Art for Social Change: Supporting Art for Community Building, New Philanthropic Orientations in Egypt

Taking stock of recent developments in the field of philanthropy concerning the theme of Art for Social Change, this paper shall analyze the new cultural and artistic trends in civic participation and social engagement in Egypt that take their root well before the revolution and could be further emphasized following the Uprisings. The focus will be on new philanthropic orientations fostering community based cultural expressions rather than 'elitist' art forms or already recognized performing artists (concerts, opera, and blockbuster films)

New Parametrizations for the Photon Structure Function

In the last year four new parametrizations of the Hadronic Photon Structure Function at Next to Leading Order have appeared. In this talk, I briefly review the main features of three of them: the FFNS_CJK, CJK and AFG.Comment: 7 pages, 2 figures. Talk presented at the Photon 2005 Conference, Warsaw (Poland

Existence of financial equilibria with restricted participation

We consider a two-date model of a financial exchange economy with finitely many agents having nonordered preferences and portfolio constraints. There is a market for physical commodities at any state today or tomorrow and financial transfers across time and across states are allowed by means of finitely many nominal assets or numeraire assets. We prove a general existence result of equilibria for such a financial exchange economy in which portfolios are defined by linear constraints, extending the framework of linear equality constraints by Balasko et al. (1990) and the existence results in the unconstrained case by Cass (1984, 2006), Werner (1985), Duffie (1987) and Geanakoplos and Polemarchakis (1986). Our main result is a consequence of an auxiliary result, also of interest for itself, in which agents' portofolio constraints are defined by general closed convex sets and the financial structure is assumed to satisfy a "nonredundancy-type" assumption, weaker than the ones in Radner (1972) and Siconolfi (1989).Restricted participation; portfolio constraints; financial exchange economy; equilibrium; existence; arbitrage-free asset prices

The location of R&D in the Netherlands: trends, determinants and policy

Many factors determine the location of business R&D projects, the most important being history, the supply of R&D labour, and the quality of the public knowledge infrastructure (including the science-industry knowledge transfer). The set of R&D locations in the Netherlands changes little over time. But two things do change regularly: the size of the R&D activities at a particular site and the name and nationality of the owner of an R&D site. The Netherlands takes an average or higher position in a ranking of OECD countries according to attractiveness to the location of business R&D. Since domestic R&D is an important engine for domestic economic growth and since the market fails to provide optimal incentives for R&D, there is scope for government policy that improves upon the R&D location climate. Yet, this policy rationale does not necessarily imply that R&D policy initiatives are always effective and efficient: elasticities and social (opportunity) costs should be taken into account.

Existence of pseudo-equilibria in a financial economy

This paper proves the existence of a pseudo-equilibrium in a financial economy with incomplete markets in which the agents may have nonordered preferences. We will use a fixed-point-like theorem of Bich and Cornet that generalizes the results by Hirsch, Magill, Mas-Colell [18] and Husseini, Lasry, Magill [19] to encompass the framework considered by Gale and Mas-Colell ([14], [15]).Pseudo-equilibrium ; incomplete markets ; nonordered preferences ; fixed-point-like theorems ; Grassmann manifold

Existence of pseudo-equilibria in a financial economy

This paper proves the existence of a pseudo-equilibrium in a financial economy with incomplete markets in which the agents may have nonordered preferences. We will use a fixed-point-like theorem of [4] that generalizes the results by Hirsch, Magill, Mas-Colell [18] and Husseini, Lasry, Magill [19] to encompass the framework considered by Gale and Mas-Colell ([14],[15]).Pseudo-equilibrium, incomplete markets, nonordered preferences, fixed-point-like theorems, Grassmann manifold.

The alternative approach to QCD analysis of the structure function F2gamma

The alternative approach to QCD analysis of the structure function F2gamma is presented. It differs from the conventional one by the presence of the terms, which in conventional approach appear in higher orders. The numerical results show that this difference is nonnegligible and may play an important role in the analysis on photon data of the future experiments.Comment: Talk given at PHOTON 2007, Paris, France, July 2007, 4 pages, 4 figure

Existence of financial equilibria with restricted participation

We consider a two-date model of a financial exchange economy with finitely many agents having nonordered preferences and portfolio constraints. There is a market for physical commodities at any state today or tomorrow and financial transfers across time and across states are allowed by means of finitely many nominal assets or num´eraire assets. We prove a general existence result of equilibria for such a financial exchange economy in which portfolios are defined by linear constraints, extending the framework of linear equality constraints by Balasko et al. (1990), and the existence results in the unconstrained case by Cass (1984, 2006), Werner (1985), Duffie (1987), and Geanakoplos and Polemarchakis (1986). Our main result is a consequence of an auxiliary result, also of interest for itself, in which agents’ portfolio constraints are defined by general closed convex sets and the financial structure is assumed to satisfy a ”nonredundancy-type” assumption, weaker than the ones in Radner (1972) and Siconolfi (1989).Restricted participation, portfolio constraints, financial exchange economy, equilibrium, existence, arbitrage-free asset prices

Arbitrage and Equilibrium with Portfolio Constraints

We consider a multiperiod financial exchange economy with nominal assets and restricted participation, where each agent's portfolio choice is restricted to a closed, convex set containing zero, as in Siconolfi (1989). Using an approach that dates back to Cass (1984, 2006) in the unconstrained case, we seek to isolate arbitrage-free asset prices that are aloso quasi-equilibrium or equilibrium asset prices. In the presence of such portfolio restrictions, we need to confine our attention to aggregate arbitrage-free asset prices, i.e., for which there is no arbitrage in the space of marketed portfolios. Our main result states that such asset prices are quasi-equilibrium prices under standard assumptions and then deduce that they are equilibrium prices under a suitable condition on the accessibility of payoffs by agents, i.e., every payoff that is attainable in the aggregate can be marketed through some agent's portfolio set. This latter result extends previous work by Martins-da-Rocha and Triki (2005).Stochastic financial exchange economies, incomplete markets, financial equilibrium, constrained portfolios, multiperiod models, arbitage-free asset prices.