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Author (up) Bitran, E.; Duarte, F.; Fernandes, D.; Villena, M.
Title Impact of the Guaranteed Health Plan with a single community premium in the demand for private health insurance in Chile Type
Year 2017 Publication Cepal Review Abbreviated Journal Cepal Rev.
Volume Issue 123 Pages 225-244
Keywords
Abstract
Address [Bitran, Eduardo] Corp Fomento Prod CORFO, Santiago, Chile, Email: eduardo.bitran@uai.cl;
Corporate Author Thesis
Publisher Comision Economica Para America Latina Y El Caribe Place of Publication Editor
Language Spanish Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 0251-2920 ISBN Medium
Area Expedition Conference
Notes WOS:000418765800010 Approved
Call Number UAI @ eduardo.moreno @ Serial 830
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Author (up) Bitran, E.; Rivera, P.; Villena, M.J.
Title Water management problems in the Copiapo Basin, Chile: markets, severe scarcity and the regulator Type
Year 2014 Publication Water Policy Abbreviated Journal Water Policy
Volume 16 Issue 5 Pages 844-863
Keywords Aquifers; Economic incentives; Regulations; Sustainable water management; Water markets
Abstract This research focuses on the determination of the factors that led to the failure of water management in the Copiapo Basin in Chile. Interestingly, the existence of full private ownership and free tradability of water rights has not prevented the overexploitation of groundwater resources. In the paper, firstly, water regulation and the role of the regulator in Chile are briefly discussed. Secondly, the evolution of water resources in the Copiapo region is characterized and analyzed, and the granting of water use rights in the basin in the last 30 years is concisely described. Thirdly, we examine and analyze prices and quantities traded in the water market of the Copiapo region. We will argue that this crisis is a consequence first of failure in regulatory implementation and second of an extremely rigid regulatory framework that leaves limited room for adjustment to changing conditions, especially regarding the emergence of new information concerning water availability. We believe this investigation is not only relevant for this case in particular, but also for other regions and countries where water markets are in place.
Address [Bitran, Eduardo; Villena, Marcelo J.] Univ Adolfo Ibanez, Fac Engn & Sci, Santiago, Chile, Email: marcelo.villena@uai.cl
Corporate Author Thesis
Publisher Iwa Publishing Place of Publication Editor
Language English Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 1366-7017 ISBN Medium
Area Expedition Conference
Notes WOS:000349029200005 Approved
Call Number UAI @ eduardo.moreno @ Serial 449
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Author (up) Carrasco, J.A.; Harrison, R.; Villena, M.
Title Interdependent preferences and endogenous reciprocity Type
Year 2018 Publication Journal Of Behavioral And Experimental Economics Abbreviated Journal J. Behav. Exp. Econ.
Volume 76 Issue Pages 68-75
Keywords Reciprocity; Endogenous preferences; Asymmetric evolutionary game
Abstract This paper employs an indirect approach to formally examine the evolutionary stability of interdependent preferences when players randomly engage in pairwise interactions. Following the model specification for altruism and spitefulness in experiments proposed by Levine (1998), we also explore the stability of reciprocity and reciprocal preferences. In particular, we study how individuals equipped with intrinsic preferences such as altruism, selfishness or spitefulness adjust their behavior depending on who they interact with. The key aspect of our method is that behavioral preferences are choice variables that optimally evolve, accounting for strategic interaction. Our model predicts that in a specific economic framework characterized by negative externalities and strategic substitutes, there is a continuum of evolutionary stable interdependent preference profiles: At least one player behaves spitefully, and at most one acts selfishly. The emergence of altruism as an evolutionarily stable preference crucially depends on how large the support for preferences is. When players have reciprocal preferences, altruism might arise even in meetings where one player is intrinsically spiteful, but not necessarily from the intrinsically altruistic player.
Address [Carrasco, Jose A.] Univ Adolfo Ibanez, Fac Ingn & Ciencias, 2640 Diagonal Las Torres, Santiago, Chile, Email: jose.carrasco@uai.cl;
Corporate Author Thesis
Publisher Elsevier Science Inc Place of Publication Editor
Language English Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 2214-8043 ISBN Medium
Area Expedition Conference
Notes WOS:000445125300009 Approved
Call Number UAI @ eduardo.moreno @ Serial 914
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Author (up) Contreras, M.; Echeverria, J.; Pena, J.P.; Villena, M.
