The Elastic Octopus: A Catalogue of Failures for Disrupting Design Eduction

Elastic Octopus was inspired by a perceived increased reluctance in student attitudes towards taking risks and failure in design innovation. In particular, recent trends in funding and risk-aversion in earlier phases of education where failures are discouraged has limited the potential for ground breaking innovative thinking. This experimental design project was conceived to tackle the failure reluctance trend by developing a team based cross-disciplinary masters level design innovation studio module where students would succeed in relation to their capacity to demonstrate failure. Principally this involved creating a permission giving process where ambitious design experiments are developed in order to encourage the transgression of edges and boundaries. This was achieved by adapting a number of creative design methods including blue-sky thinking, back casting and design exorcisms to challenge and de-programme failure aversion. Succeeding through failure involved transitioning from meta-themes through to experimental contexts where failures could be attempted as a way of exploring the limits of technologies, structures, mental models, human engagement and other factors critical to success. We hope that insights gained from this disruptive educational module can offer unexpected benefits for students ranging from increased failure resilience, through to narrative generation and context forming skills while at the same time providing wider value in discussing how designers deal with failure.

Governing through parents: a genealogical enquiry of education policy and the construction of neoliberal subjectivities in England

In this paper we explore the various spaces and sites through which the figure of the parent is summoned and activated to inhabit and perform market norms and practices in the field of education in England. Since the late 1970s successive governments have called on parents to enact certain duties and obligations in relation to the state. These duties include adopting and internalizing responsibility for all kinds of risks, liabilities and inequities formerly managed by the Keynesian welfare state. Rather than characterize this situation in terms of the ‘hollowing of the state’, we argue that the role of the state includes enabling the functioning of the parent as a neoliberal subject so that they may successfully harness the power of the market to their own advantage and (hopefully) minimize the kinds of risk and inequity generated through a market-based, deregulated education system. In this paper we examine how parents in England are differently, yet similarly, compelled to embody certain market norms and practices as they navigate the field of education. Adopting genealogical enquiry and policy discourse analysis as our methodology, we explore how parents across three policy sites or spaces are constructed as objects and purveyors of utility and ancillaries to marketisation. This includes a focus on how parents are summoned as 1) consumers or choosers of education services; 2) governors and overseers of schools; and 3) producers and founders of schools.

Literacia financeira e comportamento na tomada de decisões financeiras

A literacia financeira é uma questão que tem vindo a ganhar relevância nos últimos anos e preocupado os governantes e instituições financeiras a nível mundial. De uma forma geral, o nível de conhecimento financeiro dos indivíduos no mundo é baixo, mesmo em países cujos mercados e economia são desenvolvidos. Existem diferenças a nível da literacia financeira não só entre países, como também dentro dos próprios países. Ao longo dos anos, várias pesquisas indicam que existem fatores socioeconómicos e demográficos que condicionam o nível de literacia financeira e podem explicar as diferenças existentes. A educação financeira tem sido a estratégia usada pelos governos para aumentar o nível de conhecimento financeiro dos indivíduos. Contudo, as opiniões dos autores dividem-se, quanto à sua real eficácia, sendo que alguns consideram que esta não é a melhor alternativa a seguir. A literacia financeira exerce influência sobre o comportamento dos indivíduos. Além disso, o comportamento dos indivíduos é condicionado por enviesamentos cognitivos e emocionais (excesso de confiança, aversão ao risco,etc.) que os afasta da racionalidade completa defendida pelas Finanças Tradicionais. Assim, surge uma nova área de estudo - as Finanças Comportamentais. Como é já vasta a literatura que emergiu à volta desta temática, esta dissertação apresenta uma revisão da literatura sobre a literacia financeira, abordando os aspectos comportamentais bem como a questão da educação financeira e dos programas que têm sido conduzidos para a promover.

