Local concavifiability of preferences and determinacy of equilibrium

In this paper we consider strictly convex monotone continuous complete preorderings on R+n that are locally representable by a concave utility function. By Alexandroff 's (1939) theorem, this function is twice dífferentiable almost everywhere. We show that if the bordered hessian determinant of a concave utility representation vanishes on a null set. Then demand is countably rectifiable, that is, except for a null set of bundles, it is a countable union of c1 manifolds. This property of consumer demand is enough to guarantee that the equilibrium prices of apure exchange economy will be locally unique, for almost every endowment. We give an example of an economy satisfying these conditions but not the Katzner (1968) - Debreu (1970, 1972) smoothness conditions.

Equity-premium puzzle: evidence from Brazilian data

This paper uses 1992:1-2004:2 quarterly data and two di§erent methods (approximation under lognormality and calibration) to evaluate the existence of an equity-premium puzzle in Brazil. In contrast with some previous works in the Brazilian literature, I conclude that the model used by Mehra and Prescott (1985), either with additive or recursive preferences, is not able to satisfactorily rationalize the equity premium observed in the Brazilian data. The second contribution of the paper is calling the attention to the fact that the utility function may not exist if the data (as it is the case with Brazilian time series) implies the existence of states in which high negative rates of consumption growth are attained with relatively high probability.

A CAPM with higher moments: theory and econometrics

We develop portfolio choice theory taking into consideration the first p~ moments of the underIying assets distribution. A rigorous characterization of the opportunity set and of the efficient portfolios frontier is given, as well as of the solutions to the problem with a general utility function and short sales allowed. The extension of c1assical meanvariance properties, like two-fund separation, is also investigated. A general CAPM is derived, based on the theoretical foundations built, and its empirical consequences and testing are discussed

Dynamic hedging with stocastic differential utility

In this paper we study the dynamic hedging problem using three different utility specifications: stochastic differential utility, terminal wealth utility, and we propose a particular utility transformation connecting both previous approaches. In all cases, we assume Markovian prices. Stochastic differential utility, SDU, impacts the pure hedging demand ambiguously, but decreases the pure speculative demand, because risk aversion increases. We also show that consumption decision is, in some sense, independent of hedging decision. With terminal wealth utility, we derive a general and compact hedging formula, which nests as special all cases studied in Duffie and Jackson (1990). We then show how to obtain their formulas. With the third approach we find a compact formula for hedging, which makes the second-type utility framework a particular case, and show that the pure hedging demand is not impacted by this specification. In addition, with CRRA- and CARA-type utilities, the risk aversion increases and, consequently the pure speculative demand decreases. If futures price are martingales, then the transformation plays no role in determining the hedging allocation. We also derive the relevant Bellman equation for each case, using semigroup techniques.

A consumption CAPM with a reference level

We study an intertemporal asset pricing model in which a representative consumer maximizes expected utility derived from both the ratio of his consumption to some reference level and this level itself. If the reference consumption level is assumed to be determined by past consumption levels, the model generalizes the usual habit formation specifications. When the reference level growth rate is made dependent on the market portfolio return and on past consumption growth, the model mixes a consumption CAPM with habit formation together with the CAPM. It therefore provides, in an expected utility framework, a generalization of the non-expected recursive utility model of Epstein and Zin (1989). When we estimate this specification with aggregate per capita consumption, we obtain economically plausible values of the preference parameters, in contrast with the habit formation or the Epstein-Zin cases taken separately. All tests performed with various preference specifications confirm that the reference level enters significantly in the pricing kernel.

