Testing consumption optimality using aggregate data

This paper tests the optimality of consumption decisions at the aggregate level taking into account popular deviations from the canonical constant-relative-risk-aversion (CRRA) utility function model-rule of thumb and habit. First, based on the critique in Carroll (2001) and Weber (2002) of the linearization and testing strategies using euler equations for consumption, we provide extensive empirical evidence of their inappropriateness - a drawback for standard rule- of-thumb tests. Second, we propose a novel approach to test for consumption optimality in this context: nonlinear estimation coupled with return aggregation, where rule-of-thumb behavior and habit are special cases of an all encompassing model. We estimated 48 euler equations using GMM. At the 5% level, we only rejected optimality twice out of 48 times. Moreover, out of 24 regressions, we found the rule-of-thumb parameter to be statistically significant only twice. Hence, lack of optimality in consumption decisions represent the exception, not the rule. Finally, we found the habit parameter to be statistically significant on four occasions out of 24.

A consumption CAPM with a reference level

We study an intertemporal asset pricing model in which a representative consumer maximizes expected utility derived from both the ratio of his consumption to some reference level and this level itself. If the reference consumption level is assumed to be determined by past consumption levels, the model generalizes the usual habit formation specifications. When the reference level growth rate is made dependent on the market portfolio return and on past consumption growth, the model mixes a consumption CAPM with habit formation together with the CAPM. It therefore provides, in an expected utility framework, a generalization of the non-expected recursive utility model of Epstein and Zin (1989). When we estimate this specification with aggregate per capita consumption, we obtain economically plausible values of the preference parameters, in contrast with the habit formation or the Epstein-Zin cases taken separately. All tests performed with various preference specifications confirm that the reference level enters significantly in the pricing kernel.

Do equity and foreign currency risk premiums display common patterns?

In da Costa et al. (2006) we have shown how a same pricing kernel can account for the excess returns of the S&:P500 over the US short term bond and of the uncovered over the covered trading of foreign government bonds. In this paper we estimate and test the overidentifying restrictiom; of Euler equations associated with "ix different versions of the Consumption Capital Asset Pricing I\Iodel. Our main finding is that the same (however often unreasonable) values for the parameters are estimated for ali models in both nmrkets. In most cases, the rejections or otherwise of overidentifying restrictions occurs for the two markets, suggesting that success and failure stories for the equity premium repeat themselves in foreign exchange markets. Our results corroborate the findings in da Costa et al. (2006) that indicate a strong similarity between the behavior of excess returns in the two markets when modeled as risk premiums, providing empirical grounds to believe that the proposed preference-based solutions to puzzles in domestic financiaI markets can certainly shed light on the Forward Premium Puzzle.

Política fiscal, crédito subsidiado e seus efeitos sobre a política monetária

Neste trabalho apresentamos um modelo DSGE de pequena escala com economia fechada para estudar os efeitos de um aumento do crédito subsidiado e de uma política fiscal expansionista sobre as decisões de política monetária. O modelo, construído com base na literatura nacional e internacional, é constituído por uma economia fechada, com formação de hábito dos consumidores, firmas atuando em um mercado de competição monopolística (NEISS; NELSON, 2003) e rigidez de preços a la Calvo (CHRISTIANO; EICHENBAUM; EVANS, 2005). O governo é inserido no modelo através da autoridade monetária, que segue a Regra de Taylor definida por Vasconcelos e Divino (2012), e através da autoridade fiscal, que segue uma meta de superávit primário como em Castro et al. (2011). Por fim, o volume de investimento financiado por crédito subsidiado e a taxa deste crédito são definidos exogenamente pela autoridade fiscal, afetando sua restrição orçamentária. Os resultados obtidos sugerem que a política fiscal expansionista é mais importante que o aumento do subsídio ao crédito para o aumento da taxa de juros real neutra. Estes efeitos, porém, explicam pouco da variância das variáveis macroeconômicas quando comparados aos choques de demanda e de produtividade. Além disso, o modelo mostra evidências de um caráter inflacionário recente da política monetária no Brasil.