Essays on the term structure of interest rates

This PhD thesis contains three main chapters on macro finance, with a focus on the term structure of interest rates and the applications of state-of-the-art Bayesian econometrics. Except for Chapter 1 and Chapter 5, which set out the general introduction and conclusion, each of the chapters can be considered as a standalone piece of work. In Chapter 2, we model and predict the term structure of US interest rates in a data rich environment. We allow the model dimension and parameters to change over time, accounting for model uncertainty and sudden structural changes. The proposed timevarying parameter Nelson-Siegel Dynamic Model Averaging (DMA) predicts yields better than standard benchmarks. DMA performs better since it incorporates more macro-finance information during recessions. The proposed method allows us to estimate plausible realtime term premia, whose countercyclicality weakened during the financial crisis. Chapter 3 investigates global term structure dynamics using a Bayesian hierarchical factor model augmented with macroeconomic fundamentals. More than half of the variation in the bond yields of seven advanced economies is due to global co-movement. Our results suggest that global inflation is the most important factor among global macro fundamentals. Non-fundamental factors are essential in driving global co-movements, and are closely related to sentiment and economic uncertainty. Lastly, we analyze asymmetric spillovers in global bond markets connected to diverging monetary policies. Chapter 4 proposes a no-arbitrage framework of term structure modeling with learning and model uncertainty. The representative agent considers parameter instability, as well as the uncertainty in learning speed and model restrictions. The empirical evidence shows that apart from observational variance, parameter instability is the dominant source of predictive variance when compared with uncertainty in learning speed or model restrictions. When accounting for ambiguity aversion, the out-of-sample predictability of excess returns implied by the learning model can be translated into significant and consistent economic gains over the Expectations Hypothesis benchmark.

Seeing Turkish state formation processes: Mapping language and education census data

Language provides an interesting lens to look at state-building processes because of its cross-cutting nature. For example, in addition to its symbolic value and appeal, a national language has other roles in the process, including: (a) becoming the primary medium of communication which permits the nation to function efficiently in its political and economic life, (b) promoting social cohesion, allowing the nation to develop a common culture, and (c) forming a primordial basis for self-determination. Moreover, because of its cross-cutting nature, language interventions are rarely isolated activities. Languages are adopted by speakers, taking root in and spreading between communities because they are legitimated by legislation, and then reproduced through institutions like the education and military systems. Pádraig Ó’ Riagáin (1997) makes a case for this observing that “Language policy is formulated, implemented, and accomplishes its results within a complex interrelated set of economic, social, and political processes which include, inter alia, the operation of other non-language state policies” (p. 45). In the Turkish case, its foundational role in the formation of the Turkish nation-state but its linkages to human rights issues raises interesting issues about how socio-cultural practices become reproduced through institutional infrastructure formation. This dissertation is a country-level case study looking at Turkey’s nation-state building process through the lens of its language and education policy development processes with a focus on the early years of the Republic between 1927 and 1970. This project examines how different groups self-identified or were self-identified (as the case may be) in official Turkish statistical publications (e.g., the Turkish annual statistical yearbooks and the population censuses) during that time period when language and ethnicity data was made publicly available. The overarching questions this dissertation explores include: 1.What were the geo-political conditions surrounding the development and influencing the Turkish government’s language and education policies? 2.Are there any observable patterns in the geo-spatial distribution of language, literacy, and education participation rates over time? In what ways, are these traditionally linked variables (language, literacy, education participation) problematic? 3.What do changes in population identifiers, e.g., language and ethnicity, suggest about the government’s approach towards nation-state building through the construction of a civic Turkish identity and institution building? Archival secondary source data was digitized, aggregated by categories relevant to this project at national and provincial levels and over the course of time (primarily between 1927 and 2000). The data was then re-aggregated into values that could be longitudinally compared and then layered on aspatial administrative maps. This dissertation contributes to existing body of social policy literature by taking an interdisciplinary approach in looking at the larger socio-economic contexts in which language and education policies are produced.

