Ontologies for the interoperability of multiagent electricity markets simulation platforms

Electricity markets worldwide are complex and dynamic environments with very particular characteristics. These are the result of electricity markets’ restructuring and evolution into regional and continental scales, along with the constant changes brought by the increasing necessity for an adequate integration of renewable energy sources. The rising complexity and unpredictability in electricity markets has increased the need for the intervenient entities in foreseeing market behaviour. Market players and regulators are very interested in predicting the market’s behaviour. Market players need to understand the market behaviour and operation in order to maximize their profits, while market regulators need to test new rules and detect market inefficiencies before they are implemented. The growth of usage of simulation tools was driven by the need for understanding those mechanisms and how the involved players' interactions affect the markets' outcomes. Multi-agent based software is particularly well fitted to analyse dynamic and adaptive systems with complex interactions among its constituents, such as electricity markets. Several modelling tools directed to the study of restructured wholesale electricity markets have emerged. Still, they have a common limitation: the lack of interoperability between the various systems to allow the exchange of information and knowledge, to test different market models and to allow market players from different systems to interact in common market environments. This dissertation proposes the development and implementation of ontologies for semantic interoperability between multi-agent simulation platforms in the scope of electricity markets. The added value provided to these platforms is given by enabling them sharing their knowledge and market models with other agent societies, which provides the means for an actual improvement in current electricity markets studies and development. The proposed ontologies are implemented in MASCEM (Multi-Agent Simulator of Competitive Electricity Markets) and tested through the interaction between MASCEM agents and agents from other multi-agent based simulators. The implementation of the proposed ontologies has also required a complete restructuring of MASCEM’s architecture and multi-agent model, which is also presented in this dissertation. The results achieved in the case studies allow identifying the advantages of the novel architecture of MASCEM, and most importantly, the added value of using the proposed ontologies. They facilitate the integration of independent multi-agent simulators, by providing a way for communications to be understood by heterogeneous agents from the various systems.

Treasury bond returns and U.S. political cycles

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Proxy statement proposals after the 2008 financial crash

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Price linkages in pharmaceutical markets

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics

Effect of European Sovereign debt crisis on banks’ stock market performances: application to Portuguese data

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

What are the effects of mass retailers on Lisbon’s municipal markets?

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

A look into the cross-section of industry stock returns

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Financial crisis spillovers to the corporate sector: Bank-dependent borrowers versus bond market paticipants

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Factor analysis in the stock market: An application to statistical arbitrage

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Mota-Engil: A solution to turnover its negative stock market performance

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

The social stock exchange: A quantitative exploration

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics

The fitting of the German yield curve: A dynamic approach using latent, macroeconomic and stock market variables

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Trypanosoma cruzi and experimental Chagas' disease: characterization of a stock isolated from a patient with associated digestive and cardiac form

A new Trypanosoma cruzi stock isolated from a patient in the chronic phase of Chagas' disease with the digestive and cardiac fortn of the disease was characterized by experimental infection in isogenic, susceptible, A/Sn strain mice. Parasitemia curves showed up to 1.7x10(6) parasites/ml and no mortality was observed up to 300 days post infection. Specific IgM was found in mice in the acute phase up to 40 days and also in the chronic phase. IgG antibodies yvere detected in the acute and chronic phase. Histopathology examination demonstrated myotropism to the digestive tract muscle layers and to the heart.

Bank capital and stock performance around the subprime lending risis

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Making sense of the experimental evidence on endogenous timing in duopoly markets

The prediction of asymmetric equilibria with Stackelberg outcomes is clearly the most frequent result in the endogenous timing literature. Several experiments have tried to validate this prediction empirically, but failed to find support for it. By contrast, the experiments find that simultaneous-move outcomes are modal and that behavior in endogenous timing games is quite heterogeneous. This paper generalizes Saloner’s (1987) and Hamilton and Slutsky’s (1990) endogenous timing games by assuming that players are averse to inequality in payoffs. We explore the theoretical implications of inequity aversion and compare them to the empirical evidence. We find that this explanation is able to organize most of the experimental evidence on endogenous timing games. However, inequity aversion is not able to explain delay in Hamilton and Slutsky’s endogenous timing games.