Percorrer por autor "Gomes, Orlando"
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- Agency Relations in the Brain: Towards an Optimal Control TheoryPublication . Gomes, OrlandoRecent literature on individual decision-making emphasizes the idea that the brain functions as an organization, with the allocation of resources to the development of different cognitive tasks occurring via an agency relation across distinct brain systems. In this note, the mentioned view on the deliberative process of the human mind is extended to a dynamic optimization setting. Meaningful results, concerning the long-term allocation of cognitive resources, are derived.
- Ambiente internacional de negócios: Evidência empírica e apontamentos teóricosPublication . Gomes, OrlandoNas páginas que se seguem faz-se uma breve viagem por aquilo que é o ambiente no qual os negócios internacionais se desenrolam. Este percurso segue dois caminhos. Por um lado, é apresentado um vasto conjunto de informação visual (gráficos e quadros) produzida a partir de dados estatísticos disponíveis na página da internet do Banco Mundial (a informação foi coligida no final do ano de 2011, sendo recolhidos alguns dos dados mais recentes então disponíveis). Estas figuras oferecem múltiplas perspectivas sobre a realidade do comércio internacional, finanças transnacionais e crescimento económico. Por outro lado, são fornecidos alguns apontamentos teóricos, os quais permitem enquadrar os assuntos em causa no pensamento económico dominante. Na prática, muitas das questões abordadas correspondem a preocupações centrais que os economistas têm debatido ao longo das últimas décadas. Não é por acaso que estes pequenos apontamentos teóricos acabam por fazer referência a mais de uma dezena de cientistas laureados com o prémio Nobel da Economia. Em cada página, uma figura é acompanhada por um pequeno texto, no canto superior direito, que dá conta da principal evidência nela contida. A parte inferior é reservada para aspectos da teoria económica e para o interpretar de algumas noções. Pretende-se assim conjugar aquilo que a realidade revela sobre o funcionamento da economia mundial com o modo como a devemos pensar. Este documento pretende, assim, ser um pequeno guia para quem procura melhor perceber a realidade económica que nos envolve.
- Análise dinâmica das finanças públicasPublication . Gomes, OrlandoNeste capítulo recorre-se ao modelo intertemporal de agente representativo para explicar aspetos importantes das finanças públicas e do impacto destas sobre as decisões dos agentes económicos privados. Apresenta-se a restrição orçamental dinâmica do Estado, debate-se o conceito de equivalência Ricardiana, discute-se a implementação de diferentes sistemas fiscais, desenvolvem-se algumas ideias sobre o financiamento da segurança social e sobre a eficácia das políticas de apoio social. Por fim, é descrita com algum pormenor uma estrutura teórica na qual estão presentes alguns dos elementos fundamentais do modelo macroeconómico contemporâneo de referência (o modelo novo-Keynesiano), como a rigidez de preços ou a condução da política monetária via regras de Taylor.
- A Budget Setting ProblemPublication . Gomes, OrlandoConsider a typical agency relation involving a capital owner and a manager. The principal (i.e., the capital owner) has a potential budget to assign to investment projects. The effective amount of investment will be a share of the potential level, given the specific form of interaction that will be established between the principal and the agent (i.e., the manager). The budget setting problem originating from this relation is evaluated from the point of view of the manager, who wants to maximize the received budget, in an intertemporal basis. The optimal control problem is subject to a constraint, which indicates how the assigned budget evolves over time. In this constraint, a matching function takes a central role; the arguments of the function are the agent’s effort to absorb new funds and the financial resources the principal has available but has not yet channeled to the manager.
- Diffusion Dynamics in Economics: an Application to the Effects of Fiscal PolicyPublication . Gomes, OrlandoThis study addresses diffusion dynamics in an economic environment in which fiscal policy changes take place. The discussion, based upon a conventional intertemporal optimization setup, involves the consideration of a peculiar form of bounded rationality: it is assumed that only a small share of house- holds is able to instantly recompute the optimal solution once the value of a tax rate is disturbed; all the other agents will then, gradually, follow the behavior of thefirst group (this can occur through contagion, social influence or social learning). As a result, the convergence towards the post-perturbation steady-state tends to follow a diffusion process and, consequently, policy measures may take time in affecting pervasively labor-leisure and consumption-savings choices.
