Transaction Costs and Institutions

This paper proposes a simple framework for understanding endogenous transaction costs - their composition, size and implications. In a model of diversification against risk, we distinguish between investments in institutions that facilitate exchange and the costs of conducting exchange itself. Institutional quality and market size are determined by the decisions of risk averse agents and conditions are discussed under which the efficient allocation may be decentralized. We highlight a number of differences with models where transaction costs are exogenous, including the implications for taxation and measurement issues.

Nominal Stability and Financial Globalization

Over the past four decades, advanced economies experienced a large growth in gross external portfolio positions. This phenomenon has been described as Financial Globalization. Over roughly the same time frame, most of these countries also saw a substantial fall in the level and variability of inflation. Many economists have conjectured that financial globalization contributed to the improved performance in the level and predictability of inflation. In this paper, we explore the causal link running in the opposite direction. We show that a monetary policy rule which reduces inflation variability leads to an increase in the size of gross external positions, both in equity and bond portfolios. This appears to be a robust prediction of open economy macro models with endogenous portfolio choice. It holds across different modeling specifications and parameterizations. We also present preliminary empirical evidence which shows a negative relationship between inflation volatility and the size of gross external positions.

Complexity and Bounded Rationality in Individual Decision Problemsing.

I develop a model of endogenous bounded rationality due to search costs, arising implicitly from the problems complexity. The decision maker is not required to know the entire structure of the problem when making choices but can think ahead, through costly search, to reveal more of it. However, the costs of search are not assumed exogenously; they are inferred from revealed preferences through her choices. Thus, bounded rationality and its extent emerge endogenously: as problems become simpler or as the benefits of deeper search become larger relative to its costs, the choices more closely resemble those of a rational agent. For a fixed decision problem, the costs of search will vary across agents. For a given decision maker, they will vary across problems. The model explains, therefore, why the disparity, between observed choices and those prescribed under rationality, varies across agents and problems. It also suggests, under reasonable assumptions, an identifying prediction: a relation between the benefits of deeper search and the depth of the search. As long as calibration of the search costs is possible, this can be tested on any agent-problem pair. My approach provides a common framework for depicting the underlying limitations that force departures from rationality in different and unrelated decision-making situations. Specifically, I show that it is consistent with violations of timing independence in temporal framing problems, dynamic inconsistency and diversification bias in sequential versus simultaneous choice problems, and with plausible but contrasting risk attitudes across small- and large-stakes gambles.

New insights into the phylogenetics and biogeography of Arum (Araceae): unravelling its evolutionary history

The heat- and odour-producing genus Arum (Araceae) has interested scientists for centuries. This long-term interest has allowed a deep knowledge of some complex processes, such as the physiology and dynamics of its characteristic lure-and-trap pollination system, to be built up. However, mainly because of its large distributional range and high degree of morphological variation, species' limits and relationships are still under discussion. Today, the genus comprises 28 species subdivided into two subgenera, two sections and six subsections. In this study, the phylogeny of the genus is inferred on the basis of four plastid regions, and the evolution of several morphological characters is investigated. Our phylogenetic hypothesis is not in agreement with the current infrageneric classification of the genus and challenges the monophyly of several species. This demonstrates the need for a new infrageneric classification based on characters reflecting the evolution of this enigmatic genus. To investigate the biogeography of Arum deeply, further spatiotemporal analyses were performed, addressing the importance of the Mediterranean basin in the diversification of Arum. Our results suggest that its centre of origin was the European-Aegean region, and that major diversification happened during the last 10 Myr.

The role of education in equity portfolios during the recent financial crisis

Using a panel of 38 economies, over the period 2001 to 2010, we analyse the link between diversification in equity portfolios and different facets of education. We find that traditionally used measures of education play an important role in reducing equity home bias. After separating countries according to their level of financial development, we find that less developed economies tend to benefit more from an improvement in the level of education compared to their more developed counterparts. We also find that the beneficial effect of education is more pronounced during the most recent financial crisis, especially for economies with less developed financial markets.

Education and the local equity bias around the world

Using a panel of 38 economies, over the period 2001 to 2010, we analyse the link between different facets of education and diversification in international portfolios. We find that university education, mathematical numeracy, in addition to financial skill, play an important role in reducing home bias. After separating countries according to their level of financial development, we find that less developed economies with more university graduates, or with higher level of mathematical numeracy, have lower level of local equity bias compared to more developed countries. We also find that the beneficial effect of education is more pronounced during the most recent financial crisis, especially for economies with less developed financial markets.

