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Sistemática para desenvolvimento de políticas de substituição de frotas de ônibus para transporte público urbano : uma abordagem multicritério

Feldens, Aray Gustavo Furtado
Fonte: Universidade Federal do Rio Grande do Sul Publicador: Universidade Federal do Rio Grande do Sul
Tipo: Dissertação Formato: application/pdf
POR
Relevância na Pesquisa
26.17%
O sistema de transporte público por ônibus no Brasil tem sido afetado por influências variadas que exigem do setor uma maior eficiência e redução de custos. A queda da demanda de passageiros nos centros urbanos e o aumento do preço dos insumos das empresas de transporte acima da inflação oneram significativamente o sistema de transporte. Considerando que o ativo operacional mais importante da empresa é o ônibus, uma política de substituição destes equipamentos viabiliza uma gestão mais eficiente e econômica da empresa. O objetivo desta Dissertação é o de desenvolver uma sistemática para Política de Substituição de Frotas de Ônibus para Transporte Coletivo Urbano, integrando aspectos econômico-financeiros, quantitativos e qualitativos com o uso da Engenharia Econômica e da Análise Multicritério. A metodologia do estudo foi baseada na pesquisa-ação, no sentido de desenvolver a sistemática com a participação dos colaboradores da empresa estudada e de validar a mesma com a sua aplicação. A sistemática foi implementada em uma empresa pública de transporte coletivo urbano por ônibus, a Companhia Carris Porto-Alegrense. A Vida Econômica da frota foi calculada assim como os benefícios intangíveis através de um método híbrido multicritério...

Redução de cloreto de sódio e substituição de nitrito de sódio em produto cárneo embutido cozido : características físico-químicas, microbiológicas e sensoriais; Reduction of sodium chloride and replacement of sodium nitrite in stuffed cooke meat product : physical-chemical, microbiological and sensory characterisitics

Renata do Nascimento
Fonte: Biblioteca Digital da Unicamp Publicador: Biblioteca Digital da Unicamp
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 02/08/2010 PT
Relevância na Pesquisa
26.23%
No desenvolvimento de produtos cárneos com apelos saudáveis, a redução de sódio e a substituição de nitrito de sódio são relevantes estratégias a serem implementadas pela indústria de processamento. Embora, já seja possível encontrar em alguns mercados produtos cárneos com redução de sódio, a produção desses itens com aceitação sensorial e desempenho tecnológico ainda é um grande desafio. Este trabalho tem o objetivo de avaliar a influência da redução de cloreto de sódio e a substituição do nitrito de sódio por extrato vegetal em embutidos cozidos de peru. Cloreto de potássio foi utilizado para substituir total ou parcialmente cloreto de sódio combinado com um mascarador comercial de sabor amargo nas formulações estudadas. Na pesquisa de substituição de nitrito de sódio em embutido cozido de peito de peru, extrato vegetal de aipo foi aplicado como fonte de nitrato e cultura starter como fonte redutora. Os níveis de substituição de cloreto de sódio por cloreto de potássio avaliados foram: 25%, 50% e 75%. Na primeira etapa do trabalho avaliou-se a redução de cloreto de sódio com foco nos atributos sensoriais. De acordo com testes afetivos de Diferença do Controle e de Aceitação, foi possível concluir que a redução de 25% de NaCl é possível de ser realizada sem afetar a aceitação do produto. Na segunda etapa...

Construção de um modelo de gestão patrimonial de infra-estruturas de abastecimento público de água; Asset management : a model for public water distribution system

Barata, Pedro Miguel do Carmo
Fonte: Universidade do Minho Publicador: Universidade do Minho
Tipo: Dissertação de Mestrado
Publicado em 17/12/2008 POR
Relevância na Pesquisa
26.63%
Dissertação de Mestrado em Engenharia Civil (área de especialização em Engenharia Municipal); A Gestão Patrimonial de Infra-estruturas (GPI) é uma temática emergente de capital importância no âmbito da gestão optimizada das redes de abastecimento de água. Recentemente foram desenvolvidas novas metodologias e abordagens, para apoio à decisão, em particular no âmbito do planeamento das intervenções de reabilitação. Em Portugal os sistemas de distribuição de água para abastecimento público são maioritariamente da responsabilidade dos municípios. Os modelos institucionais adoptados na “baixa” são essencialmente três: o município (como entidade ou através de serviços internos), empresas municipais ou concessões privadas. Esta organização conduz a entidades gestoras predominantemente de pequena ou média dimensão, com recursos inevitavelmente mais limitados do que as grandes companhias. Também a maioria dos sistemas é de pequena dimensão. Actualmente, 18% da população portuguesa é fornecida por sistemas de abastecimento de água muito pequenos (população ≤ 5000 habitantes), que representam 92% do número total de sistemas de abastecimento de água. Estes pequenos sistemas tendem a não possuir dados históricos em quantidade e qualidade suficientes para a implementação de programas avançados de gestão patrimonial de infra-estruturas. No entanto...

