Contentious Contracts

This paper offers an explanation of rationally contracts where incompeteness refers to unforeseen contingencies. Agents enter a relationship with two-sided moral hazard in which a commitment to discard parts of the joint resources may be ex ante efficient.

Implantation des futures sur un système distribué par passage de messages

Ce mémoire présente une implantation de la création paresseuse de tâches desti- née à des systèmes multiprocesseurs à mémoire distribuée. Elle offre un sous-ensemble des fonctionnalités du Message-Passing Interface et permet de paralléliser certains problèmes qui se partitionnent difficilement de manière statique grâce à un système de partitionnement dynamique et de balancement de charge. Pour ce faire, il se base sur le langage Multilisp, un dialecte de Scheme orienté vers le traitement parallèle, et implante sur ce dernier une interface semblable à MPI permettant le calcul distribué multipro- cessus. Ce système offre un langage beaucoup plus riche et expressif que le C et réduit considérablement le travail nécessaire au programmeur pour pouvoir développer des programmes équivalents à ceux en MPI. Enfin, le partitionnement dynamique permet de concevoir des programmes qui seraient très complexes à réaliser sur MPI. Des tests ont été effectués sur un système local à 16 processeurs et une grappe à 16 processeurs et il offre de bonnes accélérations en comparaison à des programmes séquentiels équiva- lents ainsi que des performances acceptables par rapport à MPI. Ce mémoire démontre que l’usage des futures comme technique de partitionnement dynamique est faisable sur des multiprocesseurs à mémoire distribuée.

A model of dynamic liquidity contracts

I study long-term financial contracts between lenders and borrowers in the absence of perfect enforceability and when both parties are credit constrained. Borrowers repeatedly have projects to undertake and need external financing. Lenders can commit to contractual agreements whereas borrowers can renege any period. I show that equilibrium contracts feature interesting dynamics: the economy exhibits efficient investment cycles; absence of perfect enforcement and shortage of capital skew the cycles toward states of liquidity drought; credit is rationed if either the lender has too little capital or if the borrower has too little collateral. This paper's technical contribution is its demonstration of the existence and characterization of financial contracts that are solutions to a non-convex dynamic programming problem.

Services sociaux et judiciaires de la naissance à la mi-adolescence : est-il possible de prédire les trajectoires délinquantes futures ?

Mémoire numérisé par la Division de la gestion de documents et des archives de l'Université de Montréal

The reform of electronic consumer contracts in Europe: towards an effective legal framework?

Christine Riefa is a lecturer in Consumer Law and Intellectual Property Law at Brunel University in the UK. She is an elected board member of the International Association of Consumer Law and an academic correspondent to the Euro-American Chair for the legal protection of consumers (University of Cantabria, Spain). In 2009-2010, Dr Riefa is a Fulbright EU Scholar-in-Residence at Cleveland-Marshall College of Law, Ohio USA. A first version of this article was presented at the Summer School in Consumer Law, organised by the GREDICC (Groupe de recherche en droit international et comparé de la consummation), UQAM, Montréal, 29th June – 4th July 2009.

