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Endogenized Production Sets in a General Equilibrium Model with Incomplete Markets
Get PDFThe paper develops a general equilibrium model with incomplete markets where the asset structure is endogenized. This asset structure allows to consider a new class of objective functions of profit maximizing firms. This class of objective functions is independent of the utilities of the stock holders. Corporate equilibrium properties are studied for this model. It is shown that the organization of production is generally efficient. This result is a consequence of the generalization of the separation theorem of the Arrow-Debreu model to incomplete markets. Finally, the paper shows that corporate equilibria are not independent of the firms financial activities.
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Stability analysis of non-smooth dynamical systems with an application to biomechanics
No full textThis thesis discusses a two dimensional non-smooth dynamical system described by an autonomous ordinary differential equation. The right hand side of the differential equation is assumed to be discontinuous. We provide a local theory of existence, uniqueness and exponential asymptotic stability and state a formula for the basin of attraction. Our conditions are sufficient. Thetheory generalizes smooth dynamical systems theory by providing contraction conditions for two nearby trajectories at a jump. Such conditions have only previously been studied for a two dimensional nonautonomous differential equation. We provide an example of the theory developed in this thesis and show that we can determine stability of a periodic orbit without explicitly calculating it. This is the main advantage of our theory. Our conditions require to define a metric. This however, can turn out to be a difficult task, and at present, we do not have a method for finding such a metric systematically. The final part of this thesis considers an application of a nonsmooth dynamical system to biomechanics. We model an elderly person stepping over an obstacle. Our model assumes stiff legs, and suggests a gait strategy to overcome an obstacle. This work is in collaboration with Professor Wagner’s research group at Institute for Sport Science at the University of M?nster. However, we only present work developed independently in this thesis
An Application of Convex Analysis to General Equilibrium Theory with Incomplete Financial Markets
No full textThis paper considers an application of convexanalysis to the study of corporate equilibria in a two periodendogenized asset general equilibrium model with incompletefinancial markets. It shows by means of a particular case studythat for a fixed financial policy every extensive form stockmarket equilibrium can be translated into a reduced formequilibrium. This result suggests determinateness of corporateequilibria for varying financial parameters. A change in thefirm’s financial policy changes the production set available to itin the next period, hence real effects
Corporate Equilibrium Properties of a Centralized Objective Function GEI Model
Get PDFWe introduce an incomplete markets general equilibrium model with idiosyncratic risk, where production is financed via stock market, and where the ownership structure endogenized. This model is a variation of Drèze (1974), Grossman and Hart (1979), and Magill and Quinzii (2002). The paper discusses two main corporate equilibrium properties. It shows that (i) the class of centralized objective functions introduces a further source of inefficiency into the organization of production, and (ii) the indeterminacy of corporate equilibria. (iii) It further shows the separation of the economic decisions of the agents.
Stability analysis of non-smooth dynamical systems with an application to biomechanics
No full textThis thesis discusses a two dimensional non-smooth dynamical system described by an autonomous ordinary differential equation. The right hand side of the differential equation is assumed to be discontinuous. We provide a local theory of existence, uniqueness and exponential asymptotic stability and state a formula for the basin of attraction. Our conditions are sufficient. Thetheory generalizes smooth dynamical systems theory by providing contraction conditions for two nearby trajectories at a jump. Such conditions have only previously been studied for a two dimensional nonautonomous differential equation. We provide an example of the theory developed in this thesis and show that we can determine stability of a periodic orbit without explicitly calculating it. This is the main advantage of our theory. Our conditions require to define a metric. This however, can turn out to be a difficult task, and at present, we do not have a method for finding such a metric systematically. The final part of this thesis considers an application of a nonsmooth dynamical system to biomechanics. We model an elderly person stepping over an obstacle. Our model assumes stiff legs, and suggests a gait strategy to overcome an obstacle. This work is in collaboration with Professor Wagner’s research group at Institute for Sport Science at the University of M?nster. However, we only present work developed independently in this thesis
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
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