O comportamento do cidadão quanto à separação de resíduos recicláveis domiciliares no município de Rio de Janeiro

A aprovação e posterior regulamentação da Lei 12.305, de 2 de agosto de 2010, que institui a Política Nacional de Resíduos Sólidos – PNRS estabeleceu necessidades de uma nova articulação entre os três entes federados – União, Estados e Municípios – o setor produtivo e a sociedade em geral na busca de soluções para os problemas atuais na gestão de resíduos sólidos. Baseada principalmente no conceito de responsabilidade compartilhada, toda a sociedade – cidadãos, setor produtivo, governos e sociedade civil organizada – passa a ser responsável pela gestão dos resíduos sólidos por ela produzidos. Falando especificamente do cidadão, um dos atuais desafios é saber como seu comportamento em relação à separação de resíduos recicláveis no âmbito do seu domicílio se relaciona com os objetivos e metas de reciclagem do município. Considerou-se uma amostra (N=310) de residentes em domicílios do Rio de Janeiro, e os dados coletados foram analisados segundo o modelo ABC de STERN. Os resultados empíricos mostraram que as variáveis associadas ao hábito, às normas sociais diretas e às atitudes afetivas têm peso significativo na predição do modelo do comportamento pró-reciclagem. Como contribuição prática, espera-se que o PMGIRS do Rio de Janeiro possa ser aprimorado, contribuindo para o aumento da participação do cidadão na separação de resíduos recicláveis em seu domicílio, auxiliando os gestores municipais nas decisões necessárias ao cumprimento de objetivos e metas relacionados com a reciclagem na cidade do Rio de Janeiro.

WalkNRide: contextualising feedback in physical activity trackers

Increasing levels of sedentarism and obesity, along with advances in sensor technologies have instigated a market for wearable activity trackers, electronic devices that sense users’ physical activity levels with the goals of self-monitoring and behaviour change. Nowadays, activity trackers are one of the most desirable technologies, making up for a market of over $230 million in 2013. However, despite the spike of users’ interest, activity trackers have been shown to lose their appeal over time, with a recent survey suggesting that one out of three users discard the tracker in the course of the first six months of use. The question we pose is: how can we design activity tracker so that users’ interests is sustained over the long term? Our design approach focuses on contextualising physical activity. We do this through sensing users’ locations and activities (such as being still, walking or commuting through a car, bus or other means) and thus providing innovative ways of presenting feedback on users. This thesis presents the design and evaluation of WalkNRide, a physical activity tracker for Google Android. Through a longitudinal field study of WalkNRide, we attempt to inquire into the factors that drive the adoption (or non-adoption) of the tool as well as the ways in which the use of the tool contributes towards habit formation.

The ileum as a determinant organ of the functional liver cell mass in rats

PURPOSE: To evaluate if the ileum resection changes the functioning liver cell mass, the hepatic metabolism and the biodistribution of radiopharmaceutical in rats. METHODS: Twelve Wistar rats weighing 285g±34g were randomly divided into the ileum resection group (n = 6) and sham group rats (n = 6). After 30 days, they were anesthetized and 0.1mL of 99m-Tc-phytate(0.66MBq) was injected via femoral vein. After 30 minutes, blood samples were collected for red blood cells radioactive labeling and serum ALT, AST and gammaGT. Liver samples were used for 99m-Tc-phytatepercentage of radioactivity/gram of tissue and histopathology. Student’s t test was used with significance 0.05. RESULTS: There was a higher uptake of 99m-Tc-phytate in the liver of sham rats, compared to the ileum resection group (p<0.05). GammaGT, ALT and AST were increased in ileum resection rats compared to sham (p<0.05). The he patocytes count was significantly lower in ileum resection group than in sham (p<0.05). Liver: body mass ratio was lower in experimental animals than in sham group (p<0.05). CONCLUSION: These data support that the ileum has important role in liver function and liver mass regulation, and they have potential clinical implications regarding the pathogenesis of liver injury following lower bowel resection.

Biodistribution of the Radiopharmaceutical Sodium Pertechnetate after Biliopancreatic Bypass with a Duodenal Switch

Study with the purpose to examine the effects of duodenal switch (DS), regularly performed in morbidly obese patients, on biodistribution of sodium pertechnetate in several organs of rats. There was no early or late mortality in either rats groups. The values of percent radioactivity per gram of tissue (%ATI/g), showed no significant difference in liver, stomach, small bowel, duodenum, kidney, heart, bladder, bone and brain, when compared the DS rats with sham and controls rats. A postoperative significant increase (p<0.05) in mean %ATI/g levels was observed in spleen, pancreas and muscle in group DS rats, as compared to group S and C rats. In the lung there was an increase and in thyroid a decrease in mean %ATI/g of DS rats, when compared to sham rats (p<0.05). In conclusion, the biliopancreatic diversion with duodenal switch in rats modified the biodistribution of sodium pertechnetate in thyroid, lung, pancreas, spleen and muscle