Title Resonance phenomena in option pricing with arbitrage Type
Year 2020 Publication Physica A-Statistical Mechanics And Its Applications Abbreviated Journal Physica A
Volume 540 Issue Pages 21 pp
Keywords Black-Scholes model; Option pricing; Arbitrage; Barrier options
Abstract In this paper, we want to report an interesting resonance phenomena that appears in option pricing, when the presence of arbitrage is incorporated explicitly into the Black-Scholes model. In Contreras et al. (2010), the authors after analyse empirical financial data, determines that the mispricing between the empirical and the Black-Scholes prices can be described by Heaviside type function (called an arbitrage bubble there). These bubbles are characterised by a finite time span and an amplitude which measures the price deviation from the Black-Scholes model. After that, in Contreras et al. (2010), the Black-Scholes equation is generalised to incorporates explicitly these arbitrage bubbles, which generates an interaction potential that changes the usual Black-Scholes free dynamics completely. However, an interesting phenomena appears when the amplitude of the arbitrage bubble is equal to the volatility parameter of the Black-Scholes model: in that case, the potential becomes infinite, and option pricing decrease abruptly to zero. We analyse this limit behaviour for two situations: a European and a barrier option. Also, we perform an analytic study of the propagator in each case, to understand the cause of the resonance. We think that it resonance phenomena could to help to understand the origin of certain financial crisis in the option pricing area. (C) 2019 Elsevier B.V. All rights reserved.
Address [Contreras, M.; Pena, J. P.] Univ Andres Bello, Dept Ciencias Fis, Sazie 2212, Chile, Email: mauriccio1965@gmail.com;
Corporate Author Thesis
Publisher Elsevier Place of Publication Editor
Language English Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 0378-4371 ISBN Medium
Area Expedition Conference
Notes WOS:000506711900078 Approved
Call Number UAI @ eduardo.moreno @ Serial 1095
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Author (up) Contreras, M.; Montalva, R.; Pellicer, R.; Villena, M.
Title Dynamic option pricing with endogenous stochastic arbitrage Type
Year 2010 Publication Physica A-Statistical Mechanics And Its Applications Abbreviated Journal Physica A
Volume 389 Issue 17 Pages 3552-3564
Keywords Black-Scholes model; Arbitrage; Option pricing
Abstract Only few efforts have been made in order to relax one of the key assumptions of the Black-Scholes model: the no-arbitrage assumption. This is despite the fact that arbitrage processes usually exist in the real world, even though they tend to be short-lived. The purpose of this paper is to develop an option pricing model with endogenous stochastic arbitrage, capable of modelling in a general fashion any future and underlying asset that deviate itself from its market equilibrium. Thus, this investigation calibrates empirically the arbitrage on the futures on the S&P 500 index using transaction data from September 1997 to June 2009, from here a specific type of arbitrage called “arbitrage bubble”, based on a t-step function, is identified and hence used in our model. The theoretical results obtained for Binary and European call options, for this kind of arbitrage, show that an investment strategy that takes advantage of the identified arbitrage possibility can be defined, whenever it is possible to anticipate in relative terms the amplitude and timespan of the process. Finally, the new trajectory of the stock price is analytically estimated for a specific case of arbitrage and some numerical illustrations are developed. We find that the consequences of a finite and small endogenous arbitrage not only change the trajectory of the asset price during the period when it started, but also after the arbitrage bubble has already gone. In this context, our model will allow us to calibrate the B-S model to that new trajectory even when the arbitrage already started. (C) 2010 Elsevier B.V. All rights reserved.
Address [Contreras, Mauricio; Montalva, Rodrigo; Pellicer, Rely; Villena, Marcelo] Univ Adolfo Ibanez, Fac Sci & Engn, Vina Del Mar, Chile, Email: mauricio.contreras@uai.cl
Corporate Author Thesis
Publisher Elsevier Science Bv Place of Publication Editor
Language English Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 0378-4371 ISBN Medium
Area Expedition Conference
Notes WOS:000280118100023 Approved
Call Number UAI @ eduardo.moreno @ Serial 91
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Author (up) Contreras, M.; Pellicer, R.; Villena, M.
