Business article: M&A as the Portuguese route to Brazil

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Active ageing index and quality of life

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics

Structuring for glocalization

Globalization and localization seem to be opposite concepts – a thesis and its antithesis. Nonetheless, managers seem to be able to handle the paradox posed by these two contradicting tensions by enacting, via action, a synthesis that allows for the co-presence of a high level of global integration and local adaptation (instead of a compromise between both), which has been labeled glocalization. We discuss how the concept of improvisation allows this synthesis by developing the two poles that ground it, namely ‘glocal’ strategy and ‘glocal’ organization. Global advantage requires a dialectical capability that organizations rarely achieve, and the importance of which orthodox management theory rarely recognizes.

Ressocialização no meio prisional

This paper examine the purpose of rehabilitation while main purpose of imprisonment application, and the divergence between its central role assumed in legislation and what is being practiced in the institutional dimension. This study aims to determine the expected outcome of this dialectical opposition, in pursuit of preventive purposes that guide the criminal reactions of Portuguese criminal - legal system. To this end, the sentence of imprisonment shall be framed in the main politico- criminal traits of our country, analyzing the standards and principles that underlie and underpin our legal – criminal system. The guiding principles of the prison sentence and the respective legislation will be presented, such as the prison system and treatment provided to achieve the above desideratum. Finally material factors and legislative contradictions that oppose the rehabilitation in prisons will be presented. The dissertation does not intend to expose the solution to this paradox insurmountable, but rather present the main factors that hinder the achievement of the objectives intended to be achieved with the prison sentence.

Essays on bounded rationality: Individual decision and strategic interaction

Economics is a social science which, therefore, focuses on people and on the decisions they make, be it in an individual context, or in group situations. It studies human choices, in face of needs to be fulfilled, and a limited amount of resources to fulfill them. For a long time, there was a convergence between the normative and positive views of human behavior, in that the ideal and predicted decisions of agents in economic models were entangled in one single concept. That is, it was assumed that the best that could be done in each situation was exactly the choice that would prevail. Or, at least, that the facts that economics needed to explain could be understood in the light of models in which individual agents act as if they are able to make ideal decisions. However, in the last decades, the complexity of the environment in which economic decisions are made and the limits on the ability of agents to deal with it have been recognized, and incorporated into models of decision making in what came to be known as the bounded rationality paradigm. This was triggered by the incapacity of the unboundedly rationality paradigm to explain observed phenomena and behavior. This thesis contributes to the literature in three different ways. Chapter 1 is a survey on bounded rationality, which gathers and organizes the contributions to the field since Simon (1955) first recognized the necessity to account for the limits on human rationality. The focus of the survey is on theoretical work rather than the experimental literature which presents evidence of actual behavior that differs from what classic rationality predicts. The general framework is as follows. Given a set of exogenous variables, the economic agent needs to choose an element from the choice set that is avail- able to him, in order to optimize the expected value of an objective function (assuming his preferences are representable by such a function). If this problem is too complex for the agent to deal with, one or more of its elements is simplified. Each bounded rationality theory is categorized according to the most relevant element it simplifes. Chapter 2 proposes a novel theory of bounded rationality. Much in the same fashion as Conlisk (1980) and Gabaix (2014), we assume that thinking is costly in the sense that agents have to pay a cost for performing mental operations. In our model, if they choose not to think, such cost is avoided, but they are left with a single alternative, labeled the default choice. We exemplify the idea with a very simple model of consumer choice and identify the concept of isofin curves, i.e., sets of default choices which generate the same utility net of thinking cost. Then, we apply the idea to a linear symmetric Cournot duopoly, in which the default choice can be interpreted as the most natural quantity to be produced in the market. We find that, as the thinking cost increases, the number of firms thinking in equilibrium decreases. More interestingly, for intermediate levels of thinking cost, an equilibrium in which one of the firms chooses the default quantity and the other best responds to it exists, generating asymmetric choices in a symmetric model. Our model is able to explain well-known regularities identified in the Cournot experimental literature, such as the adoption of different strategies by players (Huck et al. , 1999), the inter temporal rigidity of choices (Bosch-Dom enech & Vriend, 2003) and the dispersion of quantities in the context of di cult decision making (Bosch-Dom enech & Vriend, 2003). Chapter 3 applies a model of bounded rationality in a game-theoretic set- ting to the well-known turnout paradox in large elections, pivotal probabilities vanish very quickly and no one should vote, in sharp contrast with the ob- served high levels of turnout. Inspired by the concept of rhizomatic thinking, introduced by Bravo-Furtado & Côrte-Real (2009a), we assume that each per- son is self-delusional in the sense that, when making a decision, she believes that a fraction of the people who support the same party decides alike, even if no communication is established between them. This kind of belief simplifies the decision of the agent, as it reduces the number of players he believes to be playing against { it is thus a bounded rationality approach. Studying a two-party first-past-the-post election with a continuum of self-delusional agents, we show that the turnout rate is positive in all the possible equilibria, and that it can be as high as 100%. The game displays multiple equilibria, at least one of which entails a victory of the bigger party. The smaller one may also win, provided its relative size is not too small; more self-delusional voters in the minority party decreases this threshold size. Our model is able to explain some empirical facts, such as the possibility that a close election leads to low turnout (Geys, 2006), a lower margin of victory when turnout is higher (Geys, 2006) and high turnout rates favoring the minority (Bernhagen & Marsh, 1997).

