Why do bidders drop out from a sequential auction

In actual sequential auctions, 1) bidders typically incur a cost in continuing from one sale to the next, and 2) bidders decide whether or not to continue. To investigate the question "why do bidders drop out," we define a sequential auction model with continuation costs and an endogenously determined number of bidders at each sale, and we characterize the equilibria in this model. Simple examples illustrate the effect of several possible changes to this model.

Microeconomic instability and children's human capital accumulation: the effects of idiosyncratic shocks to father's income on child labor, school drop-outs and repetition rates in Brazil

This paper evaluates the long-run effects of economic instability. In particular, we study the impact of idiosyncratic shocks to father’s income on children’s human capital accumulation variables such as school drop-outs, repetition rates and domestic and non-domestic labor. Although, the problem of child labor in Brazil has declined greatly during the last decade, the number of children working is still substantial. The low levels of educational attainment in Brazil are also a main cause for concern. The large rotating panel data set used allows for the estimation of the impacts of changes in occupational and income status of fathers on changes in his child’s time allocation circumstances. The empirical analysis is restricted to families with fathers, mothers and at least one child between 10 and 15 years of age in the main Brazilian metropolitan areas during the 1982-1999 period. We perform logistic regressions controlling for child characteristics (gender, age, if he/she is behind in school for age), parents characteristics (grade attainment and income) and time and location variables. The main variables analyzed are dynamic proxies of impulses and responses, namely: shocks to household head’s income and unemployment status, on the one hand and child’s probability of dropping out of school, of repeating a grade and of start working, on the other. The findings suggest that father’s income has a significant positive correlation with child’s dropping out of school and of repeating a grade. The findings do not suggest a significant relationship between a father’s becoming unemployed and a child entering the non-domestic labor market. However, the results demonstrate a significant positive relationship between a father becoming unemployed and a child beginning to work in domestic labor. There was also a positive correlation between father becoming unemployed and a child dropping out and repeating a grade. Both gender and age were highly significant with boys and older children being more likely to work, drop-out and repeat grades.

Does mixed frequency vector error correction model add relevant information to exchange misalignment calculus? Evidence for United States

Real exchange rate is an important macroeconomic price in the economy and a ects economic activity, interest rates, domestic prices, trade and investiments ows among other variables. Methodologies have been developed in empirical exchange rate misalignment studies to evaluate whether a real e ective exchange is overvalued or undervalued. There is a vast body of literature on the determinants of long-term real exchange rates and on empirical strategies to implement the equilibrium norms obtained from theoretical models. This study seeks to contribute to this literature by showing that it is possible to calculate the misalignment from a mixed ointegrated vector error correction framework. An empirical exercise using United States' real exchange rate data is performed. The results suggest that the model with mixed frequency data is preferred to the models with same frequency variables

Does active management add value?: the Brazilian mutual fund market

Does active management add or destroy value? With a sample of 699 with four different main categories: stocks, fixed income, hedge and exchange rate mutual funds we conclude that the active management add value to investors in stocks and hedge funds. But in fixed income mutual funds the evidence is against the active management. We also analyze the determinants of significant alphas. For stocks and hedge funds the evidence suggests that old, big and active funds generate biggest alphas. In fixed income funds the evidence is not clear, only a positive relationship between size and alphas could be found.

Analysts’ recommendations in Brazil: do they add value?

This paper examines the value of analysts’ recommendations in Brazilian Stock Market. We studied a sample of 294 weeks of recommendations make public by the best seller newspaper in Brazil with six different investment strategies and time horizons. The main conclusion is that it is possible to beat the Brazilian market indexes Ibovespa and IBrX following the analysts’ stock recommendations. The best strategies are buying only the recommended stocks, buying the recommended stocks whose target and market prices difference is bigger than 25% and lesser or equal than 50%. The performance of the six strategies is analyzed through the use of bootstrap and Monte Carlo techniques.