Title Dynamic optimization and its relation to classical and quantum constrained systems Type
Year 2017 Publication Physica A-Statistical Mechanics And Its Applications Abbreviated Journal Physica A
Volume 479 Issue Pages 12-25
Keywords Dynamic optimization; Constrained systems; Dirac's method; Quantum mechanics
Abstract We study the structure of a simple dynamic optimization problem consisting of one state and one control variable, from a physicist's point of view. By using an analogy to a physical model, we study this system in the classical and quantum frameworks. Classically, the dynamic optimization problem is equivalent to a classical mechanics constrained system, so we must use the Dirac method to analyze it in a correct way. We find that there are two second-class constraints in the model: one fix the momenta associated with the control variables, and the other is a reminder of the optimal control law. The dynamic evolution of this constrained system is given by the Dirac's bracket of the canonical variables with the Hamiltonian. This dynamic results to be identical to the unconstrained one given by the Pontryagin equations, which are the correct classical equations of motion for our physical optimization problem. In the same Pontryagin scheme, by imposing a closed-loop lambda-strategy, the optimality condition for the action gives a consistency relation, which is associated to the Hamilton-Jacobi-Bellman equation of the dynamic programming method. A similar result is achieved by quantizing the classical model. By setting the wave function Psi (x, t) = e(is(x,t)) in the quantum Schrodinger equation, a non-linear partial equation is obtained for the S function. For the right-hand side quantization, this is the Hamilton-Jacobi-Bellman equation, when S(x, t) is identified with the optimal value function. Thus, the Hamilton-Jacobi-Bellman equation in Bellman's maximum principle, can be interpreted as the quantum approach of the optimization problem. (C) 2017 Elsevier B.V. All rights reserved.
Address [Contreras, Mauricio; Pellicer, Rely; Villena, Marcelo] Univ Adolfo Ibanez, Fac Engn & Sci, Santiago, Region Metropol, Chile, Email: mauricio.contreras@uai.cl
Corporate Author Thesis
Publisher Elsevier Science Bv Place of Publication Editor
Language English Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 0378-4371 ISBN Medium
Area Expedition Conference
Notes WOS:000400213800002 Approved
Call Number UAI @ eduardo.moreno @ Serial 731
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Author (up) Contreras, M.; Pellicer, R.; Villena, M.; Ruiz, A.
Title A quantum model of option pricing: When Black-Scholes meets Schrodinger and its semi-classical limit Type
Year 2010 Publication Physica A-Statistical Mechanics And Its Applications Abbreviated Journal Physica A
Volume 389 Issue 23 Pages 5447-5459
Keywords Black-Scholes model; Arbitrage; Option pricing; Quantum mechanics; Semi-classical methods
Abstract The Black-Scholes equation can be interpreted from the point of view of quantum mechanics, as the imaginary time Schrodinger equation of a free particle. When deviations of this state of equilibrium are considered, as a product of some market imperfection, such as: Transaction cost, asymmetric information issues, short-term volatility, extreme discontinuities, or serial correlations; the classical non-arbitrage assumption of the Black-Scholes model is violated, implying a non-risk-free portfolio. From Haven (2002) [1] we know that an arbitrage environment is a necessary condition to embedding the Black-Scholes option pricing model in a more general quantum physics setting. The aim of this paper is to propose a new Black-Scholes-Schrodinger model based on the endogenous arbitrage option pricing formulation introduced by Contreras et al. (2010) [2]. Hence, we derive a more general quantum model of option pricing, that incorporates arbitrage as an external time dependent force, which has an associated potential related to the random dynamic of the underlying asset price. This new resultant model can be interpreted as a Schrodinger equation in imaginary time for a particle of mass 1/sigma(2) with a wave function in an external field force generated by the arbitrage potential. As pointed out above, this new model can be seen as a more general formulation, where the perfect market equilibrium state postulated by the Black-Scholes model represent a particular case. Finally, since the Schrodinger equation is in place, we can apply semiclassical methods, of common use in theoretical physics, to find an approximate analytical solution of the Black-Scholes equation in the presence of market imperfections, as it is the case of an arbitrage bubble. Here, as a numerical illustration of the potential of this Schrodinger equation analogy, the semiclassical approximation is performed for different arbitrage bubble forms (step, linear and parabolic) and compare with the exact solution of our general quantum model of option pricing. (C) 2010 Elsevier B.V. All rights reserved.
Address [Contreras, Mauricio; Pellicer, Rely; Villena, Marcelo; Ruiz, Aaron] Adolfo Ibanez Univ, Fac Sci & Engn, Santiago, Chile, Email: mauricio.contreras@uai.cl
Corporate Author Thesis
Publisher Elsevier Science Bv Place of Publication Editor
Language English Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 0378-4371 ISBN Medium
Area Expedition Conference
Notes WOS:000283904000012 Approved
Call Number UAI @ eduardo.moreno @ Serial 116
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Author (up) de Kraker, J.; Kujawa-Roeleveld, K.; Villena, M.J.; Pabon-Pereira, C.