Análises de elementos arquitetônicos de proteção solar em edificações institucionais na cidade de Natal/RN Diretrizes projetuais

The present work concerns the use of shade elements as architectural elements to block sunlight in public buildings. In a city like Natal, (5o South) the incidence of sunrays in any type of design should be a constant concern for all the architects. Besides, this habit of avoiding insolation in the environment is not a common practice. Within this context, the present work has the objective to dig deep into the knowledge of solar control, studying some cases and verifying its function according to the orientation and the original design of the building, having in mind if the shade elements usually used in the region have achieved their purpose of providing protection against the incidence of direct sun rays. This study considers the position of the shade element (horizontal and vertical), the angle formed between them and the respective facades, and the local of the buildings in relation to their orientation during the summer, winter and equinox solstice. As supporting instruments the solar map of the city and the protractor, for measuring shade angles, were used. It was concluded that in all the cases studied, it was not possible to obtain the maximum use of the elements. It was verified that the best type of shade element (more efficient) for the city of Natal is the mixed type (horizontal and vertical) and that the vertical shade elements are more efficient in the early mornings and late afternoon. The horizontal shade elements are used more effective at midday. We intend to present the results of this study to the architects in the region in order to show them the correct ways of using the shade elements according to the possible orientation on the facade, as a supporting tool at the time of designing a project as well as a subsidy for further discussions on the elaboration of the new urban standards for the city of Natal/RN

Ecologia alimentar e reprodutiva da piaba-do-rabo-amarelo, Astyanax cf. lacustris (Reinhardt, 1874) (Osteichthyes: Characidae) na Lagoa do Piató, Assu, Rio Grande do Norte, Brasil

The feeding habits and biological aspects of the reproductive cycle of two-spot astyanax, Astyanax cf. lacustris (Reinhardt, 1874) were investigated. Fish samples were captured on a monthly basis, using gillnets of 4 cm mesh size, from the Piató Lake, Assu, Rio Grande do Norte, during the period of September, 2006 to August, 2007. Physico-chemical parameters, such as, temperature, electrical conductivity and dissolved oxygen of the lake were registered. The monthly values of rainfall also were obtained. The 360 individuals captured, were measured, weighed, dissected, and stomach weight and the stage of gonadal maturity were registered. The stomach contents analyses were carried out based on volumetric method, points, frequency of occurrence and applying the Index of Relative Importance. The degrees of repletion of the stomachs were determined besides the Index of Repletion relating to feeding activity variations and frequency of ingestion with limnological parameters and rainfall. The food items identified were separated into distinct groups according to their origin. Sex ratio and Gonadosomatic Relation of females were verified to determine the spawning period and fecundity. The physico-chemical parameters presented the following annual mean values: temperature = 28.8ºC, electrical conductivity = 992.5 µS.cm-1; dissolved oxygen = 4.9 mg.L-1 during the study period. The annual mean of the rainfall was 63.5 mm. The results indicate that this species present an omnivorous feeding habit with a tendency towards insectivory, with an increase in feeding activity during the dry season. The aquatic oxygen to interfere very importance in the feeding activity than the others factors physico-chemicals of water and rainfall. There was a predominance of females, with a sex proportion of 1M:7F. The macroscopic characteristics of the ovaries and testicles revealed four stages of gonadal development: immature, maturing, mature and spent. A temporal variation was observed for the gonadal development of males and females. There was reproductive activity through out the year, with peaks in the months of February, April and June to correspond with the rain of precipitation of the region. The mean fecundity was 7.681 mature oocytes, varying from 4.476 to 12.036, with mean of 7.681. There was positive relation between fecundity and body mass. Condition Factor is not an efficient indicator of the reproductive period of this species. The species A. cf. lacustris is an opportunist and is well adapted to the conditions of the semi-arid Caatinga Biome

Distribuição e abundância da malacofauna epibentônica no Parracho de Maracajaú, RN, Brasil

