Price dynamics, informational efficiency and wealth distribution in continuous double auction markets

This paper studies the properties of the continuous double auction trading mechanishm using an artificial market populated by heterogeneous computational agents. In particular, we investigate how changes in the population of traders and in market microstructure characteristics affect price dynamics, information dissemination and distribution of wealth across agents. In our computer simulated market only a small fraction of the population observe the risky asset's fundamental value with noise, while the rest of agents try to forecast the asset's price from past transaction data. In contrast to other artificial markets, we assume that the risky asset pays no dividend, so agents cannot learn from past transaction prices and subsequent dividend payments. We find that private information can effectively disseminate in the market unless market regulation prevents informed investors from short selling or borrowing the asset, and these investors do not constitute a critical mass. In such case, not only are markets less efficient informationally, but may even experience crashes and bubbles. Finally, increased informational efficiency has a negative impact on informed agents' trading profits and a positive impact on artificial intelligent agents' profits

Evaluación de la resiliencia subjetiva: validez transcultural e implicaciones educativas del ‘Cuestionario de Resiliencia Subjetiva’ (SRQ)

The objective of this study was to obtain evidence about the crosscultural validity of the ‘Subjective Resilience Questionnaire’ (SRQ), comparing French and Spanish Secondary and High School students’ results. A total of 750 French students formed the sample. To validate the SRQ, confirmatory factor analyses, reliability and correlation and regression analyses were made. The validation process included the analysis of the generalizability of factor structure, and of relationships of resilience scores with different kinds of protective and vulnerability factors — success expectancies and learningoriented classroom motivational climate (CMC). French results were similar to Spanish results, underlying the importance of considering variations in resilience as a function of the kinds of adversity experienced. Nevertheless, some differences between French and Spanish students were found in the degree they recognize to act in a resilient way in some of the situations covered by SRQ, differences whose theoretical and practical implications for education are discussed.Este estudio busca obtener evidencia sobre la validez transcultural del ‘Cuestionario de Resiliencia Subjetiva’ (Subjective Resilience Questionnaire, SRQ) comparando los resultados obtenidos a partir de alumnos franceses con los de alumnos españoles de Secundaria y bachillerato. Un total de 750 alumnos franceses integraron la muestra. Para validar el SRQ se realizaron análisis factoriales confirmatorios, de fiabilidad, de correlaciones y de regresión. El proceso de validación incluyó el análisis de la generalizabilidad de la estructura factorial y el de la relación de las puntuaciones en resiliencia con diferentes tipos de factores protectores y de vulnerabilidad — expectativas de éxito y clima motivacional de clase orientado al aprendizaje (CMC). Los resultados de Francia fueron similares a los de España. No obstante, se encontraron diferencias en el grado en que los alumnos reconocen actuar de forma resiliente en algunas situaciones cubiertas por el SRQ, diferencias cuyo significado teórico y práctico se comenta

Cross-cultural validity of the “Classroom Motivational Climate Questionnaire”: comparison between French and Spanish students

The objective of this study was to obtain evidence about the cross-cultural validity of the “Classroom Motivational Climate Questionnaire” (CMCQ), developed recently for Secondary and High-School students. With this purpose, French and Spanish Secondary and High School students’ results were compared. A total of 749 French students formed the group to be compared with the original Spanish sample. To validate the CMCQ, confirmatory factor analyses, reliability and correlation and regression analyses were made. The results showed that CMCQ is a reliable and valid instrument to measure motivational climate in France as in Spain. It allows detecting which learning patterns can to be changed for improvement, and predicts to a large extent the satisfaction level with the teacher. Likewise it showed some existing differences between Spanish and French students in the motivational role attributed to some teacher’s strategies, differences whose theoretical and practical implications are discussed.El objetivo de este estudio es analizar la validez transcultural del “Cuestionario de Clima Motivacional de Clase” (CMCQ), desarrollado recientemente para alumnos de Secundaria y Bachillerato. Con este fin se han comparado los resultados de alumnos franceses y españoles de educación secundaria y bachillerato. Un total de 749 alumnos franceses se comparó con la muestra original española. Para validar el CMCQ se llevaron a cabo análisis factoriales confirmatorios y análisis de fiabilidad, correlación y regresión. Los resultados han demostrado que el CMCQ es un instrumento fiable y válido para medir el clima motivacional lo mismo en Francia que en España. Permite detectar qué patrones de enseñanza podemos cambiar si queremos mejorar, y predice en alto grado el nivel de satisfacción con el profesor. Asimismo, se han manifestado algunas diferencias existentes en el valor motivador que los alumnos atribuyen a algunas estrategias del profesor, diferencias cuyas implicaciones teóricas y prácticas se analizan.This work was carried out with funding from the Ministry of Economy and Competitiveness (Project EDU2012-37382)