Title Decentralized Valorization of Residual Flows as an Alternative to the Traditional Urban Waste Management System: The Case of Penalolen in Santiago de Chile Type
Year 2019 Publication Sustainability Abbreviated Journal Sustainability
Volume 11 Issue 22 Pages 26 pp
Keywords waste management; circular metabolism; decentralized valorization; nutrient recovery; material flow analysis
Abstract Urban residual flows contain significant amounts of valuable nutrients, which, if recovered, could serve as input for the own city needs or those of its immediate surroundings. In this study, the possibilities for decentralized recovery of nutrient rich residual flows in Santiago, Chile, are studied by means of a case study considering technical and socio-economic criteria. In particular, we calculate circularity indicators for organic matter (OM), nitrogen (N), and phosphorus (P) and cost-benefits of household and community on-site technological alternatives. Kitchen waste (KW) and garden residues (GR) as well as urine were considered as system inputs whereas urban agriculture, municipality green, or peri-urban agriculture were the considered destinations for nutrients recovered. The technologies studied were anaerobic digestion, vermicomposting, and composting, while urine storage and struvite precipitation were considered for nutrient recovery from urine. Material flow analysis was used to visualize the inputs and outputs of the baseline situation (the traditional urban waste management system), and of the different household and municipality resource recovery scenarios (the decentralized valorization systems). Our findings show that decentralized valorization of KW and GR are a clear win-win policy, since they can not only produce important environmental benefits for the city in the long run, but also important cost savings considering the landfill fees and residues transportation of the current centralized waste management system.
Address [de Kraker, Jeltsje; Kujawa-Roeleveld, Katarzyna; Pabon-Pereira, Claudia] Wageningen Univ & Res, Subdept Environm Technol, POB 17, NL-6700 AA Wageningen, Netherlands, Email: jelske.dekraker@wur.nl;
Corporate Author Thesis
Publisher Mdpi Place of Publication Editor
Language English Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 2071-1050 ISBN Medium
Area Expedition Conference
Notes WOS:000503278700001 Approved
Call Number UAI @ eduardo.moreno @ Serial 1067
Permanent link to this record
 

 
Author (up) Gonzalez, E.; Villena, M.
Title Spatial Lanchester models Type
Year 2011 Publication European Journal Of Operational Research Abbreviated Journal Eur. J. Oper. Res.
Volume 210 Issue 3 Pages 706-715
Keywords OR in military; Lanchester theory; Combat modeling; Partial differential equations
Abstract Lanchester equations have been widely used to model combat for many years, nevertheless, one of their most important limitations has been their failure to model the spatial dimension of the problems. Despite the fact that some efforts have been made in order to overcome this drawback, mainly through the use of Reaction-Diffusion equations, there is not yet a consistently clear theoretical framework linking Lanchester equations with these physical systems, apart from similarity. In this paper, a spatial modeling of Lanchester equations is conceptualized on the basis of explicit movement dynamics and balance of forces, ensuring stability and theoretical consistency with the original model. This formulation allows a better understanding and interpretation of the problem, thus improving the current treatment, modeling and comprehension of warfare applications. Finally, as a numerical illustration, a new spatial model of responsive movement is developed, confirming that location influences the results of modeling attrition conflict between two opposite forces. (C) 2010 Elsevier B.V. All rights reserved.
Address [Gonzalez, Eduardo; Villena, Marcelo] Univ Adolfo Ibanez, Fac Sci & Engn, Santiago, Chile, Email: eduardo.gonzalez@uai.cl
Corporate Author Thesis
Publisher Elsevier Science Bv Place of Publication Editor
Language English Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 0377-2217 ISBN Medium
Area Expedition Conference
Notes WOS:000287617400025 Approved
Call Number UAI @ eduardo.moreno @ Serial 123
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Author (up) Gonzalez, E.; Villena, M.J.
Title On the spatial dynamics of vaccination: A spatial SIRS-V model Type
Year 2020 Publication Computers & Mathematics With Applications Abbreviated Journal Comput. Math. Appl.
