Adam Smith on labour and value: challenging the standard interpretation

This paper was presented at the Seminars of the Department of Foundations of Economic Analysis I, University of the Basque Country in September 2004.

Choice of Flexible Production Technologies Under Strategic Delegation

This work analyzes a managerial delegation model in which firms can choose between a flexible production technology which allows them to produce two different products and a dedicated production technology which limits production to only one product. We analyze whether the incentives to adopt the flexible technology are smaller or greater in a managerial delegation model than under strict profit maximization. We obtain that the asymmetric equilibrium in which only one firm adopts the flexible technology can be sustained under strategic delegation but not under strict profit maximization when products are substitutes. We extend the analysis to consider welfare implications.

Unions, Monetary Shocks and the Labour Market Cycle

Published as an article in: Economic Modelling, 2011, vol. 28, issue 3, pages 1140-1149.

Analysis of volatility transmissions in integrated and interconnected markets: The case of the Iberian and French markets

This paper models the mean and volatility spillovers of prices within the integrated Iberian and the interconnected Spanish and French electricity markets. Using the constant (CCC) and dynamic conditional correlation (DCC) bivariate models with three different specifications of the univariate variance processes, we study the extent to which increasing interconnection and harmonization in regulation have favoured price convergence. The data consist of daily prices calculated as the arithmetic mean of the hourly prices over a span from July 1st 2007 until February 29th 2012. The DCC model in which the variances of the univariate processes are specified with a VARMA(1,1) fits the data best for the integrated MIBEL whereas a CCC model with a GARCH(1,1) specification for the univariate variance processes is selected to model the price series in Spain and France. Results show that there are significant mean and volatility spillovers in the MIBEL, indicating strong interdependence between the two markets, while there is a weaker evidence of integration between the Spanish and French markets. We provide new evidence that the EU target of achieving a single electricity market largely depends on increasing trade between countries and homogeneous rules of market functioning.

The Intelligent Measuring Sub-System in the Computer Integrated and Flexible Laser Processing System

Based on the computer integrated and flexible laser processing system, develop the intelligent measuring sub-system. A novel model has been built to compensate the deviations of the main frame, a new-developed 3-D laser tracker system is applied to adjust the accuracy of the system. Analyzing the characteristic of all kinds of automobile dies, which is the main processing object of the laser processing system, classify the types of the surface and border needed to be measured and be processed. According to different types of surface and border, develop 2-D adaptive measuring method based on B?zier curve and 3-D adaptive measuring method based on spline curve. During the data processing, a new 3-D probe compensation method has been described in details. Some measuring experiments and laser processing experiments are carried out to testify the methods. All the methods have been applied in the computer integrated and flexible laser processing system invented by the Institute of Mechanics, CAS.

La producción flexible: Just in time versus organización científica del trabajo

Nadie puede negar que la competitividad actual de la industria japonesa se basa, entre otras razones, en el bajo coste y alto nivel de calidad de sus productos. Ambas cualidades se han conseguido por la aplicación, a partir de los 70, de prácticas innovadoras y nuevas tecnologías de fabricación como es el caso del Just in Time.