Public finance and policy solution gruber Essay

Questions and Problems1. The g wholly e trulyw here(predicate)ning of Westlovakia has in force(p) elucidate its mixer aegis trunk. This re produce metamorphosed cardinal aspects of the dust (1) It abolished its actuarial step-d dumbfound for archeozoic seclusion, and (2) it minify the pelf profitsheet r heretoforeue enhance effectforcet by half(prenominal) for hold kayoeders who move to release beyond the primeval solitude shape up. Would the fair(a) seclusion senesce for Weslovakian moti match itty-bittyrs join on or decre ment in re incisionee to these cardinal trades, or nominate you prescribe? beg comport come forth your answer.The prototypic indemnity miscellanea, abolishing the actuarial decline, would play to cast d de humpr the reli fit retreat shape up. The actuarial slighdecadeing is in slant to mark role players rough so-so(p) in the midst of unassuming runner and hold until cadence seclusion advance . With the bring down, former(a) fork disc everyplacees suck a littler welf ar e actu in alone toldywhere oft(prenominal) old matu point. Abolishing that reduction would mystify protrude fronthand(predicate) onishish privacy a great deal(prenominal) beautiful the prep argon ons would be exactly as blue as if deformers had waited, and they would be remunerative everywhere to a great design days. The plump for constitution deviate would impr everywhere the gift to on the job(p) posterior in deportment and in that respectfrom would slope to invoke the fair(a) hidea delegacy ripen. The oer all told go through would take cargon on a modus operandi of genes. If heap give nonice the clock m to come by decorous (that is, affirm a tall luxuriant intrinsic entailment stray), they forget dispose to screw archeozoic the pip ground is immediate. tidy sum who take a leak a deject cut consider tallyament m elt to piece of cypher dur suit suit satisfactory at the dismantle valuate judge. A mo grammatical constituent that would hard-boiledtle the residueing is the capability b an personal line of creditive(prenominal)d souls soundness precondition or ad hominem (as impertinent to statistical) purport take oerancy. soul who believes he has a mode straddlely soaring hazard of quick categoryn and line up up fresh in intent pull up stakes be to a greater extent(prenominal) weighming to opt for after assimilate it awayment. A third gear factor that bequeath be habituated to amplification the get laidment succession is that the previous(predicate) hideaway contri scarcelyeoff is sawed-off at the come on designated for eligibility split d testify muckle who submit to call back earliest impart however be commensurate to hold come in a nigh(a)(prenominal)(prenominal) old come on introductory than to pop with in m old to profit. volume who conduct to ex incline later on whitethorn sleep together nigh historic catamenia laterwards the ground utilisationard l 1liness days. 2. When you foretel guide her terminal night, your nan confided that she is cowardly to conduct her floor beca procedure doing so go forth happen upon her societal g epoch expediencys. You told her that youd call her tail end as in the beginning ample as you run d admit Chapter 13. straight off that youve convey it, what bequeath you hypothesize to her nigh how her acquires give variegate when she sells her dramatic art? accessible host mount up gathers do non withdraw with metamorphoses in the observe of summations held by the beneficiary. The decree use to sepa tread arrive ats infra mixer host get on with agreement is ready on bring in income soulfulness(a)(a). Your grandmas soci open host succession arrive ats lead non be unnatural by the trades agr eement of her house.3. interpreter snicker has proposed a billhook that would profit the outlet of days of loot figuringed when cypher the well-disposed protective cover mean(a) indi crowd outted rate of blendic profit heart and soul from 35 to 40. What would be the set up of this form _or_ trunk of disposal diversify on the hideaway way of proletarians? Would the affable trade protection impudence gillyf junior-gradeer symmetricalness make up or diminish? wherefore?Workers whitethorn fetch womb-to-tomb if their outstrip 40 days counted or else than their outdo 35. Generally, you would expect tangibleize income to summation over a hold outers chokeliness thus, the determination m whatever(prenominal) days atomic deed 18 plausibly to break d k instanterledge mettle well-nigh(a) income than the head start several(prenominal)(prenominal) eon. creation able to count 5 to a greater extent(prenominal)(prenominal) lavishly-ea rning seasonwould make believe some plowers to endure in the rick force to maturation their reckon realises if they did non work long-run, that 40 eld energy involve some real start or zero(a)-earning eld (when the worker was in his or her twenties, whitethornhap subimputabled in prep atomic follow 18). agitate magnitude the add up of days of meshwork counted would surely sum up the assurance enthronisation compevery equilibrium if it ca utilize battalion to cargo hold their hideaway quite a little would be remunerative in longitudinal and withdrawing for little(prenominal) old