Incomplete contracts and the problem of social harm

We construct a model in which a first mover decides on its location before it knows the identity of the second mover; joint location results in a negative extemality. Contracts are inherently incomplete since the first mover's initial decision cannot be specified. We analyze several kinds of rights, including damages, injunctions, and rights to exclude (arising from covenants or land ownership). There are cases in which allocating any of these basic rights to the first mover-i.e., first-party rights-is dominated by second-party rights, and cases in which the reverse is true. A Coasian result (efficiency regardless of the rights allocation) only holds under a limited set of conditions. As corollaries of a theorem ranking the basic rights regimes, a number of results emerge contradicting conventional wisdom, including the relative inefficiency of concentrated land ownership and the relevance of the generator's identity. We conclude with a mechanism and a new rights regime that each yield the first best in all cases.

A notion of subgame perfect nash equilibrium under knightian uncertainty

We define a subgame perfect Nash equilibrium under Knightian uncertainty for two players, by means of a recursive backward induction procedure. We prove an extension of the Zermelo-von Neumann-Kuhn Theorem for games of perfect information, i. e., that the recursive procedure generates a Nash equilibrium under uncertainty (Dow and Werlang(1994)) of the whole game. We apply the notion for two well known games: the chain store and the centipede. On the one hand, we show that subgame perfection under Knightian uncertainty explains the chain store paradox in a one shot version. On the other hand, we show that subgame perfection under uncertainty does not account for the leaving behavior observed in the centipede game. This is in contrast to Dow, Orioli and Werlang(1996) where we explain by means of Nash equilibria under uncertainty (but not subgame perfect) the experiments of McKelvey and Palfrey(1992). Finally, we show that there may be nontrivial subgame perfect equilibria under uncertainty in more complex extensive form games, as in the case of the finitely repeated prisoner's dilemma, which accounts for cooperation in early stages of the game .

Beyond common priors

One property (called action-consistency) that is implicit in the common prior assumption (CPA) is identified and shown to be the driving force of the use of the CPA in a class of well-known results. In particular, we show that Aumann (1987)’s Bayesian characterization of correlated equilibrium, Aumann and Brandenburger (1995)’s epistemic conditions for Nash equilibrium, and Milgrom and Stokey (1982)’s no-trade theorem are all valid without the CPA but with action-consistency. Moreover, since we show that action-consistency is much less restrictive than the CPA, the above results are more general than previously thought, and insulated from controversies around the CPA.

Mid-auction information acquisition

This paper studies a model of a sequential auction where bidders are allowed to acquire further information about their valuations of the object in the middle of the auction. It is shown that, in any equilibrium where the distribution of the final price is atornless, a bidder's best response has a simple characterization. In particular, the optimal information acquisition point is the same, regardless of the other bidders' actions. This makes it natural to focus on symmetric, undominated equilibria, as in the Vickrey auction. An existence theorem for such a class of equilibria is presented. The paper also presents some results and numerical simulations that compare this sequential auction with the one-shot auction. 8equential auctions typically yield more expected revenue for the seller than their one-shot counterparts. 80 the possibility of mid-auction information acquisition can provide an explanation for why sequential procedures are more often adopted.

Revisiting modern portfolio theory

This paper revisits Modern Portfolio Theory and derives eleven properties of Efficient Allocations and Portfolios in the presence of leverage. With different degrees of leverage, an Efficient Portfolio is a linear combination of two portfolios that lie in different efficient frontiers - which allows for an attractive reinterpretation of the Separation Theorem. In particular a change in the investor risk-return preferences will leave the allocation between the Minimum Risk and Risk Portfolios completely unaltered - but will change the magnitudes of the tactical risk allocations within the Risk Portfolio. The paper also discusses the role of diversification in an Efficient Portfolio, emphasizing its more tactical, rather than strategic character

