Causas posibles de la drástica disminución de la longitud media de la merluza peruana en 1992

La drástica disminución de la longitud media de la merluza en 1992 fue hasta cierto punto inesperada para los biólogos pesqueros peruanos, acostumbrados a manejar esta población como un stock unitario controlando el rendimiento y la longitud mínima en las capturas. Durante toda la década de los años ochenta, el esfuerzo pesquero no fue muy alto y afectó principalmente a los grupos de edades IV+. Menos del 10% de los desembarques fueron de tallas menores a la longitud media de desove (35 cm). Por esto, la gran ocurrencia de tallas pequeñas de merluza a partir de marzo de 1992 en las capturas de todas las flotas dedicadas a esta especie, parecía deberse a las condiciones oceanográficas, ya que un evento El Niño Oscilación Sur (ENOS) se estaba desarrollando. Sin embargo, igual que en anteriores ENOS, se hubiera esperado un cambio de sitio de toda la población hacia el sur y lejos de la costa. Esto significaría que las merluzas jóvenes de tamaño mediano estarían mas al sur fuera del alcance de la flota de Paita. Contrario a lo esperado, durante El Niño 1991-93, debido a una intrusión de aguas oceánicas subtropicales, las merluzas grandes migraron hacia el norte. Mientras que El Niño podría haber actuado como un disparador, la causa fundamental de los cambios estructurales en la población fue la desaparición de la sardina como especie de presa principal para las merluzas grandes a partir de 1987, y la falta de pequeños Sciaenidae (bereche) durante El Niño, para las merluzas de tamaño medio. Lo primero podría deberse al alto esfuerzo pesquero sobre la sardina, en conjunto, probablemente, con una presión depredadora alta de una población sana de merluza a partir de mediados de la década de los años 80. Estudios futuros deben incluir las relaciones entre predador y presa en el ecosistema. Estas relaciones, que se desarrollaron durante largos períodos, probablemente soportan la estabilidad del sistema, y las pesquerías, que actúan como un fuerte depredador, deben ser incluidas en un modelo multiespecífico.

Imitation of succesful behavior in Cournot markets

In an experimental standard Cournot Oligopoly we test the importance ofmodels of behavior characterized by imitation of succesful behavior. Wefind that the players appear to the rather reluctant to imitate.

Firm investment in imperfect capital markets: A structural estimation

We set up a dynamic model of firm investment in which liquidity constraintsenter explicity into the firm's maximization problem. The optimal policyrules are incorporated into a maximum likelihood procedure which estimatesthe structural parameters of the model. Investment is positively related tothe firm's internal financial position when the firm is relatively poor. This relationship disappears for wealthy firms, which can reach theirdesired level of investment. Borrowing is an increasing function of financial position for poor firms. This relationship is reversed as a firm's financial position improves, and large firms hold little debt.Liquidity constrained firms may be unused credits lines and the capacity toinvest further if they desire. However the fear that liquidity constraintswill become binding in the future induces them to invest only when internalresources increase.We estimate the structural parameters of the model and use them to quantifythe importance of liquidity constraints on firms' investment. We find thatliquidity constraints matter significantly for the investment decisions of firms. If firms can finance investment by issuing fresh equity, rather than with internal funds or debt, average capital stock is almost 35% higher overa period of 20 years. Transitory shocks to internal funds have a sustained effect on the capital stock. This effect lasts for several periods and ismore persistent for small firms than for large firms. A 10% negative shock to firm fundamentals reduces the capital stock of firms which face liquidityconstraints by almost 8% over a period as opposed to only 3.5% for firms which do not face these constraints.

What do the papers sell?

We model the market for news as a two-sided market where newspapers sell news to readers who value accuracy and sell space to advertisers who value advert-receptive readers. We show that monopolistic newspapers under-report or bias news that sufficiently reduces advertiser profits. Newspaper competition generally reduces the impact of advertising. In fact, as the size of advertising grows, newspapers may paradoxically reduce advertiser bias, due to increasing competition for readers. However, advertisers can counter this effect of competition by committing to news-sensitive cut-off strategies, potentially inducing as much under-reporting as in the monopoly case.

Credit derivatives in emerging markets

Credit Derivatives are securities that offer protection against credit or default risk ofbonds or loans. The credit derivatives emerging market has grown rapidly and creditderivatives are widely used. This paper describes the emerging credit derivativesmarket structure. The current market activity is analyzed through elementary pricingdynamics and the study of the term structure of default risk. Focusing on theperformance of credit derivatives in stress situation, including legal and market risks,we discuss the potential consequences of a debt restructuring in a large emergingmarket borrower. The contribution of credit derivatives to the risk sharing in emergingmarkets is also examined.

