955 resultados para principal-agent-problem


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Recently a number of articles have appeared in the mainstream that deal with the economy in terms of class and exploitation. This paper sets out two of them in a simplified maner and explains why they may be of interest to left wing Latin American economists.

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Dins del marc del projecte europeu HERMES, al Centre de Visió per Computador de la Universitat Autònoma de Barcelona s'està desenvolupant un agent conversacional animat per ordinador el qual haurà de ser capaç d'interactuar amb l'usuari a través de diferents canals de forma simultània, o, el que és el mateix, parlar, gesticular, expressar emocions... Partint, doncs, d'un software capaç de fer que un model 3D d'un cap humà expressi emocions i parli en anglès, donat un arxiu d'àudio prèviament generat, en el treball que aquí es presenta es duu a terme la recerca d'una eina sintetitzadora de parla a partir de text que permeti fer això mateix en català. En aquest document s'explica el procés seguit per a trobar aquesta eina, la investigació realitzada sobre el funcionament d'ambdues per tal d'entendre-les i poder-hi treballar, així com, finalment, les modificacions realitzades per a fer que aquestes puguin interactuar i generar parla inteligible en català a partir de textos escrits en aquest idioma.

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Twenty one opossums (Didelphis marsupialis) from disturbed primary forest in the vicinity of Manaus, and seven from an isolated island of secondary vegetation within the city of Manaus, were examined for the presence of Leishmania. Of the opossums from the primary forests, 13 (61.9%) were found to be positive for Leishmania braziliensis guyanenesis. One additional opossum was found to be positive for Le. mexicana amazonensis. A simple and economical trapping technique for opossums is presented here, and a control method in special cases is suggested.

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Counter automata are more powerful versions of finite state automata where addition and subtraction operations are permitted on a set of n integer registers, called counters. We show that the word problem of Zn is accepted by a nondeterministic m-counter automaton if and only if m &= n.

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The Whitehead minimization problem consists in finding a minimum size element in the automorphic orbit of a word, a cyclic word or a finitely generated subgroup in a finite rank free group. We give the first fully polynomial algorithm to solve this problem, that is, an algorithm that is polynomial both in the length of the input word and in the rank of the free group. Earlier algorithms had an exponential dependency in the rank of the free group. It follows that the primitivity problem – to decide whether a word is an element of some basis of the free group – and the free factor problem can also be solved in polynomial time.

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El present projecte de fi de carrera té com a objectiu principal el desenvolupament d’un servei criptogràfic per a la plataforma JADE, perquè es puguin implementar agents mòbils autoprotegits. Aquest objectiu s’ha aconseguit dotant les plataformes amb un parell de claus asimètriques i facilitant a l’agent funcions que utilitzen la clau privada de la plataforma entre un gran ventall de funcions criptogràfiques diferents.

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Durant les darreres dècades, i degut, principalment, a un canvi en els hàbits alimentaris, hi ha hagut un augment a nivell mundial de malalties cròniques (l’obesitat, malalties cardiovasculars, etc.). En els països mediterranis hi ha menys incidència d’aquestes malalties i sembla ser que això es deu a l’anomenada dieta mediterrània. La dieta mediterrània es caracteritza per una combinació d’oli d’oliva com a grassa principal, verdures, hortalisses i fruites en abundància, lleguminoses, fruits secs, formatges i iogurt, peix, pa, pasta, cereals i els seus derivats i un consum moderat de vi i carns. Aquest model alimentari, ric en tocoferols, fitosterols i fitoestanols que ajuden a reduir el contingut de colesterol en sang, fa que en les poblacions mediterrànies hi hagi menys incidència de malalties cardiovasculars. Aquests compostos inhibeixen el deteriorament oxidatiu dels olis, actuen com agent antipolimerització per olis de fregir. Tenen capacitat de reduir els nivells de colesterol, evitant la incidència de malalties cardiovasculars. Els fitoesterols y fitoestanols es poden trobar en forma lliure o esterificada amb àcids grassos, àcids fenòlics i glucosa. Els objectius d’ aquest treball han estat, primer en el desenvolupament de mètodes d'anàlisi ràpids, fiables i robusts dels tocoferols, fitoesterols i fitoestanols i la seva aplicació en fruits sec, oli de segó, oli de pinyol de raïm i productes que els continguin. El primer mètode va estar basat en la cromatografía líquida (HPLC-DAD) amb extracció en fase sòlida (SPE) com tècnica alternativa a la saponificació para la determinació de fitoesterols lliures. Aquest mètode va estar aplicada a mostres de bombons que contenia fitoesterols. El segon mètode va estar basat en la cromatografia de gasos (GCFID) amb aponificació i SPE per quantificar fitoesterols i fitoestanols lliures, esterificats i totals. En els documents annexos es descriuen a profunditat els mètodes desenvolupats.

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The purpose of this paper is to provide new evidence on the issue of the effect on public enterprises economic performance of the introduction of some given changes in organisational status and management practices, while keeping the enterprises under public control. Our approach is case study type and relies on comparative efficiency literature. We identify relevant changes on the organisational status of a State owned large hotel group along a period of twenty years, next we measure its annual efficiency indicators, and then evaluate to which extent the observed changes in economic performance can be attributable to the corresponding management reforms carried out. As a result we find that the formally more relevant change in organisational status (the enterprise passing to be a Limited Company), which implied a substantial increase in the enterprise autonomy, did not produce a significant improvement in its economic performance; a finding contrary to what we expected according to agency theory. However, a second relevant organisational change –five years later- when both the principal (government) and the agent (firm’s CEO) changed is consistently related to a significant improvement in economic performance. As a research implication we abide for use more precise agency theory statements; and as a practical implication we argue here that potentialities of improvement brought about by a formal-legal change in the status of the enterprise may require also –in order to actually improve firm’s efficiency- some changes in the firm’s key personal positions: supervisor (principal) and CEO (agent), in the sense that a change to a greater-autonomy for the enterprise it seems should come together a parallel new ‘management culture’. Practical implications Management good practises to apply to other public enterprise’s restructuring in order to improve their efficiency. It’s the first study on organizational changes and efficiency for an important Spanish public enterprise.

