Simulation of default events in a CDX and estimation of the spread

The portfolio generating the iTraxx EUR index is modeled by coupled Markov chains. Each of the industries of the portfolio evolves according to its own Markov transition matrix. Using a variant of the method of moments, the model parameters are estimated from a data set of Standard and Poor's. Swap spreads are evaluated by Monte-Carlo simulations. Along with an actuarially fair spread, at least squares spread is considered.

Accounting education in an action-based learning environment: lessons learned

In the context of the Bologna Declaration a change is taking place in the teaching/learning paradigm. From teaching-centered education, which emphasizes the acquisition and transmission of knowledge, we now speak of learning-centered education, which is more demanding for students. This paradigm promotes a continuum of lifelong learning, where the individual needs to be able to handle knowledge, to select what is appropriate for a particular context, to learn permanently and to understand how to learn in new and rapidly changing situations. One attempt to face these challenges has been the experience of ISCAP regarding the teaching/learning of accounting in the course Managerial Simulation. This paper describes the process of teaching, learning and assessment in an action-based learning environment. After a brief general framework that focuses on education objectives, we report the strengths and limitations of this teaching/learning tool. We conclude with some lessons from the implementation of the project.

Innovation through virtual communities of Practice: motivation and constraints in the knowledge-creation process

Communities of Practice are places which provide a sound basis for organizational learning, enabling knowledge creation and acquisition thus improving organizational performance, leveraging innovation and consequently increasing competitively. Virtual Communities of Practice (VCoP‟s) can perform a central role in promoting communication and collaboration between members who are dispersed in both time and space. The ongoing case study, described here, aims to identify both the motivations and the constraints that members of an organization experience when taking part in the knowledge creating processes of the VCoP‟s to which they belong. Based on a literature review, we have identified several factors that influence such processes; they will be used to analyse the results of interviews carried out with the leaders of VCoP‟s in four multinationals. As future work, a questionnaire will be developed and administered to the other members of these VCoP‟s

CVD of CrO(2): Towards a lower temperature deposition process

The deposition of highly oriented a-axis CrO(2) films onto Al(2)O(3)(0001) by atmospheric pressure (AP)CVD at temperatures as low as 330 C is reported. Deposition rates strongly depend on the substrate temperature, whereas for film surface microstructures the dependence is mainly on film thickness. For the experimental conditions used in this work, CrO(2) growth kinetics are dominated by a surface reaction mechanism with an apparent activation energy of (121.0 +/- 4.3) kJ mol(-1). The magnitude and temperature dependence of the saturation magnetization, up to room temperature, is consistent with bulk measurements.

The (well) informed piano : internalization and growth process

The subject matter of this book is about piano methodology, including technical, musical, artistic, ethical and philosophical issues and reflections. The purpose of this work is to share a personal professional experience insight in the field of piano performance. This text assumes a certain continuity to the major contributions of artists like Ludwig Deppe, Tobias Matthay, Grigory Kogan, Heinrich Neuhaus and George Kochevitsky. At the same time, it tries to integrate and complement this selected literature, bringing new ideas and hints to specific professional issues.

Sistema de neurónios espelho no síndrome de down: estudo das variações dos ritmos Mu No Eeg

A capacidade de compreensão das acções dos outros e de imitação tem sido descrita como fundamental para a cognição social do ser humano. Recentemente tem sido atribuída a responsabilidade desta capacidade a um sistema neuronal denominado de Sistema de Neurónios Espelho, que se tem demonstrado estar afectado em perturbações mentais que se caracterizam por alterações severas da teoria da mente e da empatia, como é o caso do autismo. No caso do Síndrome de Down, verifica-se a coexistência de boas competências sociais e de capacidades práxicas e de imitação intactas, com dificuldades de interpretação de situações sociais e de reconhecimento de emoções, que nos levam a questionar acerca da actividade do seu Sistema de Neurónios Espelho. As oscilações do ritmo de frequências um (8-13 Hz) no córtex sensório-motor perante a observação de acções são consideradas um reflexo da actividade dos neurónios espelho, estando estabelecido que em pessoas saudáveis ocorre uma supressão mu na realização de movimentos com o membro superior e na sua observação quando realizados por outras pessoas. Neste estudo registou-se electroencefalograficamente a supressão dos ritmos mu em 11 pessoas com SD e em 20 pessoas sem SD nas seguintes condições: observação de um vídeo com duas bolas em movimento, observação de um vídeo com um movimento repetido de uma mão e realização movimentos com a mão. A baseline foi registada através da observação de um ponto estático. Constatamos que existe supressão dos ritmos mu na observação das acções dos outros em pessoas com Síndrome Down da mesma forma que ocorre na realização do próprio movimento, sugerindo uma relativa preservação do funcionamento dos neurónios espelho e dos mecanismos básicos de cognição social. Estes resultados vão de encontro aos estudos que apontam para a integridade das capacidades de imitação no Síndrome Down. Verificamos também que não se encontram diferenças significativas na supressão dos ritmos mu entre os grupos de pessoas com Síndrome Down e de Controlo em relação às condições usadas na investigação.

A strategy to extend reactive distillation column performance under catalyst deactivation

This work addresses the effects of catalyst deactivation and investigates methods to reduce their impact on the reactive distillation columns performance. The use of variable feed quality and reboil ratio are investigated using a rigorous dynamic model developed in gPROMS and applied to an illustrative example, i.e., the olefin metathesis system, wherein 2-pentene reacts to form 2-butene and 3-hexene. Three designs and different strategies on column energy supply to tackle catalyst deactivation are investigated and the results compared.

