A New open economy macroeconomic model with endogenous portfolio diversification and firms entry

This paper provides a new benchmark for the analysis of the international diversi…cation puzzle in a tractable new open economy macroeconomic model. Building on Cole and Obstfeld (1991) and Heathcote and Perri (2009), this model speci…es an equilibrium model of perfect risk sharing in incomplete markets, with endogenous portfolios and number of varieties. Equity home bias may not be a puzzle but a perfectly optimal allocation for hedging risk. In contrast to previous work, the model shows that: (i) optimal international portfolio diversi…cation is driven by home bias in capital goods, independently of home bias in consumption, and by the share of income accruing to labour. The model explains reasonably well the recent patterns of portfolio allocations in developed economies; and (ii) optimal portfolio shares are independent of market dynamics.

An Analysis of black-box optimization problems in reinsurance: evolutionary-based approaches

Black-box optimization problems (BBOP) are de ned as those optimization problems in which the objective function does not have an algebraic expression, but it is the output of a system (usually a computer program). This paper is focussed on BBOPs that arise in the eld of insurance, and more speci cally in reinsurance problems. In this area, the complexity of the models and assumptions considered to de ne the reinsurance rules and conditions produces hard black-box optimization problems, that must be solved in order to obtain the optimal output of the reinsurance. The application of traditional optimization approaches is not possible in BBOP, so new computational paradigms must be applied to solve these problems. In this paper we show the performance of two evolutionary-based techniques (Evolutionary Programming and Particle Swarm Optimization). We provide an analysis in three BBOP in reinsurance, where the evolutionary-based approaches exhibit an excellent behaviour, nding the optimal solution within a fraction of the computational cost used by inspection or enumeration methods.

A note on Luttens’ Minimal rights based solidarity

Following the approach developed by Luttens (2010), we consider a model where individuals with di fferent levels of skills exert di fferent levels of e ffor. Speci fically, we propose a redistribution mechanism based on a lower bound on what every individual deserves: the so-called minimal rights (O'Neill (1982)). Our re finement of Luttens' mechanism ensures at the same time minimal rights based solidarity, participation (non-negativity) and claims feasibility. Keywords: Redistribution mechanism, Minimal rights, Solidarity, Participation, Claims feasibility. JEL classi fication: C71, D63, D71.

Efficient interval scoring rules

Scoring rules that elicit an entire belief distribution through the elicitation of point beliefsare time-consuming and demand considerable cognitive e¤ort. Moreover, the results are validonly when agents are risk-neutral or when one uses probabilistic rules. We investigate a classof rules in which the agent has to choose an interval and is rewarded (deterministically) onthe basis of the chosen interval and the realization of the random variable. We formulatean e¢ ciency criterion for such rules and present a speci.c interval scoring rule. For single-peaked beliefs, our rule gives information about both the location and the dispersion of thebelief distribution. These results hold for all concave utility functions.

Bringing game theory to hypothesis testing: Establishing finite sample bounds on inference

Small sample properties are of fundamental interest when only limited data is avail-able. Exact inference is limited by constraints imposed by speci.c nonrandomizedtests and of course also by lack of more data. These e¤ects can be separated as we propose to evaluate a test by comparing its type II error to the minimal type II error among all tests for the given sample. Game theory is used to establish this minimal type II error, the associated randomized test is characterized as part of a Nash equilibrium of a .ctitious game against nature.We use this method to investigate sequential tests for the di¤erence between twomeans when outcomes are constrained to belong to a given bounded set. Tests ofinequality and of noninferiority are included. We .nd that inference in terms oftype II error based on a balanced sample cannot be improved by sequential sampling or even by observing counter factual evidence providing there is a reasonable gap between the hypotheses.

Glibenclamide enhances neurogenesis and improves long-term functional recovery after transient focal cerebral ischemia

Glibenclamide is neuroprotective against cerebral ischemia in rats. We studied whether glibenclamide enhances long-term brain repair and improves behavioral recovery after stroke. Adult male Wistar rats were subjected to transient middle cerebral artery occlusion (MCAO) for 90 minutes. A low dose of glibenclamide (total 0.6mg) was administered intravenously 6, 12, and 24 hours after reperfusion. We assessed behavioral outcome during a 30-day follow-up and animals were perfused for histological evaluation. In vitro specific binding of glibenclamide to microglia increased after pro-inflammatory stimuli. In vivo glibenclamide was associated with increased migration of doublecortin-positive cells in the striatum toward the ischemic lesion 72 hours after MCAO, and reactive microglia expressed sulfonylurea receptor 1 (SUR1) and Kir6.2 in the medial striatum. One month after MCAO, glibenclamide was also associated with increased number of NeuN-positive and 5-bromo-2-deoxyuridine-positive neurons in the cortex and hippocampus, and enhanced angiogenesis in the hippocampus. Consequently, glibenclamide-treated MCAO rats showed improved performance in the limb-placing test on postoperative days 22 to 29, and in the cylinder and water-maze test on postoperative day 29. Therefore, acute blockade of SUR1 by glibenclamide enhanced long-term brain repair in MCAO rats, which was associated with improved behavioral outcome.

