Insurance with frequent trading

This paper looks at the dynamic management of risk in an economy with discrete time consumption and endowments and continuous trading. I study how agents in such an economy deal with all the risk in the economy and attain their Pareto optimal allocations by trading in a few natural securities: private insurance contracts and a common set of derivatives on the aggregate endowment. The parsimonious nature ofthe implied securities needed for Pareto optimality suggests that insuch contexts complete markets is a very reasonable assumption.

European Integration: Partisan Motives or Economic Benefits?

In this paper we examine the influence of economic factors to explain partisan support for European integration over the last three decades. We find that partisan support is larger in `poorer' countries with direct economic bene fits from EU membership. On the contrary, parties in countries aff ected by the Maastricht criteria are more Euro-sceptical. Moreover, we find weak evidence for larger partisan support in countries with more developed welfare states, and that the support for European integration fluctuates in parallel with the business cycle. Finally, our results indicate that the importance of economic factors in determining partisan support for European integration has grown in recent periods. JEL classi fication: F15, F42, F53, F55, H60. Key words: European Integration; Partisan Ideology; Maastricht Criteria; European Budget; Benefi ts from Trade.

Older people's university students in Spain: a comparison of motives and benefits between two models

This study examines both the motives for and the benefits of attending a uni- versity programme for older people (UPOP) in Spain, and how they vary with the type of UPOP. Two UPOP models were assessed: The"Older People"s Classes" of the University of Barcelona, which is organised as a lecture course, and the"University of Experience" at the University of Valencia, which is a three- or four- year variant of regular university degrees. A sample of 321 older students (mean age 67.5 years) was gathered from the two UPOPs, 161 participants from the former and 157 from the latter. The findings suggest that expressive motives such as acquiring knowledge, expanding the mind or learning for the joy of learning were the most important reasons for joining a UPOP, and that among the perceived benefits from taking classes at university featured"gaining more friends","enhanced self or life-satisfaction" and"joy in life". Perceived benefits were particularly high among the less educated and the older students. While students participating in the Older People"s Classes were older and included relatively more women, differences between the two models in motives and benefits did not exist or were slight. These results are discussed in the context of new strategies to improve university courses aimed at older students.

Model for interevent times with long tails and multifractality in human communications: An application to financial trading

Social, technological, and economic time series are divided by events which are usually assumed to be random, albeit with some hierarchical structure. It is well known that the interevent statistics observed in these contexts differs from the Poissonian profile by being long-tailed distributed with resting and active periods interwoven. Understanding mechanisms generating consistent statistics has therefore become a central issue. The approach we present is taken from the continuous-time random-walk formalism and represents an analytical alternative to models of nontrivial priority that have been recently proposed. Our analysis also goes one step further by looking at the multifractal structure of the interevent times of human decisions. We here analyze the intertransaction time intervals of several financial markets. We observe that empirical data describe a subtle multifractal behavior. Our model explains this structure by taking the pausing-time density in the form of a superstatistics where the integral kernel quantifies the heterogeneous nature of the executed tasks. A stretched exponential kernel provides a multifractal profile valid for a certain limited range. A suggested heuristic analytical profile is capable of covering a broader region.

Trade disclosure and price dispersion

This paper determines the effects of post-trade opaqueness on market performance. We find that the degree of market transparency has important effects on market equilibria. In particular, we show that dealers operating in a transparent structure set regret-free prices at each period making zero expected profits in each of the two trading rounds, whereas in the opaque market dealers invest in acquiring information at the beginning of the trading day. Moreover, we obtain that if there is no trading activity in the first period, then market makers only change their quotes in the opaque market. Additionally, we show that trade disclosure increases the informational efficiency of transaction prices and reduces volatility. Finally, concerning welfare of market participants, we obtain ambiguous results. Keywords: Market microstructure, Post-trade transparency, Price experimentation, Price dispersion.

Imperfect competition and market liquidity with a supply informed trader

We develop a model of insider trading where agents have private information either about liquidation value or about supply and behave strategically to maximize their profits. The supply informed trader plays a dual role in market making and in information revelation. This trader not only reveals a part of the information he owns, but he also induces the other traders to reveal more of their private information. The presence of different types of information decreases market liquidity and induces non-monotonicity of the market indicators with respect to the variance of liquidation value. Replacing the noise introduced by liquidity traders with a random supply also allows us to study the effect the shocks on different components of supply have on prices and quantities.

General equilibrium with asymmetric information: a dual approach

We study markets where the characteristics or decisions of certain agents are relevant but not known to their trading partners. Assuming exclusive transactions, the environment is described as a continuum economy with indivisible commodities. We characterize incentive efficient allocations as solutions to linear programming problems and appeal to duality theory to demonstrate the generic existence of external effects in these markets. Because under certain conditions such effects may generate non-convexities, randomization emerges as a theoretic possibility. In characterizing market equilibria we show that, consistently with the personalized nature of transactions, prices are generally non-linear in the underlying consumption. On the other hand, external effects may have critical implications for market efficiency. With adverse selection, in fact, cross-subsidization across agents with different private information may be necessary for optimality, and so, the market need not even achieve an incentive efficient allocation. In contrast, for the case of a single commodity, we find that when informational asymmetries arise after the trading period (e.g. moral hazard; ex post hidden types) external effects are fully internalized at a market equilibrium.

