selective universities seems to have exploited an application system at elite colleges that is largely based on trust and where admissions officers verify credentials only when they suspect that something is awry.
As questions mount about how 23-year-old Adam B. Wheeler could have pulled off such a sophisticated charade — doctoring transcripts and College Board scores and submitting fake letters of recommendation on official-looking letterhead — neither Harvard admissions officials nor a university spokesman would discuss its admissions process.
Nor would they say whether policies will change as a result of the alleged scam by Wheeler, who pleaded not guilty in Middlesex Superior Court in Woburn yesterday to 20 counts of larceny, identity fraud, and other charges and was ordered held on $5,000 cash bail.
Admissions officials at other colleges said the sheer volume of applicants makes it impractical to independently verify every document submitted unless they discover inconsistencies."
The Crimson takes up the story, with an account of how the fraud(s) came to light: Former Harvard Student Indicted For Falsified Applications, Identity Fraud
"A former Harvard student was indicted Monday for falsifying information in his applications to Harvard and for several scholarships.
Adam Wheeler, 23, was indicted on 20 counts of larceny, identity fraud, falsifying an endorsement or approval, and pretending to hold a degree. Wheeler was allegedly "untruthful" in his applications to the University and in scholarship applications, according to a statement released Monday by Middlesex District Attorney Gerry Leone.
As a senior in September 2009, Wheeler allegedly submitted fraudulent applications for the Harvard endorsement for both the United States Rhodes Scholarship and the Fulbright Scholarship.
His application packet included fabricated recommendations from Harvard professors and a college transcript detailing perfect grades over three years. Wheeler's resume listed numerous books he had co-authored, lectures he had given, and courses he had taught, according to authorities.
Wheeler's transgressions came to light when a Harvard professor noticed similarities between Wheeler's work and that of another professor during the application review process for the Rhodes Scholarship. The professor then compared the two pieces and voiced concerns that Wheeler plagiarized nearly the entire piece.
Wheeler’s file was referred to University officials, who decided—upon discovering the falsified transcript—to open a full review of Wheeler’s academic file."
"The former Harvard College senior accused of duping one of the world’s most selective universities seems to have exploited an application system at elite colleges that is largely based on trust and where admissions officers verify credentials only when they suspect that something is awry.
As questions mount about how 23-year-old Adam B. Wheeler could have pulled off such a sophisticated charade — doctoring transcripts and College Board scores and submitting fake letters of recommendation on official-looking letterhead — neither Harvard admissions officials nor a university spokesman would discuss its admissions process.
Nor would they say whether policies will change as a result of the alleged scam by Wheeler, who pleaded not guilty in Middlesex Superior Court in Woburn yesterday to 20 counts of larceny, identity fraud, and other charges and was ordered held on $5,000 cash bail.
Admissions officials at other colleges said the sheer volume of applicants makes it impractical to independently verify every document submitted unless they discover inconsistencies."
The Crimson takes up the story, with an account of how the fraud(s) came to light: Former Harvard Student Indicted For Falsified Applications, Identity Fraud
"A former Harvard student was indicted Monday for falsifying information in his applications to Harvard and for several scholarships.
Adam Wheeler, 23, was indicted on 20 counts of larceny, identity fraud, falsifying an endorsement or approval, and pretending to hold a degree. Wheeler was allegedly "untruthful" in his applications to the University and in scholarship applications, according to a statement released Monday by Middlesex District Attorney Gerry Leone.
As a senior in September 2009, Wheeler allegedly submitted fraudulent applications for the Harvard endorsement for both the United States Rhodes Scholarship and the Fulbright Scholarship.
His application packet included fabricated recommendations from Harvard professors and a college transcript detailing perfect grades over three years. Wheeler's resume listed numerous books he had co-authored, lectures he had given, and courses he had taught, according to authorities.
Wheeler's transgressions came to light when a Harvard professor noticed similarities between Wheeler's work and that of another professor during the application review process for the Rhodes Scholarship. The professor then compared the two pieces and voiced concerns that Wheeler plagiarized nearly the entire piece.
Wheeler’s file was referred to University officials, who decided—upon discovering the falsified transcript—to open a full review of Wheeler’s academic file."
Wednesday, May 19, 2010
More on payments for egg donors
Payment Offers to Egg Donors Prompt Scrutiny
" a study in the most recent issue of The Hastings Center Report, a leading bioethics journal, found that the compensation being touted in ads aimed at young women often exceeded industry guidelines. The study is the latest development in a long-running debate over how much — or even whether — egg donors should be paid. "...
"Last fall, California adopted a law requiring egg donor advertisements to include specific warnings about health risks. The state already bans the sale of eggs for research purposes, in accordance with guidelines issued by the National Academy of Sciences.
In contrast, New York’s Empire State Stem Cell Board decided last year that state research money could be used to pay women up to $10,000 for donating eggs."
Kim Krawiec over at Faculty lounge has an update on the extra problems facing egg donation in Israel: What Religion Is Your Egg?
" a study in the most recent issue of The Hastings Center Report, a leading bioethics journal, found that the compensation being touted in ads aimed at young women often exceeded industry guidelines. The study is the latest development in a long-running debate over how much — or even whether — egg donors should be paid. "...
"Last fall, California adopted a law requiring egg donor advertisements to include specific warnings about health risks. The state already bans the sale of eggs for research purposes, in accordance with guidelines issued by the National Academy of Sciences.
In contrast, New York’s Empire State Stem Cell Board decided last year that state research money could be used to pay women up to $10,000 for donating eggs."
Kim Krawiec over at Faculty lounge has an update on the extra problems facing egg donation in Israel: What Religion Is Your Egg?
Tuesday, May 18, 2010
Organ donor registry mishap in Britain
The Telegraph reports: Organs removed without consent after IT blunder
"The records of 800,000 people were affected by an error that meant their wishes about the use of their organs after death were wrongly recorded.
