Consistent solutions in exchange economies: A characterization of the price mechanism

We characterize the Walrasian allocations correspondence by means offour axioms: consistency, replica invariance, individual rationality andPareto optimality. It is shown that for any given class of exchange economiesany solution that satisfies the axioms is a selection from the Walrasianallocations with slack. Preferences are assumed to be smooth, but may besatiated and non--convex. A class of economies is defined as all economieswhose agents' preferences belong to an arbitrary family (finite or infinite)of types. The result can be modified to characterize equal budget Walrasianallocations with slack by replacing individual rationality with individualrationality from equal division. The results are valid also for classes ofeconomies in which core--Walras equivalence does not hold.

Consistency and the Walrasian allocations correspondence

We characterize the Walrasian allocations correspondence, in classesof exchange economies with smooth and convex preferences, by means of consistency requirements and other axioms. We present three characterizationresults; all of which require consistency, converse consistency and standard axioms. Two characterizations hold also on domains with a finite number ofpotential agents, one of them requires envy freeness (with respect to trades) and the other--core selection; a third characterization, that requires coreselection, applies only to a variable number of agents domain, but is validalso when the domain includes only a small variety of preferences.

Testing financing constraints on firm investment using variable capital

We consider a dynamic multifactor model of investment with financing imperfections,adjustment costs and fixed and variable capital. We use the model to derive a test offinancing constraints based on a reduced form variable capital equation. Simulation resultsshow that this test correctly identifies financially constrained firms even when the estimationof firms investment opportunities is very noisy. In addition, the test is well specified inthe presence of both concave and convex adjustment costs of fixed capital. We confirmempirically the validity of this test on a sample of small Italian manufacturing companies.

Metapyrophorus pharolim a new genus and species of Pyrophorini (Coleoptera, Elateridae, Agrypninae)

Metapyrophorus, a new monotypic genus, is erected based on M. pharolim, new species from Trinidad and Tobago and Venezuela. The genus is characterized mainly by its pair of convex pronotal bioluminescent organs, equidistant between the median line and the lateral margin.

Interbank comptetition with costly screening

We analyse credit market equilibrium when banks screen loan applicants. When banks have a convex cost function of screening, a pure strategy equilibrium exists where banks optimally set interest rates at the same level as their competitors. This result complements Broecker s (1990) analysis, where he demonstrates that no pure strategy equilibrium exists when banks have zero screening costs. In our set up we show that interest rate on loansare largely independent of marginal costs, a feature consistent with the extant empirical evidence. In equilibrium, banks make positive profits in our model in spite of the threat of entry by inactive banks. Moreover, an increase in the number of active banks increases credit risk and so does not improve credit market effciency: this point has important regulatory implications. Finally, we extend our analysis to the case where banks havediffering screening abilities.

On moments and tail behaviors of storage processes

We study the existence of moments and the tail behaviour of the densitiesof storage processes. We give sufficient conditions for existence andnon-existence of moments using the integrability conditions ofsubmultiplicative functions with respect to Lévy measures. Then, we studythe asymptotical behavior of the tails of these processes using the concaveor convex envelope of the release rate function.

Pitfalls in the modeling of forward-looking price setting and investment decisions

The present paper makes progress in explaining the role of capital for inflation and output dynamics. We followWoodford (2003, Ch. 5) in assuming Calvo pricing combined with a convex capital adjustment cost at the firm level. Our main result is that capital accumulation affects inflation dynamics primarily through its impact on the marginal cost. This mechanism is much simpler than the one implied by the analysis in Woodford's text. The reason is that his analysis suffers from a conceptual mistake, as we show. The latter obscures the economic mechanism through which capital affects inflation and output dynamics in the Calvo model, as discussed in Woodford (2004).

Optimization of multiclass queueing networks with changeover times via the achievable region approach: Part I, the single-station case

We address the performance optimization problem in a single-stationmulticlass queueing network with changeover times by means of theachievable region approach. This approach seeks to obtainperformance bounds and scheduling policies from the solution of amathematical program over a relaxation of the system's performanceregion. Relaxed formulations (including linear, convex, nonconvexand positive semidefinite constraints) of this region are developedby formulating equilibrium relations satisfied by the system, withthe help of Palm calculus. Our contributions include: (1) newconstraints formulating equilibrium relations on server dynamics;(2) a flow conservation interpretation of the constraintspreviously derived by the potential function method; (3) newpositive semidefinite constraints; (4) new work decomposition lawsfor single-station multiclass queueing networks, which yield newconvex constraints; (5) a unified buffer occupancy method ofperformance analysis obtained from the constraints; (6) heuristicscheduling policies from the solution of the relaxations.