Data envelopment analysis efficiency of public services: bootstrap simultaneous confidence region

Public services, such as higher education, medical services, libraries or public administration offices, provide services to their customers. To obtain opinion-satisfaction indices of customers, it would be necessary to survey all the customers of the service (census), which is impossible. What is possible is to estimate the indices by surveying a random customer sample. The efficiency obtained with the classic data envelopment analysis models, considering the opinion indices of the customers of the public service as output data estimated with a user sample, will be an estimation of the obtained efficiency if the census is available. This paper proposes a bootstrap methodology to build a confidence region to simultaneously estimate the population data envelopment analysis efficiency score vector of a set of public service-producing units, with a fixed confidence level and using deterministic input data and estimated customer opinion indices as output data. The usefulness of the result is illustrated by describing a case study comparing the efficiency of libraries.Peer Reviewe

¿Cómo autorregulan nuestros alumnos?: Modelo de Zimmerman sobre autorregulación del aprendizaje

El uso de las estrategias de aprendizaje explica de forma crucial los resultados académicos de los alumnos. Un buen uso de estas estrategias permite un aprendizaje profundo y transferible. Los modelos de autorregulación se basan en teorías holísticas y comprehensivas sobre las estrategias de aprendizaje. En este trabajo se analiza el modelo de Zimmerman (2000; 2003; Zimmerman y Moylan, 2009), detallando los diferentes procesos recogidos en el modelo con ejemplos para ayudar a su visualización. El modelo de Zimmerman es uno de los más extendidos en la literatura científica en el campo siendo ampliamente citado por los especialistas en el campo. El trabajo de Zimmerman parte de una base socio-cognitiva, con especial cobertura de las influencias mutuas entre motivación y autorregulación. En este trabajo también se comparan otras teorías sobre aprendizaje autorregulado con la de Zimmerman para explicar el concepto de una forma más completaThe use of learning strategies is crucial for students‟ academic performance and promoting deeper learning approaches. The self-regulated learning models offer comprehensive theoretical backgrounds. These enable more holistic approaches to the use of learning strategies. In this paper, Zimmerman‟s (2000; 2003; Zimmerman & Moylan, 2009) cyclical model of self-regulated learning is described and analysed as one of the most comprehensive. The model is grounded in social cognitive theory and is comprised of three phases (forethought, performance and self-reflection) with a special focus on the influences of motivation on self-regulation. The differ-ent processes included in the model are analysed here in detail. Zimmerman‟s framework is considered in relation to other self-regulated learning models in order to recognize its importance in theory and practiceThis research was funded via fellowship awarded to Ernesto Panadero by the Spanish Education Department (Ref. SEJ2005-00994) and Alianza 4 Universidade

Self-assessment effects review: empirical evidence about its implementation using self-grading, rubrics and scripts

Universidad de VigoEsta revisión analiza trabajos sobre autoevaluación agrupados en: (1) autocalificación, o autoevaluación sin criterios de evaluación, (2) autoevaluación usando rúbricas y (3) autoevaluación usando guiones. Tras una búsqueda bibliográfica, se realizó un análisis narrativo del contenido de los diferentes estudios seleccionados. Con respecto a la autoevaluación sin criterios de evaluación destaca la falta de uniformidad en los resultados obtenidos por los distintos estudios aunque, en general muestran que la misma no garantiza un aprendizaje profundo de los alumnos. El uso de rúbricas y guiones presenta mejores efectos en el aprendizaje pero quedan aspectos por investigar: los estudios con rúbricas tienen diseños empíricos débiles y los estudios con guiones no han sido realizados en contextos reales. Las conclusiones indican que ofrece más garantías el uso de rúbricas y guiones. Se señalan líneas futuras de investigaciónThis review analyzes studies on the effects of self-assessment. These studies are grouped as: (1) self-grading, or interventions to promote self-assessment without assessment criteria, (2) use of rubrics, and (3) use of scripts. A literature search was conducted followed by a narrative content analysis of the selected studies. Regarding selfassessment without assessment criteria, the results are heterogeneous, though, in general, they show that these interventions do not warrant an improvement in the students’ learning. The use of rubrics and scripts presents more promising effects, but there are still important aspects to explore: studies on rubrics tend to rely on weak research designs, while studies on scripts, in general, have not been implemented in real classrooms settings. The main conclusion is that rubrics and scripts offer better conditions for self-assessment. Future lines of research are discusse

Interaction situations and social goals in adolescence: development and initial validity of the Social Goal Questionnaire (SGQ)

