Constraints from the old quasar APM 08279+5255 on two classes of Lambda(t)-cosmologies

The viability of two different classes of Lambda(t)CDM cosmologies is tested by using the APM 08279+5255, an old quasar at redshift z = 3.91. In the first class of models, the cosmological term scales as Lambda(t) similar to R(-n). The particular case n = 0 describes the standard Lambda CDM model whereas n = 2 stands for the Chen and Wu model. For an estimated age of 2 Gyr, it is found that the power index has a lower limit n > 0.21, whereas for 3 Gyr the limit is n > 0.6. Since n can not be so large as similar to 0.81, the Lambda CDM and Chen and Wu models are also ruled out by this analysis. The second class of models is the one recently proposed by Wang and Meng which describes several Lambda(t)CDM cosmologies discussed in the literature. By assuming that the true age is 2 Gyr it is found that the epsilon parameter satisfies the lower bound epsilon > 0.11 while for 3 Gyr, a lower limit of epsilon > 0.52 is obtained. Such limits are slightly modified when the baryonic component is included.

Trypanosome Prereplication Machinery Contains a Single Functional Orc1/Cdc6 Protein, Which Is Typical of Archaea

In unicellular eukaryotes, such as Saccharomyces cerevisiae, and in multicellular organisms, the replication origin is recognized by the heterohexamer origin recognition complex (ORC) containing six proteins, Orc1 to Orc6, while in members of the domain Archaea, the replication origin is recognized by just one protein, Orc1/Cdc6; the sequence of Orc1/Cdc6 is highly related to those of Orc1 and Cdc6. Similar to Archaea, trypanosomatid genomes contain only one gene encoding a protein named Orc1. Since trypanosome Orc1 is also homologous to Cdc6, in this study we named the Orc1 protein from trypanosomes Orc1/Cdc6. Here we show that the recombinant Orc1/Cdc6 from Trypanosoma cruzi (TcOrc1/Cdc6) and from Trypanosoma brucei (TbOrc1/Cdc6) present ATPase activity, typical of prereplication machinery components. Also, TcOrc1/Cdc6 and TbOrc1/Cdc6 replaced yeast Cdc6 but not Orc1 in a phenotypic complementation assay. The induction of Orc1/Cdc6 silencing by RNA interference in T. brucei resulted in enucleated cells, strongly suggesting the involvement of Orc1/Cdc6 in DNA replication. Orc1/Cdc6 is expressed during the entire cell cycle in the nuclei of trypanosomes, remaining associated with chromatin in all stages of the cell cycle. These results allowed us to conclude that Orc1/Cdc6 is indeed a member of the trypanosome prereplication machinery and point out that trypanosomes carry a prereplication machinery that is less complex than other eukaryotes and closer to archaea.

STABILITY ANALYSIS WITH APPLICATIONS OF A TWO-DIMENSIONAL DYNAMICAL SYSTEM ARISING FROM A STOCHASTIC MODEL FOR AN ASSET MARKET

We analyze the stability properties of equilibrium solutions and periodicity of orbits in a two-dimensional dynamical system whose orbits mimic the evolution of the price of an asset and the excess demand for that asset. The construction of the system is grounded upon a heterogeneous interacting agent model for a single risky asset market. An advantage of this construction procedure is that the resulting dynamical system becomes a macroscopic market model which mirrors the market quantities and qualities that would typically be taken into account solely at the microscopic level of modeling. The system`s parameters correspond to: (a) the proportion of speculators in a market; (b) the traders` speculative trend; (c) the degree of heterogeneity of idiosyncratic evaluations of the market agents with respect to the asset`s fundamental value; and (d) the strength of the feedback of the population excess demand on the asset price update increment. This correspondence allows us to employ our results in order to infer plausible causes for the emergence of price and demand fluctuations in a real asset market. The employment of dynamical systems for studying evolution of stochastic models of socio-economic phenomena is quite usual in the area of heterogeneous interacting agent models. However, in the vast majority of the cases present in the literature, these dynamical systems are one-dimensional. Our work is among the few in the area that construct and study analytically a two-dimensional dynamical system and apply it for explanation of socio-economic phenomena.

