The Gauss Constraint in the Extended Loop Representation

The Gauss constraint in the extended loop representation for quantum gravity is studied. It is shown that there exists a sector of the state space that is rigorously gauge invariant without the generic convergence issues of the extended holonomies.Comment: 8 pages, latex, no figure

Economic Interdependence and Macroeconomic Coordination

Data indicate that there has been an increasing integration of world financial markets. These have raised fears that countries have become vulnerable to external policies and events. This article discusses the need for policy coordination when there is interdependence among countries. The Philippine macroeconomic and policy coordination is discussed while a two-part recommendation is advocated.economic openness, economic integration

Valuing a portfolio of dependent RandD projects: a Copula approach

The aim of this work consists of pricing a real biotechnology firm that is based on a portfolio of several drug development projects at different phases. Duffie and Singleton (1999) formulate a system of n correlated jump mean-reverting intensity equations to capture a portfolio of n entities’ default times. The drawback of their approach is that there are a lot of parameters and we have no enough information so as to estimate all. This is the reason why the copula approach has been very well accepted in recent years as an alternative tool for these situations since we can model the extreme situations (or default in this case) under a dependence framework by selecting those copula functions with a very few number of parameters.Copula, valuation, company, real options

Economic Interdependence and Macroeconomic Coordination

Data indicate that there has been an increasing integration of world financial markets. These have raised fears that countries have become vulnerable to external policies and events. This article discusses the need for policy coordination when there is interdependence among countries. The Philippine macroeconomic and policy coordination is discussed while a two-part recommendation is advocated.economic openness, economic integration

Charles Darwin y las glaciaciones más antiguas de Patagonia: los bloques erráticos del alto valle del Río Santa Cruz

Although the depositational environment assigned by Darwin to the large erratic blocks and gravels in the Río Santa Cruz valley has been reinterpreted, his geomorphological and stratigraphic observations are still in force. The large erratic blocks he described as crowning the Condor Cliff terrace and spread at the bottom of the valley just east of this locality (Sites 2 and 3), are now interpreted as indicators of the maximum glacial expansion in Patagonia. Similar blocks, though of a different lithology, accumulated over a lower terrace located up-valley (Site 4), are now linked to moraines and glacifluvial terraces of the Penultimate Glaciation. Finally, in addition to the erratic block discovered by Darwin in the lower Río Santa Cruz valley (Site 1), there are others - recently discovered - which probably account for a catastrophic event ascribed to a big glacier-lake outburst during the last interglacial.No obstante haber sido reinterpretado el ambiente depositacional asignado por Darwin a los grandes bloques erráticos y rodados del valle del río Santa Cruz, siguen vigentes sus observaciones geomorfológicas y estratigráficas. Los grandes bloques erráticos que describe coronando la terraza de Condor Cliff y dispersos en el fondo del valle inmediatamente al este de esta localidad (Sitios 2 y 3), son interpretados ahora como indicadores de la máxima expansión glaciaria de la Patagonia. Bloques similares, aunque de dispar litología, acumulados sobre una terraza más baja situada río arriba (Sitio 4), se vinculan actualmente a morenas y terrazas glacifluviales de la Penúltima Glaciación. Finalmente, al bloque errático descubierto por Darwin en el tramo inferior del valle del río Santa Cruz (Sitio 1), se le suman otros -de reciente descubrimiento- que probablemente den cuenta de un evento catastrófico atribuible al vaciamiento de un gran lago glaciar durante el último interglaciar.Fil: Malagnino, Eduardo Cayetano. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Ciudad Universitaria. Instituto de Geociencias Básicas, Aplicadas y Ambientales de Buenos Aires. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Instituto de Geociencias Básicas, Aplicadas y Ambientales de Buenos Aires; ArgentinaFil: Strelin, Jorge Adrián. Universidad Nacional de Córdoba; Argentin

Canonical quantization of constrained theories on discrete space-time lattices

We discuss the canonical quantization of systems formulated on discrete space-times. We start by analyzing the quantization of simple mechanical systems with discrete time. The quantization becomes challenging when the systems have anholonomic constraints. We propose a new canonical formulation and quantization for such systems in terms of discrete canonical transformations. This allows to construct, for the first time, a canonical formulation for general constrained mechanical systems with discrete time. We extend the analysis to gauge field theories on the lattice. We consider a complete canonical formulation, starting from a discrete action, for lattice Yang--Mills theory discretized in space and Maxwell theory discretized in space and time. After completing the treatment, the results can be shown to coincide with the results of the traditional transfer matrix method. We then apply the method to BF theory, yielding the first lattice treatment for such a theory ever. The framework presented deals directly with the Lorentzian signature without requiring an Euclidean rotation. The whole discussion is framed in such a way as to provide a formalism that would allow a consistent, well defined, canonical formulation and quantization of discrete general relativity, which we will discuss in a forthcoming paper.Comment: 18 pages, RevTex, one figur

Tourist attractions as a moderating element in explanatory models for loyalty development

Many studies have analysed the impact of destination image on tourist satisfaction and loyalty, including different mediating variables, both affective and cognitive. This article will attempt to determine whether the representative model of visitors' future behaviour (satisfaction and loyalty) – viewed in terms of destination image, quality, value, disconfirmation, and emotions – follows a common, universal pattern or whether that behaviour actually differs when the model is applied to destinations offering different attractions.The paper below analyses disparate emotional behaviour in relation to destinations mentioned in the literature, when value does not play a mediating role between perception of quality and satisfaction with coastal destinations. This study concludes that there is a common pattern for purely urban cultural destinations while a different pattern exists for urban cultural destinations that include beaches among their attractions.Múltiples estudios han analizado el impacto de la imagen de los destinos en la satisfacción y lealtad de los turistas, incluyendo diversas variables mediadoras tanto afectivas como cognitivas. Este artículo intentará determinar si el modelo de comportamiento futuro del visitante (satisfacción y lealtad), analizado en términos de imagen del destino, calidad, valor, disconfirmación y emociones, sigue un modelo común y universal, o si por el contrario difiere entre destinos que ofrecen diferente tipo de atracciones al visitante.El trabajo contrasta la existencia de un comportamiento dispar de las emociones en relación con lo expuesto en la literatura, al tiempo que se señala que el valor no juega un rol mediador entre la calidad y la satisfacción para los destinos costeros. Como conclusión se extrae que hay un modelo de comportamiento común entre destinos puramente urbanos, mientras que existe otro diferente para destinos culturales urbanos que cuentan con playa entre sus atractivos turísticos

A First Stochastic General Framework to Model the Project Finance Cash Flows under Monopolistic Situations

The main aim of this work is to model the cash flows and cost dynamics for a Project Finance. Large scale capital-intensive projects usually require substantial investments up front and only generate revenues to cover their costs in the long term. The abandonment flexibility affects each project independently. This is the only one that we consider in this study and it is quite different from the idea to abandon due to a common (specific) catastrophic event. This option is exercised under those situations of expected costs to completion higher than the expected cash flow, that is, during the investment period in the development phase. Including this flexibility in project finance is the same as valuing a project with an implicit American put option.Project Finance, Cash Flows, Stochastic, Real Options