The Version of Record of this manuscript has been published and is available in Estudios de Psicología 2012 http://www.tandfonline.com/10.1174/021093912800676484El objetivo de este estudio es doble: a) estudiar el grado en que el efecto de las metas sociales en el comportamiento está condicionado por la naturaleza de las distintas situaciones de interacción, y b) desarrollar un cuestionario de metas sociales (CMS) que permita conocer la estructura de tales metas en los adolescentes y su papel en la integración social. Un total de 703 alumnos de Secundaria de la Comunidad de Madrid completó tres cuestionarios, el CMS, un cuestionario de estrategias de interacción social (CEIS) y otro de integración social (CIS). Los análisis de varianza, factoriales exploratorios, de correlaciones y de regresión llevados a cabo han puesto de manifiesto: 1) Que el tipo de situación modera el efecto de las metas sociales en la conducta; 2) Que las metas se relacionan entre sí, pudiendo organizarse en tres dimensiones: Orientación a la sumisión y al alejamiento, Orientación al dominio y la venganza, y Orientación a la afiliación, y que las metas sociales predicen la integración social mejor que las estrategias de interacción social. Se comentan las implicaciones teóricas y aplicadas de los resultadosThe aims of this study are twofold: a) to study the degree in which the effect of social goals on behaviour is conditioned by the nature of the different interaction situations, and b) to develop a social goals questionnaire (SGQ) in order to know more about the structure of such goals in adolescents and their role in social integration. A total of 703 Secondary Education students from Madrid completed three questionnaires: the SGQ, the Social Interaction Strategies questionnaire (SISQ), and the Social Integration Questionnaire (SIQ). Analysis of variance, exploratory factor, correlation and regression analyses carried out have shown: 1) that the nature of the situation moderates the effect of social goals; 2) that goals are interrelated and can be organised in three dimensions: Orientation to submissiveness and isolation, Orientation to control and revenge, and Orientation to affiliation, and 3) that social goals predict social integration better than social interaction strategies. Theoretical and practical implications of results are discussedTrabajo realizado en el marco del proyecto de I+D+I número EDU2009-11765. Ministerio de Ciencia e Innovación

Differences between immigrant and national students in motivational variables and classroom-motivational-climate perception

Subject to file availability and provided the posting includes a prominent statement of the full bibliographical details, a copyright notice in the name of the copyright holder (Cambridge University Press or the sponsoring Society, as appropriate), and a link to the online edition of the journal at Cambridge Journals Online.The objective of this study is to see whether Immigrant (IM) and Spanish (National) students (SP) need different kinds of help from teachers due to differences in motivation, family expectancies and interests and classroom-motivational-climate perception. A sample of Secondary Students -242 Spanish and 243 Immigrants- completed questionnaires assessing goal orientations and expectancies, family attitudes towards academic work, perception of classroom motivational climate and of its effects, satisfaction, disruptive behavior and achievement. ANOVAs showed differences in many of the motivational variables assessed as well as in family attitudes. In most cases, Immigrant students scored lower than Spanish students in the relevant variables. Regression analyses showed that personal and family differences were related to student’s satisfaction, achievement and disruptive behavior. Finally, multi-group analysis of classroom-motivational-climate (CMC) showed similarities and differences in the motivational value attributed by IM and SP to each specific teaching pattern that configure the CMC. IM lower self-esteem could explain these results, whose implications for teaching and research are discussed.El objetivo de este estudio es examinar si los estudiantes inmigrantes (IM) y los (nacionales) españoles (SP) necesitan diferentes tipos de ayudas de sus profesores debido a las diferencias que pueda haber entre ellos en motivación, expectativas familiares, intereses y percepción del clima motivacional de clase. Una muestra de alumnos de Secundaria –242 españoles y 243 inmigrantes– completaron cuestionarios que evaluaban su orientación a metas, sus expectativas, las actitudes familiares hacia el trabajo escolar, la percepción del clima motivacional de clase y sus efectos, su nivel de satisfacción escolar, la conducta disruptiva y los logros académicos. Varios ANOVAs pusieron de manifiesto las diferencias en muchas de las variables motivacionales evaluadas así como en las actitudes familiares. En la mayoría de los casos los inmigrantes puntuaron más bajo que los españoles en las variables relevantes. Asimismo, los análisis de regresión mostraron que las diferencias personales y familiares se relacionaban con la satisfacción de los alumnos, su rendimiento y sus conductas disruptivas. Finalmente, el análisis multigrupo del Clima Motivacional de Clase (CMC) puso de manifiesto las semejanzas y diferencias entre el valor motivacional atribuido por los IM y los SP a cada una de las pautas docentes que configuran el CMC. La menor autoestima de los IM podría explicar estos resultados cuyas implicaciones para la enseñanza se comentan.This research was supported by the grant of the Spanish Ministry of Science and Innovation, SEJ2005-00994