Does liquidity constraints matter for Ricardian equivalence?

The paper analysis a general equilibrium model with two periods, several households and a government that has to finance some expenditures in the first period. Households may have some private information either about their type (adverse selection) or about some action levei chosen in the first period that affects the probability of certain states of nature in the second period (moral hazard). Trade of financiai assets are intermediated by a finite collection of banks. Banks objective functions are determined in equilibrium by shareholders. Due to private information it may be optimal for the banks to introduce constraints in the set of available portfolios for each household as wellas household specific asset prices. In particular, households may face distinct interest rates for holding the risk-free asset. The government finances its expenditures either by taxing households in the first period or by issuing bonds in the first period and taxing households in the second period. Taxes may be state-dependent. Suppose government policies are neutml: i) government policies do not affect the distribution of wealth across households; and ii) if the government decides to tax a household in the second period there is a portfolio available for the banks that generates the Mme payoff in each state of nature as the household taxes. Tben, Ricardian equivalence holds if and only if an appropriate boundary condition is satisfied. Moreover, at every free-entry equilibrium the boundary condition is satisfied and thus Ricardian equivalence holds. These results do not require any particular assumption on the banks' objective function. In particular, we do not assume banks to be risk neutral.

Parametric correlation functions to model the structure of permanent environmental (co)variances in milk yield random regression models

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

Covariance functions for body weight from birth to maturity in Nellore cows

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Random regression analyses using B-splines functions to model growth from birth to adult age in Canchim cattle

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Random regression analyses using B-spline functions to model growth of Nellore cattle

The objective of this study was to estimate (co)variance components using random regression on B-spline functions to weight records obtained from birth to adulthood. A total of 82 064 weight records of 8145 females obtained from the data bank of the Nellore Breeding Program (PMGRN/Nellore Brazil) which started in 1987, were used. The models included direct additive and maternal genetic effects and animal and maternal permanent environmental effects as random. Contemporary group and dam age at calving (linear and quadratic effect) were included as fixed effects, and orthogonal Legendre polynomials of age (cubic regression) were considered as random covariate. The random effects were modeled using B-spline functions considering linear, quadratic and cubic polynomials for each individual segment. Residual variances were grouped in five age classes. Direct additive genetic and animal permanent environmental effects were modeled using up to seven knots (six segments). A single segment with two knots at the end points of the curve was used for the estimation of maternal genetic and maternal permanent environmental effects. A total of 15 models were studied, with the number of parameters ranging from 17 to 81. The models that used B-splines were compared with multi-trait analyses with nine weight traits and to a random regression model that used orthogonal Legendre polynomials. A model fitting quadratic B-splines, with four knots or three segments for direct additive genetic effect and animal permanent environmental effect and two knots for maternal additive genetic effect and maternal permanent environmental effect, was the most appropriate and parsimonious model to describe the covariance structure of the data. Selection for higher weight, such as at young ages, should be performed taking into account an increase in mature cow weight. Particularly, this is important in most of Nellore beef cattle production systems, where the cow herd is maintained on range conditions. There is limited modification of the growth curve of Nellore cattle with respect to the aim of selecting them for rapid growth at young ages while maintaining constant adult weight.

Random regression models using different functions to model test-day milk yield of Brazilian Holstein cows

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

Wannier functions of isolated bands in one-dimensional crystals

We present a simple procedure to obtain the maximally localized Wannier function of isolated bands in one-dimensional crystals with or without inversion symmetry. First, we discuss the generality of dealing with real Wannier functions. Next, we use a transfer-matrix technique to obtain nonoptimal Bloch functions which are analytic in the wave number. This produces two classes of real Wannier functions. Then, the minimization of the variance of the Wannier functions is performed, by using the antiderivative of the Berry connection. In the case of centrosymmetric crystals, this procedure leads to the Wannier-Kohn functions. The asymptotic behavior of the Wannier functions is also analyzed. The maximally localized Wannier functions show the expected exponential and power-law decays. Instead, nonoptimal Wannier functions may show reduced exponential and anisotropic power-law decays. The theory is illustrated with numerical calculations of Wannier functions for conduction electrons in semiconductor superlattices.

Evolutionary Changes in the Complexity of the Tectum of Nontetrapods: A Cladistic Approach

Background: The tectum is a structure localized in the roof of the midbrain in vertebrates, and is taken to be highly conserved in evolution. The present article assessed three hypotheses concerning the evolution of lamination and citoarchitecture of the tectum of nontetrapod animals: 1) There is a significant degree of phylogenetic inertia in both traits studied (number of cellular layers and number of cell classes in tectum); 2) Both traits are positively correlated accross evolution after correction for phylogeny; and 3) Different developmental pathways should generate different patterns of lamination and cytoarchitecture.Methodology/Principal Findings: The hypotheses were tested using analytical-computational tools for phylogenetic hypothesis testing. Both traits presented a considerably large phylogenetic signal and were positively associated. However, no difference was found between two clades classified as per the general developmental pathways of their brains.Conclusions/Significance: The evidence amassed points to more variation in the tectum than would be expected by phylogeny in three species from the taxa analysed; this variation is not better explained by differences in the main course of development, as would be predicted by the developmental clade hypothesis. Those findings shed new light on the evolution of an functionally important structure in nontetrapods, the most basal radiations of vertebrates.

