Time is Running Out: The 2°C Target and Optimal Climate Policies

The quintessence of recent natural science studies is that the 2 degrees C target can only be achieved with massive emission reductions in the next few years. The central twist of this paper is the addition of this limited time to act into a non-perpetual real options framework analysing optimal climate policy under uncertainty. The window-of-opportunity modelling setup shows that the limited time to act may spark a trend reversal in the direction of low-carbon alternatives. However, the implementation of a climate policy is evaded by high uncertainty about possible climate pathways.

Forecasting US bond default ratings allowing for previous and initial state dependence in an ordered probit model

In this paper we investigate the ability of a number of different ordered probit models to predict ratings based on firm-specific data on business and financial risks. We investigate models based on momentum, drift and ageing and compare them against alternatives that take into account the initial rating of the firm and its previous actual rating. Using data on US bond issuing firms rated by Fitch over the years 2000 to 2007 we compare the performance of these models in predicting the rating in-sample and out-of-sample using root mean squared errors, Diebold-Mariano tests of forecast performance and contingency tables. We conclude that initial and previous states have a substantial influence on rating prediction.

Stochastic Choice and Consideration Sets

We model a boundedly rational agent who suffers from limited attention. The agent considers each feasible alternative with a given (unobservable) probability, the attention parameter, and then chooses the alternative that maximises a preference relation within the set of considered alternatives. We show that this random choice rule is the only one for which the impact of removing an alternative on the choice probability of any other alternative is asymmetric and menu independent. Both the preference relation and the attention parameters are identi fied uniquely by stochastic choice data.

Diseño e implementación de un receptor multifrecuencia basado en muestreo paso banda aplicado al sistema Galileo

Este trabajo tiene como objetivo diseñar e implementar un receptor multifrecuencia requerido para aplicaciones Galileo centradas a realizar correcciones de errores y estudios de la ionosfera. Estas características obligan a buscar alternativas respecto los receptores superheterodinos convencionales dado que para éstos los retardos de propagación entre las diferentes bandas de interés son inaceptables. Por ello, se presenta un receptor basado en la técnica de muestreo paso banda, que permite trasladar el espectro mediante el conversor ADC a través de un aliasing intencionado, eliminando así los retardos de propagación entre bandas de interés, dado que todas se albergan en un mismo canal. En este trabajo nos hemos centrado únicamente en las etapas críticas del receptor presentado, siendo éstas la etapa de filtrado y conversión digital. La etapa de filtrado requerirá filtros muy selectivos, ya que el ruido existente fuera de banda se solapará a nuestra banda de interés, degradando la SNR del sistema a medida que tenga más potencia. Esta etapa se ha realizado mediante una estructura duplexora conjuntamente con dos filtros de líneas acopladas. La etapa de conversión se ha realizado fabricando el layout de un conversor comercial, del cual se ha validado el correcto funcionamiento para la aplicación requerida.

A Consistent Nonparametric Bootstrap Test of Exogeneity

This paper proposes a novel way of testing exogeneity of an explanatory variable without any parametric assumptions in the presence of a "conditional" instrumental variable. A testable implication is derived that if an explanatory variable is endogenous, the conditional distribution of the outcome given the endogenous variable is not independent of its instrumental variable(s). The test rejects the null hypothesis with probability one if the explanatory variable is endogenous and it detects alternatives converging to the null at a rate n..1=2:We propose a consistent nonparametric bootstrap test to implement this testable implication. We show that the proposed bootstrap test can be asymptotically justi.ed in the sense that it produces asymptotically correct size under the null of exogeneity, and it has unit power asymptotically. Our nonparametric test can be applied to the cases in which the outcome is generated by an additively non-separable structural relation or in which the outcome is discrete, which has not been studied in the literature.

