Efficient Partnership Dissolution under Buy/Sell Clauses

When a partnership comes to an end partners have to determine the terms of the dissolution. A well known way to do so is by enforcing a buy/sell option. Under its rules one partner has to offer a price for the partnership and the other agent can choose whether she wants to sell her share or buy her partner's share at this price. It is well known that in a model with private valuations this dissolution rule may generate inefficient allocations. However, we here show that if partners negotiate for the advantage of being chooser, then this buy/ sell provision results in an ex-post efficient outcome. This result helps to explain why such provisions are so widely introduced in partnership contractsmechanism design, partnerships

Investment incentives and auction design in electricity markets

Motivated by the regulatory debate in electricity markets, we seek to understand how market design affects market performance through its impact on investment incentives. For this purpose, we study a two-stage game in which firms choose their capacities under demand uncertainty prior to bidding into the spot market. We analyse a number of different market design elements, including (i) two commonly used auction formats, the uniform-price and discriminatory auctions, (ii) price-caps and (iii) bid duration. We find that, although the discriminatory auction tends to lower prices, this does not imply that investment incentives at the margin are poorer; indeed, under reasonable assumptions on the shape of the demand distribution, the discriminatory auction induces (weakly) stronger investment incentives than the uniform-price format

Time varying term premia and risK: The case of the spanish interbank money market.

En este trabajo se examinan algunos procedimientos estándar utilizados para evaluar la importancia del riesgo en la explicación del comportamiento de las primas por plazo dentro de la estructura temporal de tipos de interés. Se ponen de manifiesto sus limitaciones y se propone un procedimiento alternativo basado en la utilización de modelos VARMA. Este procedimiento se ilustra con una evaluación de la importancia del riesgo, medido como en Luce (1980), en el comportamiento de dos importantes primas por plazo dentro del mercado interbancario español

Testing theories of economic fluctuations and growth in early development. (The case of the Chesapeake tobacco economy)

This paper suggests a general econometric approach to the empirical testing of the staple theory. The methodology is based upon a multivariate stochastic time series analysis adjusted to accommodate the presence of co-integration. Consistent with the nature of the problem under consideration, the methodology does not require any a priori strucrural assumptions about the dynamic relations among relevant variables. The empirical part of the paper focuses on the dynamic relationships among tobacco prices in the colonial Chesapeake economy and tobacco demand and supply conditions. The empirical evidence gives strong support to the basic tenets of the staple theory: the central role of the exogenous British demand; the existence of fluctuations in the price of tobacco; and, the high responsiveness of tobacco production with respect to prices relative to tobacco demand

Optimal adaptation strategies to face shocks on groundwater resources

We consider an exogenous and reversible shock to a groundwater resource, namely a decrease in the recharge rate of the aquifer. We compare optimal extraction paths and the social costs of optimal adaptation in two cases: under certainty, i.e. when the date of occurrence of the shock is known, and under uncertainty, when the date of occurrence of the shock is a random variable. We show that an increase in uncertainty leads to a decrease in precautionary behavior in the short run and to an increase in precautionary behavior in the long run. We apply our model to the particular case of the Western la Mancha aquifer in Spain. We show that, in this context, it is advantageous for the water agency to acquire information on the date of the shock, especially for high-intensity and intermediate-risk events

Morphological, chemical and optical absorbing characterization of aerosols in the urban atmosphere of Valladolid

Samples of atmospheric aerosol particles were collected in Valladolid, Spain, during the winter of 2003–2004. The measurements were made with a Dekati PM10 cascade impactor with four size stages: greater than 10 μm, between 2.5 to 10 μm, 1 to 2.5 μm and less than 1 μm. The size and shape of the particles were analyzed with a scanning electron microscope (SEM) and elemental analysis was done with an energy dispersive x-ray analysis (EDX). We present an evaluation by size, shape and composition of the major particulate species in the Valladolid urban atmosphere. The total aerosol concentration is very variable, ranging from 39.86 μg·m−3 to 184.88 μg·m−3 with the coarse particles as the dominant mass fraction. Emphasis was given to fine particles (<1 μm), for which the visible (400 nm to 650 nm) light absorption coefficients were measured using the integrating plate technique. We have made some enhancements in the illumination system of this measurement system. The absorption coefficient, σa , is highly variable and ranges from 7.33×10−6 m−1 to 1.01×10−4 m−1 at a wavelength of 550 nm. There is an inverse power law relationship between σa and wavelength, with an average exponent of −0.8.info:eu-repo/semantics/publishedVersio

On the Unification of Process Semantics: Logical Semantics

We continue with the task of obtaining a unifying view of process semantics by considering in this case the logical characterization of the semantics. We start by considering the classic linear time-branching time spectrum developed by R.J. van Glabbeek. He provided a logical characterization of most of the semantics in his spectrum but, without following a unique pattern. In this paper, we present a uniform logical characterization of all the semantics in the enlarged spectrum. The common structure of the formulas that constitute all the corresponding logics gives us a much clearer picture of the spectrum, clarifying the relations between the different semantics, and allows us to develop generic proofs of some general properties of the semantics.Comment: In Proceedings SOS 2011, arXiv:1108.279

Measurements and estimation of the columnar optical depth of tropospheric aerosols in the UV spectral region

International audienceWe report values of the columnar tropospheric aerosol optical depth at UV wavelengths based on experimental measurements of the direct spectral irradiances carried out by a commercial spectroradiometer (Li1800 of Licor company) covering the range from 300?1100 nm at two stations with different climate characteristics in Spain. The first station is located in a rural site in north central Spain with continental climate. The data extend from March to the end of October of 1995. The other station is a coastal site in the Gulf of Cádiz (southwest Spain) of maritime climate type. This study is mainly focused on the capability of estimating aerosol optical depth values in the UV region based on the extracted information in the visible and near infrared ranges. A first method has been used based on the Ångström turbidity parameters. However, since this method requires detailed spectral information, a second method has also been used, based on the correlation between wavelengths. A correlation has been established between the experimental aerosol optical depth values at 350 nm and 500 nm wavelengths. Although the type of aerosol seems to be the key factor that determines the quality of these estimations, the evaluation of the associated error is necessary to know the behaviour of these estimations in each area of study

Structure and electrical behavior relationship of a magnesium–tellurite glass using Raman and impedance spectroscopy

In this paperwe present the study of the glassy systems of formula: xMgO(1−x)(0.5V2O5·0.5MoO3)2TeO2,with (0 b x b 1). The aim of the work is to understand the relationship between in the induced changes in the glassy matrix by the incorporation of MgO in a vanadium–tellurite glass and the electrical response of the material. It has been found that the incorporation of MgO in the glassy matrix raises the glass transition temperature. The whole system's electrical behavior is explained by the small polaron hopping, in good agreement with the variable range polaron hopping model. In this matrix, an ionic transport by Mg2+ is not allowed. The study gives an opportunity to understand how to tune in the middle-range glassy structural order and, as a direct implication, how to control the electrical conduction process.Instituto de Física La Plat