C*-algebras associated to Boolean dynamical systems

The goal of this talk is to present the C*-algebra $C^*(\mathcal{B}, \mathcal{L}, \theta)$ of a Boolean dynamical system $(\mathcal{B}, \mathcal{L}, \theta)$, that generalizes the $C^*$-algebra associated to a labelled graph introduced by Bates and Pask, and to determine its simplicity, its gauge invariant ideals, as well as compute its K-Theory. This is a joint work with Toke Meier Carlsen (Department of Science and Technology, University of the Faroe Islands) and Eduard Ortega (Department of Mathematical Sciences, NTNU Trondheim).Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

A Note On Optimal Insurance in an Information Constrained Federal Economy with Incomplete Degree of Enforceability and Negotiation Costs

This paper studies the constrained efficient intergovernmental transfer contract between the central government and the states in a federal economy. We consider an environment with moral hazard, incomplete enforceability and date 0 negotiation costs. The interaction of moral hazard and incomplete enforceability may imply that when the state’s resources are ”low enough”, it is constrained efficient that the state gets a lower utility level than in autarky. When negotiation costs are considered, the state might not accept the contract. More importantly, the possibility of whether accepting or not is not monotonically determined by the state’s fiscal situation.

Risk sharing, investment, and incentives in the neoclassical growth model

We first study growth and risk sharing in a stochastic growth model with preference shocks and two risk-averse agents. In periods in which one of the agents needs extra consumption (insurance), it is socially optimal to reduce the consumption of the other agent (redistribution) and also to accumulate fewer resources for the future (disinvestment). The latter hurts growth while the former only affects the distribution of aggregate consumption. Then, to analyze if information matters, we study if the same allocation would be implementable under private information. We find that it depends on the state of the economy. The provision of insurance that is implemented by reducing capital accumulation deteriorates the prospects of all agents in the economy and thus helps to alleviate informational frictions. The size of redistribution versus disinvestment and the outlook of economic growth at the time of disinvestment affects the possibilities of implementing the best possible allocation when the preference shock is private information. Therefore, we conjecture that under private information the best allocation compatible with incentives would tend to hurt growth and to concentrate resources in agents with private information in order to provide incentives to report the shock truthfully.Business cycles ; Economic growth

Too good to be true : asset pricing implications of pessimism

We evaluate whether the introduction of pessimistic homogeneous beliefs in the frictionless Lucas-Mehra-Prescott model and the Kehoe-Levine-Alvarez-Jermann model with endogenous bor- rowing constraints, helps explain the equity premium, the risk-free rate and the equity volatility puzzles as well as the short-term momentum and long-term reversal of excess returns. We cal- ibrate the model to U.S. data as in Alvarez and Jermann [4] and we find that the data does not contradict the qualitative predictions of the models. When the preferences parameters are disciplined to match both the average annual risk-free rate and equity premium, the Lucas-Mehra- Prescott model gives a more quantitatively accurate explanation for short-term momentum than the Kehoe-Levine-Alvarez-Jermann model but the latter gives a more quantitatively accurate ex- planation for the equity volatility puzzle. Long-term reversal remains quantitatively unexplained in both models

Don Juan Bayarte Calasanz y Ávalos (1622-1689). Un governador de la Ribagorça a la Mediterrània de Carles II

En el present article hem realitzat un ràpid recorregut per la trajectòria vital de don Juan Bayarte Calasanz i Ávalos, un ribagorçà nascut a Benavarri el 1622 que va assolir altes responsabilitats polítiques i militars durant el difícil regnat de Carles II. S’han analitzat els seus primers anys com a soldat, les seves vel·leïtats com a teòric de l’artilleria, així com la seva actuació política desplegada en els governs de Menorca i Eivissa, fent especial menció a la problemàtica defensiva d’ambdós territoris. PARAULES CLAU: Ribagorça, Mediterrània, Juan Bayarte, Segle XVII, Política i Guerra.In the present work we have realized a rapid tour for the biography of don Juan Bayarte Calasanz and Ávalos born in Benavarri (Ribagorça, kingdom of Aragon) in 1622 that reached high political and military responsibilities during the difficult reign of Carlos II. They have been analyzed his first years as soldier, his contributions like thinker on the artillery of his epoch, as well as the principal events of his political action in the governments of Minorca and Ibiza, specially the related ones to the military matters. KEY WORDS: Ribagorza, Mediterranean, Juan Bayarte, 17th Century, Politics and War.En el presente trabajo hemos realizado un rápido recorrido por la trayectoria vital de don Juan Bayarte Calasanz y Ávalos, un ribagorzano nacido en Benabarre en 1622 que alcanzó altas responsabilidades políticas y militares durante el difícil reinado de Carlos II. Se han analizado sus primeros años como soldado, sus veleidades como teórico de la artillería, así como su actuación política desplegada en los gobiernos de Menorca e Ibiza, haciendo especial mención a la problemàtica dedensiva de ambos territorios. PALABRAS CLAVE: Ribagorza, Mediterráneo, Juan Bayarte, Siglo XVII, Política y Guerra

Maximum mass and universal relations of rotating relativistic hybrid hadron-quark stars

We construct equilibrium models of uniformly and differentially rotating hybrid hadron-quark stars using equations of state (EOSs) with a first-order phase transition that gives rise to a third family of compact objects. We find that the ratio of the maximum possible mass of uniformly rotating configurations - the supramassive limit - to the Tolman-Oppenheimer-Volkoff (TOV) limit mass is not EOS-independent, and is between 1.15 and 1.31,in contrast with the value of 1.20 previously found for hadronic EOSs. Therefore, some of the constraints placed on the EOS from the observation of the gravitational wave event GW170817 do not apply to hadron-quark EOSs. However, the supramassive limit mass for the family of EOSs we treat is consistent with limits set by GW170817, strengthening the possibility of interpreting GW170817 with a hybrid hadron-quark EOSs. We also find that along constant angular momentum sequences of uniformly rotating stars, the third family maximum and minimum mass models satisfy approximate EOS-independent relations, and the supramassive limit of the third family is approximately 16.5 % larger than the third family TOV limit. For differentially rotating spheroidal stars, we find that a lower-limit on the maximum supportable rest mass is 123 % more than the TOV limit rest mass. Finally, we verify that the recently discovered universal relations relating angular momentum, rest mass and gravitational mass for turning-point models hold for hybrid hadron-quark EOSs when uniform rotation is considered, but have a clear dependence on the degree of differential rotation.Comment: 19 pages, 14 figures, submitted to EPJA Topical Issue "First joint gravitational wave and electromagnetic observations: Implications for nuclear and particle physics

Decision support model for the selection of asphalt wearing courses in highly trafficked roads

The suitable choice of the materials forming the wearing course of highly trafficked roads is a delicate task because of their direct interaction with vehicles. Furthermore, modern roads must be planned according to sustainable development goals, which is complex because some of these might be in conflict. Under this premise, this paper develops a multi-criteria decision support model based on the analytic hierarchy process and the technique for order of preference by similarity to ideal solution to facilitate the selection of wearing courses in European countries. Variables were modelled using either fuzzy logic or Monte Carlo methods, depending on their nature. The views of a panel of experts on the problem were collected and processed using the generalized reduced gradient algorithm and a distance-based aggregation approach. The results showed a clear preponderance by stone mastic asphalt over the remaining alternatives in different scenarios evaluated through sensitivity analysis. The research leading to these results was framed in the European FP7 Project DURABROADS (No. 605404).The research leading to these results has received funding from the European Union Seventh Framework Programme (FP7/2007–2013) under Grant Agreement No. 605404