An investigation has found that 45 of those for whom wrong records were stored have since died – and in approximately 20 cases organs were taken where consent had not been given.
Donors can give permission for any of their organs to be taken, or provide more specific agreements. A glitch in the system more than a decade ago removed the distinctions expressed by people.
Many donors have strong views about what can be taken. Often consent is not given for eyes to be removed, while some people who agree to donate organs are uncomfortable with the idea of their body tissue being used in research.
Joyce Robins, from the pressure group Patient Concern said: "This Government has got an absolutely dreadful record when it comes to data, but it is absolutely horrific that such sensitive details were handled in such a careless way."
The NHS is about to contact approximately 20 families who allowed organs to be taken from their relations after being misinformed about what consent had previously been given.
It is illegal to remove organs without prior consent from the person who died or their next of kin. A view is sought from relations before decisions are taken. In the cases where errors were made, it is understood that families were asked for permission, but their decisions were based on misinformation about the wishes of their relations.
After detecting the fault last year, NHS Blood and Transplant, which holds the organ donation register, was able to correct 400,000 of the flawed records. But 400,000 more people will shortly be contacted to be told that the wrong information may be held about them, and asked to provide consent again.
Until fresh consent is obtained, organs will not be taken from any of those people in the event of death. "
"The records of 800,000 people were affected by an error that meant their wishes about the use of their organs after death were wrongly recorded.
An investigation has found that 45 of those for whom wrong records were stored have since died – and in approximately 20 cases organs were taken where consent had not been given.
Donors can give permission for any of their organs to be taken, or provide more specific agreements. A glitch in the system more than a decade ago removed the distinctions expressed by people.
Many donors have strong views about what can be taken. Often consent is not given for eyes to be removed, while some people who agree to donate organs are uncomfortable with the idea of their body tissue being used in research.
Joyce Robins, from the pressure group Patient Concern said: "This Government has got an absolutely dreadful record when it comes to data, but it is absolutely horrific that such sensitive details were handled in such a careless way."
The NHS is about to contact approximately 20 families who allowed organs to be taken from their relations after being misinformed about what consent had previously been given.
It is illegal to remove organs without prior consent from the person who died or their next of kin. A view is sought from relations before decisions are taken. In the cases where errors were made, it is understood that families were asked for permission, but their decisions were based on misinformation about the wishes of their relations.
After detecting the fault last year, NHS Blood and Transplant, which holds the organ donation register, was able to correct 400,000 of the flawed records. But 400,000 more people will shortly be contacted to be told that the wrong information may be held about them, and asked to provide consent again.
Until fresh consent is obtained, organs will not be taken from any of those people in the event of death. "
Monday, May 17, 2010
Deceased organ donation, misc. links
Number of Americans willing to donate organs rises, but still not keeping pace with need: Survey reveals pervasive donation myths "The online survey of 5,100 U.S. adults, which was supported by Astellas Pharma US, Inc., also uncovered some pervasive myths regarding donation. For example, the majority (52 percent) of respondents were open to the idea that doctors may not try as hard to save their lives if their wish to be organ donors is known, and 61 percent are open to the idea that it is possible for a brain dead person to recover from his or her injuries. In addition, 8 percent believe that organ or tissue donation is against their religion."
...
"Additional survey findings include: More than three-fourths of adults (78 percent) correctly realize there are more people who need organ transplants in the U.S. than the number of donated organs available. 61 percent of adults would donate the organs or tissue of a family member if they died suddenly without indicating their wishes. The number of African Americans who wish to donate all their organs and tissue has increased to 41 percent versus 31 percent in 2009 – encouraging news as African Americans comprise nearly 35 percent of the national kidney transplant waiting list."
Why New Yorkers Don’t Donate Organs. Susan Dominus writes in the NY Times: "When I started thinking about writing about New York State’s exceptionally low number of registered organ donors — 13 percent of people 18 and older — I remembered that I had never signed up on the official registry to designate myself a donor. So I went online, assuming I would be able to click somewhere quickly, and was delighted at the prospect. ...
"Except that it was nowhere near as easy as getting broccoli delivered to my door. I had to print out a form and mail it....What, specifically, did I want to donate, it wanted to know: Bone and connective tissue? Heart with connective tissue? Pancreas with iliac vessels? ...
"Were I not writing about the subject, I would quite likely have avoided it forever — which puts me in good (or, I should say, equally flawed) company, said Elaine Berg, president of the New York Organ Donor Network. In her opinion, the snail-mail process is a major barrier to increasing New York’s low rate of registration. All but 5 of the 49 states that have organ donor registries — Vermont is the holdout — allow for an electronic signature. That enumerated list of donation options is another hurdle. “It even turns me off,” Ms. Berg said. “It becomes a visual.” Only four states rank lower than New York on the recently released national report card from Donate Life America, a national advocacy group. ...
"But the department maintains that the enumerated list is the best way to meet the requirements of the legislation governing the registry, which was established in 2000 but became binding in 2008. The law states that “the registry shall provide persons enrolled the opportunity to specify which organs and tissues they want to donate.” So let them, Ms. Berg said. As many other states do, give would-be donors a blank space in which they can specify, or give them two options: “All” and “Everything except (blank).” As a journalist, I’m all for full disclosure, except for full disclosure about the gory details of a gesture I’d like to make regarding my organs in the event that I end up brain-dead on a respirator. It’s amazing how a matter of marketing can mean so much for a matter of life and death. In the downstate region of New York, which includes the city, Long Island and the five counties immediately north of the city, Ms. Berg said, 8,000 people are waiting for organs. In the downstate region, about 600 people die a year under circumstances conducive to organ donation (the typical qualifying donor is a middle-aged stroke victim); in these emergency circumstances, New York has around a 50 percent consent rate — much better than the 13 percent on the official registry, but still below the 67 percent rate nationally. And yet cynicism plays in: New Yorkers are more likely than the average American to think doctors put less effort into saving the lives of organ donors, Donate Life America reports. "
Should Laws Push for Organ Donation? discussion and commentary of a proposed NY law to shift to presumed consent. Interesting followup discussion by Alex Tabarrok at MR: Presumed Consent and Organ Donation
...
