Exogenous expectations on endogenous uncertainty: recursive equilibrium and survival

This paper analyses general equilibrium models with finite heterogeneous agents having exogenous expectations on endogenous uncertainty. It is shown that there exists a recursive equilibrium with the state space consisting of the past aggregate portfolio distribution and the current state of the nature and that it implements the sequential equilibrium. We establish conditions under which the recursive equilibrium is continuous. Moreover, we use the continuous recursive relation of the aggregate variables to prove that if the economy has two types of agents, the one who commits persistent mistakes on the expectation rules of the future endogenous variables is driven out of the market by the others with correct anticipations of the variables, that is, the rational expectations agents.

Essays in recursive equilibrium and market selection hypothesis

Este trabalho consiste em estudar modelos incluindo agentes com informação completa e incompleta sobre o ambiente econômico. Prova-se a existência de equilíbrio em que esses dois agentes coexistem e sob, algumas condições, obtêm-se que esse equilíbrio é recursivo e contínuo, ou seja, pode ser implementado por uma função contínua de transição que relaciona as variáveis de equilíbrio entre dois períodos consecutivos. Mostra-se, sob algumas hipóteses, que em equilíbrios recursivos contínuos, os agentes que cometem erros persistentes nas antecipações dos preços de equilíbrio são eliminados do mercado. Finalmente, exibimos diversos exemplos numéricos, no caso de mercados incompletos e informação completa, em que os agentes com expectativas racionais são eliminados do mercado. Usam-se métodos numéricos alternativos que possibilitam computar um equilíbrio em modelos com agentes heterogêneos.

Approximate recursive equilibrium with minimal state space

This paper shows existence of approximate recursive equilibrium with minimal state space in an environment of incomplete markets. We prove that the approximate recursive equilibrium implements an approximate sequential equilibrium which is always close to a Magill and Quinzii equilibrium without short sales for arbitrarily small errors. This implies that the competitive equilibrium can be implemented by using forecast statistics with minimal state space provided that agents will reduce errors in their estimates in the long run. We have also developed an alternative algorithm to compute the approximate recursive equilibrium with incomplete markets and heterogeneous agents through a procedure of iterating functional equations and without using the rst order conditions of optimality.

Rational expectations and the service of public debt: a recursive approach

This paper uses dynamic programming to study the time consistency of optimal macroeconomic policy in economies with recurring public deficits. To this end, a general equilibrium recursive model introduced in Chang (1998) is extended to include govemment bonds and production. The original mode! presents a Sidrauski economy with money and transfers only, implying that the need for govemment fmancing through the inflation tax is minimal. The extended model introduces govemment expenditures and a deficit-financing scheme, analyzing the SargentWallace (1981) problem: recurring deficits may lead the govemment to default on part of its public debt through inflation. The methodology allows for the computation of the set of alI sustainable stabilization plans even when the govemment cannot pre-commit to an optimal inflation path. This is done through value function iterations, which can be done on a computeI. The parameters of the extended model are calibrated with Brazilian data, using as case study three Brazilian stabilization attempts: the Cruzado (1986), Collor (1990) and the Real (1994) plans. The calibration of the parameters of the extended model is straightforward, but its numerical solution proves unfeasible due to a dimensionality problem in the algorithm arising from limitations of available computer technology. However, a numerical solution using the original algorithm and some calibrated parameters is obtained. Results indicate that in the absence of govemment bonds or production only the Real Plan is sustainable in the long run. The numerical solution of the extended algorithm is left for future research.

Nutrition, dry matter accumulation and partitioning and phosphorus use efficiency of potato grown at different phosphorus levels in nutrient solution

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Recursive hierarchic segmentation analysis of bone mineral density changes on digital panoramic images

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Partitioning the relative fitness effects of diet and trophic morphology in the threespine stickleback

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Comments about some species abundance patterns: classic, neutral, and niche partitioning models

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Niche occupancy and the relative role of micro-habitat and diet in resource partitioning among pond dwelling tadpoles.

We determined microhabitat and diet niche for tadpoles from two ponds in an agricultural landscape. Additionally, we verified the intraspecific variation in resource use, and if diet and microhabitat use were correlated. Tadpoles found in the two ponds differed in microhabitat use, because in the larger pond they explored deeper places far from the margin. There were three groups with high microhabitat niche overlap. In both ponds, plant cover was the best descriptor to explain interspecific variation in microhabitat use. Tadpoles of all species ingested mainly Bacillariophyceae and Trachellomonas however the diet differed intraspecifically in the species from the two ponds. Ten items in the temporary pond and 15 items in the permanent one were ingested by all species; however, the relative abundance of each item differed. Diet similarity was not correlated to similarity in microhabitat use. In this study, diet was as important as microhabitat use to explain resource partitioning.

Separation and partitioning of Green Fluorescent Protein from Escherichia coli homogenate in poly(ethylene glycol)/sodium-poly(acrylate) aqueous two-phase systems

The partitioning of Green Fluorescent Protein (GFP) in poly(ethylene glycol)/Na-poly(acrylate) aqueous two-phase systems (PEG/NaPA-ATPS) has been investigated. The aqueous two-phase systems are formed by mixing the polymers with a salt and a protein solution. The protein partitioning in the two-phase system was investigated at 25 degrees C. The concentration of the GFP was measured by fluorimetry. It was found that the partitioning of GFP depends on the salt type, pH and concentration of PEG. The data indicates that GFP partitions more strongly to the PEG phase in presence of Na2SO4 relative to NaCl. Furthermore, the GFP partitions more to the PEG phase at higher pH. The partition to the PEG phase is strongly favoured in systems with larger tie-line lengths (i.e. systems with higher polymer concentrations). The molecular weight of PEG is important since the partition coefficient (K) of GFP gradually decreases with increasing PEG size, from K ca. 300-400 for PEG 400 to K equal to 1.19 for PEG 8000. A separation process was developed where GFP was separated from a homogenate in two extraction steps: the GFP is first partitioned to the PEG phase in a PEG 3000/NaPA 8000 system containing 3 wt% Na2SO4, where the K value of GFP was 8. The GFP is then re-extracted to a salt phase formed by mixing the previous top-phase with a Na2SO4 solution. The K-value of GFP in this back-extraction was 0.22. The total recovery based on the start material was 74%. (c) 2008 Elsevier B.V. All rights reserved.