Heterogeneity and learning with complete markets

We study an endowment economy with complete markets and heterogeneous agents who do not have rational expectations, but form their beliefs using adaptive learning algorithms that may differ from one individual to another. We show that market completeness allows agents to smooth consumption across states of nature, but not across time, and that the initial wealth distribution is not enough to pin down the long-run equilibrium. Consequently, initial differences in beliefs create persistent consumption imbalances that are not grounded in fundamentals. In some cases these imbalances are eventually unsustainable: the debt of one of the agents would grow without bounds, and binding borrowing limits are necessary to prevent Ponzi schemes. Finally, we find that our slight departure from rational expectations affects efficiency properties of the competitive equilibrium: if the social welfare function attaches fixed Pareto weights to the different individuals, there are configurations of individual expectations under which society is better off with financial autarky than with complete markets. The first best can be restored by introducing a distortionary tax on borrowing, which transfers consumption from the more optimistic agent to the other.learning, heterogeneous agents, complete markets

Optimal Monetary Policy When Agents Are Learning

Most studies of optimal monetary policy under learning rely on optimality conditions derived for the case when agents have rational expectations. In this paper, we derive optimal monetary policy in an economy where the Central Bank knows, and makes active use of, the learning algorithm agents follow in forming their expectations. In this setup, monetary policy can influence future expectations through its e ect on learning dynamics, introducing an additional tradeo between inflation and output gap stabilization. Specifically, the optimal interest rate rule reacts more aggressively to out-of-equilibrium inflation expectations and noisy cost-push shocks than would be optimal under rational expectations: the Central Bank exploits its ability to "drive" future expectations closer to equilibrium. This optimal policy closely resembles optimal policy when the Central Bank can commit and agents have rational expectations. Monetary policy should be more aggressive in containing inflationary expectations when private agents pay more attention to recent data. In particular, when beliefs are updated according to recursive least squares, the optimal policy is time-varying: after a structural break the Central Bank should be more aggressive and relax the degree of aggressiveness in subsequent periods. The policy recommendation is robust: under our policy the welfare loss if the private sector actually has rational expectations is much smaller than if the Central Bank mistakenly assumes rational expectations whereas in fact agents are learning.Optimal Monetary Policy, Learning, Rational Expectations

Molecular probes: an innovative technology for monitoring membrane processes

The ultimate objective of this study is to use molecular probes as an innovative and alternative technology contributing to the advance of membrane science by monitoring membrane processes in-situ, on-line and at sub-micron scale. An optical sensor for oxygen sensing was developed by the immobilization of tris (1, 10-phenanthroline) ruthenium (II) (Ru(phen)3) in a dense polymeric membrane made of polystyrene (PS) or Poly(3-hydroxybutyrate-co-3-hydroxyvalerate) (PHBV). The emission of the probe was quenched by both the temperature and by the oxygen. Moreover, the oxygen sensitivity was affected by the oxygen permeability of the membrane. The evaluation of the oxygen concentration is prone to errors since the emission of a single probe depends on several parameters (i.e. optical path, source intensity). The correction of these artefacts was obtained by the immobilization of a second luminescent molecule non-sensitive to the oxygen, Coumarin. The potential of the luminescent ratiometric sensor for the non-invasive monitoring of oxygen in food packaging using polymeric films with different oxygen permeability was evaluated. Emphasis was given to the efficiency of the optical sensor for the on-line, in-situ and non invasive monitoring of the oxygen by comparing the experimental data with a model which takes into account the oxygen permeability of the packaging materials evaluated independently. A nano-thermometer based on silica nano-particles doped with Ru(phen)3 was developed. A systematic study shows how it is possible to control the properties of the nano-particles as well as their temperature sensitivity. The nano-thermometer was immobilized on a membrane surface by dip-coating providing information about the temperature on the membrane surface. Hydrophobic porous membrane made of Poly(vinylidene fluoride) was prepared via electrospinning and employed in a direct contact membrane distillation process. Using a designed membrane module and a membrane doped with Ru(phen)3 the on-line mapping of the temperature on the membrane’s surface was evaluated

O recrutamento interno e sua relação com o desenvolvimento profissional e retenção de talentos

Esta pesquisa trata sobre o Processo de Recrutamento e Seleção, priorizando o Recrutamento Interno. Além disso, procura relacionar o Recrutamento Interno com o desenvolvimento profissional, investigando sua contribuição para manter pessoas com potencial e talento dentro das empresas por mais tempo. Para isto, realizou-se uma pesquisa exploratória, com abordagem dos dados predominantemente quantitativa, por meio de dois questionários, sendo o primeiro destinado para profissionais de diferentes áreas de atuação, e o segundo para profissionais da área de Recursos Humanos. Em linhas gerais, os resultados sugerem que o Recrutamento Interno pode proporcionar chances para que todos os colaboradores concorram às oportunidades que surgem na empresa, assumindo um papel relevante na identificação de talentos já existentes na organização e de orientação de carreira, desde que realizado de forma transparente, imparcial e contínua pelos profissionais de Recursos Humanos