Volume 80 Issue 5 Pages 733-743
Keywords Epidemic dynamics; Spatial SIR model; Vaccination strategy; Non-linear system of partial differential equations; Numerical modeling
Abstract In this paper, we analyze the effects of vaccination from a spatial perspective. We propose a spatial deterministic SIRS-V model, which considers a non-linear system of partial differential equations with explicit attrition and diffusion terms for the vaccination process. The model allows us to simulate numerically the spatial and temporal dynamics of an epidemic, considering different spatial strategies for the vaccination policy. In particular, in our first example we analyze the classical SIRS-V evolution with the addition of movements due to diffusion, while in the second one we focus on modeling one ring vaccination policy. We expect this model can improve spatial predictions of SIR vaccination models by taking into account the spatial dimension of the problem. (C) 2020 Elsevier Ltd. All rights reserved.
Address [Gonzalez, Eduardo] Univ Finis Terrae, Fac Engn, Santiago, Chile, Email: e.gonzalez@ieee.org;
Corporate Author Thesis
Publisher Pergamon-Elsevier Science Ltd Place of Publication Editor
Language English Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 0898-1221 ISBN Medium
Area Expedition Conference
Notes WOS:000557765800010 Approved
Call Number UAI @ alexi.delcanto @ Serial 1220
Permanent link to this record
 

 
Author (up) Gonzalez, E.; Villena, M.J.
Title Spatial attrition modeling: Stability conditions for a 2D + t FD formulation Type
Year 2011 Publication Computers & Mathematics With Applications Abbreviated Journal Comput. Math. Appl.
Volume 61 Issue 11 Pages 3246-3257
Keywords PDE; Stability; Reaction-diffusion; Spatial attrition modeling
Abstract A new general formulation for the spatial modeling of combat is presented, where the main drivers are movement attitudes and struggle evolution. This model in its simplest form is represented by a linear set of two coupled partial differential equations for two independent functions of the space and time variables. Even though the problem has a linear shape, non-negative values for the two functions render this problem as nonlinear. In contrast with other attempts, this model ensures stability and theoretical consistency with the original Lanchester Equations, allowing for a better understanding and interpretation of the spatial modeling. As a numerical illustration a simple combat situation is developed. The model is calibrated to simulate different troop movement tactics that allow an invader force to provoke maximum damage at a minimum cost. The analysis provided here reviews the trade-off between spatial grid and time stepping for attrition cases and then extends it to a new method for guaranteeing good numerical behavior when the solution is expected to grow along the time variable. There is a wide variety of spatial problems that could benefit from this analysis. (C) 2011 Elsevier Ltd. All rights reserved.
Address [Gonzalez, E; Villena, MJ] Univ Adolfo Ibanez, Fac Sci & Engn, Santiago, Chile, Email: eduardo.gonzalez@uai.cl
Corporate Author Thesis
Publisher Pergamon-Elsevier Science Ltd Place of Publication Editor
Language English Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 0898-1221 ISBN Medium
Area Expedition Conference
Notes WOS:000292573000005 Approved
Call Number UAI @ eduardo.moreno @ Serial 155
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Author (up) Guzman, R.; Harrison, R.; Abarca, N.; Villena, M.G.
Title A game-theoretic model of reciprocity and trust that incorporates personality traits Type
Year 2020 Publication Journal Of Behavioral And Experimental Economics Abbreviated Journal J. Behav. Exp. Econ.
Volume 84 Issue Pages 11 pp
Keywords Reciprocity; Trust; Personality; Psychometrics; Revealed preferences
Abstract We propose a game-theoretic model of reciprocity and trust that incorporates personality traits. In the model, positive and negative reciprocity are “reciprocal preferences:” parameters of heterogeneous utility functions that take into account the material welfare of others (positively if they have been kind, negatively if they have been hostile). Trust, on the other hand, is an individual bias that distorts probabilistic beliefs about the trustworthiness of others. Unlike typical game-theoretic models, our model provides an explanation for the heterogeneity of preferences and probabilistic beliefs: a person's personality traits determine both the parameters of his utility function and the magnitude of his beleif bias. We tested the model experimentally. Subjects completed a psychometric questionnaire that measures three personality traits: positive reciprocity, negative reciprocity, and trust. Subsequently, they played a sequential prisoner's dilemma with random re-matching and payoffs changing from round to round. From the subjects' psychometric scores and game behaviors we inferred the relationship between reciprocal preferences, belief biases, and personality. The results confirmed the hypotheses of the model.
Address [Guzman, Ricardo] Univ Desarrollo, Fac Gobierno, Concepcion, Chile, Email: mg.villena@gmail.com
Corporate Author Thesis
Publisher Elsevier Science Inc Place of Publication Editor
Language English Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 2214-8043 ISBN Medium
Area Expedition Conference
Notes WOS:000517586800011 Approved
Call Number UAI @ eduardo.moreno @ Serial 1118
Permanent link to this record
 

 
Author (up) Montane, M.; Caceres, G.; Villena, M.; O'Ryan, R.