Nonautonomous difference equations with applications

This work is divided in two parts. In the first part we develop the theory of discrete nonautonomous dynamical systems. In particular, we investigate skew-product dynamical system, periodicity, stability, center manifold, and bifurcation. In the second part we present some concrete models that are used in ecology/biology and economics. In addition to developing the mathematical theory of these models, we use simulations to construct graphs that illustrate and describe the dynamics of the models. One of the main contributions of this dissertation is the study of the stability of some concrete nonlinear maps using the center manifold theory. Moreover, the second contribution is the study of bifurcation, and in particular the construction of bifurcation diagrams in the parameter space of the autonomous Ricker competition model. Since the dynamics of the Ricker competition model is similar to the logistic competition model, we believe that there exists a certain class of two-dimensional maps with which we can generalize our results. Finally, using the Brouwer’s fixed point theorem and the construction of a compact invariant and convex subset of the space, we present a proof of the existence of a positive periodic solution of the nonautonomous Ricker competition model.

Distribución volumétrica, simetría del chorro y diámetro de gotas de las boquillas TF-VS2

El conocimiento de las características de las diferentes boquillas de pulverización tiene una importancia imprescindible para la adecuada y correcta recomendación de su uso. El objetivo de este trabajo fue determinar el espaciamiento máximo en la barra horizontal de pulverización, la simetría del chorro y el diámetro de gotas en boquillas de pulverización TF-VS2. El trabajo fue realizado en mesa de deposición, en donde fueron utilizadas las presiones de 100, 200 y 300 kPa en las alturas de trabajo de 40 y 50 cm. La simetría del chorro fue determinada en función de dos metodologías (empírica y trigonométrica). También se determinó el tamaño de las gotas, utilizando el método de difracción de rayos laser, en función de dos caldos de pulverización constituidos por agua y por agua con adyuvante en las tres presiones de trabajo ya descritas. Los espaciamientos máximos entre las boquillas en la barra de pulverización no pueden rebasar los 70 y 82 cm, admitiéndose el CV de un 10% para las alturas de 40 y de 50 cm respectivamente. La mayor presión proporcionó el menor diámetro mediano volumétrico (DMV) y la peor uniformidad de gotas, además del mayor porcentaje de gotas susceptibles a deriva, así como también aumentó la simetría entre los chorros.

Controle preditivo não linear baseado no modelo de Hammerstein com prova de estabilidade

The Predictive Controller has been receiving plenty attention in the last decades, because the need to understand, to analyze, to predict and to control real systems has been quickly growing with the technological and industrial progress. The objective of this thesis is to present a contribution for the development and implementation of Nonlinear Predictive Controllers based on Hammerstein model, as well as to its make properties evaluation. In this case, in the Nonlinear Predictive Controller development the time-step linearization method is used and a compensation term is introduced in order to improve the controller performance. The main motivation of this thesis is the study and stability guarantee for the Nonlinear Predictive Controller based on Hammerstein model. In this case, was used the concepts of sections and Popov Theorem. Simulation results with literature models shows that the proposed approaches are able to control with good performance and to guarantee the systems stability

Máquina de vetores-suporte intervalar

The Support Vector Machines (SVM) has attracted increasing attention in machine learning area, particularly on classification and patterns recognition. However, in some cases it is not easy to determinate accurately the class which given pattern belongs. This thesis involves the construction of a intervalar pattern classifier using SVM in association with intervalar theory, in order to model the separation of a pattern set between distinct classes with precision, aiming to obtain an optimized separation capable to treat imprecisions contained in the initial data and generated during the computational processing. The SVM is a linear machine. In order to allow it to solve real-world problems (usually nonlinear problems), it is necessary to treat the pattern set, know as input set, transforming from nonlinear nature to linear problem. The kernel machines are responsible to do this mapping. To create the intervalar extension of SVM, both for linear and nonlinear problems, it was necessary define intervalar kernel and the Mercer s theorem (which caracterize a kernel function) to intervalar function

