Discrimination in Bankruptcy Situations

In a bankruptcy situation, not all claimants are affected in the same way. In particular, some depositors may enter into a situation of personal bankruptcy if they lose part of their investments. Events of this kind may lead to a social catastrophe. We propose discrimination among the claimants as a possible solution. A fact considered in the American bankruptcy law (among others) that establishes some discrimination on the claimants, or the Santander Bank that in the Madoff’s case reimbursed only the deposits to its particular customers. Moreover, the necessity of discriminating has already been mentioned in different contexts by Young (1988), Bossert (1995), Thomson (2003) and Pulido et al. (2002, 2007), for instance. In this paper, we take a bankruptcy solution as the reference point. Given this initial allocation, we make transfers from richer to poorer with the purpose of distributing not only the personal incurred losses as evenly as possible but also the transfers in a progressive way. The agents are divided into two groups depending on their personal monetary value (wealth, net-income, GDP or any other characteristic). Then, we impose a set of Axioms that bound the maximal transfer that each net-contributor can make and each net-receiver can obtain. Finally, we define a value discriminant solution, and we characterize it by means of the Lorenz criterion. Endogenous convex combinations between solutions are also considered. Keywords: Bankruptcy, Discrimination, Compensation, Rules JEL classification: C71, D63, D71.

Optimal second-degree price discrimination and arbitrage: On the role of asymetric information among buyers

The traditional theory of monopolistic screening tackles individualself-selection but does not address the possibility that buyers couldform a coalition to coordinate their purchases and to reallocate thegoods. In this paper, we design the optimal sale mechanism which takesinto account both individual and coalition incentive compatibilityfocusing on the role of asymmetric information among buyers. We showthat when a coalition of buyers is formed under asymmetric information,the monopolist can do as well as when there is no coalition. Although inthe optimal sale mechanism marginal rates of substitution are notequalized across buyers (hence there exists room for arbitrage), theyfail to realize the gains from arbitrage because of the transaction costsin coalition formation generated by asymmetric information.

Sovereign debt markets in turbulent times: Creditor discrimination and crowding-out effects

In 2007, countries in the Euro periphery were enjoying stable growth, low deficits, and lowspreads. Then the financial crisis erupted and pushed them into deep recessions, raising theirdeficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and,surprisingly, so did the share of the debt held by domestic creditors. Credit was reallocatedfrom the private to the public sectors, reducing investment and deepening the recessions evenfurther. To account for these facts, we propose a simple model of sovereign risk in which debtcan be traded in secondary markets. The model has two key ingredients: creditor discriminationand crowding-out effects. Creditor discrimination arises because, in turbulent times, sovereigndebt offers a higher expected return to domestic creditors than to foreign ones. This providesincentives for domestic purchases of debt. Crowding-out effects arise because private borrowingis limited by financial frictions. This implies that domestic debt purchases displace productiveinvestment. The model shows that these purchases reduce growth and welfare, and may lead toself-fulfilling crises. It also shows how crowding-out effects can be transmitted to other countriesin the Eurozone, and how they may be addressed by policies at the European level.

Assembly and disassembly of the Golgi Complex: two prodesses arranged in a cis to trans direction

We have studied the disassembly and assembly of two morphologically and functionally distinct parts of the Golgi complex, the cis/middle and trans cisterna/trans network compartments. For this purpose we have followed the redistribution of three cis/middle- (GMPc-1, GMPc-2, MG 160) and two trans- (GMPt-1 and GMPt-2) Golgi membrane proteins during and after treatment of normal rat kidney (NRK) cells with brefeldin A (BFA). BFA induced complete disassembly of the cis/middle- and trans-Golgi complex and translocation of GMPc and GMPt to the ER. Cells treated for short times (3 min) with BFA showed extensive disorganization of both cis/middle- and trans-Golgi complexes. However, complete disorganization of the trans part required much longer incubations with the drug. Upon removal of BFA the Golgi complex was reassembled by a process consisting of three steps: (a) exist of cis/middle proteins from the ER and their accumulation into vesicular structures scattered throughout the cytoplasm; (b) gradual relocation and accumulation of the trans proteins in the vesicles containing the cis/middle proteins; and (c) assembly of the cisternae, and reconstruction of the Golgi complex within an area located in the vicinity of the centrosome from which the ER was excluded. Reconstruction of the cis/middle-Golgi complex occurred under temperature conditions inhibitory of the reorganization of the trans-Golgi complex, and was dependent on microtubules. Reconstruction of the trans-Golgi complex, disrupted with nocodazole after selective fusion of the cis/middle-Golgi complex with the ER, occurred after the release of cis/middle-Golgi proteins from the ER and the assembly of the cis/middle cisternae.