Title Techno-Economic Forecasts of Lithium Nitrates for Thermal Storage Systems Type
Year 2017 Publication Sustainability Abbreviated Journal Sustainability
Volume 9 Issue 5 Pages 15 pp
Keywords CSP; lithium based nitrates; thermal energy storage; lithium market
Abstract Thermal energy storage systems (TES) are a key component of concentrated solar power (CSP) plants that generally use a NaNO3/KNO3 mixture also known as solar salt as a thermal storage material. Improvements in TES materials are important to lower CSP costs, increase energy efficiency and competitiveness with other technologies. A novel alternative examined in this paper is the use of salt mixtures with lithium nitrate that help to reduce the salt's melting point and improve thermal capacity. This in turn allows the volume of materials required to be reduced. Based on data for commercial plants and the expected evolution of the lithium market, the technical and economic prospects for this alternative are evaluated considering recent developments of Lithium Nitrates and the uncertain future prices of lithium. Through a levelized cost of energy (LCOE) analysis it is concluded that some of the mixtures could allow a reduction in the costs of CSP plants, improving their competitiveness.
Address [Montane, Macarena; Caceres, Gustavo; O'Ryan, Raul] Univ Adolfo Ibanez, Fac Ingn & Ciencias, Ave Diagonal Las Torres 2640, Santiago 7941169, Chile, Email: macarena.montane@p2030.uai.cl;
Corporate Author Thesis
Publisher Mdpi Ag Place of Publication Editor
Language English Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 2071-1050 ISBN Medium
Area Expedition Conference
Notes WOS:000404127800135 Approved
Call Number UAI @ eduardo.moreno @ Serial 742
Permanent link to this record
 

 
Author (up) Quinteros, M.J.; Villena, M.J.
Title On the Dynamics and Stability of the Crime and Punishment Game Type
Year 2022 Publication Complexity Abbreviated Journal Complexity
Volume 2022 Issue Pages 2449031
Keywords CORRUPTION; LAW
Abstract We study the dynamics and stability of the economics of crime and punishment game from an evolutionary perspective. Specifically, we model the interaction between agents and controllers as an asymmetric game exploring the dynamics of the classic static model using a replicator dynamics equation, given exogenous levels of monitoring and criminal sanctions. The dynamics show five possible equilibria, from which three are stable. Our results show that a culture of honest agents is never stable; however when the penalty is high enough, the system will neutrally tend to an equilibrium of honest agents and a monitoring firm. By contrast, when the probability of detecting wrongdoing is small, the system, in some cases, will remain in a transient state, in which it is impossible to predict the proportion of honest agents.
Address
Corporate Author Thesis
Publisher Place of Publication Editor
Language Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 1076-2787 ISBN Medium
Area Expedition Conference
Notes WOS:000773704800003 Approved
Call Number UAI @ alexi.delcanto @ Serial 1556
Permanent link to this record
 

 
Author (up) Quinteros, M.J.; Villena, M.J.; Villena, M.G.
Title An evolutionary game theoretic model of whistleblowing behaviour in organizations Type
Year 2022 Publication IMA Journal of Management Mathematics Abbreviated Journal IMA J. Manag. Math.
Volume 33 Issue 2 Pages 289-314
Keywords whistleblowing; corruption; social norms; evolutionary games; incentives
Abstract We present a theoretical model of corruption in organizations. Our specific focus is the role of incentives that aim to encourage whistleblowing behaviour. Corruption is modelled as a social norm of behaviour using evolutionary game theory. In particular, the dynamics of whistleblowing behaviour is captured using the replicator dynamics equation with constant and quadratic monitoring costs. We formally explore the local asymptotic stability of the equilibria. Our findings indicate that the traditional recommendations of the Beckerian approach are usually too expensive and/or unstable. We argue that an efficient mechanism for controlling corruption can be achieved by maintaining efficient salaries and imposing high rewards for whistleblowers when they detect wrongdoing. In the long term, employees can only be honest, or corrupt, or corrupt and whistleblowers; honest and whistleblowing behaviour will not coexist in the long run, since one of these two strategies is always dominated by the other.
Address
Corporate Author Thesis
Publisher Place of Publication Editor
Language Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 1471-678X ISBN Medium
Area Expedition Conference
Notes WOS:000743926500006 Approved
Call Number UAI @ alexi.delcanto @ Serial 1528
Permanent link to this record
 

 
Author (up) Ruz, G.A.; Varas, S.; Villena, M.
