Building an honest microfinance organization: Embezzlement and the optimality of rigid repayment schedules and joint liability

We consider the agency problem of a staff member managing microfinancing programs, who can abuse his discretion to embezzle borrowers' repayments. The fact that most borrowers of microfinancing programs are illiterate and live in rural areas where transportation costs are very high make staff's embezzlement particularly relevant as is documented by Mknelly and Kevane (2002). We study the trade-off between the optimal rigid lending contract and the optimal discretionary one and find that a rigid contract is optimal when the audit cost is larger than gains from insurance. Our analysis explains rigid repayment schedules used by the Grameen bank as an optimal response to the bank staff's agency problem. Joint liability reduces borrowers' burden of respecting the rigid repayment schedules by providing them with partial insurance. However, the same insurance can be provided byborrowers themselves under individual liability through a side-contract.

Photocatalytic Activity of Nanostructured Anatase Coatings Obtained by Cold Gas Spray

This article describes a photocatalytic nanostructured anatase coating deposited by cold gas spray (CGS)supported on titanium sub-oxide (TiO22x) coatings obtained by atmospheric plasma spray (APS) onto stainless steel cylinders. The photocatalytic coating was homogeneous and preserved the composition and nanostructure of the starting powder. The inner titanium sub-oxide coating favored the deposition of anatase particles in the solid state. Agglomerated nano-TiO2 particles fragmented when impacting onto the hard surface of the APS TiO22x bond coat. The rough surface provided by APS provided an ideal scenario for entrapping the nanostructured particles, which may be adhered onto the bond coat due to chemical bonding; a possible bonding mechanism is described. Photocatalytic experiments showed that CGS nano-TiO2 coating was active for photodegrading phenol and formic acid under aqueous conditions. The results were similar to the performance obtained by competitor technologies and materials such as dip-coating P25 photocatalysts. Disparity in the final performance of the photoactive materials may have been caused by differences in grain size and the crystalline composition of titanium dioxide.

The Timing of labor demand

We examine the timing of firms' operations in a formal model of labor demand. Merging a variety of data sets from Portugal from 1995-2004, we describe temporal patterns of firms' demand for labor and estimate production-functions and relative labor-demand equations. The results demonstrate the existence of substitution of employment across times of the day/week and show that legislated penalties for work at irregular hours induce firms to alter their operating schedules. The results suggest a role for such penalties in an unregulated labor market, such as the United States, in which unusually large fractions of work are performed at night and on weekends.

Educació ambiental: diagnosi dels equipaments del Parc del Garraf

El present projecte es centra en l’estudi de l’educació ambiental als equipaments del Parc del Garraf. Amb l’estudi de les característiques d’aquest tipus d’educació en aquests equipaments, que es troben tant a l’interior del parc com fora, però amb influència directa sobre ell, s’ha pogut constatar que l’educació ambiental és l’eina principal utilitzada per a articular la coneixença del parc i apropar els usuaris al medi natural del Garraf, materialitzant-se en una elevada i diversificada oferta de programes i activitats. A l’anàlisi realitzat, es determina que segons la naturalesa dels equipaments estudiats, el tractament d’una mateixa temàtica es desenvolupa de manera molt diferent en funció de les seves característiques intrínseques i els recursos disponibles. Finalment s’ha elaborat un conjunt de propostes per tal de millorar els programes d’activitats, la infraestructura i el conjunt de característiques dels equipaments seleccionats, relacionats directa o indirectament amb l’educació ambiental.

Individualització de la programació docent de Fonaments de Computadors

La metodologia docent impulsada per la creació d’un Espai Europeu d’Ensenyament Superior comú implica tenir en compte el treball de l’estudiant. En aquest sentit, resulta molt convenient facilitar a l’alumnat de primers cursos l’adaptació a una docència que s’organitza en crèdits ECTS i que se centra en el procés d’aprenentatge dels estudiants. Per aquest motiu, l’objectiu d’aquest projecte ha estat que assumissin un grau més elevat de responsabilitat en l’aprenentatge i que adquirissin una competència més gran en l’organització del temps d’acord amb els programes docents de les assignatures que cursessin. Per aconseguir-ho, s’ha creat un entorn de presentació de les guies docents basat en les agendes d’activitats d’aprenentatge. Aquestes agendes són, de fet, planificacions de les activitats presencials i no presencials que han de dur a terme els estudiants per assolir els objectius de cadascuna de les assignatures que fan. Perquè siguin efectives, han de ser el més individuals possibles i amb la informació suficient com perquè les activitats es puguin dur a terme. Així, els alumnes disposen d’una veritable agenda particular del què han de fer i quan per seguir una assignatura determinada. Com a resultat del projecte s’ha proposat una organització de la informació d’una assignatura que facilita tant la gestió de les guies docents com la creació d’agendes d’activitats d’aprenentatge, s’ha establert una metodologia de presentació dels programes docents amb suport de web perquè sigui de fàcil consulta i en els que els vincles de cada activitat s’activen segons el ritme del curs i, finalment, s’ha aplicat tot per al cas de l’assignatura de Fonaments de computadors, aconseguint que l’alumnat s’acostumi a seguir les agendes d’activitats i, consegüentment, a millorar el rendiment acadèmic de l’assignatura, que era el que, es pretenia originalment.

