The traditional evaluation of transport projects principally considers the benefits produced by the reduction in journey time of the travellers, but a specific reduction is not the same for a one-hour trip as for one of 20 minutes, or for a work-related journey as for a shopping-related journey. The purpose of this investigation is to construct a Pattern of Social Behaviour in the use of the city (in space and time), and specifically the travel time patterns, to use them to prioritise different transport corridors, in the Metropolitan Area of Barcelona, under a social equity approach, in journey time. The study applies a trip chain analysis (similar to activity-based models) over the travel survey of the metropolitan area of Barcelona (2001). The results are analysed in a probabilistic dimension of Hagerstrand's time-geography approach. The result is a new indicator of access, called functional probability, which derives from how people move in the city. This "willingness to spend time on travel" was used to identify outliers travel time, as a social equity factor, in the use of the city. The threshold of 10% of the greater travel time was used to identify inequitable travel (with different purposes and social class of travellers). Finally, the assignment of these inequity trips shows transport corridors with different spatial specialisation. The main conclusion of the research is that taking a social view of travellers, with regard to their different purposes and social class, in the form of how they use the city in terms of space and time, is a more realistic criterion to prioritise different transport corridors, by carrying out the analysis of who makes use of them, for what reason, and for how long.
The objective of this research is to study the statistical properties of the time series of the CLP / USD nominal exchange rate, for the period of recent free float, specifically to model the returns and volatility, to finally evaluate the short-term predictive efficiency out of the sample and the ability of the models to generate abnormal returns through simulation of buying and selling strategies. ARIMA and GARCH models are applied to the daily data series of the interbank exchange rate, January 1999-December 2001; The predictive efficiency outside of sample uses the year 2002. The results are rather even in the short term, so the predictive power of a martingale is almost as good as the estimated models. This would lead us to think that the exchange market in Chile is efficient at least in its weak form. The final simulations indicate that when applying rolling, all the models improve profitability compared to the recursive technique and regarding the profitability of the static strategy, but it is not conclusive.
This paper critically reviews the different models of equilibrium in asset markets. The survey includes the Sharpe-Lintner-Black model, and Roll´s critique, Merton´s intertemporal multibeta version in continuos time, the aggregate consumption model developed by Breeden, Ross´arbitrage pricing theory, and Grinblatt and Titman´s equilibrium arbitrage pricing theory in finite economies. Although the emphasis is on the theoretical work, the main empirical results are also outlined.
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