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Equity-premium puzzle: evidence from Brazilian data
Cysne, Rubens Penha;
Economia Aplicada , 2006, DOI: 10.1590/S1413-80502006000200001
Abstract: this paper uses 1992:1-2004:2 quarterly data and two different methods (approximation under lognormality and calibration) to evaluate the existence of an equity-premium puzzle in brazil. in contrast with some previous works in the brazilian literature, i conclude that the model used by mehra and prescott (1985), either with additive or recursive preferences, is not able to satisfactorily rationalize the equity premium observed in the brazilian data. the second contribution of the paper is calling the attention to the fact that the utility function calculated under the discrete-state approximation may not exist if the data (as it is the case with brazilian time series) implies the existence of states in which high negative rates of consumption growth are attained with relatively high probability. this fact is particularly important when the researcher tries to work with high risk-aversion parameters in order to generate high risk premia.
Mario Henrique Simonsen
Cysne, Rubens Penha;
Estudos Avan?ados , 2001, DOI: 10.1590/S0103-40142001000100012
Abstract: the author starts the article by presenting a short a review of the brazilian literature concerning the academic contributions of mario henrique simonsen. in a subsequent step, four points not included in the works surveyed are detailed. particularly, his last contribution, related to the welfare costs of inflation, which lead to an article published in february of 2001, five years after his death, in the prestigious journal of money credit and banking.
An intra-household approach to the welfare costs of inflation
Cysne, Rubens Penha;
Estudos Econ?micos (S?o Paulo) , 2006, DOI: 10.1590/S0101-41612006000300006
Abstract: the literature on the welfare costs of inflation universally assumes that the many-person household can be treated as a single economic agent. this paper explores what the heterogeneity of the agents in a household might imply for such welfare analyses. first, we show that allowing for a one-person or for a many-person transacting technology impacts the money demand function and, therefore, the welfare costs of inflation. second, more importantly, we derive sufficient conditions under which welfare assessments which depart directly from the knowledge of the money demand function (as in lucas, 2000) are robust (invariant) under the number of persons considered in the household. third, we show that bailey?s (1956) partial-equilibrium measure of the welfare costs of inflation can be obtained as a first-order approximation of the general-equilibrium welfare measure derived in this paper using a many-person transacting technology.
Performance of Azolla caroliniana Willd. and Salvinia auriculata Aubl. on fish farming effluent
Toledo, JJ.;Penha, J.;
Brazilian Journal of Biology , 2011, DOI: 10.1590/S1519-69842011000100007
Abstract: the increasing release of untreated fish farming effluents into water courses that flow to the pantanal wetlands in mato grosso (brazil) may drive this ecosystem to eutrophication. therefore, the growth of azolla caroliniana willd. and salvinia auriculata aubl. in fish farming effluent and their effect on its quality were evaluated for 48 days in a greenhouse. the results were compared to those obtained in a nutrient rich solution (hoagland ? medium). azolla caroliniana showed lower relative growth rate in fish farming effluent (0.020 d-1) than in hoagland ? medium (0.029 d-1). however, s. auriculata grew slightly better in fish farming effluent (0.030 d-1) than in hoagland ? medium (0.025 d-1). the species apparently contributed to reduce nitrate and phosphate concentration in hoagland ? medium. however, in fish farming effluent, only electrical conductivity and ph were reduced by plants compared to the control without plants. thus, a. caroliniana and s. auriculata show low potential for improving effluent quality.
Sustainable harvest of two large predatory catfish in the Cuiabá river basin, northern Pantanal, Brazil
Penha, JMF.;Mateus, LAF.;
Brazilian Journal of Biology , 2007, DOI: 10.1590/S1519-69842007000100011
Abstract: fishery is an important economic activity in the pantanal. among the region?s species, the pimelodidae catfish stands out as an important part of the annual catch. this study assesses the structure, exploitation and stock management of hemisorubim platyrhynchos and sorubim cf. lima, the sixth and seventh largest pimelodidae of the pantanal. the analysis is based on fish caught by commercial fishing in the cuiabá river and landed at the "ant?nio moysés nadaf" market in the cuiabá city, mato grosso state, brazil. the findings indicate that commercial fishing activities target several fish cohorts and that usually only individuals above mean length at first maturation are caught. estimates of the instantaneous mortality coefficient show that the current fishing mortality is low. simulations of relative yield-per-recruit model demonstrate that the current yield of two species could be greater if the fishery effort were increased, indicating that the stocks are underexploited. however, an increase in current fishery efforts should be viewed with caution, since the stock-recruitment relationship for the species is unknown. the results indicate that the current harvest of two species in the cuiabá river basin is sustainable.
A general-equilibrium closed-form solution to the welfare costs of inflation
Cysne, Rubens Penha;
Revista Brasileira de Economia , 2005, DOI: 10.1590/S0034-71402005000200003
Abstract: this article presents a closed-form solution to lucas's (2000) general-equilibrium expression for the welfare costs of inflation. the formula applies when the money demand is bi-logarithmic. an analytical solution for the difference between bailey's (1956) partial-equilibrium measure and lucas's general-equilibrium measure is also provided. in lucas's original work, only numerical solutions are offered to these questions.
On the positive correlation between income and patience
Cysne, Rubens Penha;
Revista Brasileira de Economia , 2006, DOI: 10.1590/S0034-71402006000100002
Abstract: this paper uses a standard job-search model to provide a new explanation for the empirically documented positive correlation between patience and average income: more patient workers, by rejecting less favorable wage offers, end up with a higher average income in the long run. this is not clear at first glance, since rejecting more offers also leads to more time of unemployment. it turns out that more patient workers always "in in the end". the result is proved for the case of a linear utility. when utility is not linear, a sufficiency condition is provided. average utility always increases with patience. a counterexample is used to show that such conclusions could not follow from a direct analysis of the value function. a second example is offered at the end to illustrate the main points of the paper.
A (im)pertinência da história ao aprendizado da física (um estudo de caso)
Dias, Penha Maria Cardoso;
Revista Brasileira de Ensino de Física , 2001, DOI: 10.1590/S1806-11172001000200014
Abstract: in this paper i hold the view that the history of a particular science is the most legitimate tool to investigate its foundations. the history of a particular science discloses the "why" of the conceptual categories of that science; hence it clarifies the meanings of its various concepts. to exemplify, i present a "case study", the theory of heat, which is a conceptual analysis of thermodynamics.
à procura do trabalho perdido
Dias, Penha Maria Cardoso;
Revista Brasileira de Ensino de Física , 2007, DOI: 10.1590/S1806-11172007000400004
Abstract: william thomson's contributions to the making of the categories of thermodynamics are analyzed.
F=ma?!! O nascimento da lei dinamica
Dias, Penha Maria Cardoso;
Revista Brasileira de Ensino de Física , 2006, DOI: 10.1590/S1806-11172006000200013
Abstract: in this paper i review the methods used to solve problems in dynamics that were used before the newtonian equations were found, put in differential form, and universally accepted. the arguments on which the laws of dynamics were founded are rationale that make intelligible equations that otherwise would remain misterious and magic.
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