The value creation radar applied to the space engineering sector

This case study illustrates the application of the Value Creation Radar (VCR) to SenSyF, an Earth Observation (EO) system which was developed by Deimos Engenharia S.A. (DME), the Portuguese affiliate of Elecnor Deimos. It describes how a team of consultants adopted the VCR in order to find new market applications for SenSyF, selected the one with the highest potential, and defined a path to guarantee a sustainable market launch. This case study highlights the main challenges of bringing a technology-driven company closer to the market in the pursuit of long-term sustainability, while not compromising its technological capabilities

Towards a knowledge society

Economies are moving towards competitive stadiums based on knowledge and innovation. The changing environment and the level of globalization demand important efforts in order to sustain competitive advantages. Portugal has experienced a remarkable evolution since its adhesion to the European Union in several fields: economic development, Research & Development (R&D) consolidation, health parameters and social cohesion. As other developed economies, Portugal started its journey towards a knowledge-based economy and has been consolidating an innovation system during the last 35 years. The following report aims to analyze the evolution of a system since its creation to its last transformation within a globalized context. Challenges such as the lack of maturity of the system, the economic crisis, the European paradox, and closing the gap with other European countries are addressed in the next chapters. Likewise, recommendations on these points are provided by the end of the report as potential solutions.

Materiais de isolamento térmico de edifícios. Para além da energia operacional

The use of thermal insulation materials for the achievement of energy efficient buildings intended, in most cases, the fulfilment of the required heating and cooling needs of the operational phase. The main goal of this paper is â by using exploratory methodology, namely literature review â identify more sustainable insulating materials and, concomitantly, exposing the paradoxical effect of other insulation materials with high Global Warming Potential (GWP) highlighting the role of the Life Cycle Assessment (LCA), Ecodesign and Environmental Product Declaration (EPD) tools for the framing, comparison and selection of materials. As a main conclusion, it is noticed the lack of environmental information from the producers which, together with acquisition prices that do not internalize Life Cycle Costs (LCC), has led to the use of insulation materials with high carbon footprint and to the "isolation paradox" as well.

Modelo de avaliação do impacto das TSI na produtividade das organizações

Dissertação de mestrado em Sistemas de Informação

Procesos oxidativos en matrices alimentarias complejas. Oxidative processes in complex food matrices.

