The NAFTA Environmental Framework, Chapter 11 Investment Provisions, and the Environment

In this paper, the author will discuss some of the environmental issues surrounding two parts of the NAFTA machinery based on recent developments. Written in seven parts, Part II provides the NAFTA historical background. Part III discusses the NAFTA Environmental Framework, and Part IV discusses the NAFTA Chapter 11 Investment Provisions. Part V reviews the Submissions of Environmental Enforcement Matters and provides recent academic criticisms of the CEC Process and NAFTA Chapter 11 based on NAFTA environmental studies. Part VI reviews critical Chapter 11 cases. Part Vll provides critique and recommendations on how improvements might be made, and Part VIII concludes the paper

Solving dynamic stochastic economic models by mathematical programming decomposition methods.

Discrete-time optimal control problems arise naturally in many economic problems. Despite the rapid growth in computing power and new developments in the literature, many economic problems are still quite challenging to solve. Economists are aware of the limitations of some of these approaches for solving these problems due to memory and computational requirements. However, many of the economic models present some special structure that can be exploited in an efficient manner. This paper introduces a decomposition methodology, based on a mathematical programming framework, to compute the equilibrium path in dynamic models by breaking the problem into a set of smaller independent subproblems. We study the performance of the method solving a set of dynamic stochastic economic models. The numerical results reveal that the proposed methodology is efficient in terms of computing time and accuracyDynamic stochastic economic model; Computation of equilibrium; Mathematical programming; Decomposition techniques;

A decomposition procedure based on approximate newton directions

The efficient solution of large-scale linear and nonlinear optimization problems may require exploiting any special structure in them in an efficient manner. We describe and analyze some cases in which this special structure can be used with very little cost to obtain search directions from decomposed subproblems. We also study how to correct these directions using (decomposable) preconditioned conjugate gradient methods to ensure local convergence in all cases. The choice of appropriate preconditioners results in a natural manner from the structure in the problem. Finally, we conduct computational experiments to compare the resulting procedures with direct methods, as well as to study the impact of different preconditioner choices

LIBOR additive model calibration to swaptions markets

In the current paper, we introduce a new calibration methodology for the LIBOR market model driven by LIBOR additive processes based in an inverse problem. This problem can be splitted in the calibration of the continuous and discontinuous part, linking each part of the problem with at-the-money and in/out -of -the-money swaption volatilies. The continuous part is based on a semidefinite programming (convex) problem, with constraints in terms of variability or robustness, and the calibration of the Lévy measure is proposed to calibrate inverting the Fourier Transform

On the relationship between bilevel decomposition algorithms and direct interior-point methods

Engineers have been using bilevel decomposition algorithms to solve certain nonconvex large-scale optimization problems arising in engineering design projects. These algorithms transform the large-scale problem into a bilevel program with one upperlevel problem (the master problem) and several lower-level problems (the subproblems). Unfortunately, there is analytical and numerical evidence that some of these commonly used bilevel decomposition algorithms may fail to converge even when the starting point is very close to the minimizer. In this paper, we establish a relationship between a particular bilevel decomposition algorithm, which only performs one iteration of an interior-point method when solving the subproblems, and a direct interior-point method, which solves the problem in its original (integrated) form. Using this relationship, we formally prove that the bilevel decomposition algorithm converges locally at a superlinear rate. The relevance of our analysis is that it bridges the gap between the incipient local convergence theory of bilevel decomposition algorithms and the mature theory of direct interior-point methods

A vehicle routing model with split delivery and stop nodes

In this work, a new variant of the Capacitated Vehicle Routing Problem (CVRP) is presented where the vehicles cannot perform any route leg longer than a given length L (although the routes can be longer). Thus, once a route leg length is close to L, the vehicle must go to a stop node to end the leg or return to the depot. We introduce this condition in a variation of the CVRP, the Split Delivery Vehicle Routing Problem, where multiple visits to a customer by different vehicles are allowed. We present two formulations for this problem which we call Split Delivery Vehicle Routing Problem with Stop Nodes: a vehicle flow formulation and a commodity flow formulation. Because of the complexity of this problem, a heuristic approach is developed. We compare its performance with and without the stop nodesSplit delivery vehicle routing problem, Stop node, Granular neighborhood, Tabu search

Comparing univariate and multivariate models to forecast portfolio value-at-risk

This article addresses the problem of forecasting portfolio value-at-risk (VaR) with multivariate GARCH models vis-à-vis univariate models. Existing literature has tried to answer this question by analyzing only small portfolios and using a testing framework not appropriate for ranking VaR models. In this work we provide a more comprehensive look at the problem of portfolio VaR forecasting by using more appropriate statistical tests of comparative predictive ability. Moreover, we compare univariate vs. multivariate VaR models in the context of diversified portfolios containing a large number of assets and also provide evidence based on Monte Carlo experiments. We conclude that, if the sample size is moderately large, multivariate models outperform univariate counterparts on an out-of-sample basis.Market risk, Backtesting, Conditional predictive ability, GARCH, Volatility, Capital requirements, Basel II