"Additional survey findings include: More than three-fourths of adults (78 percent) correctly realize there are more people who need organ transplants in the U.S. than the number of donated organs available. 61 percent of adults would donate the organs or tissue of a family member if they died suddenly without indicating their wishes. The number of African Americans who wish to donate all their organs and tissue has increased to 41 percent versus 31 percent in 2009 – encouraging news as African Americans comprise nearly 35 percent of the national kidney transplant waiting list."
Why New Yorkers Don’t Donate Organs. Susan Dominus writes in the NY Times: "When I started thinking about writing about New York State’s exceptionally low number of registered organ donors — 13 percent of people 18 and older — I remembered that I had never signed up on the official registry to designate myself a donor. So I went online, assuming I would be able to click somewhere quickly, and was delighted at the prospect. ...
"Except that it was nowhere near as easy as getting broccoli delivered to my door. I had to print out a form and mail it....What, specifically, did I want to donate, it wanted to know: Bone and connective tissue? Heart with connective tissue? Pancreas with iliac vessels? ...
"Were I not writing about the subject, I would quite likely have avoided it forever — which puts me in good (or, I should say, equally flawed) company, said Elaine Berg, president of the New York Organ Donor Network. In her opinion, the snail-mail process is a major barrier to increasing New York’s low rate of registration. All but 5 of the 49 states that have organ donor registries — Vermont is the holdout — allow for an electronic signature. That enumerated list of donation options is another hurdle. “It even turns me off,” Ms. Berg said. “It becomes a visual.” Only four states rank lower than New York on the recently released national report card from Donate Life America, a national advocacy group. ...
"But the department maintains that the enumerated list is the best way to meet the requirements of the legislation governing the registry, which was established in 2000 but became binding in 2008. The law states that “the registry shall provide persons enrolled the opportunity to specify which organs and tissues they want to donate.” So let them, Ms. Berg said. As many other states do, give would-be donors a blank space in which they can specify, or give them two options: “All” and “Everything except (blank).” As a journalist, I’m all for full disclosure, except for full disclosure about the gory details of a gesture I’d like to make regarding my organs in the event that I end up brain-dead on a respirator. It’s amazing how a matter of marketing can mean so much for a matter of life and death. In the downstate region of New York, which includes the city, Long Island and the five counties immediately north of the city, Ms. Berg said, 8,000 people are waiting for organs. In the downstate region, about 600 people die a year under circumstances conducive to organ donation (the typical qualifying donor is a middle-aged stroke victim); in these emergency circumstances, New York has around a 50 percent consent rate — much better than the 13 percent on the official registry, but still below the 67 percent rate nationally. And yet cynicism plays in: New Yorkers are more likely than the average American to think doctors put less effort into saving the lives of organ donors, Donate Life America reports. "
Should Laws Push for Organ Donation? discussion and commentary of a proposed NY law to shift to presumed consent. Interesting followup discussion by Alex Tabarrok at MR: Presumed Consent and Organ Donation
Informal money transfer networks: "hawala"
The informal money transfer system known as Hawala (or hundi) is in the news with the arrest of three Pakistani men in New England who are believed to have provided funds to the Times Square bomber. The Boston Globe reports Possible ties to murky finance system examined
"An informal money-exchange network known as “hawala’’ — a centuries-old system that operates outside conventional banking networks — is at the center of the investigation into three Pakistanis arrested Thursday in Massachusetts and Maine with alleged ties to the suspect in the failed Times Square bomb plot, law enforcement officials said yesterday."
...
"Hawala, which originates from the Arabic word for change or transform, is a practice that predates modern banking systems and has been around for centuries. There are believed to be thousands of hawala brokers operating in the United States, and they are not necessarily operating outside US laws if they register with the US Department of Treasury. Many don’t, however, operating more like black-market, cash-based versions of Western Union.
Relying on an informal network of brokers who use designated couriers, the networks are used to transfer money in relatively small amounts in and out of developing nations where modern financial systems are scarce, such as in South Asia, the Middle East, and Africa. Transactions often can be completed within 24 hours and at a lower cost than a traditional wire transfer or bank draft that could take as long as a week and require official paperwork.
Hawaladars, as the brokers are known, often operate out of cash-intensive businesses such as restaurants, convenience stores, or gas stations, the officials said."
The informal nature of the transfers, which circumvent banks and regulated record keeping, and the fact that the broker on one end doesn't know the customer on the other end, have made the hawala system a concern for law enforcement involving money laundering. Here's a report from Interpol: The hawala alternative remittance system and its role in money laundering
"An informal money-exchange network known as “hawala’’ — a centuries-old system that operates outside conventional banking networks — is at the center of the investigation into three Pakistanis arrested Thursday in Massachusetts and Maine with alleged ties to the suspect in the failed Times Square bomb plot, law enforcement officials said yesterday."
...
"Hawala, which originates from the Arabic word for change or transform, is a practice that predates modern banking systems and has been around for centuries. There are believed to be thousands of hawala brokers operating in the United States, and they are not necessarily operating outside US laws if they register with the US Department of Treasury. Many don’t, however, operating more like black-market, cash-based versions of Western Union.
Relying on an informal network of brokers who use designated couriers, the networks are used to transfer money in relatively small amounts in and out of developing nations where modern financial systems are scarce, such as in South Asia, the Middle East, and Africa. Transactions often can be completed within 24 hours and at a lower cost than a traditional wire transfer or bank draft that could take as long as a week and require official paperwork.
Hawaladars, as the brokers are known, often operate out of cash-intensive businesses such as restaurants, convenience stores, or gas stations, the officials said."
