Licensing in an international triopoly

We study the effects of entry of two foreign firms on domestic welfare in the presence of licensing, when the incumbent is technologically superior to the entrants. We consider two different situations: (i) the cost-reducing innovation is licensed to both entrants; (ii) the cost- reducing innovation is licensed to just one of the entrants. We analyse three kind of license: (lump- sum) fixed-fee; (per-unit) royalty; and two-part tariff, that is a combination of a fixed-fee and a royalty. We prove that a two part tariff is never an optimal licensing scheme for the incumbent. Moreover, (i) when the technology is licensed to the two entrants, the optimal contract consists of a licensing with only output royalty; and (ii) when the technology is licensed to just one of the entrants, the optimal contract consists of a licensing with only a fixed-fee.

Análise comparativa de valores de imóveis e de métodos de avaliação

Esta dissertação considera a importância da avaliação imobiliária no mercado imobiliário, nas mais diversas situações. Contudo, cinge-se à determinação de um presumível valor de transação para apartamentos, moradias, lojas e terrenos, para venda ou arrendamento. Os mercados imobiliários escolhidos são dois concelhos conhecidos, da autora, por ser mais fácil a perceção dos locais e preços de venda. Foi escolhido o Concelho de Valongo para apartamentos, moradias e terrenos e o Concelho da Maia para lojas. Para determinarmos os valores em estudo adotaram-se os métodos de avaliação imobiliária mais comuns nomeadamente: o Método Comparativo, Método do Rendimento e o Método do Custo. São apresentados os métodos de avaliação mais utilizados, descrevendo-se a aplicação de cada um deles e as suas condições necessárias. Fez-se uma comparação entre cada um o que permitiu concluir sobre os mesmos. A recolha dos imóveis objeto de estudo foi efetuada em Sites de empresas imobiliárias que dispunham de informação necessária ao âmbito do trabalho. Aplicaram-se os métodos a cada caso recolhido e posteriormente fez-se a comparação dos resultados obtidos. Através de tratamento estatístico, utilizaram-se as técnicas de regressão múltipla para análise de relações entre os métodos de avaliação aplicados. Por fim, retiraram-se conclusões sobre a relação existente entre os três métodos de avaliação.

A Influência da teoria da agência na estrutura de capital na indústria do calçado

apresentado ao Instituto de Contabilidade e Administração do Porto para a Dissertação de Mestrado para obtenção do grau de Mestre em Contabilidade e Finanças sob orientação do Mestre Adalmiro Álvaro Malheiro de Castro Andrade Pereira

Strategic Bidding in Electricity Markets: An agent-based simulator with game theory for scenario analysis

Electricity markets are complex environments, involving a large number of different entities, with specific characteristics and objectives, making their decisions and interacting in a dynamic scene. Game-theory has been widely used to support decisions in competitive environments; therefore its application in electricity markets can prove to be a high potential tool. This paper proposes a new scenario analysis algorithm, which includes the application of game-theory, to evaluate and preview different scenarios and provide players with the ability to strategically react in order to exhibit the behavior that better fits their objectives. This model includes forecasts of competitor players’ actions, to build models of their behavior, in order to define the most probable expected scenarios. Once the scenarios are defined, game theory is applied to support the choice of the action to be performed. Our use of game theory is intended for supporting one specific agent and not for achieving the equilibrium in the market. MASCEM (Multi-Agent System for Competitive Electricity Markets) is a multi-agent electricity market simulator that models market players and simulates their operation in the market. The scenario analysis algorithm has been tested within MASCEM and our experimental findings with a case study based on real data from the Iberian Electricity Market are presented and discussed.

Cost Allocation Model for Distribution Networks Considering High Penetration of Distributed Energy Resources

The high penetration of distributed energy resources (DER) in distribution networks and the competitiveenvironment of electricity markets impose the use of new approaches in several domains. The networkcost allocation, traditionally used in transmission networks, should be adapted and used in the distribu-tion networks considering the specifications of the connected resources. The main goal is to develop afairer methodology trying to distribute the distribution network use costs to all players which are usingthe network in each period. In this paper, a model considering different type of costs (fixed, losses, andcongestion costs) is proposed comprising the use of a large set of DER, namely distributed generation(DG), demand response (DR) of direct load control type, energy storage systems (ESS), and electric vehi-cles with capability of discharging energy to the network, which is known as vehicle-to-grid (V2G). Theproposed model includes three distinct phases of operation. The first phase of the model consists in aneconomic dispatch based on an AC optimal power flow (AC-OPF); in the second phase Kirschen’s andBialek’s tracing algorithms are used and compared to evaluate the impact of each resource in the net-work. Finally, the MW-mile method is used in the third phase of the proposed model. A distributionnetwork of 33 buses with large penetration of DER is used to illustrate the application of the proposedmodel.

