87 resultados para Hedge and Offer

em Consorci de Serveis Universitaris de Catalunya (CSUC), Spain


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It has traditionally been argued that the development of telecommunications infrastructure is dependent on the quality of countries' political institutions. We estimate the effect of political institutions on the diffusion of three telecommunications services and find it to be much smaller in cellular telephony than in the others. By evaluating the importance of institutions for technologies rather than for industries, we reveal important growth opportunities for developing countries and offer policy implications for alleviating differences between countries in international telecommunications development. Keywords: Political constraints, telecommunications, GMM, economic development. JEL codes: O1, O3.

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It has traditionally been argued that the development of telecommunications infrastructure is dependent on the quality of countries’ political institutions. We estimate the effect of political institutions on the diffusion of three telecommunications services and find it to be much smaller in cellular telephony than in the others. By evaluating the importance of institutions for technologies rather than for industries, we reveal important growth opportunities for developing countries and offer policy implications for alleviating differences between countries in international telecommunications development.

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The Barcelona Forum aimed to generate both a theoretical and practical discussion on decentralized governance and its capacity to promote peace, prevent conflict, advance human security and ensure greater governmental accountability. The Forum intended to review the theoretical strength of decentralization as a political tool and discuss how it can be properly implemented. Eight case studies were selected to be covered during the two days in order to draw conclusions and offer proposals for the future implementation of decentralization. The case of Catalonia and the decentralized experience of Spain was given special attention, as an example of successful decentralization. The other cases presented achievements and challenges and prompted discussions on both the validity and universality of decentralization as a way to promote and preserve peace. Topics such as ethnic and territorial divisions, democratic accountability, financial decentralization and distribution, resource sharing, and external implementation of decentralization through peace processes were discussed.

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Sacoglossan sea slugs (Mollusca: Opisthobranchia) are one of the few groups of specialist herbivores in the marine environment. Sacoglossans feed suctorially on the cell sap of macroalgae, from which they 'steal' chloroplasts (kleptoplasty) and deterrent substances (kleptochemistry), retaining intracellularly both host plastids and chemicals. The ingested chloroplasts continue to photosynthesize for periods ranging from a few hours or days up to 3 months in some species. Shelled, more primitive sacoglossans feed only on the siphonalean green algal genus Caulerpa, and they do not have functional kleptoplasty. The diet of sacoglossans has radiated out from this ancestral food. Among the shell-less Plakobranchidae (=Elysiidae), the more primitive species feed on other siphonales (families Derbesiaceae, Caulerpaceae, Bryopsidaceae and Codiaceae) and fix carbon, while the more 'advanced' species within the Plakobranchidae and Limapontioidae have a more broad dietary range. Most of these 'advanced' species are unable to fix carbon because the chloroplasts of their food algae are mechanically disrupted during ingestion. Mesoherbivores are likely to be eaten if they live on palatable seaweeds, their cryptic coloration and form not always keeping them safe from predators. Sacoglossans prefer to live on and eat chemically defended seaweeds, and they use ingested algal chemicals as deterrents of potential predators. The most ancestral shelled sacoglossans (Oxynoidae) and some Plakobranchidae such as Elysia translucens, Thuridilla hopei and Bosellia mimetica have developed a diet-derived chemical defense mechanism. Oxynoids and Thuridilla hopei are able to biomodify the algal metabolites. However, the Plakobranchidae Elysia timida and E. viridis, together with Limapontioidea species, are characterized by their ability to de novo synthesize polypropionate metabolites. A whole analysis of kleptoplasty and chemical defenses in sacoglossans may offer a better understanding of the ecology and evolution of these specialized opisthobranchs. In this paper we summarize some of the latest findings, related mainly to Mediterranean species, and offer a plausible evolutionary scenario based on the biological and chemical trends we can distinguish in them.

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This thesis investigates epistemic indefinites (EIs), elements noteworthy for their grammaticalized ignorance implicature, i.e. inability to provide further information about the identity of the expression's referent. This work contributes to the effort of finding a unified account of the cross-linguistic repertoire of EIs. It comprises a corpus survey and a semantic analysis of Slovak voľa- and -si, EI items not studied until now. First, the following hypothesis was tested: the semantic/syntactic functions expressed by an indefinite will fall into contiguous areas on an implicational map (Haspelmath 1997). The results of the corpus analysis revealed that the map does not entirely capture the Slovak EIs' functional distribution and interpretations. Secondly, the semantic analysis was developed within the alternatives-and-exhaustification framework (Chierchia 2013). I show that some of the EIs' behavior can be explained as a consequence of an assumed sensitivity to parameters proposed by Chierchia. I situate voľa- and -si with respect to the framework’s typology and offer a critical assessment of this theoretical perspective.

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The Goliath grouper, Epinephelus itajara, a large-bodied (similar to 2.5 m TL, > 400 kg) and critically endangered fish (Epinephelidae), is highly Vulnerable to overfishing. Although protected from fishing in many countries, its exploitation in Mexico is unregulated; a situation that puts its populations at risk. Fishery records of E. itajara are scarce, which prevents determination of its fishery status. This work aimed to elucidate the E itajara fishery in the northern Yucatan Peninsula by 1) analyzing available catch records and 2) interviewing veteran fishermen (local ecological knowledge) from two traditional landing sites: Dzilam de Bravo and Puerto Progreso. Historic fishery records from two fishing cooperatives were analyzed in order to elucidate the current situation and offer viable alternatives for conservation and management. Catches have decreased severely. Local knowledge obtained from fishermen represented a very important source of information for reconstructing the fisheries history of this species. Conservation measures that incorporate regional and international regulations on critically endangered fish species are suggested

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Joint-stability in interindustry models relates to the mutual simultaneous consistency of the demand-driven and supply-driven models of Leontief and Ghosh, respectively. Previous work has claimed joint-stability to be an acceptable assumption from the empirical viewpoint, provided only small changes in exogenous variables are considered. We show in this note, however, that the issue has deeper theoretical roots and offer an analytical demonstration that shows the impossibility of consistency between demand-driven and supply-driven models.