Imperfect Attention and Menu Evaluation

We model the choice behaviour of an agent who suffers from imperfect attention. We define inattention axiomatically through preference over menus and endowed alternatives: an agent is inattentive if it is better to be endowed with an alternative a than to be allowed to pick a from a menu in which a is is the best alternative. This property and vNM rationality on the domain of menus and alternatives imply that the agent notices each alternative with a given menu-dependent probability (attention parameter) and maximises a menu independent utility function over the alternatives he notices. Preference for flexibility restricts the model to menu independent attention parameters as in Manzini and Mariotti [19]. Our theory explains anomalies (e.g. the attraction and compromise effect) that the Random Utility Model cannot accommodate.

Competing for Attention: Is the Showiest also the Best?

We introduce attention games. Alternatives ranked by quality (producers, politicians, sexual partners...) desire to be chosen and compete for the imperfect attention of a chooser by investing in their own salience. We prove that if alternatives can control the attention they get, then ”the showiest is the best”: the equilibrium ordering of salience (weakly) reproduces the quality ranking and the best alternative is the one that gets picked most often. This result also holds under more general conditions. However, if those conditions fail, then even the worst alternative can be picked most often.

An Empirical Examination of the R&D Boundaries of the Firm - A Problem-Solving Perspective

We consider, both theoretically and empirically, how different organization modes are aligned to govern the efficient solving of technological problems. The data set is a sample from the Chinese consumer electronics industry. Following mainly the problem solving perspective (PSP) within the knowledge based view (KBV), we develop and test several PSP and KBV hypotheses, in conjunction with competing transaction cost economics (TCE) alternatives, in an examination of the determinants of the R&D organization mode. The results show that a firm’s existing knowledge base is the single most important explanatory variable. Problem complexity and decomposability are also found to be important, consistent with the theoretical predictions of the PSP, but it is suggested that these two dimensions need to be treated as separate variables. TCE hypotheses also receive some support, but the estimation results seem more supportive of the PSP and the KBV than the TCE.

Model Uncertainty in Panel Vector Autoregressive Models.

We develop methods for Bayesian model averaging (BMA) or selection (BMS) in Panel Vector Autoregressions (PVARs). Our approach allows us to select between or average over all possible combinations of restricted PVARs where the restrictions involve interdependencies between and heterogeneities across cross-sectional units. The resulting BMA framework can find a parsimonious PVAR specification, thus dealing with overparameterization concerns. We use these methods in an application involving the euro area sovereign debt crisis and show that our methods perform better than alternatives. Our findings contradict a simple view of the sovereign debt crisis which divides the euro zone into groups of core and peripheral countries and worries about financial contagion within the latter group.

Model Uncertainty in Panel Vector Autoregressive Models.

We develop methods for Bayesian model averaging (BMA) or selection (BMS) in Panel Vector Autoregressions (PVARs). Our approach allows us to select between or average over all possible combinations of restricted PVARs where the restrictions involve interdependencies between and heterogeneities across cross-sectional units. The resulting BMA framework can find a parsimonious PVAR specification, thus dealing with overparameterization concerns. We use these methods in an application involving the euro area sovereign debt crisis and show that our methods perform better than alternatives. Our findings contradict a simple view of the sovereign debt crisis which divides the euro zone into groups of core and peripheral countries and worries about financial contagion within the latter group.

Optimal Universal and Categorical Benefits with Classification Errors and Imperfect Enforcement

We determine he optimal combination of a universal benefit, B, and categorical benefit, C, for an economy in which individuals differ in both their ability to work - modelled as an exogenous zero quantity constraint on labour supply - and, conditional on being able to work, their productivity at work. C is targeted at those unable to work, and is conditioned in two dimensions: ex-ante an individual must be unable to work and be awarded the benefit, whilst ex-post a recipient must not subsequently work. However, the ex-ante conditionality may be imperfectly enforced due to Type I (false rejection) and Type II (false award) classification errors, whilst, in addition, the ex-post conditionality may be imperfectly enforced. If there are no classification errors - and thus no enforcement issues - it is always optimal to set C>0, whilst B=0 only if the benefit budget is sufficiently small. However, when classification errors occur, B=0 only if there are no Type I errors and the benefit budget is sufficiently small, while the conditions under which C>0 depend on the enforcement of the ex-post conditionality. We consider two discrete alternatives. Under No Enforcement C>0 only if the test administering C has some discriminatory power. In addition, social welfare is decreasing in the propensity to make each type error. However, under Full Enforcement C>0 for all levels of discriminatory power. Furthermore, whilst social welfare is decreasing in the propensity to make Type I errors, there are certain conditions under which it is increasing in the propensity to make Type II errors. This implies that there may be conditions under which it would be welfare enhancing to lower the chosen eligibility threshold - support the suggestion by Goodin (1985) to "err on the side of kindness".

