Stare decisis: Rhetoric and substance

Stare decisis allows common law to develop gradually and incrementally. We show howjudge-made law can steadily evolve and tend to increase efficiency even in the absence ofnew information. Judges' opinions must argue that their decisions are consistent withprecedent: this is the more costly, the greater the innovation they are introducing. As aresult, each judge effects a cautious marginal change in the law. Alternative models inwhich precedents are either strictly obeyed or totally discarded would instead predictabrupt large swings in legal rules. Thus we find that the evolution of case law isgrounded not in binary logic fixing judges' constraints, but in costly rhetoric shapingtheir incentives. We apply this finding to an assessment of the role of analogicalreasoning in shaping the joint development of different areas of law.

On payoff heterogeneity in games with strategic complementarities

Payoff heterogeneity weakens positive feedback in binary choice models intwo ways. First, heterogeneity drives individuals to corners where theyare unaffected by strategic complementarities. Second, aggregate behaviouris smoother than individual behaviour when individuals are heterogeneous.However, this smoothing does not necessarily eliminate positive feedbackor guarantee a unique equilibrium. In games with an unbounded, continuouschoice space, heterogeneity may either weaken or strengthen positive feedback,depending on a simple convexity/concavity condition. We conclude that positivefeedback phenomena derived in representative agent models will often be robustto heterogeneity.

Social preferences: Some simple tests and a new model

Departures from pure self interest in economic experiments have recently inspired models of "social preferences". We conduct experiments on simple two-person and three-person games with binary choices that test these theories more directly than the array of games conventionally considered. Our experiments show strong support for the prevalence of "quasi-maximin" preferences: People sacrifice to increase the payoffs for all recipients, but especially for the lowest-payoff recipients. People are also motivated by reciprocity: While people are reluctant to sacrifice to reciprocate good or bad behavior beyond what they would sacrifice for neutral parties, they withdraw willingness to sacrifice to achieve a fair outcome when others are themselves unwilling to sacrifice. Some participants are averse to getting different payoffs than others, but based on our experiments and reinterpretation of previous experiments we argue that behavior that has been presented as "difference aversion" in recent papers is actually a combination of reciprocal and quasi-maximin motivations. We formulate a model in which each player is willing to sacrifice to allocate the quasi-maximin allocation only to those players also believed to be pursuing the quasi-maximin allocation, and may sacrifice to punish unfair players.

A characterization of sequential rationalizability

A choice function is sequentially rationalizable if there is an ordered collection of asymmetric binary relations that identifies the selected alternative in every choice problem. We propose a property, F-consistency, and show that it characterizes the notion of sequential rationalizability. F-consistency is a testable property that highlights the behavioral aspects implicit in sequentially rationalizable choice. Further, our characterization result provides a novel tool with which to study how other behavioral concepts are related to sequential rationalizability, and establish a priori unexpected implications. In particular, we show that the concept of rationalizability by game trees, which, in principle, had little to do with sequential rationalizability, is a refinement of the latter. Every choice function that is rationalizable by a game tree is also sequentially rationalizable. Finally, we show that some prominent voting mechanisms are also sequentially rationalizable.

Does it cost to be virtuous? The macroeconomic effects of fiscal constraints

We study whether and how fiscal restrictions alter the business cycle features of macrovariables for a sample of 48 US states. We also examine the typical transmission properties of fiscal disturbances and the implied fiscal rules of states with different fiscal restrictions. Fiscal constraints are characterized with a number of indicators. There are similarities in second moments of macrovariables and in the transmission properties of fiscal shocks across states with different fiscal constraints. The cyclical response of expenditure differs in size and sometimes in sign, but heterogeneity within groups makes point estimates statistically insignificant. Creative budget accounting is responsible for the pattern. Implications for the design of fiscal rules and the reform of the Stability and Growth Pact are discussed.