The mollusks present a great taxon variety and life habits in coral reefs being good environmental indicators. It is important to know the distribution pattern of the mollusks and the processes that influence it, so that disturbances in sea ecosystems could be monitored. The present study aims to accomplish the inventory and distribution of epibenthic mollusks in the Parracho of Maracajaú. 23 sites in different habitats of the Parracho were settled: 11 in the reef habitat, 3 in the sandy bottom and 9 in the seagrass bed. Qualitative and quantitative samplings have been done through snorkeling and scuba diving. Three band transects (10m²) were sampled in each site and the data were obtained to each m² of the transect, where the species were counted and the environmental variables (rugosity and recovery of the substratum) were valued. The data were submitted to multivariate analyses in order to find possible distribution patterns that could be associated to the substratum variables. The diversity indexes were calculated for each reef sites and compared with each other. A number of 46 species were registered. The reef habit at should to be the richnest area while the sandy bottom was poorest one. In the reef habitat, the mollusks were associated to rugosity and recovering of frondose algae and zoanthids, while for the seagrass bed, the animals exhibited a richness variation associated to the muddy and sandy sediment. There were found 3 species economically explored, what requires an appropriate management for the maintenance and conservation of the area resources in a sustainable way

Projeto raia de fogo: aspectos populacionais da raia de fogo (Dasyatis marianae Gomes, Rosa & Gadig, 2000) e pesca de elasmobrânquios no complexo recifal do Parracho de Maracajaú

The species Dasyatis marianae inhabits coastal areas associated with coral reefs, considered endemic to the northeast of Brazil, occurring from the State of Maranhão to the south of Bahia. Specimens of this species are commonly sighted by divers and fishermen in the area of Maracajaú reefs, a complex reef that is part of the Environmental Protection Area of Coral Reefs (EPACR), which was developed in this study about the ecology and biology of the D. marianae, in order to characterize aspects of population structure in the area of the reef complex of Parracho de Maracajaú. We analyzed 120 specimens caught by artisanal fishing site of the size, weight, sex, stage of maturity and stomach contents. Most subjects were adult males (1.7:1) and was more abundant for rays with lengths between 25 and 29cm of LD, where females reach larger sizes, a feature common to other rays. The largest specimens were captured in the area of seagrass, which is preferred for the species. The distribution of species in the area showed an ontogenetic and sexual segregation, where the youthful occur near the beach, which is a likely area for nursery and growth of the adult females prevail in the seagrass, which apparently has a high prey availability, and Adult males are more distant, a higher proportion occurring in outlying areas, suggesting a habit more exploratory than the females. The evaluation of the reproductive system indicated 3 reproductive cycles per year, one young per pregnancy, and showed that the mature males were smaller than females. The cubs of D. marianae size at birth 12 to 15cm LD. As for diet, the species was characterized as carnivorous crustacean specialist. The performance of visual censuses in different localities allowed to evaluate the density of D. marianae in different environments of the complex. The species occurs in greater numbers in seagrass, environment very important for the conservation of the species. 100 individuals of D. marianae marked in reef complex area enrolled in a recapture rate of 3%. Some behavioral aspects were evaluated, as diurnal pattern of activity, interaction with cleaning and fish Pomacanthus paru followers as Lutjanus analis and Carangoides bartholomaei. Overall, much of the information obtained should be used for management of the species

Avaliação das concentrações hepáticas e séricas de retinol em bovinos e do consumo habitual de fígado por gestantes

The vitamin A is essential to animals because of its participation in a great number of biological functions. The investigation of this vitamin s concentrations is important to serve as reference to normality parameters. This study had as aim to analyse the serics and hepatics concentrations of vitamin A in two groups of bovines and to compare the hepatics concentrations to the present requeriments of vitamin A for pregnant women. It was also appraised the consume habit of bovine liver by pregnant women through of the alimentary frequency quest. Two groups of bovine were studied and the first was formad by Nelore bovine breed and the second by bovine without defined breed (WDB). It was analysed 120 samples: 60 of liver and 60 of serum. The method used to dose retinol was High Performance Liquid Cromatography (HPLC). The average (+ sd) of retinol concentrations in Nelore breed bovine and WDB liver were 16947,8 + 6866,9 and 5213,1 + 2517,2 µg of retinol/100g and at serum 39,6 + 17,9 e 28,6 + 9,4 µg of retinol/dL, respectively. No statistically significant correlation was found between hepatic and the serum retinol. The bovines in this study had adequate vitamin A levels. Independently of animal breed, the daily ingestion of bovine liver is not advised for pregnant women who show adequate support of vitamin A. The consume of bovine liver by pregnant women consulted on school maternity hospital Januário Cicco, UFRN, Natal RN, was considered high

