El problema de incentivos entre las AFP y los Afiliados al sistema privado de pensiones.

Los afiliados al sistema de ahorro individual delegan el manejo de sus ahorros a una administradora privada esperando de ella una buena gestión y un rendimiento que le garantice la maximización de sus ingresos futuros, en contraprestación de una comisión. Aunque el afiliado espera que tal ente haga el esfuerzo necesario para que sus ahorros sean invertidos eficientemente, existe un problema de riesgo moral que no le permite verificar directamente el desempeño de la administradora, por lo que se puede presentar un comportamiento oportunista por parte de ésta. El objetivo, entonces, es determinar el contrato óptimo con información incompleta, que haga compatibles los incentivos de la AFP con los del afiliado, para luego compararlo con el contrato vigente actualmente en Colombia, y determinar si el esquema de comisiones es el correcto en tales términos de incentivos.

Lévy-Ito Models in Finance

We present an overview of the broad class of financial models in which the prices of assets are L évy-Ito processes driven by an n-dimensional Brownian motion and an independent Poisson random measure. The Poisson random measure is associated with an n-dimensional Lévy process. Each model consists of a pricing kernel, a money market account, and one or more risky assets. We show how the excess rate of return above the interest rate can be calculated for risky assets in such models, thus showing the relationship between risk and return when asset prices have jumps. The framework is applied to a variety of asset classes, allowing one to construct new models as well as interesting generalizations of familiar models

Natural Energy Bars With Protein Improvement From Animal Origin Foods

The energy bars provide the consumer with nutritional and organoleptic quality, as well as a prolonged shelf life without the need to modify the temperature for storage, however, they do not satisfy the nutritional requirements of high-quality proteins since they are usually made from cereals, which are low cost ingredients and great energy contribution. The objective of this study was to create an energetic and nutritious bar, without diminishing the technological quality of the commercial bars and that, due to their sensory characteristics, are easily included in the daily consumption of people who exercise and want to control their weight. A product was formulated with a greater contribution and protein quality, and with a functional dose of macronutrients. The product was prepared in compliance with the regulations of the Ecuadorian Institute for Standardization (INEN) and the Food Codex, the premixing and roasting of ingredients was controlled and finally food with animal protein source such as egg white and powdered milk was added. For the premix oat flakes, nuts such as nuts, almonds and hazelnuts, chia seeds and honey were used, then added egg white and powdered milk. The protein content it reached was 29.01% on a wet basis, a fat value of 23.10% and carbohydrates of 25.24% on 100 g of sample on a wet basis. The energy distribution of macronutrients was balanced, and the sensory evaluation showed good product acceptability. Keywords: cereal bars, protein, immediate energy. Resumen Las barras energéticas proporcionan al consumidor calidad nutricional y organoléptica, así como una vida de anaquel prolongada sin necesidad de modificar la temperatura para su almacenamiento, sin embargo, no satisfacen los requerimientos nutricionales de proteínas de alta calidad ya que generalmente están elaboradas a base de cereales, que son ingredientes de bajo costo y gran aporte energético. El objetivo se este estudio fue crear una barra energética y nutritiva, sin disminuir la calidad tecnológica de las barras comerciales y que por sus características sensoriales sean fácilmente incluidas en el consumo diario de personas que se ejercitan y quieren controlar su peso. Se formuló un producto con un mayor aporte y calidad proteica, y con una dosis funcional de macronutrientes. El producto se elaboró cumpliendo las normativas del Instituto Ecuatoriano de Normalización (INEN) y del Codex alimentario, se controló la premezcla y tostado de ingredientes y finalmente se adicionó los alimentos con fuente proteica animal como la clara de huevo y leche en polvo. Para la premezcla se utilizaron hojuelas de avena, frutos secos como nueces, almendras y avellanas, semillas de chía y miel de abeja, luego se adicionó la clara de huevo y la leche en polvo. El contenido proteico que alcanzó fue de 29,01% en base húmeda, un valor en grasas de 23,10% y de carbohidratos de 25,24% de muestra en base húmeda. La distribución energética de macronutrientes fue equilibrada y la evaluación sensorial arrojó una buena aceptabilidad del producto. Palabras claves: barras de cereales, proteína, energía inmediata

Interband electron Raman scattering in a quantum wire in a transverse magnetic field

Electron Raman scattering (ERS) is investigated in a parabolic semiconductor quantum wire in a transverse magnetic field neglecting by phonon-assisted transitions. The ERS cross-section is calculated as a function of a frequency shift and magnetic field. The process involves an interband electronic transition and an intraband transition between quantized subbands. We analyze the differential cross-section for different scattering configurations. We study selection rules for the processes. Some singularities in the Raman spectra are found and interpreted. The scattering spectrum shows density-of-states peaks and interband matrix elements maximums and a strong resonance when scattered frequency equals to the "hybrid" frequency or confinement frequency depending on the light polarization. Numerical results are presented for a GaAs/AlGaAs quantum wire.Comment: 8 pages, 5 figure

New Measurements and Quantitative Analysis of Electron Backscattering in the Energy Range of Neutron Beta-Decay

We report on the first detailed measurements of electron backscattering from plastic scintillator targets, extending our previous work on beryllium and silicon targets. The scintillator experiment posed several additional experimental challenges associated with charging of the scintillator target, and those challenges are addressed in detail. In addition, we quantitatively compare the energy and angular distributions of this data, and our previous data, with electron transport simulations based on the Geant4 and Penelope Monte Carlo simulation codes. The Penelope simulation is found globally to give a superior description of the data. Such information is crucial for a broad array of weak-interaction physics experiments, where electron backscattering can give rise to the dominant detector-related systematic uncertainty.Comment: 7 pages, 3 figure

Economic policies and their effects on Cuba's political and social paradigm

Thesis (M.C.P.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1998.Includes bibliographical references (leaves 50-51).by Alvaro G. Betancourt.M.C.P

The emergence of FEDERRIEGO: The Colombian Federation of Irrigation Districts

Farmer managed irrigation systems / Privatization / Farmers' associations / Irrigation management / Legal aspects / Colombia

Closure Relations of Synchrotron Self-Compton in Afterglow stratified medium and Fermi-LAT Detected Gamma-Ray Bursts

The Second Gamma-ray Burst Catalog (2FLGC) was announced by the Fermi Large Area Telescope (Fermi-LAT) Collaboration. It includes 29 bursts with photon energy higher than 10 GeV. Gamma-ray burst (GRB) afterglow observations have been adequately explained by the classic synchrotron forward-shock model, however, photon energies greater than 10 GeV from these transient events are challenging, if not impossible, to characterize using this afterglow model. Recently, the closure relations (CRs) of the synchrotron self-Compton (SSC) forward-shock model evolving in a stellar wind and homogeneous medium was presented to analyze the evolution of the spectral and temporal indexes of those bursts reported in 2FLGC. In this work, we provide the CRs of the same afterglow model, but evolving in an intermediate density profile ($\propto {\rm r^{-k}}$) with ${\rm 0\leq k \leq2.5}$, taking into account the adiabatic/radiative regime and with/without energy injection for any value of the electron spectral index. The results show that the current model accounts for a considerable subset of GRBs that cannot be interpreted in either stellar-wind or homogeneous afterglow SSC model. The analysis indicates that the best-stratified scenario is most consistent with ${\rm k=0.5}$ for no-energy injection and ${\rm k=2.5}$ for energy injection.Comment: 13 pages, 3 figure