The Appraisal of projects with environmental impacts. Efficiency and Sustainability

It is usually assumed that the appraisal of the impacts experienced by present generations does not entail any difficulty. However, this is not true. Moreover, there is not a widely accepted methodology for taking these impacts into account. Some of the controversial issues are: the appropriate value for the discount rate, the choice of the units for expressing the impacts, physical or monetary units -income, consumption or investment- and the valuation of tangible and intangible goods. When approaching the problem of very long term impacts, there is also the problem of valuing the impacts experienced by future generations, through e.g., the use of an intergenerational discount rate. However, if this were the case, the present generation perspective would prevail, as if all the property rights on the resources were owned by them. Therefore, the sustainability requirement should also be incorporated into the analysis. We will analyze these problems in this article and show some possible solutions.

Primordial Perturbations in Einstein-Aether theories

El nostre objectiu es l'estudi d'extensions de la Relativitat General i, en particular, estem interessats en les teories que continguin camps vectorials addicionals. En aquests tipus de teories es necessari imposar que el vector ha de tenir norma fixa per evitar la presència d'un fantasma o grau de llibertat amb terme cinètic negatiu, i això implica que la simetria Lorentz està trencada espontàniament. El camp del aether només interactua gravitatòriament i la seva presència es difícil de detectar, no obstant això, durant inflació les fluctuacions del buit a escales petites d'un camp lleuger pot deixar una empremta en observables com les anisotropies del fons de radiació de microones. Les fluctuacions del Einstein-aether es comporten com els camps sense massa i això fa que inflació generi modes de longitud de ona llarga en els sectors escalar i vectorial. Hem estudiat la signatura del Einstein-aether dins l'espectre de pertorbacions primordials lluny del límit de de Sitter de inflació. Aquests modes escalars i vectorials poden deixar una empremta significativa en la radiació de fons de microones en funció dels paràmetres del model. Les observacions del fons de radiació de microones imposen restriccions fenomenològiques que redueixen els límits existents per aquesta classe de teoria. Amb aquest estudi del aether també esperem millorar el coneixement que tenim de una classe més ampla de teories que exhibeixen el mateix tipus de trencament de simetria.

Endogenous Mergers of Complements with Mixed Bundling

This paper studies endogenous mergers of complements with mixed bundling, by allowing both for joint and separate consumption. After merger, partner fi…rms decrease the price of the bundled system. Besides, when markets for individual components are suffi…ciently important, partner …firms raise prices of stand-alone products, exploiting their monopoly power in local markets and making substitute 'mix-and-match' composite products less attractive to consumers. Even though these effects favor the pro…fitability of mergers, merging is not always an equilibrium outcome. The reason is that outsiders respond by cutting their prices to retain their market share, and mergers can be unprofitable when competition is intense. From a welfare analysis, we observe that the number of mergers observed in equilibrium may be either excessive (when markets for individual components are important) or suboptimal (when markets for individual components are less important). Keywords: complements; merger; mixed bundling; separate consumption JEL classi…fication: L13; L41; D43

Decentralization of contracts with interim sidecontracting

This paper gives a new explanation for the phenomena of subcontracting. A model in which a principal contracts two agents who work in a sequence on a project, have soft information and can collude is considered. Side-contracts between agents can be signed at any stage of the game. Due to limited liability and moral hazard agents obtain a rent. The principal’s problem is to find the preferable contracting structure. It is shown that in this setting a decentralized contracting structure can be superior to a centralized structure for the principal. The paper derives the conditions under which this holds. Journal of Economic Literature Classification Numbers: D23, D82, L14, L22. Keywords: Contract delegation, Collusion, Interim side-contracting, Moral hazard.

