On money as a medium of exchange when goods vary by supply and demand

Models of the exchange process based on search theory can be usedto analyze the features of objects that make them more or less likely toemerge as ``money'' in equilibrium. These models illustrate the trade--offbetween endogenous acceptability (an equilibrium property) and intrinsiccharacteristics of goods, such as storability, recognizability, etc. Inthis paper, we look at how the relative supply and demand for various goodsaffect their likelihood of becoming money. Intuitively, goods in highdemand and/or low supply are more likely to appear as commodity money,subject to the qualification that which object ends up circulating as amedium of exchange depends at least partly on convention. Welfare propertiesare discussed.

Spanning tests in return and stochastic discount factor mean-variance frontiers: A unifying approach

We propose new spanning tests that assess if the initial and additional assets share theeconomically meaningful cost and mean representing portfolios. We prove their asymptoticequivalence to existing tests under local alternatives. We also show that unlike two-step oriterated procedures, single-step methods such as continuously updated GMM yield numericallyidentical overidentifyng restrictions tests, so there is arguably a single spanning test.To prove these results, we extend optimal GMM inference to deal with singularities in thelong run second moment matrix of the influence functions. Finally, we test for spanningusing size and book-to-market sorted US stock portfolios.

Turismo Rural na Ilha de Santo Antão como factor de Desenvolvimento das Aldeias de Fontaínhas, Corvo e Formiguinhas

Santo Antão é uma ilha onde a oferta turística passa pelo turismo de natureza, e pretendese criar um projecto ligado ao Turismo Rural nas aldeias de Fontaínhas, Corvo e Formiguinhas. As aldeias são rurais e enfrentam vários constrangimentos e é necessário implementar um leque de infra-estruturas como alojamento, estradas, postos de saúde, saneamento para o suporto do Turismo e optar por uma alternativa do desenvolvimento local. O objectivo é criar uma proposta de desenvolvimento do Turismo Rural que seja viável para estas aldeias. Numa segunda fase pretende-se também envolver as famílias rurais no desenvolvimento do turismo. As aldeias em questão reúnem condições naturais para o Turismo Rural, mas pretende apostar na valorização cultura, história e nos produtos locais. Having in mind that Santo Antão is an island where the offer is almost mandatory for nature tourism, it intends to develop a project connected to the Rural Tourism in the following villages of “Fontaínhas,” “Corvo” and “Formiguinhas”. These villages are rural and face various constraints, so it is necessary to implement a range of infrastructures to support Tourism and opt for an alternative that promotes local development. The aim is to create a model of development of Rural Tourism practicable to these villages. We also intend to involve local families in rural tourism development. The villages in question have natural conditions for Rural Tourism, but we want to focus on enhancing products like cultural and historical sites.

Insulin-like growth factor I (IGF I) stimulates DNA synthesis in fetal rat brain cell cultures.

Addition of insulin, IGF I or IGF II to serum-free cultures of fetal rat brain cells (gestation day 15/16) significantly stimulates DNA synthesis. The dose-response curves show that IGF I is more potent than insulin; half maximal stimulation of [3H]thymidine incorporation is obtained at about 0.4 nM IGF I and 14 nM insulin, respectively. Cultures initiated 2 days later (gestation day 17/18) showed a decreased responsiveness to both peptides. No additive effect was observed after combined addition of both peptides at near-maximal doses. Both peptides show a latency of action of about 12-18 h. In the presence of either IGF or insulin, neuronal as well as glial enzymes are increased, suggesting that neuronal and glial precursor cell division is influenced. IGF I and IGF II interact with a specific binding site for which insulin competes very weakly; however IGF I and IGF II bind with relatively high affinity to the insulin specific binding site. The present results support the hypothesis that both insulin and IGF stimulate mitotic activity by interacting with specific somatomedin receptors and suggest a physiological role of IGF in the developing brain.

Satisfação dos clientes como um factor de sucesso empresarial

A crescente competitividade entre as operadoras CV Móvel e T+, fez com que as mesmas procurassem medidas e ou formas para conseguir satisfazer os seus clientes, angariar novos, e assim conseguir o maior número de cliente possível. Muitas empresas e outras instituições falham na sua relação com o cliente, porque muitas vezes ignoram aspectos importantes como a qualidade dos serviços e produtos, esquecem-se da importância do cliente e dos colaboradores. Este trabalho aborda alguns conceitos importantes que as empresas não devem ignorar, principalmente quando estes procuram arranjar medidas para satisfazerem os seus clientes de modo que eles voltem sempre a comprar da empresa. Procurou-se saber qual é o nível de satisfação dos Cabo-Verdianos com as operadoras T+ e CV Móvel. Para isso lançou-se um questionário online, aos clientes dessas duas operadoras, procurando com isso encontrar a resposta necessária. É necessário levar em consideração que os colaboradores têm uma grande importância no tocante a satisfação dos clientes.