Relative payoffs and happiness: An experimental study

Some current utility models presume that people are concerned with their relative standing in a reference group. If this is true, do certain types care more about this than others? Using simple binary decisions and self-reported happiness, we investigate both the prevalence of ``difference aversion'' and whether happiness levels influence the taste for social comparisons. Our decision tasks distinguish between a person s desire to achieving the social optimum, equality or advantageous relative standing. Most people appear to disregard relative payoffs, instead typically making choices resulting in higher social payoffs. While we do not find a strong general correlation between happiness and concern for relative payoffs, we do observe that a willingness to lower another person s payoff below one s own (competitive preferences) seems correlated with unhappiness.

A simple randomized algorithm for consistent sequential prediction of ergodic time series

We present a simple randomized procedure for the prediction of a binary sequence. The algorithm uses ideas from recent developments of the theory of the prediction of individual sequences. We show that if thesequence is a realization of a stationary and ergodic random process then the average number of mistakes converges, almost surely, to that of the optimum, given by the Bayes predictor.

Conglomeration with bankruptcy costs: Separate or joint financing?

The paper analyzes the determinants of the optimal scope of incorporation in the presenceof bankruptcy costs. Bankruptcy costs alone generate a non-trivial tradeoff between thebenefit of coinsurance and the cost of risk contamination associated to joint financing corporate projects through debt. This tradeoff is characterized for projects with binary returns,depending on the distributional characteristics of returns (mean, variability, skewness, heterogeneity, correlation, and number of projects), the bankruptcy recovery rate, and the taxrate advantage of debt relative to equity. Our testable predictions are broadly consistentwith existing empirical evidence on conglomerate mergers, spin-offs, project finance, andsecuritization.

A data-dependent skeleton estimate and a scale-sensitive dimension for classification

The classical binary classification problem is investigatedwhen it is known in advance that the posterior probability function(or regression function) belongs to some class of functions. We introduceand analyze a method which effectively exploits this knowledge. The methodis based on minimizing the empirical risk over a carefully selected``skeleton'' of the class of regression functions. The skeleton is acovering of the class based on a data--dependent metric, especiallyfitted for classification. A new scale--sensitive dimension isintroduced which is more useful for the studied classification problemthan other, previously defined, dimension measures. This fact isdemonstrated by performance bounds for the skeleton estimate in termsof the new dimension.

Parallelizing remote sensing image geometric correction

Remote sensing spatial, spectral, and temporal resolutions of images, acquired over a reasonably sized image extent, result in imagery that can be processed to represent land cover over large areas with an amount of spatial detail that is very attractive for monitoring, management, and scienti c activities. With Moore's Law alive and well, more and more parallelism is introduced into all computing platforms, at all levels of integration and programming to achieve higher performance and energy e ciency. Being the geometric calibration process one of the most time consuming processes when using remote sensing images, the aim of this work is to accelerate this process by taking advantage of new computing architectures and technologies, specially focusing in exploiting computation over shared memory multi-threading hardware. A parallel implementation of the most time consuming process in the remote sensing geometric correction has been implemented using OpenMP directives. This work compares the performance of the original serial binary versus the parallelized implementation, using several multi-threaded modern CPU architectures, discussing about the approach to nd the optimum hardware for a cost-e ective execution.

Projecte executiu d'una instal·lació de climatització i control d'un habitatge unifamiliar