The informal nature of the transfers, which circumvent banks and regulated record keeping, and the fact that the broker on one end doesn't know the customer on the other end, have made the hawala system a concern for law enforcement involving money laundering. Here's a report from Interpol: The hawala alternative remittance system and its role in money laundering
Sunday, May 16, 2010
Piracy and anti-piracy: recent developments
Russian Destroyer Frees Hijacked Oil Tanker (May 6, 2010)
"Cmdr. John Harbour, a spokesman for the European force, said Thursday that the Russian warship had freed the tanker, the Moscow University, after its crew members locked themselves into the rudder compartment of the ship."
"Cmdr. John Harbour, a spokesman for the European force, said Thursday that the Russian warship had freed the tanker, the Moscow University, after its crew members locked themselves into the rudder compartment of the ship."
Saturday, May 15, 2010
South Africa's president on monogamy, polygamy, infidelity, and AIDS
Zuma’s Frank Talk Starts AIDS Dialogue in South Africa
"During a 45-minute interview on Thursday, Mr. Zuma, who has three wives and a fiancée, talked about his personal relationships with startling directness and laid out his belief that a polygamous marriage in which H.I.V. is openly discussed is safer than a monogamous union in which a man has hidden mistresses. "
"During a 45-minute interview on Thursday, Mr. Zuma, who has three wives and a fiancée, talked about his personal relationships with startling directness and laid out his belief that a polygamous marriage in which H.I.V. is openly discussed is safer than a monogamous union in which a man has hidden mistresses. "
Ernst Fehr in New Scientist
Ernst Fehr: How I found what's wrong with economics
Least expected line: "However, as a former Austrian national wrestling champion, Fehr doesn't give up easily."
Least expected line: "However, as a former Austrian national wrestling champion, Fehr doesn't give up easily."
Friday, May 14, 2010
Job prospects for new law graduates
The WSJ reports: Bar Raised for Law-Grad Jobs: Employment Prospects Dim as Firms Retrench, Derailing Career Paths for Many
"Many 2009 law graduates who were offered jobs just started work this year. And many graduates hired in 2010 won't start until 2011. So even when the economy picks up, firms would first have to absorb their backlog of recent hires."
...
"Law firms had an average of 16 summer internship positions to offer this year, about half the number of the previous year, according to a March report by the National Association for Law Placement Inc.
Employers last year offered 69% of summer interns a full-time job, down from about 90% in the previous five years."
"Many 2009 law graduates who were offered jobs just started work this year. And many graduates hired in 2010 won't start until 2011. So even when the economy picks up, firms would first have to absorb their backlog of recent hires."
...
"Law firms had an average of 16 summer internship positions to offer this year, about half the number of the previous year, according to a March report by the National Association for Law Placement Inc.
Employers last year offered 69% of summer interns a full-time job, down from about 90% in the previous five years."
Thursday, May 13, 2010
Market design seminar tomorrow (Friday May 13 2010)
If you're not on Peter Coles' distribution list, here's the announcement.
Hello Market Design Community:
The speakers in Friday’s HBS Market Design Workshop (the last of the semester!) are
** IAN KASH, "An Auction Design for Sharing Wireless Spectrum," Harvard Center for Research on Computation and Society
** SCOTT KOMINERS, "Concordance Among Holdouts" [with E. G. Weyl], Harvard Business Economics
We’ll meet tomorrow, Friday May 14, from 3-5PM in HBS Baker Library Room 102. The workshop features an informal format for presenting early-stage work, and is intended to encourage the Boston area market design community to meet and interact. Sushi will be provided.
Thanks, and we look forward to seeing you.
Peter Coles / Ben Edelman / Al Roth
Hello Market Design Community:
The speakers in Friday’s HBS Market Design Workshop (the last of the semester!) are
** IAN KASH, "An Auction Design for Sharing Wireless Spectrum," Harvard Center for Research on Computation and Society
** SCOTT KOMINERS, "Concordance Among Holdouts" [with E. G. Weyl], Harvard Business Economics
We’ll meet tomorrow, Friday May 14, from 3-5PM in HBS Baker Library Room 102. The workshop features an informal format for presenting early-stage work, and is intended to encourage the Boston area market design community to meet and interact. Sushi will be provided.
Thanks, and we look forward to seeing you.
Peter Coles / Ben Edelman / Al Roth
College admissions after May 1
The Chronicle of Higher Education reports Good Seats Are Still Available at many colleges.
"On Wednesday, the National Association for College Admission Counseling released its annual "Space Availability Survey," listing the colleges and universities that still have openings for this fall's first-year class. As we move past May 1, the traditional deadline for students to submit enrollment deposits, the survey is a good reminder that the admissions calendar isn't the same at every college."
InsideHigherEd.com has a similar story from the perspective of the colleges: The Early Word on Yield. That story offers some interesting perspectives on the business of finding and recruiting students, e.g.:
"Across the state, Mike Frantz, vice president of enrollment at Robert Morris University, is also looking at vastly different yields for different programs. ...Over all, the university is thrilled "beyond our wildest dreams" because those numbers for the year -- in which overall yield is 17.6 percent, down less than a point -- come from a much larger applicant pool and more admittances. Applications were up 40 percent. The key, Frantz said, was that the college bought names of prospective students at the beginning of their senior year in high school. In the past, Robert Morris stopped buying new names when students reached their junior year, a common practice, feeling that potential students would be identified by then. "But the vast majority of our new applicants, and many of our new students, came from these pools, whose names aren't being purchased traditionally," he said."
"On Wednesday, the National Association for College Admission Counseling released its annual "Space Availability Survey," listing the colleges and universities that still have openings for this fall's first-year class. As we move past May 1, the traditional deadline for students to submit enrollment deposits, the survey is a good reminder that the admissions calendar isn't the same at every college."
