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Ultimatum Concession Bargaining: An Experimental Study

  • Felli, Chiara
  • Güth, Werner
  • Mata Pérez, Esther
  • Ponti, Giovanni
We collect experimental evidence on a modified version of the standard ultimatum game in which the responder states an acceptance threshold below which the offer is rejected and both players, proposer and responder, are allowed several attempts to reach an agreement by conceding. Proposers concede by increasing offers and responders concede by decreasing acceptance thresholds. Treatments differ in whether a further attempt requires that at least one party should have conceded. A further condition varies the number of possible negotiating attempts, namely, 3 versus 5. Behavior in the lab diverges significantly from the theoretical solution in which the proposer is expected to get nearly the whole pie in each treatment. Proposers (responders) initially offer less (ask more) and concede more across negotiation attempts in the treatment in which concessions are required. Moreover, compulsory concessions weaken the bargaining position of the proposer, who eventually gets significantly less. Finally, although concessions significantly improve the likelihood of an agreement compared to standard ultimatum game experiments, the longer negotiation horizon (five attempts instead of three) delays the agreement without enhancing it, even when no concessions are needed., The main funding was provided by the Max Planck Institute of Jena. Giovanni Ponti acknowledges additional financial support from the Spanish Ministry of Economics and Competitiveness (ECO2015-65820-P), MIUR (PRIN 20103S5RN3_002), and Generalitat Valenciana (Research Projects Gruposo3/086 and PROMETEO/2013/037).

Real Earnings Management and Information Asymmetry in the Equity Market

  • Abad, David
  • Cutillas-Gomariz, M. Fuensanta
  • Sánchez-Ballesta, Juan P.
  • Yagüe, José
The literature suggests that real earnings management (REM) activities can increase adverse selection risk in capital markets. Due to their opacity and the difficulties in understanding their implications, REM strategies may increase the level of information asymmetry among investors. This paper examines the association between earnings management through real activities manipulation and information asymmetry in the equity market. To estimate the level of adverse selection risk we use a comprehensive index of information asymmetry measures proposed by the market microstructure literature. For a sample of Spanish listed firms, we find that firms’ strategies of increasing earnings through REM are associated with higher information asymmetry in those firms that meet last year’s earnings. Our findings are consistent with the hypothesis that earnings management through real activities manipulation garbles the market, enhances private information production, and exacerbates information asymmetry in the stock market., David Abad acknowledges financial support from the Ministerio de Economía y Competitividad through grants ECO2013-4409-P and ECO2014-58434-P. José Yagüe acknowledges financial support from Fundación Caja Murcia.

Accelerating the DC algorithm for smooth functions

  • Aragón Artacho, Francisco Javier
  • Fleming, Ronan M.T.
  • Vuong, Phan T.
We introduce two new algorithms to minimise smooth difference of convex (DC) functions that accelerate the convergence of the classical DC algorithm (DCA). We prove that the point computed by DCA can be used to define a descent direction for the objective function evaluated at this point. Our algorithms are based on a combination of DCA together with a line search step that uses this descent direction. Convergence of the algorithms is proved and the rate of convergence is analysed under the Łojasiewicz property of the objective function. We apply our algorithms to a class of smooth DC programs arising in the study of biochemical reaction networks, where the objective function is real analytic and thus satisfies the Łojasiewicz property. Numerical tests on various biochemical models clearly show that our algorithms outperform DCA, being on average more than four times faster in both computational time and the number of iterations. Numerical experiments show that the algorithms are globally convergent to a non-equilibrium steady state of various biochemical networks, with only chemically consistent restrictions on the network topology., F. J. Aragón Artacho was supported by MINECO of Spain and ERDF of EU, as part of the Ramón y Cajal program (RYC-2013-13327) and the Grant MTM2014-59179-C2-1-P. R. M. Fleming and P. T. Vuong were supported by the U.S. Department of Energy, Offices of Advanced Scientific Computing Research and the Biological and Environmental Research as part of the Scientific Discovery Through Advanced Computing program, Grant #DE-SC0010429.

Modeling Pore-Scale Two-Phase Flow: How to Avoid Gas-Channeling Phenomena in Micropacked-Bed Reactors via Catalyst Wettability Modification

  • Navarro-Brull, Francisco J.
  • Gómez, Roberto
A model capable of providing a reliable estimation of two-phase flow dynamics and mass-transfer coefficients, is lacking for the design of micropacked-bed reactors via correlations, especially when the particle size of the bed is around 100 μm. In this work, we present a validation of the use of the phase field method for reproducing two-phase flow experiments found in the literature. This numerical simulation strategy sheds light on the impact of the micropacked-bed geometry and wettability on the formation of preferential gas channels. Counterintuitively, to homogenize the two-phase flow hydrodynamics and reduce radial mass-transfer limitations, solvent wettability of the support needs to be restricted, showing best performance when the contact angle ranges to 60° and capillary forces are still dominant. The tuning of gas–liquid–solid interactions by surface wettability modification opens a new window of opportunity for the design and scale-up of micropacked-bed reactors., This research was partially funded by the EU project MAPSYN: Microwave, Acoustic and Plasma SYNtheses, under Grant Agreement No. CP-IP 309376 of the European Union Seventh Framework Program.

