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Search Results: 1 - 10 of 5421 matches for " Hugo Zurita "
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SIMPOSIO CRISIS GLOBAL Y TEORíA ECONóMICA: La Economía Financiera Frente a la Crisis
Zurita,Felipe;
Cuadernos de economía , 2009, DOI: 10.4067/S0717-68212009000200003
Abstract: this essay discusses the status of financial economics as a discipline in the face of the current global crisis. contrary to some criticisms that have been levled, it defends the thesis that the discipline has not irresponsibly abused the rational man-rational markets paradigm, thereby causing a general unawareness of the dangers conceiled in the real estate bubble.
Beyond Earthquakes: The New Directions of Expected Utility Theory
ZURITA,FELIPE;
Cuadernos de economía , 2005, DOI: 10.4067/S0717-68212005012600002
Abstract: over the past two decades, an enormous amount of work has been done to improve the expected utility model. two areas have attracted major attention: the possibility of describing unforeseen contingencies and the need to accommodate the kind of behavior referred to in ellsberg's paradox. this article critically assesses the expected utility model and its interpretations, as well as the basic principles underlying the referred extensions, with an emphasis on their applications
Minimun Pension Insurance in the Chilean Pension System Minimun Pension Insurance in the Chilean Pension System
Salvador Zurita
Revista de Análisis Económico (RAE) , 1994,
Abstract: One of the "social" features of the Chilean individual capitalization pension system is the minimum pension scheme. which guarantees its members a minimum pension irrespective of the funds they accumulate, with the only requirement of twenty years of social security tax payments. The purpose of this paper is to estimate the implicit fiscal subsidy, using an option-based approach. We capture the risk associated to the returns on the pension fund account of a worker by modeling its value as a diffusion process and show the correspondence between the minimum pension insurance and a financial put option. Our results are the present value of the minimum pension benefit, equivalent to 3 percent of Chilean GDP for current active and non-active affiliated workers. These estimates are notoriously higher than previous results based on deterministic models, and strongly suggest the importance of explicitly considering the risk associated to pension assets when estimating the cost to the government of the insurance implied by the minimum pension benefit. One of the "social" features of the Chilean individual capitalization pension system is the minimum pension scheme. which guarantees its members a minimum pension irrespective of the funds they accumulate, with the only requirement of twenty years of social security tax payments. The purpose of this paper is to estimate the implicit fiscal subsidy, using an option-based approach. We capture the risk associated to the returns on the pension fund account of a worker by modeling its value as a diffusion process and show the correspondence between the minimum pension insurance and a financial put option. Our results are the present value of the minimum pension benefit, equivalent to 3 percent of Chilean GDP for current active and non-active affiliated workers. These estimates are notoriously higher than previous results based on deterministic models, and strongly suggest the importance of explicitly considering the risk associated to pension assets when estimating the cost to the government of the insurance implied by the minimum pension benefit.
Riesgo de Tasas de Inter s en Opciones de Intercambio Riesgo de Tasas de Inter s en Opciones de Intercambio
Salvador Zurita
Revista de Análisis Económico (RAE) , 2000,
Abstract: Margrabe (1978) studied the problem of the valuation of the option of exchanging one risky asset for another. One interesting feature of the valuation formula that he obtained was that the value of the option was independent of the risk-free rate of interest. In this article we extend Margrabe's result to include assets that pay a dividend yield, and commodities (both commercial and precious). In all cases the initial result holds: the exchange option is independent of the risk-free rate of interest. Margrabe (1978) studied the problem of the valuation of the option of exchanging one risky asset for another. One interesting feature of the valuation formula that he obtained was that the value of the option was independent of the risk-free rate of interest. In this article we extend Margrabe's result to include assets that pay a dividend yield, and commodities (both commercial and precious). In all cases the initial result holds: the exchange option is independent of the risk-free rate of interest.