EEG windowed statistical wavelet scoring for evaluation and discrimination of muscular artifacts

EEG recordings are usually corrupted by spurious extra-cerebral artifacts, which should be rejected or cleaned up by the practitioner. Since manual screening of human EEGs is inherently error prone and might induce experimental bias, automatic artifact detection is an issue of importance. Automatic artifact detection is the best guarantee for objective and clean results. We present a new approach, based on the time–frequency shape of muscular artifacts, to achieve reliable and automatic scoring. The impact of muscular activity on the signal can be evaluated using this methodology by placing emphasis on the analysis of EEG activity. The method is used to discriminate evoked potentials from several types of recorded muscular artifacts—with a sensitivity of 98.8% and a specificity of 92.2%. Automatic cleaning ofEEGdata are then successfully realized using this method, combined with independent component analysis. The outcome of the automatic cleaning is then compared with the Slepian multitaper spectrum based technique introduced by Delorme et al (2007 Neuroimage 34 1443–9).

Coherency and sharpness measures by using ICA algorithms. An investigation for Alzheimer’s disease discrimination

In this paper, we present a comprehensive study of different Independent Component Analysis (ICA) algorithms for the calculation of coherency and sharpness of electroencephalogram (EEG) signals, in order to investigate the possibility of early detection of Alzheimer’s disease (AD). We found that ICA algorithms can help in the artifact rejection and noise reduction, improving the discriminative property of features in high frequency bands (specially in high alpha and beta ranges). In addition to different ICA algorithms, the optimum number of selected components is investigated, in order to help decision processes for future works.

Investigation of ICA algorithms for feature extraction of EEG signals in discrimination of Alzheimer disease

In this paper we present a quantitative comparisons of different independent component analysis (ICA) algorithms in order to investigate their potential use in preprocessing (such as noise reduction and feature extraction) the electroencephalogram (EEG) data for early detection of Alzhemier disease (AD) or discrimination between AD (or mild cognitive impairment, MCI) and age-match control subjects.

A model of the wind direction signature in the Stokes emission vector from the ocean surface at microwave frequencies

This paper presents a model of the Stokes emission vector from the ocean surface. The ocean surface is described as an ensemble of facets with Cox and Munk's (1954) Gram-Charlier slope distribution. The study discusses the impact of different up-wind and cross-wind rms slopes, skewness, peakedness, foam cover models and atmospheric effects on the azimuthal variation of the Stokes vector, as well as the limitations of the model. Simulation results compare favorably, both in mean value and azimuthal dependence, with SSM/I data at 53° incidence angle and with JPL's WINDRAD measurements at incidence angles from 30° to 65°, and at wind speeds from 2.5 to 11 m/s.

Grain yield, carbon isotope discrimination and mineral content in mature kernels of barley under irrigated and rainfed conditions

The relationship between yield, carbon isotope discrimination and ash content in mature kernels was examined for a set of 13 barley (Hordeum vulgare) cultivars. Plants were grown under rainfed and well-irrigated conditions in a Mediterranean area. Water deficit caused a decrease in both grain yield and carbon isotope discrimination (Δ). The yield was positively related to Δ and negatively related to ash content, across genotypes within each treatment. However, whereas the correlation between yield and Δ was higher for the set of genotypes under well-irrigated (r=0.70, P<0.01) than under rainfed (r=0.42) conditions, the opposite occurred when yield and ash content were related, ie r=-0.38 under well-irrigated and r=-0.73, (P<0.01) under rainfed conditions. Carbon isotope discrimination and ash content together account for almost 60% of the variation in yield, in both conditions. There was no significant relationship (r=-0.15) between carbon isotope discrimination and ash content in well-irrigated plants, whereas in rainfed plants, this relationship, although significant (r=-0.54, P< 0.05), was weakly negative. The concentration of several mineral elements was measured in the same kernels. The mineral that correlated best with ash content, yield and A, was K. For yield and Δ, although the relationship with K followed the same pattern as the relationhip with ash content, the correlation coefficients were lower. Thus, mineral accumulation in mature kernels seems to be independent of transpiration efficiency. In fact, filling of grains takes place through the phloem pathway. The ash content in kernels is proposed as a complementary criterion, in addition to kernel Δ, to assess genotype differences in barley grain yield under rainfed conditions.

