Phenomenological research on professsional knowledge and educational relationship building

Following Dewey’s (1997) and Schwab’s (2013) ideas, Clandinin & Connelly (1992) developed their notion of teacher as curriculum maker, it means, the “teacher not so much as a maker of curriculum but as a part of it and to imagine a place for contexts, culture (Dewey´s notion of interaction), and temporality (both past and future contained in Dewey´s notion of continuity)” (p.365). In this way, teachers are not seen as implementers of curricular plans but as part of the curriculum making process. In other words, they understand that students create their curriculum in their experience at school when they interact with teachers and the environment. Therefore, the educational relationship creates the framework where learning can take place and students can build knowledge (Atkinson, 2015); it means, relationships generate meeting places that allow the making and reshaping of curriculum. If teaching takes place in the relationship, it means recognition (and acceptance) of the other person, of the otherness. It supposes trying to come into relation with the other, and it implies also acceptance of the uncertainty that otherness has. Therefore, education Is not about the implementation of an education programme in order to achieve (pre)determined results. It is not about intervention on students, but it is an experience of relationship where each one constructs their own story (Molina, Blanco & Arbiol, 2016). In short, curriculum is made through experiences that are lived in relation and, therefore, we could say that education is an act of relationship (Piussi, 2006). In this way, education does not require that teachers have the most appropriate knowledge and programme for every situation; the educational experience is unpredictable and ineffable, we cannot anticipate or face it completely (Van Manen, 2015). Thus, teaching requires becoming aware of how we build relationships and how we see the other person (Contreras, 2002).Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

Option-Implied Preferences Adjustments and Risk-Neutral Density Forecasts

The main objective of this paper is to analyse the value of information contained in prices of options on the IBEX 35 index at the Spanish Stock Exchange Market. The forward looking information is extracted using implied risk-neutral density functions estimated by a mixture of two-lognormals and three alternative risk-adjustments: the classic power and exponential utility functions and a habit-based specification that allows for a counter-cyclical variation of risk aversion. Our results show that at four-week horizon we can reject the hypothesis that between October 1996 and March 2000 the risk-neutral densities provide accurate predictions of the distributions of future realisations of the IBEX 35 index at a four-week horizon. When forecasting through risk-adjusted densities the performance of this period is statistically improved and we no longer reject that hypothesis. All risk-adjusted densities generate similar forecasting statistics. Then, at least for a horizon of four-weeks, the actual risk adjustment does not seem to be the issue. By contrast, at the one-week horizon risk-adjusted densities do not improve the forecasting ability of the risk-neutral counterparts.forecasting performance, risk adjustment, option implied densities

Testing the Forecasting Performance of Ibex 35 Option-implied Risk-neutral Densities

Published also as: Documento de Trabajo Banco de España 0504/2005.risk-neutral densities, forecasting performance