DinSAR monitoring of the landslide activity affecting a stretch of motorway in the Campania region of Southern Italy

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ENSAIO TEÓRICO SOBRE A RELAÇÃO ENTRE GESTÃO DO CONHECIMENTO E CAPITAL INTELECTUAL NO CONTEXTO BRASILEIRO | THEORETICAL ESSAY ABOUT THE RELATIONSHIP BETWEEN KNOWLEDGE MANAGEMENT AND INTELLECTUAL CAPITAL IN THE BRAZILIAN CONTEXT

Este ensaio teórico tem como objetivo principal discutir os conceitos encontrados na literatura sobre a Gestão do Conhecimento, o Capital Intelectual e a relação entre ambos, tendo em vista o contexto brasileiro. O artigo apresenta as diferentes perspectivas, os níveis de conhecimento, segundo o modelo de Nonaka e Takeuchi (1995), e as principais definições de Gestão do Conhecimento. O trabalho também revela uma distinção entre Capital Intelectual e criação de valor, os estágios de desenvolvimento na investigação do Capital Intelectual, os componentes que o constituem e sua importância para a geração de inovação e vantagem competitiva para as organizações modernas. Além disso, esta pesquisa mostra que, apesar de serem conceitos distintos, a Gestão do Conhecimento e o Capital Intelectual estão interrelacionados. Por fim, o artigo aborda as principais publicações científicas sobre esta temática dentro do contexto brasileiro e estabelece uma discussão sobre a Gestão do Conhecimento e o Capital Intelectual em empresas brasileiras

Comparative study of prognostic factors among longer and shorter survival patients with bronchogenic carcinoma

Despite the improvements seen in the treatment of lung cancer, little has improved in the survival of these patients, and a great importance is attributed to the factors that have a role to play in such survival. Purpose: To check for possible prognostic factor differences in two populations of lung cancer patients, one of them with short survival (less than six months), and the other with longer survival (more than 24 months). Methods: From 1997 to 1999, 52 patients with histopathologic diagnosis of homogenous carcinoma were studied, and demographics, clinical parameters, smoking pattern, Karnofsky's index, disease staging, and laboratory dosing of lactic dehydrogenase, alkaline phosphatase, carcinoembryonic antigen, and calcium data were surveyed. Results: 29 patients had less than six month survival, and 23 had more than 24 month survival. The three most important factors for short survival were the low initial Karnofsky's index, loss of appetite, and high serum LDH levels. Conclusion: The three prognosis components are: current physical status, prior physical status, and current status of the disease.Apesar dos avanços no tratamento, há pouca melhora na sobrevida dos pacientes com câncer do pulmão. Atualmente, é importante o conhecimento dos fatores que intervêm na sobrevida. Objetivos: Verificar possíveis diferenças de fatores prognósticos em duas populações de pacientes com câncer de pulmão, uma com pequena sobrevida (menos de seis meses) e outra com maior sobrevida (acima de 24 meses). Métodos: De 1997 a 1999 foram estudados 52 pacientes com diagnóstico histopatológico de carcinoma homogênico, sendo colhidos dados demográficos, clínicos, paramétricos, hábitos tabágicos, índice de Karnofsky, estadiamento da doença e dosagem laboratorial de desidrogenase lática, fosfatase alcalina, antígeno carcinoembrionário e cálcio. Resultados: 29 pacientes tiveram sobrevida menor do que seis meses e 23, superior a 24 meses. Os três fatores mais importantes que influenciaram o tempo curto de sobrevida foram baixo índice de Karnofsky inicial, redução do apetite e alto nível sérico de DHL. Conclusão: Os três componentes do prognóstico são o estado físico atual, o estado físico prévio e o estado atual da doença.Universidade Federal de São Paulo (UNIFESP) Disciplina de PneumologiaUNIFESP, Disciplina de PneumologiaSciEL

Effects of B-Cell Lymphoma on the Immune System and Immune Recovery after Treatment: The Paradigm of Targeted Therapy

B-cell lymphoma and lymphoproliferative diseases represent a heterogeneous and complex group of neoplasms that are accompanied by a broad range of immune regulatory disorder phenotypes. Clinical features of autoimmunity, hyperinflammation, immunodeficiency and infection can variously dominate, depending on the immune pathway most involved. Immunological imbalance can play a role in lymphomagenesis, also supporting the progression of the disease, while on the other hand, lymphoma acts on the immune system to weaken immunosurveillance and facilitate immunoevasion. Therefore, the modulation of immunity can have a profound effect on disease progression or resolution, which makes the immune system a critical target for new therapies. In the current therapeutic scenario enriched by chemo-free regimens, it is important to establish the effect of various drugs on the disease, as well as on the restoration of immune functions. In fact, treatment of B-cell lymphoma with passive immunotherapy that targets tumor cells or targets the tumor microenvironment, together with adoptive immunotherapy, is becoming more frequent. The aim of this review is to report relevant data on the evolution of the immune system during and after treatment with targeted therapy of B-cell lymphomas