The Political Economy of Resource Rent Distribution

I model the link between political regime and level of diversification following a windfall of natural resource revenues. The explanatory variables I make use of are the political support functions embedded within each type of regime and the disparate levels of discretion, openness, transparency, and accountability of government. I show that a democratic government seeks to maximize the long-term consumption path of the representative consumer, in order to maximize its chances of re-election, while an authoritarian government, in the absence of any electoral mechanism of accountability, seeks to buy off and entrench a group of special interests loyal to the government and potent enough to ensure its short-term survival. Essentially the contrast in the approaches towards resource rent distribution comes down to a variation in political weights on aggregate welfare and rentierist special interests endogenized by distinct political support functions.

Relationships of phlebotomine sand flies (Diptera)

The status of phlebotomine sand flies in relationship to the family Psychodidae (Diptera) is reviewed. It is concluded that sand flies should be given familial recognition as Phlebotomidae, divided into subfamilies Phlebotominae and Bruchomyiinae. A comparison is made between the evolution of Psychodidae and Phlebotomidae, and it is concluded that the two families represent contrasting evolutionary experiments at an early stage of the diversification of Diptera.

Genetic survey of "spinturnix sp" (Acari, Mesostigmata) and their bat hosts in Western Palearctic

SUMMARY : The coevolution between two intimately associated organisms, like host and parasite, is a widely investigated theme in evolutionary biology. Recently, the use of genetic data in the study of host-parasite systems evidences that the genetic information from some parasites can complement genetic data from their hosts and thus may help to better understand their host's evolutionary history. Phylogenetic and population genetic aspects of bat parasites have been poorly investigated. Spinturnicid mites are highly specialized ectoparasites, exclusively associated with bats and therefore represent an ideal model to extant our knowledge on bat and parasite biology and on their coevolutionary history. In this thesis, I developed several molecular markers (mitochondrial DNA) to compare the genetic patterns of Spinturnix mites with their bat hosts at different levels. The molecular co-phylogeny between Spinturnix sp. and their bat hosts suggests a partial cospeciation and the occurrence of failure to speciate events and multiple host switches. Thus, Spinturnix mites do not exactly mirror the phylogenetic pattern of their hosts, despite their intimate association. Similar roosting habits of the hosts seem to promote host switches between different species, as far as ecological conditions are favourable. The phylogeographic study of the Maghrebian bat M. punicus in the Mediterranean area confirms the presence of M. punicus in North Africa, Corsica and Sardinia and highlights that islands and mainland are genetically highly divergent. The comparison between the parasitic mite S. myoti and the Maghrebian bat suggests that the phylogeographic pattern of the mite is moulded by its host, with open water as main barrier for host and parasite dispersal. Moreover, the unique presence of a European S. myoti lineage on M. punicus from Corsica strongly suggests the former presence of mouse-eared bats (M. myotis and/or M. blythii) in Corsica. By highlighting the probable presence of a nowadays locally extinct host species, S. myoti may represent a good proxy for inferring complex evolutionary history of bat hosts. Finally, population genetic surveys of S. myoti and S. bechsteinii suggest that these mites benefit from close contacts between individuals during the mating season and/or hibernation to disperse among remote colonies. The contrasted genetic patterns of these two distinct bat-mite systems evidence that bat social structure is a determinant factor of the genetic structure of mite populations. Altogether, this PhD thesis demonstrates the usefulness of parasites to gather information about their bat hosts. In addition, my results illustrate how different ecological and biological characteristics of bat species allow the emergence of a surprising diversity in the genetic patterns of the parasites, which may contribute to the diversification and speciation of parasites. RESUME : La co-évolution entre deux organismes intimement liés, comme un parasite et son hôte, fait partie des questions largement étudiées en biologie évolutive. Récemment, l'utilisation de données génétique dans l'étude des interactions hôte-parasite a montré que l'information génétique de certains parasites peut compléter les données génétiques de l'hôte et ainsi peut éclairer l'histoire évolutive de leur hôte. Très peu études ont étudié les interactions entre les chauves-souris et leurs parasites d'un point de vue moléculaire. Les acariens du genre Spinturnix sont des ectoparasites très spécialisés exclusivement associés aux chauves-souris. Ils représentent donc un model idéal pour élargir nos connaissances tant sur l'écologie des parasites de chauves-souris que sur leur coévolution. Durant cette thèse, plusieurs marqueurs moléculaires (ADN mitochondrial) ont été développés pour ainsi comparer la distribution de la variation génétique des parasites du genre Spinturnix avec celle de leurs hôtes, et ceci à différents niveaux. Tout d'abord, la co-phylogénie moléculaire entre les espèces de Spinturnix et les leurs hôtes révèle une co-spéciation partielle ainsi que la présence d'événement de non spéciation et de transferts horizontaux. Ces parasites ne reflètent donc pas entièrement l'histoire évolutive de leurs hôtes, malgré leurs intimes associations. La cohabitation de plusieurs espèces de chauves-souris dans un même gîte permet aux parasites un transfert entre différentes espèces, atténuant ainsi leur degré de co-spéciation. Deuxièmement, l'étude phylogéographique du marin du Maghreb dans le bassin Méditerranéen confirme sa présence en Afrique du Nord, en Corse et en Sardaigne. La comparaison avec un de ses parasites S. myoti suggère que la répartition génétique de S. myoti est façonnée par celle de leurs hôtes, avec les étendues d'eau comme barrière principale tant à la dispersion de l'hôte que de son parasite. De plus, la présence unique d'une lignée européenne de ces parasites sur des marins du Maghreb de Corse suggère fortement la présence du grand ou petit marin en Corse dans le passé. En reflétant la présence potentielle à un endroit donné d'une espèce de chauve-souris actuellement disparue, S. myoti peut représenter une bonne alternative pour comprendre l'histoire évolutive complexe des chauves-souris. Finalement, l'étude des structures génétiques des populations des parasites S. myoti et S. bechsteinii suggère que les contacts corporels entre chauves-souris durant la saison de reproduction ou l'hibernation peuvent permettre la dispersion des parasites entre des colonies éloignées géographiquement. La différence de structure génétique entre ces deux associations particulières montre que la structure génétique des populations de parasites dépend fortement des traits d'histoire de vie de son hôte. Dans l'ensemble, cette thèse démontre l'importance des parasites pour amener des informations sur leurs hôtes, les chauves-souris. Elle illustre aussi comment les différences écologique et biologique des différentes espèces de chauves-souris peuvent amener une étonnante diversité de structure génétique au sein de populations de parasites, ce qui peut peut-être contribuer à la diversification et à la spéciation des parasites.