Biologia alimentar e morfohistologia do tubo digestório do mussum, synbranchus marmoratus, bloch (osteichthyes: synbranchidae) no açude Marechal Dutra Gargalheiras , localizado no semi-árido brasileiro

Food habits and morpho-histology of the digestive tract of marbled swamp eel, Synbranchus marmoratus (Block, 1917) were investigated. The fish samples were captured during August, 2007 to July, 2008 in the Marechal Dutra reservoir, Acari, Rio Grande do Norte. The rain fall data was obtained from EMPARN. The fish captured, were measured, weighed, dissected, eviscerated and individual stomach weights were registered. The stomach contents analyses were carried out based on volumetric method, points, frequency of occurrence and applying the Index of Relative Importance. The degrees of repletion of the stomachs were determined besides the Index of Repletion relating to feeding activity variations and frequency of ingestion during the rainy and dry seasons. The rainfall varied from 0 mm a 335 mm with a mean value of 71.62 mm. Highest rainfall of 335.5 mm was registered in March, 2008 and August to December was the dry period. During the dry period the study species presented high degrees of repletion of the stomachs, with a peak value in the month of September (mean = 4.54; ± SD = 0.56). The minimum mean value of = 3.99 ± SD = 0.25 was registered in the month of May during the rainy period. The stomach contents of S. marmoratus registered show that this fish prefers animals, 78.22% of crustaceans 2.85% of mollusks, 3.25% of fish, 1.4% of insects and 13.5% of semi-digested organic matter, thus characterizing the study species as a carnivore with a preference for crustaceans. The morpho-histological aspects of the digestive tract of S. marmoratus indicate that the mouth is terminal adapted to open widely, thin lips with taste buds, small villiform teeth forming a single series on maxillas, four pairs of branchial arches with short and widely spaced branchial rays. The oesophagus is short and cylindrical with a small diameter. The oesophagus wall is thick with mucas surface and internal parallel folds. The stomach is retilinical in form, presenting cardiac, caecal and pyloric portions. The caecal portion is long and is intermediary in position between the cardiac and pyloric portions. The cardiac portion of the stomach is short and cylindrical formed of simple epithelial cylindrical mucus cells. The caecal portion is long with narrow walls, a big cavity and smaller folds which give rise to gastric glands. The phyloric portion has no glands and primary or secondary mucas folds. The morphohistological aspects of the digestive tract of S. marmoratus indicate its adaptation to a carnivorous feeding habit

Filogenia molecular de fungos gasteroides das ordens Phallales e Geastrales (Phallomycetidae)

Gasteroids fungi are characterized by the basidiospores maturation inside the basidioma, from which spores liberation occurs in a passive manner. These fungi were once seen as a well definite class of Basidiomycota, but nowadays they are considered an artificial assemblage, because the organisms have independent evolutionary histories forming a polyphyletic group with a vast morphological variety. Despite their diversity, studies with this group in the tropics are incipient, and the phylogenetic relationships of the species from temperate climate remain unknown. Thus, this work aimed to elucidate the phylogenetic relationships of gasteroids fungi from the Geastrales and Phallales orders, with the inclusion of tropical and temperate species, and with these analyses suggest a systematic position of species like Aseroë floriformis and Phallus roseus, as well as to verify if the lignicolous habit can indicate parental relationship in the Geastrum genus. For this, basidiomata were collected at Atlantic rain forest areas, during the rainy season, and the specimen identification followed specific literature for gasteroid fungi. The phylogenetic analyses were performed with Maximum Parsimony and Bayesian Analysis, making use of RPB2 and 28S nuclear genes and atp6 mitochondrial gene. It could be observed on the Phallales dendogram, that Aseroë floriformis did not cluster with A. rubra, and that it has an anterior divergence from all others species of the family Clathraceae used in this analysis, assuming a basal position in the clade. Phallus roseus, which once was recognized as Itajahya, has previous divergence from the group formed by Phallus species. At the Geastrales dendogram, in the group corresponding to Geastrum genus, it could be observed that species with lignicolous habitat clustered in a clade with high support values. So, the results suggest the creation of a new genus to accommodate A. floriformis, and the revalidation of Itajahya, as well as it can be affirmed that the lignicolous habitat on the Geastrum genus in fact indicates parental relationships, and that it has arised only once at the evolutionary history of the genus