Glibenclamide effects on renal function and histology after acute hemorrhage in rats under sevoflurane anesthesia

Introduction. Hypovolemia from hemorrhage evokes protective compensatory reactions, such as the renin-angiotensin system, which interferes in the clearance function and can lead to ischemia. This study was designed to evaluate the effects of glibenclamide, a K-ATP(+) channel blocker, on renal function and histology in rats in a state of hemorrhagic shock under sevoflurane anesthesia. Material and Methods. Twenty Wistar rats were randomized into two groups of 10 animals each (G1 and G2), only one of which (G2) received intravenous glibenclamide (1 mu g.g(-1)), 60 min before bleeding was begun. Both groups were anesthetized with sevoflurane and kept on spontaneous respiration with oxygen-air, while being bled of 30% of volemia in three stages with 10 min intervals. There was an evaluation of renal function-sodium para-aminohippurate and iothalamate clearances, filtration fraction, renal blood flow, renal vascular resistance-and renal histology. Renal function attributes were evaluated at three moments: M1 and M2, coinciding with the first and third stages of bleeding; and M3, 30 min after M2, when the animals were subjected to bilateral nephrectomy before being sacrificed. Results. Significant differences were found in para-aminohippurate clearance, G1 < G2, and higher renal vascular resistance values were observed in G1. Histological examination showed the greater vulnerability of kidneys exposed to sevoflurane alone (G1) with higher scores of vascular and tubular dilatation. There were vascular congestion and tubular vacuolization only in G1. Necrosis and signs of tubular regeneration did not differ in both groups. Conclusion. Treatment with glibenclamide attenuated acutely the renal histological changes after hemorrhage in rats under sevoflurane anesthesia.

Primal-dual logarithmic barrier and augmented Lagrangian function to the loss minimization in power systems

This article presents a new approach to minimize the losses in electrical power systems. This approach considers the application of the primal-dual logarithmic barrier method to voltage magnitude and tap-changing transformer variables, and the other inequality constraints are treated by augmented Lagrangian method. The Lagrangian function aggregates all the constraints. The first-order necessary conditions are reached by Newton's method, and by updating the dual variables and penalty factors. Test results are presented to show the good performance of this approach.

Laryngeal mobility and dysphagia

The authors studied the utility of the physical test of laryngeal movement in swallowing disorders of the oropharyngeal region. Measurement and palpation of the larynx during deglutition were performed in the neck of 14 dysphagic patients and in two normal control groups. The normal groups were used to establish the pattern of the movement and the normal values of laryngeal elevation. Control elevation ranged from 1.80 to 2.50 cm. In eight patients laryngeal motion was defective and presented values ranging from zero to 1.50 cm. Palpation during laryngeal movement also revealed unexpected anomalous displacement such as lateral shifting and lowering of the larynx. In six patients with defective laryngeal motion, pharyngeal and upper esophageal sphincter function were also impaired. Direct measurement and palpation of laryngeal mobility during deglutition is a noninvasive method that can be used to evaluate dysphagia and the risk for aspiration. Also, it allows physical assessment of the evolution of the disorder.

Productivity of lettuce and radish cultivations as a function of spacing and of time of establishment of intercropping

The experiment was conducted at UNESP, Jaboticabal-SP, during the period of September to November of 2000, with the objective of evaluating the productivity of the cultivation of lettuce and radishes as a function of spacing between plants and of the time of establishment of intercropping. The experimental design was a completely randomized blocks and four replications. The 14 treatments consisted of combinations of spacing between lines (0.30 and 0.40 m), cultivation systems (intercropping and monoculture), and time of sowing of radish seeds to establish intercropping (0, 7 and 14 days after transplant of lettuce). The cultivars of lettuce and radish were, 'Tainá' and 'Crimson Gigante', respectively. A greater yield of commercial radish roots was obtained with intercropping cultivation. The fresh mass of lettuce in monoculture did not differ from that produced with intercropping. These results suggest that intercropping cultivation between these species is advantageous.

Risk-adjusted poverty in Argentina: measurement and determinants

Includes bibliography

Effect of allopurinol on the kidney function, histology and injury biomarker (NGAL, IL 18) levels in uninephrectomised rats subjected to ischaemia-reperfusion injury

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Quantum-classical correspondence and the role of the dipole function in molecular dissociation

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Exercise improves immune function, antidepressive response, and sleep quality in patients with chronic primary insomnia

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Agronomic efficiency and grain quality of upland rice cultivars as a function of nitrogen topdressing

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)