Willingness to pay and the sovereign debt contract

This paper uses a contract theory model to argue that covenants ruling debt renegotiations are important to assure the sovereign willingness to pay. The model includes the following features: first, collective action clauses, exit consents, aggregation provisions and pari passu clauses play an important role in the post default “game” of negotiations and coalitions. These covenants are represented in reduced form by the endogenous probability of refinancing a defaulted sovereign debt. Second, the model has “endogenous bad luck” because the unfavorable state of nature where default occurs depends on the level of indebtedness, which is itself an endogenous variable. Third, “vultures”, contrary to conventional wisdom, tend to improve the access of emerging economies to capital markets because they might help to rule out strategic defaults. And fourth, under special assumptions the model is able to analyze the possibility of post default discrimination between domestic and foreign bondholders.debt, default, negotiation, vultures, Shapley-values

Supersymmetric partners of the trigonometric Poschl-Teller potentials

The first and second-order supersymmetry transformations are used to generate Hamiltonians with known spectra departing from the trigonometric Poschl-Teller potentials. The several possibilities of manipulating the initial spectrum are fully explored, and it is shown how to modify one or two levels, or even to leave the spectrum unaffected. The behavior of the new potentials at the boundaries of the domain is studied.Comment: 20 pages, 4 figure

Modelo Neomercantilista de Centro y Periferia

Se presenta un modelo global donde el Centro emite una moneda que la Periferia utiliza como reserva internacional. El Neomercantilismo se representa con la definición de una política orientada a manter un tipo de cambio real alto para promover la competitividad de la producción de la Periferia. Se distinguen dos alternativas: en la primera, se presenta a la Periferia con perfecta movilidad de capitales reflejando la situación de paises emergentes como Argentina donde el sostenimiento de un tipo de cambio real alto puede colisionar con el objetivo de estabilidad de precios; en la segunda, la movilidad de capitales no es perfecta tratando de representar el caso de un pais emergente como China cuya acumulación de reservas puede tener influencias en el mercado de capitales del Centro con las características de una “crisis subprime”.

A cluster expansion approach to renormalization group transformations

The renormalization group (RG) approach is largely responsible for the considerable success which has been achieved in developing a quantitative theory of phase transitions. This work treats the rigorous definition of the RG map for classical Ising-type lattice systems in the infinite volume limit at high temperature. A cluster expansion is used to justify the existence of the partial derivatives of the renormalized interaction with respect to the original interaction. This expansion is derived from the formal expressions, but it is itself well-defined and convergent. Suppose in addition that the original interaction is finite-range and translation-invariant. We will show that the matrix of partial derivatives in this case displays an approximate band property. This in turn gives an upper bound for the RG linearization.Comment: 13 page

On Evidence-based Risk Management in Requirements Engineering

Background: The sensitivity of Requirements Engineering (RE) to the context makes it difficult to efficiently control problems therein, thus, hampering an effective risk management devoted to allow for early corrective or even preventive measures. Problem: There is still little empirical knowledge about context-specific RE phenomena which would be necessary for an effective context- sensitive risk management in RE. Goal: We propose and validate an evidence-based approach to assess risks in RE using cross-company data about problems, causes and effects. Research Method: We use survey data from 228 companies and build a probabilistic network that supports the forecast of context-specific RE phenomena. We implement this approach using spreadsheets to support a light-weight risk assessment. Results: Our results from an initial validation in 6 companies strengthen our confidence that the approach increases the awareness for individual risk factors in RE, and the feedback further allows for disseminating our approach into practice.Comment: 20 pages, submitted to 10th Software Quality Days conference, 201

On Packet Scheduling with Adversarial Jamming and Speedup

In Packet Scheduling with Adversarial Jamming packets of arbitrary sizes arrive over time to be transmitted over a channel in which instantaneous jamming errors occur at times chosen by the adversary and not known to the algorithm. The transmission taking place at the time of jamming is corrupt, and the algorithm learns this fact immediately. An online algorithm maximizes the total size of packets it successfully transmits and the goal is to develop an algorithm with the lowest possible asymptotic competitive ratio, where the additive constant may depend on packet sizes. Our main contribution is a universal algorithm that works for any speedup and packet sizes and, unlike previous algorithms for the problem, it does not need to know these properties in advance. We show that this algorithm guarantees 1-competitiveness with speedup 4, making it the first known algorithm to maintain 1-competitiveness with a moderate speedup in the general setting of arbitrary packet sizes. We also prove a lower bound of $\phi+1\approx 2.618$ on the speedup of any 1-competitive deterministic algorithm, showing that our algorithm is close to the optimum. Additionally, we formulate a general framework for analyzing our algorithm locally and use it to show upper bounds on its competitive ratio for speedups in $[1,4)$ and for several special cases, recovering some previously known results, each of which had a dedicated proof. In particular, our algorithm is 3-competitive without speedup, matching both the (worst-case) performance of the algorithm by Jurdzinski et al. and the lower bound by Anta et al.Comment: Appeared in Proc. of the 15th Workshop on Approximation and Online Algorithms (WAOA 2017

Geometric Phases and Mielnik's Evolution Loops

The cyclic evolutions and associated geometric phases induced by time-independent Hamiltonians are studied for the case when the evolution operator becomes the identity (those processes are called {\it evolution loops}). We make a detailed treatment of systems having equally-spaced energy levels. Special emphasis is made on the potentials which have the same spectrum as the harmonic oscillator potential (the generalized oscillator potentials) and on their recently found coherent states.Comment: 11 pages, harvmac, 2 figures available upon request; CINVESTAV-FIS GFMR 11/9