On the term structure of Interbank interest rates: Jump-diffusion processes and option pricing

In this paper we study the dynamic behavior of the term structureof Interbank interest rates and the pricing of options on interest ratesensitive securities. We posit a generalized single factor model withjumps to take into account external influences in the market. Daily datais used to test for jump effects. Qualitative examination of the linkagebetween Monetary Authorities' interventions and jumps are studied. Pricingresults suggests a systematic underpricing in bonds and call options ifthe jumps component is not included. However, the pricing of put optionson bonds presents indeterminacies.

Assessment of the potential skin irritation of lysine-derivative anionic surfactants using mouse fibroblast and human keratinocytes as an alternative to animal testing

Purpose. The aim of this study was to identify new surfactants with low skin irritant properties for use in pharmaceutical and cosmetic formulations, employing cell culture as an alternative method to in vivo testing. In addition, we sought to establish whether potential cytotoxic properties were related to the size of the counterions bound to the surfactants. Methods. Cytotoxicity was assessed in the mouse fibroblast cell line 3T6, and the human keratinocyte cell line NCTC 2544, using the MTT assay and uptake of the vital dye neutral red 24 h after dosing (NRU). Results. Lysine-derivative surfactants showed higher IC50s than did commercial anionic irritant compounds such as sodium dodecyl sulphate, proving to be no more harmful than amphoteric betaines. The aggressiveness of the surfactants depended upon the size of their constituent counterions: surfactants associated with lighter counterions showed a proportionally higher aggressivity than those with heavier ones. Conclusions. Synthetic lysine-derivative anionic surfactants are less irritant than commercial surfactants such as sodium dodecyl sulphate and Hexadecyltrimethylammonium bromide and are similar to Betaines. These surfactants may offer promising applications in pharmaceutical and cosmetic preparations, representing a potential alternative to commercial anionic surfactants as a result of their low irritancy potential.

Stable isotopes provide insight into population structure and segregation in eastern North Atlantic sperm whales

In pelagic species inhabiting large oceans, genetic differentiation tends to be mild and populations devoid of structure. However, large cetaceans have provided many examples of structuring. Here we investigate whether the sperm whale, a pelagic species with large population sizes and reputedly highly mobile, shows indication of structuring in the eastern North Atlantic, an ocean basin in which a single population is believed to occur. To do so, we examined stable isotope values in sequential growth layer groups of teeth from individuals sampled in Denmark and NW Spain. In each layer we measured oxygen- isotope ratios (δ18O) in the inorganic component (hydroxyapatite), and nitrogen and carbon isotope ratios (δ15N: δ13C) in the organic component (primarily collagenous). We found significant differences between Denmark and NW Spain in δ15N and δ18O values in the layer deposited at age 3, considered to be the one best representing the baseline of the breeding ground, in δ15N, δ13C and δ18O values in the period up to age 20, and in the ontogenetic variation of δ15N and δ18O values. These differences evidence that diet composition, use of habitat and/or migratory destinations are dissimilar between whales from the two regions and suggest that the North Atlantic population of sperm whales is more structured than traditionally accepted.

A novel approach to analysing the regimes of temporary streams in relation to their controls on the composition and structure of aquatic biota

Temporary streams are those water courses that undergo the recurrent cessation of flow or the complete drying of their channel. The structure and composition of biological communities in temporary stream reaches are strongly dependent on the temporal changes of the aquatic habitats determined by the hydrological conditions. Therefore, the structural and functional characteristics of aquatic fauna to assess the ecological quality of a temporary stream reach cannot be used without taking into account the controls imposed by the hydrological regime. This paper develops methods for analysing temporary streams' aquatic regimes, based on the definition of six aquatic states that summarize the transient sets of mesohabitats occurring on a given reach at a particular moment, depending on the hydrological conditions: Hyperrheic, Eurheic, Oligorheic, Arheic, Hyporheic and Edaphic. When the hydrological conditions lead to a change in the aquatic state, the structure and composition of the aquatic community changes according to the new set of available habitats. We used the water discharge records from gauging stations or simulations with rainfall-runoff models to infer the temporal patterns of occurrence of these states in the Aquatic States Frequency Graph we developed. The visual analysis of this graph is complemented by the development of two metrics which describe the permanence of flow and the seasonal predictability of zero flow periods. Finally, a classification of temporary streams in four aquatic regimes in terms of their influence over the development of aquatic life is updated from the existing classifications, with stream aquatic regimes defined as Permanent, Temporary-pools, Temporary-dry and Episodic. While aquatic regimes describe the long-term overall variability of the hydrological conditions of the river section and have been used for many years by hydrologists and ecologists, aquatic states describe the availability of mesohabitats in given periods that determine the presence of different biotic assemblages. This novel concept links hydrological and ecological conditions in a unique way. All these methods were implemented with data from eight temporary streams around the Mediterranean within the MIRAGE project. Their application was a precondition to assessing the ecological quality of these streams.