Sliding mode for detection and accommodation of computation time delay fault

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

Uma análise experimental de abordagens heurísticas aplicadas ao problema do caixeiro viajante

Due to great difficulty of accurate solution of Combinatorial Optimization Problems, some heuristic methods have been developed and during many years, the analysis of performance of these approaches was not carried through in a systematic way. The proposal of this work is to make a statistical analysis of heuristic approaches to the Traveling Salesman Problem (TSP). The focus of the analysis is to evaluate the performance of each approach in relation to the necessary computational time until the attainment of the optimal solution for one determined instance of the TSP. Survival Analysis, assisted by methods for the hypothesis test of the equality between survival functions was used. The evaluated approaches were divided in three classes: Lin-Kernighan Algorithms, Evolutionary Algorithms and Particle Swarm Optimization. Beyond those approaches, it was enclosed in the analysis, a memetic algorithm (for symmetric and asymmetric TSP instances) that utilizes the Lin-Kernighan heuristics as its local search procedure

The Interval Constructor on classes of ML-algebras

Monoidal logic, ML for short, which formalized the fuzzy logics of continuous t-norms and their residua, has arisen great interest, since it has been applied to fuzzy mathematics, artificial intelligence, and other areas. It is clear that fuzzy logics basically try to represent imperfect or fuzzy information aiming to model the natural human reasoning. On the other hand, in order to deal with imprecision in the computational representation of real numbers, the use of intervals have been proposed, as it can guarantee that the results of numerical computation are in a bounded interval, controlling, in this way, the numerical errors produced by successive roundings. There are several ways to connect both areas; the most usual one is to consider interval membership degrees. The algebraic counterpart of ML is ML-algebra, an interesting structure due to the fact that by adding some properties it is possible to reach different classes of residuated lattices. We propose to apply an interval constructor to ML-algebras and some of their subclasses, to verify some properties within these algebras, in addition to the analysis of the algebraic aspects of them

What is a Fuzzy Bi-implication?

In order to make this document self-contained, we first present all the necessary theory as a background. Then we study several definitions that extended the classic bi-implication in to the domain of well stablished fuzzy logics, namely, into the [0; 1] interval. Those approaches of the fuzzy bi-implication can be summarized as follows: two axiomatized definitions, which we proved that represent the same class of functions, four defining standard (two of them proposed by us), which varied by the number of different compound operators and what restrictions they had to satisfy. We proved that those defining standard represent only two classes of functions, having one as a proper subclass of the other, yet being both a subclass of the class represented by the axiomatized definitions. Since those three clases satisfy some contraints that we judge unnecessary, we proposed a new defining standard free of those restrictions and that represents a class of functions that intersects with the class represented by the axiomatized definitions. By this dissertation we are aiming to settle the groundwork for future research on this operator.

On Fuzzy Implication Classes - Towards Extensions of Fuzzy Rule-Based Systems

Atualmente, há diferentes definições de implicações fuzzy aceitas na literatura. Do ponto de vista teórico, esta falta de consenso demonstra que há discordâncias sobre o real significado de "implicação lógica" nos contextos Booleano e fuzzy. Do ponto de vista prático, isso gera dúvidas a respeito de quais "operadores de implicação" os engenheiros de software devem considerar para implementar um Sistema Baseado em Regras Fuzzy (SBRF). Uma escolha ruim destes operadores pode implicar em SBRF's com menor acurácia e menos apropriados aos seus domínios de aplicação. Uma forma de contornar esta situação e conhecer melhor os conectivos lógicos fuzzy. Para isso se faz necessário saber quais propriedades tais conectivos podem satisfazer. Portanto, a m de corroborar com o significado de implicação fuzzy e corroborar com a implementação de SBRF's mais apropriados, várias leis Booleanas têm sido generalizadas e estudadas como equações ou inequações nas lógicas fuzzy. Tais generalizações são chamadas de leis Boolean-like e elas não são comumente válidas em qualquer semântica fuzzy. Neste cenário, esta dissertação apresenta uma investigação sobre as condições suficientes e necessárias nas quais três leis Booleanlike like — y ≤ I(x, y), I(x, I(y, x)) = 1 e I(x, I(y, z)) = I(I(x, y), I(x, z)) — se mantém válidas no contexto fuzzy, considerando seis classes de implicações fuzzy e implicações geradas por automorfismos. Além disso, ainda no intuito de implementar SBRF's mais apropriados, propomos uma extensão para os mesmos

Chromosomal Variability among Allopatric Populations of Erythrinidae Fish Hoplias malabaricus: Mapping of Three Classes of Repetitive DNAs

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

Molecular organization of 5S rDNA in sharks of the genus Rhizoprionodon: insights into the evolutionary dynamics of 5S rDNA in vertebrate genomes

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