Identification and characterization of novel molecular mechanisms involved in initiation and progression of myelination

Schwann cells synthesize a large amount of membrane that form a specialized structure called myelin that surrounds axons and facilitate the transmission of electrical signal along neurons in peripheral nervous system (PNS). Previous studies demonstrated that both Schwann cell differentiation and de-differentiation (in the situation of a nerve injury or demyelinating disease) are regulated by cell-intrinsic regulators including several transcription factors. In particular, the de-differentiation of mature Schwann cells is driven by the activation of multiple negative regulators of myelination including Sox2, c-Jun, Notch and Pax3, all usually expressed in immature Schwann cells and suppressed at the onset of myelination. In order to identify new regulators of myelination involved in the development of the PNS, we analyzed the gene-expression profiling data from developing PNS and from three models of demyelinating neuropathies. This analysis led to the identification of Sox4, a member of the Sox family of transcription factors, as a potential candidate. To characterize the molecular function of Sox4 in PNS, we generated two transgenic lines of mice, which overexpress Sox4 specifically in Schwann cells. Detailed analysis of these mice showed that the overexpression of Sox4 in Schwann cells causes a delay in progression of myelination between post-natal day 2 (P2) and P5. Our in vitro analysis suggested that Sox4 cDNA can be overexpressed while the protein translation is tightly regulated. Interestingly, we observed that Sox4 protein is stabilized in nerves of the CMT4C mouse, a model of the human neuropathy. We therefore crossed Sox4 transgenic mice with CMT4C mice and we observed that Sox4 overexpression exacerbated the neuropathy phenotype in these mice. While recognized as being crucial for the normal function of both neurons and myelinating glial cells, the processes that regulate the beginning of myelination and the nature of the neuro-glial cross-talk remains mostly unknown. In order to gain insight into the molecular pathways involved in the interactions between neurons and associated glial cells, we developed a neuron-glia co-culture system based on microfluidic chambers and successfully induced myelination in this system by ascorbic acid. Importantly, we observed that in addition to acting on Schwann cells, ascorbic acid also modulate neuronal/axonal NRG1/ErbB2-B3 signalling. The experimental setting used in our study thus allowed us to discover a novel phenomena of propagation for myelination in vitro. The further characterization of this event brought us to identify other compounds able to induce myelination: ADAMs secretases inhibitor GM6001 and cyclic-AMP. The results generated during my thesis project are therefore not only important for the advancement of our understanding of how the PNS works, but may also potentially help to develop new therapies aiming at improvement of PNS myelination under disease conditions. - Les cellules de Schwann synthétisent une grande quantité de membrane formant une structure spécialisée appelée myéline qui entoure les axones et facilite la transmission du signal électrique le long des neurones du système nerveux périphérique (SNP). Des études antérieures ont démontré que la différenciation et la dédifférenciation des cellules de Schwann (dans la situation d'une lésion nerveuse ou d'une maladie démyélinisante) sont régulées par des régulateurs cellulaires intrinsèques, incluant plusieurs facteurs de transcription. En particulier, la dédifférenciation des cellules de Schwann matures est contrôlée par l'activation de plusieurs régulateurs négatifs de la myélinisation dont Sox2, c-Jun, Notch et Pax3, tous habituellement exprimés dans des cellules de Schwann immatures et supprimés au début de la myélinisation. Afin d'identifier de nouveaux régulateurs de myélinisation impliqués dans le développement du SNP, nous avons analysé le profil d'expression génique durant le développement du SNP ainsi que dans trois modèles de neuropathies démyélinisantes. Cette analyse a mené à l'identification de Sox4, un membre de la famille des facteurs de transcription Sox, comme étant un candidat potentiel. Dans le but de caractériser la fonction moléculaire de Sox4 dans le SNP, nous avons généré deux lignées transgéniques de souris qui surexpriment Sox4 spécifiquement dans les cellules de Schwann. L'analyse détaillée de ces souris a montré que la surexpression de Sox4 dans les cellules de Schwann provoque un retard dans la progression de la myélinisation entre le jour postnatal 2 (P2) et P5. Notre analyse in vitro a suggéré que l'ADNc de Sox4 peut être surexprimé alors que la traduction des protéines est quand à elle étroitement régulée. De façon intéressante, nous avons observé que la protéine Sox4 est stabilisée dans les nerfs des souris CMT4C, un modèle de neuropathie humaine. Nous avons donc croisé les souris transgéniques Sox4 avec des souris CMT4C et avons observé que la surexpression de Sox4 exacerbe le phénotype de neuropathie chez ces souris. Bien que reconnus comme étant cruciaux pour le fonctionnement normal des neurones et des cellules gliales myélinisantes, les processus qui régulent le début de la myélinisation ainsi que la nature des interactions neurone-glie restent largement méconnus. Afin de mieux comprendre les mécanismes moléculaires impliqués dans les interactions entre les neurones et les cellules gliales leur étant associés, nous avons développé un système de co-culture neurone-glie basé sur des chambres microfluidiques et y avons induit avec succès la myélinisation avec de l'acide ascorbique. Étonnamment, nous avons remarqué que, en plus d'agir sur les cellules de Schwann, l'acide ascorbique module également la voie de signalisation neuronale/axonale NRG1/ErbB2-B3. Le protocole expérimental utilisé dans notre étude a ainsi permis de découvrir un nouveau phénomène de propagation de la myélinisation in vitro. La caractérisation plus poussée de ce phénomène nous a menés à identifier d'autres composés capables d'induire la myélinisation: L'inhibiteur de sécrétases ADAMs GM6001 et l'AMP cyclique. Les résultats obtenus au cours de mon projet de thèse ne sont donc pas seulement importants pour l'avancement de notre compréhension sur la façon dont le SNP fonctionne, mais peuvent aussi potentiellement aider à développer de nouvelles thérapies visant à l'amélioration de la myélinisation du SNP dans des conditions pathologiques.