Rese a de "América Latina XXI: avanzará o retrocederá la pobreza?" del Parlamento Latinoamericano
úrsula Zurita
Política y cultura , 2003,
Abstract:
LIQUIDITY AND FINANCIAL MARKETS
Felipe Zurita
Cuadernos de Economía , 2003,
Abstract:
SIMPOSIO CRISIS GLOBAL Y TEORíA ECONóMICA: La Economía Financiera Frente a la Crisis
Felipe Zurita
Cuadernos de Economía , 2009,
Abstract: Este ensayo discute el estatus de la disciplina de Economía Financiera frente a la crisis global. En contra de ciertas críticas que se han formulado apuntando a que la disciplina tendría una cuota de responsabilidad al haber abusado del paradigma del hombre racional y de los mercados racionales y, por esa vía, haber contribuido a un estado general de inconciencia frente a los peligros que la burbuja inmobiliaria en curso representaba, este ensayo documenta la preocupación permanente por entender las limitaciones y el alcance de diversas nociones de racionalidad en el comportamiento en general, y en particular de los mercados financieros. This essay discusses the status of Financial Economics as a discipline in the face of the current global crisis. Contrary to some criticisms that have been levled, it defends the thesis that the discipline has not irresponsibly abused the rational man-rational markets paradigm, thereby causing a general unawareness of the dangers conceiled in the real estate bubble.
Beyond Earthquakes: The New Directions of Expected Utility Theory
FELIPE ZURITA
Cuadernos de Economía , 2005,
Abstract: Over the past two decades, an enormous amount of work has been done to improve the Expected Utility model. Two areas have attracted major attention: the possibility of describing unforeseen contingencies and the need to accommodate the kind of behavior referred to in Ellsberg's paradox. This article critically assesses the Expected Utility model and its interpretations, as well as the basic principles underlying the referred extensions, with an emphasis on their applications En las últimas dos décadas se ha hecho un trabajo considerable para mejorar el modelo de la utilidad esperada. Dos áreas han recibido la mayor atención: la posibilidad de describir contingencias imprevistas, por una parte, y la acomodación del modelo para que sea capaz de representar la clase de comportamiento presente en la paradoja de Ellsberg, por otra. Este artículo examina críticamente el modelo de la utilidad esperada y sus interpretaciones, así como los principios básicos que subyacen a las dos extensiones mencionadas, haciendo hincapié en sus aplicaciones
Ubiquitous Mobile Knowledge Construction in Collaborative Learning Environments
Nelson Baloian,Gustavo Zurita
Sensors , 2012, DOI: 10.3390/s120606995
Abstract: Knowledge management is a critical activity for any organization. It has been said to be a differentiating factor and an important source of competitiveness if this knowledge is constructed and shared among its members, thus creating a learning organization. Knowledge construction is critical for any collaborative organizational learning environment. Nowadays workers must perform knowledge creation tasks while in motion, not just in static physical locations; therefore it is also required that knowledge construction activities be performed in ubiquitous scenarios, and supported by mobile and pervasive computational systems. These knowledge creation systems should help people in or outside organizations convert their tacit knowledge into explicit knowledge, thus supporting the knowledge construction process. Therefore in our understanding, we consider highly relevant that undergraduate university students learn about the knowledge construction process supported by mobile and ubiquitous computing. This has been a little explored issue in this field. This paper presents the design, implementation, and an evaluation of a system called MCKC for Mobile Collaborative Knowledge Construction, supporting collaborative face-to-face tacit knowledge construction and sharing in ubiquitous scenarios. The MCKC system can be used by undergraduate students to learn how to construct knowledge, allowing them anytime and anywhere to create, make explicit and share their knowledge with their co-learners, using visual metaphors, gestures and sketches to implement the human-computer interface of mobile devices (PDAs).
Mobile, Collaborative Situated Knowledge Creation for Urban Planning
Gustavo Zurita,Nelson Baloian
Sensors , 2012, DOI: 10.3390/s120506218
Abstract: Geo-collaboration is an emerging research area in computer sciences studying the way spatial, geographically referenced information and communication technologies can support collaborative activities. Scenarios in which information associated to its physical location are of paramount importance are often referred as Situated Knowledge Creation scenarios. To date there are few computer systems supporting knowledge creation that explicitly incorporate physical context as part of the knowledge being managed in mobile face-to-face scenarios. This work presents a collaborative software application supporting visually-geo-referenced knowledge creation in mobile working scenarios while the users are interacting face-to-face. The system allows to manage data information associated to specific physical locations for knowledge creation processes in the field, such as urban planning, identifying specific physical locations, territorial management, etc.; using Tablet-PCs and GPS in order to geo-reference data and information. It presents a model for developing mobile applications supporting situated knowledge creation in the field, introducing the requirements for such an application and the functionalities it should have in order to fulfill them. The paper also presents the results of utility and usability evaluations.
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