Reducible Diffusions with Time-Varying Transformations with Application to Short-Term Interest Rates

Reducible diffusions (RDs) are nonlinear transformations of analytically solvable Basic Diffusions (BDs). Hence, by construction RDs are analytically tractable and flexible diffusion processes. Existing literature on RDs has mostly focused on time-homogeneous transformations, which to a significant extent fail to explore the full potential of RDs from both theoretical and practical points of view. In this paper, we propose flexible and economically justifiable time variations to the transformations of RDs. Concentrating on the Constant Elasticity Variance (CEV) RDs, we consider nonlinear dynamics for our time-varying transformations with both deterministic and stochastic designs. Such time variations can greatly enhance the flexibility of RDs while maintaining sufficient tractability of the resulting models. In the meantime, our modeling approach enjoys the benefits of classical inferential techniques such as the Maximum Likelihood (ML). Our application to the UK and the US short-term interest rates suggests that from an empirical point of view time-varying transformations are highly relevant and statistically significant. We expect that the proposed models can describe more truthfully the dynamic time-varying behavior of economic and financial variables and potentially improve out-of-sample forecasts significantly.

Analysis of Recent benthic foraminiferal assemblages from the oxygen minimum zone of the Pakistan continental margin

Live (Rose Bengal stained) and dead benthic foraminiferal communities (hard-shelled species only) from the Pakistan continental margin oxygen minimum zone (OMZ) have been studied in order to determine the relation between faunal composition and the oxygenation of bottom waters. During R.R.S. Charles Darwin Cruises 145 and 146 (12 March to May 28 2003), 11 multicores were taken on the continental margin off Karachi, Pakistan. Two transects were sampled, constituting a composite bathymetric profile from 136 m (above the OMZ in spring 2003) down to 1870 m water depth. Cores (surface area 25.5 cm2) were processed as follows: for stations situated above, and in the upper part of the OMZ, sediment slices were taken for the 0-0.5 and 0.5-1 cm intervals, and then in 1 cm intervals down to 10 cm. For the lower part of the OMZ, the second centimetre was also sliced in half-centimetre intervals. Each sample was stored in 10 % borax-buffered formalin for further processing. Onshore, the samples were wet sieved over 63 µm, 150 µm and 300 µm sieves and the residues were stained for one week in ethanol with Rose Bengal. After staining, the residue was washed again. The stained faunas were picked wet in three granulometric fractions (63-150 µm, 150-300 µm and >300 µm), down to 10 cm depth. To gain more insight into the population dynamics we investigated the dead (unstained) foraminifera in the 2-3 cm level for the fractions 150-300 µm and >300 µm. The fractions >300 µm and 150-300 µm show nearly the same faunal distribution and therefore the results are presented here for both fractions combined (i.e. the >150 µm fraction). Live foraminiferal densities show a clear maximum in the first half centimetre of the sediment; only few specimens are found down to 4 cm depth. The faunas exhibit a clear zonation across the Pakistan margin OMZ. Down to 500 m water depth, Uvigerina ex gr. U. semiornata and Bolivina aff. B. dilatata dominate the assemblages. These taxa are largely restricted to the upper cm of the sediment. They are adapted to the very low bottom-water oxygen values (ab. 0.1 ml/l in the OMZ core) and the extremely high input of organic carbon on the upper continental slope. The lower part of the OMZ is characterized by cosmopolitan faunas, containing also some taxa that in other areas have been described in deep infaunal microhabitats.

Compatibilidad de Betunes Modificados con SBS en Función de la Estructura del Betún

Los betunes modificados con polímeros (BMP) son ampliamente utilizados en la pavimentación de carreteras sometidas a gran afluencia de vehículos y a condiciones extremas de temperatura. La presencia de polímero en contacto con el betún amplía notablemente el intervalo de temperaturas en las que el betún mantiene sus prestaciones. En general los betunes modificados con polímero presentan un aumento significativo de la resistencia a la deformación permanente en el intervalo de elevadas temperaturas, sin que su compo rtamiento sufra deterioro a bajas temperaturas. Cuando un polímero se añade al betún tiene lugar su hinchamiento a partir de las moléculas de aromáticos ligeros presentes en el betún. A bajas concentraciones de polímero, aparece una morfología bifásica en la que una fase rica en polímero se dispersa en una matriz malténica enriquecida en asfaltenos. La existencia de esta estructura bifásica es la llave que controla la mejora en las propiedades de los BMP en relación al betún puro. En la literatura existen muchos trabajos dedicados a investigar las propiedades y morfología de los BMP, sin embargo en pocos se hace referencia a la influencia de la estructura del betún. Este trabajo está enfocado a relacionar la estructura/composición del betún con la compatibilidad del sistema SBS/betún/azufre. Para ello se han elegido cuatro betunes de distinta procedencia denominados, A17, A500, M18, M170, que mezclados convenientemente han sido utilizados en la preparación de betún modificado con SBS y vulcanizado con azufre. La fracción en peso de SBS, en relación al contenido de betún, ha sido del 3%. Se han determinado propiedades tales como viscosidad, penetración y temperatura anillo-bola, así como la estabilidad en almacenamiento a elevada temperatura. Finalmente la estabilidad de estos sistemas se ha analizado en función de la estructura y la composición de los betunes utilizados en su preparación

“It is through others that we become ourselves.” A study of Vygotskian play in Russian and Irish schools.

50 years after publishing his seminal work on play and its role in child development, Vygotskian theory is still highly influential in education, and particularly in early years. This paper presents two examples of full integration of Vygotskian principles into schools in two very different settings. Both report improvements in learning and in well-being, and exemplify the theory-practice-theory cycle, highlighting the development of new theoretical constructs arising out of putting theory firmly into practice. In both settings, the positive results have come from years of effort, in which school personnel who may have been skeptical at first, have been inspired by the impact of adopting Vygotskian play on the children they teach. The Northern Ireland study shows that at least some of the Golden Key principles (mixed-age play and enhanced home-school links) translate perfectly into very different cultural-historical contexts.

Preliminary design of a prestressed concrete viaduct

O presente Trabalho Final de Mestrado consiste na elaboração de um Estudo Prévio de um viaduto rodoviário, em betão armado pré-esforçado. O viaduto, com tabuleiro em laje vigada, é constituído por 10 tramos, prevendo-se que seja construído tramo a tramo, com juntas de betonagem a quintos de vão. A plataforma do viaduto é constituída por duas vias de tráfego com 3.5m cada, duas bermas de 1.00 m e dois passeios laterais com 1.10 m cada, perfazendo uma largura total de 11.20. O viaduto localiza-se em Polónia e foi dimensionado de acordo com os Eurocódigos e os Anexos Nacionais desse país.