A dynamic model of price competition with switching and search costs

Em modelos de competição de preços, somente um custo de procura positivo por parte do consumidor não gera equilíbrio com dispersão de preços. Já modelos dinâmicos de switching cost consistentemente geram este fenômeno bastante documentado para preços no varejo. Embora ambas as literaturas sejam vastas, poucos modelos tentaram combinar as duas fricções em um só modelo. Este trabalho apresenta um modelo dinâmico de competição de preços em que consumidores idênticos enfrentam custos de procura e de switching. O equilíbrio gera dispersão nos preços. Ainda, como os consumidores são obrigados a se comprometer com uma amostra fixa de firmas antes dos preços serem definidos, somente dois preços serão considerados antes de cada compra. Este resultado independe do tamanho do custo de procura individual do consumidor.

Internet share of advertising expenditure : growth drivers and inhibitors in the brazilian market

Os investimentos com publicidade na Internet como uma percentagem das despesas totais de publicidade variam significativamente de um país para outro. O número é tão baixo quanto 4,7% no mercado brasileiro e tão alto como 28,5% no mercado britânico (ZenithOptimedia, 2011b). Algumas razões explicam tal disparidade. No nível macro, a participação dos gastos com publicidade na Internet está fortemente ligada a variáveis como o produto interno bruto per capita e à penetração da Internet na população. No nível micro, uma pesquisa qualitativa foi feita para identificar os fatores que contribuem e inibem o crescimento da participação da publicidade online no mercado brasileiro. A vasta lista de inibidores parece ter profundo impacto sobre como os profissionais de mercado tomar decisões de alocação de investimento em publicidade por tipo de mídia. Devido à legislação, à auto-regulamentação e às dinâmicas da indústria, grande parte da tomada de decisão é realizada por agências de publicidade. Estas parecem ter fortes incentivos econômicos para selecionar outros tipos de mídia e não a Internet ao definir planos de mídia. Ao mesmo tempo, a legislação e a auto-regulamentação fornecem desincentivos para corretores de mídia a operar no mercado local. A falta de profissionais qualificados e a padronização limitada também desempenham papéis importante para inibir uma maior participação da Internet nos gastos com publicidade no Brasil. A convergência dos resultados quantitativos com os qualitativos indica possíveis motivos pelos quais a participação da publicidade online no Brasil é tão baixa. Em primeiro lugar, a participação é explicada pelo estágio de desenvolvimento dos países. Quanto mais rico e mais desenvolvido um país, maior a proporção de gastos com publicidade online tende a ser. Em segundo lugar, o estágio econômico emergente do Brasil potencialmente dá espaço para o aumento do ineficiências do mercado, tais como programas de descontos oferecidos de forma desproporcional para os principais decisores de alocação de investimentos de mídia. Este fato aparentemente produz um feedback negativo, contribuindo para manter a baixa participação da publicidade online no total dos investimentos publicitários.

A time-varying markov-switching model for economic growth

This paper investigates economic growth’s pattern of variation across and within countries using a Time-Varying Transition Matrix Markov-Switching Approach. The model developed follows the approach of Pritchett (2003) and explains the dynamics of growth based on a collection of different states, each of which has a sub-model and a growth pattern, by which countries oscillate over time. The transition matrix among the different states varies over time, depending on the conditioning variables of each country, with a linear dynamic for each state. We develop a generalization of the Diebold’s EM Algorithm and estimate an example model in a panel with a transition matrix conditioned on the quality of the institutions and the level of investment. We found three states of growth: stable growth, miraculous growth, and stagnation. The results show that the quality of the institutions is an important determinant of long-term growth, whereas the level of investment has varying roles in that it contributes positively in countries with high-quality institutions but is of little relevance in countries with medium- or poor-quality institutions.

A dynamic model of simultaneous price competition with switching and search costs

Esse artigo apresenta um modelo dinâmico de competição em precos que incorpora tanto custos de procura quanto custos de switching e onde que as decisões do consumidor e das firmas são simultâneas. Dadas as hipóteses feitas n ós veremos que este modelo possui equilí brio. As principais propriedades do equil íbrio deste modelo são: Se os custos de procura forem baixos o suficiente, em equilí brio o consumidor vai procurar todas as firmas no mercado enquanto que o aumento dos custos de procura vai reduzir a propor cão de firmas que o consumidor busca. Um resultado contraintuitivo e que os pre cos esperados pagos pelo consumidor normalmente decresce em nossas computa cões numéricas do equil íbrio quando os custos de procura aumentam. Enquanto que aumentar os custos de switching tamb ém vai produzir o resultado contraituitivo que as firmas unmatched vão diminuir suas ofertas de modo a atrair o consumidor.

