Does public investment reduce private investment risk ? A real option approach

In this paper, the public investment provision takes place in a stochastic environnement. The role of the government is to remove a part of the uncertainty faced by the firm. If the government simply maximizes the value of the firm, then the optimal tax is smaller under imperfect competition then it is under perfect competition since more public capital reduces the selling price. But if the government seeks to maximize the consumer surplus, tax and public capital provision are a mean to correct the market and the optimal tax is then higherirreversible investment;public capital;uncertainty

Subsidizing energy saving capital accumulation: a real option approach

Some environmental policies, like tax credit, have tried to induce the acquisition of energy efficient units and the replacement of old energy inefficient vintages. However, they have faced the energy paradox that is a slow diffusion of new vintages. We develop a stochastic model of irreversible investment, in which firms also face embodied technological progress. We compare in a dynamic example a deterministic and a stochastic model with embodied technological progress. In the embodied case under uncertainty, the option to postpone replacement becomes very large, reducing drastically the effectiveness of a tax credit.embodied technological progress; tax credit; option value

Optimal Capital Accumulation and Embodied Technological Progress under Uncertainty

This paper proposes a stochastic model of investment with embodied technological progress, in which firms invest not only to expand the capacity as in Pindyck (1988) but also to replace old machines. The scrapping decision or the age of the oldest machine is then endogenous and evolves stochastically. Uncertainty may increase the optimal age of the machines in use, and due to uncertainty, not only capacity expansion but replacement as well, may be postponed. By introducing heterogenous capital units, the model may generate lumpy investment and it gets rid from the perfect ''procyclicity' of investment usually implied in the literature of irreversible investment under uncertainty. The so-called cleansing effect of recessions appears since replacement can occur even in bad realizations of the stochastic processEmbodiment Investment Uncertainty

Public capital and private investment, a real option approach

In this paper, public investment provision takes place in a stochastic environnement. The role of the government is to remove a part of the uncertainty faced by the firm. If the government simply maximizes the value of the firm, then the optimal tax is smaller under imperfect competition than it is under perfect competition since more public capital reduces the selling price. But if the government seeks to maximize the consumer surplus, tax and public capital provision are also a mean to correct the market and the optimal tax is then higher.irreversible investment; public capital; uncertainty

Representações da cidade moderna na crônica vanguardista

IX Congresso Brasileiro de Hispanistas realizado nos dias 22 a 25 agosto 2016No advento da modernidade em América Latina, precisamente na passagem do século XIX para o XX, a literatura encontra certa autonomia à medida que se torna dependente de um novo meio de produção e circulação: o jornalismo moderno. Com isso, na contramão do que se buscou no período romântico e realista, ao perder a sua função política a partir do modernismo, as letras assumem novas tarefas, dentre elas, a de lidar com a representação da cidade moderna. Nesse sentido, a expressão literária se converte em uma forma de dizer na qual se manifestam as opiniões públicas e se publiciza a própria literatura, através da crônica vanguardista. Vamos no deter nas obras de dois expoentes dos movimentos de vanguarda latinoamericano, Mário de Andrade e Roberto Arlt, para identificar em alguns de seus textos jornalísticos as marcas dessa nova expressão literária com relação à representação do espaço urbano, em um caso São Paulo, e em outro, Buenos Aires. Assim, esta pesquisa contribuirá com os estudos sobre as poéticas vanguardistas das cidades latino- americanas, em um campo pouco estudado, a relação das enunciações na crônica, e de modo comparativo entre duas arenas urbanas, com relação aos processos de modernização na América LatinaUNILA­-UNIOEST

The Development and Evaluation of the Atlantic Tropical Cyclone Intensification Regression Model (ATCIRM)

Operational track forecasts of Tropical Cyclones (TCs) have been improved substantially in recent years and nowadays are sufficiently accurate. However, intensity forecasts have not shown similar improvements, especially for rapidly intensifying storms. The improvement of intensity forecast accuracy can help authorities in risk management and decision making to prevent loss of life and property. The purpose of our project is to develop a statistical linear regression model that provides better predictions for TC intensification over the ocean. Here, different predictor variables are studied, and 2011-2017 Atlantic basin storms are investigated. The final set of predictor variables selected for the model are Reynolds sea surface temperature, 700-500 hPa relative humidity, 200-800 km disk average 850-200 hPa wind shear magnitude, and 200 hPa divergence. We identify the variables that are the most deterministic in predicting TC intensification. Model performance tests, based on the 2018 Atlantic TC season, reveal a mean absolute error of 10.43 knots in the 24-hour intensity forecast. We conclude that Reynolds sea surface temperature is the most deterministic predictor, having the largest coefficient and test statistic, what is consistent with known TC physical mechanisms

A Practical Approach to Protect IoT Devices against Attacks and Compile Security Incident Datasets

open access articleThe Internet of Things (IoT) introduced the opportunity of remotely manipulating home appliances (such as heating systems, ovens, blinds, etc.) using computers and mobile devices. This idea fascinated people and originated a boom of IoT devices together with an increasing demand that was difficult to support. Many manufacturers quickly created hundreds of devices implementing functionalities but neglected some critical issues pertaining to device security. This oversight gave rise to the current situation where thousands of devices remain unpatched having many security issues that manufacturers cannot address after the devices have been produced and deployed. This article presents our novel research protecting IOT devices using Berkeley Packet Filters (BPFs) and evaluates our findings with the aid of our Filter.tlk tool, which is able to facilitate the development of BPF expressions that can be executed by GNU/Linux systems with a low impact on network packet throughput