Trophic versus geographic structure in stable isotope signatures of pelagic seabirds breeding in the northeast Atlantic

Feeding ecology and geographic location are 2 major factors influencing animal stable isotope signatures, but their relative contributions are poorly understood, which limits the usefulness of stable isotope analysis in the study of animal ecology. To improve our knowledge of the main sources of isotopic variability at sea, we determined δ15N and δ13C signatures in the first primary feather of adult birds from 11 Procellariiform species (n = 609) across 16 northeast Atlantic localities, from Cape Verde (20°N) to Iceland (60°N). Post-breeding areas (where the studied feather is thought to be grown) were determined using light-level geolocation for 6 of the 11 species. Isotopic variability was geographically unstructured within the mid-northeast Atlantic (Macaronesian archipelagos), but trophically structured according to species and regardless of the breeding location, presumably as a result of trophic segregation among species. Indeed, the interspecific isotopic overlap resulting from combining δ15N and δ13C signatures of seabirds was low, which suggests that most species exploited exclusive trophic resources consistently across their geographic range. Species breeding in north temperate regions (Iceland, Scotland and Northern Ireland) showed enriched δ15N compared to the same or similar species breeding in tropical and subtropical regions, suggesting some differences in baseline levels between these regions. The present study illustrates a noticeable trophic segregation of northeast Atlantic Procellariiformes. Our results show that the isotopic approach has limited applicability for the study of animal movements in the northeast Atlantic at a regional scale, but is potentially useful for the study of long-distance migrations between large marine systems

Invoking a cartesian product structure on social states: new resolutions of Sen's and Gibbard's impossibility theorems

The purpose of this article is to introduce a Cartesian product structure into the social choice theoretical framework and to examine if new possibility results to Gibbard's and Sen's paradoxes can be developed thanks to it. We believe that a Cartesian product structure is a pertinent way to describe individual rights in the social choice theory since it discriminates the personal features comprised in each social state. First we define some conceptual and formal tools related to the Cartesian product structure. We then apply these notions to Gibbard's paradox and to Sen's impossibility of a Paretian liberal. Finally we compare the advantages of our approach to other solutions proposed in the literature for both impossibility theorems.

Asymmetric demand information in uniform and discriminatory call auctions: an experimental analysis motivated by electricity markets

We study the outcomes of experimental multi-unit uniform and discriminatory auctions with demand uncertainty. Our study is motivated by the ongoing debate about market design in the electricity industry. Our main aim is to compare the effect of asymmetric demand-information between sellers on the performance of the two auction institutions. In our baseline conditions all sellers have the same information, whereas in our treatment conditions some sellers have better information than others. In both information conditions we find that average transaction prices and price volatility are not significantly different under the two auction institutions. However, when there is asymmetric information among sellers the discriminatory auction is significantly less efficient. These results are not in line with the typical arguments made in favor of discriminatory pricing in electricity industries; namely, lower consumer prices and less price volatility. Moreover, our results provide some indication that discriminatory auctions reduce technical efficiency relative to uniform auctions.

Urban spatial structure and suburbanisation. The case of the Barcelona Metropolitan

The metropolitan spatial structure displays various patterns, sometimes monocentricity and sometimes multicentricity, which seems much more complicated than the exponential density function used in classic works such as Clark (1961), Muth (1969) or Mills (1973) among others, can effectively represent. It seems that a more flexible density function,such as cubic spline function (Anderson (1982), Zheng (1991), etc.) to describe the density-accessibility relationship is needed. Also, accessibility, the fundamental determinant of density variations, is only partly captured by the inclusion of distance to the city centre as an explanatory variable. Steen (1986) has proposed to correct that miss-especification by including an additional gradient for distance to the nearest transportation axis. In identifying the determinants of urban spatial structure in the context of inter-urban systems, some of the variables proposed by Muth (1969), Mills (1973) and Alperovich (1983) such as city age or population, make no sense in the case of a single urban system. All three criticism to the exponential density function and its determinants apply for the Barcelona Metropolitan Region, a polycentric conurbation structured on well defined transportation axes.

Airline competition and network structure

This paper characterizes the equilibria in airline networks and their welfare implications in an unregulated environment. Competing airlines may adopt either fully-connected (FC) or hub-and-spoke (HS) network structures; and passengers exhibiting low brand loyalty to their preferred carrier choose an outside option to travel so that markets are partially served by airlines. In this context, carriers adopt hubbing strategies when costs are sufficiently low, and asymmetric equilibria where one carrier chooses a FC strategy and the other chooses a HS strategy may arise. Quite interestingly, flight frequency can become excessive under HS network configurations.

Organisational structure, communication and group ethics

This paper investigates experimentally how organisational decision processes affect the moral motivations of actors inside a firm that must forego profits to reduce harming a third party. In a "vertical" treatment, one insider unilaterally sets the harm-reduction strategy; the other can only accept or quit. In a "horizontal" treatment, the insiders decide by consensus. Our 2-by-2 design also controls for communication effects. In our data, communication makes vertical firms more ethical; voice appears to mitigate "responsibility-alleviation" in that subordinates with voice feel responsible for what their firms do. Vertical firms are then more ethical than the horizontal firms for which our bargaining data reveal a dynamic form of responsibility-alleviation and our chat data indicate a strong "insider-outsider" effect.