Resultados de diversas alternativas a la castración quirúrgica de cerdos

El objetivo de este estudio fue evaluar el efecto de la castración quirúrgica (MC), la inmunocastración (MI), la producción de hembras (HE) y machos enteros (ME) sobre la productividad, el comportamiento y el bienestar animal. La castración quirúrgica se realizó a los siete días de edad y la inmunocastración mediante la administración a los 77 y 146 días de edad de un producto compuesto por una forma modifi cada del GnRF conjugado a una proteína capaz de inducir la formación de anticuerpos frente al GnRF. Durante el engorde, se evaluó el consumo individual, peso, espesor de grasa y lomo de 120 cerdos (36 ME, 36 MI, 24 MC y 24 hembras HE). Asimismo, se registró el comportamiento de los animales durante dos días consecutivos en las semanas 9, 11, 20, 21, 23 y 25. Los MI presentaron un crecimiento e ingestión diarias superior a los ME y un mejor índice de conversión que los MC. El espesor de lomo de los MI fue superior al de los MC, pero inferior al de los ME. La actividad se vio reducida en los MI en comparación con los ME, especialmente después de la segunda administración. Estos resultados sugieren que la inmunocastración es una alternativa a la castración quirúrgica. Result of differet alternatives to surgical castration of pigs The objective of this study was to evaluate the effect of surgical castration (MC), immunocastration (MI), keeping females (HE) and entire males (ME) on performance, behaviour and welfare. The surgical castration was carried out at 7 days of age, and the immunocastration through the administration at 77 and 146 days of age of a modifi ed form of GnRF conjugated to protein to induce the formation of antibodies against GnRF. Individual consumption, weight and fat and loin depth of 120 pigs (36 ME, 36 MI, 24MC and 24 HE) was measured. Moreover, behaviour was recorded during two consecutive days in weeks 9, 11, 20, 21, 23 and 25. MI presented a higher growth and feed intake compared to ME and a better conversion ratio than MC. Loin depth was higher for MI than for MC, but lower than for ME. Activity was reduced in MI compared to ME, especially after the second administration. These results suggest that immunocastration is an alternative to surgical castration.

