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The purpose of this paper is to measure how frequently innovative financial products appeared or became widely adopted in the municipal securities markets over the last two decades; and also investigate what types of issuers adopted the innovations, the relationship between yields and innovation and the patterns of diffusion within states.

Using comprehensive data on municipal securities issued from 1992 to 2015, the author searches for financial innovations as defined in the literature. The author uses issuer fixed effects models to characterize the relationship between yields and use of innovative products. Other models provide estimates of the conditional correlations between issuer characteristics and innovation usage. Finally, the author fits trend models to identify significant differences in the pace of adoption between different types of issuers.

In total, 35 security features fit one or more definitions of innovation. Extensive analysis is presented for four innovations that represent significant transfers of risk: variable rates, put options, corporate backers and derivatives. Small issuers used these innovative products, but the largest issuers adopted them to a greater extent. Usage appears to diffuse within states. Issuance of innovative securities fell during the financial crisis and has not recovered. Novel securities since the financial crisis have been created by legislation rather than by market participants.

The data appear to cover all or nearly all municipal securities, but they do not cover loans or other types of municipal borrowing.

This analysis reveals that financial innovations in municipal securities markets usually take the form of a rare practice becoming widespread rather than a never-before-seen feature appearing in the market. Changes in response to legislation are an exception.

Regulators concerned about financial stability can monitor the expansion of formerly rare securities features. This will be informative about new risks or transfers of risk in the market. They can also anticipate that expanded use of an innovation by states and high-volume issuers will be followed by adoption of the innovations by smaller, less sophisticated issuers in subsequent years.

This paper is the first attempt to empirically analyze the extent of financial innovation in municipal securities. Existing public finance literature has proposed definitions of financial innovation, qualitatively documented some specific innovations and empirically analyzed others. However, no previous study has empirically analyzed the entire municipal securities market for all possible innovations.

This paper aims to identify the characteristics of 260 adults, 65 and over, who applied for services through an Area Agency on Aging in a western state in the United States, and to determine the conditions that resulted in referral to the state‐funded Home and Community Based Alternatives Program (Alternatives) or the Medicaid Aging Waiver (Waiver) program.

The study was an exploratory one utilizing quantitative data from an existing database of older adults who sought home and community based services from Mountainlands Area Agency on Aging (AAA) between January 1, 2006 and December 31, 2007.

Although most of the sample lived at or near poverty levels, results suggest that higher monthly income and living alone predict referral to the Alternatives program, whereas greater need for assistance with bathing and performing heavy housework are the primary determinants of referral to the Medicaid Waiver program.

This study adds to the body of knowledge concerning the characteristics of people who access home and community based services. Most people in this study, who were seeking assistance from public programs, were living at or below the US Federal Poverty Line. One home and community based program was more likely to serve people who lived with others and had cognitive impairments, and referral to a Medicaid home and community based program was more likely for people who needed assistance with bathing and heavy housework.

In a pandemic framework (COVID-19), this chapter explores the impact of the global economy and socio-cultures concerning three axes: recreational, tourism, and hospitality. Although we slowly see an economic revival, it is well known that this sector of study is very susceptible to being affected by the context of nations. Following restrictions and measures taken by governments around the world to reduce the number of cases of coronavirus infections, many nations closed their borders, affecting international travel and by 2020 tourism had been reduced to the near cessation of operations due to the imminent fear of this poorly studied disease, and the service sector was negatively affected. It should be added that, according to the World Tourism Organization's projections, a decrease of between 20 and 30% is forecast for 2020 compared to the previous year.

Right to Information (RTI) is a formidable tool in the hands of responsible citizens to fight corruption and ensure transparency and accountability within a participatory democracy. The RTI Act was promulgated in India in October 2005, and has fundamentally changed the power equation between the government and citizens. T.his chapter examines the contribution of the Act, in particular playing a significant role by providing information necessary to combat corruption in India. It is also noted, however, that RTI is not an unmixed-blessing as it is seen how costly it has been for zealous investigative journalists.

Purpose – The conceptual ideas of Hebb, Heisenberg, and Feynman are embedded in the framework Hayek's so-called New Psychology. The present survey tries to bridge these concepts.

Methodology – A theoretical and empirical informed approach.

Findings – The theory of D. O. Hebb opened the way to “Neurobiology of Learning” in the past century. The S-Matrix theory of Werner Heisenberg and the so-called Feynman Diagrams that consider everything in the path-history of particles opened up new avenues to predict production of elementary particles. This as Hayek proposed or assumed in his theoretical monograph The Sensory Order.

Originality/value of paper – Besides Fuster and Edelman few (if any) currently practicing neuroscientists have any knowledge of or appreciation of Hayek's philosophical psychology.