Privatization and social welfare in an international mixed Stackelberg duopoly

Competition between public and private firms exists in a range of industries like telecommunications, electricity, natural gas, airlines industries, as weel as services including hospitals, banking and education. Some authors studied mixed oligopolies under Cournot competition (firms move simultaneously) and some others considered Stackelberg models (firms move sequentially). Tomaru [1] analyzed, in a Cournot model, how decision-making upon cost-reducing R&D investment by a domestic public firm is affected by privatization when competing in the domestic market with a foreign firm. He shows that privatization of the domestic public firm lowers productive efficiency and deteriorates domestic social welfare. In this paper, we examine the same question but in a Stackelberg formulation instead of Cournot. The model is a three-stage game. In the first stage, the domestic firm chooses the amount of cost-reducing R&D investment. Then, the firms compete à la Stackelberg. Two cases are considered: (i) The domestic firm is the leader; (ii) The foreign firm is the leader. We show that the results obtained in [1] for Cournot competition are robust in the sence that they are also true when firms move sequentially.

Equilibria of quantity setting differentiated duopoly with uncertainty

In this paper, we consider a Stackelberg duopoly competition with differentiated goods and with unknown costs. The firms' aim is to choose the output levels of their products according to the well-known concept of perfect Bayesian equilibrium. There is a firm ( F1 ) that chooses first the quantity 1 q of its good; the other firm ( F2 ) observes 1 q and then chooses the quantity 2 q of its good. We suppose that each firm has two different technologies, and uses one of them following a probability distribution. The use of either one or the other technology affects the unitary production cost. We show that there is exactly one perfect Bayesian equilibrium for this game. We analyse the advantages, for firms and for consumers, of using the technology with the highest production cost versus the one with the cheapest cost.

New and low cost plastic membrane electrode with low detection limits for sulfadimethoxine determination in aquaculture waters

Sulfadimethoxine (SDM) is one of the drugs, often used in the aquaculture sector to prevent the spread of disease in freshwater fish aquaculture. Its spread through the soil and surface water can contribute to an increase in bacterial resistance. It is therefore important to control this product in the environment. This work proposes a simple and low-cost potentiometric device to monitor the levels of SDM in aquaculture waters, thus avoiding its unnecessary release throughout the environment. The device combines a micropipette tip with a PVC membrane selective to SDM, prepared from an appropriate cocktail, and an inner reference solution. The membrane includes 1% of a porphyrin derivative acting as ionophore and a small amount of a lipophilic cationic additive (corresponding to 0.2% in molar ratio). The composition of the inner solution was optimized with regard to the kind and/or concentration of primary ion, chelating agent and/or a specific interfering charged species, in different concentration ranges. Electrodes constructed with inner reference solutions of 1 × 10−8 mol/L SDM and 1 × 10−4 mol/L chromate ion showed the best analytical features. Near-Nernstian response was obtained with slopes of −54.1 mV/decade, an extraordinary detection limit of 7.5 ng/mL (2.4 × 10−8 mol/L) when compared with other electrodes of the same type. The reproducibility, stability and response time are good and even better than those obtained by liquid contact ISEs. Recovery values of 98.9% were obtained from the analysis of aquaculture water samples.

A framework for using real data with distributed low cost sensors

Currently, due to the widespread use of computers and the internet, students are trading libraries for the World Wide Web and laboratories with simulation programs. In most courses, simulators are made available to students and can be used to proof theoretical results or to test a developing hardware/product. Although this is an interesting solution: low cost, easy and fast way to perform some courses work, it has indeed major disadvantages. As everything is currently being done with/in a computer, the students are loosing the “feel” of the real values of the magnitudes. For instance in engineering studies, and mainly in the first years, students need to learn electronics, algorithmic, mathematics and physics. All of these areas can use numerical analysis software, simulation software or spreadsheets and in the majority of the cases data used is either simulated or random numbers, but real data could be used instead. For example, if a course uses numerical analysis software and needs a dataset, the students can learn to manipulate arrays. Also, when using the spreadsheets to build graphics, instead of using a random table, students could use a real dataset based, for instance, in the room temperature and its variation across the day. In this work we present a framework which uses a simple interface allowing it to be used by different courses where the computers are the teaching/learning process in order to give a more realistic feeling to students by using real data. A framework is proposed based on a set of low cost sensors for different physical magnitudes, e.g. temperature, light, wind speed, which are connected to a central server, that the students have access with an Ethernet protocol or are connected directly to the student computer/laptop. These sensors use the communication ports available such as: serial ports, parallel ports, Ethernet or Universal Serial Bus (USB). Since a central server is used, the students are encouraged to use sensor values results in their different courses and consequently in different types of software such as: numerical analysis tools, spreadsheets or simply inside any programming language when a dataset is needed. In order to do this, small pieces of hardware were developed containing at least one sensor using different types of computer communication. As long as the sensors are attached in a server connected to the internet, these tools can also be shared between different schools. This allows sensors that aren't available in a determined school to be used by getting the values from other places that are sharing them. Another remark is that students in the more advanced years and (theoretically) more know how, can use the courses that have some affinities with electronic development to build new sensor pieces and expand the framework further. The final solution provided is very interesting, low cost, simple to develop, allowing flexibility of resources by using the same materials in several courses bringing real world data into the students computer works.

