Adoption of simultaneous different strategies against different opponents enhances cooperation

The emergence of cooperation has been widely studied in the context of game theory on structured populations. Usually the individuals adopt one strategy against all their neighbors. The structure can provide reproductive success for the cooperative strategy, at least for low values of defection tendency. Other mechanisms, such punishment, can also be responsible for cooperation emergence. But what happens if the players adopt simultaneously different strategies against each one of their opponents, not just a single one? Here we study this question in the prisoner dilemma scenario structured on a square lattice and on a ring. We show that if an update rule is defined in which the players replace the strategy that furnishes the smallest payoff, a punishment response mechanism against defectors without imputing cost to the punishers appears, cooperation dominates and, even if the tendency of defection is huge, cooperation still remains alive

Mapeamento das ocorrências naturais de espécies vegetais úteis da Amazônia.

Este trabalho objetivou mapear as ocorrências naturais de espécies vegetais de interesse comercial da Amazônia (aromáticas, florestais, frutíferas, medicinais, palmeiras e outras) e avaliar sua interação com fatores do ambiente, tais como: precipitação, solos, etc

Sudden Floods, Prudential Regulation and Stability in an Open Economy

We develop a dynamic stochastic model of a middle-income, small open economy with a two-level banking intermediation structure, a risk-sensitive regulatory capital regime, and imperfect capital mobility. Firms borrow from a domestic bank and the bank borrows on world capital markets, in both cases subject to an endogenous premium. A sudden flood in capital flows generates an expansion in credit and activity, and asset price pressures. Countercyclical regulation, in the form of a Basel III-type rule based on real credit gaps, is effective at promoting macroeconomic stability (defined in terms of the volatility of a weighted average of inflation and the output gap) and financial stability (defined in terms of the volatility of a composite index of the nominal exchange rate and house prices). However, because the gain in terms of reduced volatility may exhibit diminishing returns, a countercyclical regulatory rule may need to be supplemented by other, more targeted, macroprudential instruments.

Capital requirements and business cycles with credit market imperfections

The business cycle effects of bank capital regulatory regimes are examined in a New Keynesian model with credit market imperfections and a cost channel of monetary policy. Key features of the model are that bank capital increases incentives for banks to monitor borrowers, thereby reducing the probability of default, and excess capital generates benefits in terms of reduced regulatory scrutiny. Basel I and Basel II-type regulatory regimes are defined, and the model is calibrated for a middle-income country. Simulations of supply and demand shocks show that, depending on the elasticity that relates the repayment probability to the capital-loan ratio, a Basel II-type regime may be less procyclical than a Basel I-type regime.Banks&Banking Reform,Debt Markets,Access to Finance,Economic Theory&Research,Emerging Markets