Understanding the ex-ante cost of liquidity in the limit order book: A note

This paper estimates a new measure of liquidity costs in a market driven by orders. It represents thecost of simultaneously buying and selling a given amount of shares, and it is given by a single measure of ex-ante liquidity that aggregates all available information in the limit order book for a given number of shares. The cost of liquidity is an increasing function relating bid-ask spreads with the amounts available for trading. This measure completely characterizes the cost of liquidity of any given asset. It does not suffer from the usual ambiguities related to either the bid-ask spread or depth when they are considered separately. On the contrary, with a single measure, we are able to capture all dimensions of liquidity costs on ex-ante basis.

More on Identification on Detailed Wage Decompositions

Revised: 2006-05.-- Published as an article in: The Review of Economics and Statistics, 2004, vol. 86, issue 4, pp. 1034-1036.

An Open and Social Spaced Repetition System for Language Learning

In the last decades big improvements have been done in the field of computer aided learning, based on improvements done in computer science and computer systems. Although the field has been always a bit lagged, without using the latest solutions, it has constantly gone forward taking profit of the innovations as they show up. As long as the train of the computer science does not stop (and it won’t at least in the near future) the systems that take profit of those improvements will not either, because we humans will always need to study; Sometimes for pleasure and some other many times out of need. Not all the attempts in the field of computer aided learning have been in the same direction. Most of them address one or some few of the problems that show while studying and don’t take into account solutions proposed for some other problems. The reasons for this can be varied. Sometimes the solutions simply are not compatible. Some other times, because the project is an investigation it’s interesting to isolate the problem. And, in commercial products, licenses and patents often prevent the new projects to use previous work. The world moved forward and this is an attempt to use some of the options offered by technology, mixing some old ideas with new ones.

Open Personalization: Involving Third Parties in Improving the User Experience of Websites

Traditional software development captures the user needs during the requirement analysis. The Web makes this endeavour even harder due to the difficulty to determine who these users are. In an attempt to tackle the heterogeneity of the user base, Web Personalization techniques are proposed to guide the users’ experience. In addition, Open Innovation allows organisations to look beyond their internal resources to develop new products or improve existing processes. This thesis sits in between by introducing Open Personalization as a means to incorporate actors other than webmasters in the personalization of web applications. The aim is to provide the technological basis that builds up a trusty environment for webmasters and companion actors to collaborate, i.e. "an architecture of participation". Such architecture very much depends on these actors’ profile. This work tackles three profiles (i.e. software partners, hobby programmers and end users), and proposes three "architectures of participation" tuned for each profile. Each architecture rests on different technologies: a .NET annotation library based on Inversion of Control for software partners, a Modding Interface in JavaScript for hobby programmers, and finally, a domain specific language for end-users. Proof-of-concept implementations are available for the three cases while a quantitative evaluation is conducted for the domain specific language.

The basque ecological debt: global socioecological impacts of a small open economy

4 p.

Actas del I. Congreso Interuniversitario sobre el trabajo fin de grado : Retos y oportunidades del TFG en la sociedad del conocimiento : Bilbo, Bizkaia Aretoa, 2014-V-19/20

Este primer Congreso Interuniversitario sobre el Trabajo Fin de Grado ha supuesto un encuentro y un espacio de reflexión e intercambio de diversas experiencias procedentes de los distintos grados y áreas de conocimiento de las universidades participantes. Esta diversidad se ha manifestado en las temáticas presentadas, que hacen referencia a: normativas de TFG, modalidades de TFG, número de créditos y del peso académico del TFG en cada plan de estudios, enfoques e instrumentos de evaluación, desarrollo de materiales para la elaboración del TFG, guías docentes, defensas del TFG, las plataformas de gestión integral desarrolladas en algunas universidades, etc. También se ha reflexionado sobre las diversas formas de la difusión de los TFG (Open Access, repositorios digitales propios de cada universidad) y la transferencia de conocimiento desde los grados a los distintos sectores de la sociedad, la cultura, economía, tecnología, salud, innovación social, etc.

Global and local challenges for best practices in assessment. The 9th Conference on the International Test Commission. Book of abstracts

The 9th International Test Commission Conference (ITC) took place at the Miramar Palace in San Sebastian, Spain, between the 2nd and 5th of July, 2014. The Conference was titled, “Global and Local Challenges for Best Practices in Assessment.” The International Test Commission, ITC (www.intestcom.org), is an association of national psychological associations, test commissions, publishers, and other organizations, as well as individuals who are committed to the promotion of effective testing and assessment policies and to the proper development, evaluation, and uses of educational and psychological instruments. The ITC facilitates the exchange of information among members and stimulates their cooperation on problems related to the construction, distribution, and uses of psychological and educational tests and other psychodiagnostic tools. This volume contains the abstracts of the contributions presented at the 9th International Test Commission Conference. The four themes of the Conference were closely linked to the goals of the ITC: - Challenges and Opportunities in International Assessment. - Application of New Technoloogies and New Psychometric Models in Testing. - Standards and Guidelines for Best Testing Practices. - Testing in Multilingual and Multicultural Contexts.

IKASNABAR 2014 International Conference. Microcontents, miniMOOCs and mLearning

[ES]Ikasnabar es una conferencia para hablar de tendencias en educación, sobre las nuevas tecnologías en el ámbito educativo y conocer personas que están generando buenas ideas y prácticas en su quehacer diario. Este libro intenta recoger todo ello con las contribuciones de autores noveles y de renombre que buscan la excelencia en los procesos de enseñanza-aprendizaje. Tres tendencias importantes de aprendizaje se están expandiendo. Microcontenidos, aprendizaje móvil y MOOCs son la cara de una misma moneda: microaprendizaje con contenido rico, abierto y desmenuzado. A medida que el consumo de Internet desde dispositivos móviles aumenta, el aprendizaje móvil con tecnologías como HTML5, software para MOOC, plataformas de contenidos de vídeo, etc., están siendo algunas de las claves de la nueva revolución en el ámbito educativo. El microcontenido hace referencia a los pequeños trozos de información digital en un estado permanente de flujo y circulación. Es a menudo un único tema, limitado en longitud, que se consume rápidamente y con frecuencia limitado por el software o por el dispositivo. Se trata de la puesta en común de recursos. Se basa en la interacción humano-a-humano con los medios de comunicación de Internet. El otro tema central de esta conferencia es el de los MOOC realizados por los profesores que quieren tomar ventaja en el comienzo de esta nueva era de la educación abierta con calidad. MOOCs son, básicamente, cursos abiertos y es necesario recordar los puntos esenciales de este tipo de instrucción. Los miniMOOCs son alternativas con menos horas en el proceso de aprendizaje. Hoy en día, un buen MOOC podrá ser la mejor tarjeta de presentación para profesores, expertos y estudiantes. Vivimos en tiempos de cambio con ámbitos en los que se mezcla el aprendizaje formal e informal, y las universidades y colegios deberíamos estar atentos a esto.