Análise da eficiência de dois sistemas de distribuição de rosas do Estado de São Paulo

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

An assessment of fiscal and regulatory barriers to deployment of energy efficiency and renewable energy technologies in Guyana

Includes bibliography.

The impact of aid for trade on the cost and time to trade The case of Latin America and the Caribbean

Includes bibliography.

Rules of origin in economic integration agreements signed by countries belonging to the Latin American Integration Association

This article refers to rules of origin included in the main Economic Integration Agreements signed by members of the Latin American Integration Association (LAIA). Issues relating to trade facilitation and reduction of transaction costs of international trade in goods are also discussed.The author is on the staff of the International Trade and Integration Division of ECLAC.

Desenvolvimento da floricultura tropical paraense: uma análise dos fatores locais de inovação

Teve como objetivo a interação de comunidades sociais específicas no aglomerado da floricultura tropical paraense. A mesma foi direcionada a produtores locais em interação direta com outros agentes do setor para valorizar os fatores locais de inovação da floricultura tropical. Embora a floricultura tropical tenha uma representação econômica menor que a da floricultura temperada (inserida de outras regiões do Brasil) no cenário local, a mesma, ainda em seu curto estabelecimento, vai sendo considerada pelos diferentes agentes públicos e privados como uma importante atividade econômica do estado do Pará. No entanto, evidenciam-se ações de atores que se focam em organizações sociais, alternativa que reduz os “custos de produção” e os “custos de transações” sobre as diferentes atividades que este setor demanda. Entre as comunidades estudadas estão: a Associação dos Floricultores de Benevides (AFLORBEN), Cooperativa Agrícola Santo Antônio (COOPSANT), Associação dos Produtores de Flores de Santa Bárbara (TROPISAN), Associação de Microprodutores de Castanhal (BARREIRÃO), Associação Paraense de Floricultura e Plantas Medicinais (PARÁFLOR), e por último, as comunidades e/ou agentes que conformam o cenário comercial e institucional da floricultura (a Rede Social do Aglomerado Local de Flores na Mesorregião Metropolitana de Belém). Esta última comunidade como sendo a responsável pela concretização do objeto central do estudo, onde se integrou os processos organizacionais de relevância que valorizam os fatores de inovação local e seu impacto para o desenvolvimento sustentável do setor. A metodologia foi baseada na análise do capital social e redes sociais, tendo como finalidade resgatar a estruturação e a funcionalidade da sociedade local sobre um mercado dinâmico e competitivo como a floricultura em si. Já os resultados mostram que os processos organizacionais minimizam os custos de transação e ajudam a permanência destes grupos sociais no mercado, e com isto, a valorização da marca tropical. Por último, sugere-se priorizar processos mais integrativos e abrangentes para fortalecer ainda mais esta atividade local.

Joint economic design of X̄ and R control charts for processes subject to two independent assignable causes

A model for the joint economic design of X̄ and R control charts is developed. This model assumes that the process is subject to two assignable causes. One assignable cause shifts the process mean; the other shifts the process variance. The occurrence of the assignable cause of one kind does not block the occurrence of the assignable cause of another kind. Consequently, a second process parameter can go out-of-control after the first process parameter has gone out-of-control. A numerical study of the cost surface to the model considered has revealed that it is convex, at least in the interest region.

Pacta sunt servanda versus the social role of contracts: the case of Brazilian agriculture contracts

This study explores the instability created by contradictory court decisions related with contract breaches. Forward marketing contracts represent an important source of resources to finance Brazilian agriculture, however a large number of contract breaches were observed during a period of marked increase in soy prices. The study analyzed 161 judicial appeal decisions and a survey was carried with 70 farmers. The results show the difference of judges' interpretation and the existence of second order effects. The effects of court decisions were more requirements of guarantees and the reduction in the number of contracts. Those soybean farmers who did not breach their contracts have also been negatively affected by the strategic reactions of trading and processing companies. The concept of "social function of the contract" introduced in Brazilian civil code led to a higher degree of instability in contracts, raising transaction costs and motivating private economic sanctions.