Effects of uncertain lifetime and annuity insurance on capital accumulation and growth

This paper studies the effects of uncertain lifetime on capitalaccumulation and growth and also the sensitivity of thoseeffects to the existence of a perfect annuities market. Themodel is an overlapping generations model with uncertainlifetimes. The technology is convex and such that the marginalproduct of capital is bounded away from zero. A contribution ofthis paper is to show that the existence of accidental bequestsmay lead the economy to an equilibrium that exhibits asymptoticgrowth, which is impossible in an economy with a perfect annuitiesmarket or with certain lifetimes. This paper also shows that ifindividuals face a positive probability of surviving in everyperiod, they may be willing to save at any age. This effect ofuncertain lifetime on savings may also lead the economy to anequilibrium exhibiting asymptotic growth even if there exists aperfect annuities market.

Optimization of multiclass queueing networks with changeover times via the achievable region method: Part II, the multi-station case

We address the problem of scheduling a multi-station multiclassqueueing network (MQNET) with server changeover times to minimizesteady-state mean job holding costs. We present new lower boundson the best achievable cost that emerge as the values ofmathematical programming problems (linear, semidefinite, andconvex) over relaxed formulations of the system's achievableperformance region. The constraints on achievable performancedefining these formulations are obtained by formulatingsystem's equilibrium relations. Our contributions include: (1) aflow conservation interpretation and closed formulae for theconstraints previously derived by the potential function method;(2) new work decomposition laws for MQNETs; (3) new constraints(linear, convex, and semidefinite) on the performance region offirst and second moments of queue lengths for MQNETs; (4) a fastbound for a MQNET with N customer classes computed in N steps; (5)two heuristic scheduling policies: a priority-index policy, anda policy extracted from the solution of a linear programmingrelaxation.

Tying up the loose ends in simple correspondence analysis

Although correspondence analysis is now widely available in statistical software packages and applied in a variety of contexts, notably the social and environmental sciences, there are still some misconceptions about this method as well as unresolved issues which remain controversial to this day. In this paper we hope to settle these matters, namely (i) the way CA measures variance in a two-way table and how to compare variances between tables of different sizes, (ii) the influence, or rather lack of influence, of outliers in the usual CA maps, (iii) the scaling issue and the biplot interpretation of maps,(iv) whether or not to rotate a solution, and (v) statistical significance of results.

Discours de M. le Maire au Roi, et réponse du Roi, le vendredi 5 février 1790

Comprend : Réponse du Roi

The contribution of the young Cretaceous Caribbean Oceanic Plateau to the genesis of late Cretaceous arc magmatism in the Cordillera Occidental of Ecuador

The eastern part of the Cordillera Occidental of Ecuador comprises thick buoyant oceanic plateaus associated with island-arc tholeiites and subduction-related calc-alkaline series, accreted to the Ecuadorian Continental Margin from Late Cretaceous to Eocene times. One of these plateau sequences, the Guaranda Oceanic Plateau is considered as remnant of the Caribbean-Colombian Oceanic Province (CCOP) accreted to the Ecuadorian Margin in the Maastrichtien. Samples studied in this paper were taken from four cross-sections through two arc-sequences in the northern part of the Cordillera Occidental of Ecuador, dated as (Rio Cala) or ascribed to (Macuchi) the Late Cretaceous and one arc-like sequence in the Chogon-Colonche Cordillera (Las Orquideas). These three island-arcs can clearly be identified and rest conformably on the CCOP. In all four localities, basalts with abundant large clinopyroxene phenocrysts can be found, mimicking a picritic or ankaramitic facies. This mineralogical particularity, although not uncommon in island arc lavas, hints at a contribution of the CCOP in the genesis of these island arc rocks. The complete petrological and geochemical study of these rocks reveals that some have a primitive island-arc nature (MgO values range from 6 to 11 wt.%). Studied samples display marked Nb, Ta and Ti negative anomalies relative to the adjacent elements in the spidergrams characteristic of subductionrelated magmatism. These rocks are LREE-enriched and their clinopyroxenes show a tholeiitic affinity (FeO(1)-TiO(2) enrichment and CaO depletion from core to rim within a single crystal). The four sampled cross-sections through the island-arc sequences display homogeneous initial Nd, and Pb isotope ratios that suggest a unique mantellic source for these rocks resulting from the mixing of three components: an East-Pacific MORB end-member, an enriched pelagic sediment component, and a HIMU component carried by the CCOP. Indeed, the ankaramite and Mg-basalt sequences that form part of the Caribbean-Colombian Oceanic Plateau are radiogenically enriched in (206)Pb/(204)Pb and (207)Pb/(204)Pb and contain a HIMU component similar to that observed in the Gorgona basalts and Galapagos lavas. The subduction zone that generated the Late Cretaceous arcs occurred far from the continental margin, in an oceanic environment. This implies that no terrigenous detrital sediments interacted with the source at this period. Thus, the enriched component can only result from the melting of subducted pelagic sediments. We have thus defined the East-Pacific MORB, enriched (cherts, pelagic sediments) and HIMU components in an attempt to constrain and model the genesis of the studied island-arc magmatism, using a compilation of carefully selected isotopic data from literature according to rock age and paleogeographic location at the time of arc edification. Tripolar mixing models reveal that proportions of 12-15 wt.% of the HIMU component, 7-15 wt.% of the pelagic sediment end-member and 70-75 wt.% of an East-pacific MORB end-member are needed to explain the measured isotope ratios. These surprisingly high proportions of the HIMU/CCOP component could be explained by the young age of the oceanic plateau (5-15 Ma) during the Late Cretaceous arc emplacement. The CCOP, basement of these arc sequences, was probably still hot and easily assimilated at the island-arc lava source. (C) 2008 Elsevier Ltd. All rights reserved,