A Study on Futures Trading in Commodities With Special Reference to Rubber

Futures trading in Commodities has three specific economic functions viz. price discovery, hedging and reduction in volatility. Natural rubber possesses all the specifications required for futures trading. Commodity futures trading in India attained momentum after the starting of national level commodity exchanges in 2003. The success of futures trading depends upon effective price risk management, price discovery and reduced volatility which in turn depends upon the volume of trading. In the case of rubber futures market, the volume of trading depends upon the extent of participation by market players like growers, dealers, manufacturers, rubber marketing co-operative societies and Rubber Producer’s Societies (RPS). The extent of participation by market players has a direct bearing on their awareness level and their perception about futures trading. In the light of the above facts and the review of literature available on rubber futures market, it is felt that a study on rubber futures market is necessary to fill the research gap, with specific focus on (1) the awareness and perception of rubber futures market participants viz. (i) rubber growers, (ii) dealers, (iii) rubber product manufacturers, (iv) rubber marketing co-operative societies and Rubber Producer’s Societies (RPS) about futures trading and (2) whether the rubber futures market is fulfilling the economic functions of futures market viz. hedging, reduction in volatility and price discovery or not. The study is confined to growers, dealers, rubber goods manufacturers, rubber marketing co-operative societies and RPS in Kerala. In order to achieve the stated objectives, the study utilized secondary data for the period from 2003 to 2013 from different published sources like bulletins, newsletters, circulars from NMCE, Reserve Bank of India (RBI), Warehousing Corporation and traders. The primary data required for this study were collected from rubber growers, rubber dealers, RPS & Rubber Marketing Co-operative Societies and rubber goods manufacturers in Kerala. Data pertaining to the awareness and perception of futures trading, participation in the futures trading, use of spot and futures prices and source of price information by dealers, farmers, manufacturers and cooperative societies also were collected. Statistical tools used for analysis include percentage, standard deviation, Chi-square test, Mann – Whitney U test, Kruskal Wallis test, Augmented Dickey – Fuller test statistic, t- statistic, Granger causality test, F- statistic, Johansen co – integration test, Trace statistic and Max –Eigen statistic. The study found that 71.5 per cent of the total hedges are effective and 28.5 per cent are ineffective for the period under study. It implies that futures market in rubber reduced the impact of price risks by approximately 71.5 per cent. Further, it is observed that, on 54.4 per cent occasions, the futures market exercised a stabilizing effect on the spot market, and on 45.6 per cent occasions futures trading exercised a destabilizing effect on the spot market. It implies that elasticity of expectation of futures market in rubber has a predominant stabilizing effect on spot prices. The market, as a whole, exhibits a bias in favour of long hedges. Spot price volatility of rubber during futures suspension period is more than that of the pre suspension period and post suspension period. There is a bi-directional association-ship or bi-directional causality or pair- wise causality between spot price and futures price of rubber. From the results of the hedging efficiency, spot price volatility, and price discovery, it can be concluded that rubber futures market fulfils all the economic functions expected from a commodity futures market. Thus in India, the future of rubber futures is Bright…!!!

Digital Futures

discussion of digital futures and how it might impact on business practice

THE WINCHESTER CENTRE FOR GLOBAL FUTURES IN ART DESIGN & MEDIA

The Winchester Centre for Global Futures in Art Design and Media highlights historical, contemporary and future roles for art, design and media within globalization. Its members build sustained collaborations with international partners in public service, the creative industries and civil society. Critically concerned with art and design practices of making, thinking and representation, the Winchester Centre actively engages in education and enterprise, exploring the contribution of media, materials and technologies to the improvement of human societies globally. Led by professors Jonathan Harris, Sean Cubitt, and Ryan Bishop, the Winchester Centre will make a decisive contribution to the work of the School and the University in future years. The Centre's inaugural professors would like to invite you now to suggest future research themes and activities. In the coming weeks details regarding the programme and prospective membership of the Winchester Centre will be made available.

INFO2009 2012-13 Resource Group 1 video Digital Futures

Our country is heading for a crisis. IT and computing are growing larger every day. With this comes an increasing skills shortage, so we need you to be the future of IT. Look ahead of you is an educational video, designed to teach you about the future of computing and why you should be a part of it.

Quantil Hedging for telegraph markets and its applications to a pricing of equity-linked life insurance contracts

En este documento está desarrollado un modelo de mercado financiero basado en movimientos aleatorios con tiempo continuo, con velocidades constantes alternantes y saltos cuando hay cambios en la velocidad. Si los saltos en la dirección tienen correspondencia con la dirección de la velocidad del comportamiento aleatorio subyacente, con respecto a la tasa de interés, el modelo no presenta arbitraje y es completo. Se construye en detalle las estrategias replicables para opciones, y se obtiene una presentación cerrada para el precio de las opciones. Las estrategias de cubrimiento quantile para opciones son construidas. Esta metodología es aplicada al control de riesgo y fijación de precios de instrumentos de seguros.