Some general results about the optimal timing of relocation

In this paper we derive general results concerning the optimal switching level in the problem of the optimal relocation policy for a firm that faces two types of uncertainty: one about the moments in which new (and more efficient) sites will become available; and the other regarding the degree of efficiency improvement inherent to each one of these new, yet to be known, potential location places. In particular, we note that the optimal switching level depends on the distribution of the degree of efficiency improvement only through an expected value. Impacts on the final results driven by the characteristics of the firm’s original location site, the market environment and the way in which risk is modelled are studied numerically. The overall results are in line with economic intuition.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

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

Determinants of tourism destination competitiveness in the countries most visited by international tourists: Proposal of a synthetic index

Tourism destination competitiveness is a multidimensional concept that is widely studied in the academic literature, but multiple factors make its measurement a difficult task. In this article, we design a synthetic index to rank the 80 countries that attract the majority of international tourists by level of tourism competitiveness. In order to do this, we use all of the simple variables included in the 2017 Travel & Tourism Competitiveness Index, proposing a new methodology for the construction of this synthetic index, which it solves the problems of aggregation of variables expressed in different measures, arbitrary weighting and duplicity of information; issues that remain unresolved by the TTCI. Likewise, we analyse the most influential dimensions in tourism competitiveness. Air transport infrastructures, cultural resources and ICT readiness are the key dimensions that explain the main disparities.Funding Agency Spanish Ministry of Economy, Industry and Competitiveness State Research Agency (SRA) European Union (EU) ECO2017-86822-Rinfo:eu-repo/semantics/publishedVersio

A first assessment of operator compliance and dolphin behavioural responses during swim-with-dolphin programs for three species of Delphinids in the Azores

The popularity of swim-with wild dolphin programs around the world is fast growing, with the studies required to investigate their impact lagging behind. In the Azores, species targeted include the short-beaked common (Delphinus delphis), the bottlenose (Tursiops truncatus) and the Atlantic spotted dolphin (Stenella frontalis). To evaluate the effects of this activity on local dolphin populations, and thus provide support for management decisions, dolphin response data were collected onboard commercial boats off São Miguel Island between 2013 and 2015. All three species revealed high degree of neutral and avoidance behaviours, and very low approach rates. Tursiops showed higher frequency of neutral responses than Delphinus, while Stenella both avoided and approached more frequently than the other species. When boats intersected the path of dolphin groups, avoidance responses were more likely and the duration of swims was shorter. Swims were also shorter when animals were resting and travelling, and when groups were smaller. The operators generally complied with the legislation, except in respect to the number of swim attempts per dolphin group, which was higher than the legal maximum. Improvement of the current legislation and concurrent reinforcement of controls is essential to avoid detrimental long-term effects of this activity on dolphin populations in the Azores.This research was partially supported by the European Regional Development Fund (ERDF) through the COMPETE – Operational Competitiveness Programme and national funds through FCT – Foundation for Science and Technology, under the project PEst-C/MAR/LA0015/2013, by the Strategic Funding UID/Multi/04423/2013 through national funds provided by FCT – Foundation for Science and Technology and European Regional Development Fund (ERDF), in the framework of the programme PT2020 and by cE3c funding (Ref:UID/BIA/003329/2013). It was also partly supported by CIRN (Centro de Investigação de Recursos Naturais, University of the Azores), and CIIMAR (Interdisciplinary Centre of Marine and Environmental Research, Porto, Portugal). A. Cecchetti was supported by the Regional Fund for Science through the scholarship M.3.1.2/F/036/2011. K.A. Stockin was supported by a Royal Society of New Zealand Te Aparangi Rutherford Discovery Fellowship.info:eu-repo/semantics/publishedVersio

Notas sobre a fauna marinha da Santa Maria e Formigas na obra de Gaspar Frutuoso.

V Expedição Científica do Departamento de Biologia – Santa Maria e Formigas 1990.As Saudades da Terra contém numerosas referências ao meio natural, tanto terrestre como marinho. Estas são muitas vezes de tal modo pormenorizadas que, ao memo tempo que revelam o espírito investigativo renascentista característico de Gaspar Frutuoso, permitem retirar da sua obra informações com validade científica e de enorme importância para o estudo da história natural do arquipélago. Neste pequeno texto procurou-se compilar e organizar as referências relativas aos organismos marinhos contidas no Livro III, dedicado a Santa Maria e contendo algumas páginas referentes às Formigas. Para cada uma é feita uma tentativa de identificação taxonómica e comentadas as observações do autor a seu respeito

Moluscos litorais da Ilha de Santa Maria.

