Option-Implied Preferences Adjustments and Risk-Neutral Density Forecasts

The main objective of this paper is to analyse the value of information contained in prices of options on the IBEX 35 index at the Spanish Stock Exchange Market. The forward looking information is extracted using implied risk-neutral density functions estimated by a mixture of two-lognormals and three alternative risk-adjustments: the classic power and exponential utility functions and a habit-based specification that allows for a counter-cyclical variation of risk aversion. Our results show that at four-week horizon we can reject the hypothesis that between October 1996 and March 2000 the risk-neutral densities provide accurate predictions of the distributions of future realisations of the IBEX 35 index at a four-week horizon. When forecasting through risk-adjusted densities the performance of this period is statistically improved and we no longer reject that hypothesis. All risk-adjusted densities generate similar forecasting statistics. Then, at least for a horizon of four-weeks, the actual risk adjustment does not seem to be the issue. By contrast, at the one-week horizon risk-adjusted densities do not improve the forecasting ability of the risk-neutral counterparts.

Mas-Colell, Whinston and Green Versus Scitovsky on Profit and Utility Maximization

I contrast the theoretical foundation of profit maximization of Mas-Colell, Whinston and Green’s “Microeconomics” against that provided by Scitovsky in a paper of 1943. Whereas Mas-Colell, Whinston and Green try to show that profit maximization can be derived from utility maximization, Scitovsky categorically states the contrary view. I argue, first, that the foundation provided by Mas-Colell, Whinston and Green is not sound and, secondly, that Scitovsky’s line of reasoning opens a better way to model business behavior.

USP1 deubiquitinase: cellular functions, regulatory mechanisms and emerging potential as target in cancer therapy

12 p.

ICGE: an R package for detecting relevant clusters and atypical units in gene expression

Background: Gene expression technologies have opened up new ways to diagnose and treat cancer and other diseases. Clustering algorithms are a useful approach with which to analyze genome expression data. They attempt to partition the genes into groups exhibiting similar patterns of variation in expression level. An important problem associated with gene classification is to discern whether the clustering process can find a relevant partition as well as the identification of new genes classes. There are two key aspects to classification: the estimation of the number of clusters, and the decision as to whether a new unit (gene, tumor sample ... ) belongs to one of these previously identified clusters or to a new group. Results: ICGE is a user-friendly R package which provides many functions related to this problem: identify the number of clusters using mixed variables, usually found by applied biomedical researchers; detect whether the data have a cluster structure; identify whether a new unit belongs to one of the pre-identified clusters or to a novel group, and classify new units into the corresponding cluster. The functions in the ICGE package are accompanied by help files and easy examples to facilitate its use. Conclusions: We demonstrate the utility of ICGE by analyzing simulated and real data sets. The results show that ICGE could be very useful to a broad research community.

Literature Review of Integrated Impact Assessment Models of Climate Change with Emphasis on Damage Functions

35 p.

Diseño, fabricación y control de un sistema neumático de agarre de 1 grado de libertad

[ES]El presente Trabajo de Fin de Grado tiene la finalidad de contribuir al desarrollo de una línea de investigación mediante la implementación de un sistema neumático de agarre al mecanismo de cinemática paralela 5R. Dicho proyecto se integra dentro de una línea de investigación basada en el desarrollo y estudio de mecanismos de este tipo. Así, este Trabajo supone una pequeña parte de un proyecto de mayor envergadura, para cuyo éxito será necesaria la colaboración con otros investigadores y la integración de este trabajo al realizado por ellos. Consiste en diseñar, fabricar y controlar un sistema neumático de agarre al mecanismo 5R. El diseño se realizará sopesándose las distintas alternativas que existen, teniéndose en cuenta las limitaciones impuestas por el 5R. En el diseño se escogen los componentes correctos para conseguir que el sistema realice sus dos funciones:  Agarrar piezas.  Movimiento en el eje z que le permita desplazar el objeto. Antes del ensamblaje de los componentes neumáticos, y teniendo en cuenta el diseño realizado, se fabricarán las piezas necesarias para poder integrarlo al 5R y para, a su vez, juntar los componentes entre sí. A continuación, se desarrollará un programa informático para poder controlar el sistema. Finalmente, para verificar su correcto funcionamiento, se realizarán las pruebas pertinentes.

Frame presentations: variants of the reals, rings of functions, their Dedekind completions, and the unit circle

176 p.

Bessel functions and equations of mathematical physics

The aim of this dissertation is to introduce Bessel functions to the reader, as well as studying some of their properties. Moreover, the final goal of this document is to present the most well- known applications of Bessel functions in physics.

The activity view of inner speech

We distinguish two general approaches to inner speech (IS) the "format" and the "activity" views and defend the activity view. The format view grounds the utility of IS on features of the representational format of language, and is related to the thesis that the proper function of IS is to make conscious thinking possible. IS appears typically as a product constituted by representations of phonological features. The view also has implications for the idea that passivity phenomena in cognition may be misat-tributed IS. The activity view sees IS as a speaking activity that does not have a proper function in cognition. It simply inherits the array of functions of outer speech. We argue that it is methodologically advisable to start from this variety of uses, which suggests commonalities between internal and external activities. The format view has several problems; it has to deny "unsymbolized thinking"; it cannot easily explain how IS makes thoughts available to consciousness, and it cannot explain those uses of IS where its format features apparently play no role. The activity view not only lacks these problems but also has explanatory advantages: construing IS as an activity allows it to be integrally constituted by its content; the view is able to construe unsymbolized thinking as part of a continuum of phenomena that exploit the same mechanisms, and it offers a simple explanation for the variety of uses of IS