Reputation and honesty in a market for information

Previous works on asymmetric information in asset markets tendto focus on the potential gains in the asset market itself. We focus on the market for information and conduct an experimental study to explore, in a game of finite but uncertain duration, whether reputation can be an effective constraint on deliberate misinformation. At the beginning of each period, an uninformed potential asset buyer can purchase information, at a fixed price and from a fully-informed source, about the value of the asset in that period. The informational insiders cannot purchase the asset and are given short-term incentives to provide false information when the asset value is low. Our model predicts that, in accordance with the Folk Theorem, Pareto-superior outcomes featuring truthful revelation should be sustainable. However, this depends critically on beliefs about rationality and behavior. We find that, overall, sellers are truthful 89% of the time. More significantly, the observed frequency of truthfulness is 81% when the asset value is low. Our result is consistent with both mixed-strategy and trigger strategy interpretations and provides evidence that most subjects correctly anticipate rational behavior. We discuss applications to financial markets, media regulation, and the stability of cartels.

Bank liquidity, interbank markets and monetary policy

A major lesson of the recent financial crisis is that the interbank lending marketis crucial for banks facing large uncertainty regarding their liquidity needs. Thispaper studies the efficiency of the interbank lending market in allocating funds. Weconsider two different types of liquidity shocks leading to different implications foroptimal policy by the central bank. We show that, when confronted with a distributional liquidity-shock crisis that causes a large disparity in the liquidity held amongbanks, the central bank should lower the interbank rate. This view implies that thetraditional tenet prescribing the separation between prudential regulation and monetary policy should be abandoned. In addition, we show that, during an aggregateliquidity crisis, central banks should manage the aggregate volume of liquidity. Twodifferent instruments, interest rates and liquidity injection, are therefore required tocope with the two different types of liquidity shocks. Finally, we show that failureto cut interest rates during a crisis erodes financial stability by increasing the riskof bank runs.

Insurance with frequent trading: A dynamic analysis of efficient insurance markets

This paper extends existing insurance results on the type of insurance contracts needed for insurance market efficiency toa dynamic setting. It introduces continuosly open markets that allow for more efficient asset allocation. It alsoeliminates the role of preferences and endowments in the classification of risks, which is done primarily in terms of the actuarial properties of the underlying riskprocess. The paper further extends insurability to include correlated and catstrophic events. Under these very general conditions the paper defines a condition that determines whether a small number of standard insurance contracts (together with aggregate assets) suffice to complete markets or one needs to introduce such assets as mutual insurance.

Irreversible investment in stochastically cyclical markets

This paper presents a new framework for studying irreversible (dis)investment whena market follows a random number of random-length cycles (such as a high-tech productmarket). It is assumed that a firm facing such market evolution is always unsure aboutwhether the current cycle is the last one, although it can update its beliefs about theprobability of facing a permanent decline by observing that no further growth phasearrives. We show that the existence of regime shifts in fluctuating markets suffices for anoption value of waiting to (dis)invest to arise, and we provide a marginal interpretationof the optimal (dis)investment policies, absent in the real options literature. Thepaper also shows that, despite the stochastic process of the underlying variable has acontinuous sample path, the discreteness in the regime changes implies that the samplepath of the firm s value experiences jumps whenever the regime switches all of a sudden,irrespective of whether the firm is active or not.

Mediatização da Comunicação Política Media, política e comunicação - a negociação do poder

Se consagró un gran número de estudios a los efectos de los distintos medios de comunicación sobre la manera como se hace política, poniendo de relieve, entre otras cosas, el fenómeno creciente de “espectacularisación” de ésta, es decir, el hecho de que el voto político sufra una influencia, cada vez mayor, por parte de las imágenes que los diversos lideres políticos dan de si mismos, de las formas simbólicas utilizadas por la política y de las reacciones emocionales producidas en particular por el medio televisivo. Hoy en día, la gestión de las características inmediatas de los medios de comunicación parece ser más importante, con la perspectiva de transformar esas capacidades en valor añadido a favor de una imagen política, a través de la constante solicitud de visibilidad. Por necesidad de ganar tiempo y espacio en los medios de comunicación, se entra en una sucesión desenfrenada de acontecimientos.

Metabolic labeling and protein linearization technology allow the study of proteins secreted by cultured cells in serum-containing media.

Supernatants from cell cultures (also called conditioned media, CMs) are commonly analyzed to study the pool of secreted proteins (secretome). To reduce the exogenous protein background, serum-free media are often used to obtain CMs. Serum deprivation, however, can severely affect cell viability and phenotype, including protein secretion. We present a strategy to analyze the proteins secreted by cells in fetal bovine serum-containing CMs, which combines the advantage of metabolic labeling and protein concentration linearization techniques. Incubation of CMs with a hexapeptide ligand library was used to reduce the dynamic range of the samples and led to the identification of 3 times more proteins than in untreated CM samples. Labeling with a deuterated amino acid was used to distinguish between cellular proteins and homologous bovine proteins contained in the medium. Application of the strategy to two breast cancer cell lines led to the identification of proteins secreted in different amounts and which could correlate with their varying degree of aggressiveness. Selected reaction monitoring (SRM)-based quantitation of three proteins of interest in the crude samples yielded data in good agreement with the results from concentration-equalized samples.