V Expedição Científica do Departamento de Biologia – Santa Maria e Formigas 1990.A ilha de Santa Maria é de extrema importância para o conhecimento da história natural dos Açores, particularmente no tocante aos moluscos marinhos. 0 seu carácter único no contexto das ilhas açoreanas deriva sobretudo do abundante registo fóssil contido nas rochas sedimentares ali existentes (ver a este respeito Zbyszewski & Ferreira, 1961 e a lista bibliográfica nele contida). Paradoxalmente, muito pouca atenção tem sido votada à fauna malacológica marinha actual. Das várias explorações efectuadas nos Açores no século XIX e início do século XX, apenas a de Morelet e Drouel (efectuada em 1857) recolheu material naquela ilha (Douet, 1858b). Em consequência, até à data, apenas se encontram citadas para a ilha de Santa Maria 5 espécies de moluscos marinhos (Drouet, 1858a). Durante a Expedição "Santa Maria e Formigas 1990" efectuaram-se recolhas qualitativas e quantitativas em vários pontos da ilha, quer a nível intertidal quer subtidal, recorrendo neste caso ao mergulho com escafandro autónomo. 0 abundante material recolhido encontra-se ainda em estudo, pelo que o objectivo deste artigo é apenas apresentar a lista das espécies determinadas até ao momento, enriquecida com as espécies referidas na bibliografia. A ordenação das famílias foi feita com base em Kaas & van Belle (1980) para os Poliplacophora, Graham (1988) e Thompson (1988) para os Gastropoda (com algumas adaptações) e Tebble (1966) para os Bivalvia. 0 registo das espécies da fauna malacológica marinha do litoral da ilha de Santa Maria passa a conter um total de 50 espécies: 2 de Poliplacophora, 40 de Gastropoda, 6 de Bivalvia e 2 de Cephalopoda

Now you see me, now you don't : a case study of the effect of the sampling method on the perceived struture of Ichthyological communities

Fauna and Flora of the Atlantic Islands : Proceedings of the 3rd Symposium, Ponta Delgada, 21-25-September 1998.The fish community of a small rocky area near Ponta Delgada, Azores, was assessed using two methods: visual census and rotenone collections. The results obtained with each method are analysed and compared. A total of 46 species was recorded for this site. The visual census recorded more species than did the rotenone collections, but each method detected species that escaped the other. The total fish diversity was found to be similar to that reported in other localized studies of littoral rocky areas of the eastern Atlantic and the Mediterranean. Each method used revealed a different spatial structure and different trophic relationships of the ichthyological community. The visual census put in evidence the pelagic/demersal component, while the rotenone collections emphasized the benthic one. Both methods agree on the importance of the benthic primary production in the trophic food web. Visual census data further suggest that the relevance of the direct consumption of algal material by omnivores and herbivores is greater than could be guessed by the species diversity in this group. Strategies are discussed for combining visual and destructive sampling methods in order to achieve a more accurate representation of a given fish community

Molecule: sistema de organização e visualização de Tags

Diversas plataformas permitem que os utilizadores rotulem recursos com tags e partilhem informação com outros utilizadores. Assim, foram desenvolvidas várias formas de visualização das tags associados aos recursos, com o intuito de facilitar aos utilizadores a pesquisa dos mesmos, assim como a visualização do tag space. De entre os vários conceitos desenvolvidos, a nuvem de tags destaca-se como a forma mais comum de visualização. Este documento apresenta um estudo efetuado sobre as suas limitações e propõe uma forma de visualização alternativa. Sugere-se também uma nova interpretação sobre como pesquisar e visualizar informação associada a tags, diferindo assim do método de pesquisa direta do termo na base de dados que atualmente é maioritariamente utilizado. Como resultado desta implementação, obteve-se uma solução viável e inovadora, o sistema Molecule, para vários dos problemas associados à tradicional nuvem de tags.Several platforms allow users to tag resources and share information. Over time various forms of tags visualization have been developed in order to facilitate the visualization of the tag space and the search and retrieval of resources. The tag cloud stands out as the most common form of tags visualization. This paper presents a study carried out on their limitations and proposes an alternative. It also suggests a new interpretation on how to search and view information associated with tags, thus differing from the method of direct search term in the database that is currently used mostly. As a result of this interpretation, a viable and innovative system was achieved, Molecule, that overcome some of the problems associated with the traditional tag cloud