Asymmetric taxation in a competition between nonprofit and for-profit firms

This paper considers a Cournot competition between a nonprofit firm and a for-profit firm in a homogeneous goods market, with uncertain demand. Given an asymmetric tax schedule, we compute explicitly the Bayesian-Nash equilibrium. Furthermore, we analize the effects of the tax rate and the degree of altruistic preference on market equilibrium outcomes.

Asymmetric dynamic price competition with uncertainty

We consider a dynamic setting-price duopoly model in which a dominant (leader) firm moves first and a subordinate (follower) firm moves second. 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 analyse the effect of the production costs uncertainty on the profits of the firms, for different values of the intercept demand parameters.

Monetary and fiscal policies interactions in a monetary union with country-size asymmetry

Within a country-size asymmetric monetary union, idiosyncratic shocks and national fiscal stabilization policies cause asymmetric cross-border effects. These effects are a source of strategic interactions between noncoordinated fiscal and monetary policies: on the one hand, due to larger externalities imposed on the union, large countries face less incentives to develop free-riding fiscal policies; on the other hand, a larger strategic position vis-à-vis the central bank incentives the use of fiscal policy to, deliberately, influence monetary policy. Additionally, the existence of non-distortionary government financing may also shape policy interactions. As a result, optimal policy regimes may diverge not only across the union members, but also between the latter and the monetary union. In a two-country micro-founded New-Keynesian model for a monetary union, we consider two fiscal policy scenarios: (i) lump-sum taxes are raised to fully finance the government budget and (ii) lump-sum taxes do not ensure balanced budgets in each period; therefore, fiscal and monetary policies are expected to impinge on debt sustainability. For several degrees of country-size asymmetry, we compute optimal discretionary and dynamic non-cooperative policy games and compare their stabilization performance using a union-wide welfare measure. We also assess whether these outcomes could be improved, for the monetary union, through institutional policy arrangements. We find that, in the presence of government indebtedness, monetary policy optimally deviates from macroeconomic to debt stabilization. We also find that policy cooperation is always welfare increasing for the monetary union as a whole; however, indebted large countries may strongly oppose to this arrangement in favour of fiscal leadership. In this case, delegation of monetary policy to a conservative central bank proves to be fruitful to improve the union’s welfare.

Stabilization constraints from different-average public debt levels in a Monetary Union with country-size asymmetry

In the sequence of the recent financial and economic crisis, the recent public debt accumulation is expected to hamper considerably business cycle stabilization, by enlarging the budgetary consequences of the shocks. This paper analyses how the average level of public debt in a monetary union shapes optimal discretionary fiscal and monetary stabilization policies and affects stabilization welfare. We use a two-country micro-founded New-Keynesian model, where a benevolent central bank and the fiscal authorities play discretionary policy games under different union-average debt-constrained scenarios. We find that high debt levels shift monetary policy assignment from inflation to debt stabilization, making cooperation welfare superior to noncooperation. Moreover, when average debt is too high, welfare moves directly (inversely) with debt-to-output ratios for the union and the large country (small country) under cooperation. However, under non-cooperation, higher average debt levels benefit only the large country.

O papel do fundo de maneio das pequenas e médias empresas

Dissertação de Mestrado em Finanças Empresariais

Cu2ZnSnS4 absorber layers obtained through sulphurization of metallic precursors: Graphite box versus sulphur flux

In this work we employed a hybrid method, combining RF-magnetron sputtering with evaporation, for the deposition of tailor made metallic precursors, with varying number of Zn/Sn/Cu (ZTC) periods and compared two approaches to sulphurization. Two series of samples with 1×, 2× and 4× ZTC periods have been prepared. One series of precursors was sulphurized in a tubular furnace directly exposed to a sulphur vapour and N2+5% H2 flux at a pressure of 5.0×10+4 Pa. A second series of identical precursors was sulphurized in the same furnace but inside a graphite box where sulphur pellets have been evaporated again in the presence of N2+5% H2 and at the same pressure as for the sulphur flux experiments. The morphological and chemical analyses revealed a small grain structure but good average composition for all three films sulphurized in the graphite box. As for the three films sulphurized in sulphur flux grain growth was seen with the increase of the number of ZTC periods whilst, in terms of composition, they were slightly Zn poor. The films' crystal structure showed that Cu2ZnSnS4 is the dominant phase. However, in the case of the sulphur flux films SnS2 was also detected. Photoluminescence spectroscopy studies showed an asymmetric broad band emission whichoccurs in the range of 1–1.5 eV. Clearly the radiative recombination efficiency is higher in the series of samples sulphurized in sulphur flux. We have found that sulphurization in sulphur flux leads to better film morphology than when the process is carried out in a graphite box in similar thermodynamic conditions. Solar cells have been prepared and characterized showing a correlation between improved film morphology and cell performance. The best cells achieved an efficiency of 2.4%.