InsideHigherEd.com has a similar story from the perspective of the colleges: The Early Word on Yield. That story offers some interesting perspectives on the business of finding and recruiting students, e.g.:
"Across the state, Mike Frantz, vice president of enrollment at Robert Morris University, is also looking at vastly different yields for different programs. ...Over all, the university is thrilled "beyond our wildest dreams" because those numbers for the year -- in which overall yield is 17.6 percent, down less than a point -- come from a much larger applicant pool and more admittances. Applications were up 40 percent. The key, Frantz said, was that the college bought names of prospective students at the beginning of their senior year in high school. In the past, Robert Morris stopped buying new names when students reached their junior year, a common practice, feeling that potential students would be identified by then. "But the vast majority of our new applicants, and many of our new students, came from these pools, whose names aren't being purchased traditionally," he said."
Wednesday, May 12, 2010
The market for divorce
Tyler Cowen at MR links to a NY Times story about a divorce themed trade fair in Italy: Divorce Trade Fair Shows Changing Italian Culture
It notes that until recently divorce was a repugnant transaction in Italy. "Italy ratified divorce only in 1974 in a referendum, and critics complain that Italian legislators have not kept up with changing times. "
A much more aggressive component of the market for divorce is reported by the Times of London in a story from Japan. Sex, lies and splitting up: Want to dump a troublesome husband, or unsuitable boyfriend? Just call Osamu Tomiya and his team of splitter-uppers...
The article focuses on "Osamu Tomiya — a member of a peculiarly Japanese profession, part-private investigator, part-prostitute, known as wakaresase-ya — the “splitter-uppers”.
The function of the wakaresase-ya is the direct opposite of a dating agency: with great ingenuity, and the right fee, they will prise apart human relationships. Do you have a troublesome ex-boyfriend who won’t leave you alone? A beloved son who is getting engaged to an unsuitable girl? A dead-loss employee who refuses to take the hint and retire? All of these difficult situations can be resolved by the splitter-uppers.
The broken-hearted ex will be visited by the girl’s “new boyfriend”, a muscular gangster-type who explains why he would be wise to nurse his broken heart alone. The undesirable daughter-in-law-to-be will be lured into a drunken one-night stand with a handsome and mysterious man who appears from nowhere — photographs of their tryst will find their way to her fiancé. The stubborn employee will find himself confronted with evidence of gambling debts, or nights in massage parlours — and resign to avoid embarrassment. In each case, the dirty work — of threatening, seducing and investigating — has been done by a splitter-upper.
But most common of all are complications surrounding marriages. In Japan, the idea of a “no-fault” divorce has never caught on and when a marriage breaks down, it is helpful to be morally in the right. When it comes to maintenance, division of common property and custody of children, the betrayed partner is at a great advantage over the betrayer. And this is where the splitter-uppers come in.
For a wife who wants shot of her husband, it would be disastrous just to own up to a long-term lover and throw herself on the mercy of the courts. Instead, she hires someone such as Mr Tomiya, a 40-year-old former sushi chef, to set up the honeytrap that will put her husband in the wrong and enable her to go before the judge as the injured party, with photographs to prove it."
It notes that until recently divorce was a repugnant transaction in Italy. "Italy ratified divorce only in 1974 in a referendum, and critics complain that Italian legislators have not kept up with changing times. "
A much more aggressive component of the market for divorce is reported by the Times of London in a story from Japan. Sex, lies and splitting up: Want to dump a troublesome husband, or unsuitable boyfriend? Just call Osamu Tomiya and his team of splitter-uppers...
The article focuses on "Osamu Tomiya — a member of a peculiarly Japanese profession, part-private investigator, part-prostitute, known as wakaresase-ya — the “splitter-uppers”.
The function of the wakaresase-ya is the direct opposite of a dating agency: with great ingenuity, and the right fee, they will prise apart human relationships. Do you have a troublesome ex-boyfriend who won’t leave you alone? A beloved son who is getting engaged to an unsuitable girl? A dead-loss employee who refuses to take the hint and retire? All of these difficult situations can be resolved by the splitter-uppers.
The broken-hearted ex will be visited by the girl’s “new boyfriend”, a muscular gangster-type who explains why he would be wise to nurse his broken heart alone. The undesirable daughter-in-law-to-be will be lured into a drunken one-night stand with a handsome and mysterious man who appears from nowhere — photographs of their tryst will find their way to her fiancé. The stubborn employee will find himself confronted with evidence of gambling debts, or nights in massage parlours — and resign to avoid embarrassment. In each case, the dirty work — of threatening, seducing and investigating — has been done by a splitter-upper.
But most common of all are complications surrounding marriages. In Japan, the idea of a “no-fault” divorce has never caught on and when a marriage breaks down, it is helpful to be morally in the right. When it comes to maintenance, division of common property and custody of children, the betrayed partner is at a great advantage over the betrayer. And this is where the splitter-uppers come in.
For a wife who wants shot of her husband, it would be disastrous just to own up to a long-term lover and throw herself on the mercy of the courts. Instead, she hires someone such as Mr Tomiya, a 40-year-old former sushi chef, to set up the honeytrap that will put her husband in the wrong and enable her to go before the judge as the injured party, with photographs to prove it."
Tuesday, May 11, 2010
Misc. organ transplant commentary and news
The Times of London reports on how one deceased donor can donate many organs: How one organ donor can save the lives of nine people
There is a worrying shortage of organ donors — and gaining consent from grieving relatives is a delicate task
A living donor is unhappy with the way they have been treated: The Hypocrisy of OPTN's Committee Goals "UNOS has had the OPTN contract since 1986 (yet they cared so little for us they didn't even collect LD social security numbers til 1994); they've had policy to collect follow-up data on living donors since 2000 (but the transplant centers were 50-80% non-compliant), yet it wasn't until 2005 they decided it should be "clinically relevant and validated". And since 2005, independent researchers, UNOS officials and SRTR personnel have all criticized UNOS' data collection as 'woefully inadequate', and worthless as far as any meaningful analysis goes. "
A columnist quotes Adam Smith in support of making compensation for donors legal: Dying people shouldn’t be beggars "It is not from the benevolence of the butcher, the brewer or the baker that we expect our dinner, but from their regard to their own interest. ... Nobody but a beggar chooses to depend chiefly upon the benevolence of his fellow-citizens."