Practical applications of quantum molecular similarity measures (QMSM): programs and examples

Es descriu l'aproximació de Capes Atòmiques dins de la teoria de la Semblança Molecular Quàntica. Partint només de dades teòriques, s'ha trobat una relació entre estructura molecular i activitat biològica per a diversos conjunts de molècules. Es descriuen els aspectes teòrics de la Semblança Molecular Quàntica i alguns exemples d'aplicació

New Radicals and new applications of Dynamic Nuclear Polarization of biological systems

Dynamic Nuclear Polarization (DNP) is an emerging technique that could revolutionize the NMR study of small molecules at very low concentrations by the increase in sensitivity that results from transfer of polarization between electronic and nuclear spins. Although the underlying physics has been known for a long time, in the last few years there has been a lot of excitement on the chemistry and biology NMR community caused by the demonstration that the highly polarized nuclei that are prepared in solid state at very low temperatures (1-2 K) could be rapidly transferred to liquid samples at room temperature and studied in solution by conventional NMR techniques. In favorable cases several order of magnitude increases in sensitivity have been achieved. The technique is now mature enough that a commercial instrument is available. The efficiency of DNP depends on two crucial aspects: i) the efficiency of the nuclear polarization process and ii) the efficiency of the transfer from the initial solid state to the fluid state in which NMR is measured. The preferred areas of application (iii) will be dictated by situations in which the low concentration of the sample or its intrinsic low receptivity are the limiting factors .

Toleration and the fair terms of engagement with diversity

The aim of this paper is to examine the various controversies over the genuineproblems of toleration in a plurally diverse polity as both historically andconceptually, toleration is one of the foundational characteristics that defines thevery essence of a plurally diverse polity and the basic virtue associated with a liberalconception of citizenship. In section 1, I present the main philosophical andconceptual issues related to the toleration-based approach to diversity in liberalpolitical theory. In section 2 I identify the conditions and the circumstances oftoleration. I articulate in Section 3 the most pressing objections against toleration. Ipresent in section 4 two competing approaches to the toleration-based approach todiversity is faced with. In the concluding section, I outline a modified conception oftoleration that mediates between different requirements associated with the twoprincipled commitments of the liberal version of the rights-based conception ofcitizenship.

The Simple Economics of Conglomeration with Bankruptcy Costs: Separate or Joint Financing?

Which projects should be financed through separate non-recourse loans (or limited- liability companies) and which should be bundled into a single loan? In the pres- ence of bankruptcy costs, this conglomeration decision trades off the benefit of co- insurance with the cost of risk contamination. This paper characterize this tradeoff for projects with binary returns, depending on the mean, variability, and skewness of returns, the bankruptcy recovery rate, the correlation across projects, the number of projects, and their heterogeneous characteristics. In some cases, separate financing dominates joint financing, even though it increases the interest rate or the probability of bankruptcy.

Additional utility of insiders with imperfect dynamical information

In this paper we consider an insider with privileged information thatis affected by an independent noise vanishing as the revelation timeapproaches. At this time, information is available to every trader. Ourfinancial markets are based on Wiener space. In probabilistic terms weobtain an infinite dimensional extension of Jacod s theorem to covercases of progressive enlargement of filtrations. The application ofthis result gives the semimartingale decomposition of the originalWiener process under the progressively enlarged filtration. As anapplication we prove that if the rate at which the additional noise inthe insider s information vanishes is slow enough then there is noarbitrage and the additional utility of the insider is finite.

The optimal length of contracts with application to outsourcing

This paper resolves three empirical puzzles in outsourcing by formalizing the adaptationcost of long-term performance contracts. Side-trading with a new partner alongside a long-term contract (to exploit an adaptation-requiring investment) is usually less effective than switching to the new partner when the contract expires. So long-term contracts that prevent holdup of specific investments may induce holdup of adaptation investments. Contract length therefore trades of specific and adaptation investments. Length should increase with the importance and specificity of self-investments, and decrease with the importance of adaptation investments for which side-trading is ineffective. My general model also shows how optimal length falls with cross-investments and wasteful investments.

Generalized canonical correlation analysis of matrices with different row and column orders

A Method is offered that makes it possible to apply generalized canonicalcorrelations analysis (CANCOR) to two or more matrices of different row and column order. The new method optimizes the generalized canonical correlationanalysis objective by considering only the observed values. This is achieved byemploying selection matrices. We present and discuss fit measures to assessthe quality of the solutions. In a simulation study we assess the performance of our new method and compare it to an existing procedure called GENCOM,proposed by Green and Carroll. We find that our new method outperforms the GENCOM algorithm both with respect to model fit and recovery of the truestructure. Moreover, as our new method does not require any type of iteration itis easier to implement and requires less computation. We illustrate the methodby means of an example concerning the relative positions of the political parties inthe Netherlands based on provincial data.