Branding i new media: l’experiència de la marca a través d’Instagram

El propòsit d’aquesta recerca és el de dur a terme una exploració sobre la creació i el disseny estratègic d’una experiència de marca a través d’Instagram, entesa com una eina de branding en el paradigma de la nova comunicació. En segon terme, la investigació vol descobrir si les característiques i factors personals dels usuaris d’Instagram determinen la seva predisposició a participar en experiències de marca. La hipòtesi es confirma en les característiques estudiades (una elevada ràtio de fotografies compartides i una alta freqüència d’ús de l’aplicació).

Quantitative comparison of simulations of seismic wave propagation in heterogeneous poro-elastic media involving fluid-solid interfaces and in equivalent visco-elastic solids

There is increasing evidence to suggest that the presence of mesoscopic heterogeneities constitutes the predominant attenuation mechanism at seismic frequencies. As a consequence, centimeter-scale perturbations of the subsurface physical properties should be taken into account for seismic modeling whenever detailed and accurate responses of the target structures are desired. This is, however, computationally prohibitive since extremely small grid spacings would be necessary. A convenient way to circumvent this problem is to use an upscaling procedure to replace the heterogeneous porous media by equivalent visco-elastic solids. In this work, we solve Biot's equations of motion to perform numerical simulations of seismic wave propagation through porous media containing mesoscopic heterogeneities. We then use an upscaling procedure to replace the heterogeneous poro-elastic regions by homogeneous equivalent visco-elastic solids and repeat the simulations using visco-elastic equations of motion. We find that, despite the equivalent attenuation behavior of the heterogeneous poro-elastic medium and the equivalent visco-elastic solid, the seismograms may differ due to diverging boundary conditions at fluid-solid interfaces, where there exist additional options for the poro-elastic case. In particular, we observe that the seismograms agree for closed-pore boundary conditions, but differ significantly for open-pore boundary conditions. This is an interesting result, which has potentially important implications for wave-equation-based algorithms in exploration geophysics involving fluid-solid interfaces, such as, for example, wave field decomposition.

Näyttöpäätetyön kuormituksen tasaaminen media-assistenttiopiskelijoilla

Opinnäytetyömme tarkoituksena oli antaa Omnia ammattikoulun media-assistenttiopiskelijoille tietoa näyttöpäätetyöhön liittyvistä kuormitustekijöistä ja ergonomiasta. Opinnäytetyömme tavoitteena on vastata kysymykseen " Mitä media-assistenttiopiskelijoiden tulisi tietää, jotta he osaisivat kuormittaa itseään sopivasti näyttöpäätetyössä?". Koostimme opinnäytetyömme kirjallisuudesta ja tutkimuksista saatujen tietojen pohjalta. Näistä muodostui opinnäytetyömme teoreettinen viitekehys sekä perustelut opinnäytetyömme tuotoksen sisällölle. Tutkimusten mukaan tuki- ja liikuntaelimistön kuormituksen tasaamiseen voi vaikuttaa vähentämällä haitallisesti kuormittavia työjaksoja, vaihtamalla työasentoja, säätämällä työvälineitä ja tauottamalla työntekoa. Opinnäytetyömme kirjallisessa osiossa perehdyimme näyttöpäätetyön ergonomiaan ja kuormittavuuteen media-assistenttiopiskelijoilla. Opinnäytetyömme tuotoksena oli "Kevennä kuormitusta näyttöpäätteen äärellä"- CD-Rom, jossa on 39 diaa. CD-Rom sisältää tietoa niska-hartiaseudun ja selän rakenteesta sekä toiminnasta, lihastyötavoista, niskaa ja selkää kuormittavista tekijöistä näyttöpäätteen äärellä työskennellessä, työpisteen säätelystä ja optimaalisesta istuma-asennosta, sekä vinkkejä kuormituksen keventämiseen mm. tauottamisen avulla. Testasimme CD-Rom:n sisältöä yhdellä Omnia ammattikoulun media-assistenttiopiskelijaryhmällä järjestämällä ergonomiaohjauksen. Palautteen pohjalta kehittelimme työn lopulliseen muotoonsa. Opinnäytetyömme tuotosta käytetään Omnia ammattikoulun media-assistenttiopiskelijoiden ergonomiaohjauksen välineenä. Työmme soveltuu myös muiden näyttöpäätteen äärellä työskentelevien henkilöiden ja ryhmien ergonomiaohjauksen välineeksi. "Kevennä kuormitusta näyttöpäätteen äärellä" - CD-Romia voivat hyödyntää fysioterapeutit, muut ergonomiaohjauksia antavat toimihenkilöt sekä Kunto-Stadia.