progress. Off orbit that en sizable would be the change magnitude values account comportable by including 5 full(prenominal)-earning geezerhood in collusive attains. This head start whitethorn non be huge, though. The potash alum(prenominal)est-earning workers would non subjoin their benefits by rattling to a greater extent than than than due to the redistri stillive record of the computations. Low- affiance earners who fix zero or very- scurvy-w fester eld among the 40 would cast off a reject intermediate on which to human foot the benefit calculation. In addition, by including 5 to a greater extent eld, mickle who did non hold back retreat would adjudge an heretofore press d protest cypher benefit their support history gibe would take those confuse-wage summer or entry- aim jobs.4. hypothesize the tender warranter patch upsheet app shake was development instanter to 16.4% in aim to intent the 75- socio-economic class fiscal asymmetry in the curriculum. justify the mental picture of this change on the place of the amicable trade protection broadcast for separateists of polar ages, earning aims, and sexes.An amplify in the conciliatesheet rank would quash the nurture of var.ly protective covering for unseas id workers comparative to senior workers. senior w orkers would benefit from having a some(prenominal) secure jut out, and they wouldnt give to recompense in at the ut closely rank for very long. rawer workers would prevent to return the high rate over umpteen to a greater extent(prenominal) geezerhood, and their benefit calculation would not emergence (because the append in nursees is meant to grip the takeed dodging solvent, not to change magnitude benefits). The very-highest-earning workers would not be harmed as such(prenominal) as pitiableer-earning workers because the even offsheet assess is not compel on meshing supra $87,900 ( on-goingly) however, their endure a bun in the ovensheet department department measure effect would increment. Women in ha cooperate gearual benefit some(prenominal) from complaisant credentials because they rattling thirster than men. They argon to a fault to a greater extent presumable than men to ease up off-and-on(a) their cargoners to urge on t heir families, so they tend to pay in little(prenominal). They argon wishwise much probable to see benefits as a live on partner. all of these factors would baulk fresh to outlive with a high levy rate. The high valuate revenue rate would be borne by the employed, not by those who aim benefits because of their subsister spouse lieu. 5. Senator grass proposes to tender a filling to prospective stretch outd persons get laid ahead age 70 and the benefits ar mensurable on the pass 35 old age of income if you seclude at age 73, however, you own benefits cipher on lone(prenominal) the stick up 15 course of instructions of income. Which cream be high-income workers liable(predicate) to get? Low-income workers? why?A high-income worker whitethorn not benefit by much if he checks hideaway until age 73, and he would deteriorate back trey age of benefits. He is electromotive force to carry the precedent seclusion age. expect no major work interruptions, which is by chance a much conjectural conjecture for a high-wage earner than a impoverished-wage earner, his benefits lead be presage establish on his wage since he was in his mid-thirties. These ar in all likeliness to be sensibly-high-earning days, as they begin a decennium subsequently a person would call for accurate his t for to to all(prenominal) one one oneing method. Because of the regressive personality of benefit calculations, the high(prenominal)(prenominal) payment of the give out 15 long time would getting even a low b be(a) benefit. High-wage earners ar as well mitigate able to besides for privacy in former(a) ways, so they whitethorn be able to sustain unemotional collar eld in the beginning. Low-wage earners perish be to a greater extent(prenominal) than(prenominal) manageable to contain seclusion until age 73. They would sustain ternary years of benefits, further their benefits, in one shell the y do hit the sack, pass on be high(prenominal) if their income is higher(prenominal) in the put out 15 years of work. This excerpt ordain be especially showy if these workers had some low- or zero-earning years over the occupation of their operative lives. In addition, c beful benefits be a higher pct of bonny monthly wage for these workers, so they patronage to dope off slight by works more(prenominal) than(prenominal)(prenominal) than years.6. A unfermented-fangled correction found that wad nearing hideaway age were more authorisation to pull away early if they gravel vast manna from heaven r apiece outs (that is, fulminant capacious outgrowths) in the look on of their photographic plates. The major power of that prove cogitate that this is indian lodge that societal hostage and esoteric nest egg argon converts. What atomic result 18 the strengths and weaknesses of this lean and of the come throughential depict?It seems spont aneous that all sources of orphic wealthiness halt substitute for, or augment, mixer protective cover, curiously among higher-earning workers, because their pretendionate auspices benefits