Behavior of endogenous tumor-associated macrophages assessed in vivo using a functionalized nanoparticle.

Tumor-associated macrophages (TAMs) invade the tumor stroma in many cancers, yet their role is incompletely understood. To visualize and better understand these critical cells in tumor progression, we screened a portfolio of rationally selected, injectable agents to image endogenous TAMs ubiquitously in three different cancer models (colon carcinoma, lung adenocarcinoma, and soft tissue sarcoma). AMTA680, a functionally derivatized magneto-fluorescent nanoparticle, labeled a subset of myeloid cells with an "M2" macrophage phenotype, whereas other neighboring cells, including tumor cells and a variety of other leukocytes, remained unlabeled. We further show that AMTA680-labeled endogenous TAMs are not altered and can be tracked noninvasively at different resolutions and using various imaging modalities, e.g., fluorescence molecular tomography, magnetic resonance imaging, and multiphoton and confocal intravital microscopy. Quantitative assessment of TAM distribution and activity in vivo identified that these cells cluster in delimited foci within tumors, show relatively low motility, and extend cytoplasmic protrusions for prolonged physical interactions with neighboring tumor cells. Noninvasive imaging can also be used to monitor TAM-depleting regimen quantitatively. Thus, AMTA680 or related cell-targeting agents represent appropriate injectable vehicles for in vivo analysis of the tumor microenvironment.

The effects of teacher talk on students’ oral productions

The present study is a brief personal enquiry into the teaching and learning of EFL in the classroom with an orientation to action and personal professional development. It focuses on teacher talk, making special emphasis on questions, as well as on students’ resulting oral productions. The research contains samples of empirical data, which include their interpretations in the light of relevant research literature, and a more personal overall reflection of the teaching practice. Both the analysis and the reflections derive to a large extent from the self-observation paper 1 (SO1) and the Practicum portfolio (PP) developed within the TED Masters Degree practicum stages

Inclusió de les TIC en el portafoli de l'estudiant per a l'ensenyament dels mètodes numèrics

La finalitat d’aquest projecte ha estat la millora de la formació global dels estudiants. Concretament, mitjançant la creació d’un portafolis que contingui les diferents activitats que ha realitzat l’estudiant al llarg del curs es pretén potenciar tant les competències específiques com les competències transversals dels estudiants. Concretament, aquest objectiu s'ha assolit mitjançant el disseny i el desenvolupament de: 1. nou material docent corresponent a la presentació dels continguts de l’assignatura (apunts, presentacions, animacions,... ) amb el que s'ha pretès promoure el treball individual i la capacitat d’autoaprenentatge dels estudiants. 2. sesions dirigits que es realitzen en aules informàtiques amb el que s'ha volgut incrementar la motivació i desenvolupar un esperit crític dels estudiants 3. treballs tutelats que els estudiants realitzaran en grups, posteriorments pesentaran a la resta de companys i que finalment condueixen a la redacció d’un informe final. D'aquesta manera s'ha pretès desenvolupar les competències transversals dels estudiants

Grup de treball en el portafoli de l'estudiant (GTPoE)