Photoluminescence and electrical study of fluctuating potentials in Cu2ZnSnS4-based thin films

In this work, we investigated structural, morphological, electrical, and optical properties from a set of Cu2ZnSnS4 thin films grown by sulfurization of metallic precursors deposited on soda lime glass substrates coated with or without molybdenum. X-ray diffraction and Raman spectroscopy measurements revealed the formation of single-phase Cu2ZnSnS4 thin films. A good crystallinity and grain compactness of the film was found by scanning electron microscopy. The grown films are poor in copper and rich in zinc, which is a composition close to that of the Cu2ZnSnS4 solar cells with best reported efficiency. Electrical conductivity and Hall effect measurements showed a high doping level and a strong compensation. The temperature dependence of the free hole concentration showed that the films are nondegenerate. Photoluminescence spectroscopy showed an asymmetric broadband emission. The experimental behavior with increasing excitation power or temperature cannot be explained by donor-acceptor pair transitions. A model of radiative recombination of an electron with a hole bound to an acceptor level, broadened by potential fluctuations of the valence-band edge, was proposed. An ionization energy for the acceptor level in the range 29–40 meV was estimated, and a value of 172 ±2 meV was obtained for the potential fluctuation in the valence-band edge.

Study of optical and structural properties of Cu2ZnSnS4 thin films

Cu2ZnSnS4 is a promising semiconductor to be used as absorber in thin film solar cells. In this work, we investigated optical and structural properties of Cu2ZnSnS4 thin films grown by sulphurization of metallic precursors deposited on soda lime glass substrates. The crystalline phases were studied by X-ray diffraction measurements showing the presence of only the Cu2ZnSnS4 phase. The studied films were copper poor and zinc rich as shown by inductively coupled plasma mass spectroscopy. Scanning electron microscopy revealed a good crystallinity and compactness. An absorption coefficient varying between 3 and 4×104cm−1 was measured in the energy range between 1.75 and 3.5 eV. The band gap energy was estimated in 1.51 eV. Photoluminescence spectroscopy showed an asymmetric broad band emission. The dependence of this emission on the excitation power and temperature was investigated and compared to the predictions of the donor-acceptor-type transitions and radiative recombinations in the model of potential fluctuations. Experimental evidence was found to ascribe the observed emission to radiative transitions involving tail states created by potential fluctuations.

The cross crypto scheme cipher integration for securing SCADA component communication

Critical Infrastructures became more vulnerable to attacks from adversaries as SCADA systems become connected to the Internet. The open standards for SCADA Communications make it very easy for attackers to gain in-depth knowledge about the working and operations of SCADA networks. A number of Intenrnet SCADA security issues were raised that have compromised the authenticity, confidentiality, integrity and non-repudiation of information transfer between SCADA Components. This paper presents an integration of the Cross Crypto Scheme Cipher to secure communications for SCADA components. The proposed scheme integrates both the best features of symmetric and asymmetric encryptiontechniques. It also utilizes the MD5 hashing algorithm to ensure the integrity of information being transmitted.

Cournot competition between a non-profit firm and a for-profit firm with uncertainty

In this paper, we consider a Cournot competition between a nonprofit firm and a for-profit firm in a homogeneous goods market, with uncertain demand. Given an asymmetric tax schedule, we compute explicitly the Bayesian-Nash equilibrium. Furthermore, we analyze the effects of the tax rate and the degree of altruistic preference on market equilibrium outcomes.

Efeito de alterações geométricas na resistência de juntas de sobreposição

A utilização de juntas coladas em aplicações industriais tem vindo a aumentar nos últimos anos, em detrimento dos métodos tradicionais de ligação tais como a soldadura, brasagem, ligações aparafusadas e rebitadas. As juntas de sobreposição simples são o tipo de juntas mais frequentemente utilizadas em aplicações industriais, porque são as mais simples de fabricar. No entanto, a aplicação descentrada da carga neste tipo de junta provoca efeitos de flexão que originam o aparecimento de tensões normais na direção da espessura do adesivo (arrancamento), reduzindo assim a resistência da junta colada. De uma maneira geral, existem dois tipos de métodos para reduzir as concentrações de tensões. O primeiro é utilizar alterações no próprio material, otimizando as propriedades do adesivo e do substrato, enquanto o segundo método envolve alterar a geometria da junta, como por exemplo utilizando filetes de adesivo, chanfros nas extremidades dos substratos, aplicar uma geometria ondulada ou dobrar os substratos na zona de sobreposição, ou ainda utilizar rasgos nos substratos ao longo da sobreposição. Neste trabalho é realizado um estudo experimental e numérico por Elementos Finitos de duas alterações efetuadas à geometria de juntas de sobreposição simples, de modo a aumentar a sua resistência comparativamente às juntas sem alteração geométrica. A primeira condição efetuada foi a utilização de rasgos nas extremidades do comprimento de sobreposição e a segunda foi a utilização de rasgos a meio do comprimento de sobreposição. No final do estudo experimental, verificou-se que a resistência da ligação foi significativamente melhorada com algumas das configurações testadas para cada alteração, e foi possível estabelecer em ambos os casos a configuração ótima. Numa fase posterior, procedeu-se à simulação numérica, que incluiu uma análise de tensões e previsão do comportamento das juntas através de modelos de dano coesivo. A análise permitiu obter os modos de rotura, as curvas força-deslocamento e a resistência das juntas. Obteve-se uma concordância bastante boa com os resultados experimentais, o que mostrou a adequabilidade do método de previsão proposto para estimar o comportamento das juntas.