Certificação de fornecimento e custos de transação: resultados do Programa Integrado de Desenvolvimento e Qualificação de Fornecedores - Prodfor

O presente estudo teve dois objetivos complementares: entender o desenvolvimento da instituição privada Programa Integrado de Desenvolvimento e Qualificação de Fornecedores (Prodfor), um programa específico de padronização e certificação de fornecedores locais de produtos e serviços no estado do Espírito Santo; e testar se o programa causou redução de custos de transação para as mantenedoras nas compras de bens e serviços. Foram utilizados os conceitos da nova economia institucional para desenvolver hipóteses a respeito do impacto da certificação sobre o desempenho de compras das empresas mantenedoras. Os resultados da pesquisa de campo e dos testes de média não paramétricos indicam que houve redução nos custos de transação das empresas compradoras após a implantação do programa. Complementarmente, verificou-se que houve maior redução nos custos de transação relacionados às atividades posteriores (ex post) às transações de compra em comparação com os custos associados às atividades anteriores à transação de compra (ex ante).

Black-scholes type equations

In this work we are concerned with the analysis and numerical solution of Black-Scholes type equations arising in the modeling of incomplete financial markets and an inverse problem of determining the local volatility function in a generalized Black-Scholes model from observed option prices. In the first chapter a fully nonlinear Black-Scholes equation which models transaction costs arising in option pricing is discretized by a new high order compact scheme. The compact scheme is proved to be unconditionally stable and non-oscillatory and is very efficient compared to classical schemes. Moreover, it is shown that the finite difference solution converges locally uniformly to the unique viscosity solution of the continuous equation. In the next chapter we turn to the calibration problem of computing local volatility functions from market data in a generalized Black-Scholes setting. We follow an optimal control approach in a Lagrangian framework. We show the existence of a global solution and study first- and second-order optimality conditions. Furthermore, we propose an algorithm that is based on a globalized sequential quadratic programming method and a primal-dual active set strategy, and present numerical results. In the last chapter we consider a quasilinear parabolic equation with quadratic gradient terms, which arises in the modeling of an optimal portfolio in incomplete markets. The existence of weak solutions is shown by considering a sequence of approximate solutions. The main difficulty of the proof is to infer the strong convergence of the sequence. Furthermore, we prove the uniqueness of weak solutions under a smallness condition on the derivatives of the covariance matrices with respect to the solution, but without additional regularity assumptions on the solution. The results are illustrated by a numerical example.

Pratiche del possibile: i Participatory Guarantee Systems e le scelte d'acquisto del consumatore brasiliano

Negli ultimi anni, parallelamente all’espansione del settore biologico, si è assistito a un crescente interesse per i modelli alternativi di garanzia dell’integrità e della genuinità dei prodotti biologici. Gruppi di piccoli agricoltori di tutto il mondo hanno iniziato a sviluppare approcci alternativi per affrontare i problemi connessi alla certificazione di terza parte. Queste pratiche sono note come Sistemi di Garanzia Partecipativa (PGS). Tali modelli: (i) si basano sugli standard di certificazione biologica dell’IFOAM, (ii) riguardano il complesso dei produttori di una comunità rurale, (iii) comportano l’inclusione di una grande varietà di attori e (iv) hanno lo scopo di ridurre al minimo burocrazia e costi semplificando le procedure di verifica e incorporando un elemento di educazione ambientale e sociale sia per i produttori sia per i consumatori. Gli obiettivi di questo lavoro di ricerca: • descrivere il funzionamento dei sistemi di garanzia partecipativa; • indicare i vantaggi della loro adozione nei Paesi in via di sviluppo e non; • illustrare il caso della Rede Ecovida de Agroecologia (Brasile); • offrire uno spunto di riflessione che riguarda il consumatore e la relativa fiducia nel modello PGS. L’impianto teorico fa riferimento alla Teoria delle Convenzioni. Sulla base del quadro teorico è stato costruito un questionario per i consumatori con lo scopo di testare l’appropriatezza delle ipotesi teoriche. I risultati finali riguardano la stima del livello di conoscenza attuale, la fiducia e la volontà d’acquisto dei prodotti PGS da parte dei consumatori nelle aree considerate. Sulla base di questa ricerca sarà possibile adattare ed esportare il modello empirico in altri paesi che presentano economie diverse per cercare di comprendere il potenziale campo di applicazione dei sistemi di garanzia partecipativa.