Essays on the term structure of interest rates

This PhD thesis contains three main chapters on macro finance, with a focus on the term structure of interest rates and the applications of state-of-the-art Bayesian econometrics. Except for Chapter 1 and Chapter 5, which set out the general introduction and conclusion, each of the chapters can be considered as a standalone piece of work. In Chapter 2, we model and predict the term structure of US interest rates in a data rich environment. We allow the model dimension and parameters to change over time, accounting for model uncertainty and sudden structural changes. The proposed time-varying parameter Nelson-Siegel Dynamic Model Averaging (DMA) predicts yields better than standard benchmarks. DMA performs better since it incorporates more macro-finance information during recessions. The proposed method allows us to estimate plausible real-time term premia, whose countercyclicality weakened during the financial crisis. Chapter 3 investigates global term structure dynamics using a Bayesian hierarchical factor model augmented with macroeconomic fundamentals. More than half of the variation in the bond yields of seven advanced economies is due to global co-movement. Our results suggest that global inflation is the most important factor among global macro fundamentals. Non-fundamental factors are essential in driving global co-movements, and are closely related to sentiment and economic uncertainty. Lastly, we analyze asymmetric spillovers in global bond markets connected to diverging monetary policies. Chapter 4 proposes a no-arbitrage framework of term structure modeling with learning and model uncertainty. The representative agent considers parameter instability, as well as the uncertainty in learning speed and model restrictions. The empirical evidence shows that apart from observational variance, parameter instability is the dominant source of predictive variance when compared with uncertainty in learning speed or model restrictions. When accounting for ambiguity aversion, the out-of-sample predictability of excess returns implied by the learning model can be translated into significant and consistent economic gains over the Expectations Hypothesis benchmark.

Virtual-Build-to-Order as a Mass Customization Order Fulfilment Model

Virtual-build-to-order (VBTO) is a form of order fulfilment system in which the producer has the ability to search across the entire pipeline of finished stock, products in production and those in the production plan, in order to find the best product for a customer. It is a system design that is attractive to Mass Customizers, such as those in the automotive sector, whose manufacturing lead time exceeds their customers' tolerable waiting times, and for whom the holding of partly-finished stocks at a fixed decoupling point is unattractive or unworkable. This paper describes and develops the operational concepts that underpin VBTO, in particular the concepts of reconfiguration flexibility and customer aversion to waiting. Reconfiguration is the process of changing a product's specification at any point along the order fulfilment pipeline. The extent to which an order fulfilment system is flexible or inflexible reveals itself in the reconfiguration cost curve, of which there are four basic types. The operational features of the generic VBTO system are described and simulation is used to study its behaviour and performance. The concepts of reconfiguration flexibility and floating decoupling point are introduced and discussed.

Essays in corporate finance

China has been growing rapidly over the last decades. The private sector is the driving force of this growth. This thesis focuses on firm-level investment and cash holdings in China, and the chapters are structured around the following issues. 1. Why do private firms grow so fast when they are more financially constrained? In Chapter 3, we use a panel of over 600,000 firms of different ownership types from 1998 to 2007 to find the link between investment opportunities and financial constraints. The main finding indicates that private firms, which are more likely to be financially constrained, have high investment-investment opportunity sensitivity. Furthermore, this sensitivity is relatively lower for state-owned firms in China. This shows that constrained firms value investment opportunities more than unconstrained firms. To better measure investment opportunities, we attempt to improve the Q model by considering supply and demand sides simultaneously. When we capture q from the supply side and the demand side, we find that various types of firms respond differently towards different opportunity shocks. 2. In China, there are many firms whose cash flow is far greater than their fixed capital investment. Why is their investment still sensitive to cash flow? To explain this, in Chapter 4, we attempt to introduce a new channel to find how cash flow affects firm-level investment. We use a dynamic structural model and take uncertainty and ambiguity aversion into consideration. We find that uncertainty and ambiguity aversion will make investment less sensitive to investment opportunities. However, investment-cash flow sensitivity will increase when uncertainty is high. This suggests that investment cash flow sensitivities could still be high even when the firms are not financially constrained. 3. Why do firms in China hold so much cash? How can managers’ confidence affect corporate cash holdings? In Chapter 5, we analyse corporate cash holdings in China. Firms hold cash for precautionary reasons, to hedge frictions such as financing constraints and uncertainty. In addition, firms may act differently if they are confident or not. In order to determine how confidence shocks affect precautionary savings, we develop a dynamic model taking financing constraints, uncertainty, adjustment costs and confidence shocks into consideration. We find that without confidence shocks, firms will save money in bad times and invest in good times to maximise their value. However, if managers lose their confidence, they tend to save money in good times to use in bad times, to hedge risks and financing constraint problems. This can help explain why people find different results on the cash flow sensitivity of cash. Empirically, we use a panel of Chinese listed firms. The results show that firms in China save more money in good times, and the confidence shock channel can significantly affect firms’ cash holdings policy.