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Conflict among member states regarding the distribution of net financial burdens has been allowed to contaminate the entire design of the EU budget with very negative consequences in terms of equity, efficiency and transparency. To get around this problem and pave the way for a substantive budget reform, we propose to decouple distributional negotiations from the rest of the budget process by linking member state net balances in a rigid manner to relative prosperity. This would be achieved through the introduction of a system of compensating horizontal transfers that would take to its logical conclusion the Commission's proposal for a generalized compensation mechanism. We discuss the impact of the proposed scheme on member states? incentives and illustrate its financial implications using revenue and expenditure projections for 2013 that are based on the current Financial Perspectives and Own Resources Decision.

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Estudi elaborat a partir d’una estada al Institut national de la santé et de la recherche médicale, França, entre setembre i octubre del 2006. La PAP va ser identificada inicialment com una proteïna de secreció, que apareixia al suc pancreàtic després de la inducció d’una pancreatitis aguda experimental. Per la PAP s’ha suggerit diferents funcions, algunes no relacionades en aparença, però les més interessants en el camp de la pancreatitis són les activitats antiapoptótiques, mitogéniques i, especialment, antiinflamatóries. Per aprofundir en aquests aspectes de la PAP, s’ha emprat un model de ratolí PAP-/- per observar els efectes de la deleció del gen de la PAP durant la pancreatitis aguda.Per induir la pancreatitis es va fer servir el model de administració de ceruleina a dosi supra-màximes. En aquestes condicions es va observar que en els animals PAP-/-, la severitat del procés era menor. Els marcadors de necrosi pancreàtica, lipasa i amilasa, van presentar nivells menors en els animals PAP-/- que en els corresponents wild type. Per contra, el nombre de PMN infiltrats i la producció de citoquines pro-inflamatories va ser major en el pàncreas dels animals PAP-/-. La intensitat de la resposta inflamatòria observada suggereix que en condicions fisiològiques, el paper anti-inflamatori de la PAP es prou rellevant. Això ja s’havia suggerit en estudis in vitro, en els que es va demostrar que l’activitat antiinflamatòria de la PAP depenia de la via de transducció de senyal Jak/STAT/SOCS3. Aquesta hipòtesi s’ha comprovat in vivo, monitoritzant el nivell d’activació de STAT3 en els pàncreas dels animals després de la inducció de la pancreatitis.Tot plegat confirma que les funcions antiinflamatòries descrites in vitro per la PAP també es poden observar in vivo, de manera que la PAP sembla ser un agent important en la resposta de les cèl•lules pancreàtiques durant la pancreatitis aguda.

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"Vegeu el resum a l'inici del document del fitxer adjunt."

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Préface My thesis consists of three essays where I consider equilibrium asset prices and investment strategies when the market is likely to experience crashes and possibly sharp windfalls. Although each part is written as an independent and self contained article, the papers share a common behavioral approach in representing investors preferences regarding to extremal returns. Investors utility is defined over their relative performance rather than over their final wealth position, a method first proposed by Markowitz (1952b) and by Kahneman and Tversky (1979), that I extend to incorporate preferences over extremal outcomes. With the failure of the traditional expected utility models in reproducing the observed stylized features of financial markets, the Prospect theory of Kahneman and Tversky (1979) offered the first significant alternative to the expected utility paradigm by considering that people focus on gains and losses rather than on final positions. Under this setting, Barberis, Huang, and Santos (2000) and McQueen and Vorkink (2004) were able to build a representative agent optimization model which solution reproduced some of the observed risk premium and excess volatility. The research in behavioral finance is relatively new and its potential still to explore. The three essays composing my thesis propose to use and extend this setting to study investors behavior and investment strategies in a market where crashes and sharp windfalls are likely to occur. In the first paper, the preferences of a representative agent, relative to time varying positive and negative extremal thresholds are modelled and estimated. A new utility function that conciliates between expected utility maximization and tail-related performance measures is proposed. The model estimation shows that the representative agent preferences reveals a significant level of crash aversion and lottery-pursuit. Assuming a single risky asset economy the proposed specification is able to reproduce some of the distributional features exhibited by financial return series. The second part proposes and illustrates a preference-based asset allocation model taking into account investors crash aversion. Using the skewed t distribution, optimal allocations are characterized as a resulting tradeoff between the distribution four moments. The specification highlights the preference for odd moments and the aversion for even moments. Qualitatively, optimal portfolios are analyzed in terms of firm characteristics and in a setting that reflects real-time asset allocation, a systematic over-performance is obtained compared to the aggregate stock market. Finally, in my third article, dynamic option-based investment strategies are derived and illustrated for investors presenting downside loss aversion. The problem is solved in closed form when the stock market exhibits stochastic volatility and jumps. The specification of downside loss averse utility functions allows corresponding terminal wealth profiles to be expressed as options on the stochastic discount factor contingent on the loss aversion level. Therefore dynamic strategies reduce to the replicating portfolio using exchange traded and well selected options, and the risky stock.

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