—Adam Smith, "Wealth of Nations"
A living donor is declined by a hospital: Kidney Donation Canceled Because Donor and Recipient ‘Bonded’ and THE MATCH (UN)MAKERS: Why did Einstein halt life-saving transplant? both report a hospital's decision not to accept a donation from a donor who had met his potential recipient via the matchingdonors.com website. The WSJ piece says, by way of of explanation: "As the WSJ has reported, hospitals may be reluctant to agree to this kind of altruistic donation, fearing that donors may have been paid or that participants won’t make it through the rigorous psychological evaluation process, or because the practice sidesteps the official organ waiting lists."
Alex Tabarrok at MR reports on Changing Views on Organ Prohibition and reports that the anthropologist Nancy Scheper-Hughes, who has studied black markets for organs, is in favor of careful trials of ways to ethically compensate organ donors.
California, New York mull changes to organ donor laws
"A California bill may soon create a living donor registry -- the first for any state.
Spurred by Apple co-founder and transplant recipient Steve Jobs, the bill has gained support from major politicos, including California Gov. Arnold Schwarzenegger, and is expected to land on his desk this summer.
Meanwhile, on the East Coast, a far more sweeping transplant bill would make every person an organ donor who doesn't opt out. This would create an organ donation system in New York similar to the ones used in several European countries, but the measure is already facing opposition."
The California bill seems to be aimed primarily at promoting kidney exchange...
There is a worrying shortage of organ donors — and gaining consent from grieving relatives is a delicate task
A living donor is unhappy with the way they have been treated: The Hypocrisy of OPTN's Committee Goals "UNOS has had the OPTN contract since 1986 (yet they cared so little for us they didn't even collect LD social security numbers til 1994); they've had policy to collect follow-up data on living donors since 2000 (but the transplant centers were 50-80% non-compliant), yet it wasn't until 2005 they decided it should be "clinically relevant and validated". And since 2005, independent researchers, UNOS officials and SRTR personnel have all criticized UNOS' data collection as 'woefully inadequate', and worthless as far as any meaningful analysis goes. "
A columnist quotes Adam Smith in support of making compensation for donors legal: Dying people shouldn’t be beggars "It is not from the benevolence of the butcher, the brewer or the baker that we expect our dinner, but from their regard to their own interest. ... Nobody but a beggar chooses to depend chiefly upon the benevolence of his fellow-citizens."
—Adam Smith, "Wealth of Nations"
A living donor is declined by a hospital: Kidney Donation Canceled Because Donor and Recipient ‘Bonded’ and THE MATCH (UN)MAKERS: Why did Einstein halt life-saving transplant? both report a hospital's decision not to accept a donation from a donor who had met his potential recipient via the matchingdonors.com website. The WSJ piece says, by way of of explanation: "As the WSJ has reported, hospitals may be reluctant to agree to this kind of altruistic donation, fearing that donors may have been paid or that participants won’t make it through the rigorous psychological evaluation process, or because the practice sidesteps the official organ waiting lists."
Alex Tabarrok at MR reports on Changing Views on Organ Prohibition and reports that the anthropologist Nancy Scheper-Hughes, who has studied black markets for organs, is in favor of careful trials of ways to ethically compensate organ donors.
California, New York mull changes to organ donor laws
"A California bill may soon create a living donor registry -- the first for any state.
Spurred by Apple co-founder and transplant recipient Steve Jobs, the bill has gained support from major politicos, including California Gov. Arnold Schwarzenegger, and is expected to land on his desk this summer.
Meanwhile, on the East Coast, a far more sweeping transplant bill would make every person an organ donor who doesn't opt out. This would create an organ donation system in New York similar to the ones used in several European countries, but the measure is already facing opposition."
The California bill seems to be aimed primarily at promoting kidney exchange...
Monday, May 10, 2010
Surrogacy, payments, and parental rights in Britain
Couples who pay surrogate mothers could lose right to raise the child: High court could refuse recognition to people who flout law by paying disproportionate fees to a surrogate mother overseas.
"Childless couples who acquire a baby using a surrogate mother abroad risk not being recognised as its parents in Britain if they flout British law by paying fees, fertility lawyers have warned.
Such payments, which can be as high as £30,000, could lead to those who have made them being refused permission by the high court to become the child's legal parents, specialist solicitors say.
The Human Fertilisation and Embryology Act 1990 allows couples entering into deals with a surrogate mother overseas to pay her only what is allowed here – "expenses reasonably incurred", such as compensation for time off work, medical bills and living expenses."
...
""The risk couples face if they pay a disproportionate amount in expenses is that the high court may refuse to authorise those expenses. That could result in the parental order application failing and in turn they would have no status as parents under English law," said John Randle, a leading surrogacy lawyer."
...
"International surrogacy is hugely controversial. "It's unethical and exploitative because the trade is all one-way," said Breedagh Hughes, a Royal College of Midwives spokeswoman, on the ethics of childbirth. "It reduces babies to the level of commodities." "
"Jonathan, a 32-year-old nurse, tells how he and his civil partner, Colin, 33, a financier, spent $150,000 (£98,000) on surrogacy to become the parents of Harriet, who was born in California last year. They live in London.
"We began discussing having a child in 2006, when we were deciding to become civil partners. I was feeling broody, and had always wanted to have my own biological child. We opted to pursue surrogacy in California because we would get legal custody there of the child before it was born and the surrogate would have no legal relationship to the baby.
"My sperm was introduced to eggs left by an egg donor: they were fertilised in an IVF clinic in Los Angeles and two of the embryos were implanted into the surrogate. She simply carried the child for nine months.
An agency in LA found both the egg donor and the surrogate. We never met the egg donor or knew who she was, but knew her medical history, results of her genetic tests, what she looked like and so on. We did meet and get on well with the surrogate, who was called Jennifer. She had two daughters of her own and had been a surrogate once before. There was no coercion. We had a contract, and Jennifer specified things in that like that she wanted back massages and a big hotel room for her family to stay in when she was giving birth.
