A Behavioral Foundation for Models of Evolutionary Drift

Binmore and Samuelson (1999) have shown that perturbations (drift) are crucial to study the stability properties of Nash equilibria. We contribute to this literature by providing a behavioural foundation for models of evolutionary drift. In particular, this article introduces a microeconomic model of drift based on the similarity theory developed by Tversky (1977), Kahneman and Tversky (1979) and Rubinstein (1988),(1998). An innovation with respect to those works is that we deal with similarity relations that are derived from the perception that each agent has about how well he is playing the game. In addition, the similarity relations are adapted to a dynamic setting. We obtain different models of drift depending on how we model the agent´s assessment of his behaviour in the game. The examples of the ultimatum game and the chain-store game are used to show the conditions for each model to stabilize elements in the component of Nash equilibria that are not subgame- perfect. It is also shown how some models approximate the laboratory data about those games while others match the data.

The Comovement between Monetary and Fiscal Policy Instruments during the Post-War Period in the U.S.

This paper empirically studies the dynamic relationship between monetary and fiscal policies by analyzing the comovements between the Fed funds rate and the primary deficit/output ratio. Simple economic thinking establishes that a negative correlation between Fed rate and deficit arises whenever the two policy authorities share a common stabilization objective. However, when budget balancing concerns lead to a drastic deficit reduction the Fed may reduce the Fed rate in order to smooth the impact of fiscal policy, which results in a positive correlation between these two policy instruments. The empirical results show (i) a significant negative comovement between Fed rate and deficit and (ii) that deficit and output gap Granger-cause the Fed funds rate during the post-Volcker era, but the opposite is not true.

Markov Switching Risk Premium and the term structure of interest rates. Empirical evidence from US post-war interest rates

This paper considers the basic present value model of interest rates under rational expectations with two additional features. First, following McCallum (1994), the model assumes a policy reaction function where changes in the short-term interest rate are determined by the long-short spread. Second, the short-term interest rate and the risk premium processes are characterized by a Markov regime-switching model. Using US post-war interest rate data, this paper finds evidence that a two-regime switching model fits the data better than the basic model. The estimation results also show the presence of two alternative states displaying quite different features.

The changing behaviour of the term structure of post-war US

Using U.S. interest rate data covering the period 1950:1-1992:7, this paper tests the rational expectations model of the term structure of interest rates. We show evidence that the rational expectations model of the term structure is supported by the data during the seventies and a period lasting from the mid-eighties to the end of the sample. However, during the …fties, sixties and a period that covers most of the Volcker’s office term (from September 1979 to April 1986) the term structure model is rejected by the data. Moreover, wefind evidence of regime changes in the short-term rate process and the term structure of interest rates. These regime switches roughly coincide with changes in the Federal Reserve chairman. The switches in monetary policy taking place when the chairmanship of the Federal Reserve changes therefore seem to play an important role in characterizing the term structure of interest rates.

Switching Regimes in the Term Structure of Interest Rates During U.S. Post-War: A case for the Lucas proof equilibrium?

Published as an article in: Studies in Nonlinear Dynamics & Econometrics, 2004, vol. 8, issue 1, pages 5.

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.

Improving Content Delivery Efficiency through Multi-Layer Mobile Edge Adaptation

This paper presents a novel architecture for optimizing the HTTP-based multimedia delivery in multi-user mobile networks. This proposal combines the usual client-driven dynamic adaptation scheme DASH-3GPP with network-assisted adaptation capabilities, in order to maximize the overall Quality of Experience. The foundation of this combined adaptation scheme is based on two state of the art technologies. On one hand, adaptive HTTP streaming with multi-layer encoding allows efficient media delivery and improves the experienced media quality in highly dynamic channels. Additionally, it enables the possibility to implement network-level adaptations for better coping with multi-user scenarios. On the other hand, mobile edge computing facilitates the deployment of mobile services close to the user. This approach brings new possibilities in modern and future mobile networks, such as close to zero delays and awareness of the radio status. The proposal in this paper introduces a novel element, denoted as Mobile Edge-DASH Adaptation Function, which combines all these advantages to support efficient media delivery in mobile multi-user scenarios. Furthermore, we evaluate the performance enhancements of this content- and user context-aware scheme through simulations of a mobile multimedia scenario.

Humanism after the Spanish Civil War: Gernika (1945-53), a Humanities and Social Sciencesbasque magazine

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Pio del Rio Hortega and the discovery of the oligodendrocytes

Rio del Rio Hortega (1882-1945) discovered microglia and oligodendrocytes (OLGs), and after Ramon y Cajal, was the most prominent figure of the Spanish school of neurology. He began his scientific career with Nicolas Achucarro from whom he learned the use of metallic impregnation techniques suitable to study non-neuronal cells. Later on, he joined Cajal's laboratory. and Subsequently, he created his own group, where he continued to develop other innovative modifications of silver staining methods that revolutionized the study of glial cells a century ago. He was also interested in neuropathology and became a leading authority on Central Nervous System (CNS) tumors. In parallel to this clinical activity, del Rio Hortega rendered the first systematic description of a major polymorphism present in a subtype of macroglial cells that he named as oligodendroglia and later OLGs. He established their ectodermal origin and suggested that they built the myelin sheath of CNS axons, just as Schwann cells did in the periphery. Notably, he also suggested the trophic role of OLGs for neuronal functionality, an idea that has been substantiated in the last few years. Del Rio Hortega became internationally recognized and established an important neurohistological school with outstanding pupils from Spain and abroad, which nearly disappeared after his exile due to the Spanish civil war. Yet, the difficulty of metal impregnation methods and their variability in results, delayed for some decades the confirmation of his great insights into oligodendrocyte biology until the development of electron microscopy and immunohistochemistry. This review aims at summarizing the pioneer and essential contributions of del Rio Hortega to the current knowledge of oligodendrocyte structure and function, and to provide a hint of the scientific personality of this extraordinary and insufficiently recognized man.