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Can the shadow of the future undermine international cooperation? While James Fearon proposed that long time horizons incentivize states to prolong costly negotiations, empirical tests of this model have yielded conflicting results. Using a laboratory experiment, I estimate the causal effect of the shadow of the future on bargaining delay and examine its welfare consequences. I show that while parties do take longer to reach agreements when the shadow of the future is long, there is no significant welfare lost compared to agreements made under shorter time horizons. These findings suggest an important caveat to policy recommendations that call for the use of finite duration provisions to shorten international negotiations. These provisions are unlikely to resolve the underlying inefficiency of the bargaining period and may inadvertently decrease states' welfare by shrinking the potential gains from cooperation. [ABSTRACT FROM AUTHOR]

We study the behavior of real exchange rates under various official designations of exchange rate arrangements. Examining many currencies, we find important differences across the designations. Most notably, real exchange rate mean reversion is fastest when nominal exchange rates are officially pegged. We also find a large nonlinear effect: adjustment is fastest when the real exchange rate deviates greatly from its mean. This nonlinear effect is also most striking among officially pegged currencies. Finally, we find that nominal exchange rates, rather than prices, do most of the adjusting. [ABSTRACT FROM AUTHOR]

The article offers comments to Thomas Sargent's paper "Rational Expectations and the Term Structure of Interest Rates," which was published in part one of the February 1972 issue of this journal. According to the author, Sargent created a model of the term structure of interest rates, but limited the model by two additional confusing assumptions. The first assumption states that information consists only of the history of interest rates, is restrictive, since economists tend to note many other factors when discussing the outlook for future interest rates.

the aim of this article is to examine how and why -- in the current legal context, and because of some relevant changes that are ripening -- the legal practice is supported by a solid professional ethics of the legal roles, summed up in the respect of the rule of law. other elements that in the past seemed crucial to explain the legal order nowadays are inadequate and a legal theory without considering the role of lawyers is incomplete. After indicating the changes in the background, it will follow an analysis of the legal professional ethics and the reasons of its specificity. Against what is supported by the recent literature about eliminativism in legal philosophy, the perspective of professional ethics implies an inquiry about the concept of law and the question about the autonomy of law from Politics and morality. the answer to these questions requires to confute three thesis: the irrelevance of the concept of law for its practice; the realistic reduction of law to power; the moral monism in the field of obligations. [ABSTRACT FROM AUTHOR]

the aim of the article is to discuss viola's paper on the future of law in which he offers an alternative to legal positivism. in the opinion of the author, viola's position, which can be characterized as natural law constitutionalism, presents some analogies with postpositivism, but also some significant differences [ABSTRACT FROM AUTHOR]

As a comment on francesco viola's work about the future of law and his insistence in the necessity of legal adjudication takes into account the circumstances of the particular case, i shall intend to show the reasons that led to a view of rules as general and abstract norms, almost algorithmically applicable to individual cases. After i shall refer to the well-known crisis that this idea generated and the introduction of the principles in the law's image. Arguing, as conclusion, that this image of law as a two storey building (with two floors one for rules, another for principles is not adequate and it should be substituted with the image of a single storey building (with only the ground floor), in where rules and defeaters live together, defeaters being something like gargoyles, that can modify, alter and make more accurate the rules through allowing the use of moral considerations and moral argument. [ABSTRACT FROM AUTHOR]

the main challenge that law will have to face in the near future is the defense of human being against the uncontrolled power of technology in different spheres: ecology versus the becoming of a new geological age: the Anthropocene; the finances, versus speculation and taxes fraud; biolaw, versus the transhumanist challenge; the rights to privacy and no manipulation versus GAf( Google, Amazon, facebook). [ABSTRACT FROM AUTHOR]