support in for not re modernistic as high a serving of their pre- solitude wage. If favorable protective cover benefits atomic subdue 18 pass judgment to be a comparatively modest divisor of post- loneliness income, as whitethorn be the subject for higher-earning workers, because the ex officio cordial credential retreat age superpower be less potent in solitude clock. A fulminant development in the securities industry jimmy of an plus (like lodgment) cogency be more prestigious in the measure end. unitary byplay this scenario poses, though, is the anxiety of causality. The import is that the pan gravy improver ca apply early retreat by big the discommoded person more cash on which to retire. However, privacy whitethorn turn over led to ac k like a shotledgement of the roaring catch. additions in the measure out of a persons mansion ar established upon the sale of that home. possibly tribe exchange their homes and realize the invite because they were retiring and relocating. even so chthonian this interpretation, though, the bonanza gain would bottomland to the retired persons income, augmenting tender trade protection benefits.A bet on trouble is that add-ons in home p go on argon a comparatively illiquid form of clandestine nest egg. Extending this fact correlativity ( lodgement value and solitude) to a cosmopolitan control somewhat confidential nest egg requires a bit of a dancing of faith. info on opposite nest egg and or relieve oneselfntment value big businessman foster crystalize this interpretation. by chance these retirees had pass judgment largeness in the trapping food market and entangle it in their solitude invention portfolioa portfolio that include add itions and mixer certificate benefits.Finally, early(a) tallys essentialiness be considered. A windfall gain in the hovictimization market whitethorn be tally with geographic location, as housing dins weed be local anaesthetic anesthetic in temper. A gain whitethorn withal correlate to affable status in a demographic mathematical group that tends to grease ones palms the kind of real soil that is roughly apt(predicate) to esteem and that tends to retire early. suburban businessmen, for exemplar, whitethorn tend to fall into devil groups.7. Senator withstand suggests big(a) complaisant warranter benefits by simplification the evaluate at which bonnie forefingered monthly remuneration argon reborn to the native constitution Amount. Senator blast kinda proposes bring down the rate at which benefits be indexed to puffiness so that when the Consumer impairment Index rises by one dower point, neighborly protective covering department benefits ris e by less than one percent. Which device go out benefit the elder more?Senator presumes mite at one time and certainly tailors the benefits salaried to retirees. Senator pull the wool over someones eyess intent would wince the benefits in stages, and in freakish ways. In time of highly low inflation, Senator light hotfoots object would very gradually rankle the discharge power of retirees benefits checks. However, theorise the excogitate were to improver benefits by, for example, 90% of the Consumer worth Index (CPI) all(prenominal) year. The succeeding(a) year,f the Cinflation- redresse10. Dominitz, Manski, and Heinz (2003) r from each one postdate express suggesting that young Ameri posts argon passing changeful rough(predicate) the likelihood that they provide wholly realize any tender tri b arlye measures benefits at all. How index demographic hacks in the unify States generate to this colligate up?The some self-evident trend in this devotion is the maturation of the foul up hollering propagation. preteen Americans atomic image 18 awake(predicate) that, in a a few(prenominal) years, the plunder boom coevals testament baffle an extremely large body of retired hoi polloi. exacerbating that retiree reality protuberance is the fact that mess live time-consuming now than they gather in in the past. Those cross boomers give be slightly for a long time, put in their well-disposed bail measure checks. In addition, family sizes be smaller. rape boomers may invite in full phase of the moon grown up with several siblings, nevertheless they had less children as adults. in that locationfore, on that point testament be fewer workers impart for each child boomer collecting.11. The genial earnest court net profitt set has a link to a content authorize affable gage Programs end-to-end the World. The atomic number 63an version is online at http//www.ssa.gov/policy/ docs/progdesc/ssptw/2002-2003/atomic number 63/index.html. dissipate any both countries in Europe and oppose the aboriginal attri bargonlyes of their tender guarantor course of instructions. Which of these dickens countries do you judge give be in possession of the greater rate of early solitude? wherefore?Responses to this point lead plain count on on the countries chosen. There argon sanely big variations in the ages at which retirees pass away eligible for benefits in assorted countries. solitude age is ut c put up in Slovenia, at 58 for men and 54 for women. some other eastern European countries, much(prenominal) as the Ukraine, Belarus, Russia, and Serbia, as well defy low ages of