Herramienta de autoría para la creación de juegos basados en puzles

L'aprenentatge basat en jocs facilita el millor enteniment de conceptes, aportant entorns estimulants on poder aprendre d'una manera diferent a l'actual. Alguns dels avantatges més destacables són, per exemple, que els jocs fomenten la capacitat dels jugadors per comunicar-se i interactuar entre si. D'altra banda també poden ajudar a pensar de manera critica quan tenenque establir vincles entre la vida virtual i la real, estimulant-los a intentar trobar la solució diferents maneres. Malgrat això, hi ha una escassetat d'eines que permetin als professors poder crear els seus propis jocs educatius.Per donar solució a aquest problema s'ha dissenyat un model conceptual que defineix els elements necessaris perquè professors puguin dissenyar els seus propis jocs educatius basats en puzles. En aquest PFC ens centrarem en el disseny i implementació d'una eina d'autoria que generi els documents d'acord amb aquest model conceptual. En concret, aquesta eina d'autorias'encarregarà de demanar la informació necessària per poder realitzar la creació del joc, de manera que qualsevol persona que tingui o no habilitats de programació, tingui una petita eina que li guiï pas a pas i li generi els arxius necessaris per a la creació d'aquests jocs. D'altra banda, donada els avantatges de l'ús d'estàndards educatius en sistemes d'e-learning, destacar queaquesta eina d'autoria és conforme a l'especificació d'IMS Learning Design (IMS LD). És per això que, com a resultat, l'eina s'encarrega d'emmagatzemar la informació necessària per després processar-la i generar els arxius corresponents a IMS LD per definir el flux d'activitats dels jocs, i els arxius corresponents al model conceptual que defineix els mecanismes de comportamentdels puzles associats a les activitats.

¿Es posible reducir el gasto sanitario a través del subsidio a los seguros sanitarios privados? La doble cobertura sanitaria en Catalunya. Estimación de patrones de utilización de servicios sanitarios y simulación de costes asociados a la asistencia sanit

The objective of this study consists in quantifying in money terms the potential reduction in usage of public health care outlets associated to the tenure of double (public plus private) insurance. In order to address the problem, a probabilistic model for visits to physicians is specified and estimated using data from the Catalonian Health Survey. Also, a model for the marginal cost of a visit to a physician is estimated using data from a representative sample of fee-for-service payments from a major insurer. Combining the estimates from the two models it is possible to quantify in money terms the cost/savings of alternative policies which bear an impact on the adoption of double insurance by the population. The results suggest that the private sector absorbs an important volume of demand which would be re-directed to the public sector if consumers cease to hold double insurance.

ILS-ESP An efficient, simple, and parameter-free algorithm for solving the permutation flow-shop problem

From a managerial point of view, the more effcient, simple, and parameter-free (ESP) an algorithm is, the more likely it will be used in practice for solving real-life problems. Following this principle, an ESP algorithm for solving the Permutation Flowshop Sequencing Problem (PFSP) is proposed in this article. Using an Iterated Local Search (ILS) framework, the so-called ILS-ESP algorithm is able to compete in performance with other well-known ILS-based approaches, which are considered among the most effcient algorithms for the PFSP. However, while other similar approaches still employ several parameters that can affect their performance if not properly chosen, our algorithm does not require any particular fine-tuning process since it uses basic "common sense" rules for the local search, perturbation, and acceptance criterion stages of the ILS metaheuristic. Our approach defines a new operator for the ILS perturbation process, a new acceptance criterion based on extremely simple and transparent rules, and a biased randomization process of the initial solution to randomly generate different alternative initial solutions of similar quality -which is attained by applying a biased randomization to a classical PFSP heuristic. This diversification of the initial solution aims at avoiding poorly designed starting points and, thus, allows the methodology to take advantage of current trends in parallel and distributed computing. A set of extensive tests, based on literature benchmarks, has been carried out in order to validate our algorithm and compare it against other approaches. These tests show that our parameter-free algorithm is able to compete with state-of-the-art metaheuristics for the PFSP. Also, the experiments show that, when using parallel computing, it is possible to improve the top ILS-based metaheuristic by just incorporating to it our biased randomization process with a high-quality pseudo-random number generator.

The Evolution of Inequity in the Access to Health Care in Spain: 1987-2001

This paper reports an analysis of the evolution of income related health inequalities in Spain over the period 1987-2001. We use recently developed methods in order to cardinalise and model self assessed health within a regression framework, decompose the sources of inequality and explain the observed differences between 1987 (one year after the 1986 General Health Act was approved) and 2001 (the latest available representative data on health for the Spanish population). The results show that the period has witnessed a reduction in income related health inequality. The driver of such reduction has been the weakening of the income health gradient, which lends support to the hypothesis that the important health policy reforms implemented over the period have been successful in the objective of reducing socio-economic inequalities in health. Our results also suggest that actions aimed at improving the health of those with low levels of education and of those who are not actively participating in the labor market would lead to further reductions in income related health inequality.

