Local matching indicators for transport problems with concave costs

In this paper, we introduce a class of indicators that enable to compute efficiently optimal transport plans associated to arbitrary distributions of N demands and M supplies in R in the case where the cost function is concave. The computational cost of these indicators is small and independent of N. A hierarchical use of them enables to obtain an efficient algorithm

TESTING MARKET EFFICIENCY VIA DECOMPOSITION OF STOCK RETURN. APPLICATION TO ROMANIAN CAPITAL MARKET

In this paper we are investigating the market efficiency using a model which decomposes the stock return into two components: a stochastic trend and a white noise component. This model is tested for the Romanian Capital Market, considering the time series of BET (Bucharest Exchange Trade) Index. The conclusion is that for our data sample we cannot reject the efficient market hypothesis for Romanian Capital Market. Classificaefficient market hypothesis, random walk, stochastic trend, ARIMA models, Romanian Capital Market, BET.tion-JEL: C42, G14

Understanding Human Dignity

Throughout his Adventures of Ideas, Whitehead defines the history of civilization as the progressive formation of the idea of human dignity, just like a “tiny glow announcing the dawn of a new life order”1. According to Patočka, the role of what he calls the “moderate supercivilization” consists in the creation of goods that can be universalized to all human beings. He insists particularly on two core values: scientific truth and human liberty. Both configure the “recognition of man by man as equal”2. Even if he does not talk explicitly about human dignity, Patočka refers to this notion as the central value of western civilization. Also, and from an historical perspective, Béjar thinks that the “greatest revolution of modernity is the affirmation of the individual as the deciding and unquestionable center of the collective organization”3. With these three preliminary references, it might be possible to think about the idea of human dignity. On one hand, this notion would be the mirror of a moral progress: social and political organizations would find their “raison d’être” in the respect of the value of human being. On the other hand, human dignity would match with a specific historical period (Modernity) and a particular civilization (the Western world).Programa Consolider "El tiempo de los derechos" (HURI-AGE

Laicity (secularism) and its enemies

La laicidad representa un principio importante para la consolidación de un Estado de derecho y la ilustración de la ciudadanía. No obstante, a pesar y debido a su importancia, sufre constante ataques por parte de distintas fuerzas sociales y políticas. En este artículo, el autor identifica cuatro enemigos de la laicidad: el clericalismo, los fundamentalismos religiosos, el comunitarismo y el laicismo. El objetivo consiste no sólo en denunciar esos enemigos sino también en proporcionar argumentos contra sus ataques al principio de laicidad.Laicity (or secularism) embodies an important principle for the rule of law and the enlightenment of the citizenship. Nonetheless, and because of this relevance, different social and political forces constantly criticize it. In this article, the author identifies four enemies: clericalism, religious fundamentalisms, communitarianism, and laicism. The aim is not only to denounce those enemies but also to provide some arguments against their attacks to the principle of laicity.Este trabajo forma parte del proyecto “Professor Visitante do Exterior” (PVE) de la CAPES, en colaboración con la PUC-Rio (Pós-graduação em Direito / Núcleo de Direitos Humanos). Integra también el proyecto de investigación “Secularización, Laicidad y Libertad de Conciencia” -CSO2011-14850-E. El autor quiere agradecer el apoyo de la Fundación Gregorio Peces-Barba para el Estudio & Cooperación en Derechos Humanos

Una aproximación al concepto de dignidad humana

Publicad

Models of the dignity of human being throughout the Middle Ages

En este trabajo, se pretende demostrar la existencia de un discurso sobre la dignidad del ser humano a lo largo de toda la Edad Media. Este discurso será más desarrollado en el Renacimiento con, en particular, los tratados sobre la “dignitas hominis”. Sin embargo, a partir del medioevo y ya en la Alta Edad Media, empiezan a configurarse unos planteamientos que permiten hablar de distintos modelos de la dignidad del ser humano. Se puede así defender la existencia de un humanismo medieval que, basándose en una nueva interpretación de las fuentes bíblicas y en otras fuentes de la filosofía clásica, argumenta a favor de una dignidad inherente al ser humano. Esta defensa de la dignidad del hombre tiene como principal motivo, complementar y también criticar otras posturas que sostienen la miseria del ser humano.This article aims to show the existence of a discourse on the dignity of human being throughout the Middle Ages. This discourse will be more developed during the Renaissance, with in particular the treaties upon the “dignitas hominis”. However, from the Middle and even in the High Middle Ages, began to take shape different approaches that create various models of the dignity of human being. Thus, a medieval humanism based on a new interpretation of the biblical sources and other sources of the classical philosophy, defends an inherent dignity of all human beings. This defense of the dignity of man aims to supplement and criticize other positions that claim the misery of human beings.Publicad

Information entropy and measures of market risk

In this paper we investigate the relationship between the information entropy of the distribution of intraday returns and intraday and daily measures of market risk. Using data on the EUR/JPY exchange rate, we find a negative relationship between entropy and intraday Value-at-Risk, and also between entropy and intraday Expected Shortfall. This relationship is then used to forecast daily Value-at-Risk, using the entropy of the distribution of intraday returns as a predictor