Moltes vegades l’usuari d’una instal•lació de climatització o calefacció, no dóna la suficient importància al sistema que l’hi ha de proporcionar un millor confort amb el màxim rendiment. Aquest confort és un factor determinant, entre molts d’altres, de la “qualitat de vida”. Mentre que el rendiment és un factor important a nivell econòmic i ecològic. Tot i tenir prevalença els aspectes d’estalvi energètic, aquests no impliquen haver de renunciar a un confort tèrmic i a un estalvi econòmic. Un dels aspectes que es centra el projecte és promoure l’ús racional de les fonts energètiques (solar, biomassa) per a la correcta climatització dels habitatges. El projecte es desenvolupa en l’àmbit domèstic, concretament correspon a un habitatge unifamiliar. Aquest està situat a la població de Roda de Ter, província de Barcelona. L’objectiu principal del projecte és l’elecció del sistema de climatització i el seu dimensionament, per tal de donar el màxim confort als usuaris que habitin a la vivenda. Criteris ambientals i eficients han estat objecte a considerar pel disseny constructiu de l’habitatge. Una de les mesures importants presses en el projecte, ha estat l’elecció de les diferents parts que formen la instal•lació de climatització. Es fa referència als aïllaments dels tancaments, el sistema solar de recolzament, equips de producció de fred i calor, entre d’altres. En el projecte, s’ha dut a terme un estudi dels diferents tancaments de l’habitatge, tot determinat per a cada un d’ells, el seu coeficient de transmissió tèrmica. Per seleccionar l’equipament més adequat s’ha partit de les condicions climatològiques del municipi de Roda de Ter i s’ha realitzat el càlcul de les necessitats tèrmiques de l’edifici. L’habitatge incorpora una instal•lació de captació solar tèrmica. Aquesta aportarà un suport energètic a tot el sistema de producció de calor, ja sigui per la producció d’aigua calenta sanitària com per el calefactat de la vivenda. La col•locació dels panells a la façana sud tindrà una doble funció: a més de proporcionar energia solar tèrmica, serviran d’elements de protecció solar en la temporada d’estiu. La caldera usada per donar recolzament tèrmic utilitzarà com a combustible el “pellet”. El “pellet” és un tipus de biomassa llenyosa que consta d’un derivat de la fusta en format granulat. Es defineix i es detalla el consum energètic en biomassa, electricitat i cost econòmic anual que ocasionarà la instal.lació dissenyada. El sistema de terra radiant adoptat permetrà el refrescament en èpoques estivals i el calefactat en èpoques hivernals. Aquest donarà el confort tèrmic necessari a cada estança de l’habitatge. En el projecte també es marquen les pautes bàsiques pel control de la instal•lació solar així com el control dels grups de bombament i la mescla d’aigua del terra radiant.

Construcció d'un refugi situat al terme municipal de Vallfogona de Ripollès, pensat com a final d'etapa per a rutes a cavall

Els negocis relacionats amb les activitats de lleure i els esports d’aventura actualment es troben en expansió, buscant majoritàriament el contacte amb la natura. Les rutes a cavall formen part del gran ventall d’opcions, per aquesta qüestió s’ha pensat en construir un refugi utilitzat com a final d’etapa per a rutes a cavall. En la major part del territori, la presència de població humana es manifesta en pobles, viles i ciutats, les quals disposes d’aigua sanitària, corrent elèctric i sistema de clavegueram. Per altra banda en les urbanitzacions o cases aïllades poder gaudir d’aquests serveis suposa una inversió econòmica elevada, que implica la utilització de sistemes alternatius. En el present projecte s’ha triat un emplaçament on portar a terme el final d’etapa amb una sèrie de requisits a complir : bosc a les proximitats, disposar d’un o varis accessos per a vehicles (transport del material d’intendència), tranquil•litat, bones vistes, i cobertura de telèfon mòbil. S’han acceptat les següents limitacions : no disposar de xarxa pública d’electricitat ni d’aigua. I s’han dimensionat les instal•lacions per a un màxim de dotze persones i els seus respectius cavalls. El principal objectiu del projecte és el dimensionament de les necessitats elèctriques, d’aigua i d’aiguacalenta sanitària en condicions autònomes, i utilitzant energies renovables. La valoració de les possibles solucions per condicionar les instal•lacions, i oferir una resposta eficient per la demanda. No és un objectiu específic del treball la potabilització de l’aigua ni el tractament dels residus produïts. S’han aprofitat els diferents desnivells que presenta l’emplaçament triat a l’hora de distribuir les instal•lacions, i s’ha utilitzat un antic cobert de dos pisos ja existent. Com a residència s’ha triat un model de casa prefabricada de muntanya. Com a sistema de subministrament elèctric, s’instal•laran plaques solars fotovoltaiques i un generador de corrent com a sistema auxiliar. La captació d’aigua s’efectuarà a partir d’un pou que es troba en el terreny i de la recollida d el’aigua pluvial, instal•lant dipòsits d’emmagatzemament d’aigua segons les necessitats. S’utilitzarà un equip de cloració per potabilitzar l’aigua de consum utilitzada a la residència. En la producció d’aigua calenta sanitària s’utilitzaran plaques solars tèrmiques i una caldera instantània de gas propà com a suport. Per cuinar s’ha triat una cuina de gas propà i una barbacoa que s’instal•larà a l’exterior. S’instal•larà una llar de foc amb recuperador d’aire a la residència i una fosa sèptica amb un sistema d’infiltració per poder abocar les aigües provinents de la residència. Els fems dels cavalls podran ser utilitzats com adob pel terreny.

