Perpetual debt valuation: the net present value myopia

Would you prefer to receive a fixed rent for a period of 50 years, 75 years or perpetually? Well, if you have chosen the perpetual option, you are absolutely right. However, when considering a mathematical and financial approach, they may all end up roughly the same whenever the Net Present Value (NPV) is approximately identical. It makes common sense to choose the perpetual option even if the NPV exhibits myopia when computing the discount value of a fixed yearly rent. After a certain period, the discount value becomes approximately the same even when adding more yearly fixed rents. Corporations and governments issue perpetual bonds while recognizing these may not represent a very good financing strategy and thus implying that most of these issues are either callable or convertible on the issuer’s request. In approaching the existing perpetual debt related NPV myopia, this paper holds two main goals: firstly, we intend to study the behaviours of perpetual debt yields against other perpetual instruments and, secondly, we consider the financial methods for assessing the value of money before proposing a formula adjustment that might serve to overcome default NPV when evaluating fixed rents in perpetuity.

Curriculum development for professional ethics in Australian human service university programmes

Australian academics and practitioners in the human services are particularly susceptible to social, political and economic influences in respect of their relevance, viability and operations. In fact, it can be argued that the impact of these influences has placed human service practitioners and academics in a perpetual state of vulnerability. Australian universities have been challenged to make their programmes more relevant and viable to the community at large, and practitioners face increasing workloads with limited resources based on restricted fiscal allocation, and the changing relationship between government and service providers. Drawing on interview data from twenty-one (n = 21) practitioners, this article highlights their identified problems regarding the notion of professionalism in the human services with a particular focus on ethical dilemmas in human service practice. Gleaning these details will be a basis for recommending necessary professionalethics curricula content in human services programmes offered in Australian universities. Moreover, while the research data is Australian based, the authors contend that the universal theories and principles underpinning human service practice justify the significance and value of the data as an important source for international consideration in curriculum development of human service academic programmes.

Performing race, culture, and gender in an Indigenous Australian women's music and dance classroom

One perpetual concern among Indigenous Australian peoples is authenticity of voice. Who has the right to speak for, and to make representations about, the knowledges and cultures of Indigenous Australian peoples? Whose voice is more authentic, and what happens to these ways of knowing when they make the journey into mainstream Western academic classrooms? In this paper, I examine these questions within the politics of “doing” Indigenous Australian studies by focusing on my own experiences as a lecturer in the Aboriginal and Torres Strait Islander Studies Unit at the University of Queensland. My findings suggest that representation is a matter of problematizing positionality and, from a pedagogical standpoint, being aware of, and willing to address, the ways in which power, authority, and voice are performed and negotiated as teachers and learners of Indigenous Australian studies.

From here to diversity: globalization and intercultural dialogues

From Here to Diversity: Globalization and Intercultural Dialogues sees interculturalism as movement, transit, travel, the dynamics between cultures. Contemporary intercultural travel is a global journey, a circumnavigation at the speed of light that underwrites all the comings and goings, the departures and arrivals, the transmissions and receptions that are implicit in this title. Hence, From Here to Diversity examines the motivations, characteristics and implications of cultural interactions in their perpetual movement, devoid of spatial or temporal borders, in a dangerous but stimulating indefinition of limits. In the contemporary intercultural dialogue, new voices are making themselves heard, as valuable sources of study: the voices of women; non-occidentals; the non-powerful; forgotten narratives of a past that was as intercultural as the present (after all, what is colonialism other than a perverse form of interculturality?); global entertainment; tourism; oral literature; diaries; mythical narratives; the cinema; ethnography; new teachings, among so many others. Because this project is also intercultural at its source and subject, From Here to Diversity: Globalization and Intercultural Dialogues adds to the coherence of the project by including contributions from the most wide-ranging backgrounds and nationalities, without fear of the alterity that, after all, we propose to study.

NEGOSEIO: framework for the sustainability of model-oriented enterprise interoperability

Dissertation to obtain the degree of Doctor of Philosophy in Electrical and Computer Engineering(Industrial Information Systems)

“Direito Mortuário” e Finanças Locais: a gestão de cemitérios enquanto receita das Autarquias Locais

Dissertação de mestrado em Direito das Autarquias Locais

Expectations, Learning and Monetary Policy: An Overview of Recent Research

Expectations about the future are central for determination of current macroeconomic outcomes and the formulation of monetary policy. Recent literature has explored ways for supplementing the benchmark of rational expectations with explicit models of expectations formation that rely on econometric learning. Some apparently natural policy rules turn out to imply expectational instability of private agents’ learning. We use the standard New Keynesian model to illustrate this problem and survey the key results about interest-rate rules that deliver both uniqueness and stability of equilibrium under econometric learning. We then consider some practical concerns such as measurement errors in private expectations, observability of variables and learning of structural parameters required for policy. We also discuss some recent applications including policy design under perpetual learning, estimated models with learning, recurrent hyperinflations, and macroeconomic policy to combat liquidity traps and deflation.