Otolith shape analysis as a tool for population discrimination of the white grunt (Haemulon plumieri) stock in the northern coast of the Yucatan Peninsula, Mexico

In this study, the population structure of the white grunt (Haemulon plumieri) from the northern coast of the Yucatan Peninsula was determined through an otolith shape analysis based on the samples collected in three locations: Celestún (N 20°49",W 90°25"), Dzilam (N 21°23", W 88°54") and Cancún (N 21°21",W 86°52"). The otolith outline was based on the elliptic Fourier descriptors, which indicated that the H. plumieri population in the northern coast of the Yucatan Peninsula is composed of three geographically delimited units (Celestún, Dzilam, and Cancún). Significant differences were observed in mean otolith shapes among all samples (PERMANOVA; F2, 99 = 11.20, P = 0.0002), and the subsequent pairwise comparisons showed that all samples were significantly differently from each other. Samples do not belong to a unique white grunt population, and results suggest that they might represent a structured population along the northern coast of the Yucatan Peninsula

Preferred Spatial Frequencies for Human Face Processing Are Associated with Optimal Class Discrimination in the Machine

Psychophysical studies suggest that humans preferentially use a narrow band of low spatial frequencies for face recognition. Here we asked whether artificial face recognition systems have an improved recognition performance at the same spatial frequencies as humans. To this end, we estimated recognition performance over a large database of face images by computing three discriminability measures: Fisher Linear Discriminant Analysis, Non-Parametric Discriminant Analysis, and Mutual Information. In order to address frequency dependence, discriminabilities were measured as a function of (filtered) image size. All three measures revealed a maximum at the same image sizes, where the spatial frequency content corresponds to the psychophysical found frequencies. Our results therefore support the notion that the critical band of spatial frequencies for face recognition in humans and machines follows from inherent properties of face images, and that the use of these frequencies is associated with optimal face recognition performance.

Assessment of the discrimination of animal fat by FT_Raman spectroscopy

In recent years, there has been an increased attention towards the composition of feeding fats. In the aftermath of the BSE crisis all animal by-products utilised in animal nutrition have been subjected to close scrutiny. Regulation requires that the material belongs to the category of animal by-products fit for human consumption. This implies the use of reliable techniques in order to insure the safety of products. The feasibility of using rapid and non-destructive methods, to control the composition of feedstuffs on animal fats has been studied. Fourier Transform Raman spectroscopy has been chosen for its advantage to give detailed structural information. Data were treated using chemometric methods as PCA and PLS-DA which have permitted to separate well the different classes of animal fats. The same methodology was applied on fats from various types of feedstock and production technology processes. PLS-DA model for the discrimination of animal fats from the other categories presents a sensitivity and a specificity of 0.958 and 0.914, respectively. These results encourage the use of FT-Raman spectroscopy to discriminate animal fats.

Reaction time asymmetries between expansion and contraction

Different asymmetries between expansion and contraction (radial motions) have been reported in the literature. Often these patterns have been regarded as implying different channels for each type of radial direction (outward versus inwards) operating at a higher level of visual motion processing. In two experiments (detection and discrimination tasks) we report reaction time asymmetries between expansion and contraction. Power functions were fitted to the data. While an exponent of 0.5 accounted for the expansion data better, a value of unity yielded the best fit for the contraction data. Instead of interpreting these differences as corresponding to different higher order motion detectors, we regard these findings as reflecting the fact that expansion and contraction tap two distinct psychophysical input channels underlying the processing of fast and slow velocities respectively.

Generalization transitions in Hidden-Layer neural networks for third-order feature discrimination

Stochastic learning processes for a specific feature detector are studied. This technique is applied to nonsmooth multilayer neural networks requested to perform a discrimination task of order 3 based on the ssT-block¿ssC-block problem. Our system proves to be capable of achieving perfect generalization, after presenting finite numbers of examples, by undergoing a phase transition. The corresponding annealed theory, which involves the Ising model under external field, shows good agreement with Monte Carlo simulations.