El projecte del grup de treball en el portafoli d’aprenentatge de l'estudiant de la UPC (GtPoE) ha tingut una durada d'un any i s'ha realitzat a la Universitat Politècnica de Catalunya. Els objectius del projecte, que majoritàriament s’han assolit, han estat essencialment: (1) formació d'un grup d’interès per impulsar el portafoli i portafoli electrònic com a eines d'avaluació vàlides en el context nou de l'EEES, format per professors de la UPC i d’altres universitats que s’han volgut incorporar; (2) posta a punt i ús d’una plataforma intranet i web per a la coordinació del grup i exposició de materials; (3) realització de seminaris específics amb ponents expert en aquesta matèria per assolir les bases de la metodologia; (4) assaig per part de professors del grup de treball, d’experiències del portafoli de l’estudiant en assignatures tant obligatories com optatives en diversos centres de la UPC, i la introducció del portafoli de la carrera (o carpeta de competències) en l’EPSC; (5) adquirir documentació i referències bibliogràfiques sobre aquesta eina del portafoli i altres tècniques d’innovació docent; i (6), participar en congressos i jornades per explicar els resultats del projecte. Actualment, al final d’aquest projecte, el grup té 26 membres i la voluntat de continuar desenvolupant la tasca d’inserció del portafoli en els nous plans d’estudis. Així com també es treballa coordinadament amb els altres grups d’interès que s’han format al voltant de l’ICE de la UPC a l'entorn de la innovació docent, al mateix temps que es participa en les activitats que desenvolupa la RED E-Portfolio a nivell estatal amb objectius similars coordinada per professors de la UOC.

Ampliació i extensió en l'ús del portafolis digital en l'avaluació de l'alumnat

El treball realitzat amb l’ajuda MQD2006 està relacionat amb l’ús de portafolis electrònics en un context universitari. Els objectius que ens havíem traçat, eren: 1)Dissenyar una versió beta del portafolis digital desenvolupat adhoc pel grup 2)Implementar una metodologia avaluativa basada en el portafolis digital desenvolupat 3)Generar portafolis digitals com a model de bones pràctiques d’avaluació de l’alumnat 4)Recollir dades sobre el seu funcionament en relació a l’alumnat A més dels anteriors objectius, relacionats amb els aspectes pedagògics freuit de la implementació i ús dels portafolis digitals, hi ha dos objectius relacionats amb aspectes didàctics. Aquests són: 5) Anàlisi dels canvis en la metodologia didàctica i en els continguts curriculars 6) Anàlisi de criteris de sostenibilitat de la utilització continuada del portafolis digital. Almenys 5 d’aquests 6 objectius s’han complert de manera completa, i un (el nombre cinc) ha quedat solament esbossat. Per altra banda, alguns resultats inesperats s’han produït en aquests dos anys i es poden afegir a aquesta llista inicial: 7) Expansió i difusió de l’experiència cap a altres universitats. 8) Possibilitat de plantejar un projecte d’investigació bàsica sobre les conseqüències de l’ús de portafolis en la docència universitària basada en l’EEES. La Memòria seguirà de prop aquests objectius, si bé es distribuiran d’una manera diferent. Com a resultats i conclusions hem pogut veure que l’eina ha estat ben valorada en quant a la metodologia d’ús proposada, en quant al propi seguiment de l’aprenentatge i per una autoavaluació continuada. Hem vist una millora en les reflexions dels estudiants fent servir un diàleg on-line entre professor-estudiant. D’altra banda, hem detectat que es requereix millorar la seva usabilitat, un ús continuat més llarg i algunes recomanacions encarades al treball docent del professorat i no tant de l’eina.

Cdc42 explores the cell periphery for mate selection in fission yeast.

How cells polarize in response to external cues is a fundamental biological problem. For mating, yeast cells orient growth toward the source of a pheromone gradient produced by cells of the opposite mating type. Polarized growth depends on the small GTPase Cdc42, a central eukaryotic polarity regulator that controls signaling, cytoskeleton polarization, and vesicle trafficking. However, the mechanisms of polarity establishment and mate selection in complex cellular environments are poorly understood. Here we show that, in fission yeast, low-level pheromone signaling promotes a novel polarization state, where active Cdc42, its GEF Scd1, and scaffold Scd2 form colocalizing dynamic zones that sample the periphery of the cell. Two direct Cdc42 effectors--actin cables marked by myosin V Myo52 and the exocyst complex labeled by Sec6 and Sec8--also dynamically colocalize with active Cdc42. However, these cells do not grow due to a block in the exocytosis of cell wall synthases Bgs1 and Bgs4. High-level pheromone stabilizes active Cdc42 zones and promotes cell wall synthase exocytosis and polarized growth. However, in the absence of prior low-level pheromone signaling, exploration fails, and cells polarize growth at cell poles by default. Consequently, these cells show altered partner choice, mating preferentially with sister rather than nonsister cells. Thus, Cdc42 exploration serves to orient growth for partner selection. This process may also promote genetic diversification.