Carbon sequestration in Himalaya's alpine meadows: Mitigating cropping encroachment on pastures in Northern Pakistan

Rangelands store about 30% of the world’s carbon and support over 120 million pastoralists globally. Adjusting the management of remote alpine pastures bears a substantial climate change mitigation potential that can provide livelihood support for marginalized pastoralists through carbon payment. Landless pastoralists in Northern Pakistan seek higher income by cropping potatoes and peas over alpine pastures. However, tilling steep slopes without terracing exposes soil to erosion. Moreover, yields decline rapidly requiring increasing fertilizer inputs. Under these conditions, carbon payment could be a feasible option to compensate pastoralists for renouncing hazardous cropping while favoring pastoral activities. The study quantifies and compares C on cropped and grazed land. The hypothesis was that cropping on alpine pastures reduces former carbon storage. The study area located in the Naran valley of the Pakistani Himalayas receives an annual average of 819 mm of rain and 764 mm of snow. Average temperatures remain below 0°C from November to March while frost may occur all year round. A total of 72 soil core samples were collected discriminating land use (cropping, pasture), aspect (North, South), elevation (low 3000, middle 3100, and high 3200 m a.s.l.), and soil depth (shallow 0-10, deep 10-30 cm). Thirty six biomass samples were collected over the same independent variables (except for soil depth) using a 10x10x20 cm steal box inserted in the ground for each sample. Aboveground biomass and coarse roots were separated from the soil aggregate and oven-dried. Soil organic carbon (SOC) and biomass carbon (BC) were estimated through a potassium dichromate oxidation treatment. The samples were collected during the second week of October 2010 at the end of the grazing and cropping season and before the first snowfall. The data was statistically analyzed by means of a one-way analysis of variance. Results show that all variables taken separately have a significant effect on mean SOC [%]: crop/pasture 1.33/1.6, North/South 1.61/1.32, low/middle/high 1.09/1.62/1.68, shallow/deep 1.4/1.53. However, for BC, only land use has a significant effect with more than twice the amount of carbon in pastures [g m-2]: crop/pasture 127/318. These preliminary findings suggest that preventing the conversion of pastures into cropping fields in the Naran valley avoids an average loss of 12.2 t C ha-1 or 44.8 t CO2eq ha-1 representing a foreseeable compensation of 672 € ha-1 for the Naran landless pastoralists who would renounce cropping. The ongoing study shall provide a complete picture for carbon payment integrating key aspects such as the rate of cropping encroachment over pastures per year, the methane leakage from the system due to livestock enteric fermentation, the expected cropping income vs. livestock income and the transaction costs of implementing the mitigation project, certifying it, and verifying carbon credits. A net present value over an infinite time horizon for the mitigation scenario shall be estimated on an iterative simulation to consider weather and price uncertainties. The study will also provide an estimate of the minimum price of carbon at which pastoralists would consider engaging in the mitigation activity.

