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We study the effect of exporting on markups building on two stylized facts: (1) exporters charge higher markups than nonexporters and (2) firms increase markups when they start to export. These facts suggest that exporting increases markups, but the causal relationship has not been studied directly. To do so, we modify Melitz and Ottaviano (2008) by adding decreasing returns technologies and demand and productivity shocks to account for sales correlations across markets. We calibrate and simulate a trade cost reduction. Old exporters increase markups on average, while new ones reduce them. Three mechanisms matter: (1) cost reductions are not fully passed on to prices, (2) firms expand, increasing marginal cost, and (3) foreign demand is more elastic than domestic demand. The first effect dominates along the intensive margin, while the others prevail along the extensive margin. Thus, exporters charge larger markups in spite of exporting, not because of it.

In matters of historical research, there is a kind of circumstantial evidence which arises from the combination of known or authenticated facts, with critical argument on the import of doubtful passages of authors, which the reasoner endeavours to interpret, by bringing together, comparing, and making the one illustrate the other; so as to draw from the whole a degree of positive and certain information, which those authenticated facts are not of themselves sufficient to convey, and which those passages, taken separately, are incapable of furnishing. This complex species of evidence, it must be owned, is, with respect to its power of conviction, much inferior to that which arises from the ordinary proofs on which authentic history depends; for example, the testimony of actual witnesses to the facts related; or the positive information of authors, derived from clear and well authenticated records: But, at the same time, as in matters of history we have not always that best kind of evidence on which to found our belief, we are from necessity often compelled to resort to this inferior, circumstantial and analogical species of probation, in order to form to ourselves a rational creed on many matters of doubt, on which the mind is unwilling to rest in absolute uncertainty.

Synopsis of PaperInvestigation into experience from 1903 to 1923 of five Scottish Banks' Widows' Funds; Bachelors, Married Men + Widowers, Wives and Widows, dealt with separately for mortality (total exposed to risk 99,354, 1305 deaths); Bachelors and Widowers separately for marriage experience (757 marriages).Description pf methods of obtaining Exposed to Risk, etc., with special reference to exclusion of War period for younger male lives.Males:—Low mortality at younger ages ; same improvement not maintained at older ages ; Bachelor mortality much higher than for Married Men at all ages. Females :—Exceptionally light mortality at younger ages ; improvement continued to some extent to oldest ages. Comparisons made with Hewat's 1893 experience.Marriage:—Rates for Bachelors less than Hewat's at early ages, higher at principal marrying ages, and then again lower. Rates for Widowers much higher than for Bachelors. Difference between ages of husband and wife at marriage of Bachelors three years less than by Hewat.Comparisons of Monetary Values—Whole Life Annuities and Annuities to Widows by first and second Marriages of Bachelors, etc.—with values by Hewat and Huie.Valuation of Fund by new tables compared with valuation by Hewat and Huie ; reserves very similar for old-established Fund ; liabilities for young Bachelor entrants lighter.Collective method, based on deaths in period. Liability in Valuation substantially lower than by Reversionary Annuity method; examination of difference, traced mainly to effects of War on marriage status. Discussion of the two methods, with references to Schjoll's alternative Collective method, based on living at end of period.Tables at 3, 3½, and 4 per cent.; all tables given by Hewat and Huie relating to payments on marriage and to widows' annuities. Collective Method ; tables at 3½ per cent.

In the year 1777, an account was published by Mr John Williams, mineral-engineer, of certain remains of ancient buildings on the summits of some of the hills in the Highlands of Scotland, which had hitherto escaped observation, and which to him afforded grounds for a very extraordinary supposition, That they had been cemented together by means of Fire. He mentioned several of those hills exhibiting remains of building, which he had visited and examined; particularly the hill of Knockfarril in Ross-shire, Craig-Phadrick near Inverness, Dun-Evan and Castle-Finlay in the county of Nairn, and the Castle-hill of Finhaven in the county of Angus. He described the vestiges of regular fortifications on the summits of those hills, of which the walls, remaining in some places of several feet in height, were evidently compacted together by the vitrification of the stones of which they were built; and he offered some ingenious conjectures with regard to the means employed in forming such extraordinary structures, and the purposes for which they might have been reared.