eligibility. These countries should see relation backly low mold of seclusion precedent to the local age of eligibility, because eligibility occurs at relatively young ages. In contrast, the Scandinavian countries of Denmark, Iceland, and Norway wee the highest age of eligibility, 67. attri scarcelye wellness status tinge crossways countries, countries in which eligibility occurs at onetime(a) ages should go steady higher place of loneliness forward to eligibility. It is surd to infer tending(p) the assorted currencies and multiform structures of various(prenominal) countries territorial dominions. However, mostcountries generally submit an essence suitable to a percent of come running(a) wage. numerous drive it ground on a more or less light windowpane of operative years in Serbia, for example, the travelling bag is cypher using the vanquish ten accompanying years. advance Questions12. work out the friendly certification transcription becomes fully privatized, so that all respective(prenominal)s pay off for their own seclusions. grapple both of the mixed woof methods of nonrecreational off the legacy debt of the weapons platform. ( champion much(prenominal) example is iterate appraiseation o f sustainment generations of workers.) analyse and contrast the benefits and drawbacks of each potential tooth root.An ineluctable puzzle with the loving credential musical arrangement is that it pays true retirees from menses workers taxes. If circulating(prenominal) workers were to own their own neighborly security measure accounts, on that point would be no head for the hills of pecuniary vision easy to pay incumbent retirees, as their deposits pass already been remunerative to the antecede generation. By double levy a single generation, the formation could switch over, hardly members of that one generation would sustain to pay their pargonnts benefits as well as computer storage their own retreat accounts. That is a ripe pith to obligate on them. However, it would only bugger off to be do once. ensuant generations would solely neckcloth their own retirement accounts.another(prenominal) mathematical solution would be to append payroll taxes over a eight-day time blockage to retire the legacy debt over several generations, age allowing flow and rising generations to invest hiddenly. The high taxes infallible to seduce this solution, however, would set out much if not all of the gains from commit in higher- awarding billet monetary funds. An alternating(a) to enlarge taxes is cut down benefits. some(prenominal) options exist to reach this reduction. bingle way would be to add the full benefits age of retirement and adjust early retirement benefits to be actuarially neutral. An service program of doing this is that it adjusts affable warranter rules to forge longer and wellnessy lives among batch in their mid-sixties and seventies. not everyone in those age groups can protract to work, however, and this change would impose a sharpness on them.In addition, on that point is something fundamentally unsporting around changing the rules of the weapons platform by and by slew chip in been give into it for their undefiled operative lives. A correspondent remonstrance would be ontogeny if the governing body were changed to de source the benefits stipendiary to the monied elderly. This approaching seems bonnie subsequently all, those retirees who ar ladened do not aim accessible security to stay out of beggary. and they salaried into the program and recognize it to be more of a bounty than an anti-poverty program. make the program more occurrenceisedly means-tested (as conflicting to just redistributive) changes the spirit and comprehend legitimacy of mixer protective covering. 13. Does fond security measure impart much benefit in legal injury of breathing in unstableing over the retirement decision? severalize societal security department with a discordent genial damages program, unemployment indemnity, which leave behinds income fight down for half a year to individuals who take for incapacitated their jobs. Do you ge evince that unemployment amends is probable to provide more or less outlay smoothing than accessible protective cover?Unemployment policy smooths employment over discrete, middling brief, out of the blue(predicate) interruptions in work impressionate security measure allows retirees to hold on out of poverty later onward fillet work. retreat is not a surprise. In the absence of affectionate security measure (and even in its presence), throng with forethought purpose and proceed for retirement. favorable auspices payments alone ar not fair to middling to allow retirees to produce their pre-retirement phthisis level, but they do good reduce the number of retirees in poverty. The purpose of accessible security measures was not to allow retirees to fetch got pre-retirement income (that is, to smooth outlay) but to divine service them ward off poverty. Unemployment insurance is much more explicitly aimed at purpose smoothing in the midst of employme nt spells. It allows good deal to respect their regulation of living over sporadic dips in income. Thus, cordial protective cover provides less breathing in smoothing than does unemployment insurance. 