Agencies in California quote a price of $100,000 to $150,000 to do everything relating to a child. The whole process wasn't too difficult, and cost us about $150,000. We paid the embryologist $60,000, though that included the harvesting of the donor's eggs, the IVF and the transfer of the embryos into the surrogate. It was $40,000 for the surrogate and $10,000 for the egg donor, plus $10,000 to the agency, who supplied the donor and the surrogate. Then there was $10,000 for our lawyer, $5,000 for the medical and psychological screening and another $5,000 for medication for both the donor and the surrogate, to ensure they were in cycle at the same time.
"Bringing Harriet into the UK nine months later was incredibly difficult, though, and we engaged lawyers to help us. She had to come in as an immigrant on a US passport on a six-month tourist visa. When we later filled in a form to get her British citizenship, we put 'not known' in the section headed 'mother'. She now has dual nationality and is legally ours under Californian law. If we do apply, it could be an issue that we paid well over the 'reasonable expenses' limit – that is, we paid a fee. That's illegal in this country, but allowed under Californian law.
"We shouldn't have to seek a parental order. She was conceived and born in California as our child, and her birth certificate says who her parents are, so the courts here should respect Californian law.
Having to apply for a parental order, where there'd be an assessment of Harriet's welfare and Colin would have to prove that he's no danger to her, is an inequity. Anybody else can go out, get drunk, get pregnant, bring up a child appallingly and face no intervention or legal barriers.
I resent people saying that British couples who resort to surrogacy are buying babies abroad. We didn't buy Harriet: she's not picked off a shelf. She's not a 'designer baby'.
We had our own child and had a great team to help us. All we did was rent a woman to carry her. We paid for the services of an embryologist and an incubator who walks and makes good babies – but we didn't buy a baby. She's my daughter biologically, and she's our baby.
A lot of heterosexual couples in the UK spend a lot of money having many cycles of IVF at £5,000 a time – is that not buying a baby?" "
HT: Nick Feltovich
"Childless couples who acquire a baby using a surrogate mother abroad risk not being recognised as its parents in Britain if they flout British law by paying fees, fertility lawyers have warned.
Such payments, which can be as high as £30,000, could lead to those who have made them being refused permission by the high court to become the child's legal parents, specialist solicitors say.
The Human Fertilisation and Embryology Act 1990 allows couples entering into deals with a surrogate mother overseas to pay her only what is allowed here – "expenses reasonably incurred", such as compensation for time off work, medical bills and living expenses."
...
""The risk couples face if they pay a disproportionate amount in expenses is that the high court may refuse to authorise those expenses. That could result in the parental order application failing and in turn they would have no status as parents under English law," said John Randle, a leading surrogacy lawyer."
...
"International surrogacy is hugely controversial. "It's unethical and exploitative because the trade is all one-way," said Breedagh Hughes, a Royal College of Midwives spokeswoman, on the ethics of childbirth. "It reduces babies to the level of commodities." "
"Jonathan, a 32-year-old nurse, tells how he and his civil partner, Colin, 33, a financier, spent $150,000 (£98,000) on surrogacy to become the parents of Harriet, who was born in California last year. They live in London.
"We began discussing having a child in 2006, when we were deciding to become civil partners. I was feeling broody, and had always wanted to have my own biological child. We opted to pursue surrogacy in California because we would get legal custody there of the child before it was born and the surrogate would have no legal relationship to the baby.
"My sperm was introduced to eggs left by an egg donor: they were fertilised in an IVF clinic in Los Angeles and two of the embryos were implanted into the surrogate. She simply carried the child for nine months.
An agency in LA found both the egg donor and the surrogate. We never met the egg donor or knew who she was, but knew her medical history, results of her genetic tests, what she looked like and so on. We did meet and get on well with the surrogate, who was called Jennifer. She had two daughters of her own and had been a surrogate once before. There was no coercion. We had a contract, and Jennifer specified things in that like that she wanted back massages and a big hotel room for her family to stay in when she was giving birth.
Agencies in California quote a price of $100,000 to $150,000 to do everything relating to a child. The whole process wasn't too difficult, and cost us about $150,000. We paid the embryologist $60,000, though that included the harvesting of the donor's eggs, the IVF and the transfer of the embryos into the surrogate. It was $40,000 for the surrogate and $10,000 for the egg donor, plus $10,000 to the agency, who supplied the donor and the surrogate. Then there was $10,000 for our lawyer, $5,000 for the medical and psychological screening and another $5,000 for medication for both the donor and the surrogate, to ensure they were in cycle at the same time.
"Bringing Harriet into the UK nine months later was incredibly difficult, though, and we engaged lawyers to help us. She had to come in as an immigrant on a US passport on a six-month tourist visa. When we later filled in a form to get her British citizenship, we put 'not known' in the section headed 'mother'. She now has dual nationality and is legally ours under Californian law. If we do apply, it could be an issue that we paid well over the 'reasonable expenses' limit – that is, we paid a fee. That's illegal in this country, but allowed under Californian law.
"We shouldn't have to seek a parental order. She was conceived and born in California as our child, and her birth certificate says who her parents are, so the courts here should respect Californian law.
Having to apply for a parental order, where there'd be an assessment of Harriet's welfare and Colin would have to prove that he's no danger to her, is an inequity. Anybody else can go out, get drunk, get pregnant, bring up a child appallingly and face no intervention or legal barriers.
I resent people saying that British couples who resort to surrogacy are buying babies abroad. We didn't buy Harriet: she's not picked off a shelf. She's not a 'designer baby'.
We had our own child and had a great team to help us. All we did was rent a woman to carry her. We paid for the services of an embryologist and an incubator who walks and makes good babies – but we didn't buy a baby. She's my daughter biologically, and she's our baby.