Glibenclamide enhances neurogenesis and improves long-term functional recovery after transient focal cerebral ischemia

Glibenclamide is neuroprotective against cerebral ischemia in rats. We studied whether glibenclamide enhances long-term brain repair and improves behavioral recovery after stroke. Adult male Wistar rats were subjected to transient middle cerebral artery occlusion (MCAO) for 90 minutes. A low dose of glibenclamide (total 0.6mg) was administered intravenously 6, 12, and 24 hours after reperfusion. We assessed behavioral outcome during a 30-day follow-up and animals were perfused for histological evaluation. In vitro specific binding of glibenclamide to microglia increased after pro-inflammatory stimuli. In vivo glibenclamide was associated with increased migration of doublecortin-positive cells in the striatum toward the ischemic lesion 72 hours after MCAO, and reactive microglia expressed sulfonylurea receptor 1 (SUR1) and Kir6.2 in the medial striatum. One month after MCAO, glibenclamide was also associated with increased number of NeuN-positive and 5-bromo-2-deoxyuridine-positive neurons in the cortex and hippocampus, and enhanced angiogenesis in the hippocampus. Consequently, glibenclamide-treated MCAO rats showed improved performance in the limb-placing test on postoperative days 22 to 29, and in the cylinder and water-maze test on postoperative day 29. Therefore, acute blockade of SUR1 by glibenclamide enhanced long-term brain repair in MCAO rats, which was associated with improved behavioral outcome.

JXTAnonym: An anonymity layer for JXTA services messaging

With the evolution of the P2P research eld, new problems, such as those related with information security, have arisen. It is important to provide security mechanisms to P2P systems, since it has already become one of the key issues when evaluating them. However, even though many P2P systems have been adapted to provide a security baseline to their underlying applications, more advanced capabilities are becoming necessary. Speci cally, privacy preservation and anonymity are deemed essential to make the information society sustainable. Unfortunately, sometimes, it may be di cult to attain anonymity unless it is included into the system's initial design. The JXTA open protocols speci cation is a good example of this kind of scenario. This work studies how to provide anonymity to JXTA's architecture in a feasible manner and proposes an extension which allows deployed services to process two-way messaging without disclosing the endpoints'identities to third parties.

Alternative tests for correct specification of conditional predictive densities

We propose new methods for evaluating predictive densities that focus on the models' actual predictive ability in finite samples. The tests offer a simple way of evaluatingthe correct specification of predictive densities, either parametric or non-parametric.The results indicate that our tests are well sized and have good power in detecting mis-specification in predictive densities. An empirical application to the Survey ofProfessional Forecasters and a baseline Dynamic Stochastic General Equilibrium modelshows the usefulness of our methodology.

Do mediterranean genera not included in Tachet et al. (2002) have mediterranean trait characteristics?

Do mediterranean genera not included in Tachet et al. 2002 have mediterranean trait characteristics? Multiple-trait databases are increasingly used in community ecology in different regions of the world. In Europe, Tachet et al.(2002) compiled an aquatic macroinvertebrate database for 473 taxa using information on 11 biological traits described by 63 categories. However, less studied regions, at the time of the compilation of the database, such as the mediterranean Basin, can harbour exclusive genera, which were not included in Tachet"s database. In a large-scale study across the mediterranean Basin, we found 44 genera that were not included in Tachet"s database (NEW genera). Our main aim was to compile trait information for these NEW genera and assess whether these genera had specific traits that could explain their exclusivity to the Mediterranean region. We compared the trait characteristics of NEW genera to those of genera only found in Mediterranean or temperate regions that were included in the Tachet"s database (MED and TEM genera, respectively). We found that NEW genera had more mediterranean characteristics than TEM genera and that some trait categories of NEW genera were even more mediterranean-like than the traits of MED genera (e.g., diapause). Therefore, our results suggest that the specific biological traits of these NEW genera allow them to cope successfully and exclusively with the harsh environmental conditions of the mediterranean climate rivers, which could partially explain their absence in Tachet"s database. Other explanations, such as the limited dispersal ability of these NEW genera to reach and colonize temperate Europe or the rarity of these NEW genera, should also be considered. We provide biological traits of the NEW genera to be used in future studies on the mediterranean river ecology.