Does public investment reduce private investment risk ? A real option approach

In this paper, the public investment provision takes place in a stochastic environnement. The role of the government is to remove a part of the uncertainty faced by the firm. If the government simply maximizes the value of the firm, then the optimal tax is smaller under imperfect competition then it is under perfect competition since more public capital reduces the selling price. But if the government seeks to maximize the consumer surplus, tax and public capital provision are a mean to correct the market and the optimal tax is then higherirreversible investment;public capital;uncertainty

Subsidizing energy saving capital accumulation: a real option approach

Some environmental policies, like tax credit, have tried to induce the acquisition of energy efficient units and the replacement of old energy inefficient vintages. However, they have faced the energy paradox that is a slow diffusion of new vintages. We develop a stochastic model of irreversible investment, in which firms also face embodied technological progress. We compare in a dynamic example a deterministic and a stochastic model with embodied technological progress. In the embodied case under uncertainty, the option to postpone replacement becomes very large, reducing drastically the effectiveness of a tax credit.embodied technological progress; tax credit; option value

Optimal Capital Accumulation and Embodied Technological Progress under Uncertainty

This paper proposes a stochastic model of investment with embodied technological progress, in which firms invest not only to expand the capacity as in Pindyck (1988) but also to replace old machines. The scrapping decision or the age of the oldest machine is then endogenous and evolves stochastically. Uncertainty may increase the optimal age of the machines in use, and due to uncertainty, not only capacity expansion but replacement as well, may be postponed. By introducing heterogenous capital units, the model may generate lumpy investment and it gets rid from the perfect ''procyclicity' of investment usually implied in the literature of irreversible investment under uncertainty. The so-called cleansing effect of recessions appears since replacement can occur even in bad realizations of the stochastic processEmbodiment Investment Uncertainty

Public capital and private investment, a real option approach

In this paper, public investment provision takes place in a stochastic environnement. The role of the government is to remove a part of the uncertainty faced by the firm. If the government simply maximizes the value of the firm, then the optimal tax is smaller under imperfect competition than it is under perfect competition since more public capital reduces the selling price. But if the government seeks to maximize the consumer surplus, tax and public capital provision are also a mean to correct the market and the optimal tax is then higher.irreversible investment; public capital; uncertainty

Representações da cidade moderna na crônica vanguardista

IX Congresso Brasileiro de Hispanistas realizado nos dias 22 a 25 agosto 2016No advento da modernidade em América Latina, precisamente na passagem do século XIX para o XX, a literatura encontra certa autonomia à medida que se torna dependente de um novo meio de produção e circulação: o jornalismo moderno. Com isso, na contramão do que se buscou no período romântico e realista, ao perder a sua função política a partir do modernismo, as letras assumem novas tarefas, dentre elas, a de lidar com a representação da cidade moderna. Nesse sentido, a expressão literária se converte em uma forma de dizer na qual se manifestam as opiniões públicas e se publiciza a própria literatura, através da crônica vanguardista. Vamos no deter nas obras de dois expoentes dos movimentos de vanguarda latinoamericano, Mário de Andrade e Roberto Arlt, para identificar em alguns de seus textos jornalísticos as marcas dessa nova expressão literária com relação à representação do espaço urbano, em um caso São Paulo, e em outro, Buenos Aires. Assim, esta pesquisa contribuirá com os estudos sobre as poéticas vanguardistas das cidades latino- americanas, em um campo pouco estudado, a relação das enunciações na crônica, e de modo comparativo entre duas arenas urbanas, com relação aos processos de modernização na América LatinaUNILA­-UNIOEST

A hora e a vez do desenvolvimento regional brasileiro: Uma proposta de longo prazo

The actual momentum of the Brazilian Economy opens an opportunity to the country to discuss a strategy for regional development. Despite 60 years of regional development policies, regional disparities remain almost unchanged. Giving the boom of investment outside the main agglomeration in São Paulo and Rio de Janeiro, indentify complementarities and linkages among this new investment decision, which can lead the less developed region to diversify economy and increase local aggregation of value. Inspired by the work of Celso Furtado, for whom the heterogeneous nature of the economic structure and the lack of diversification in these economies are the source for external vulnerability, this paper presents some ideas and suggestion for a long run strategy of regional development policy. This new scenario of the Brazilian economy may allow the reversion of the situation

