The objective of this work is to assess through the "avoided health cost method" what would be the economic benefits of undertaking greenhouse (and local) gases mitigation policies in the Buenos Aires Metropolitan Area. To do so, we have developed six steps: Mitigation Scenarios (which policies to undertake), Emissions Inventory according to those, an Ambient Air Pollution Model to calculate the physical impacts, Health Effects Estimation to assess the health consequences of reducing air pollution, and Economic Valuation of those health impacts.

Este trabajo constituyó la tesis doctoral en economía del autor en la Universidad del CEMA, defendida el 12 de diciembre de 2002 ante el jurado integrado por los doctores Germán Coloma (director), Roque Fernández, Jorge Streb y Omar Chisari (jurado externo).

Corporate control has added value for an investor since it gives degrees of freedom about the use of assets, sources of finance, salaries, etc. On the other hand, real options create value through the flexibility associated to the ability to react to some relevant uncertainty. The process of acquisition of corporate control can have two real options associated, a waiting option and a growth option.

This paper seeks to provide a framework for separation portfolios when they are used not only as synthetics of a matching security but also as building blocks of arbitrage portfolios, in a background provided by the CAPM world. Firstly, synthetics are defined by means of a vectorial framework that maps portfolios onto their risk-return profiles. Separation portfolios are extensively analyzed afterwards, establishing three propositions that lay the groundwork for using them as synthetics.

El despliegue de la función de calidad (o QFD, por sus siglas inglesas) es un método de diseño de productos y servicios que recoge las demandas y expectativas de los clientes y las traduce, en pasos sucesivos, a características técnicas y operativas satisfactorias. Luego de una introducción histórica, en este documento de trabajo ilustramos los conceptos principales del QFD, destacamos sus ventajas y damos recomendaciones de uso. Utilizamos en la presentación el diseño original de un envase farmacéutico.

El 3 de diciembre de 1984 en la planta de Union Carbide ubicada en Bhopal (India) se produjo un escape de un gas venenoso, el isocianato de metilo conocido como MIC, que era utilizado en la producción del pesticida Sevin. El gas fue llevado por el viento hasta el poblado precario que se había ido erigiendo en las adyacencias de la planta. Cuando la nube de gas se disipó se presentó el panorama desolador de uno de los peores desastres industriales de todos los tiempos.

This is the first of a series of working papers analyzing the basic characteristics of the economic environment in which Latin American Corporations live and the optimal design of incentive programs compatible with such environment.

This paper studies the strategic foundations of the Representative Voter Theorem (Rothstein, 1991), also called the “second version” of the Median Voter Theorem. As a by-product, it also considers the existence of non-trivial strategy-proof social choice functions over the domain of single-crossing preference profiles. The main result presented here is that single-crossing preferences constitute a domain restriction on the real line that allows not only majority voting equilibria, but also non-manipulable choice rules.

“Justice as fairness is intended as a political conception of justice for a democratic society, it tries to draw solely upon basic intuitive ideas that are embedded in the political institutions of a constitutional democratic regime and the public traditions of their interpretation.” John Rawls. Justice as Fairness: Political not Metaphysical (1985)

Although the standard trading arbitrage model provides with simple settings and adjustment mechanisms so as to take profit whenever an arbitrage opportunity comes up, empirical evidence has been piling up showing that this point of view suffers from many downsides, leaving distinctive issues unresolved. By the same token, similar shortcoming prevent the standard financial arbitrage model from being functional to real markets environments.