Las reacciones bioquímicas que ocurren como consecuencia del tratamiento y almacenamiento de los alimentos, mejoran la seguridad alimentaria, las propiedades sensoriales y la vida útil. Sin embargo, el tratamiento térmico, la exposición a la luz y el oxígeno pueden causar daño oxidativo a los lípidos y proteínas. Los procesos oxidativos de matrices complejas tienen características distintivas que no se manifiestan cuando los componentes son sometidos a oxidación individualmente. La hipótesis de trabajo es que la oxidación de proteínas en matrices alimentarias complejas altera la estructura y las propiedades funcionales de las proteínas y, que las modificaciones que se producen varían según las condiciones de procesamiento y de la composición química del alimento. Nuestros estudios intentan demostrar que el estado oxidativo de las proteínas de un alimento es un parámetro importante para la evaluación de las propiedades funcionales, sensoriales y nutricionales de un producto lácteo. El objetivo general del proyecto es el estudio de los procesos de oxidación de matrices alimentarias complejas (la leche, miel) y su relación con distintos procesos y materiales utilizados en la industria. Es decir, nos proponemos estudiar las consecuencias funcionales y biológicas (calidad nutricional, coagulación) de la oxidación proteica en modelos experimentales “in vitro” y en productos comerciales. 1. Estudiar los fenómenos de peroxidación proteica en leche entera y descremada sometida a los distintos procesos tecnológicos de la producción de leche y queso a escala laboratorio. Se realizarán las mismas experiencias con albúmina sérica y con proteínas aisladas de suero de leche para comparar diferencias entre una matriz compleja y una simple. 2. Determinar la relación entre oxidación y composición proteica de la leche, y los cambios en las fracciones proteicas aisladas (caseínas y beta-lactoglobulina). 3. Analizar el impacto de los procesos tecnológicos a nivel de producción primaria (composición proteica y estado de oxidación) en los indicadores de inflamación (contenido de células somáticas y proteína C Reactiva) y de estado redox (capacidad antioxidante de los productos lácteos y nivel de carbonilos de proteinas). 4. Comparar las características de composición química y el estado de oxidación de leche provenientes de las tres regiones (Buenos Aires, Santa Fe y Córdoba) que conforman la cuenca láctea Argentina. Este objetivo se realizará conjuntamente con los integrantes de nuestro grupo de investigación que trabajan en el Laboratorio de Control de Calidad de la Escuela Superior de Lechería. 5. Determinar los metabolitos secundarios de mieles uniflorales propuestos como responsables de la capacidad antioxidante de estas (polifenoles) y como indicadores de su origen botánico. 6. Valorar la capacidad antioxidante total de mieles uniflorales. 7. Validar los métodos analíticos y semicuantitativos utilizados y a utilizar en el presente proyecto teniendo en cuenta lo efectos de matrices típico de los fluidos biológicos y las mezclas. El estudio de las modificaciones oxidativas de matrices complejas es un tema que es importante tanto desde el punto de vista del conocimiento básico como del aplicado. Nosotros creemos que el presente proyecto aportará conocimiento sobre las características de las vías oxidativas de proteínas en matrices complejas y que podrá ser utilizado para diseñar estrategias productivas tendientes a disminuir el deterioro de la calidad de la leche debido a la exposición a energía radiante. Parte de la experiencia ganada por el grupo ha sido ya volcada a subsanar dificultades y problemas de oxidación y deterioro de la calidad de alimentos. Además, se contribuirá a discernir la paradoja que existe en el área sobre las propiedades oxidantes/antioxidantes de los polifenoles y la relación entre estas y el estado oxidativo de un alimento. The biochemical reactions that occur as a result of food treatment and storage, improve food security, sensory properties and shelf life. Heat treatment, exposure to light and oxygen can cause oxidative damage to lipids and proteins. Oxidative processes in complex matrices display distinctive features that do not appear when the components are individually subjected to oxidation. The hypothesis is that protein oxidation in complex food matrices alters the structure and functional properties of proteins and that the modifications vary according to process conditions and food composition. The main goal is to study oxidation of complex food matrices (milk, honey) with different processes and materials used in the industry. The specific aims are: 1. To study protein oxidation in whole milk and skim subject to various technological processes. The same experiences will be done with serum albumin and isolated whey proteins to compare complex and simple matrices. 2. To determine the relationship between oxidation and milk protein composition, and changes in casein and beta-lactoglobulin. 3. Analyze the impact of technological processes at the level of primary production on markers of inflammation and redox (antioxidant capacity and protein carbonyls). 4. Compare characteristics of chemical composition and oxidation state of milk. 5. Determine secondary metabolites of honey responsible for the antioxidant capacity of these. 6. To evaluate the total antioxidant capacity unifloral honey. This project will provide knowledge about characteristics of oxidative pathways of proteins in complex matrices that can be used to design production strategies aimed at reduce the deterioration of milk quality. Also, it would help to discern the paradox that exists on the oxidants/antioxidants properties of polyphenols and the relationship between these and the oxidative status of a food.

