Constructing good deals in discrete time arbitrage-free dynamic pricing models

Recent literature has proved that many classical pricing models (Black and Scholes, Heston, etc.) and risk measures (V aR, CV aR, etc.) may lead to “pathological meaningless situations”, since traders can build sequences of portfolios whose risk leveltends to −infinity and whose expected return tends to +infinity, i.e., (risk = −infinity, return = +infinity). Such a sequence of strategies may be called “good deal”. This paper focuses on the risk measures V aR and CV aR and analyzes this caveat in a discrete time complete pricing model. Under quite general conditions the explicit expression of a good deal is given, and its sensitivity with respect to some possible measurement errors is provided too. We point out that a critical property is the absence of short sales. In such a case we first construct a “shadow riskless asset” (SRA) without short sales and then the good deal is given by borrowing more and more money so as to invest in the SRA. It is also shown that the SRA is interested by itself, even if there are short selling restrictions.

Developing multiple - choice questions in mathematics

In this paper we wish to illustrate different perspectives used to create Multiple-Choice questions and we will show how we can improve these in the construction of math tests. As it is known, web technologies have a great influence on student’s behaviour. Based on an on-line project beginning at 2007 which has been contributing to help students on their individual work, we would like to share our experience and thoughts with colleagues who have a common concern when they have the task of constructing Multiple-Choice tests. We feel that Multiple-Choice tests play an important and a very useful supporting role in selfevaluation or self-examination of our students. Nonetheless, good Multiple–Choice Test Items are generally more complex and time-consuming to create than other types of tests. It requires a certain amount of skill. However, this skill maybe increases through study, practice and experience. This paper discusses a number of issues related to the use of Multiple-Choice questions, lists the advantages and disadvantages of this question format contrasting it with open questions. Some examples are given in this context.

Moodle and multiple-choice tests

Multiple-Choice items are used in many different kinds of tests in several areas of knowledge. They can be considered an interesting tool to the self-assessing or as an alternative or complementary instrument to the traditional methods for assessing knowledge. The objectivity and accuracy of the multiple-choice tests is an important reason to think about. They are especially useful when the number of students to evaluate is too large. Moodle (Modular Object-Oriented Dynamic Learning Environment) is an Open Source course management system centered around learners' needs and designed to support collaborative approaches to teaching and learning. Moodle offers to the users a rich interface, context-specific help buttons, and a wide variety of tools such as discussion forums, wikis, chat, surveys, quizzes, glossaries, journals, grade books and more, that allow them to learn and collaborate in a truly interactive space. Come together the interactivity of the Moodle platform and the objectivity of this kind of tests one can easily build manifold random tests. The proposal of this paper is to relate our journey in the construction of these tests and share our experience in the use of the Moodle platform to create, take advantage and improve the multiple-choices tests in the Mathematic area.

Multiple-choice tests: a tool in assessing knowledge

The purpose of this paper is to analyse if Multiple-Choice Tests may be considered an interesting alternative for assessing knowledge, particularly in the Mathematics area, as opposed to the traditional methods, such as open questions exams. In this sense we illustrate some opinions of the researchers in this area. Often the perception of the people about the construction of this kind of exams is that they are easy to create. But it is not true! Construct well written tests it’s a hard work and needs writing ability from the teachers. Our proposal is analyse the construction difficulties of multiple - choice tests as well some advantages and limitations of this type of tests. We also show the frequent critics and worries, since the beginning of this objective format usage. Finally in this context some examples of Multiple-Choice Items in the Mathematics area are given, and we illustrate as how we can take advantage and improve this kind of tests.

General Insights into Word Choice in Business Communication

Words are the smallest units of messages. Attention should be given to each word used to be sure it is the most effective one. An effective word is one that the receiver will understand and that will elicit the wanted response. The ability to choose words by (a) using a dictionary and a thesaurus and (b) following some of the principles of business communication described in this text can be improved.

Preferências no exercício físico em mulheres portuguesas sobreviventes de cancro da mama