Analysis of contagion from the constant conditional correlation model with Markov regime switching

Over the last decades, the analysis of the transmissions of international nancial events has become the subject of many academic studies focused on multivariate volatility models volatility. The goal of this study is to evaluate the nancial contagion between stock market returns. The econometric approach employed was originally presented by Pelletier (2006), named Regime Switching Dynamic Correlation (RSDC). This methodology involves the combination of Constant Conditional Correlation Model (CCC) proposed by Bollerslev (1990) with Markov Regime Switching Model suggested by Hamilton and Susmel (1994). A modi cation was made in the original RSDC model, the introduction of the GJR-GARCH model formulated in Glosten, Jagannathan e Runkle (1993), on the equation of the conditional univariate variances to allow asymmetric e ects in volatility be captured. The database was built with the series of daily closing stock market indices in the United States (SP500), United Kingdom (FTSE100), Brazil (IBOVESPA) and South Korea (KOSPI) for the period from 02/01/2003 to 09/20/2012. Throughout the work the methodology was compared with others most widespread in the literature, and the model RSDC with two regimes was de ned as the most appropriate for the selected sample. The set of results provide evidence for the existence of nancial contagion between markets of the four countries considering the de nition of nancial contagion from the World Bank called very restrictive. Such a conclusion should be evaluated carefully considering the wide diversity of de nitions of contagion in the literature.

Mudanças de regimes na função de reação do Banco Central do Brasil : uma abordagem utilizando Markov Regime Switching

O presente trabalho busca identificar a ocorrência, duração e probabilidades de transição de diferentes regimes na condução da política monetária no Brasil a partir da implantação do sistema de metas de inflação em 1999. A estimação da função de reação do Banco Central do Brasil é realizada a partir de uma Regra de Taylor forward looking para uma economia aberta, onde utilizamos a metodologia Markov Regime Switching para caracterizar de forma endógena os diferentes regimes de política monetária. Os resultados obtidos indicam a ocorrência de três regimes distintos de política monetária a partir da implantação do sistema de metas de inflação no Brasil. O primeiro regime ocorre durante 21% do período estudado e se caracteriza pela não aderência ao princípio de Taylor e discricionariedade da autoridade monetária, que reage demonstrando maior sensibilidade ao hiato do produto. O segundo regime é o de maior duração, ocorre durante 67% do período estudado, e se caracteriza pela aderência ao princípio de Taylor e equilíbrio nos pesos atribuídos pelo Banco Central tanto ao hiato do produto como ao desvio das expectativas de inflação com relação à meta. Já o terceiro regime ocorre durante 12% do período estudado e se caracteriza não somente pela aderência ao princípio de Taylor, como também por uma maior aversão ao desvio das expectativas de inflação com relação à meta.

Energy Expenditure, Lipid Profile, Oxidative Stress, and Cardiac Energy Metabolism After Growth Hormone Treatment in Obese Young Rats

Obesity is rampant in modern society and growth hormone (GH) could be useful as adjunct therapy to reduce the obesity-induced cardiovascular damage. To investigate GH effects on obesity, initially 32 male Wistar rats were divided into two groups (n = 16): control (C) was fed standard-chow and water and hyper-caloric (H) was fed hypercaloric chow and 30% sucrose in its drinking water. After 45 days, both C and H groups were divided into two subgroups (n = 8): C + PL was fed standard-chow, water and received saline subcutaneously; C + GH was fed standard-chow, water, and received 2 mg/kg/day GH subcutaneously; H + PL was fed hypercaloric diet, 30% sucrose in its drinking water, and received saline subcutaneously; and H + GH was fed hypercaloric diet, 30% sucrose in its drinking water, and received GH subcutaneously. After 75 days of total experimental period, H + PL rats were considered obese, having higher body weight, body mass index, Lee-index, and atherogenic index (AI) compared to C + PL. Obesity was accompanied by enhanced myocardial lipid hydroperoxide (LH) and lactate dehydrogenase (LDH), as well of depressed energy expenditure (RMR) and oxygen consumption(VO(2))/body weight. H + GH rats had higher fasting RMR, as well as lower AI and myocardial LH than H + PL. Comparing C + GH with C + PL, despite no effects on morphometric parameters, lipid profile, myocardial LH, and LDH activity, GH enhanced fed RMR and myocardial pyruvate dehydrogenase. In conclusion, the present study brought new insights into the GH effects on obesity related cardiovascular damage demonstrating, for the first time, that GH regulated cardiac metabolic pathways, enhanced energy expenditure and improved the lipid profile in obesity condition. Growth hormone in standard fed condition also offered promising therapeutic value enhancing pyruvate-dehydrogenase activity and glucose oxidation in cardiac tissue, thus optimizing myocardial energy metabolism.