Efectos del gen halotano sobre el bienestar animal, la calidad de carne y la productividad en porcinos

El Centro de Tecnología de la Carne fue responsable de tres de los objetivos fundamentales de este proyecto. Los experimentos consistieron en el sacrificio de dos lotes de cerdos que se diferenciaban en su genotipo halotano y en la línea paterna, que fueron sometidos a distintos tratamientos ante-mortem (transporte y espera largos versus transporte y espera cortos). En el primer lote, se compararon animales libres del gen con heterocigotos que procedían de una línea paterna Pietrain o una línea híbrida Large White x Pietrain. En el segundo lote, se comparó la descendencia heterocigota (Nn) de un macho Pietrain positivo al halotano (nn) con la descendencia libre del gen (NN) de dos machos Pietrain también libres del gen. Las hembras utilizadas en ambos lotes fueron las mismas, todas ellas libres del gen halotano

Suplementación de tranquilizantes naturales en la dieta de cerdos con diferente genotipo al estrés: sobre el bienestar animal y la calidad tecnológica y sensorial de la carne

El objetivo principal del proyecto era estudiar el efecto de tranquilizantes naturales sobre el bienestar de los animales y la calidad de la carne desde un punto de vista tecnológico y sensorial. Este objetivo se desglosaba en dos: OBJETIVO 1 – Evaluar la eficacia de tranquilizantes naturales (Magnesio, triptófano) en la disminución del nivel de estrés en cerdos de tres genotipos diferentes respecto del gen Hal, homocigotos dominantes NN, o portadores (Nn y nn) en el período anterior al sacrificio. OBJETIVO 2 – Estudiar el efecto de los tranquilizantes en la calidad tecnológica y sensorial de la carne (pH, capacidad de retención de agua, color, textura, olor sexual, …). Para ello se planteaban dos experimentos, el primero utilizando animales extremos, libres del gen, NN, y Hal +, nn, y el segundo con animales libres, NN, y portadores, Nn.

Valoración del bienestar animal del cerdo. Parámetros evaluados en el matadero

La preocupación por el bienestar animal es creciente en toda Europa, tanto por parte del consumidor como por parte del poder legislativo. La información que se facilite a los consumidores sobre los sistemas de producción y un etiquetado adecuado de las condiciones de producción de los productos de origen animal pueden constituir dos elementos esenciales de la cadena alimentaria europea en los próximos años. Es en este contexto que la Comisión Europea financia desde el año 2004 un proyecto europeo integrado, conocido con el acrónimo de “Welfare Quality®”. Uno de los objetivos principales del proyecto es obtener un sistema de valoración del bienestar de los animales de abasto que sea aplicable en granjas y mataderos, y que pueda convertirse en un sistema estandarizado para toda Europa. Además, el sistema de valoración, debe proporcionar información sobre el bienestar de los animales de una forma sencilla y entendible por el público y, a su vez, identificar de forma inequívoca los productos procedentes de estos estándares de bienestar animal. El sistema de valoración utilizado priorizará las medidas basadas en los propios animales sobre aquellas basadas en el ambiente o el manejo de estos. La inclusión de parámetros en el protocolo final de valoración del bienestar del porcino en el matadero depende de factores tales como su validez como indicador del bienestar animal, la facilidad con la que pueda ser valorado por distintos observadores en distintos entornos y condiciones con un error mínimo, que precise de poco tiempo para ser valorada y que combinada con otras medidas dé un resultado final óptimo. A modo de ejemplo, se presentan algunos de los parámetros que serán incluidos en el sistema de valoración del bienestar del porcino en matadero, tales como la valoración del miedo, resbalones, caídas, cojeras, presencia de heridas o índice de mortalidad y eficiencia del aturdimiento previo al sacrificio. Para más información se puede consultar la dirección www.welfarequality.net.

Novetats que afecten a la nutrició animal a Europa. Nou model europeu de producció animal

La nutrició animal a la Unió Europea (UE) ha estat afectada per vàries crisis, com la de les vaques boges (encefalopatia bovina espongiforme) (BSE), les hormones a la carn, la contaminació per les dioxines, els Organismes Genèticament Modificats (GMO) i l’ús d’antibiòtics com a promotors de creixement (AMGP). Des dels anys 70, la producció animal a la UE ha estat encaminada a buscar regulacions legals per a millorar la seva seguretat i eficàcia. Si més no, durant els últims cinc anys, casos com la BSE i d’altres han col·locat al sector en primera línia de les notícies, la qual cosa ha trencat la confiança dels consumidors en el consum de carn. Aquesta presentació intentarà explicar per què i com la UE està tractant aquests temes i què és el que el sector està fent per recobrar la confiança dels consumidors. La intenció és respondre a algunes qüestions que preocupen al sector, com per exemple: La producció animal europea, és menys segura que les altres? Per què les regulacions legals són més exigents per a nutrició animal que per als humans? El sector s’està preguntant si aquesta crisi pot produir un nou model europeu de producció animal. Finalment, l’actual sistema de ramaderia s’haurà de discutir: quantitat o qualitat.