Effective Approaches to Enhancing the Social Dimension of Higher Education

Despite all intentions in the course of the Bologna Process and decades of investment into improving the social dimension, results in many national and international studies show that inequity remains stubbornly persistent, and that inequity based on socio-economic status, parental education, gender, country-of-origin, rural background and more continues to prevail in our Higher Education systems and at the labour market. While improvement has been shown, extrapolation of the gains of the last 40 years in the field show that it could take over 100 years for disadvantaged groups to catch up with their more advantaged peers, should the current rate of improvement be maintained. Many of the traditional approaches to improving equity have also necessitated large-scale public investments, in the form of direct support to underrepresented groups. In an age of austerity, many countries in Europe are finding it necessary to revisit and scale down these policies, so as to accommodate other priorities, such as balanced budgets or dealing with an aging population. An analysis of the current situation indicates that the time is ripe for disruptive innovations to mobilise the cause forward by leaps and bounds, instead of through incrementalist approaches. Despite the list of programmes in this analysis there is very little evidence as to the causal link between programmes, methodologies for their use and increases/improvements in equity in institutions. This creates a significant information gap for institutions and public authorities seeking for indicators to allocate limited resources to equity improving initiatives, without adequate evidence of effectiveness. The IDEAS project and this publication aims at addressing and improving this information gap. (DIPF/Orig.)

Essays on Macroeconomic Trends and Cycles

This dissertation describes two studies on macroeconomic trends and cycles. The first chapter studies the impact of Information Technology (IT) on the U.S. labor market. Over the past 30 years, employment and income shares of routine-intensive occupations have declined significantly relative to nonroutine occupations, and the overall U.S. labor income share has declined relative to capital. Furthermore, the decline of routine employment has been largely concentrated during recessions and ensuing recoveries. I build a model of unbalanced growth to assess the role of computerization and IT in driving these labor market trends and cycles. I augment a neoclassical growth model with exogenous IT progress as a form of Routine-Biased Technological Change (RBTC). I show analytically that RBTC causes the overall labor income share to follow a U-shaped time path, as the monotonic decline of routine labor share is increasingly offset by the monotonic rise of nonroutine labor share and the elasticity of substitution between the overall labor and capital declines under IT progress. Quantitatively, the model explains nearly all the divergence between routine and nonroutine labor in the period 1986-2014, as well as the mild decline of the overall labor share between 1986 and the early 2000s. However, the model with IT progress alone cannot explain the accelerated decline of labor income share after the early 2000s, suggesting that other factors, such as globalization, may have played a larger role in this period. Lastly, when nonconvex labor adjustment costs are present, the model generates a stepwise decline in routine labor hours, qualitatively consistent with the data. The timing of these trend adjustments can be significantly affected by aggregate productivity shocks and concentrated in recessions. The second chapter studies the implications of loss aversion on the business cycle dynamics of aggregate consumption and labor hours. Loss aversion refers to the fact that people are distinctively more sensitive to losses than to gains. Loss averse agents are very risk averse around the reference point and exhibit asymmetric responses to positive and negative income shocks. In an otherwise standard Real Business Cycle (RBC) model, I study loss aversion in both consumption alone and consumption-and-leisure together. My results indicate that how loss aversion affects business cycle dynamics depends critically on the nature of the reference point. If, for example, the reference point is status quo, loss aversion dramatically lowers the effective inter-temporal rate of substitution and induces excessive consumption smoothing. In contrast, if the reference point is fixed at a constant level, loss aversion generates a flat region in the decision rules and asymmetric impulse responses to technology shocks. Under a reasonable parametrization, loss aversion has the potential to generate asymmetric business cycles with deeper and more prolonged recessions.

LA OCUPACIÓN DE DOCENTE UNIVERSITARIO Y LA REMUNERACIÓN SALARIAL: caso de los profesores de la Escuela de Bibliotecología, Documentación e Información la Universidad Nacional de Costa Rica

Este artículo muestra los principales resultados de una amplia investigación sobre los salarios de los profesionales en bibliotecología, motivo de preocupación de las autoridades de la Escuela de Bibliotecología, Documentación e Información de la Universidad Nacional desde el proceso de autoevaluación, realizado previo a la acreditación de la carrera de Bibliotecología y Documentación por parte del Sistema Nacional de Acreditación de la Educación Superior (SINAES).En esta investigación se ha demostrado la inequidad salarial que afecta al docente de la Universidad Nacional, con respecto a los salarios de los profesores de otras escuelas de bibliotecología y, también, al personal que ocupa puestos administrativos tanto en la misma Universidad Nacional como en el sector público. Los bajos salarios de los profesores y la falta de incentivos económicos en una función fundamental para una institución de enseñanza superior, no solo es motivo de disconformidad por el personal, máximo la elevada carga laboral a que es sometido en una escuela acreditada, sino que impide la contratación de profesores altamente calificados.