Constrained school choice

Recently, several school districts in the US have adopted or consider adopting the Student-Optimal Stable Mechanism or the Top Trading Cycles Mechanism to assign children to public schools. There is clear evidence that for school districts that employ (variants of) the so-called Boston Mechanism the transition would lead to efficiency gains. The first two mechanisms are strategy-proof, but in practice student assignment procedures impede students to submit a preference list that contains all their acceptable schools. Therefore, any desirable property of the mechanisms is likely toget distorted. We study the non trivial preference revelation game where students can only declare up to a fixed number (quota) of schools to be acceptable. We focus on the stability of the Nash equilibrium outcomes. Our main results identify rather stringent necessary and sufficient conditions on the priorities to guaranteestability. This stands in sharp contrast with the Boston Mechanism which yields stable Nash equilibrium outcomes, independently of the quota. Hence, the transition to any of the two mechanisms is likely to come with a higher risk that students seek legal actionas lower priority students may occupy more preferred schools.

Rosca participation in Benin: a commitment issue

In the light of first-hand data from a Beninese urban household survey in Cotonou, we investigate several motives aiming to explain participation in Rotating Savings and Credit Associations. We provide anecdotal pieces of evidence, descriptive statistics, FIML regressions and matching estimates which tend to indicate that most individuals use their participation in a rosca as a device to commit themselves to save money and to deal with self-control problems.

When do central banks prefer to intervene secretly?

Central banks often intervene secretly in the foreign exchange market. This secrecy seems to be at odds with the signalling channel. In this article we will analyse when a central bank intervening in the foreign exchange rate market purely through the signalling channel would prefer to act secretly or publicly. By using a microstructure model, we will show that the consistency of the intervention with fundamentals, the volume of noise trading, the weight given to the effectiveness of intervention and the degree of superior information held by the central bank will influence the decision to intervene secretly or publicly. Keywords: foreign exchange intervention, market microstructure. JEL Classifi…cation: D82, E58, F31, G14.

Arquitectura corporativa de web services

Este proyecto consiste en la realización de un sistema informático que se encargue de ampliar la red comercial de una compañía de seguros a través de Internet. Para ello se utiliza la tecnología de web services, que nos permite efectuar transacciones de datos de manera rápida, fiable y segura. El web service que se ha diseñado se encarga de resolver y dar respuesta tanto a peticiones de solicitud de precios como de emisión de pólizas en varios ramos. El objetivo es ofrecer al cliente final un método sencillo y próximo de cotización y emisión de seguros.

The international trade as the sole engine of growth for an economy

Can international trade act as the sole engine of growth for an economy? If yes, what are the mechanisms through which trade operates in transmitting permanent growth? This paper answers these questions with two simple two-country models, in which only one country enjoys sustained growth in autarky. The models differ in the assumptions on technical change, which is either labour- or capital-augmenting. In both cases, the stagnant economy imports growth by trading. In the first model, growth is transmitted because of permanent increases in the trade volume. In the alternative framework, the stagnant economy imports sustained growth because its terms of trade permanently improve.

Del teatre líric a la cançó popular : construcció social a partir de la música en València (1900-1959)

El text que es mostra a continuació resumeix el treball realitzat en la primera fase de recerca del projecte titulat provisionalment "Del teatre líric a la cançó popular: construcció social a partir de la música en València (1900-1959)". Aquest treball ha tingut una durada de set mesos entre febrer i agost de 2009. El projecte pretén dibuixar les línies que uneixen teatre líric i cançó popular fent especial èmfasi en els mecanismes de creació d'identitat de gènere, que va envoltar tot aquest procés. Per aquests motius, la recerca está construïda sobre dos eixos: entrevistes amb les fonts orals i buidatge dels principals fons bibliogrífics per a l'estudi de les fonts primàries i secundàries del primer període analitzat (1931-1959), focalitzat en els pobles que envolten la ciutat de València. Les conclusions apunten cap a una clara vinculació entre teatre líric i cançó popular, així com la utilització dels esdeveniments musicals amb finalitats conformadores de rols socials per part de les institucions sociopolítiques. Les diferències entre fonts primàries i fonts orals assenyalen una naturalització de la desigualtat de gènere a través de la música que han arribat fins als nostres dies, per la qual cosa és necessari l'estudi i anàlisi de la memòria musical.

Viatge als país dels somnis...perduts? : Aspectes de la sociabilitat nord-americana

Els objectius finals són diversos: comprovar els diferents punts de vista i les diferents perspectives socials dels autors esmentats, comparar-los amb les situacions reals que es donen cada dia, mirar d'esbrinar el perquè d'aquestes situacions, fer un estudi comparatiu des del punt de vista d'un europeu que visita els Estats Units i, sobretot, mirar d'entendre què porta els nord-americans a comportar-se d'aquesta manera i què porta autors com Leavitt i Ellis a reproduir o desdibuixar els trets més significatius de la societat nord-americana.

Empresa Publimarket - Implementació d'un ERP

Aquest treball de final de carrera documenta les diferents fases d'anàlisi, planificació i implementació del programari ERP a Publimarket, una empresa del ram editorial que fonamenta la seva activitat econòmica en la venda de diverses publicacions (diaris i revistes) i en la publicitat que s'hi insereix.