Sampled Control for Mean-Variance Hedging in a Jump Diffusion Financial Market

In this technical note we consider the mean-variance hedging problem of a jump diffusion continuous state space financial model with the re-balancing strategies for the hedging portfolio taken at discrete times, a situation that more closely reflects real market conditions. A direct expression based on some change of measures, not depending on any recursions, is derived for the optimal hedging strategy as well as for the ""fair hedging price"" considering any given payoff. For the case of a European call option these expressions can be evaluated in a closed form.

Over the Air Download for Digital Television Receivers Upgrade

Over the air download is an important feature for terrestrial digital television systems. It provides a cheaper option for DTV receiver manufacturers to provide bug fixes and quality improvements to their products, allowing a shorter time to the market. This paper presents a mechanism proposal of an over the air download software update for the Brazilian system. This mechanism was specified considering the Brazilian DTV over the air download specifications, but it was extended considering efficiency, reliability and user transparency as requirements for software update. A proof of concept was implemented on a Linux based set-top box. The mechanism is divided into five main functional parts: download schedule, packets download, packets authentication, installation and error robustness. Some analyses were conducted upon the implementation considering the following criteria: download robustness and maximum downloading rate. (1)

Thermodynamic information system for diagnosis and prognosis of power plant operation condition

A thermodynamic information system for diagnosis and prognosis of an existing power plant was developed. The system is based on an analytic approach that informs the current thermodynamic condition of all cycle components, as well as the improvement that can be obtained in the cycle performance by the elimination of the discovered anomalies. The effects induced by components anomalies and repairs in other components efficiency, which have proven to be one of the main drawbacks in the diagnosis and prognosis analyses, are taken into consideration owing to the use of performance curves and corrected performance curves together with the thermodynamic data collected from the distributed control system. The approach used to develop the system is explained, the system implementation in a real gas turbine cogeneration combined cycle is described and the results are discussed. (C) 2011 Elsevier Ltd. All rights reserved.

Forest certification in Amazonia: standards matter

Forest Stewardship Council (FSC) certification promises international consumers that `green-label` timber has been logged sustainably. However, recent research indicates that this is not true for ipe (Tabebuia spp.), currently flooding the US residential decking market, much of it logged in Brazil. Uneven or non-application of minimum technical standards for certification could undermine added value and eventually the certification process itself. We examine public summary reports by third-party certifiers describing the evaluation process for certified companies in the Brazilian Amazon to determine the extent to which standards are uniformly applied and the degree to which third-party certifier requirements for compliance are consistent among properties. Current best-practice harvest systems, combined with Brazilian legal norms for harvest levels, guarantee that no certified company or community complies with FSC criteria and indicators specifying species-level management. No guidelines indicate which criteria and indicators must be enforced, or to what degree, for certification to be conferred by third-party assessors; nor do objective guidelines exist for evaluating compliance for criteria and indicators for which adequate scientific information is not yet available to identify acceptable levels. Meanwhile, certified companies are expected to monitor the long-term impacts of logging on biodiversity in addition to conducting best-practice forest management. This burden should reside elsewhere. We recommend a clarification of `sustained timber yield` that reflects current state of knowledge and practice in Amazonia. Quantifiable verifiers for best-practice forest management must be developed and consistently employed. These will need to be flexible to reflect the diversity in forest structure and dynamics that prevails across this vast region. We offer suggestions for how to achieve these goals.

NEW PHYTOSEIIDAE (ACARI: MESOSTIGMATA) FROM COSTA RICA, WITH ADDITIONAL INFORMATION ON OTHER SPECIES

This paper reports on a study of phytoseiids collected from the La Selva Biological Field Station, the ALAS (Arthropods of La Selva) Project, made available to us by the Canadian National Collection via Dr. E. E. Lindquist. This material includes two new species, Proprioseiopsis versus n. sp. and Transeius costarricensis n. sp., three new records for Central America, and additional information for nine species previously reported from La Selva.