Evaluation of fungicide applications to sweet orange at different flowering stages for control of postbloom fruit drop caused by Colletotrichum acutatum

Postbloom fruit drop (PFD), caused by Colletotrichum acutatum, produces blossom blight, fruit abscission and persistent calyces. in groves of Pera-Rio and Natal sweet orange located in Santa Cruz do Rio Pardo and Rincao, São Paulo, Brazil, four experiments were carried out to evaluate the effectiveness of fungicides sprayed alone or as mixtures, at different flowering stages for the control of PFD of citrus. The number of symptomatic flowers, the percentage of fruit set (FS), and the relationship between persistent calyces and total fruit weight per plant were evaluated. The fungicides carbendazim and folpet were sprayed at 0.50 ml and 1.25 ga.i. l(-1) of water, respectively, were superior by all the criteria to the other treatments. Carbendazim and folpet fungicides performed best when they were applied at the green bud through hollow ball stages. Difenoconazole, independent of application timing, was less effective by all criteria used. Application of mancozeb at 1.60 ga.i. l(-1) at the green bud stage followed by application of mancozeb in a tank mix with carbendazim or folpet at 1.0 ml and 1.25 g a.i. l(-1), respectively, during green bud bloom and hollow ball stages were effective for disease control. Carbendazim combined with 0.25% KNO3, reduced the number of persistent calyces and increased fruit production significantly. Applications must be made between green bud and hollow ball stages for best control. Applications only at hollow ball or open flower stages did not provide effective disease control. (C)2007 Elsevier Ltd. All rights reserved.

Performance comparativa entre R290/R600a (50:50) e R134a para drop-in em refrigerador doméstico

This research this based on the seminar on Use of Natural Fluids in Refrigeration and Air-Conditioning Systems conducted in 2007 in Sao Paulo. The event was inserted in the National Plan for Elimination of CFCs, coordinated by the Ministry of Environment and implemented by the United Nations Development Programme (UNDP). The objective of this research is analyze the performance of the hydrocarbons application as zeotropic mixtures in domestic refrigerator and validate the application of technical standards for pull down and cycling (on-off) tests to the mixture R290/R600a (50:50) in domestic refrigerator. It was first developed an computational analysis of R290/R600a (50:50) compared to R134a and other mass fractions of the hydrocarbons mixtures in the standard ASHRAE refrigeration cycle in order to compare the operational characteristics and thermodynamic properties of fluids based on the software REFPROP 6.0. The characteristics of the Lorenz cycle is presented as an application directed to zeotropic mixtures. Standardized pull down and cycling (on-off) tests were conducted to evaluate the performance of the hydrocarbons mixture R290/R600a (50:50) as a drop-in alternative to R134a in domestic refrigerator of 219 L. The results showed that the use of R290/R600a (50:50) with a charge of refrigerant reduced at 53% compared to R134a presents reduced energy performance than R134a. The COP obtained with hydrocarbon mixture was about 13% lower compared to R134a. Pull down times in the refrigerator compartments for fluids analyzed were quite close, having been found a 4,7% reduction in pull down time for the R290/R600a compared to R134a, in the freezer compartment. The data indicated a higher consumption of electric current from the refrigerator when operating with the R290/R600a. The values were higher than about 3% compared to R134a. The charge of 40 g of R290/R600a proved very low for the equipment analyzed

Análise de desempenho de um refrigerador de pequeno porte com drop in de refrigerantes hidrocarbonetos

From what was stated in the Montreal Protocol, the researchers and refrigeration industry seek substitutes for synthetic refrigerants -chlorofluorocarbons (CFCs) and HCFCs (HCFC) - that contribute to the depletion of the ozone layer. The phase-out of these substances was started using as one of the replacement alternatives the synthetic fluids based on hydro fluorocarbons (HFCs) that have zero potential depletion of the ozone layer. However, contribute to the process of global warming. HFC refrigerants are greenhouse gases and are part of the group of gases whose emissions must be reduced as the Kyoto Protocol says. The hydrocarbons (HC's), for not contribute to the depletion of the ozone layer, because they have very low global warming potential, and are found abundantly in nature, has been presented as an alternative, and therefore, are being used in new home refrigeration equipment in several countries. In Brazil, due to incipient production of domestic refrigerators using HC's, the transition refrigerants remain on the scene for some years. This dissertation deals with an experimental evaluation of the conduct of a drinking fountain designed to work with HFC (R-134a), operating with a mixture of HC's or isobutane (R-600a) without any modification to the system or the lubricating oil. In the refrigeration laboratory of Federal University of Rio Grande do Norte were installed, in a drinking fountain, temperature and pressure sensors at strategic points in the refrigeration cycle, connected to an acquisition system of computerized data, to enable the mapping and thermodynamics analysis of the device operating with R-134a or with a mixture of HC's or with R-600a. The refrigerator-test operating with the natural fluids (mixture of HC's or R-600a) had a coefficient of performance (COP) lower than the R-134a

