Search results for "Discount"
showing 10 items of 108 documents
La constitucionalización de la estabilidad presupuestaria en Estados Unidos: lecciones de un debate inacabado
2017
El presente artículo tiene por objeto el estudio de la problemática jurídica que ha suscitado a lo largo de la reciente historia de los Estados Unidos la posible constitucionalización de la estabilidad presupuestaria, analizando las repercusiones de ésta a través de las experiencias estatales y del complejo marco institucional de la democracia norteamericana a nivel federal. Con ello, se perfilarán las cuestiones que más dudas suscitan en torno a la balanced budget desde el prisma constitucional y que pueden repetirse en cualquier proceso de similares características.Recibido: 28 agosto 2017Aceptado: 28 noviembre 2017Publicación en línea: 27 diciembre 2017
OFN Capital Budgeting Under Uncertainty and Risk
2017
The aim of this chapter is to propose a new approach to incorporating uncertainty into capital budgeting. The chapter presents methods that can be used by an investor when the decision maker wants to be able to make an investment decision where there are alternative investment projects. This kind of problem is undertaken under the conditions of uncertainty and risk using Ordered Fuzzy Numbers (OFN). The starting point is the concept of Ordered Fuzzy Numbers. The chapter illustrates the implementation of the proposed approach with an example where two alternative investment projects are analyzed. The authors present the capital budgeting problem using a numerical example. The described metho…
Parametric measurement of partial damage in building.
2015
The valuation of the property damage is a double appraisal that considers a before situation and an after situation to the damage, reported both to the same moment. An elementary measure of the partial damage is represented, in a first approximation, by the restoration’s cost, when the return of the original situation is possible and economically profitable, this last circumstance imposes that the cost is great or equal to the suffered damage. In the building practice, the restoration of the buildings is often combined with operations of substitution and integration. For the indemnity of the partial damage, the restoration’s cost also includes the lost incomes of the property for the period…
Appearances of pseudo-bosons from Black-Scholes equation
2016
It is a well known fact that the Black-Scholes equation admits an alternative representation as a Schr\"odinger equation expressed in terms of a non self-adjoint hamiltonian. We show how {\em pseudo-bosons}, linear or not, naturally arise in this context, and how they can be used in the computation of the pricing kernel.
The shape of small sample biases in pricing kernel estimations
2016
AbstractNumerous empirical studies find pricing kernels that are not-monotonically decreasing; the findings are at odds with the pricing kernel being marginal utility of a risk-averse, so-called representative agent. We study in detail the common procedure which estimates the pricing kernel as the ratio of two separate density estimations. In the first step, we analyse theoretically the functional dependence for the ratio of a density to its estimated density; this cautions the reader regarding potential computational issues coupled with statistical techniques. In the second step, we study this quantitatively; we show that small sample biases shape the estimated pricing kernel, and that est…
Recursive and bargaining values
2021
Abstract We introduce two families of values for TU-games: the recursive and bargaining values. Bargaining values are obtained as the equilibrium payoffs of the symmetric non-cooperative bargaining game proposed by Hart and Mas-Colell (1996). We show that bargaining values have a recursive structure in their definition, and we call this property recursiveness. All efficient, linear, and symmetric values that satisfy recursiveness are called recursive values. We generalize the notions of potential, and balanced contributions property, to characterize the family of recursive values. Finally, we show that if a time discount factor is considered in the bargaining model, every bargaining value h…
Corruption, Carry Trades, and the Cross Section of Currency Returns
2017
This is the first paper to explore the effects of perceived corruption on the FX market. It finds that the currencies of countries perceived to suffer from high levels of corruption generate statistically significantly lower returns than the currencies of countries perceived to have low levels of corruption. Moreover, the portfolio spread is highly correlated with NBER recessions and U.S. consumption growth of nondurable goods. Interestingly, stochastic discount factor model analysis reveals that the portfolio spread is useful for pricing the cross section of currency returns, even when controlling for standard FX risk factors.
Monetary policy, asset prices and consumption in China
2012
Abstract This paper studies the wealth channel in China. Although the wealth channel has been found to be functioning in many advanced countries, its existence is yet to be explored in most emerging economies, also in China. In order to illuminate dynamics between monetary policy, asset prices and consumption, we use the structural vector autoregression method. The findings support the view that a loosening of China's monetary policy does indeed lead to higher asset prices. Furthermore, a positive shock to residential prices increases household consumption, while the role of stock prices seems to be small from the households’ point of view. Finally, we test the existence of the wealth chann…
Sustainable production and consumption in remote working conditions due to COVID-19 lockdown in Italy: An environmental and user acceptance investiga…
2021
Abstract In response to the disruptive changes brought upon our society by the COVID-19 pandemic, most work activities and service providers had to resort to remote working. This is credited to reduce emissions for transportation, however the role of forced confinement within dwellings, especially if not designed for hosting working stations, deserves to be properly evaluated in terms of both user acceptance and long-term environmental impact. In this work, a dedicated survey campaign is used for investigating the potential pros and cons of remote working. In more detail, logistic regression and generalized linear models are used for capturing the effect of several independent variables on …
Estimating the non-market benefits of an urban park: Does proximity matter?
2007
Abstract There is increasing and widespread public support for public park provision in urban areas given that they provide an array of different recreational activities enhancing the citizen's quality of life. A contingent valuation survey of 900 randomly chosen inhabitants was undertaken in Valencia (Spain) to estimate the non-market benefits derived from the provision of a new urban park where there is currently an old train station. In conducting our study we distinguished between the districts of the city more and less affected by the project according to the proximity to the future park. Our main finding is that the mean willingness to pay (WTP) is considerably higher for people who l…