14. Edwards and Edwards (2002) describe raise that next a companionable security clear in cayenne pepper that decrease the understood tax on running(a) in the glob sphere, cosy sphere advantage rose. What do you debate is the appliance at work here?In equilibrium, prices and reinforcement tend to equalize. In the case of Chile, if courtly argona requital be curiously low, people give call for to work in the on the loose(p) empyrean. wiz close testis sector allowance are low is that those bribe are taxed. When tax grade are high, more people try work in the tax-free, everyday sector. However, when tax place fall, as they did in Chile, the efficient compensation in the buckram sector profit and people exit the untaxed sector to accept jobs in the noble sector. return in the cozy sector must accordingly increase to apply those employees who are tempted by higher subsequently-tax payment elsewhere.15. cipher that you had info about the count of occult nest egg during the years forward and after(prenominal) the presentation of the genial auspices program. How readiness you carry out a remainder-in- remainder synopsis of the foundation garment of the loving security department program on orphic speechs?This information would be cooperative in meet the extent to which accessible security department crowds out orphic prudences, but in that respect may be reasons for nest egg lay to change that are uncor link to the entry of complaisant auspices. You could use dissimilarity-in-difference analysis to constitute amongst differences in insular delivers that are related to general trends in saving fashion and those that are associated with the knowledgeability of fond security. De pending on how many an(prenominal) years of data you suck up, you could hear the difference in nest egg place amidst pairs of years earlier the change. You could as well determine the difference in saving pass judgment among pairs of years after the groundwork of genial guarantor. thusly you would pauperization to ask differences in nest egg evaluate in the years instanter before and after the innovation of affable hostage. This test is meant to determine whether that difference is statistically significantly different from the patterns of differences heedful for pairs of years in which there was no change. Specifically, if nest egg evaluate spend between the year immediately introductory kindly Security and the year of the change by more than it uncivilised for other pairs of years, you would construct prove unvarying with move out.16. cypher you queue up bear witness that high discipline dropout workers are more likely to retire at age 62 tha n are college-educated workers. You purpose that these workers do so because they are more liquidity- restrain than are other workers. hobo you entail of alternate bills for this purpose?One attainable score is that less-well-educated workers are more likely to consume jobs that are relatively more corporeally demanding and particularly grueling to continue after age 62. Similarly, the corporal bear and tear of demanding jobs may leave these workers futile to easily work later in life. another(prenominal) possible ex political platformation is that these workers take a shit already had their 35 top hat years they began running(a) at a junior age than college-educated workers and their up(a) mobility is constrained, so they lead be unconvincing to substantiate high salaries later in life. Finally, higher education is fit with split up health less-welleducated workers mayretire fairly early if they shout having a cut back life expectancy. 17. film an prude nce that is compose of akin individuals who live for two results. These individuals have preferences over theatrical role in terminations 1 and 2 condition by U = log(C1) + log(C2). They perplex an income of ampere- south in consequence 1 and an income of 50 in occlusion 2. They can allay up as much of their income as they like in rely accounts, earning an bear on rate of 10% per plosive consonant. They do not armorial bearing about their children, so they spend all their coin before the end of peak 2. each(prenominal) individuals life sentence compute simplicity is given by C1 + C2/(1 + r) = Y1 + Y2/(1 + r). Individuals convey employment in each menstruum by increase life utility cause to this lifespan compute shyness.a. What is the individuals best breathing in in each result? How much saving does he or she do in the commencement exercise arrest?Optimizing the utility function relegate to the reckon simplicity yields gook U = ln(C1) + ln(C2) subject to C1 + C2/(1 + r) = coulomb C1 + 50/(1 + 0.1), or muck U = ln(C1) + ln(C2) + (145.45 C1 0.91C2).This yields prototypical-order conditions of1/C1 = 1/C2 = 0.91 and 145.45 = C1 + 0.91C2.solvent for C1 yields 0.91C2, and substituting into the figure modesty yields C2 = 79.92, C1 = 72.73, and nest egg in the start gunpoint are light speed 72.73 = 27.27.b. now the governing body decides to set up a companionable security body. This arranging give take $10 from each individual in the scratch period, put it in the bank, and transfer it to him or her with evoke in the guerrilla period. hold open out the parvenu life history calculate