Transferência de calor transiente na agitação linear intermitente de latas

Foi estudada a transferência de calor transiente na agitação linear e intermitente (ALI) de embalagens metálicas contendo simulantes de alimentos, objetivando-se sua aplicação em processos de pasteurização ou esterilização e conseqüentes tratamentos térmicos mais eficientes, homogêneos e com produto de melhor qualidade. Foram utilizados quatro meios fluidos simulantes de alimentos de diferentes viscosidades e massas específicas: três óleos e água. Foram combinados efeitos de cinco tratamentos, sendo: meio simulante (4 níveis), espaço livre (3 níveis), freqüência de agitação (4 níveis), amplitude de agitação (2 níveis) e posição das latas (4 níveis). Os ensaios de aquecimento e resfriamento foram feitos em tanque com água à temperatura de 98 °C e 17-20 °C, respectivamente. Com os dados de penetração de calor em cada experimento, foram calculados os parâmetros de penetração de calor fh, jh, fc e jc. Os resultados foram modelados utilizando-se grupos de números adimensionais e expressos em termos de Nusselt, Prandtl, Reynolds e funções trigonométricas (com medidas de amplitude e freqüência de agitação, espaço livre e dimensões da embalagem). Foram estabelecidas as duas Equações gerais para as fases de aquecimento e resfriamento: Nu = ReA 0,199.Pr 0,288.sen(xa/AM)0,406.cos(xf/FA) 1,039.cos((xf/FA).(EL/H).p) 4,556 Aquecimento Nu = 0,1295.ReA 0,047.Pr 0,193.sen(xa/AM)0,114.cos(xf/FA) 0,641.cos((xf/FA).(EL/H).p) 2,476 Resfriamento O processo de ALI pode ser aplicado em pasteurizadores ou autoclaves estáticas horizontais e verticais, com modificações simples. Concluiu-se que a ALI aumenta significativamente a taxa de transferência de calor, tanto no aquecimento como no resfriamento.

Euler e os números pentagonais

The present investigation includes a study of Leonhard Euler and the pentagonal numbers is his article Mirabilibus Proprietatibus Numerorum Pentagonalium - E524. After a brief review of the life and work of Euler, we analyze the mathematical concepts covered in that article as well as its historical context. For this purpose, we explain the concept of figurate numbers, showing its mode of generation, as well as its geometric and algebraic representations. Then, we present a brief history of the search for the Eulerian pentagonal number theorem, based on his correspondence on the subject with Daniel Bernoulli, Nikolaus Bernoulli, Christian Goldbach and Jean Le Rond d'Alembert. At first, Euler states the theorem, but admits that he doesn t know to prove it. Finally, in a letter to Goldbach in 1750, he presents a demonstration, which is published in E541, along with an alternative proof. The expansion of the concept of pentagonal number is then explained and justified by compare the geometric and algebraic representations of the new pentagonal numbers pentagonal numbers with those of traditional pentagonal numbers. Then we explain to the pentagonal number theorem, that is, the fact that the infinite product(1 x)(1 xx)(1 x3)(1 x4)(1 x5)(1 x6)(1 x7)... is equal to the infinite series 1 x1 x2+x5+x7 x12 x15+x22+x26 ..., where the exponents are given by the pentagonal numbers (expanded) and the sign is determined by whether as more or less as the exponent is pentagonal number (traditional or expanded). We also mention that Euler relates the pentagonal number theorem to other parts of mathematics, such as the concept of partitions, generating functions, the theory of infinite products and the sum of divisors. We end with an explanation of Euler s demonstration pentagonal number theorem

Estimates for the Poisson kernel and Hardy spaces on compact manifolds

We study Hardy spaces on the boundary of a smooth open subset or R-n and prove that they can be defined either through the intrinsic maximal function or through Poisson integrals, yielding identical spaces. This extends to any smooth open subset of R-n results already known for the unit ball. As an application, a characterization of the weak boundary values of functions that belong to holomorphic Hardy spaces is given, which implies an F. and M. Riesz type theorem. (C) 2004 Elsevier B.V. All rights reserved.

PERIODIC PERTURBATION of QUADRATIC SYSTEMS WITH TWO INFINITE HETEROCLINIC CYCLES

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Time-periodic perturbation of a Lienard equation with an unbounded homoclinic loop

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Periodic perturbations of quadratic planar polynomial vector fields

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)