Exact arbitrage, well-diversified portfolios and asset pricing in large markets

: In a model of a nancial market with an atomless continuum of assets, we give a precise and rigorous meaning to the intuitive idea of a \well-diversi ed" portfolio and to a notion of \exact arbitrage". We show this notion to be necessary and su cient for an APT pricing formula to hold, to be strictly weaker than the more conventional notion of \asymptotic arbitrage", and to have novel implications for the continuity of the cost functional as well as for various versions of APT asset pricing. We further justify the idealized measure-theoretic setting in terms of a pricing formula based on \essential" risk, one of the three components of a tri-variate decomposition of an asset's rate of return, and based on a speci c index portfolio constructed from endogenously extracted factors and factor loadings. Our choice of factors is also shown to satisfy an optimality property that the rst m factors always provide the best approximation. We illustrate how the concepts and results translate to markets with a large but nite number of assets, and relate to previous work.

Integrability and the demand for monetary assets: an alternative approach to an old problem

This note provides necessary and su��cient conditions for some speci���c multidimensional consumer���s surplus welfare measures to be well posed (path independent). We motivate the problem by investigating partial-equilibrium measures of the welfare costs of in���ation. The results can also be used for checking path independence of alternative de���nitions of Divisia indexes of monetary services. Consumer theory classically approaches the integrability problem by considering compensated demands, homothetic preferences or quasi-linear utility functions. Here, instead, we consider demands of monetary assets generated from a shopping-time perspective. Paralleling the above mentioned procedure, of ���nding special classes of utility functions that satisfy the integrability conditions, we try to infer what particular properties of the transacting technology could assure path independence of multidimensional welfare measures. We show that the integrability conditions are satis���ed if and only if the transacting technology is blockwise weakly separable. We use two examples to clarify the point.

Testing the optimality of aggregate consumption decisions: is there rule-of-thumb behavior?

Consumption is an important macroeconomic aggregate, being about 70% of GNP. Finding sub-optimal behavior in consumption decisions casts a serious doubt on whether optimizing behavior is applicable on an economy-wide scale, which, in turn, challenge whether it is applicable at all. This paper has several contributions to the literature on consumption optimality. First, we provide a new result on the basic rule-of-thumb regression, showing that it is observational equivalent to the one obtained in a well known optimizing real-business-cycle model. Second, for rule-of-thumb tests based on the Asset-Pricing Equation, we show that the omission of the higher-order term in the log-linear approximation yields inconsistent estimates when lagged observables are used as instruments. However, these are exactly the instruments that have been traditionally used in this literature. Third, we show that nonlinear estimation of a system of N Asset-Pricing Equations can be done efficiently even if the number of asset returns (N) is high vis-a-vis the number of time-series observations (T). We argue that efficiency can be restored by aggregating returns into a single measure that fully captures intertemporal substitution. Indeed, we show that there is no reason why return aggregation cannot be performed in the nonlinear setting of the Pricing Equation, since the latter is a linear function of individual returns. This forms the basis of a new test of rule-of-thumb behavior, which can be viewed as testing for the importance of rule-of-thumb consumers when the optimizing agent holds an equally-weighted portfolio or a weighted portfolio of traded assets. Using our setup, we find no signs of either rule-of-thumb behavior for U.S. consumers or of habit-formation in consumption decisions in econometric tests. Indeed, we show that the simple representative agent model with a CRRA utility is able to explain the time series data on consumption and aggregate returns. There, the intertemporal discount factor is significant and ranges from 0.956 to 0.969 while the relative risk-aversion coefficient is precisely estimated ranging from 0.829 to 1.126. There is no evidence of rejection in over-identifying-restriction tests.