Alternativas de Investimentos Financeiros para as empresas em São Vicente

A tendência, hoje em dia, é para a captação directa das poupanças aos investidores. Esta captação faz-se através da emissão de produtos financeiros. Dada a incerteza e diversidade de produtos financeiros, o investidor terá de analisar cuidadosamente as múltiplas alternativas existentes e tomar a decisão de investir de acordo com a rendibilidade que pretende obter e o nível de risco que está disposto a correr. O trabalho ora apresentado espelha uma análise dos Riscos/Rendibilidade associados aos Investimentos Financeiros tais como Depósitos a Prazos, Obrigações, Acções e Bilhetes de Tesouro, com foco nos dois primeiros. O desenvolvimento da temática foi orientado numa primeira etapa para através da pesquisa necessária a construção do referencial teórico centrado por um lado, nos conceitos associados a mercados financeiros bem como os riscos associados as transacções desses produtos financeiros nesse mercado. Mencionamos diferentes tipos de produtos financeiros transaccionados neste mercado, bem como a importância da cotação destes produtos na Bolsa de Valores. A sustentabilidade deste rico referencial teórico ficou evidenciada através de um estudo de caso de uma empresa que dedica ao comércio - geral de Materiais de Construção, partindo de uma análise gráfica comparada que irá demonstrar qual o risco e a rendibilidade que há em canalizar parte do valor aplicado no depósito a prazo para investir em obrigações do BCA emitidas em Dezembro de 2010. Nowadays the tendency is for the reception all-nighter of the savings to the investors. This reception is made through the emission of financial products. Owing to the uncertainty and diversity of financial products, the investor has to analyze carefully the multiple existent alternatives and then decide to invest according to the profitability he intends to obtain and the risk level he is willing to run. The work for now presented mirrors an analysis of the risks / profitability associated to the Financial Investments as Deposits to periods, Obligations, Shares, Tickets of Treasury, with focus in the first two. The development of the theme was guided in a first stage for through the necessary research for the construction of the theoretical referential system centered on one side, in the concepts associated to financial markets as well as the risks associated to the transactions of those financial products in that market. We referred to different types of financial products transacted in this market, as well as the importance of the quotation of these products in the stock exchange. The sustainability of this rich theoretical referential system was evidenced through a study of case of a company that dedicates to the trade of construction materials, leaving from a compared analysis that will demonstrate Which the risk and the profitability that there is in channeling part of the applied value in the deposit to period to invest in obligations of „BCA‟ emitted in December of 2010.

A Atitude do Contabilista perante Dilemas Éticos

Casos de fraudes têm ocorrido, frequentemente no mercado mundial. Diversos são os profissionais envolvidos nesses casos, inclusive os da contabilidade. Os escândalos contabilísticos, especialmente os mais famosos, como os incidido nas empresas Enron e Wordcom, acenderam para uma maior preocupação em relação a conduta ética dos profissionais da contabilidade. Como consequência há uma maior exigência quanto a transparência e a fidedignidade das informações prestadas por estes profissionais. Esta preocupação visa, sobretudo, manter a confiança das empresas, investidores, fornece-dores e sociedade em geral, de entre outras, na responsabilidade ética do contabilista, de-negrida pelo envolvimento nas fraudes detectadas. Desta forma, o presente estudo teve como objectivo verificar a conduta ética dos contabilistas, quando, no exercício da sua profissão, depararem com questões relacionadas a fraudes. Nesse sentido considerou-se factores que podem vir a influenciar o processo decisório ético de um indivíduo, demonstrados através do modelo de tomada de decisão, desenvolvido por Alves, quanto a motivar um indivíduo a cometer uma fraude, evidenciada através do modelo desenvolvido por Cressey. Tentando responder a questão norteadora desta pesquisa, executou-se a análise descritiva e estatística dos dados. Em relação a análise descritiva, foram elaboradas tabelas de frequência. Para a análise estatística dos dados foi utilizado o teste não paramétrico de Spearman. Os resultados demonstraram que a maioria dos contabilistas, da amostra pesquisada, reconhece a questão moral inserida nos cenários, e discordam dos actos dos agentes de cada cenário, e, ainda os classificam como graves ou muito graves. A pesquisa revelou maior aproximação desses profissionais a corrente teleológica, uma vez que a intenção de agir é mais influenciada por alguns factores como a oportunidade, a racionalização e principalmente a pressão. Alguns factores individuais apresentam influências sob o posicionamento ético dos contabilistas entrevistados nesta pesquisa. Cases of fraud have occurred, in the word market. Several are involved in these cases, including the accounting class. The accounting scandals, especially the most famous, such as focusing on companies and Enron Word Com, kindled to greater concern about the ethical conduct of professional accounting. As a result there is a greater demand on the transparency and reliability of information provide by these professionals This concern is aimed, primarily, to maintain the confidence of businesses, investor, suppliers and society, among others, the ethical responsibility of the meter, denigrated, by involvement in the fraud detected. Thus, this study aimed to verify the ethical conduct of accounts in when, in the exercise of their professional activities, is confronted with issues related to fraud. This is considered some factors that can both come to influence the ethical decision making of an individual, demonstrated by the model of decision making, developed by Alves, as a motivated individual to commit a fraudulent act, developed by Cressey. Seeking to answer question, guiding this study, performed to exploratory and confirmatory analysis of data. For exploratory data analysis were made table of frequencies. For confirmatory analysis of data, were used non parametric tests of Spearman. The results showed that the majority of accountings professionals, the sample, recognizing the moral issue included in the scenarios, disagrees the acts of agents of each scenario, and also classifies such acts as serious and very serious. However, we found that these accounting professionals tend to have a position more toward the teleological theory, since the intention to act is influenced by factors as opportunity, rationalization and particularly the pressure. Some individual factors also had influence on the ethical position of the professional interviewed is this research.