Numerical simulation of drop impact and jet buckling problems using the eXtended Pom-Pom model

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Pressure drop correlation for oil-refrigerant R134a mixture flashing flow in a small diameter tube

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

On fuzzy ideals and fuzzy filters of fuzzy lattices

In the literature there are several proposals of fuzzi cation of lattices and ideals concepts. Chon in (Korean J. Math 17 (2009), No. 4, 361-374), using the notion of fuzzy order relation de ned by Zadeh, introduced a new notion of fuzzy lattice and studied the level sets of fuzzy lattices, but did not de ne a notion of fuzzy ideals for this type of fuzzy lattice. In this thesis, using the fuzzy lattices de ned by Chon, we de ne fuzzy homomorphism between fuzzy lattices, the operations of product, collapsed sum, lifting, opposite, interval and intuitionistic on bounded fuzzy lattices. They are conceived as extensions of their analogous operations on the classical theory by using this de nition of fuzzy lattices and introduce new results from these operators. In addition, we de ne ideals and lters of fuzzy lattices and concepts in the same way as in their characterization in terms of level and support sets. One of the results found here is the connection among ideals, supports and level sets. The reader will also nd the de nition of some kinds of ideals and lters as well as some results with respect to the intersection among their families. Moreover, we introduce a new notion of fuzzy ideals and fuzzy lters for fuzzy lattices de ned by Chon. We de ne types of fuzzy ideals and fuzzy lters that generalize usual types of ideals and lters of lattices, such as principal ideals, proper ideals, prime ideals and maximal ideals. The main idea is verifying that analogous properties in the classical theory on lattices are maintained in this new theory of fuzzy ideals. We also de ne, a fuzzy homomorphism h from fuzzy lattices L and M and prove some results involving fuzzy homomorphism and fuzzy ideals as if h is a fuzzy monomorphism and the fuzzy image of a fuzzy set ~h(I) is a fuzzy ideal, then I is a fuzzy ideal. Similarly, we prove for proper, prime and maximal fuzzy ideals. Finally, we prove that h is a fuzzy homomorphism from fuzzy lattices L into M if the inverse image of all principal fuzzy ideals of M is a fuzzy ideal of L. Lastly, we introduce the notion of -ideals and - lters of fuzzy lattices and characterize it by using its support and its level set. Moreover, we prove some similar properties in the classical theory of - ideals and - lters, such as, the class of -ideals and - lters are closed under intersection. We also de ne fuzzy -ideals of fuzzy lattices, some properties analogous to the classical theory are also proved and characterize a fuzzy -ideal on operation of product between bounded fuzzy lattices L and M and prove some results.

Non-newtonian flow and pressure drop of pineapple juice in a plate heat exchanger

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

Is it physically sound to add a topologically massive term to three-dimensional massive electromagnetic or gravitational models?

The addition of a topologically massive term to an admittedly nonunitary three-dimensional massive model, be it an electromagnetic system or a gravitational one, does not cure its nonunitarity. What about the enlargement of avowedly unitary massive models by way of a topologically massive term? the electromagnetic models remain unitary after the topological augmentation but, surprisingly enough, the gravitational ones have their unitarity spoiled. Here we analyze these issues and present the explanation why unitary massive gravitational models, unlike unitary massive electromagnetic ones, cannot coexist from the viewpoint of unitarity with topologically massive terms. We also discuss the novel features of the three-term effective field models that are gauge-invariant.

A tunable triode-MOSFET transconductor and its application to g(m)-C filters

A linear, tunable CMOS transconductance stage is introduced. Drain voltage of the input transistor operating in triode region is settled by a regulation loop and a first-order linear relationship between g(m) and a de bias voltage is achieved. In addition to easy tuning, this technique offers circuit simplicity, wide dynamic range, high input and output impedances and low consumption. The transconductor is presented on both single-ended and fully-differential versions. A 3rd-order elliptical low-pass g(m)-C filter with a nominal roll-off frequency of 2MHz is used as one example for the many applications of the proposed transconductor. SPICE data describe circuits performances and filter tunabilily Passband is tuned at a rate of 2.36KHz/mV and good linearity is indicated by a 0.89% THD for an 800mV(p-p) balanced-driven input.