Private or public? a taxonomy of optimal ownership and management regimes

We develop a theory of public versus private ownership based on value diversion by managers. Government is assumed to face stronger institutional constraints than has been assumed in previous literature. The model which emerges from these assumptions is fexible and has wide application. We provide amapping between the qualitative characteristics of an asset, its main use - including public goods characteristics, and spillovers toother assets values - and the optimal ownership and management regime. The model is applied to single and multiple related assets. We address questions such as; when is it optimal to have one of a pair ofr elated assets public and the other private; when is joint management desirable; and when should a public asset be managed by the owner of a related private asset? We show that while private ownership can be judged optimal in some cases solely on the basis of qualitative information, the optimality of any other ownership and management regimes relies on quantitative analysis. Our results reveal the situations in which policy makers will have difficulty in determining the opimal regime.

Contagion and regulation in endogenous bank networks

We develop a simple model of endogenous bank networks to study financial contagion and how leverage regulation may affect it. Banks maximize expected profit by choosing the optimal allocation of resources between three different classes of assets. An interbank network arise as result of loans between banks, creating a direct channel of contagion in the financial system. Contagion may occur when the realized return of the risky asset is sufficiently low to make a bank insolvent, subsequently triggering a cascade effect that propagates through default in interbank loans. Contrary to what would be expected, our results show that despite forcing banks to deleverage, increasing minimum capital requirements may lead to a system with higher aggregate levels of default.

Relationship of Coca-Cola Brazil and the communities participant of the social projects: (im) possibilities

Five years ago, Coca-Cola Brasil launched a program named ���Coletivo Project���, with the purpose to enjoy an opportunity of increase on the potential consumption power of the low-income pyramid population that lived on the ���favelas���. At the same time, it had the objective to offer to them a social and financial impact, which is a trust on the future, the first job for the young adults��� participant of this program and an increase on their family source of revenues, through salaries. This was possible because through Coletivo Project, Coca-Cola identified the assets they have through its value chain, focusing on its competencies, such as retail, merchandising and logistics to apply them on courses to teach the young people of the communities and, as a result, form them to be able to find their new jobs. Internal indicators followed in a monthly basis by Coca-Cola demonstrated that the communities that had the presence of Coletivos, in comparison to those without Coletivos, had social and financial impacts. The social was the fact that the young formed started to have more confidence on their future and felt with a higher self-stem to apply for and obtain their first job. On the financial aspect, they were benefit through the increasing of their revenues and also their families and Coca-Cola had an increase on sales, when compared to a community without a Coletivo Project installed. This dissertation seeks to identify the current relationship between Coca-Cola and the communities, through the Coletivo Project classes performed on the NGOs located at this places, in order to identify opportunities for improvement the benefits and the impacts (financial and social) on the NGOs, communities and all stakeholders of this project. This dissertation examines this relationship, through presence interviews performed on four NGOs selected, and located on four of the twenty communities, that are participants of the Coletivo Project on Rio de Janeiro city. These interviews performed with the students, representatives and educators of these NGOs. The covered period of the interviews ranges from April 2014 to August 2014. This dissertation draws on first-hand qualitative empirical evidence gathered through extensive fieldwork. The main findings among possibilities for improvement by Coca-Cola are: ��� Implement new courses, beyond those existent at Coca-Cola (Retail, Logistics, etc.). ��� Increase the content of the employment module of Coletivo classes, focusing on improving educational, cultural, economic, political, social and professional life. ��� Increase the scale, through the quantity of positions on the Retail Coletivo classes. ��� Develop cultural and sports events with the communities. ��� Support the points of sales, participant of the practical classes of the Coletivo Retail, with refrigerators and furniture with the Coca-Cola logo. ��� Provide coffee breaks and meals during the Coletivo classes, using Coca-Cola beverages and partners for food items, developing the nutrition platform of the company and filling a need of the students. ��� Perform a research with all stakeholders related to this Project, including those students and mothers that are not participant of the Coletivo, in order to listen to them, understand their needs, and offer solutions to fulfill these gaps. and on the side of the ��� Perform partnerships with educational institutions to make viable other type of courses, more technical, but that have a relation with the core business of Coca-Cola Brasil, such as marketing. ��� Implement the Coca-Cola University, already existed at the Company. ��� Create courses or activities focused on the children. Regarding the impossibilities, the findings are: ��� Improve the basic sanitation of the communities. ��� Improve the safety on the communities. ��� Provide a home to those do not have. ��� Implement courses that have no relationship with Coca-Cola business and expertise, such as gastronomy. However, Coca-Cola can influence stakeholders on that. The results suggest to executives of Coca-Cola that a deep and a qualitative research on the communities of Brazil, in order to listen young people, educators, mothers, partners that offer jobs, from Coletivo and out of the project, is mandatory, to understand their needs, dreams, complains and offer valuable solutions to all.