The ethnography of study abroad: what is study abroad as a cultural event?

Recent research in the field of study abroad shows that study abroad participation among all U.S. students increased 20% since 2001 and nearly 200,000 U.S. students currently go abroad each year. Additionally, about 8% of all undergraduate degree recipients receive part of their education abroad. Although quantitative studies have dominated research on study abroad, my research project calls for a qualitative approach since the goal is to understand what study abroad is as a cultural event, what authentic cultural immersion is, how program stakeholders understand and perceive cultural immersion, and how cultural immersion in programs can be improved. Following the tradition of ethnographic and case study approaches in study abroad research, my study also pivots on ethnography. As an ethnographer I collected data mainly through participant observation, semi-structured interviews, and document analysis. The study abroad participants were a group of undergraduate native speakers of English studying Spanish for seven weeks in Cádiz, a small costal city in southern Spain, as well as program coordinators, host community members, and professors. I also examined the specific program design features, particularly the in-class and out-of-class activities that students participated in. The goal was to understand if these features were conducive to authentic immersion in the language and culture. Eventually, I elaborated an ethnographic evaluation of the study abroad program and its design features suggesting improvements in order to enhance the significance and value of study abroad as a cultural event. Among other things, I discussed the difficulties that students had at the beginning of their sojourn to understand local people, get used to their host families’ small apartments, get adjusted to new schedules and eating habits, and venture out from the main group to individually explore the new social and cultural fabric and interact with the host community. The program evaluation revealed the need for carefully-designed pre-departure preparation sessions, pre-departure credit-bearing courses in intercultural communication, and additional language practice abroad and opportunities to come in contact with the local community through internships, volunteer or field work. My study gives an important contribution in study abroad research and education. It benefits students, teachers, and study abroad directors and coordinators in suggesting ideas on how to improve the program and optimize the students’ cultural experiences abroad. This study is also important because it investigated how US undergraduate learners studying the Spanish language and culture approach and perceive the study abroad experience in Spain.

Tornodrom : calendari de torns i incidències

Treball final de Carrera Enginyeria tècnica en Informàtica de Gestió. Desenvolupament d'un projecte en J2EE sobre calendaris de torns i incidències de l'àmbit industrial.

Avaluació de la substitució del plasma de sang per farina de rovell d’ou com a font proteica en l’alimentació de garrins en l’etapa de desmamament.

Els subproductes de l’ou, es presenten com a una alternativa viable a l’SDPP (Spray Dried Porcine Plasma),principalment per l’elevada qualitat de la seva proteïna, alhora que representen una fontimportant d’energia i agents antimicrobians, així com de vitamines i minerals. A més,el cost que suposa la seva inclusió en alimentació garrina és inferior al del plasma i coma element afegit, es donaria sortida a les elevades quantitats de subproductes de l’ougenerades cada any, no aptes per al consum humà

The Three Horsemen of Growth: Plague, War and Urbanization in Early Modern Europe

How did Europe overtake China? We construct a simple Malthusian model with two sectors, and use it to explain how European per capita incomes and urbanization rates could surge ahead of Chinese ones. That living standards could exceed subsistence levels at all in a Malthusian setting should be surprising. Rising fertility and falling mortality ought to have reversed any gains. We show that productivity growth in Europe can only explain a small fraction of rising living standards. Population dynamics - changes of the birth and death schedules - were far more important drivers of the longrun Malthusian equilibrium. The Black Death raised wages substantially, creating important knock-on effects. Because of Engel's Law, demand for urban products increased, raising urban wages and attracting migrants from rural areas. European cities were unhealthy, especially compared to Far Eastern ones. Urbanization pushed up aggregate death rates. This effect was reinforced by more frequent wars (fed by city wealth) and disease spread by trade. Thus, higher wages themselves reduced population pressure. Without technological change, our model can account for the sharp rise in European urbanization as well as permanently higher per capita incomes. We complement our calibration exercise with a detailed analysis of intra-European growth in the early modern period. Using a panel of European states in the period 1300-1700, we show that war frequency can explain a good share of the divergent fortunes within Europe.