Introdução – Os benefícios do exercício físico em sobreviventes de cancro da mama têm sido reportados; contudo, a sua prática permanece baixa, tornando importante o conhecimento dos fatores que promovam a motivação e adesão ao exercício nesta população. Objetivos – Identificar as preferências quanto à programação e aconselhamento do exercício físico de uma amostra da população de mulheres portuguesas sobreviventes de cancro da mama e averiguar a influência das variáveis demográficas e médicas nestas preferências. Método – Foi aplicado um questionário a uma amostra não probabilística sequencial de 26 mulheres sobreviventes de cancro da mama. Resultados – A amostra era maioritariamente constituída por mulheres entre os 45 e os 62 anos, casadas ou em união de facto, com ensino básico, empregadas e com Índice de Massa Corporal (IMC) > 24,4. Maioritariamente tinham realizado cirurgia radical há um mês ou mais, apresentavam estadio I do tumor, efetuavam quimioterapia como tratamento adjuvante e algumas realizavam classes de fisioterapia. A maioria das participantes demonstrava interesse em receber aconselhamento, sentia-se apta a participar num programa de exercício, preferia receber aconselhamento face-a-face no hospital e acompanhada por outros doentes oncológicos. O exercício deveria ser supervisionado e com intensidade moderada, sendo as caminhadas o tipo de exercício preferido. Não foi estatisticamente possível realizar a associação entre as variáveis demográficas e médicas e as preferências. Conclusão – Alguns resultados obtidos estão em concordância com estudos prévios; contudo, outros divergem destes. Os resultados obtidos podem fornecer informações importantes para a construção futura de programas de exercício para esta população. ABSTRACT - Introduction – The benefits of physical exercise in cancer survivors have been reported, although it’s practice remains low, becoming important the acknowledgement of the factors that promote the motivation and adhesion of physical exercise in this population. Objectives – To identify the preferences about programming and counseling of physical exercise inside a population-based sample of Portuguese women who have survived breast cancer. We also intend to investigate the influence of demographic and medical variables in those preferences. Method – A questionnaire was applied to a non-probabilistic sequential sample of 26 women that have survived breast cancer. Results – Our sample was mainly composed by women aged between 45 and 62, married or in a cohabitation state, with basic instruction, employed and with a Body Mass Index (BMI)> 24.4. Most of them have had radical mastectomy for at least one month, had the Stage I of the tumor, and had done chemotherapy as an adjuvant treatment and some of them were practicing post-surgery physical therapy. The majority of participants showed interest in receiving counseling, felt able to participate in an exercise program, preferred receiving face-to-face counseling, at the hospital and with other cancer patients. The exercise should be supervised and with a moderate intensity. Walking was their preferred choice of exercise. It was not statistically possible to establish the relationship between demographic and medical variables and those preferences. Conclusion – Some results are in agreement with previous studies; however, others diverge from these. The results obtained can provide important information for future construction of exercise programs for this population.

Contextual intelligent load management with ANN adaptive learning module

With the current increase of energy resources prices and environmental concerns intelligent load management systems are gaining more and more importance. This paper concerns a SCADA House Intelligent Management (SHIM) system that includes an optimization module using deterministic and genetic algorithm approaches. SHIM undertakes contextual load management based on the characterization of each situation. SHIM considers available generation resources, load demand, supplier/market electricity price, and consumers’ constraints and preferences. The paper focus on the recently developed learning module which is based on artificial neural networks (ANN). The learning module allows the adjustment of users’ profiles along SHIM lifetime. A case study considering a system with fourteen discrete and four variable loads managed by a SHIM system during five consecutive similar weekends is presented.

Conflicts between employee preferences and ergonomic recommendations in shift scheduling: regulation based on consent is not sufficient

OBJECTIVE: Contribution to the discussion of the role of participation/consent of employees in working hours regulation. METHODS: Exploratory analysis of conflicts between preferences of employees and ergonomic recommendations in shift scheduling by analysing a large number of participative shift scheduling projects. RESULTS: The analysis showed that very often the pursuit of higher income played the major role in the decision making process of employees and employees preferred working hours in conflict with health and safety principles. CONCLUSIONS: First, the consent of employees or the works council alone does not ensure ergonomically sound schedules. Besides consent, risk assessment procedures seem to be a promising but difficult approach. Secondly, more research is necessary to check the applicability of recommendations under various settings, to support the risk assessment processes and to improve regulatory approaches to working hours.

Numerical optimization experiments using the hyperbolic smoothing strategy to solve MPCC

In this work we solve Mathematical Programs with Complementarity Constraints using the hyperbolic smoothing strategy. Under this approach, the complementarity condition is relaxed through the use of the hyperbolic smoothing function, involving a positive parameter that can be decreased to zero. An iterative algorithm is implemented in MATLAB language and a set of AMPL problems from MacMPEC database were tested.

Numerical experiments with a modified regularization scheme for mathematical programs with complementarity constraints

On this paper we present a modified regularization scheme for Mathematical Programs with Complementarity Constraints. In the regularized formulations the complementarity condition is replaced by a constraint involving a positive parameter that can be decreased to zero. In our approach both the complementarity condition and the nonnegativity constraints are relaxed. An iterative algorithm is implemented in MATLAB language and a set of AMPL problems from MacMPEC database were tested.

Remoção de metais usando casca de amendoim

Mestrado em Engenharia Química

Serial experiments lain's body: o corpo enquanto fronteira entre o físico e o virtual

Dissertação apresentada à Escola Superior de Comunicação Social como parte dos requisitos para obtenção de grau de mestre em Audiovisual e Multimédia.

A survey about experiments on notions of time in children k-1 and k-2

In this paper we explore the importance of analyzing the exercises that the manuals have in Mathematics study, because the difficulty of identifying some errors on them can interfere with the capabilities of children. We work with some exercises related to the theme of temporal notions, based on a survey of textbooks from the 1st and 2nd grade (K-1 and K-2). Our concern is to alert about the importance of reflecting on the content of the books, in order to promote a teaching-learning process tailored to the needs of children. The activities present in the manuals should allow children to develop their logical- mathematical reasoning, for later be able to understand and apply Mathematics. To this end, we present some reflection about the exercises of manuals, and we give our opinion about what is the correct and incorrect. Also, some activities are suggested, among which were implemented with children of the 2nd grade, K- 2, along the experiments that support our work.

Observador de mobilidade pessoal

Trabalho de Projeto realizado para obtenção do grau de Mestre em Engenharia Informática e de Computadores