Brazil's middle classes

This paper discusses the Brazilian middle class, its definition, evolution, profile, attitudes and durability. It describes the methodology that uses per capita household income derived from household surveys to determine economic classes. It gauges their respective aggregate trends and gauges individual income risks using longitudinal data. An income-based approach is only the beginning. This initial approach is integrated with subjective data to measure expectations and attitudes of different economic classes combined with a structural approach that takes into account the roles played by human, physical and social capital in the production factors, in terms of income generation and temporal allocation of resources. In all cases, income is the chosen numeraire by which all dimensions analyzed are projected. In the end of the article, all forms of measurement proposed ��� current income, consumption smoothing (permanent income), productive assets and subjective aspects ��� are combined to discuss the design of public policies aimed at the Brazilian middle classes.

Life Cycle Models, Heterogeneity of Initial Assets,and Wealth Inequality

Life cycle general equilibrium models with heterogeneous agents have a very hard time reproducing the American wealth distribution. A common assumption made in this literature is that all young adults enter the economy with no initial assets. In this article, we relax this assumption ��� not supported by the data - and evaluate the ability of an otherwise standard life cycle model to account for the U.S. wealth inequality. The new feature of the model is that agents enter the economy with assets drawn from an initial distribution of assets, which is estimated using a non-parametric method applied to data from the Survey of Consumer Finances. We found that heterogeneity with respect to initial wealth is key for this class of models to replicate the data. According to our results, American inequality can be explained almost entirely by the fact that some individuals are lucky enough to be born into wealth, while others are born with few or no assets.

Contagion in financial networks: a network theory and agent-based approaches to modeling the spread of risk in financial systems

Esta disserta����o estuda a propaga����o de crises sobre o sistema financeiro. Mais especi- ficamente, busca-se desenvolver modelos que permitam simular como um determinado choque econ��mico atinge determinados agentes do sistema financeiro e apartir dele se propagam, transformando-se em um problema sist��mico. A disserta����o �� dividida em dois cap��tulos,al��m da introdu����o. O primeiro cap��tulo desenvolve um modelo de propa- ga����o de crises em fundos de investimento baseado em ci��ncia das redes.Combinando dois modelos de propaga����o em redes financeiras, um simulando a propaga����o de perdas em redes bipartites de ativos e agentes financeiros e o outro simulando a propaga����o de perdas em uma rede de investimentos diretos em quotas de outros agentes, desenvolve-se um algoritmo para simular a propaga����o de perdas atrav��s de ambos os mecanismos e utiliza-se este algoritmo para simular uma crise no mercado brasileiro de fundos de investimento. No cap��tulo 2,desenvolve-se um modelo de simula����o baseado em agentes, com agentes financeiros, para simular propaga����o de um choque que afeta o mercado de opera����es compromissadas.Criamos tamb��m um mercado artificial composto por bancos, hedge funds e fundos de curto prazo e simulamos a propaga����o de um choque de liquidez sobre um ativo de risco securitizando utilizado para colateralizar opera����es compromissadas dos bancos.

Molecular Characterization and Physical Mapping of Two Classes of 5S rDNA in the Genomes of Gymnotus sylvius and G. inaequilabiatus (Gymnotiformes, Gymnotidae)

Conselho Nacional de Desenvolvimento Cient��fico e Tecnol��gico (CNPq)

Capital flows to Latin America: first quarter 2003

Includes bibliography

Capital flows to Latin America: first quarter 2006

Includes bibliography