Flexible information acquisition and optimal Tobin tax in tractable dynamic global games

My dissertation focuses on dynamic aspects of coordination processes such as reversibility of early actions, option to delay decisions, and learning of the environment from the observation of other people’s actions. This study proposes the use of tractable dynamic global games where players privately and passively learn about their actions’ true payoffs and are able to adjust early investment decisions to the arrival of new information to investigate the consequences of the presence of liquidity shocks to the performance of a Tobin tax as a policy intended to foster coordination success (chapter 1), and the adequacy of the use of a Tobin tax in order to reduce an economy’s vulnerability to sudden stops (chapter 2). Then, it analyzes players’ incentive to acquire costly information in a sequential decision setting (chapter 3). In chapter 1, a continuum of foreign agents decide whether to enter or not in an investment project. A fraction λ of them are hit by liquidity restrictions in a second period and are forced to withdraw early investment or precluded from investing in the interim period, depending on the actions they chose in the first period. Players not affected by the liquidity shock are able to revise early decisions. Coordination success is increasing in the aggregate investment and decreasing in the aggregate volume of capital exit. Without liquidity shocks, aggregate investment is (in a pivotal contingency) invariant to frictions like a tax on short term capitals. In this case, a Tobin tax always increases success incidence. In the presence of liquidity shocks, this invariance result no longer holds in equilibrium. A Tobin tax becomes harmful to aggregate investment, which may reduces success incidence if the economy does not benefit enough from avoiding capital reversals. It is shown that the Tobin tax that maximizes the ex-ante probability of successfully coordinated investment is decreasing in the liquidity shock. Chapter 2 studies the effects of a Tobin tax in the same setting of the global game model proposed in chapter 1, with the exception that the liquidity shock is considered stochastic, i.e, there is also aggregate uncertainty about the extension of the liquidity restrictions. It identifies conditions under which, in the unique equilibrium of the model with low probability of liquidity shocks but large dry-ups, a Tobin tax is welfare improving, helping agents to coordinate on the good outcome. The model provides a rationale for a Tobin tax on economies that are prone to sudden stops. The optimal Tobin tax tends to be larger when capital reversals are more harmful and when the fraction of agents hit by liquidity shocks is smaller. Chapter 3 focuses on information acquisition in a sequential decision game with payoff complementar- ity and information externality. When information is cheap relatively to players’ incentive to coordinate actions, only the first player chooses to process information; the second player learns about the true payoff distribution from the observation of the first player’s decision and follows her action. Miscoordination requires that both players privately precess information, which tends to happen when it is expensive and the prior knowledge about the distribution of the payoffs has a large variance.

Actinopterygii, Siluriformes, Loricariidae, Loricariichthys platymetopon Isbrucker and Nijssen, 1979: first record in Reservoir of Canoas II, Middle Paranapanema River, border of the states of São Paulo and Parana, Brazil.

First record of the cascudo, Loricariichthys platymetopon Isbrucker and Nijssen, 1979 in Canoas II Reservoir (Middle Paranapanema River, border of the states of São Paulo and Parana, Brazil). Its occurrence is due to the flooding of Sete Quedas waterfall, as a result of the construction of Itaipu Reservoir. Furthermore, there is absence or low abundance of natural predators, like Salminus brasiliensis, since this species has difficulties to adapt or even survive in reservoirs.

First record of Amblyomma rotundatum Koch, 1844 (Acari: Ixodidae) parasitizing Paleosuchus palpebrosus Cuvier, 1807 (Reptilia: Crocodylidae), in the western border of Pantanal, Mato Grosso do Sul, Brazil.

This is the first record of Amblyomma rotundatum parasitizing Paleosuchus palpebrosus. This record was made during a herpetofaunal study carried out in high-elevation habitats that are under protection in the mountain range "Serra do Amolar", located in the western border of Brazilian Pantanal, in the state of Mato Grosso do Sul.