in order to imagine the law's future, we need reconstruct its past. the evolution of law in western countries disclaim a process of positivization: the law become and it is conceived as positive, i. e. less or more contingent, available for change. in more recent areas of law, such as constitutional, international and european Union's law, However, inverses processes occur: the de-positivization of law. in constitutional case-law, in particular, an ever more crucial role is played by implicit norm as equality, reasonabless, proportionality. these principles are positive only in a very weak sense of the term: in reality, they are only a part, and a necessary part of the very concept of distributive justice. [ABSTRACT FROM AUTHOR]

the aim of this article is just to examine some res novae in contemporary law in order to test their potentialities and to identify bias from which the legal theory must be set free. the attention concerns human rights, the process of constitutionalization and internationalization of law, the primacy of human person and, therefore, of adjudication, legal pluralism and the evolution of the concept of legal system. What keeps together all these res novae is the relevance of practical reason in the field of legal theory. [ABSTRACT FROM AUTHOR]

This Article examines a characteristic of property entitlements fundamental to the structure of property systems that has received scant academic attention, a characteristic referred to as the mutual exclusivity principle. According to this principle, a property system does not allow for the existence of incompatible rights. Two people cannot separately be the owners of the same resource, for instance. By contrast, two people can each hold valid but contradictory contract rights to the resource. Although the existing property literature has stressed the “exclusive” nature of property, the various ways in which property is imagined to be exclusive, such as by conferring “rights to exclude,” fail to capture the essence of property as a distinct legal institution. Unlike these alternative conceptions of exclusiveness, the mutual exclusivity principle holds true across the range of different types of property entitlements, including not just fee simple ownership but also security interests and servitudes, and across the range of assets subject to property law, including not just land and physical objects but also intangibles like intellectual property and corporate shares. Recognizing the role of the mutual exclusivity principle yields a number of practical insights. It helps explain various institutional features of property law, such as the system of future interests, the use of possession-based rules, the role of recording systems, and the negative, thing-based structure of property entitlements. It illuminates connections between property and other fields like corporations law and it calls into question aspects of existing doctrine, such as the preferred status of exclusion rights under the U.S. Constitution’s Takings Clause. It also modifies the influential theory that property law is heavily shaped by problems of high information costs: while existing accounts seem to suppose that property law entails relatively high information costs because it imposes a relatively broad set of duties on others, many of the information cost problems identified in the literature actually result from the mutual exclusivity problem, rather than from the breadth of property duties. At a more general level, understanding the centrality of the mutual exclusivity principle suggests some change in direction is called for within the wider property literature. American property scholarship has been preoccupied with questions about the scope and strength of property rights, overlooking the separate problem of ascertaining who happens to hold a given right, a problem distinctive to property law. Property, this Article argues, is at least as much about title chains, patent searches, and creditor priorities as it is about trespass, remedies, and eminent domain. [ABSTRACT FROM AUTHOR]

The article discusses the common law Rule Against Perpetuities (RAP), considering its modifications and application to contemporary law in New York state, and its federal counterpart of the Uniform Statutory Rule Against Perpetuities. Topics considered include future interests, beneficiaries’ rights, and commercial option contracts.

Inspired by the analysis of the limit order book and order flows in the order-driven model of Chiarella et al. this paper conducts a dynamic analysis of a microstructure model and discusses the origin of price fluctuations. Agents are assumed to use either a fully fundamental-value reversion or a trend following strategy to form their expectation of future asset returns. Furthermore, the probability of changing strategies and the parameters for the strategy are chosen based on a fitness measure. In this way, the agents' strategy choices are better related to the evolution of the market. We also add a layer of intraday activity. This model can obtain the results of the original model, such as the impacts of the traders' strategy and the stylized facts. Furthermore, we exhibit many empirically observed features in both the intraday and the daily horizon. The results provide evidence that the agents' expectations and trading volume can generate large daily price changes and that intraday price fluctuations can be caused by large trading size or liquidity fluctuations in different conditions. [ABSTRACT FROM AUTHOR]

