Investment Under Demand Uncertainty: the Newsboy Problem Revisited.

In this article we study the effect of uncertainty on an entrepreneur who must choose the capacity of his business before knowing the demand for his product. The unit profit of operation is known with certainty but there is no flexibility in our one-period framework. We show how the introduction of global uncertainty reduces the investment of the risk neutral entrepreneur and, even more, that the risk averse one. We also show how marginal increases in risk reduce the optimal capacity of both the risk neutral and the risk averse entrepreneur, without any restriction on the concave utility function and with limited restrictions on the definition of a mean preserving spread. These general results are explained by the fact that the newsboy has a piecewise-linear, and concave, monetary payoff witha kink endogenously determined at the level of optimal capacity. Our results are compared with those in the two literatures on price uncertainty and demand uncertainty, and particularly, with the recent contributions of Eeckhoudt, Gollier and Schlesinger (1991, 1995).

Aplicación de los catalizadores ZnO-Fe?O? y ZnO-Fe? en la degradación fotocatalítica solar de dicamba y 2,4-D.

Tesis (Doctor en Ciencias con orientación en Química Analítica Ambiental) UANL, 2013.

Synthesis of Zinc oxide nanorods via conductive polymeric template and its potential application in hybrid solar cells.

Tesis (Doctorado en Ciencias con orientación en Química de los Materiales) UANL, 2014.

A new avalanche model for solar flares

Thèse numérisée par la Division de la gestion de documents et des archives de l'Université de Montréal

Prices of durable nonrenewable natural resources under stochastic investment opportunities

On étudie l'évolution du prix d'une ressource naturelle non renouvelable dans le cas où cette ressource est durable, c'est-à-dire qu'une fois extraite elle devient un actif productif détenu hors terre. On emprunte à la théorie de la détermination du prix des actifs pour ce faire. Le choix de portefeuille porte alors sur les actifs suivant : un stock de ressource non renouvelable détenu en terre, qui ne procure aucun service productif; un stock de ressource détenu hors terre, qui procure un flux de services productifs; un stock d'un bien composite, qui peut être détenu soit sous forme de capital productif, soit sous forme d'une obligation dont le rendement est donn e. Les productivités du secteur de production du bien composite et du secteur de l'extraction de la ressource évoluent de façon stochastique. On montre que la prédiction que l'on peut tirer quant au sentier de prix de la ressource diffère considérablement de celle qui découle de la règle d'Hotelling élémentaire et qu'aucune prédiction non ambiguë quant au comportement du sentier de prix ne peut être obtenue de façon analytique.

Investing Online: Concerns about the Evolving Use of the Internet as an Investment Tool in the Secondary Market Context

La croissance dramatique du commerce électronique des titres cache un grand potentiel pour les investisseurs, de même que pour l’industrie des valeurs mobilières en général. Prenant en considération ses risques particuliers, les autorités réglementaires vivent un défi important face à l’Internet en tant que nouveau moyen d’investir. Néanmoins, malgré l’évolution technologique, les objectifs fondamentaux et l’approche des autorités réglementaires restent similaires à ce qui se produit présentement. Cet article analyse l’impact de l’Internet sur le commerce des valeurs mobilières en se concentrant sur les problèmes soulevés par l’utilisation de ce nouveau moyen de communication dans le contexte du marché secondaire. Par conséquent, son objectif est de dresser le portrait des plaintes typiques des investisseurs, de même que celui des activités frauduleuses en valeurs mobilières propres au cyberespace. L’auteur fait une synthèse des développements récents en analysant l’approche des autorités réglementaires, les études doctrinales, la jurisprudence et les cas administratifs. L'auteure désire remercier la professeure Raymonde Crête pour ses précieux commentaires et conseils.

A Coupled 2 × 2D Babcock–Leighton Solar Dynamo Model. I. Surface Magnetic Flux Evolution

The need for reliable predictions of the solar activity cycle motivates the development of dynamo models incorporating a representation of surface processes sufficiently detailed to allow assimilation of magnetographic data. In this series of papers we present one such dynamo model, and document its behavior and properties. This first paper focuses on one of the model's key components, namely surface magnetic flux evolution. Using a genetic algorithm, we obtain best-fit parameters of the transport model by least-squares minimization of the differences between the associated synthetic synoptic magnetogram and real magnetographic data for activity cycle 21. Our fitting procedure also returns Monte Carlo-like error estimates. We show that the range of acceptable surface meridional flow profiles is in good agreement with Doppler measurements, even though the latter are not used in the fitting process. Using a synthetic database of bipolar magnetic region (BMR) emergences reproducing the statistical properties of observed emergences, we also ascertain the sensitivity of global cycle properties, such as the strength of the dipole moment and timing of polarity reversal, to distinct realizations of BMR emergence, and on this basis argue that this stochasticity represents a primary source of uncertainty for predicting solar cycle characteristics.

Fabrication and Characterization of Spray Pyrolysed Cadmium Sulphide Homojunction Solar Cells

The study on the fabrication and characterization of spray pyrolysed cadmium sulphide homojunction solar cells. As an alternative to the conventional energy source, the PV technology has to be improved. Study about the factors affecting the performance of the existing solar cells and this will result in the enhancement of efficiency of the cells. At the same time it is equally important to have R&D works on developing new photovoltaic devices and processes which are less expensive for large scale production. CdS is an important binary compound semiconductor, which is very useful in the field of photovoltaics. It is very easy to prepare large area CdS thin films. In order to fabricate thin film homojunction cadmium sulphide cells, prepared and characterized SnO2 thin film as the lower electrode, p-CdS as the active layer and n-CdS as window layer. Cadmium material used for the fabrication of homojunction solar cells is highly toxic. The major damage due to continued exposure to low levels of cadmium are on the kidneys, lungs and bones. The real advantage of spray pyrolysis process is that there is no emission of any toxic gases during the deposition. Very low concentration of the chemicals is needed in this process. The risk involved from this material is very low, though they are toxic. On large scale usage it may become necessary that the cells after their life, should be bought back by the companies to retrieve chemicals like cadmium. This will reduce environmental problem and also the material wastage

Engineering the Properties of Indium Sulfide for Thin Film Solar Cells by Doping

In the present work, structural, optical and electrical properties of indium sulfide are tuned by specific and controlled doping. Silver, tin, copper and chlorine were used as the doping elements. In2S3 thin films for the present study were prepared using a simple and low cost “Chemical Spray Pyrolysis (CSP)” technique. This technique is adaptable for large-area deposition of thin films in any required shape and facilitates easiness of doping and/or variation of atomic ratio. It involves spraying a solution, usually aqueous, containing soluble salts of the constituents of the desired compound onto a heated substrate. Doping process was optimized for different doping concentrations. On optimizing doping conditions, we tuned the structural, optical and electrical properties of indium sulfide thin films making them perform as an ideal buffer layer.