Hints for a fast precessing relativistic radio jet in LS I+61·303

Here we discuss two consecutive MERLIN observations of the X-ray binary LS I +61◦303. The first observation shows a double-sided jet extending up to about 200 AU on both sides of a central source. The jet shows a bent S-shaped struct ure similar to the one displayed by the well-known precessing jet of SS 433. The precession suggested in the first MERLIN image becomes evident in the second one, showing a one-sided bent jet significantly rotated with respect to the jet of the day before. We conclude that the derived precession of the relativistic (β=0.6) jet explains puzzling previous VLBI results. Moreover , the fact that the precession is fast could be the explanation of the never understood short term (days) variability of the associated gamma-ray source 2CG 135 + 01 / 3EG J0241 + 6103.

VLA multifrequency observations of RSCVn binaries

We present multiepoch Very Large Array (VLA) observations at 1.4 GHz, 4.9 GHz, 8.5 GHz and 14.9 GHz for a sample of eight RS CVn binary systems. Circular polarization measurements of these systems are also reported. Most of the fluxes observed are consistent with incoherent emission from mildly relativistic electrons. Several systems show an increase of the degree of circular polarization with increasing frequency in the optically thin regime, in conflict with predictions by gyrosynchrotron models. We observed a reversal in the sense of circular polarization with increasing frequency in three non-eclipsing systems: EI Eri, DM Uma and HD 8358. We find clear evidence for coherent plasma emission at 1.4 GHz in the quiescent spectrum of HD 8358 during the helicity reversal. The degrees of polarization of the other two systems could also be accounted for by a coherent emission process. The observations of ER Vul revealed two U-shaped flux spectra at the highest frequencies. The U-shape of the spectra may be accounted for by an optically thin gyrosynchrotron source for the low frequency part whereas the high frequency part is dominated by a thermal emission component.

One-sided jet at milliarcsecond scales in LSI+61·303

We present Very Long Baseline Interferometry (VLBI) observations of the high mass X-ray binary LSI+61303, carried out with the European VLBI Network (EVN). Over the 11 hour observing run, performed 10 days after a radio outburst, the radio source showed a constant flux density, which allowed sensitive imaging of the emission distribution. The structure in the map shows a clear extension to the southeast. Comparing our data with previous VLBI observations we interpret the extension as a collimated radio jet as found in several other X-ray binaries. Assuming that the structure is the result of an expansion that started at the onset of the outburst, we derive an apparent expansion velocity of 0.003 c, which, in the context of Doppler boosting, corresponds to an intrinsic velocity of at least 0.4 c for an ejection close to the line of sight. From the apparent velocity in all available epochs we are able to establish variations in the ejection angle which imply a precessing accretion disk. Finally we point out that LSI+61303, like SS433 and Cygnus X-1, shows evidence for an emission region almost orthogonal to the relativistic jet.