Invoking a cartesian product structure on social states: new resolutions of Sen's and Gibbard's impossibility theorems

The purpose of this article is to introduce a Cartesian product structure into the social choice theoretical framework and to examine if new possibility results to Gibbard's and Sen's paradoxes can be developed thanks to it. We believe that a Cartesian product structure is a pertinent way to describe individual rights in the social choice theory since it discriminates the personal features comprised in each social state. First we define some conceptual and formal tools related to the Cartesian product structure. We then apply these notions to Gibbard's paradox and to Sen's impossibility of a Paretian liberal. Finally we compare the advantages of our approach to other solutions proposed in the literature for both impossibility theorems.

Economic impacts of alternative water policy scenarios in the Spanish production system: an input-output analysis

The objective of this paper is to analyse the economic impacts of alternative water policies implemented in the Spanish production system. The methodology uses two versions of the input-output price model: a competitive formulation and a mark-up formulation. The input-output framework evaluates the impact of water policy measures on production prices, consumption prices, intermediate water demand and private welfare. Our results show that a tax on the water used by sectors considerably reduces the intermediate water demand, and increases the production and consumption prices. On the other hand, according to Jevons' paradox, an improvement in technical efficiency, which leads to a reduction in the water requirements of all sectors and an increase in water production, increases the amount of water consumed. The combination of a tax on water and improved technical efficiency takes the pressure off prices and significantly reduces intermediate water demand. JEL Classification: C67 ; D57 ; Q25. Keywords: Production prices; Consumption prices; Water uses; Water policy; Water taxation.

Deux approches de l'influence du discours économique sur les phénomènes sociaux

The influence of theoretical discourse on the corresponding field of investigation is an important feature of social science : social scientists shape the world by describing it. This phenomenon has been studied in several ways. Economic sociology has recently focused on the fact that the economy is embedded in the economics through which it is scrutinized. Great names of economic theory have focused on the effects of economists' discourse on agents' behaviours. This article aims to bring out the distinction between these two kinds of contributions which deal with the same object. Finally, it explains the analytical distinction by a difference in the initial problematic. Following trends in the French school of the economics of convention, the social influence of theoretical discourse is analyzed on the strategic side (in connection with economics) and on the interpretative side (in connection with sociology).

L'ordenació dels espais de sòl no urbanitzable periurbà al Vallès Occidental: marc normatiu, planificació i experiències pràctiques

Els espais periurbans juguen un paper important en la configuració del territori i del medi ambient, ja que contenen valors i acullen funcions diverses (ecològiques i ambientals, socials i lúdiques, productives etc.). Si bé és cert que a la comarca del Vallès Occidental aquests espais són –també- producte de la relació amb un context geogràfic molt humanitzat, també ho és que actualment i en aquest context, es donen circumstàncies d’amenaça a l’equilibri que fou origen dels valors i funcions esmentats (tendències urbanitzadores i metropolització). Aquest escenari de complexitat demana una òptima ordenació del territori que garanteixi la preservació dels valors i funcions anomenats. El marc i les eines dels quals la societat s’ha dotat per a fer-ho les aporta el planejament del territori, la legislació sectorial etc. Tot i que aquest marc presenta oportunitats per a l'ordenació d’espais de sòl no urbanitzable periurbà, a la realitat pràctica s’observen pocs resultats d’aquesta favorable avinentesa. Aquesta és la paradoxa principal que planteja l’estudi de la temàtica escollida.

Bargaining and Conflict with Incomplete Information

This paper studies bargaining and conflict under incomplete information, provides an overview and a critical account of the literature on the topic and contributes with original research. We first revise models of mechanism design and sequential bargaining that take confrontation as final. Conflict and inefficiencies are to be expected in these models whenever parties have optimistic prospects on the outcome of the all-out conflict. After examining the causes and reasons for this optimism, we move to the analysis of the recent literature that considers the existence of limited confrontations that allow bargaining to resume. In the presence of private information, these limited conflicts convey information and thus become a bargaining instrument. The paper closes with a discussion on the related empirical literature, the challenges that it faces and some potential avenues for further research.