Projecto e concepção de um dispositivo experimental para medição e caracterização dos esforços aplicados no finca-pés de um caiaque de pista: Investigação, desenho e desenvolvimento

Após o enquadramento da canoagem, como modalidade Olímpica, verificou-se um aumento significativo de estudos e pesquisas acerca da biomecânica da modalidade, o que contribuiu para uma diminuição dos tempos na competição. Contudo poucos foram os que se focaram nas forças desenvolvidas e aplicadas ao caiaque através do finca-pés, criado assim oportunidade de desenvolvimento de dispositivos para a medição das mesmas. Assim, o objectivo primordial é desenvolver um sistema experimental capaz de quantificar as forças geradas em cada um dos lados do finca-pés (esquerdo e direito). Este, deverá não só ser passível de se utilizar em caiaque ergómetro como também num caiaque de pista, permitido avaliar as forças aplicadas durante o ciclo de pagaiada, tanto em compressão como em tracção. A sua concepção baseou-se num modelo de finca-pés já existente, tornando-o compatível com os caiaques de competição mais comercializados, e permitindo que no futuro se possa utilizar na água, bastando para isso apenas possuir um caiaque e embarcar o sistema de medição. Este sistema experimental foi testado em caiaque ergómetro por 7 (sete) sujeitos com níveis distintos: seis homens (um atleta olímpico medalhado e cinco de nível nacional) e uma mulher (de nível de selecção Portuguesa) que, entre outros, realizaram um plano definido por 60s a uma frequência de 75 pagaiadas por minuto, seguido de uma intensa mudança de ritmo e força (Sprint). Após análise dos dados obtidos em cada um dos diferentes sujeitos, conseguimos identificar algumas das suas características, tais como: esforço assimétrico dos membros inferiores; utilização de forma heterogénea da fita do finca-pés; diferença de forças máximas aplicadas entre atletas (Ex.: para um atleta olímpico as forças medidas (Min; Max): Pé Esquerdo (- 444; 1087) N e Pé Direito (- 476; 1068) N); etc. Os resultados não só são bastante promissores como também são motivantes e congruentes com estudos anteriores, nomeadamente Begon et al. 2008 e Sturm 2010 e 2012. Finalmente, consegue-se afirmar, com segurança, que foram alcançados os objectivos propostos com a concepção deste dispositivo de medição de forças. Este permite caracterizar os esforços desenvolvidos no finca-pés por cada membro inferior, com ou sem a fita de suporte, possibilitando aos treinadores e atletas uma visão, para muitos desconhecida, das forças transmitidas e das suas assimetrias. No final, este conhecimento permitirá aos atletas melhorar o seu desempenho desportivo bem como facilitar a gestão desportiva, com base nos principais princípios mecânicos inerentes ao movimento dos atletas desde desporto Olímpico.

Stackelberg leadership with demand uncertainty in a differentiated duopoly

On a symmetric differentiated Stackelberg duopoly model in which there is asymmetric demand information owned by leading and follower firms, we show that the leading firm does not necessarily have advantage over the following one. The reason for this is that the second mover can adjust its output level after observing the realized demand, while the first mover chooses its output level only with the knowledge of demand distribution.

Stackelberg duopoly with demand uncertainty

We consider a symmetric Stackelberg model in which there is asymmetric demand information owned by first and second movers. We analyse the advantages of leadership and flexibility, and prove that when the leading firm faces demand uncertainty, but the follower does not, the first mover does not necessarily have advantage over the second mover. Moreover, we show that the advantage of one firm over the other depends upon the demand fluctuation and also upon the degree of substitutability of the products.

Price-setting dynamical duopoly with incomplete information

We consider a price competition in a duopoly with substitutable goods, linear and symmetric demand. There is a firm (F 1) that chooses first the price p 1 of its good; the other firm (F 2) observes p 1 and then chooses the price p 2 of its good. The conclusions of this price-setting dynamical duopoly are substantially altered by the presence of either differentiated goods or asymmetric information about rival’s production costs. In this paper, we consider asymmetric information about rival’s production costs. We do ex-ante and ex-post analyses of firms’ profits and market prices. We compare the ex-ante firms’ expected profits with the ex-post firms’ profits.