Sustainable coffee agroforestry in adverse climatic conditions in Nicaragua

Coffee production has been threatened by increasing climate variability. Shaded coffee has been suggested as a promising strategy to cope with the effects of global climate changes. However, potential competition for water between coffee and shade trees and lower coffee yields under shade are among the main constraints of coffee agroforestry. Most advantages attributed to agroforestry are focused on ecological issues; little is published on ecological and economic aspects combined. This investigation analyzed and compared ecological and economic performance of unshaded arabica coffee (NS) and shaded (AFS) by a mixture of evergreen Simarouba glauca DC. and deciduous Tabebuia rosea Bertol. Both tree species are widely utilized for timber and other products but are poorly studied. The study was carried out during 2012 and 2013, in a 12-year old agroforestry experiment in sub-optimal coffee growing conditions (270C mean annual temperature, 455 m altitude and 1470 mm annual rainfall) in Masatepe, Nicaragua. Water consumption by soil evaporation and coffee and tree transpiration was measured by using weighing lysimeters and the stem heat balance sap flow method, respectively. Coffee production over the 10-year period prior to the study was used to determine coffee economic performance. Timber production from four shade trees of each species in the study site was measured and results were extrapolated for the whole plot by using population density. The AFS system was a more efficient water user than NS. Shade trees had the effect of reducing by 31% water loss from soil evaporation compared to NS, which represented more water available for coffee. Transpiration was greater in AFS plots; however, most of the water was transpired by coffee rather than by shade trees or evaporated from the soil. Temporal complementarity in water use between coffee and shade tree was observed with higher shade tree water consumption in the wet season contrasted with greater water use by coffee in the dry. Contrasting precipitation patterns in the two consecutive years of the study demonstrated competition for water only by the end of the very dry season in 2013. Evergreen shade tree characteristics seemed to be more suitable as coffee shade compared to deciduous in such environmental conditions. Coffee production in AFS was 18% lower than NS from data averaged over 10 years. However, the lower coffee yield in AFS was compensated by greater productivity of the whole system. By the end of the experiment, 13-year old shade trees produced 125 m3 ha-1 of timber from Simarouba glauca and 98.5 m3 ha-1 from Tabebuia rosea (US$173 per m3 local price). Further income could be derived from the firewood extracted over time. Therefore, both ecological and economic aspects showed advantages compared to the no-shade system, which suggests agroforestry with timber trees as an attractive system of land use for farmers in the sub optimal coffee growing conditions studied

A Practical Approach to Protect IoT Devices against Attacks and Compile Security Incident Datasets

open access articleThe Internet of Things (IoT) introduced the opportunity of remotely manipulating home appliances (such as heating systems, ovens, blinds, etc.) using computers and mobile devices. This idea fascinated people and originated a boom of IoT devices together with an increasing demand that was difficult to support. Many manufacturers quickly created hundreds of devices implementing functionalities but neglected some critical issues pertaining to device security. This oversight gave rise to the current situation where thousands of devices remain unpatched having many security issues that manufacturers cannot address after the devices have been produced and deployed. This article presents our novel research protecting IOT devices using Berkeley Packet Filters (BPFs) and evaluates our findings with the aid of our Filter.tlk tool, which is able to facilitate the development of BPF expressions that can be executed by GNU/Linux systems with a low impact on network packet throughput

Environmental profile of the electricity supplied in Portugal by the main suppliers

The main aim of this study was to assess and compare the environmental profile of 1 KWh of electricity supplied during 2014 by the four main electricity selling companies in Continental Portugal. The study was elaborated based on Life Cycle Assessment methodology and the method chosen for environmental impact assessment was EPD2013. The results show that the ENDESA´s electricity was the worst in terms of acidification, eutrophication, global warming, photochemical oxidation and ozone layer depletion while IBERDROLA´s electricity was the best for those impact categories and the worst in terms of abiotic depletion. Including in the study, the net electricity fed into the Portuguese and UCTE grid at the high voltage level, the conclusion is that the electricity at Portuguese grid presents the worst performance in terms of acidification, global warming and photochemical oxidation while the electricity at UCTE grid presents the worst performance in terms of eutrophication and ozone layer depletion.info:eu-repo/semantics/publishedVersio