Two different 3D biogeochemical models for the NW mediterranean sea: validation with Meris data and intercomparison

Report for the scientific sojourn carried out at the University of New South Wales from February to June the 2007. Two different biogeochemical models are coupled to a three dimensional configuration of the Princeton Ocean Model (POM) for the Northwestern Mediterranean Sea (Ahumada and Cruzado, 2007). The first biogeochemical model (BLANES) is the three-dimensional version of the model described by Bahamon and Cruzado (2003) and computes the nitrogen fluxes through six compartments using semi-empirical descriptions of biological processes. The second biogeochemical model (BIOMEC) is the biomechanical NPZD model described in Baird et al. (2004), which uses a combination of physiological and physical descriptions to quantify the rates of planktonic interactions. Physical descriptions include, for example, the diffusion of nutrients to phytoplankton cells and the encounter rate of predators and prey. The link between physical and biogeochemical processes in both models is expressed by the advection-diffusion of the non-conservative tracers. The similarities in the mathematical formulation of the biogeochemical processes in the two models are exploited to determine the parameter set for the biomechanical model that best fits the parameter set used in the first model. Three years of integration have been carried out for each model to reach the so called perpetual year run for biogeochemical conditions. Outputs from both models are averaged monthly and then compared to remote sensing images obtained from sensor MERIS for chlorophyll.

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The use of the Internet now has a specific purpose: to find information. Unfortunately, the amount of data available on the Internet is growing exponentially, creating what can be considered a nearly infinite and ever-evolving network with no discernable structure. This rapid growth has raised the question of how to find the most relevant information. Many different techniques have been introduced to address the information overload, including search engines, Semantic Web, and recommender systems, among others. Recommender systems are computer-based techniques that are used to reduce information overload and recommend products likely to interest a user when given some information about the user's profile. This technique is mainly used in e-Commerce to suggest items that fit a customer's purchasing tendencies. The use of recommender systems for e-Government is a research topic that is intended to improve the interaction among public administrations, citizens, and the private sector through reducing information overload on e-Government services. More specifically, e-Democracy aims to increase citizens' participation in democratic processes through the use of information and communication technologies. In this chapter, an architecture of a recommender system that uses fuzzy clustering methods for e-Elections is introduced. In addition, a comparison with the smartvote system, a Web-based Voting Assistance Application (VAA) used to aid voters in finding the party or candidate that is most in line with their preferences, is presented.

Time is Running Out: The 2°C Target and Optimal Climate Policies

The quintessence of recent natural science studies is that the 2 degrees C target can only be achieved with massive emission reductions in the next few years. The central twist of this paper is the addition of this limited time to act into a non-perpetual real options framework analysing optimal climate policy under uncertainty. The window-of-opportunity modelling setup shows that the limited time to act may spark a trend reversal in the direction of low-carbon alternatives. However, the implementation of a climate policy is evaded by high uncertainty about possible climate pathways.

Coevolution of adaptive technology, maladaptive culture and population size in a producer-scrounger game.

Technology (i.e. tools, methods of cultivation and domestication, systems of construction and appropriation, machines) has increased the vital rates of humans, and is one of the defining features of the transition from Malthusian ecological stagnation to a potentially perpetual rising population growth. Maladaptations, on the other hand, encompass behaviours, customs and practices that decrease the vital rates of individuals. Technology and maladaptations are part of the total stock of culture carried by the individuals in a population. Here, we develop a quantitative model for the coevolution of cumulative adaptive technology and maladaptive culture in a 'producer-scrounger' game, which can also usefully be interpreted as an 'individual-social' learner interaction. Producers (individual learners) are assumed to invent new adaptations and maladaptations by trial-and-error learning, insight or deduction, and they pay the cost of innovation. Scroungers (social learners) are assumed to copy or imitate (cultural transmission) both the adaptations and maladaptations generated by producers. We show that the coevolutionary dynamics of producers and scroungers in the presence of cultural transmission can have a variety of effects on population carrying capacity. From stable polymorphism, where scroungers bring an advantage to the population (increase in carrying capacity), to periodic cycling, where scroungers decrease carrying capacity, we find that selection-driven cultural innovation and transmission may send a population on the path of indefinite growth or to extinction.

