969 resultados para second-best investments


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This paper investigates the optimality of the Friedman rule in a two-sector small open economy. That policy prescription is found to be a necessary condition for Pareto efficiency. If a planner can select all conceivable distorting taxes, then, for some initial values of public debt, money balances and foreign assets, it is possible to decentralize a Pareto efficient allocation. If the planner can select only some of these tax rates, then second-best policies may also satisfy the Friedman rule. However, this last result depends on the set of tax instruments the planner can choose from.

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

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Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

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Purpose: To evaluate the influence of heat treatment (HT) procedures of a pre-hydrolyzed silane on bond strength of resin cement to a feldspathic ceramic.Materials and Methods: Ceramic and composite blocks (N = 30) were divided into six groups (n = 5) and subjected to the following conditioning procedures: G1: 9.6% hydrofluoric acid (HF) for 20 s + silane (RelyX Ceramic Primer, 3M ESPE) + resin cement (Panavia F2.0, Kuraray) (control); G2: HF (20 s) + silane + heat treatment in furnace (HTF) (100 degrees C, 2 min) + resin cement; G3: silane + HTF + resin cement; G4-HF (20 s) + silane + heat treatment with hot air (HTA) (50 +/- 5 degrees C for 1 min) + resin cement; G5: silane + HTA + resin cement; G6: silane + resin cement. The microtensile bond strength (MTBS) test was performed using a universal testing machine (1 mm/min). After debonding, the substrate and adherent surfaces were analyzed using a stereomicroscope and SEM to categorize the failure types. The data were statistically evaluated using one-way ANOVA and Tukey's test (5%).Results: The control group (G1) showed no pre-test failures and presented significantly higher mean MTBS (16.01 +/- 1.12 MPa) than did other groups (2.63 +/- 1.05 to 12.55 +/- 1.52 MPa) (p = 0.0001). In the groups where HF was not used, HTF (G3: 12.55 +/- 1.52 MPa) showed significantly higher MTBS than did HTA (G5: 2.63 +/- 1.05 MPa) (p < 0.05). All failure types were mixed, ie, adhesive between the resin cement and ceramic accompanied by cohesive failure in the cement.Conclusion: Heat treatment procedures for the pre-hydrolyzed silane either in a furnace or with the application of hot air cannot replace the use of HF gel for the adhesion of resin cement to feldspathic ceramic. Yet when mean bond strengths and incidence of pre-test failures are considered, furnace heat treatment delivered the second best results after the control group, being considerably better than hot air application.

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This study proposes the application of fractal descriptors method to the discrimination of microscopy images of plant leaves. Fractal descriptors have demonstrated to be a powerful discriminative method in image analysis, mainly for the discrimination of natural objects. In fact, these descriptors express the spatial arrangement of pixels inside the texture under different scales and such arrangements are directly related to physical properties inherent to the material depicted in the image. Here, we employ the Bouligand-Minkowski descriptors. These are obtained by the dilation of a surface mapping the gray-level texture. The classification of the microscopy images is performed by the well-known Support Vector Machine (SVM) method and we compare the success rate with other literature texture analysis methods. The proposed method achieved a correctness rate of 89%, while the second best solution, the Co-occurrence descriptors, yielded only 78%. This clear advantage of fractal descriptors demonstrates the potential of such approach in the analysis of the plant microscopy images.

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This dissertation comprises four essays on the topic of environmental economics and industrial organization. In the first essay, we develop a two-country world differential game model with a polluting firm in each country to investigate the equilibrium of the game between firms when they decide to trade or not and to see under which conditions social welfare coincides with the market equilibrium. In the second essay, we built a model where firms strategically choose whether to participate in an auction/lottery to attain pollution permits, or instead invest in green R&D, to show that, somewhat counterintuitively, a desirable side effect of the auction is in fact that of fostering environmental R&D in an admissible range of the model parameters. The third essay investigates a second-best trade agreement between two countries when pollution spillovers are asymmetric to examine the strategic behavior of governments in using pollution taxes and tariffs under trade liberalization. The fouth essay studies the profitability of exogenous output constraint in a differential game model with price dynamics under the feedback strategies.

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This dissertation comprises four essays on the topic of industrial organization and environmental economics. The first essay investigates the profitability of horizontal mergers of firms with price adjustments. We take a differential game approach and both the open-loop as well as the closed-loop equlibria are considered. In the second essay, using the same approach as the first one, we study the profitability of horizontal merger of firms where the demand function is nonlinear. We take into consideration the open-loop equilibrium. The third essay studies the profitability of exogenous output constraint in a differential game model with price dynamics under the feedback strategies. The fourth essay investigates a second-best trade agreement between two countries when pollution spillovers are asymmetric to examine the strategic behavior of governments in using pollution taxes and tariffs under trade liberalization.