MirBot: A collaborative object recognition system for smartphones using convolutional neural networks

  • Pertusa, Antonio
  • Gallego, Antonio-Javier
  • Bernabeu, Marisa
MirBot is a collaborative application for smartphones that allows users to perform object recognition. This app can be used to take a photograph of an object, select the region of interest and obtain the most likely class (dog, chair, etc.) by means of similarity search using features extracted from a convolutional neural network (CNN). The answers provided by the system can be validated by the user so as to improve the results for future queries. All the images are stored together with a series of metadata, thus enabling a multimodal incremental dataset labeled with synset identifiers from the WordNet ontology. This dataset grows continuously thanks to the users’ feedback, and is publicly available for research. This work details the MirBot object recognition system, analyzes the statistics gathered after more than four years of usage, describes the image classification methodology, and performs an exhaustive evaluation using handcrafted features, neural codes, different transfer learning techniques, PCA compression and metadata, which can be used to improve the image classifier results. The app is freely available at the Apple and Google Play stores., This work was supported by the TIMUL project (TIN2013- 48152-C2-1-R) and the University Institute for Computing Research (IUII) from the University of Alicante.

Economías de aglomeración e innovación e innovación de empresas multinacionales localizadas en España, Agglomeration economies and innovation of MNES located in Spain

  • Claver-Cortés, Enrique
  • Marco-Lajara, Bartolomé
  • Manresa-Marhuenda, Encarnación
  • Sánchez-García, Eduardo
Dadas las actuales exigencias competitivas de un entorno cada día más global, la elección de una localización concreta por parte de las empresas multinacionales no sólo responde a la búsqueda de nuevos mercados sino también de conocimientos externos que favorezcan la innovación y su adaptación local. Ello explica que algunas de estas empresas elijan como emplazamiento lugares caracterizados por un mayor nivel de concentración empresarial, asumiendo un mayor riesgo de ser imitadas. Sin embargo, en última instancia, el acceso y el aprovechamiento del conocimiento externo depende de la habilidad de cada compañía para participar de las redes en las que se crea y comparte dicho conocimiento y para rentabilizarlo en forma de innovaciones de producto, proceso, prácticas organizativas y/o comerciales, mostrando los resultados alcanzados las diferencias existentes entre empresas foráneas y locales., Given the current competitive demands of each time more global environment, the choice of a specific location by multinational companies not only responds to the search for new markets but also of external knowledge which encourages innovation and local adaptation. This explains the fact that some of these companies choose as location, places characterized by a higher level of business concentration despite the high risk of being imitated. Ultimately, however, the access to and the use of external knowledge depends on the ability of each company to participate in the networks where knowledge is created and shared; depending also on the capacity of the firm to apply it in innovation of products, processes, organizational and/or commercial practices. Results show the differences between foreign and local companies.

Existencialismo y lucha interna en la obra literaria de Kenzaburo Oé: una cuestión personal

  • Lalinde González, Luis Miguel
A lo largo del presente trabajo realizaremos un análisis sobre el planteamiento existencial que expone Kenzaburo Oé en su obra Una cuestión personal. Este planteamiento, como veremos, lo hará a través de la figura protagonista de la novela, Bird, invitando al lector a la reflexión sobre qué podría o debería hacer ante el nacimiento de un hijo discapacitado., Throughout the present paper we will make an analysis about the existential approach that Kenzaburo Oé exposes in his work: A personal Matter. This approach, as we will see, he will do so through the protagonist of the novel, Bird, inviting to the reader to reflect about what he could or should do with the birth of a disabled child., Ayuda de Formación de Profesorado Universitario (FPU-2016), concedida por el Ministerio de Educación, Cultura y Deporte del Gobierno de España.

On the existence of equivalent Dirichlet polynomials whose zeros preserve a topological property

  • Dubon, Eric
  • Sepulcre, Juan Matias
In this paper, we study the distribution of zeros of the ordinary Dirichlet polynomials which are generated by an equivalence relation introduced by Harald Bohr. Through the use of completely multiplicative functions, we construct equivalent Dirichlet polynomials which have the same critical strip, where all their zeros are situated, and satisfy the same topological property consisting of possessing zeros arbitrarily near every vertical line contained in some substrips inside their critical strip. We also show that the real projections of the zeros of the partial sums of the alternating zeta function, for some particular cases, are dense in their critical intervals., The second author's research was partially supported by Generalitat Valenciana under project GV/2015/035.

Paisajes urbanos entre la Antigüedad Tardía y la Alta Edad Media en la Meseta Sur

  • Gutiérrez Lloret, Sonia
  • Olmo Enciso, Lauro
La Reunión Científica de Almadén se inició con el análisis de la realidad urbana altomedieval, a partir de cuatro emblemáticos casos de estudio de la región castellano-manchega (Sisapo-La Bienvenida, El Tolmo de Minateda/ Eio-lyyih, Recopolis y Segobriga) en diálogo con Mérida, que constituye a fecha de hoy uno de los mejores ejemplos de secuencia urbana tardoantigua y altomedieval del oriente de la península Ibérica. En cierto modo, estas cinco ciudades reflejan el avance de la investigación en la caracterización del hecho urbano postromano, a la vez que trascienden el análisis puramente topográfico y arquitectónico para plantear problemas sociales, económicos y territoriales.

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