Implicit collusion on wide spreads

Recent empirical findings suggest that spreads quoted in dealershipmarkets might be uncompetitive. This paper analyzes theoretically if pricecompetition between risk--averse market--makers leaves room for implicitcollusive behavior. We compare the spread and risk--sharing efficiencyarising in several market structures differing in terms of i) the priorityrule followed in case of ties, and ii) the type of schedules market makersmay use, namely: general schedules, linear schedules, or limit orders. Ingeneral, competitive pricing does not arise in equilibrium, and there isa conflict between risk sharing efficiency and the tightness of the spread.This conflict can be mitigated by an appropriate market structure design.The limit order market is the only market structure in which the competitiveequilibrium is the unique equilibrium.

A comparison of stock market mechanisms

This paper studies the relationship between the amount of publicinformation that stock market prices incorporate and the equilibriumbehavior of market participants. The analysis is framed in a static, NREEsetup where traders exchange vectors of assets accessing multidimensionalinformation under two alternative market structures. In the first(the unrestricted system), both informed and uninformed speculators cancondition their demands for each traded asset on all equilibrium prices;in the second (the restricted system), they are restricted to conditiontheir demand on the price of the asset they want to trade. I show thatinformed traders incentives to exploit multidimensional privateinformation depend on the number of prices they can condition upon whensubmitting their demand schedules, and on the specific price formationprocess one considers. Building on this insight, I then give conditionsunder which the restricted system is more efficient than the unrestrictedsystem.

Driver scheduling problem modelling

The Drivers Scheduling Problem (DSP) consists of selecting a set of duties for vehicle drivers, for example buses, trains, plane or boat drivers or pilots, for the transportation of passengers or goods. This is a complex problem because it involves several constraints related to labour and company rules and can also present different evaluation criteria and objectives. Being able to develop an adequate model for this problem that can represent the real problem as close as possible is an important research area.The main objective of this research work is to present new mathematical models to the DSP problem that represent all the complexity of the drivers scheduling problem, and also demonstrate that the solutions of these models can be easily implemented in real situations. This issue has been recognized by several authors and as important problem in Public Transportation. The most well-known and general formulation for the DSP is a Set Partition/Set Covering Model (SPP/SCP). However, to a large extend these models simplify some of the specific business aspects and issues of real problems. This makes it difficult to use these models as automatic planning systems because the schedules obtained must be modified manually to be implemented in real situations. Based on extensive passenger transportation experience in bus companies in Portugal, we propose new alternative models to formulate the DSP problem. These models are also based on Set Partitioning/Covering Models; however, they take into account the bus operator issues and the perspective opinions and environment of the user.We follow the steps of the Operations Research Methodology which consist of: Identify the Problem; Understand the System; Formulate a Mathematical Model; Verify the Model; Select the Best Alternative; Present the Results of theAnalysis and Implement and Evaluate. All the processes are done with close participation and involvement of the final users from different transportation companies. The planner s opinion and main criticisms are used to improve the proposed model in a continuous enrichment process. The final objective is to have a model that can be incorporated into an information system to be used as an automatic tool to produce driver schedules. Therefore, the criteria for evaluating the models is the capacity to generate real and useful schedules that can be implemented without many manual adjustments or modifications. We have considered the following as measures of the quality of the model: simplicity, solution quality and applicability. We tested the alternative models with a set of real data obtained from several different transportation companies and analyzed the optimal schedules obtained with respect to the applicability of the solution to the real situation. To do this, the schedules were analyzed by the planners to determine their quality and applicability. The main result of this work is the proposition of new mathematical models for the DSP that better represent the realities of the passenger transportation operators and lead to better schedules that can be implemented directly in real situations.

Income maintenance programs and multidimensional screening

This paper examines properties of optimal poverty assistance programs under different informational environments using an income maintenanceframework. To that end, we make both the income generating ability andthe disutility of labor of individuals unobservable, and compare theresulting benefit schedules with those of programs found in the UnitedStates since Welfare Reform (1996). We find that optimal programs closelyresemble a Negative Income Tax with a Benefit Reduction rate that dependson the distribution of population characteristics. A policy of workfare(unpaid public sector work) is inefficient when disutility of labor isunobservable, but minimum work requirements (for paid work) may be usedin that same environment. The distortions to work incentives and thepresence of minimum work requirements depend on the observability andrelative importance of the population's characteristics.

Malthusian dynamism and the rise of Europe: Make war, not love

This paper argues that Malthusian regimes are capable of sustained changes in per capita incomes. Shifting mortality and fertility schedules can lead to different steady-state income levels, with long periods of growth during the transition. Europe checked the downward pressure on wages through late marriage, which reduced fertility, and a mortality regime that combined high death rates with high incomes. We argue that both emerged as a result of the Black Death.