Petrography and geochemistry of accreted oceanic fragments below the Western Cordillera of Ecuador

The Western Cordillera of Ecuador consists of Cretaceous crustal fragments of oceanic plateaux and superimposed insular arcs, which were accreted to the northwestern South American margin during the Late Cretaceous and Paleocene. Slices of high-grade metabasites, ultramafic rocks, gabbros and basalts, unmetamorphosed radiolarian cherts and scarce garnet-bearing metasediments were randomly exhumed along Miocene to Recent transcurrent faults crosscutting the Western Cordillera. The basalts show geochemical characteristics of oceanic plateau basalts (flat REE patterns, La/Nb = 0.85). The gabbros differ from the basalts in having lower REE levels, positive Eu anomalies, and negative Nb and Ta anomalies; they are interpreted as resulting from arc magmatism. The amphibolites and banded amphibolites have major and trace element chemistry similar to that of oceanic plateau basalts (flat REE patterns, La/Nb = 0.86) or to cumulate gabbros. The granulite shares with oceanic plateaus similar trace element chemistry (flat REE patterns, La/Nb < 1) and epsilon(Ndi) values (+7.6). Continent-derived metasediments are depleted in heavy REE (La/Y = 4.8) and have a negative Eu anomaly. Foliated Iherzolites, melagabbronorites and pyroxenites consist of serpentinized olivine + cpx + opx +/- Ca-plagioclase. Lherzolites, melagabbronorites and pyroxenites are LREE depleted with positive Eu anomalies, while the harzburgite displays a U-shaped REE pattern. The trace element abundances of the ultramafic rocks are very low (0.1 to 1 times the chonctritic and primitive mantle values). The ultramafic rocks represent fragments of depleted mantle, deformed cpx-rich cumulate, and continental lithospheric mantle or mantle contaminated by subduction-fluid. Except the scarce quartz-rich metasediments, all these rocks likely represent remnants of accreted oceanic crustal fragments and associated depleted mantle. Since these samples were randomly sampled at depth by the fault, we propose that the Western Cordillera and its crustal root are mainly of oceanic nature.

Reconeixement de gestos de la mà amb el sensor Kinect

El reconeixement dels gestos de la mà (HGR, Hand Gesture Recognition) és actualment un camp important de recerca degut a la varietat de situacions en les quals és necessari comunicar-se mitjançant signes, com pot ser la comunicació entre persones que utilitzen la llengua de signes i les que no. En aquest projecte es presenta un mètode de reconeixement de gestos de la mà a temps real utilitzant el sensor Kinect per Microsoft Xbox, implementat en un entorn Linux (Ubuntu) amb llenguatge de programació Python i utilitzant la llibreria de visió artifical OpenCV per a processar les dades sobre un ordinador portàtil convencional. Gràcies a la capacitat del sensor Kinect de capturar dades de profunditat d’una escena es poden determinar les posicions i trajectòries dels objectes en 3 dimensions, el que implica poder realitzar una anàlisi complerta a temps real d’una imatge o d’una seqüencia d’imatges. El procediment de reconeixement que es planteja es basa en la segmentació de la imatge per poder treballar únicament amb la mà, en la detecció dels contorns, per després obtenir l’envolupant convexa i els defectes convexos, que finalment han de servir per determinar el nombre de dits i concloure en la interpretació del gest; el resultat final és la transcripció del seu significat en una finestra que serveix d’interfície amb l’interlocutor. L’aplicació permet reconèixer els números del 0 al 5, ja que s’analitza únicament una mà, alguns gestos populars i algunes de les lletres de l’alfabet dactilològic de la llengua de signes catalana. El projecte és doncs, la porta d’entrada al camp del reconeixement de gestos i la base d’un futur sistema de reconeixement de la llengua de signes capaç de transcriure tant els signes dinàmics com l’alfabet dactilològic.