LIBOR additive model calibration to swaptions markets

In the current paper, we introduce a new calibration methodology for the LIBOR market model driven by LIBOR additive processes based in an inverse problem. This problem can be splitted in the calibration of the continuous and discontinuous part, linking each part of the problem with at-the-money and in/out -of -the-money swaption volatilies. The continuous part is based on a semidefinite programming (convex) problem, with constraints in terms of variability or robustness, and the calibration of the Lévy measure is proposed to calibrate inverting the Fourier Transform.Lévy Market model, Calibration, Semidefinite programming

Creatividad publicitaria como estrategia preventiva de la violencia en el deporte

La presente comunicación tiene por objeto poner de relieve la escasa implantación de la creatividad publicitaria en el fomento de valores deportivos saludables. Desde nuestro punto de vista asistimos a una paradoja que nos parece harto significativa y que debe conducirnos a una seria reflexión. La paradoja a la que nos referimos es la siguiente: el mundo empresarial viene haciendo un uso creciente de imágenes y valores asociados a la práctica deportiva en sus estrategias de creatividad publicitaria. A nadie se le escapa que si el colectivo empresarial utiliza el deporte (asociándolo a su imagen), y más concretamente la práctica deportiva, se debe a que, expresado en términos coloquiales, éste vende. Y sin embargo, e igualmente expresado coloquialmente, ¡qué difícil nos resulta a nosotros en tantas ocasiones vender nuestro producto: el deporte como elemento educativo y formativo del desarrollo de valores sociales! En este trabajo comenzaremos definiendo el concepto de creatividad, incidiendo en la relación existente entre publicidad y creatividad, así como en la utilización de esta última como elemento de persuasión. Efectuaremos asimismo un somero análisis de la publicidad y su incidencia en los estilos de vida. A renglón seguido, presentaremos los caminos creativos más habitualmente empleados en la comunicación publicitaria. Introduciremos finalmente un apartado de conclusiones.The present paper expects to draws the attention on the rare implantation of advertising creativity within the promotion of healthy sports values. From our point of view, we attend to a paradox, which is extremely important to us, and must lead us to a serious reflection. The referred paradox is the following: the business world has been making an increasing use of images, and values related to sports practice, within their strategies of advertising creativity. However, everybody knows that if the business community uses the sport (associating it with its image), and specifically the sport practice, it is because, colloquially expressed, this sells. And yet, putting it colloquially, ¡how difficult it is for us, in some cases, to sell our product: sport as an educational and training element of development of social values! For starters, we will begin this project defining the concept of creativity, stressing on the connection between advertising and creativity, just like in the employment of this last one as persuasive element. Moreover, we will execute a draft analysis of advertising, and its effect on lifestyle. Subsequently, we will display the creative paths more employed in advertising communication. Finally, we will introduce a section of conclusions

Marketing strategies in sport clubs

El objetivo principal de este artículo es resaltar la importancia que tiene el marketing en el mundo del deporte. Durante los últimos años, se han producido numerosos e importantes avances en el estudio y en la formalización del marketing aplicado al área de los servicios, los cuales obligan a actualizar los planteamientos y enfoques que se siguen en su aplicación. Los estudios más recientes en la utilización del marketing en las entidades deportivas, demuestran que la aplicación aislada del marketing tradicional no es suficiente, por sí solo, para asegurar el éxito de mercado y que es necesario complementarlo con otras dos disciplinas desarrolladas en gran parte en el sector servicios y llegar, de esta manera, a un enfoque nuevo y específico de marketing deportivo. Este nuevo enfoque ha de estar integrado por tres áreas claramente diferenciadas y complementarias entre sí: el marketing tradicional, el marketing interactivo y el marketing interno. Palabras clave: Marketing, interactivo, club deportivo, socios, clientes.The principal aim of this article is stand out the importance of sport marketing in the sport world. During last years, numerous advances have been appear about sport marketing in services. These advances force to update the application of these approachs. Recents studies in the use of marketing in sports organizations show that the isolate application of traditional marketing is insufficient to ensure the succes, and there is need to improve it with other two developed disciplines to reach a new idea of sport marketing. This new view and perspective must be composed by three areas: traditional marketing, interactive marketing and internal marketing. Key words: Marketing, interactive, sport club, members, customers.peerReviewe