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The heritability of attention deficit hyperactivity disorder (ADHD) is approximately 0.8. Despite several larger scale attempts, genome-wide association studies (GWAS) have not led to the identification of significant results. We performed a GWAS based on 495 German young patients with ADHD (according to DSM-IV criteria; Human660W-Quadv1; Illumina, San Diego, CA) and on 1,300 population-based adult controls (HumanHap550v3; Illumina). Some genes neighboring the single nucleotide polymorphisms (SNPs) with the lowest P-values (best P-value: 8.38 × 10(-7)) have potential relevance for ADHD (e.g., glutamate receptor, metabotropic 5 gene, GRM5). After quality control, the 30 independent SNPs with the lowest P-values (P-values ≤ 7.57 × 10(-5) ) were chosen for confirmation. Genotyping of these SNPs in up to 320 independent German families comprising at least one child with ADHD revealed directionally consistent effect-size point estimates for 19 (10 not consistent) of the SNPs. In silico analyses of the 30 SNPs in the largest meta-analysis so far (2,064 trios, 896 cases, and 2,455 controls) revealed directionally consistent effect-size point estimates for 16 SNPs (11 not consistent). None of the combined analyses revealed a genome-wide significant result. SNPs in previously described autosomal candidate genes did not show significantly lower P-values compared to SNPs within random sets of genes of the same size. We did not find genome-wide significant results in a GWAS of German children with ADHD compared to controls. The second best SNP is located in an intron of GRM5, a gene located within a recently described region with an infrequent copy number variation in patients with ADHD.

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Deep brain stimulation of different targets has been shown to drastically improve symptoms of a variety of neurological conditions. However, the occurrence of disabling side effects may limit the ability to deliver adequate amounts of current necessary to reach the maximal benefit. Computed models have suggested that reduction in electrode size and the ability to provide directional stimulation could increase the efficacy of such therapies. This has never been demonstrated in humans. In the present study, we assess the effect of directional stimulation compared to omnidirectional stimulation. Three different directions of stimulation as well as omnidirectional stimulation were tested intraoperatively in the subthalamic nucleus of 11 patients with Parkinson's disease and in the nucleus ventralis intermedius of two other subjects with essential tremor. At the trajectory chosen for implantation of the definitive electrode, we assessed the current threshold window between positive and side effects, defined as the therapeutic window. A computed finite element model was used to compare the volume of tissue activated when one directional electrode was stimulated, or in case of omnidirectional stimulation. All but one patient showed a benefit of directional stimulation compared to omnidirectional. A best direction of stimulation was observed in all the patients. The therapeutic window in the best direction was wider than the second best direction (P = 0.003) and wider than the third best direction (P = 0.002). Compared to omnidirectional direction, the therapeutic window in the best direction was 41.3% wider (P = 0.037). The current threshold producing meaningful therapeutic effect in the best direction was 0.67 mA (0.3-1.0 mA) and was 43% lower than in omnidirectional stimulation (P = 0.002). No complication as a result of insertion of the directional electrode or during testing was encountered. The computed model revealed a volume of tissue activated of 10.5 mm(3) in omnidirectional mode, compared with 4.2 mm(3) when only one electrode was used. Directional deep brain stimulation with a reduced electrode size applied intraoperatively in the subthalamic nucleus as well as in the nucleus ventralis intermedius of the thalamus significantly widened the therapeutic window and lowered the current needed for beneficial effects, compared to omnidirectional stimulation. The observed side effects related to direction of stimulation were consistent with the anatomical location of surrounding structures. This new approach opens the door to an improved deep brain stimulation therapy. Chronic implantation is further needed to confirm these findings.

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Information-centric networking (ICN) enables communication in isolated islands, where fixed infrastructure is not available, but also supports seamless communication if the infrastructure is up and running again. In disaster scenarios, when a fixed infrastructure is broken, content discovery algorit hms are required to learn what content is locally available. For example, if preferred content is not available, users may also be satisfied with second best options. In this paper, we describe a new content discovery algorithm and compare it to existing Depth-first and Breadth-first traversal algorithms. Evaluations in mobile scenarios with up to 100 nodes show that it results in better performance, i.e., faster discovery time and smaller traffic overhead, than existing algorithms.

