Essays on asymmetric information problems without the single-crossing property: applications to corporate finance

The objective of this dissertation is to re-examine classical issues in corporate finance, applying a new analytical tool. The single-crossing property, also called Spence-irrlees condition, is not required in the models developed here. This property has been a standard assumption in adverse selection and signaling models developed so far. The classical papers by Guesnerie and Laffont (1984) and Riley (1979) assume it. In the simplest case, for a consumer with a privately known taste, the single-crossing property states that the marginal utility of a good is monotone with respect to the taste. This assumption has an important consequence to the result of the model: the relationship between the private parameter and the quantity of the good assigned to the agent is monotone. While single crossing is a reasonable property for the utility of an ordinary consumer, this property is frequently absent in the objective function of the agents for more elaborate models. The lack of a characterization for the non-single crossing context has hindered the exploration of models that generate objective functions without this property. The first work that characterizes the optimal contract without the single-crossing property is Araújo and Moreira (2001a) and, for the competitive case, Araújo and Moreira (2001b). The main implication is that a partial separation of types may be observed. Two sets of disconnected types of agents may choose the same contract, in adverse selection problems, or signal with the same levei of signal, in signaling models.

Regulatory reform in the brazilian railway sector and concession valuation: a preliminary assessment

Trabalho apresentado na 4th Conference on the Regulation of Infrastructures

Regulatory reform in the brazilian railway sector and its potential effects

Trabalho apresentado no Law and Society Annual Conference, 2015

Regulatory reform in the brazilian railway sector: a preliminary assesment

Escola de Direito do Rio de Janeiro da Fundação Getulio Vargas

Muscular Dystrophy in Dogs: Does the Crossing of Breeds Influence Disease Phenotype?

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

Influence of visual information on optimal obstacle crossing

Human motion seems to be guided by some optimal principles. In general, it is assumed that human walking is generated with minimal energy consumption. However, in the presence of disturbances during gait, there is a trade-off between stability (avoiding a fall) and energy-consumption. This work analyses the obstacle-crossing with the leading foot. It was hypothesized that energy-saving mechanisms during obstacle-crossing are modulated by the requirement to avoid a fall using the available sensory information, particularly, by vision. A total of fourteen subjects, seven with no visual impairment and seven blind, walked along a 5 meter flat pathway with an obstacle of 0.26 m height located at 3 m from the starting point. The seven subjects with normal vision crossed the obstacle successfully 30 times in two conditions: blindfolded and with normal vision. The seven blind subjects did the same 30 times. The motion of the leading limb was recorded by video at 60 Hz. There were markers placed on the subject's hip, knee, ankle, rear foot, and forefoot. The motion data were filtered with a fourth order Butterworth filter with a cut-off frequency of 4 Hz. The following variables were calculated: horizontal distance between the leading foot and the obstacle at toe-off prior to (DHPO) and after (DHOP) crossing, minimal vertical height from the foot to the obstacle (DVPO), average step velocity (VELOm). The segmental energies were also calculated and the work consumed by the leading limb during the crossing obstacle was computed for each trial. A statistical analysis repeated-measures ANOVA was conducted on these dependent variables revealing significant differences between the vision and non-vision conditions in healthy subjects. In addition, there were no significant differences between the blind and people with vision blindfolded. These results indicate that vision is crucial to determine the optimal trade-off between energy consumption and avoiding a trip during obstacle crossing.

Effects of obstacle height on obstacle crossing in mild Parkinson's disease

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

Adaptive Locomotion for Crossing a Moving Obstacle

Crossing moving obstacles requires different space-time adjustments compared with stationary obstacles. Our aim was to investigate gait spatial and temporal parameters in the approach and crossing phases of a moving obstacle. We hypothesized that obstacle speed affects gait parameters, which allow us to distinguish locomotor strategies. Ten young adults walked and stepped over an obstacle that crossed their way perpendicularly, under three obstacle conditions: control-stationary obstacle, slow (1.07 m/s) and fast speed (1.71 m/s) moving obstacles. Gait parameters were different between obstacle conditions, especially on the slow speed. In the fast condition, the participants adopted predictive strategies during the approach and crossing phases. In the slow condition, they used an anticipatory strategy in both phases. We conclude that obstacle speed affects the locomotor behavior and strategies were distinct in the obstacle avoidance phases.

Ploidy, sex and crossing over in an evolutionary aging model

Nowadays, many forms of reproduction coexist in nature: Asexual, Sexual, apomictic and meiotic parthenogenesis, hermaphroditism and parasex. The mechanisms of their evolution and what made them successful reproductive alternatives are very challenging and debated questions. Here, using a simple evolutionary aging model, we give I possible scenario. By studying the performance of Populations where individuals may have diverse characteristics-different ploidies, sex with or without crossing over, as well as the absence of sex-we find all evolution sequence that may explain why there are actually two major or leading groups: Sexual and asexual. We also investigate the dependence of these characteristics on different conditions of fertility and deleterious mutations. Finally, if the primeval organisms oil Earth were, in fact, asexual individuals we conjecture that the sexual form of reproduction could have more easily been set and found its niche during a period of low-intensity mutations. (c) 2005 Elsevier B.V. All rights reserved.

Mitochondrial DNA of Nellore and European x Nellore crossing cattle of high performance

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

Phylogenetic relationship between species of genus Cattleya as a function of crossing compatibility

The applicability of the gradcd fertility method in the study of the phylogenctic distance of orchids was investigated with emphasis on the production of F1 hybrid secds with cmbryos. Specics of the genus Cattleya, subgenera Monophyllae, Aurantiacae and Cattleya wece used and the results compared with those obtained with morphological and chemical methods.

Visual timing and adaptive behavior in a road-crossing simulation study

In this road-crossing simulation study, we assessed both participant's ability to visually judge whether or not they could cross a road, and their adaptive walking behavior. To this end, participants were presented with a road inside the laboratory on which a bike approached with different velocities from different distances. Eight children aged 5-7, ten children aged 10-12, and ten adults were asked both to verbally judge whether they could cross the road, and to actually walk across the road if possible. The results indicated that the verbal judgments were not similar to judgments to actually cross the road. With respect to safety and accuracy of judgments, groups did not differ from each other, although the youngest group tended to be more cautious. All groups appeared to use a strategy to cross the road based both on the distance and the velocity of the approaching bike. Young children waited longer on the curb before crossing the road than older children and adults. All groups adjusted their crossing time to the time-to-arrival of the bike. These findings are discussed in relation to the ecological psychological approach and the putative dissociation between vision for perception (i.e. verbal judgment) and vision for action (i.e. actual crossing). (c) 2004 Elsevier Ltd. All rights reserved.

Safety in road crossing of children with cerebral palsy

Aim: Children with cerebral palsy (CP) are regularly confronted with physical constraints during locomotion. Because abnormalities in motor control are often related to perceptual deficits, the aim of this study was to find out whether children with CP were able to walk across a road as safely as their non-handicapped peers. Method: Ten children with CP and 10 non-handicapped children aged 4-14 y were asked to cross a simulated road if they felt the situation was safe. Results: With respect to safety and accuracy of crossings, the behaviour of children with CP was comparable with that of non-handicapped children. However, a closer examination of children's individual crossing behaviour showed considerable differences within the CP group. In contrast to children with damage to the left hemisphere, children with damage to the right hemisphere made unsafe decisions and did not compensate for them by increasing walking speed.Conclusion: the differences in unsafe behaviour and in the ability to compensate for it within the group of children with CP might be related to damage to specific regions of the brain that are involved in the processing of spatial or temporal information.