A lot of heterosexual couples in the UK spend a lot of money having many cycles of IVF at £5,000 a time – is that not buying a baby?" "
HT: Nick Feltovich
Sunday, May 9, 2010
Organ donation and surrogacy: a Mothers' Day story
Donor gives more than just kidney to Northbrook family
"A little more than 6½ years ago, Fink, then 43, started dialysis after her kidneys failed. Soon after, the Northbrook resident learned the devastating news: her life expectancy made it unlikely she'd live beyond March of this year. But after she found a kidney donor through a Web site -- and after that donor's wife agreed to be a surrogate mother for Fink and her husband -- Gail is not only alive, she is thriving. So are her twin 2½ year-old sons."
Happy Mothers' Day out there.
"A little more than 6½ years ago, Fink, then 43, started dialysis after her kidneys failed. Soon after, the Northbrook resident learned the devastating news: her life expectancy made it unlikely she'd live beyond March of this year. But after she found a kidney donor through a Web site -- and after that donor's wife agreed to be a surrogate mother for Fink and her husband -- Gail is not only alive, she is thriving. So are her twin 2½ year-old sons."
Happy Mothers' Day out there.
Saturday, May 8, 2010
China’s Arranged Remarriages
The NY Times reports on China’s Arranged Remarriages among widows and widowers whose spouses died in the devastating earthquake that destroyed towns in Sichuan on May 12, 2008.
It is an unusual demographic event, which created a thick pool of potential (re)marriage partners.
"Coaxing earthquake survivors into remarriage has become a community obligation. Unlikely volunteers have joined in the matchmaking efforts, from former in-laws to the leaders of the local Communist “work units” to which every family in this part of rural Sichuan is still assigned. Behind them is the Chinese government. The state, which has long seen fit to intervene in the most private aspects of people’s lives, including reproductive rights, has avidly promoted — and in some cases even arranged — what it dryly calls “restructured families.”
By the end of 2008, less than eight months after the earthquake, 614 survivors from Beichuan alone had already remarried, according to Wang Hongfa, a local civil-affairs official. (The number across Sichuan’s earthquake zone, though not made public, is estimated to be well into the thousands.) That so many earthquake survivors have already remarried is not surprising in itself; but in many cases, these are widows marrying widowers, two survivors striving to get back onto solid ground. "
It is an unusual demographic event, which created a thick pool of potential (re)marriage partners.
"Coaxing earthquake survivors into remarriage has become a community obligation. Unlikely volunteers have joined in the matchmaking efforts, from former in-laws to the leaders of the local Communist “work units” to which every family in this part of rural Sichuan is still assigned. Behind them is the Chinese government. The state, which has long seen fit to intervene in the most private aspects of people’s lives, including reproductive rights, has avidly promoted — and in some cases even arranged — what it dryly calls “restructured families.”
By the end of 2008, less than eight months after the earthquake, 614 survivors from Beichuan alone had already remarried, according to Wang Hongfa, a local civil-affairs official. (The number across Sichuan’s earthquake zone, though not made public, is estimated to be well into the thousands.) That so many earthquake survivors have already remarried is not surprising in itself; but in many cases, these are widows marrying widowers, two survivors striving to get back onto solid ground. "
Gifted programs for pre-kindergarten in NYC
I like the first paragraph of this story: More Pre-K Pupils Qualify for Gifted Programs
"The number of students qualifying for gifted kindergarten programs in New York City public school districts rose by 10 percent this year, and those qualifying for the elite citywide program jumped by a third, raising the possibility that parents and their children have begun to master an admission process that was retooled three years ago."
"The number of students qualifying for gifted kindergarten programs in New York City public school districts rose by 10 percent this year, and those qualifying for the elite citywide program jumped by a third, raising the possibility that parents and their children have begun to master an admission process that was retooled three years ago."
Friday, May 7, 2010
School choice in NYC, a problem facing large school systems
The most demanded schools are very hard to get into, even for very well qualified students, some of whom can have trouble matching: For Many, High School Match Game Continues.
"Although most of the city's 86,000 eighth graders were matched with a high school this year, every year thousands of students don't get in anywhere and it doesn't matter whether they have good grades, test scores and attendance records. They have to apply all over again, with a much more limited list of schools to choose from."
The full process in NYC, in which in the initial round students can list no more than 12 programs to apply to, is described in this paper: Abdulkadiroglu, Atila, Parag A. Pathak, and Alvin E. Roth, "Strategy-proofness versus Efficiency in Matching with Indifferences: Redesigning the NYC High School Match,'' American Economic Review, 99, 5, Dec. 2009, pp1954-1978.
And the following paper uses the fact that the proportion of unmatched students doesn't go to zero as the school system gets large, so in a very large school system like NYC, the number of initially unmatched students won't be tiny. (That doesn't mean that allowing longer lists wouldn't help.)
Kojima, Fuhito, Parag A. Pathak, and Alvin E. Roth, " Matching with Couples: Stability and Incentives in Large Markets," working paper, April 28, 2010.
"Although most of the city's 86,000 eighth graders were matched with a high school this year, every year thousands of students don't get in anywhere and it doesn't matter whether they have good grades, test scores and attendance records. They have to apply all over again, with a much more limited list of schools to choose from."
The full process in NYC, in which in the initial round students can list no more than 12 programs to apply to, is described in this paper: Abdulkadiroglu, Atila, Parag A. Pathak, and Alvin E. Roth, "Strategy-proofness versus Efficiency in Matching with Indifferences: Redesigning the NYC High School Match,'' American Economic Review, 99, 5, Dec. 2009, pp1954-1978.
And the following paper uses the fact that the proportion of unmatched students doesn't go to zero as the school system gets large, so in a very large school system like NYC, the number of initially unmatched students won't be tiny. (That doesn't mean that allowing longer lists wouldn't help.)
Kojima, Fuhito, Parag A. Pathak, and Alvin E. Roth, " Matching with Couples: Stability and Incentives in Large Markets," working paper, April 28, 2010.
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