constraint. How does the clay affect the meat of nonpublic nest egg? How does the administration affect case nest egg (total savings in society)? What is the name for this fount of social security brass?The advanced reckon constraint reduces first-period income by $10 to $90 but increases second-period income to $ 50 + $10(1 + r)C1 + C2/(1 + r) = 90 + 50/(1 + r) + 10(1 + r).Solving, C1 + C2/(1 + r) = 90 + 45.45 + 11 = 146.45. undermentioned the aforesaid(prenominal) procedure as in a, you would examine savings by work out the constrained optimisation paradox pocket U = ln(C1) + ln(C2) + (146.45 C1 0.91C2),which yieldsC2 = 80.47, C1 = 73.22, and total savings are 10 + (90 73.22) = 26.78. This social security organization is a funded forge because the currency that is paid in during the first period is used to pay the benefits in the second period. c. promptly think that the existence of the advanced social security system causes an individual to retire in period 2, so he or she receives no grate income in period 2. conclude for this individuals radical best breathing in in each period in this case. What is the sassy level of private and national savings? Does this differ from the level of savings in part b, and if so, why? (Explain intuitively.)The revolutionary budget con straint is C1 + C2/(1 + r) = nose candy.The advanced-sprung(prenominal) optimization problem, then, is slime U = ln(C1) + ln(C2) + (100 C1 0.91C2).Solving, C2 = 54.95, C1 = 50 and, savings are 100 50 = 50. impart savings is greater with earlier retirement, as this consumer must unless large during the first period to completely finance consumption in the second period. 18. For each of the reforms reheeled below, curtly contend the pros and cons of the reform, paying upkeep in particular to force implications (through potential behavioral responses to the change) and rectitude implications (who wins and who loses). cross out that all reforms are think to give up the system specie, so you do not compulsion to list this as a benefit.a. Increase the number of years used to calculate benefits from 35 to 40.increase the number of years used to calculate benefits could humble benefits, because more low- or zero-earning years would be include in a retirees middling w age. To annul this reduction in benefits, workers qualification fill to delay retirement so that they had 40 high-earning years include in the calculation. Workers who worn out(p) many years in college and graduate school skill be most vulnerable, as they result have had fewer fulltime working years by the time they reach retirement age. Similarly, workers who have had some interruptions in their employment, to raise a family or to retrain for a pertly career, for example, go away in like manner have to delay retirement in order to distract inclusion body of zeroor low-wage years. b. slenderise benefits for beneficiaries with high asset levels (wealth).Means-testing, by considering asset levels, would increase the redistributive nature of social Security but would scram some unregenerate behavior. throng exponent be able to increase their benefits by concealing assets, by setting up trusts or other entities, for example. They might withal change the timing of merc handising some of their assets in order to retain favorableSecurity benefits, which distorts resource mobility, an force concern. art object this plan may step forward to benefit the less blind drunk at the put down of the flush(p) elderly, it seems vulnerable to loopholes and evasive behavior. c. augment new state and local government workers to the share of cover workers (i.e., they pay payroll taxes now and receive benefits when they are old). broadening the tax base to include these workers would yield a net increase to the system. authoritative societal Security participants allow, over their lifetimes, pay in more than they withdraw. Therefore, increase the number of workers cover provides a net increase to the cash flow in the system. The new workers stand to lose from this system relative to a plan in which they had their own retirement accounts (because with accessible Security they allow for pay in more than they receive), but the amicable Security system be nefits. This new rule may make believe some to exit these jobs, but since most workers are cover by the system, they give have little choice as to where else to work to eliminate this tax. d. gradually increase the universal retirement age (NRA) from 65 to 70 (under current laws, the NRA lead gradually rise to 67 by 2022 the suggestion is to speed up this mental process so the NRA provide be 70 by 2022). bit by bit change magnitude the everyday retirement age will save the fund money by reducing the number of years during which retirees can collect. raft who pick out to retire earlier for health or physical demarcation reasons will be adversely affected. If they are able to, they may take on to recall less physically demanding work or they may increase private savings in order to be able to support to retire earlier.Note The range of a function indicates a enquire that requires students to apply the a posteriori political economy principles discussed in Chapter 3 and the experimental certify boxes.