High-Accuracy Low-Cost RTK-GPS for an Unmanned Surface Vehicle

This work presents a low cost RTK-GPS system for localization of unmanned surface vehicles. The system is based on the use of standard low cost L1 band receivers and in the RTKlib open source software library. Mission scenarios with multiple robotic vehicles are addressed as the ones envisioned in the ICARUS search and rescue case where the possibility of having a moving RTK base on a large USV and multiple smaller vehicles acting as rovers in a local communication network allows for local relative localization with high quality. The approach is validated in operational conditions with results presented for moving base scenario. The system was implemented in the SWIFT USV with the ROAZ autonomous surface vehicle acting as a moving base. This setup allows for the performing of a missions in a wider range of environments and applications such as precise 3D environment modeling in contained areas and multiple robot operations.

Uncertainty on a Bertrand duopoly with product differentiation

The conclusions of the Bertrand model of competition are substantially altered by the presence of either differentiated goods or asymmetric information about rival’s production costs. In this paper, we consider a Bertrand competition, with differentiated goods. Furthermore, we suppose that each firm has two different technologies, and uses one of them according to a certain probability distribution. The use of either one or the other technology affects the unitary production cost. We show that this game has exactly one Bayesian Nash equilibrium. We do ex-ante and ex-post analyses of firms’ profits and market prices. We prove that the expected profit of each firm increases with the variance of its production costs. We also show that the expected price of each good increases with both expected production costs, being the effect of the expected production costs of the rival dominated by the effect of the own expected production costs.

Coalition of distributed generation units to Virtual Power Players - a game theory approach

Smart Grids (SGs) have emerged as the new paradigm for power system operation and management, being designed to include large amounts of distributed energy resources. This new paradigm requires new Energy Resource Management (ERM) methodologies considering different operation strategies and the existence of new management players such as several types of aggregators. This paper proposes a methodology to facilitate the coalition between distributed generation units originating Virtual Power Players (VPP) considering a game theory approach. The proposed approach consists in the analysis of the classifications that were attributed by each VPP to the distributed generation units, as well as in the analysis of the previous established contracts by each player. The proposed classification model is based in fourteen parameters including technical, economical and behavioural ones. Depending of the VPP strategies, size and goals, each parameter has different importance. VPP can also manage other type of energy resources, like storage units, electric vehicles, demand response programs or even parts of the MV and LV distribution network. A case study with twelve VPPs with different characteristics and one hundred and fifty real distributed generation units is included in the paper.

Cost allocation model for distribution networks considering high penetration of distributed energy resources

The high penetration of distributed energy resources (DER) in distribution networks and the competitive environment of electricity markets impose the use of new approaches in several domains. The network cost allocation, traditionally used in transmission networks, should be adapted and used in the distribution networks considering the specifications of the connected resources. The main goal is to develop a fairer methodology trying to distribute the distribution network use costs to all players which are using the network in each period. In this paper, a model considering different type of costs (fixed, losses, and congestion costs) is proposed comprising the use of a large set of DER, namely distributed generation (DG), demand response (DR) of direct load control type, energy storage systems (ESS), and electric vehicles with capability of discharging energy to the network, which is known as vehicle-to-grid (V2G). The proposed model includes three distinct phases of operation. The first phase of the model consists in an economic dispatch based on an AC optimal power flow (AC-OPF); in the second phase Kirschen's and Bialek's tracing algorithms are used and compared to evaluate the impact of each resource in the network. Finally, the MW-mile method is used in the third phase of the proposed model. A distribution network of 33 buses with large penetration of DER is used to illustrate the application of the proposed model.