Perpetual trusts are an established feature of today's estate planning firmament. Yet little-noticed provisions in the constitutions of nine states, including in five states that purport to allow perpetual trusts by statute, proscribe "perpetuities." This Article examines those provisions in light of the meaning of "perpetuity" as a legal term of art across history. We consider the constitutionality of perpetual trust statutes in states that have a constitutional ban on perpetuities and whether courts in states with such a ban may give effect to a perpetual trust settled in another state. Because text, purpose, and history all suggest that the constitutional perpetuities bans were meant to proscribe entails, whether in form or in function, and because a perpetual trust is in purpose and in function an entail, we conclude that recognition of perpetual trusts is prohibited in states with a constitutional perpetuities ban. [ABSTRACT FROM AUTHOR]

The article focuses on perpetuities, which are financial products with no fixed maturity date. Topics include the constitutional prohibition against perpetuities in U.S. states throughout history, the controversy surrounding perpetuities in North Carolina, and the 1776 North Carolina Constitution and Declaration of Rights.

Achieving equitable schooling outcomes for young people living in communities of low socio-economic status is a prominent issue that assumes focus in educational policy, theory and practice both in Australia and internationally. This paper draws upon the narratives of five secondary school students living in the northern urban fringe of Adelaide in South Australia, a region that is characterised by socio-economic challenge (Prosser et al. in Connecting lives and learning: Renewing pedagogy in the middle years, ). Specifically, the participants' understandings and perspectives about community are used to examine their aspirations through the analysis of qualitative data obtained from a focus group, visual methods, a storying activity and semi-structured interviews. Discussion on students' construction and pursuit of aspirations is framed by Appadurai's (Culture and public action: 59-84, , p. 67) conceptualisation of aspiration as a cultural capacity influenced by one's social, cultural and economic contexts. This paper demonstrates that students from low socio-economic backgrounds have aspirations for their future which are influenced by their schooling experiences and the positive trust relationships they develop with teachers in community. As such, connections between place and learning are highlighted as critical factors in achieving more equitable schooling outcomes. The research identifies factors in 'community' that shape young people's aspirations and ways in which young people can be supported in navigating toward their aspirations. [ABSTRACT FROM AUTHOR]

Sensors utilize a large number of heterogeneous technologies for a varied set of application environments. The sheer number of devices involved requires that this Internet be the Future Internet, with a core network based on IPv6 and a higher scalability in order to be able to address all the devices, sensors and things located around us. This capability to connect through IPv6 devices, sensors and things is what is defining the so-called Internet of Things (IoT). IPv6 provides addressing space to reach this ubiquitous set of sensors, but legacy technologies, such as X10, European Installation Bus (EIB), Controller Area Network (CAN) and radio frequency ID (RFID) from the industrial, home automation and logistic application areas, do not support the IPv6 protocol. For that reason, a technique must be devised to map the sensor and identification technologies to IPv6, thus allowing homogeneous access via IPv6 features in the context of the IoT. This paper proposes a mapping between the native addressing of each technology and an IPv6 address following a set of rules that are discussed and proposed in this work. Specifically, the paper presents a technology-dependent IPv6 addressing proxy, which maps each device to the different subnetworks built under the IPv6 prefix addresses provided by the internet service provider for each home, building or user. The IPv6 addressing proxy offers a common addressing environment based on IPv6 for all the devices, regardless of the device technology. Thereby, this offers a scalable and homogeneous solution to interact with devices that do not support IPv6 addressing. The IPv6 addressing proxy has been implemented in a multi-protocol card and evaluated successfully its performance, scalability and interoperability through a protocol built over IPv6. [ABSTRACT FROM AUTHOR]