Incidence of black spot in citrus fruits from different processing stages in packinghouses and from Sao Paulo`s wholesale market

The purposes of this work were a) to evaluate citrus black spot (CBS) incidence in `Valencia` oranges and `Murcott` tangors aimed at the export market, and in Pera`, `Lima` and `Natal` oranges, and `Murcott` tangors, aimed at the domestic market after different processing stages in packinghouses in 2004/05 and 2005/06; b) to evaluate CBS incidence in Pera` and `Lima` oranges and `Murcott` tangors sold at Ceagesp-SP, the biggest wholesale market in the State of Sao Paulo, in 2006. Citrus fruits were collected at the packinghouse, on their arrival, after pre-washing and de-greening, from the packing table, from the pallet and at Ceagesp. They were stored for 14 to 21 days at 25 degrees C and 85-90% RH. The incidence of CBS was visually evaluated after one day and at the end of the storage period. CBS incidence in fruits aimed at the export market decreased, with values under 2.0% on arrival and no CBS symptoms observed on fruits from the pallet. The average incidence of CBS in `Pera`, `Lima` and `Natal` oranges, and `Murcott` tangors in the packinghouse aimed at the domestic market were 64.1, 39.0, 32.1 and 19.3%, respectively, after one day of storage, then remaining constant in all processing stages. The incidence of CBS in Ceagesp fruits was low in winter months and increased in the spring. The increase in disease incidence during the storage period (21 days) was not significant in collected fruits.

Postharvest diseases in citrus and characterization of the fungal population in Sao Paulo`s wholesale market

The purposes of this workwere to characterize postharvest injuries and to evaluate the physicochemical characteristics of`Nra` and `Lima`oranges and `Murcott` tangor at Ceagesp market, as well as to characterize the environmental mycoflora in retail points at Ceagesp in 2006. Fruits collected at retail points were stored for 14 days at 25 degrees C and 85-90% RH. The incidence of injuries was visually evaluated every three days. The physicochemical characteristics analyzed were titratable acidity and soluble solids amount. The environmental mycoflora was sampled according to the gravimetric method, using Petri dishes containing potato-dextrose-agar medium+pentabiotic opened for two minutes. The average rot incidences in `Pera` and `Lima` oranges and `Murcott` tangor were 12.8, 14.9 and 25.8%, respectively, at the end of the storage period, and green mold was the main postharvest disease. Associations between physicochemical parameters and rot incidence was, in general, not significant. The environmental fungal population varied significantly between the sampling months in retail points with an average of 25.3 cfu/plate. Penicillium and Cladosporium were the most recorded genera of fungi. Positive correlation (r=0.96) was observed between frequency of P digitatum found in the environment of retail points and the green mold in on-sale fruits of `Pera` orange. However, for `Lima` orange and `Murcott` tangor such a correlation was not verified.

Stone fruit injuries and damage at the wholesale market of Sao Paulo, Brazil

Mechanical injuries and diseases in stone fruit are important causes for market rejection. The objectives of this research were to quantify and characterize the mechanical injuries and diseases in peaches, nectarines and plums at Sao Paulo`s wholesale market, the largest in Brazil. Incidence of injuries was assessed weekly in 1 % of the marketed fruit (2973 fruit/week), from September to December in 2003 and 2004. Mechanical injuries were the most frequent injuries in both years, ranging from 8.73% (plum) to 44.5% (nectarine) of injured fruit. There was a significant positive correlation between the incidence of postharvest mechanical injuries and postharvest diseases. Incidence of postharvest diseases varied from 2.5% to 6.6%. Cladosporium rot (Cladosporium sp.) and brown rot (Monilinia fructicola) were the most frequent diseases, and were mostly detected in the apexes of nectarines and peaches. Aurora (peach), Sunraycer (nectarine) and Gulfblaze (plum) varieties were the most susceptible to injuries and diseases. (c) 2007 Elsevier B.V. All rights reserved.