The credit ratings game

The spectacular failure of top-rated structured finance products has broughtrenewed attention to the conflicts of interest of Credit Rating Agencies (CRAs). We modelboth the CRA conflict of understating credit risk to attract more business, and the issuerconflict of purchasing only the most favorable ratings (issuer shopping), and examine theeffectiveness of a number of proposed regulatory solutions of CRAs. We find that CRAs aremore prone to inflate ratings when there is a larger fraction of naive investors in the marketwho take ratings at face value, or when CRA expected reputation costs are lower. To theextent that in booms the fraction of naive investors is higher, and the reputation risk forCRAs of getting caught understating credit risk is lower, our model predicts that CRAs aremore likely to understate credit risk in booms than in recessions. We also show that, due toissuer shopping, competition among CRAs in a duopoly is less efficient (conditional on thesame equilibrium CRA rating policy) than having a monopoly CRA, in terms of both totalex-ante surplus and investor surplus. Allowing tranching decreases total surplus further.We argue that regulatory intervention requiring upfront payments for rating services (beforeCRAs propose a rating to the issuer) combined with mandatory disclosure of any ratingproduced by CRAs can substantially mitigate the con.icts of interest of both CRAs andissuers.

Equities and inequality

Most US credit card holders revolve high-interest debt, often combined with substantial (i) asset accumulation by retirement, and (ii) low-rate liquid assets. Hyperbolic discounting can resolve only the former puzzle (Laibson et al., 2003). Bertaut and Haliassos (2002) proposed an 'accountant-shopper'framework for the latter. The current paper builds, solves, and simulates a fully-specified accountant-shopper model, to show that this framework canactually generate both types of co-existence, as well as target credit card utilization rates consistent with Gross and Souleles (2002). The benchmark model is compared to setups without self-control problems, with alternative mechanisms, and with impatient but fully rational shoppers.

Theoretical notes on bubbles and the current crisis

We explore a view of the crisis as a shock to investor sentiment that led to the collapse of abubble or pyramid scheme in financial markets. We embed this view in a standard model of thefinancial accelerator and explore its empirical and policy implications. In particular, we show howthe model can account for: (i) a gradual and protracted expansionary phase followed by a suddenand sharp recession; (ii) the connection (or lack of connection!) between financial and real economicactivity and; (iii) a fast and strong transmission of shocks across countries. We also use the modelto explore the role of fiscal policy.

A model of shadow banking

We present a model of shadow banking in which financial intermediaries originate and trade loans, assemble these loans into diversified portfolios, and then finance these portfolios externally with riskless debt. In this model: i) outside investor wealth drives the demand for riskless debt and indirectly for securitization, ii) intermediary assets and leverage move together as in Adrian and Shin (2010), and iii) intermediaries increase their exposure to systematic risk as they reduce their idiosyncratic risk through diversification, as in Acharya, Schnabl, and Suarez (2010). Under rational expectations, the shadow banking system is stable and improves welfare. When investors and intermediaries neglect tail risks, however, the expansion of risky lending and the concentration of risks in the intermediaries create financial fragility and fluctuations in liquidity over time.