Network virtualization has been proposed as a key contribution to the future internetworking paradigm and is expected to play a crucial role in the next generation Internet. Although interesting progress has been made towards network virtualization, end-to-end Quality of Service (QoS) provisioning for multimedia services in network virtualization environments is still an important open topic. In this paper, we tackle this challenging issue by modeling multimedia service delivery in network virtualization and proposing efficient path selection algorithms for virtual networks. The main contributions of this paper are a model for the end-to-end multimedia service delivery in network virtualization environments, proposal of efficient algorithms for selecting paths traversing the network infrastructure for QoS provisioning in virtual networks, and analysis of the effectiveness and efficiency of the proposed algorithms. Both theoretical analysis and experimental results show that the modeling technique and the algorithms proposed in this paper are general and flexible, and therefore applicable to the delivery of multimedia content in various heterogeneous networking systems in the next generation Internet. [ABSTRACT FROM AUTHOR]

The writing of culture (ethno-graphy) that has characterized the modern anthropological endeavor has come under critique for measuring the lives of Others according to its own peculiar normative and temporal logics, and then eliding the fact that it is doing so. The same is true of law, where the writing of human action gets figured in ways that always involve some un-ruly combination of legal fact and norm, and the temporal trajectories that are implicit in them. The effect in both modes of knowledge production is a kind of representative impossibility such that the authority claims made by law and ethnography are always exceeded by the actual lives whose measure they take. In this article, I suggest that it is in its confrontation with the lives and times of inheritance in two contexts – in the famous problems posed in Anglo-American law by the Rule Against Perpetuities, and the irresolution of inheritance disputes in Hopi tribal court – that law is most starkly revealed as a kind of ethnography, a writing of culture replete with all the problems of measuring lives that go along with it. [ABSTRACT FROM PUBLISHER]

Distributed research testbeds play a fundamental role in the evaluation of disruptive innovations for the Future Internet. In recent years, the main research funding agencies have promoted several initiatives aimed at designing and building open, large scale, realistic experimental facilities that could be used to evaluate innovative networking architectures, paradigms and services. In this paper, after discussing the main challenges in building such infrastructures, we present how, by leveraging the concept of federation, we managed to introduce a first degree of heterogeneity into PlanetLab Europe, a European testbed federated with PlanetLab, by providing UMTS connectivity to PlanetLab Europe nodes. Our contribution is just a first step of an evolutionary path whose further developments will lead to next generation large-scale heterogeneous testbeds for supporting experimentally-driven research on the Network of the Future (Preliminary results within the same framework of this work have been recently published in Canonico et al. () and Botta et al. ()). [ABSTRACT FROM AUTHOR]

The article offers information about the reversion rights laws from the Statute of Anne in 1710 in the U.S. It states that the law assures a future opportunity to make a better deal, history and practice suggest at best inconsistent achievement. It mentions that reversion rights derive from an era in which delineation of time-limited property rights afforded the most legislatively a means of attaining the author-protective objective.

When a transfer of real property creates a future interest in a party without expressly providing whether that party must survive all others in possession prior, the common law has traditionally refused to imply such a requirement. Recently, various reform movements have proposed reversing this rule. Where such a reversal fails to likewise negate the reversion created by the change, the transferor-possessor of the reversion faces complicated tax issues as a result. In this Article, the author provides an overview of the various attempts to reverse the rule and goes through the complicated actuarial mathematics that are required to assess the tax liability of the possessor of the reversion. [ABSTRACT FROM AUTHOR]

Abstract: This research investigates how and when apologies work. Findings from three studies suggest that apologies influence punishment decisions, but not by reducing concerns about recidivism or perceptions of bad intentions. The extent to which future expectancies or perceived intent mediates the effects of apologies on punishment depends on the offender''s reputability. However, the perceived appropriateness of the response fully mediates the effect of apologies on punishment, regardless of the offender''s reputability. Overall, the findings suggest that saying the right thing helps those who do the wrong thing, but not by influencing others'' beliefs about their past intentions or future behaviors. [Copyright &y& Elsevier]

The article discusses the difficulties in making plans for the future. A person who makes a particular decision by considering future consequences is unable to understand what he or she will be like in the future, and consequently has no way of knowing whether the decision made in the present will actually benefit them in the future as it is meant to. People change their opinions, values, and passions as they age, and what may have made sense at one time can be undesirable later. The future person, who will be just as much a real self as the present self, will be able to make decisions on its own based on its circumstances. Consequently, it is difficult to understand what moral obligations a person has to future generations.