Microcalcification Border Characterization Using Wavelets on Digital Mammograms

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Contrasting fluvial styles of the Paraguay River in the northwestern border of the Pantanal wetland, Brazil

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

Mesoproterozoic rapakivi granites of the Rondonia Tin Province, southwestern border of the Amazonian craton, Brazil - I. Reconnaissance U-Pb geochronology and regional implications

Rapakivi granites and associated mafic and ultramafic rocks in the Rondonia Tin Province, southwestern Amazonian craton, Brazil were emplaced during six discrete episodes of magmatism between ca 1600 and 970 Ma. The seven rapakivi granite suites emplaced at this time were the Serra da Providencia Intrusive Suite (U-Pb ages between 1606 and 1532 Ma); Santo Antonio Intrusive Suite(U-Pb age 1406 Ma), Teotonio Intrusive Suite (U-Pb age 1387 Ma); Alto Candeias Intrusive Suite (U-Pb ages between 1346 and 1338 Ma); Sao Lourenco-Caripunas Intrusive Suite (U-Pb ages between 1314 and 1309 Ma); Santa Clara Intrusive Suite (U-Pb ages between 1082 and 1074 Ma); and Younger Granites of Rondonia (U-Pb ages between 998 and 974 Ma). The Serra da Providencia Intrusive Suite intruded the Paleoproterozoic (1.80 to 1.70 Ga) Rio Negro-Juruena crust whereas the other suites were emplaced into the 1.50 to 1.30 Ga Rondonia-San Ignacio crust. Their intrusion was contemporaneous with orogenic activity in other parts of the southwestern Amazonian craton, except for the oldest, Serra da Providencia Intrusive Suite. Orogenic events coeval with emplacement of the Serra da Providencia Intrusive Suite are not clearly recognized in the region. The Santo Antonio, Teotonio, Alto Candeias and Sao Lourenco-Caripunas Intrusive Suites are interpreted to represent extensional anorogenic magmatism associated with the terminal stages of the Rondonian-San Ignacio orogeny. At least the Sao Lourenco-Caripunas rapakivi granites and coeval intra-continental rift sedimentary rocks may, in contrast, represent the products of extensional tectonics and rifting preceding the Sunsas/Aguapei orogeny (1.25 to 1.0 Ga). The two youngest rapakivi suites, the Santa Clara Intrusive Suite and Younger Granites of Rondonia, seemingly represent inboard magmatism in the Rondonian-San Ignacio Province during a younger episode of reworking in the Rio Negro-Juruena Province during the waning stages of the collisional 1.1 to 1.0 Ga Sunsas/Aguapei orogeny. The six intra-plate rapakivi granite episodes in the southwestern part of the Amazonian craton form three broad periods of anorogenic magmatism that have age-correlative events composed of similar rocks and geologic environments in eastern Laurentia and Baltica, although the exact timing of magmatism appears slightly different. Recognition of lithologic and chronological correlations between various cratons provide important constraints to models explaining the interplay between rapakivi granite magmatism and deep crustal evolution of an early Mesoproterozoic supercontinent. They are, furthermore, important to plate tectonic models for the assembly, dispersal and reassembly of Amazonia, Laurentia and Baltica in the Mesoproterozoic and Neoproterozoic. (C) 1999 Elsevier B.V. B.V. All rights reserved.

A stratigraphic chart of the Late Carboniferous/Permian succession of the eastern border of the Parana Basin, Brazil, South America

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Border detection in digital images: An approach by fuzzy numbers

The purpose of this paper is to introduce a new approach for edge detection in gray shaded images. The proposed approach is based on the fuzzy number theory. The idea is to deal with the uncertainties concerning the gray shades making up the image, and thus calculate the appropriateness of the pixels in relation to an homogeneous region around them. The pixels not belonging to the region are then classified as border pixels. The results have shown that the technique is simple, computationally efficient and with good results when compared with both the traditional border detectors and the fuzzy edge detectors. © 2007 IEEE.

Bank lending to emerging markets: crossing the border

Includes bibliography

Fiscal Panorama of Latin America and the Caribbean 2013: tax reform and renewal of the fiscal covenant

Includes bibliography

The Role of Tax Policy in the Context of the Global Crisis: consequences and prospects

Includes bibliography

Tax performance and reform in the Organization of Eastern Caribbean States (OECS)

Includes bibliography

The role of tax policy in the context of the crisis: possibilities and limitations

Includes bibliography

The Mexican maquila industry and the environment: an overview of the issues

Includes bibliography