Els marges del pensament polític contemporani

La crisi i esfondrament del pensament metafísic heretat de la modernitat deixa la filosofia contemporània davant d'un nou paradigma on el coneixement s’ha de construir prescindint de tota identitat i fonamentació. El meu projecte s’estableix com un recorregut descendent que parteix d’un àmbit concret, com és el del problema de la manca de fonamentació en la filosofia política contemporània, per arribar a la veritable arrel del problema general que no és altre que la mateixa naturalesa del llenguatge filosòfic. El punt de partida és la pregunta sobre la possibilitat d’una filosofia política en termes postmetafísics. La filosofia política, atrapada entre les forces de la tirania unitària del concepte metafísic i la dissolució pràctica en pro de la realitat instrumental, traça ponts cap a l’estètica i la deconstrucció, que tenen com a corol•lari final qüestionar-nos els propis límits del pensament polític. El concepte d’impolític és una sortida deconstructiva a aquest atzucac. Des d’Esposito, Rancière, Nancy, però sobretot Massimo Cacciari, he aprofundit en el paradigma postmetafísic que origina aquesta negació política de la pròpia política, política com els seus límits, relació com a distància i identitat com a silenci. És evident que la clau de volta és l’herència i recepció contemporània de Nietzsche i la seva crítica a la transcendentalitat moderna en el sí de l’elaboració d’un coneixement en un naufragi constant pel fracàs de la síntesi que anhela. És aquesta herència la que ha possibilitat aquest pensament negatiu contemporani, el del joc wittgensteinià, la deconstrucció del valor que queda convertit en el seu propi marge (Derrida). Definim així no només una comunitat política basada en la incommensurabilitat dels seus membres alhora buits de contingut (Musil), sinó un model de llenguatge que és el seu propi silenci, un llenguatge en contínua lluita contra sí mateix. El meu projecte és una relectura d’aquesta veritat no identitària on el concepte de diàleg pren una importància cabdal. La filosofia de la música aquí es presenta com un terreny fèrtil d’eines conceptuals a l’hora de desenvolupar-ho. La música és el llenguatge negatiu que només troba possibilitat en la seva pròpia impossibilitat de contingut sintètic. Més enllà de les referències obligatòries a chönberg i Adorno entre altres, el camí iniciat per Bergson amb la introducció de la temporalitat a la discussió obra la porta al paper de l’esdveniment en aquest discurs sobre la impossibilitat. Tornant a la filosofia, on el propi llenguatge filosòfic es defineix ja com a impossible, l’esdeveniment reobre l’antiga tensió entre l’escriptura i la paraula viva, veritable fonament del problema, i vèrtex de la possibilitat d’aquesta filosofia impossible.

Proposed Improvement of the Iowa State Capitol Grounds, An Address before the Iowa Chapter American Institute of Architects at the State Historical Buiding, Des Moines, Iowa, October 22, 1913.

Concerning improvements to the State Capitol Grounds including placement of the Allison memorial and Soldiers and Sailor's momuments; removal of heating plant and relieving the state of coal, ashes, gas and smoke; provision of office space to the Adjutant General; an eventual executive mansion; provision of office buildings; and for a Supreme Court building where together with its library auxiliaries will have perpetual growth and constant accessbility; and propose restoration of natural scenic value of the capitol site.

Toimitusjohtajavaihdokset ja muuttunut pankkityö - case: Savonlinnan Osuuspankki 1981 - 2001

Tutkielman tavoitteena oli tarkastella Savonlinnan Osuuspankissa toteutettuja muutoksia vuosina 1981 – 2001, ja sitä, miten henkilöstö on kokenut muutokset pankkityössä. Erityisesti tarkoitus oli tutkia, miten henkilöstö on kokenut toimitusjohtajavaihdokset. Tutkielma toteutettiin teoreettis-empiirisesti. Empiirinen osuus koottiin haastattelemalla kahdeksaa pankin työntekijää. Lisäksi apuna käytettiin pankista saatavaa kirjallista materiaalia. Kolmas osa empiriasta on tutkijan oma työhistoria pankissa ja tuona aikana tehdyt havainnot. Henkilöstö suhtautuu toimitusjohtajavaihdoksiin positiivisen odottavasti. Vahva sitoutuminen organisaatioon auttaa sopeutumaan jatkuviin muutoksiin. Muutosten tarpeellisuus ymmärretään paremmin ja niihin sitoudutaan, kun tietoa muutoksen tarpeellisuudesta saadaan riittävästi, ja kun henkilöstö pääsee osallistumaan muutoksen suunnitteluun. Muutosten ansiosta henkilöstö kokee usein myös oman osaamisensa ja uransa myönteisen kehittymisen

Indenture between St. Catharines Victoria Lawn Cemetery and Mrs. H.K. Woodruff

Indenture between St. Catharines Victoria Lawn Cemetery and Mrs. H.K. Woodruff for a perpetual care fund and $67.20 into a general care and improvement fund in respect to the southerly portion of Lot no.9 in section P of the St. Catharines Victoria Lawn Cemetery. The deed no. is 859. This is the S.D. Woodruff plot, Nov. 4, 1932.