ENTREPRENEURSHIP AND LIQUIDITY CONSTRAINTS IN DEPRIVED AREAS: EVIDENCE FROM THE SLUMS OF RIO DE JANEIRO

Several economic models have described the theoretical causes and onsequences of 'credit rationing' and 'under-investment'; one string of this literature shows the long-run effects of initial wealth distribution and entrepreneurial ability on the process of occupational choice and performance, and its consequences on inequality. Surprisingly, there is very little micro-level evidence on the existence and effects of 'credit rationing' in the context of developing countries. This is the contribution of the current paper. Using a survey of 4,553 entrepreneurs in 51 slums in Rio de Janeiro, this paper uses mean and quantile regression estimates to shows the effects of the type of initial capital, credit constraints, and human capital factors on entrepreneurs' performance. The main findings of the the paper are that entrepreneurs that were able to self-finance their business start-up presented earnings 16% greater than entrepreneurs that had to borrow their initial capital. In addition, entrepreneurs that explicitly claimed to be credit constrained performed substantially worse than their observationally identical counterparts, even if they were credit worthy. Both, initial source of funding and liquidity constraint presented greater effects on the highest quantiles. In terms of human capital, the current study shows positive and statistically significant returns for both years of schooling and experience, with higher returns on the lowest quantiles, indicating the potential role of these factors on inequality reduction.

High speed rail transport valuation

The present paper investigates the optimal timing of investment for a high speed rail (HSR) project, in an uncertain environment, using a real options analysis (ROA) framework. It develops a continuous time framework with stochastic demand that allows for the determination of the optimal timing of investment and the value of the option to defer in the overall valuation of the project. The modelling approach used is based on the differential utility provided to railway users by the HSR service.info:eu-repo/semantics/publishedVersio

High speed rail transport valuation and policy decisions

The present paper investigates the process of decision making regarding the optimal timing to invest in the high speed rail (HSR) project, under uncertainty, using the real options analysis (ROA) framework. It’s developed a continuous time framework that allows a solution to the problem concerning the optimal timing to invest and to value the impact of the option to defer in the overall valuation of the project, with multiple uncertainty factors. Besides considering a stochastic demand, the effect of uncertainty in the investment’s expenditure and over the benefit per user is incorporated in a model with three stochastic variables. The modelling approach used is based on the differential utility provided to railway users by the HSR service.info:eu-repo/semantics/publishedVersio

High speed rail transport valuation

The present paper investigates the optimal timing of investment for a high speed rail (HSR) project, in an uncertain environment, using a real options analysis (ROA) framework. It develops a continuous time framework with stochastic demand that allows for the determination of the optimal timing of investment and the value of the option to defer in the overall valuation of the project. The modelling approach used is based on the differential utility provided to railway users by the HSR service.info:eu-repo/semantics/publishedVersio

Thermal calculations for TES tank predesign : EMSP case-study

ABSTRACT: LNEG is one of the partners involved in Task 2.2 “Predesign of tank and module system architectures”. The present document reports work developed by LNEG for partial fulfillment of deliverable D2.1 “Preliminary selection of materials compositions and TES system predesign”. Preliminary data were already published in Azevedo (2017) and on D2.1 “Preliminary selection of materials compositions and TES system predesign”. The present document presents the efficiency approach and the methodology for heat losses and temperature inside the walls calculations. Additionally, the EMSP is hereby described as a case-study and its dimensions, materials, and the aforementioned heat losses and temperature inside the walls, were estimated.N/

Early Diagenesis of Lower Pliensbachian Sediments from the Algarve Basin (Portugal): Characterisation and Relation with Tectonic Evolution

