Ambiguity Aversion, the Equity Premium and the Welfare Costs of Business Cycles

We examine the potential importance of consumer ambiguity aversion for asset prices and how consumption ‡fluctuations influence consumer welfare. First, considering a simple Mehra-Prescott-style endowment economy with a representative agent facing consumption fluctuations calibrated to match U.S. data, we study to what extent ambiguity aversion can deliver asset prices that are consistent with data: a high return on equity and a low return on riskfree bonds. For some configurations of preference parameters— a discount factor, a degree of relative risk aversion, and a measure of ambiguity aversion— we find that it can. Then, we use these parameter configurations to investigate how much consumers would be willing to pay to reduce endowment fluctuations to zero, thus delivering a Lucas-style welfare cost of fluctuations. These costs turn out to be very large: consumers are willing to pay over 10% of consumption in permanent terms.Ambiguity aversion; asset prices; business cycle

Glancing incidence telescopes for space astronomy

A technique for determining the state of polarization of a light source by evaluating its image at the focus of a glancing telescope is reported. An analysis of the central disc of the diffraction image reveals if the light source is polarized, the plane of polarization, and the degree of polarization. When polarized light is incident at the aperture of a diffraction limited glancing telescope, the central disc of the diffraction pattern takes on an elliptical configuration. This ellipticity is caused by the tendency of the electric vector component in the plane of incidence to be absorbed by the reflecting material. As the state of polarization goes from plane polarized to decreasing degrees of elliptically polarized light, the ellipticity of the central disc goes from a maximum at plane polarization to zero at circular polarization. These curves give a direct relationship between the degree of polarization of a light source and the ellipticity of the central disc for this particular telescope, independent of the light source wavelength

Microspatial differentiation of Drosophila melanogaster populations in and around a wine cellar in southern Spain

International audienc

Preliminary results using a P300 brain-computer interface speller: a possible interaction effect between presentation paradigm and set of stimuli

Fernández-Rodríguez Á., Medina-Juliá M.T., Velasco-Álvarez F., Ron-Angevin R. (2019) Preliminary Results Using a P300 Brain-Computer Interface Speller: A Possible Interaction Effect Between Presentation Paradigm and Set of Stimuli. In: Rojas I., Joya G., Catala A. (eds) Advances in Computational Intelligence. IWANN 2019. Lecture Notes in Computer Science, vol 11506. Springer, ChamSeveral proposals to improve the performance controlling a P300-based BCI speller have been studied using the standard row-column presentation (RCP) par-adigm. However, this paradigm could not be suitable for those patients with lack of gaze control. To solve that, the rapid serial visual presentation (RSVP) para-digm, which presents the stimuli located in the same position, has been proposed in previous studies. Thus, the aim of the present work is to assess if a stimuli set of pictures that improves the performance in RCP, could also improve the per-formance in a RSVP paradigm. Six participants have controlled four conditions in a calibration task: letters in RCP, pictures in RCP, letters in RSVP and pictures in RSVP. The results showed that pictures in RCP obtained the best accuracy and information transfer rate. The improvement effect given by pictures was greater in the RCP paradigm than in RSVP. Therefore, the improvements reached under RCP may not be directly transferred to the RSVP.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

The interplay between double exchange, super-exchange, and Lifshitz localization in doped manganites

Considering the disorder caused in manganites by the substitution of Mn by Fe or Ga, we accomplish a systematic study of doped manganites begun in previous papers. To this end, a disordered model is formulated and solved using the Variational Mean Field technique. The subtle interplay between double exchange, super-exchange, and disorder causes similar effects on the dependence of T_C on the percentage of Mn substitution in the cases considered. Yet, in La$_{2/3}$Ca$_{1/3}$Mn$_{1-y}$Ga$_y$O$_3$ our results suggest a quantum critical point (QCP) for $y\approx 0.1-0.2$, associated to the localization of the electronic states of the conduction band. In the case of La$_x$Ca$_x$Mn$_{1-y}$Fe$_y$O$_3$ (with $x=1/3,3/8$) no such QCP is expected.Comment: 6 pages + 3 postscript figures. Largely extended discussio

HETERODISCURSO E COMPOSIÇÃO ROMANESCA EM A HORA DA ESTRELA DE CLARICE LISPECTOR

Análise do romance A Hora da Estrela, de Clarice Lispector, baseada em categorias retiradas das reflexões de Mikhail Bakhtin sobre o gênero do romance, que o compreendem como uma composição linguística fundada no uso artístico da heterodiscursividade existente na comunicação cotidiana, com a pretensão de descrever essa composição e de formular uma proposta de um modelo didático de uso em artigos dos que desejam se iniciar nas análises romanescas que tem como suporte o discurso

ASPECTOS DO PVB DO NORTE DO BRASIL NO ROMANCE KARARAÔ, DE WALTER FREITAS

Descrição de aspectos fonéticos, lexicais e morfológicos do Português Vernacular Brasileiro tal como é expresso no Nordeste da Região Norte do país, com base na fala dos habitantes da Vila de Nazaré do Fugido, pertencente ao município de Magalhães Barata, a partir de seu registro no romance Kararaô, escrito por Walter Freitas que, para apresentá-la, em seu aspecto fonológico, criou um código especial capaz de fornecer uma noção bastante clara de como se pronunciam as palavras na região referida