Title Policy making for broadband adoption and usage in Chile through machine learning Type
Year 2013 Publication Expert Systems With Applications Abbreviated Journal Expert Syst. Appl.
Volume 40 Issue 17 Pages 6728-6734
Keywords Broadband penetration; Policy making; Clustering analysis; Bayesian networks
Abstract For developing countries, such as Chile, we study the influential factors for adoption and usage of broadband services. In particular, subsidies on the broadband price are analyzed to see if this initiative has a significant effect in the broadband penetration. To carry out this study, machine learning techniques are used to identify different household profiles using the data obtained from a survey on access, use, and users of broadband Internet from Chile. Different policies are proposed for each group found, which were then evaluated empirically through Bayesian networks. Results show that an unconditional subsidy for the Internet price does not seem to be very appropriate for everyone since it is only significant for some households groups. The evaluation using Bayesian networks showed that other polices should be considered as well such as the incorporation of computers, Internet applications development, and digital literacy training. (C) 2013 Elsevier Ltd. All rights reserved.
Address [Ruz, Gonzalo A.; Varas, Samuel; Villena, Marcelo] Univ Adolfo Ibanez, Fac Ingn & Ciencias, Santiago, Chile, Email: gonzalo.ruz@uai.cl
Corporate Author Thesis
Publisher Pergamon-Elsevier Science Ltd Place of Publication Editor
Language English Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 0957-4174 ISBN Medium
Area Expedition Conference
Notes WOS:000326214700006 Approved
Call Number UAI @ eduardo.moreno @ Serial 326
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Author (up) Sanchez, R.; Villena, M.
Title Comparative evaluation of wearable devices for measuring elevation gain in mountain physical activities Type
Year 2020 Publication Proceedings of The Institution of Mechanical Engineers Part P-Journal of Sports Engineering and Technology Abbreviated Journal Proc. Inst. Mech. Eng. Part P-J. Sport. Eng. Technol.
Volume 234 Issue 4 Pages 312-319
Keywords Mountain running; physical workload; altitude; measuring; validity; GPS; barometric device
Abstract The aim of this article is to examine the validity of elevation gain measures in mountain activities, such as hiking and mountain running, using different wearable devices and post-processing procedures. In particular, a total of 202 efforts were recorded and evaluated using three standard devices: GPS watch, GPS watch with barometric altimeter, and smartphone. A benchmark was based on orthorectified aerial photogrammetric survey conducted by the Chilean Air Force. All devices presented considerable elevation gain measuring errors, where the barometric device consistently overestimated elevation gain, while the GPS devices consistently underestimated elevation gain. The incorporation of secondary information in the post-processing can substantially improve the elevation gain measuring accuracy independently of the device and altitude measuring technology, reducing the error from -5% to -1%. These results could help coaches and athletes correct elevation gain estimations using the proposed technique, which would serve as better estimates of physical workload in mountain physical activities.
Address [Sanchez, Raimundo; Villena, Marcelo] Adolfo Ibanez Univ, Fac Engn & Sci, Diagonal Las Torres 2640, Santiago 7910000, Chile, Email: raimundo.sanchez@uai.cl
Corporate Author Thesis
Publisher Sage Publications Ltd Place of Publication Editor
Language English Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 1754-3371 ISBN Medium
Area Expedition Conference
Notes WOS:000534320000001 Approved
Call Number UAI @ eduardo.moreno @ Serial 1201
Permanent link to this record
 

 
Author (up) Villena, M.; Greve, F.
Title On resource depletion and productivity: The case of the Chilean copper industry Type
Year 2018 Publication Resources Policy Abbreviated Journal Resour. Policy
Volume 59 Issue Pages 553-562
Keywords Resource depletion; Technological change; Mining; Copper; Chile
Abstract How resource depletion affects productivity is a crucial question for several industries. In fact, several natural resource-exporting countries have seen their productivity levels affected by resource depletion. Nevertheless, usually, it is not clear what the real productivity growth is, without discarding the effects of resource depletion in the production structure. The main aim of the paper is to empirically answer a relevant issue regarding the Chilean copper mining industry, which is, the slowdown of its productivity in the last decade, considering in the analysis the role of resource depletion. In particular, we consider resource depletion to be an exogenous and unpaid force that opposes technological change and hence increases costs through time, capturing in this way some stylized facts of, for example, the mining and fishing industries. The decomposition framework was applied to the Chilean copper mining industry, one of the most important in the world, using data from the period of 1985-2015. The econometric results were robust and pointed to the fact that the productivity fell sharply during the period; however, it did not fall as much as the traditional estimation methods pointed out. Our model showed that as much as 15% of this decline was due to the increase of the resource depletion variable (copper ore grade).