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Els processos de comprensió lectora són complexes, i requereixen de l’ús autorregulat, conscient i deliberat de la metacognició en les seves dues vessants: supervisió i control. L’objectiu d’aquest projecte és analitzar les relacions entre aquests dos components, i la seva repercussió en la comprensió lectora que finalment s’assoleix. Per tal de tractar aquesta qüestió s’han analitzat els processos de lectura seguits per 60 alumnes d’Educació Secundària Obligatòria. La presència i el tipus de relectura ha estat considerada com a mesura de control (estratègia emprada per millorar la pròpia comprensió), mentre que els judicis metacognitius són considerats com a mesura de supervisió. També es va elaborar una prova de comprensió lectora incloent preguntes que requerissin diferents nivells de processament cognitiu, de més superficial a més profund. Els nostres resultats preliminars mostren una relació entre l’ajust dels judicis metacognitius i la comprensió lectora assolida; els lectors que millor entenen el text tendeixen a ser els que millor supervisen la seva comprensió. La relectura també s’ha mostrat útil per millorar la comprensió, ja que els participants obtenen millors resultats després de rellegir. Per últim, s’ha trobat una relació significativa entre l’ajust dels judicis metacognitius i la relectura. D’una banda, aquests resultats subratllen la importància de la supervisió i el control en la comprensió lectora, i ofereixen evidències per explicar les complexes relacions entre supervisió, control, i resultats de comprensió. A més, els processos de lectura i els objectius amb què hom rellegeix apareixen com a temes rellevants que requereixen ser investigats per comprendre millor la interacció entre els processos de supervisió i control en la comprensió lectora. D’altra banda, els resultats tenen valuoses implicacions educatives, ja que proporcionen evidències de la importància d’ensenyar processos metacognitius des d’un punt de vista estratègic, en contraposició a les “tècniques”, per tal de millorar la comprensió lectora.

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In this paper we address a problem arising in risk management; namely the study of price variations of different contingent claims in the Black-Scholes model due to anticipating future events. The method we propose to use is an extension of the classical Vega index, i.e. the price derivative with respect to the constant volatility, in thesense that we perturb the volatility in different directions. Thisdirectional derivative, which we denote the local Vega index, will serve as the main object in the paper and one of the purposes is to relate it to the classical Vega index. We show that for all contingent claims studied in this paper the local Vega index can be expressed as a weighted average of the perturbation in volatility. In the particular case where the interest rate and the volatility are constant and the perturbation is deterministic, the local Vega index is an average of this perturbation multiplied by the classical Vega index. We also study the well-known goal problem of maximizing the probability of a perfect hedge and show that the speed of convergence is in fact dependent of the local Vega index.

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Peer-reviewed

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This paper analyzes the effects of parliamentary representation on road infrastructure expenditure during the Spanish Restoration. Using a panel dataset of Spanish provinces in 1880-1914 we find that the allocation of administrative resources among provinces depended both on the delegation characteristics (such as the share of MPs with party leadership positions, and their degree of electoral independence), and the regime"s global search for stability. These results point to the importance of electoral dynamics within semi-democratic political systems, and offer an example of the influence of government tactics on infrastructure allocation.

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This paper analyzes the effects of parliamentary representation on road infrastructure expenditure during the Spanish Restoration. Using a panel dataset of Spanish provinces in 1880-1914 we find that the allocation of administrative resources among provinces depended both on the delegation characteristics (such as the share of MPs with party leadership positions, and their degree of electoral independence), and the regime"s global search for stability. These results point to the importance of electoral dynamics within semi-democratic political systems, and offer an example of the influence of government tactics on infrastructure allocation.

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We study pair-wise decentralized trade in dynamic markets with homogeneous, non-atomic, buyers and sellers that wish to exchange one unit. Pairs of traders are randomly matched and bargaining a price under rules that offer the freedom to quit the match at any time. Market equilbria, prices and trades over time, are characterized. The asymptotic behavior of prices and trades as frictions (search costs and impatience) vanish, and the conditions for (non) convergence to walrasian prices are explored. As a side product of independent interest, we present a self-contained theory of non-cooperative bargaining with two-sided, time-varying, outside options.

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One of the most notable characteristics of the change in governance of the past two decades has been the restructuring of the state, most notably the delegation of authority from politicians and ministries to technocrats and regulatory agencies. Our unique dataset on the extent of these reforms in seven sectors in 36 countries reveals the widespread diffusion of these reforms in recent decades. In 1986 there were only 23 agencies across these sectors and countries (less than one agency per country); by 2002 this number had increased more than seven-fold, to 169. On average these 36 countries each have more than four agencies in the seven sectors studied. Yet the widespread diffusion of these reforms is characterized by cross-regional and cross-sectoral variations. Our data reveal two major variations: first, reforms are more widespread in economic regulation that in social spheres; second, regulatory agencies in the social spheres are more widespread in Europe than in Latin America. Why these variations in the spread of the reforms? In this paper we present for the first time the regulatory gaps across regions and sectors and then move on to offer some explanations for these gaps in a way that sheds some light on the nature of these reforms and on their limits. Our explanatory framework combines diffusion and structural explanations and in doing so sheds new light on the global diffusion of public policy ideas.