Contractual resolutions of financial distress

In a financial contracting model, we study the optimal debt structure to resolve financial distress. Weshow that a debt structure where two distinct debt classes co-exist - one class fully concentrated andwith control rights upon default, the other dispersed and without control rights - removes the controllingcreditor's liquidation bias when investor protection is strong. These results rationalize the use and theperformance of floating charge financing, debt financing where the controlling creditor takes the entirebusiness as collateral, in countries with strong investor protection. Our theory predicts that the efficiency ofcontractual resolutions of financial distress should increase with investor protection.

Money doctors

We present a new model of money management, in which investors delegate portfolio management to professionals based not only on performance, but also on trust. Trust in the manager reduces an investor's perception of the riskiness of a given investment, and allows managers to charge higher fees to investors who trust them more. Money managers compete for investor funds by setting their fees, but because of trust the fees do not fall to costs. In the model, 1) managers consistently underperform the market net of fees but investors still prefer to delegate money management to taking risk on their own, 2) fees involve sharing of expected returns between managers and investors, with higher fees in riskier products, 3) managers pander to investors when investors exhibit biases in their beliefs, and do not correct misperceptions, and 4) despite long run benefits from better performance, the profits from pandering to trusting investors discourage managers from pursuing contrarian strategies relative to the case with no trust. We show how trust-mediated money management renders arbitrage less effective, and may help destabilize financial markets.

Bubbly collateral and economic activity

This paper develops a model of the bubbly economy and uses it to study the effects of bailoutpolicies. In the bubbly economy, weak enforcement institutions do not allow firms to pledge futurerevenues to their creditors. As a result, "fundamental" collateral is scarce and this impairs the intermediationprocess that transforms savings into capital. To overcome this shortage of "fundamental"collateral, the bubbly economy creates "bubbly" collateral. This additional collateral supports anintricate array of intra- and inter-generational transfers that allow savings to be transformed intocapital and bubbles. Swings in investor sentiment lead to fluctuations in the amount of bubblycollateral, giving rise to bubbly business cycles with very rich and complex dynamics.Bailout policies can affect these dynamics in a variety of ways. Expected bailouts provideadditional collateral and expand investment and the capital stock. Realized bailouts reduce thesupply of funds and contract investment and the capital stock. Thus, bailout policies tend to fosterinvestment and growth in normal times, but to depress investment and growth during crisis periods.We show how to design bailout policies that maximize various policy objectives.

Portfolio delegation under short-selling constraints

In this paper we study delegated portfolio management when themanager's ability to short-sell is restricted. Contrary to previousresults, we show that under moral hazard, linear performance-adjustedcontracts do provide portfolio managers with incentives to gatherinformation. The risk-averse manager's optimal effort is an increasingfunction of her share in the portfolio's return. This result affectsthe risk-averse investor's optimal contract decision. The first best,purely risk-sharing contract is proved to be suboptimal. Usingnumerical methods we show that the manager's share in the portfolioreturn is higher than the rst best share. Additionally, this deviationis shown to be: (i) increasing in the manager's risk aversion and (ii)larger for tighter short-selling restrictions. When the constraint isrelaxed the optimal contract converges towards the first best risksharing contract.

Earnings management and audit adjustments: An empirical study of IBEX 35 constituents

Doubts about the reliability of a company's qualitative financial disclosure increase market participant expectations from the auditor's report. The auditing process is supposed to serve as a monitoring device that reduces management incentives to manipulate reported earnings. Empirical research confirms that it could be an efficient device under some circumstancesand recognizes that our estimates of the informativeness of audit reports are unavoidably biased (e.g., because of a client's anticipation of the auditing process). This empirical study supports the significant role of auditors in the financial market, in particular in the prevention of earnings management practice. We focus on earnings misstatements, which auditors correct with anadjustment, using a sample of past and current constituents of the benchmark market index in Spain, IBEX 35, and manually collected audit adjustments reported over the 1997-2004 period (42 companies, 336 annual reports, 75 earnings misstatements). Our findings confirm that companies more often overstate than understate their earnings. An investor may foresee earningsmisreporting, as manipulators have a similar profile (e.g., more leveraged and with lower sales). However, he may receive valuable information from the audit adjustment on the size of earnings misstatement, which can be significantly large (i.e., material in almost all cases). We suggest that the magnitude of an audit adjustment depends, other things constant, on annual revenues and free cash levels. We also examine how the audit adjustment relates to the observed market price, trading volume and stock returns. Our findings are that earnings manipulators have a lower price and larger trading volume compared to their rivals. Their returns are positively associated with the magnitude of earnings misreporting, which is not consistent with the possible pricing of audit information.