Multi-level, Multi-stage and Stochastic Optimization Models for Energy Conservation in Buildings for Federal, State and Local Agencies

Energy Conservation Measure (ECM) project selection is made difficult given real-world constraints, limited resources to implement savings retrofits, various suppliers in the market and project financing alternatives. Many of these energy efficient retrofit projects should be viewed as a series of investments with annual returns for these traditionally risk-averse agencies. Given a list of ECMs available, federal, state and local agencies must determine how to implement projects at lowest costs. The most common methods of implementation planning are suboptimal relative to cost. Federal, state and local agencies can obtain greater returns on their energy conservation investment over traditional methods, regardless of the implementing organization. This dissertation outlines several approaches to improve the traditional energy conservations models. Any public buildings in regions with similar energy conservation goals in the United States or internationally can also benefit greatly from this research. Additionally, many private owners of buildings are under mandates to conserve energy e.g., Local Law 85 of the New York City Energy Conservation Code requires any building, public or private, to meet the most current energy code for any alteration or renovation. Thus, both public and private stakeholders can benefit from this research. The research in this dissertation advances and presents models that decision-makers can use to optimize the selection of ECM projects with respect to the total cost of implementation. A practical application of a two-level mathematical program with equilibrium constraints (MPEC) improves the current best practice for agencies concerned with making the most cost-effective selection leveraging energy services companies or utilities. The two-level model maximizes savings to the agency and profit to the energy services companies (Chapter 2). An additional model presented leverages a single congressional appropriation to implement ECM projects (Chapter 3). Returns from implemented ECM projects are used to fund additional ECM projects. In these cases, fluctuations in energy costs and uncertainty in the estimated savings severely influence ECM project selection and the amount of the appropriation requested. A risk aversion method proposed imposes a minimum on the number of “of projects completed in each stage. A comparative method using Conditional Value at Risk is analyzed. Time consistency was addressed in this chapter. This work demonstrates how a risk-based, stochastic, multi-stage model with binary decision variables at each stage provides a much more accurate estimate for planning than the agency’s traditional approach and deterministic models. Finally, in Chapter 4, a rolling-horizon model allows for subadditivity and superadditivity of the energy savings to simulate interactive effects between ECM projects. The approach makes use of inequalities (McCormick, 1976) to re-express constraints that involve the product of binary variables with an exact linearization (related to the convex hull of those constraints). This model additionally shows the benefits of learning between stages while remaining consistent with the single congressional appropriations framework.

Risk management for mathematical optimization under uncertainty

We present a general multistage stochastic mixed 0-1 problem where the uncertainty appears everywhere in the objective function, constraints matrix and right-hand-side. The uncertainty is represented by a scenario tree that can be a symmetric or a nonsymmetric one. The stochastic model is converted in a mixed 0-1 Deterministic Equivalent Model in compact representation. Due to the difficulty of the problem, the solution offered by the stochastic model has been traditionally obtained by optimizing the objective function expected value (i.e., mean) over the scenarios, usually, along a time horizon. This approach (so named risk neutral) has the inconvenience of providing a solution that ignores the variance of the objective value of the scenarios and, so, the occurrence of scenarios with an objective value below the expected one. Alternatively, we present several approaches for risk averse management, namely, a scenario immunization strategy, the optimization of the well known Value-at-Risk (VaR) and several variants of the Conditional Value-at-Risk strategies, the optimization of the expected mean minus the weighted probability of having a "bad" scenario to occur for the given solution provided by the model, the optimization of the objective function expected value subject to stochastic dominance constraints (SDC) for a set of profiles given by the pairs of threshold objective values and either bounds on the probability of not reaching the thresholds or the expected shortfall over them, and the optimization of a mixture of the VaR and SDC strategies.

Attitudes towards risk in financial decision making

Doutoramento em Gestão

The impact of gender differences on consumer-brand relationships

Dissertação de Mestrado, Marketing, Faculdade de Economia, Universidade do Algarve, 2016