The Lower Jurassic (Lower Pliensbachian) sedimentary record of the western end of the Algarve Basin (Portugal) is made of decimetric thick layers of limestone and dolomitized limestone with chert nodules and inter-layered chert beds. Most of the observable lithologies are the product of an early diagenetic evolution and the original lithological content of the formation included limestones, marls and calciclastic limestones. In this area the sedimentation was controlled by the tectonic stretching responsible for the evolution of the Algarve Basin, as well as by short-lived events of tectonic inversion. These episodes of tectonic inversion were responsible for the some uplift with the development of unconformities, sometimes with erosional surfaces separating the different sedimentary packages. The early diagenesis affecting the Lower Pliensbachian sediments is characterized by: (i) a mechanical event controlled by the syn-sedimentary stretching, responsible for the development of calciclastic dikes and nodules alignements; (ii) the substitution of the carbonates from the most permeable calciclastic limestone layers by silica, leading to the development of the observed cherts; (iii) the dolomitization of the preserved limestones; and (iv) the infilling of joints and normal fault planes by silica-rich fluids leading to the development of quartz veins. This set of diagenetic transformations took place before the Upper Pliensbachian which lacks the evidences of their occurrence. The whole-rock geochemical data of the carbonate and siliceous sediments of the Lower Pliensbachian revealed some affinities between both lithological types namely the lack of Ce anomalies and the presence of La anomalies in the REE patterns of all samples. The similarities between the carbonate lithologies which diagenetic evolution is marked by the replacement of calcite by dolomite and the siliceous sediments derived from the replacement of calcite by quartz establish a chemical connection between the two sets of rocks. This connection can be interpreted as a testimony of a common primary precursor for both lithological groups or as a testimony of a common character of the diagenetic fluids which interacted with the original sediments. The dolomitization changed the Sr isotopic signature increasing the 87Sr/86Sr ratios from 0.7073 in the unchanged limestone to a maximum value of 0.7113 in the dolomitized samples. This strong increase together with the 13C/12C and 18O/16O values support an external origin for the dolomitizing fluids. A possible origin for the diagenesis is meteoric water coming into the basin after weathering the country rocks. The hydrologic regime in the basin certainly underwent important changes during the uplift events associated to the mentioned tectonic inversion episodes and uplift allowing for input of water from land

Early Diagenesis of Lower Pliensbachian Sediments from the Algarve Basin (Portugal): Characterisation and Relation with Tectonic Evolution

The Lower Jurassic (Lower Pliensbachian) sedimentary record of the western end of the Algarve Basin (Portugal) is made of decimetric thick layers of limestone and dolomitized limestone with chert nodules and inter-layered chert beds. Most of the observable lithologies are the product of an early diagenetic evolution and the original lithological content of the formation included limestones, marls and calciclastic limestones. In this area the sedimentation was controlled by the tectonic stretching responsible for the evolution of the Algarve Basin, as well as by short-lived events of tectonic inversion. These episodes of tectonic inversion were responsible for the some uplift with the development of unconformities, sometimes with erosional surfaces separating the different sedimentary packages. The early diagenesis affecting the Lower Pliensbachian sediments is characterized by: (i) a mechanical event controlled by the syn-sedimentary stretching, responsible for the development of calciclastic dikes and nodules alignements; (ii) the substitution of the carbonates from the most permeable calciclastic limestone layers by silica, leading to the development of the observed cherts; (iii) the dolomitization of the preserved limestones; and (iv) the infilling of joints and normal fault planes by silica-rich fluids leading to the development of quartz veins. This set of diagenetic transformations took place before the Upper Pliensbachian which lacks the evidences of their occurrence. The whole-rock geochemical data of the carbonate and siliceous sediments of the Lower Pliensbachian revealed some affinities between both lithological types namely the lack of Ce anomalies and the presence of La anomalies in the REE patterns of all samples. The similarities between the carbonate lithologies which diagenetic evolution is marked by the replacement of calcite by dolomite and the siliceous sediments derived from the replacement of calcite by quartz establish a chemical connection between the two sets of rocks. This connection can be interpreted as a testimony of a common primary precursor for both lithological groups or as a testimony of a common character of the diagenetic fluids which interacted with the original sediments. The dolomitization changed the Sr isotopic signature increasing the 87Sr/86Sr ratios from 0.7073 in the unchanged limestone to a maximum value of 0.7113 in the dolomitized samples. This strong increase together with the 13C/12C and 18O/16O values support an external origin for the dolomitizing fluids. A possible origin for the diagenesis is meteoric water coming into the basin after weathering the country rocks. The hydrologic regime in the basin certainly underwent important changes during the uplift events associated to the mentioned tectonic inversion episodes and uplift allowing for input of water from land

Agrootics. A semiotic cubic model description for meaning interpretation

Semiotics has meaning models that constitute forms of observation of reality’s phenomenology. At current perspective of human reasoning, those models are insufficient reality interpreters before society and to the technology that accompanies it. In terms of meaning models of analysis in semiotics, it can be resumed as so: Saussure’s dichotomy (a binary model), Peirce, Ogden-Richards and Morris’ trichotomies (a triadic model) and Greimas’ square (a tetradic model). As we inhabit a three-dimensional reality, we assume that everything can be measured and observed in terms of distance and extension relativities, as to an emotion, a phenomenon, a social medium or an object. Thus, we propose an alternative meaning production and interpretation, through a conceptual cubic model rooted on Peirce’s trichotomy. This cubic perspective, represented by the development of a perception emulator in form of a cube, will be grounded through sensibility of social and physical space notions.info:eu-repo/semantics/publishedVersio