- Emerging Standards and the Hybrid Model for Organizing Scientific Events During and After The COVID-19 PandemicPublication . Gomes, Orlando; Hanaei, Sara; Takian, Amirhossein; Majdzadeh, Reza; Maboloc, Christopher Ryan; Grossmann, Igor; Milosevic, Milos; Gupta, Manoj; Shamshirsaz, Alireza A.; Harbi, Amine; Burhan, Amer M.; Uddin, Lucina Q.; Kulasinghe, Arutha; Lam, Chi-Ming; Ramakrishna, Seeram; Alavi, Abass; Nouwen, Jan L; Dorigo, Tommaso; Schreiber, Michael; Abraham, Ajith; Shelkovaya, Natalya; Krysztofiak, Wojtek; Warkiani, Majid Ebrahimi; Sellke, Frank; Ogino, Shuji; Barba, Francisco J.; Brand, Serge; Vasconcelos, Clara; Salunke, Deepak B.; Rezaei, NimaSince the beginning of 2020, the COVID-19 pandemic has dramatically influenced almost every aspect of human life. Activities requiring human gatherings have either been postponed, cancelled, or held completely virtually. To supplement lack of in-person contact, people have increasingly turned to virtual settings on-line, advantages of which include increased inclusivity and accessibility and reduction of carbon footprint. However, emerging online technologies cannot fully replace, in-person scientific events. In-person meetings are not susceptible to poor internet connectivity problems, and they provide novel opportunities for socialization, creating new collaborations, and sharing ideas. To continue such activities, a hybrid model for scientific events could be a solution offering both in-person and virtual components. While participants can freely choose the mode of their participation, virtual meetings would most benefit those who cannot attend in-person due to the limitations. In-person portions of meetings should be organized with full consideration of prevention and safety strategies including risk assessment and mitigation, venue and environmental sanitation, participant protection and disease prevention, and promoting the hybrid model. This new way of interaction between scholars can be considered as a part of a resilience system which was neglected previously and should become a part of routine practice in scientific community.
- Exponential Discounting BiasPublication . Gomes, Orlando; Ferreira-Lopes, Alexandra; Sequeira, TiagoWe address intertemporal utility maximization under a general discount function that nests the exponential discounting and the quasi-hyperbolic discounting cases as particular specifications. Under the suggested framework, the representative agent adopts, at some initial date, an optimal behavior that shapes her consumption trajectory over time. This agent desires to take a constant discount rate to approach the optimization problem, but bounded rationality, under the form of a present bias, deviates the individual from the intended goal. As a result, decreasing impatience will end up dominating the agent’s behavior. The individual will not be aware of her own time inconsistency and, therefore, she will not revise her plans as time elapses, what makes the problem relatively simple to address from a computational point of view.The general discounting framework is used to approach a standard optimal growth model in discrete time. Transitional dynamics and stability properties of the corresponding dynamic setup are studied. An extension of the standard utility maximization model to the case of habit persistence is also considered.
- Exuberance and Social ContagionPublication . Gomes, OrlandoEpisodes of collective exuberance that recurrently hit the economy are, in this note, associated with sentiment propagation in a network of social relations. The pivotal role played by exuberant individuals will give place to a dynamic setting where limit cycles constitute the most plausible long-term outcome. Endogenous sentiment waves, with peaks and troughs of exuberance, are in this way identified in the context of a straightforward interaction scenario.
- “Fool me once, …”: deception, morality and self-regeneration in decentralized marketsPublication . Gomes, Orlando; Frade, JoãoPurpose – This paper aims to provide an overall review and assessment of the virtues and flaws of decentralized self-regulated markets, discussing in particular the extent to which deceiving attitudes by some market participants might be potentially diluted and contradicted. Design/methodology/approach – To approach deception and morality in markets, the paper follows two paths. First, the relevant recent literature on the theme is reviewed, examined and debated, and second, one constructs a simulation model equipped with the required elements to discuss the immediate and long- term impacts of deceiving behaviour over market outcomes. Findings – The discussion and the model allow for highlighting the main drivers of the purchasing decisions of consumers and for evaluating how they react to manipulating behaviour by firms in the market. Agents pursuing short-run gains through unfair market practices are likely to be punished as fooled agents spread the word about the malpractices they were allegedly subject to. Research limitations/implications – Markets are complex entities, where large numbers of individual agents typically establish local and direct contact with one another. These agents differ in many respects and interact in unpredictable ways. Assembling a concise model capable of addressing such complexity is a difficult task. The framework proposed in this paper points in the intended direction. Originality/value – The debate in this paper contributes to a stronger perception on the mechanisms that attribute robustness and vitality to markets.
- A Growth Model with Qualities, Varieties, and Human Capital: Stability and Transitional DynamicsPublication . Gomes, OrlandoThis article analyses the stability properties of the steady-state and the transitional dynamics of an endogenous growth model with human capital, increasing-varieties R&D, and quality-ladders R&D [Strulik, 2005, Review of International Economics, 13 (1): 129-145]. We show that when spillovers within R&D sectors are higher than spillovers across the two R&D sectors, the equilibrium is unstable. However, when spillovers between sectors are higher than within, the equilibrium is a saddle-path. This result emphasizes the need for empirical research that compares quantitatively the importance of these two types of spillovers and highlights the importance of studying intersectoral effects between the two R&D sectors. We describe plausible paths of economic development after changes in crucial parameters and uncover some transitional effects that were impossible to detect in the steady-state analysis. We also show that this model’s transition dynamics can mimic the main features of the process of productivity slowdown that began in the 1970’s.
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