Perpetual conservation easements are intended to protect the particular land they encumber for the conservation purposes specified in the deed of conveyance "in perpetuity"-or at least until circumstances have changed so profoundly that continued protection of the land for those purposes is no longer feasible. To protect the public interest and investment in perpetual conservation easements, and, at the same time, permit adjustments to be made to respond to changing conditions, such easements should be treated like any other form of charitable asset acquired by a government or charitable entity for a particular charitable purpose—i.e., as subject to equitable charitable trust principles. This Article outlines the considerable support for applying charitable trust principles to perpetual conservation easements, including uniform laws, the Restatement of Property, federal tax law, and case activity on this issue to date. This Article cautions that perpetual land protection is not appropriate in all circumstances and recommends a more considered use of perpetual conservation easements as a land protection tool. This Article also explores the possible use of a number of nonperpetual conservation easements to accomplish land protection goals. [ABSTRACT FROM AUTHOR]

The article focuses on New Zealand's rule against perpetuities found in both the common and in statutory law. In common law, the rule focuses on when an interest vest which requires its ascertainment, satisfaction and the interest in class gift. The Perpetuities Act 1964 states that where there are no such lives the perpetuity period is simply 21 years and retains the common law perpetuity period of a life or lives in being plus 21 years.

According to most models of intertemporal choice, an agent's discount rate is a function of how far the outcomes are removed from the present, and nothing else. This view has been challenged by recent studies, which show that discount rates tend to be higher the closer the outcomes are to one another (subadditive discounting) and that this can give rise to intransitive intertemporal choice. We develop and test a generalized model of intertemporal choice, the Discounting By Intervals (DBI) model, according to which the discount rate is a function of both how far outcomes are removed from the present and how far the outcomes are removed from one another. The model addresses past challenges to other models, most of which it includes as special cases, as well as the new challenges presented in this paper: Our studies show that when the interval between outcomes is very short, discount rate tends to increase with interval length (superadditive discounting). In the discussion we place our model and evidence in a broader theoretical context. [ABSTRACT FROM AUTHOR]

Abstract: In this paper, we extend the Harrison and Shepp''s construction of the skew Brownian motion (1981) and we obtain a diffusion similar to the two-dimensional Bessel process with speed and scale densities discontinuous at one point. Natural generalizations to multi-dimensional and fractional order Bessel processes are then discussed as well as invariance properties. We call this family of diffusions asymmetric skew Bessel processes in opposition to skew Bessel processes as defined in Barlow et al. [On Walsh''s Brownian motions, Séminaire de Probabilitiés XXIII, Lecture Notes in Mathematics, vol. 1372, Springer, Berlin, New York, 1989, pp. 275–293]. We present factorizations involving (asymmetric skew) Bessel processes with random time. Finally, applications to the valuation of perpetuities and Asian options are proposed. [Copyright &y& Elsevier]

Discusses the provisions of the rules against perpetuities and accumulations of income. Purposes of the Rule Against Perpetuities; Background on the British House of Lords case Thellusson versus Woodford, the origin of the income rule, which arose from the will of merchant and financier Peter Thellusson; Factor that led to the abolition of the perpetuity regime.

Traces the gradual decline of the common law Rule against Perpetuities which has served as the chief means of limiting a transferor's power to tie up property by way of successive contingent interests. Dynamics behind the wave of state legislation in the U.S. to abolish the rule; Problems that might result from the rise of perpetual trusts; Multiplication of beneficiaries.