Portfolio-optimization models for small investors

Since 2010, the client base of online-trading service providers has grown significantly. Such companies enable small investors to access the stock market at advantageous rates. Because small investors buy and sell stocks in moderate amounts, they should consider fixed transaction costs, integral transaction units, and dividends when selecting their portfolio. In this paper, we consider the small investor’s problem of investing capital in stocks in a way that maximizes the expected portfolio return and guarantees that the portfolio risk does not exceed a prescribed risk level. Portfolio-optimization models known from the literature are in general designed for institutional investors and do not consider the specific constraints of small investors. We therefore extend four well-known portfolio-optimization models to make them applicable for small investors. We consider one nonlinear model that uses variance as a risk measure and three linear models that use the mean absolute deviation from the portfolio return, the maximum loss, and the conditional value-at-risk as risk measures. We extend all models to consider piecewise-constant transaction costs, integral transaction units, and dividends. In an out-of-sample experiment based on Swiss stock-market data and the cost structure of the online-trading service provider Swissquote, we apply both the basic models and the extended models; the former represent the perspective of an institutional investor, and the latter the perspective of a small investor. The basic models compute portfolios that yield on average a slightly higher return than the portfolios computed with the extended models. However, all generated portfolios yield on average a higher return than the Swiss performance index. There are considerable differences between the four risk measures with respect to the mean realized portfolio return and the standard deviation of the realized portfolio return.

Inseparable, incapable, or invisible: Why public organizations award no-bid contracts

No-bid contracting is a highly prevalent practice in public procurement of technology services. Alt-hough no-bid contracting is a substantial problem since it reduces competition and welfare, the litera-ture lacks theoretical explanations and empirical tests for why public organizations award no-bid con-tracts. In this paper, we propose three theoretical explanations for no-bid contracting, drawing on transaction cost economics, organizational learning, and institutional theory. We also present how we test these explanations using a comprehensive sample of public procurement transactions. We expect to contribute theoretical explanations for no-bid contracting and practical implications for policy-makers.

El cooperativismo y la financiación agrícola en Baja California, México (1930-1950) : Una aproximación inicial

Para la teoría neoclásica convencional el funcionamiento de los mercados de crédito soporta dos dificultades básicas: la información imperfecta o asimétrica y la selección adversa del prestatario aunada al riesgo del no pago. En el otro extremo, más heterodoxo, el colectivismo, el capital social y la formación de redes informales y sociedades de crédito suelen reducir los costes de transacción ligados al problema de la financiación. Este tipo de organización facilita el desenvolvimiento del cooperativismo en la economía. En México, después de la Revolución y la conformación de un régimen político autoritario y vertical, el cooperativismo se constituyó en uno de los referentes de la organización campesina para conseguir crédito de la banca pública y privada. En el noroeste del país y la península de Baja California, la existencia de cooperativas pesqueras, ganaderas, agrícolas y de transporte significó un despunte de la actividad económica y uno de los canales del desarrollo de la región. El propósito del artículo es perfilar qué tipo de cooperativismo se articuló en el Distrito Norte de la península de Baja California y qué tipo de relación guardó con el movimiento cooperativista nacional entre 1930 y 1950

El cooperativismo y la financiación agrícola en Baja California, México (1930-1950) : Una aproximación inicial

Para la teoría neoclásica convencional el funcionamiento de los mercados de crédito soporta dos dificultades básicas: la información imperfecta o asimétrica y la selección adversa del prestatario aunada al riesgo del no pago. En el otro extremo, más heterodoxo, el colectivismo, el capital social y la formación de redes informales y sociedades de crédito suelen reducir los costes de transacción ligados al problema de la financiación. Este tipo de organización facilita el desenvolvimiento del cooperativismo en la economía. En México, después de la Revolución y la conformación de un régimen político autoritario y vertical, el cooperativismo se constituyó en uno de los referentes de la organización campesina para conseguir crédito de la banca pública y privada. En el noroeste del país y la península de Baja California, la existencia de cooperativas pesqueras, ganaderas, agrícolas y de transporte significó un despunte de la actividad económica y uno de los canales del desarrollo de la región. El propósito del artículo es perfilar qué tipo de cooperativismo se articuló en el Distrito Norte de la península de Baja California y qué tipo de relación guardó con el movimiento cooperativista nacional entre 1930 y 1950