Intelligent decision making in electricity markets: simulated annealing Q-Learning

Electricity markets are complex environments, involving a large number of different entities, playing in a dynamic scene to obtain the best advantages and profits. MASCEM is a multi-agent electricity market simulator to model market players and simulate their operation in the market. Market players are entities with specific characteristics and objectives, making their decisions and interacting with other players. MASCEM is integrated with ALBidS, a system that provides several dynamic strategies for agents’ behavior. This paper presents a method that aims at enhancing ALBidS competence in endowing market players with adequate strategic bidding capabilities, allowing them to obtain the higher possible gains out of the market. This method uses a reinforcement learning algorithm to learn from experience how to choose the best from a set of possible actions. These actions are defined accordingly to the most probable points of bidding success. With the purpose of accelerating the convergence process, a simulated annealing based algorithm is included.

MASGriP – a Multi-Agent Smart Grid Simulation Platform

The increasing number of players that operate in power systems leads to a more complex management. In this paper a new multi-agent platform is proposed, which simulates the real operation of power system players. MASGriP – A Multi-Agent Smart Grid Simulation Platform is presented. Several consumer and producer agents are implemented and simulated, considering real characteristics and different goals and actuation strategies. Aggregator entities, such as Virtual Power Players and Curtailment Service Providers are also included. The integration of MASGriP agents in MASCEM (Multi-Agent System for Competitive Electricity Markets) simulator allows the simulation of technical and economical activities of several players. An energy resources management architecture used in microgrids is also explained.

Mobi_System: A Personal Travel Assistance for Electrical Vehicles in Smart Cities

In this work it is proposed the design of a mobile system to assist car drivers in a smart city environment oriented to the upcoming reality of Electric Vehicles (EV). Taking into account the new reality of smart cites, EV introduction, Smart Grids (SG), Electrical Markets (EM), with deregulation of electricity production and use, drivers will need more information for decision and mobility purposes. A mobile application to recommend useful related information will help drivers to deal with this new reality, giving guidance towards traffic, batteries charging process, and city mobility infrastructures (e. g. public transportation information, parking places availability and car & bike sharing systems). Since this is an upcoming reality with possible process changes, development must be based on agile process approaches (Web services).

A simulation tool for demand response programs implementation

The design and development of simulation models and tools for Demand Response (DR) programs are becoming more and more important for adequately taking the maximum advantages of DR programs use. Moreover, a more active consumers’ participation in DR programs can help improving the system reliability and decrease or defer the required investments. DemSi, a DR simulator, designed and implemented by the authors of this paper, allows studying DR actions and schemes in distribution networks. It undertakes the technical validation of the solution using realistic network simulation based on PSCAD. DemSi considers the players involved in DR actions, and the results can be analyzed from each specific player point of view.

Agent-based simulation of electronic marketplaces with decision support

This paper presents a Multi-Agent Market simulator designed for analyzing agent market strategies based on a complete understanding of buyer and seller behaviors, preference models and pricing algorithms, considering user risk preferences and game theory for scenario analysis. The system includes agents that are capable of improving their performance with their own experience, by adapting to the market conditions, and capable of considering other agents reactions.

Smart Electric Vehicle Charging System

In this work is proposed the design of a system to create and handle Electric Vehicles (EV) charging procedures, based on intelligent process. Due to the electrical power distribution network limitation and absence of smart meter devices, Electric Vehicles charging should be performed in a balanced way, taking into account past experience, weather information based on data mining, and simulation approaches. In order to allow information exchange and to help user mobility, it was also created a mobile application to assist the EV driver on these processes. This proposed Smart ElectricVehicle Charging System uses Vehicle-to-Grid (V2G) technology, in order to connect Electric Vehicles and also renewable energy sources to Smart Grids (SG). This system also explores the new paradigm of Electrical Markets (EM), with deregulation of electricity production and use, in order to obtain the best conditions for commercializing electrical energy.

Electricity Markets Simulation: MASCEM Contributions to the Challenging Reality

Electricity Markets are not only a new reality but an evolving one as the involved players and rules change at a relatively high rate. Multi-agent simulation combined with Artificial Intelligence techniques may result in sophisticated tools very helpful under this context. Some simulation tools have already been developed, some of them very interesting. However, at the present state it is important to go a step forward in Electricity Markets simulators as this is crucial for facing changes in Power Systems. This paper explains the context and needs of electricity market simulation, describing the most important characteristics of available simulators. We present our work concerning MASCEM simulator, presenting its features as well as the improvements being made to accomplish the change and challenging reality of Electricity Markets.

Multi-agent electricity market simulation with dynamic strategies & virtual power producers

Distributed energy resources will provide a significant amount of the electricity generation and will be a normal profitable business. In the new decentralized grid, customers will be among the many decentralized players and may even help to co-produce the required energy services such as demand-side management and load shedding. So, they will gain the opportunity to be more active market players. The aggregation of DG plants gives place to a new concept: the Virtual Power Producer (VPP). VPPs can reinforce the importance of these generation technologies making them valuable in electricity markets. In this paper we propose the improvement of MASCEM, a multi-agent simulation tool to study negotiations in electricity spot markets based on different market mechanisms and behavior strategies, in order to take account of decentralized players such as VPP.