Consumer purchase habits and views on food safety: A Brazilian study

This study aimed to evaluate the attitudes towards food safety among consumers in the city of So Paulo, the major consumer market in Brazil. Focus group sessions were conducted with 30 adults responsible for food choices and purchases. Results indicated a preference for supermarkets over street markets, for the variety of foods, convenience and confidence in the safety assurance. On the other hand, the ""naturalness"" of the products in the street markets was the main reason for purchases in those places. Participants showed concerns with respect to food additives, hormones and pesticides - technological rather than ""natural"" hazards. Minimally processed and ready-to-eat foods were considered convenient products meeting the need for time/labor-savings in the kitchen, although suspicion about wholesomeness and safety came up among consumers. Lack of awareness regarding potentially risky behaviors was observed, including handling and storage of foods in the domestic environment. In conclusion, this study suggests that Brazilian regulators should create more effective risk communication combining technical information with actual consumer perceptions of food risks. (C) 2010 Elsevier Ltd. All rights reserved.

Brazilian consumer views on food irradiation

This study investigated the consumer attitude to food irradiation in Sao Paulo, Brazil, through a qualitative research perspective. Three focus groups were conducted with 30 consumers, responsible for food choices and purchases. Both irradiated and nonirradiated food samples were served in the sessions to motivate the discussion and elicit the participants knowledge, opinions, feelings and concerns towards the irradiation process. Reactions were similar among the groups and differences between the irradiated and the nonirradiated samples were hardly perceived. When provided with positive information about irradiation and its benefits to foods and human health, many people still remained suspicious about the safety of the technology. Risk perception seemed to be related to unease and lack of knowledge about nuclear power and its non-defense use. Participants claimed for more transparency in communication about risks and benefits of irradiated foods to the human health, especially with respect to the continued consumption. Industrial relevance: Irradiation is an emerging food processing technology, which has been gaining interest by food technologists, producers and manufacturers all over the world in the last decades. Irradiation is suitable for disinfestation, microorganism load reduction or sterilization, assuring the safety, as well as having benefits in the shelf-life of foodstuffs. Food irradiation is approved in many countries and its use in food processing is endorsed by several reputed authorities, such as FAD and USDA. Despite the approval and recommendation, this technology still remains underutilized not only in Brazil, but also in other countries. The main reason appears to be the consumer concerns and doubts about the use of radiations in food processing. To develop communication strategies in promotion of irradiated foods it is necessary to investigate consumer attitudes, knowledge. opinions, as well as fears, with respect to the use of radiation in food processing. It is well-known that consumer views on technology may vary from a culture to another. So, findings from consumer research in a country may certainly not reflect the consumer views in other countries. In this sense, Brazilian studies focused on consumer views on food irradiation are necessary to gain understanding on how the local market accepts the technology. Brazil is one of the most important food producers in the world and an emerging consumer market with a population of about 184 million people. Food irradiation is regulated in Brazil since 1973, but to date only a few food ingredients are subjected to irradiation. The wide use of irradiation in food processing would favor Brazilian producers in the quality and safety assurance of food products, both for the local market and for exports. (C) 2009 Elsevier Ltd. All rights reserved.

Generic drugs in Brazil: historical overview and legislation

The Brazilian generic drugs policy was implemented in 1999 with the aim of stimulating competition in the market, improve the quality of drugs and improve the access of the population to drug treatment. The process of implementing this policy allowed the introduction and discussion of concepts that had never before been used in the context of drug registration in Brazil: bioavailability, bioequivalence, pharmaceutical equivalence, generic drugs, biopharmaceutical classification system, biowaiver. The present article provides definitions for these concepts in the context of Brazilian legislation as well as a historical and chronological description of the implementation of the generic drugs policy in Brazil, including a list of current generic drug legislation. This article contributes to the understanding of the Brazilian generic drugs policy and facilitates the search for information concerning the legal requirements for registration of drugs in Brazil.