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Se evaluaron tres variedades de Iris xiphium L. cultivadas en maceta en cuatro proporciones de humus de lombriz y se aplicaron los lixiviados diluidos como bioabono foliar. El experimento se realizó en un diseño completamente al azar con arreglo trifactorial y se midieron ocho variables: longitud de tallo (LT), longitud de botón (LB), longitud de flor (LF), diámetro de botón (DB), diámetro de flor (DF), biomasa (B), área foliar (AF) y días de cosecha (DDC). Los resultados indicaron que la variedad Telstar resultó ser la más precoz. El mejor tratamiento en dicha variedad para las variables LT, LB, B, DF y DDC correspondió a la proporción 30/70 (% lombrihumus / % suelo) y la dilución 1:10 de lixiviado; el segundo mejor tratamiento fue en la variedad Discovery en la proporción 40/60 (%lombrihumus / %suelo) y dilución 1:10 de lixiviado para las variables LT, AF y B. El presente trabajo aporta nueva información en cuanto al uso de sustratos y abono foliar orgánicos para el manejo sustentable, con bajo impacto ambiental, en cultivos florícolas.

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Este trabalho discorre sobre como o município de Águas de São Pedro, situado no centro do Estado de São Paulo, constituído na década de 1930 como um espaço voltado à atividade turística, destaca-se pelo potencial termal. Até hoje a estância hidromineral tem no turismo a principal atividade econômica; entretanto, nossa pesquisa busca compreender se o atrativo primordial do Município está atrelado às águas medicinais, ou se outras características singulares da pequena cidade, como tranquilidade, beleza paisagística e segurança, o tornam um lugar propício ao passeio. Buscamos entender por que, dentre tantas opções de cidades interioranas disponíveis em São Paulo, Águas de São Pedro é escolhida como local de residência fixa, lugar de estabelecimento de casas de veraneio, sendo palco de um grande crescimento imobiliário; assim, desvendamos quais fatores da estância são responsáveis por atrair os turistas e veranistas/turistas de segunda residência. Os dados da pesquisa foram obtidos por meio de pesquisa bibliográfica, observação direta, conversas informais, aplicação de questionários e entrevistas com vários atores socioeconômicos, tais como moradores, turistas, veranistas, rede hoteleira, comércios, imobiliárias e gestores municipais. Os resultados apontam que o município já passou por vários ciclos turísticos e, apesar de a estância hidromineral de Águas de São Pedro ser uma referência regional e até nacional de águas termais, e do poder público estar investindo para apresentar à sociedade um lugar cheio de qualidade de vida, símbolo de bem-estar, grande parcela dos turistas procura a cidade pelo passeio, gastronomia e compras, caracterizando um turismo excursionista, sem pernoite. Este é o motivo pelo qual a cidade vem passando por grande reestruturação paisagística, orquestrada pelo poder público e porque recebe incrementos do poder privado no que se refere à variedade de produtos e serviços ofertados. Percebemos que a maior parcela de moradores e turistas não têm o hábito de utilizar as águas medicinais, mesmo sabendo que a água sulfurosa, também chamada de \"Fonte da Juventude\", utilizada para ingestão e banhos terapêuticos, é a segunda melhor do mundo, superada apenas pela fonte de Pergoli, em Tabiano, na Itália (CAMARGO, 1990), porém o reconhecimento da Cidade como cidade das águas, cidade termal, cidade saúde, é resiliente.

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This thesis investigates the design of optimal tax systems in dynamic environments. The first essay characterizes the optimal tax system where wages depend on stochastic shocks and work experience. In addition to redistributive and efficiency motives, the taxation of inexperienced workers depends on a second-best requirement that encourages work experience, a social insurance motive and incentive effects. Calibrations using U.S. data yield higher expected optimal marginal income tax rates for experienced workers for most of the inexperienced workers. They confirm that the average marginal income tax rate increases (decreases) with age when shocks and work experience are substitutes (complements). Finally, more variability in experienced workers' earnings prospects leads to increasing tax rates since income taxation acts as a social insurance mechanism. In the second essay, the properties of an optimal tax system are investigated in a dynamic private information economy where labor market frictions create unemployment that destroys workers' human capital. A two-skill type model is considered where wages and employment are endogenous. I find that the optimal tax system distorts the first-period wages of all workers below their efficient levels which leads to more employment. The standard no-distortion-at-the-top result no longer holds due to the combination of private information and the destruction of human capital. I show this result analytically under the Maximin social welfare function and confirm it numerically for a general social welfare function. I also investigate the use of a training program and job creation subsidies. The final essay analyzes the optimal linear tax system when there is a population of individuals whose perceptions of savings are linked to their disposable income and their family background through family cultural transmission. Aside from the standard equity/efficiency trade-off, taxes account for the endogeneity of perceptions through two channels. First, taxing labor decreases income, which decreases the perception of savings through time. Second, taxation on savings corrects for the misperceptions of workers and thus savings and labor decisions. Numerical simulations confirm that behavioral issues push labor income taxes upward to finance saving subsidies. Government transfers to individuals are also decreased to finance those same subsidies.