Las ONG y su función comunicativa: la escasa atención de los medios de comunicación a las temáticas solidarias

En aquest estudi analitzem la complexa relació que actualment existeix entre Organitzacions No Governamentals de Desenvolupament (ONGD) i mitjans de comunicació per a arribar a concretar les causes i unes possibles solucions. Veiem que la falta d'interès per part dels mitjans és deguda, en part, a les prioritats temàtiques establertes pel sistema globalitzat dels grans grups de comunicació. Igualment, no hem d'oblidar que els mitjans poseixen, a més de la funció d'entretenir, el deure informar, d'actuar com el Quart poder, d'educar i d'orientar a la societat. Aquesta funció educativa i orientativa dels mitjans, curiosament, coincideix amb un dels objectius bàsics de les ONGD encara que, en aquest segon cas, dirigida cap a la conscienciació social per a la resolució dels problemes dels països en vies de desenvolupament. Una vegada establerts el tipus de relació que mantenen els dos col•lectius i determinades les causes que ho provoquen proposem algunes de les solucions que, a poc a poc, comencen a implantar les grans ONGD espanyoles com alternatives als mitjans tradicionals. Encara que s'aconsella una estreta col•laboració amb els mitjans de comunicació volem remarcar la idea que una saturació informativa comporta una insensibilizació cap als problemes, justament l’ efecte contrari del desitjat per les ONGD.

Itinerari d'educació ambiental i sensorial de Sant Pere del Burgal

El Parc Natural de l’Alt Pirineu (PNAP) va ser creat l’any 2003. Actualment, el parc està desenvolupant una xarxa d’itineraris d’Educació Ambiental (EA). L’Ecomuseu de la Vall d’Àneu (EVA) ofereix rutes guiades al sender del Monestir de Sant Pere del Burgal, ja senyalitzat i equipat pel PNAP, en estar inscrit al seu àmbit territorial. Es tracta d’un sender de fàcil accés i recorregut, molt ample al primer tram tot oferint una gran varietat d’aspectes d’interès. L’objectiu principal del present projecte és plantejar un itinerari d’EA sensorial adaptat als col·lectius amb mobilitat reduïda i persones invidents. Amb aquesta finalitat es desenvolupen continguts i materials didàctics i es determinen les accions que els articularan. En un primer moment s'ha analitzat la viabilitat de l’itinerari aplicant el protocol de valoració dissenyat pel grup Edukamb. La puntuació obtinguda és de 74 punts sobre 100, corroborant la idoneïtat del seu recorregut pels visitants. En el disseny de l’itinerari, s’han determinat els elements i processos d’interès a l’entorn, s’han proposat quatre parades sensorials i una pasarel·la de fusta al primer tram i quatre parades de component antropològica i la instal·lació d’una corda perimetral al segon tram. Finalment també, la instal·lació de maquetes tridimensionals tàctils, una descriptiva dels aspectes i les parades de l’itinerari a l’inici del camí i una arquitectònica de l’entorn del monestir en arrivar al mateix. S’han proposat millores en la senyalització present, alternatives i complements al material pedagògic considerat al projecte i el disseny de protocols de valoració per itineraris adaptats a tot tipus de col·lectius.