New information on carbohydrates in the Brazilian Food Composition Database

Foods that contain unavailable carbohydrates may lower the risks for some non-transmissible chronic diseases because of the potential benefits provided by the products of colonic fermentation. On the other hand, foods that are sources of available carbohydrates may have higher energy value and increase the post-prandial glycemic response. The biomarker glycemic index and the resulting glycemic load may be used to classify foods according to their potential to increase blood glucose. Information about glycemic index and glycemic load may be useful in diet therapy. Currently, food composition tables in Brazil do not provide data for individually analyzed carbohydrates even though some quality data are available in scientific publications. The objectives of this work were to produce and compile information about the concentration of individual carbohydrates in foods and their glycemic responses and to disseminate this information through the Brazilian Food Composition Database (TBCA-USP). The glycemic index and glycemic load of foods were evaluated in healthy individuals. Concentrations of available carbohydrates (soluble sugars and available starch) and unavailable carbohydrates (dietary fiber, resistant starch, beta-glucans, fructans) were quantified by official methods, and other national data were compiled. TBCA-USP (http://www.fcf.usp.br/tabela), which is used by professionals and the population in general, now offers both chemical and biological information for carbohydrates. (C) 2009 Elsevier Inc. All rights reserved.

Evaluation of flow regimes in a semi-cylindrical spouted bed through statistical, mutual information, spectral and Hurst`s analysis

Hydrodynamic studies were conducted in a semi-cylindrical spouted bed column of diameter 150 mm, height 1000 mm, conical base included angle of 60 degrees and inlet orifice diameter 25 mm. Pressure transducers at several axial positions were used to obtain pressure fluctuation time series with 1.2 and 2.4 mm glass beads at U/U-ms from 0.3 to 1.6, and static bed depths from 150 to 600 mm. The conditions covered several flow regimes (fixed bed, incipient spouting, stable spouting, pulsating spouting, slugging, bubble spouting and fluidization). Images of the system dynamics were also acquired through the transparent walls with a digital camera. The data were analyzed via statistical, mutual information theory, spectral and Hurst`s Rescaled Range methods to assess the potential of these methods to characterize the spouting quality. The results indicate that these methods have potential for monitoring spouted bed operation.

Information Society, Teaching, and Learning: Education Reforms in Brazil

This article examines the subject matter of learning within the context of information society, through an inquiry concerning both the reforms in education adopted in Brazil in the last thirty years and their results. It provides a revision on the explanations of school failure based on assumptions of learning problems due to cognitive and linguistic deficits. From the guidelines related with written school forms as well as the constant cultural oppression accomplished inside the school, the article claims the necessity of changing the psychological and pedagogic views that, under the label of democratic practices, determine school institutions and its daily life, by means of instrumental relations with knowledge that disregard the reading practices which are congenial to popular culture.

Stability property of matchings is a natural solution concept in coalitional market games

Stability of matchings was proved to be a new cooperative equilibrium concept in Sotomayor (Dynamics and equilibrium: essays in honor to D. Gale, 1992). That paper introduces the innovation of treating as multi-dimensional the payoff of a player with a quota greater than one. This is done for the many-to-many matching model with additively separable utilities, for which the stability concept is defined. It is then proved, via linear programming, that the set of stable outcomes is nonempty and it may be strictly bigger than the set of dual solutions and strictly smaller than the core. The present paper defines a general concept of stability and shows that this concept is a natural solution concept, stronger than the core concept, for a much more general coalitional game than a matching game. Instead of mutual agreements inside partnerships, the players are allowed to make collective agreements inside coalitions of any size and to distribute his labor among them. A collective agreement determines the level of labor at which the coalition operates and the division, among its members, of the income generated by the coalition. An allocation specifies a set of collective agreements for each player.