Address [Villena, Marcelo] Univ Adolfo Ibanez, Diagonal Las Torres 2640, Santiago, Chile, Email: marcelo.villena@uai.cl;
Corporate Author Thesis
Publisher Elsevier Sci Ltd Place of Publication Editor
Language English Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 0301-4207 ISBN Medium
Area Expedition Conference
Notes WOS:000454974900054 Approved
Call Number UAI @ eduardo.moreno @ Serial 970
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Author (up) Villena, M.G.; Zecchetto, F.
Title Subject-specific performance information can worsen the tragedy of the commons: Experimental evidence Type
Year 2011 Publication Journal Of Economic Psychology Abbreviated Journal J. Econ. Psychol.
Volume 32 Issue 3 Pages 330-347
Keywords Common property resources; Information; Learning and imitation; Experimental economics
Abstract The main aim of this article is to investigate the behavioral consequences of the provision of subject-specific information in the group effort levels chosen by players in an experimental CPR game. We examine two basic treatments, one with incomplete information and the other with complete information. In the former, subjects are informed only about their own individual payoffs and the aggregate extraction effort level of the group, and in the latter they are also informed about the individual effort levels and payoffs of each subject. Given this setting, the basic question we attempt to answer is: Will the provision of subject-specific performance information (i.e. individual's effort levels and payoffs) improve or worsen the tragedy of the commons (i.e. an exploitation effort level greater than the socially optimum level)? In order to motivate our hypotheses and explain our experimental results at the individual level, we make use of the theory of learning in games, which goes beyond standard non-cooperative game theory, allowing us to explore the three basic benchmarks in the commons context: Nash equilibrium, Pareto efficient, and open access outcomes. We use several learning and imitation theoretical models that are based on contrasting assumptions about the level of rationality and the information available to subjects, namely: best response, imitate the average, mix of best response and imitate the average, imitate the best and follow the exemplary learning rules. Finally, in order to econometrically test the hypotheses formulated from the theoretical predictions we use a random-effects model to assess the explanatory power of the different selected behavioral learning and imitation rules. (C) 2010 Elsevier B.V. All rights reserved.
Address [Villena, Mauricio G.; Zecchetto, Franco] Adolfo Ibanez Univ, Sch Business, Santiago, Chile, Email: mauricio.villena@uai.cl
Corporate Author Thesis
Publisher Elsevier Science Bv Place of Publication Editor
Language English Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 0167-4870 ISBN Medium
Area Expedition Conference
Notes WOS:000291770100004 Approved
Call Number UAI @ eduardo.moreno @ Serial 149
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Author (up) Villena, M.J.; Araneda, A.A.
Title Dynamics and stability in retail competition Type
Year 2017 Publication Mathematics And Computers In Simulation Abbreviated Journal Math. Comput. Simul.
Volume 134 Issue Pages 37-53
Keywords Multi-market oligopoly; Cournot-Nash competition; Economies of scale; Stability; Chaos
Abstract Retail competition today can be described by three main features: (i) oligopolistic competition, (ii) multi-store settings, and (iii) the presence of large economies of scale. In these markets, firms usually apply a centralized decisions making process in order to take full advantage of economies of scales, e.g. retail distribution centers. In this paper, we model and analyze the stability and chaos of retail competition considering all these issues. In particular, a dynamic multi-market Cournot Nash equilibrium with global economies and diseconomies of scale model is developed. We confirm the non-intuitive hypothesis that retail multi-store competition is more unstable than traditional small business that cover the same demand. The main sources of stability are the scale parameter, the number of markets, and the number of firms. (C) 2016 International Association for Mathematics and Computers in Simulation (IMACS). Published by Elsevier B.V. All rights reserved.
Address [Villena, Marcelo J.; Araneda, Axel A.] Univ Adolfo Ibanez, Fac Sci & Engn, Avda Diagonal Torres 2640, Santiago 7941169, Chile, Email: marcelo.villena@uai.cl;
Corporate Author Thesis
Publisher Elsevier Science Bv Place of Publication Editor
Language English Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 0378-4754 ISBN Medium
Area Expedition Conference
Notes WOS:000392792900004 Approved
Call Number UAI @ eduardo.moreno @ Serial 695
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