Step Counting and Energy Expenditure Estimation in Patients With Chronic Obstructive Pulmonary Disease and Healthy Elderly: Accuracy of 2 Motion Sensors

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Energy expenditure during daily activities as measured by two motion sensors in patients with COPD

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

Novel zero-current-switching PWM converters

This paper presents a new family of pulsewidth-modulated (PWM) converters, featuring soft commutation of the semiconductors at zero current (ZC) in the transistors and zero voltage (ZV) in the rectifiers, Besides operating at constant frequency and with reduced commutation losses, these new converters have output characteristics similar to the hard-switching-PWM counterpart, which means that there is no circulating reactive energy that would cause large conduction losses, the new family of zero-current-switching (ZCS)-PWM converters is suitable for high-power applications using insulated gate bipolar transistors (IGBT's). The advantages of the new ZCS-PWM boast converter employing IGBT's, rated at 1.6 kW and operating at 20 kHz, are presented, This new ZCS operation can reduce the average total power dissipation in the semiconductors practically by half, when compared with the hard-switching method, This new ZCS-PWM boost converter is suitable for high-power applications using Ie;BT's in power-factor correction, the principle of operation, theoretical analysis, and experimental results of the new ZCS-PWM boost converter are provided in this paper to verify the performance of this new family of converters.

Power Factor Correction Boost Converter Based on the Three-State Switching Cell

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Resting energy expenditure and carbohydrate oxidation are higher in elderly patients with COPD: a case control study

Background: Elderly patients with chronic obstructive pulmonary disease (COPD) usually have a compromised nutritional status which is an independent predictor of morbidity and mortality. To know the Resting Energy Expenditure (REE) and the substrate oxidation measurement is essential to prevent these complications. This study aimed to compare the REE, respiratory quotient (RQ) and body composition between patients with and without COPD.Methods: This case-control study assessed 20 patients with chronic obstructive pulmonary disease attending a pulmonary rehabilitation program. The group of subjects without COPD (control group) consisted of 20 elderly patients attending a university gym, patients of a private service and a public healthy care. Consumption of oxygen (O-2) and carbon dioxide (CO2) was determined by indirect calorimetry and used for calculating the resting energy expenditure and respiratory quotient. Body mass index (BMI) and waist circumference (WC) were also measured. Percentage of body fat (%BF), lean mass (kg) and muscle mass (kg) were determined by bioimpedance. The fat free mass index (FFMI) and muscle mass index (MMI) were then calculated.Results: The COPD group had lower BMI than control (p = 0.02). However, WC, % BF, FFMI and MM-I did not differ between the groups. The COPD group had greater RQ (p = 0.01), REE (p = 0.009) and carbohydrate oxidation (p = 0.002).Conclusions: Elderly patients with COPD had higher REE, RQ and carbohydrate oxidation than controls.

Stress Analysis in Platform-Switching Implants: A 3-Dimensional Finite Element Study

The aim of this study was to evaluate the influence of the platform-switching technique on stress distribution in implant, abutment, and pen-implant tissues, through a 3-dimensional finite element study. Three 3-dimensional mandibular models were fabricated using the Solid Works 2006 and InVesalius software. Each model was composed of a bone block with one implant 10 mm long and of different diameters (3.75 and 5.00 mm). The UCLA abutments also ranged in diameter from 5.00 mm to 4.1 mm. After obtaining the geometries, the models were transferred to the software FEMAP 10.0 for pre- and postprocessing of finite elements to generate the mesh, loading, and boundary conditions. A total load of 200 N was applied in axial (0 degrees), oblique (45 degrees), and lateral (90) directions. The models were solved by the software NeiNastran 9.0 and transferred to the software FEMAP 10.0 to obtain the results that were visualized through von Mises and maximum principal stress maps. Model A (implants with 3.75 mm/abutment with 4.1 mm) exhibited the highest area of stress concentration with all loadings (axial, oblique, and lateral) for the implant and the abutment. All models presented the stress areas at the abutment level and at the implant/abutment interface. Models B (implant with 5.0 mm/abutment with 5.0 mm) and C (implant with 5.0 mm/abutment with 4.1 mm) presented minor areas of stress concentration and similar distribution pattern. For the cortical bone, low stress concentration was observed in the pen-implant region for models B and C in comparison to model A. The trabecular bone exhibited low stress that was well distributed in models B and C. Model A presented the highest stress concentration. Model B exhibited better stress distribution. There was no significant difference between the large-diameter implants (models B and C).

Photoelastic Analysis of the Influence of Platform Switching on Stress Distribution in Implants

The aim of this study was to evaluate the stress distribution of platform switching implants using a photoelastic method. Three models were constructed of the photoelastic resin PL-2, with a single implant and a screw-retained implant-supported prosthesis. These models were Model A, platform 5.0 mm/abutment 4.1 mm; Model B, platform 4.1 mm/abutment 4.1 mm; and Model C, platform 5.00 mm/abutment 5.00 mm. Axial and oblique (45 degrees) loads of 100 N were applied using a Universal Testing Machine (EMIC DL 3000). Images were photographed with a digital camera and visualized with software (AdobePhotoshop) to facilitate the qualitative analysis. The highest stress concentrations were observed at the apical third of the 3 models. With the oblique load, the highest stress concentrations were located at the implant apex, opposite the load application. Stress concentrations decreased in the cervical region of Model A (platform switching), and Models A (platform switching) and C (conventional/wide-diameter) displayed similar stress magnitudes. Finally, Model B (conventional/regular diameter) displayed the highest stress concentrations of the models tested.