Desenho estocástico de planos de contribuição definida

Ferreira, João Carlos Marques
Fonte: Instituto Superior de Economia e Gestão Publicador: Instituto Superior de Economia e Gestão
Tipo: Dissertação de Mestrado
Publicado em /04/2004 POR
Relevância na Pesquisa
26.59%
Mestrado em Ciências Actuariais; O objectivo da presente dissertação consiste em obter formas de compreender e medir o risco associado ao benefício final concedido por planos de contribuição definida, de modo a poder tomar, atempadamente, as decisões correctas no sentido de garantir aos beneficiários do plano um benefício condigno no período pós-reforma. Na sua essência, esta dissertação estabelece uma metodologia prática e relativamente simples de análise do risco inerente ao desenho de um plano de contribuição definida. Para planos de contribuição definida, o risco é definido pela probabilidade de o benefício concedido pelo plano - medido através da taxa de substituição - ser inferior ao pretendido (aquando do desenho do plano). Neste sentido, utiliza-se uma abordagem de Value-at-Risk (VaR), como métrica do risco, que permite estabelecer quais os valores da taxa de substituição que podem ser garantidos para um dado nível de confiança. O modelo global de desenho estocástico de planos de contribuição definida é composto por alguns submodelos (salários, retorno dos investimentos, mortalidade) e por diversos parâmetros (taxa de contribuição, período de contribuição, estratégia de alocação de activos). Em relação ao submodelo de retorno dos investimentos (núcleo do modelo global)...

Strengthening Caribbean Pensions : Improving Equity and Sustainability

World Bank
Fonte: World Bank Publicador: World Bank
Relevância na Pesquisa
26.41%
This report aims to provide additional insights to existing analyses of public pension and social security schemes in the Caribbean. Such analyses have been undertaken with the support of the Inter-American Development Bank, the Caribbean Development Bank, the Canadian International Development Agency, the Economic Commission for Latin America, and the Caribbean and the International Social Security Association. By making cross-country comparisons within the region and across the world, this report will review fiscal vulnerability, sustainability, labor market efficiency, migration, financial market development, and other pension-related areas. Finally, governance and investment management should be strengthened by: (i) strengthening the governance structure, including authority and accountability of Board members; (ii) improving governance mechanisms with the assistance of external oversight and improved information disclosure; (iii) introducing codes of conduct for the governing body and management; and (iv) introducing a number of measures to strengthen the investment policies...

Challenges of the Mandatory Funded Pension System in the Russian Federation

Rudolph, Heinz P.; Holtzer, Peter
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
26.62%
The overwhelming number of contributors that have been allocated into the default option is one of the main characteristics of the Russian second pillar. This finding confirms that the level of financial literacy for most of the participants is not sufficient to make informed portfolio selections. The authors argue that the current system is perfectly consistent with a solid second pillar, but the authorities should focus their attention in the strategic asset allocation of pension funds. Since in the short and medium term it is unlikely to see improvements in financial literacy of individuals that may overcome the complexity of these decisions, the authorities can play an important role in designing default investment portfolios that can be aligned with expected replacement rates for the contributors. The current investment regulation of the default option induces investment in inefficient portfolios that are unlikely to bring returns above inflation, and probably will result in very low replacement rates for contributors. Further liberalization of the investments of the pension portfolio; improvements in the governance and supervision of the pension system; and greater certainty about the ownership of the funds are necessary steps to complete the pension reform launched in 2002.

An Assessment Of Reform Options For The Public Service Pension Fund In Uganda

Bogomolova, Tatiana; Impavido, Gregorio; Pallares-Miralles, Montserrat
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
26.13%
This paper analyzes the future liabilities that the Ugandan Public Service Pensions Fund might accumulate under the provisions of the Pensions Act (CAP 286) unless it is reformed. It then discusses alternative reform options that can be used in designing an educated homegrown reform of the fund. The paper supports a hybrid (two-pillar) reform option composed of a small defined benefit scheme and a complementary defined contribution scheme, instead of a pure defined contribution (monopillar) reform option discussed by policymakers in the country. The main reason for this is related to the fact that hybrid and pure defined contribution reforms will have the same impact on reducing pension expenditure (for the same grandfathering rules and surplus in the first pillar). In addition, everything else being equal, the hybrid reform is likely to produce higher average replacement rates due to the redistributive and pooling properties of the small defined benefit pillar.

Policies to Promote Saving for Retirement : A Synthetic Overview

Vittas, Dimitri
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
EN_US
Relevância na Pesquisa
26.25%
The author argues that public and private pillars are essential for a well-functioning pension system. Public pillars, funded or unfounded, offer basic benefits that are independent of the performance of financial markets. Since financial markets suffer from prolonged, persistent, and large deviations from long-term trends, they cannot be relied on as the sole provider of pension benefits. Funded pillars provide benefits that are based on long-term capital accumulation and financial market performance. But they need to be privately managed to minimize dependence on public sector institutions and avoid government dominance of the economy and financial markets. The author focuses mainly on the promotion, structure, and regulation of funded pillars. He discusses the case for using compulsion and tax incentives, for exempting some categories of workers such as the very young (under 25), the very old (over the normal retirement age), the very poor (those earning less than 40 percent of the average wage), and the self-employed...

Pensions in Crisis : Europe and Central Asia Regional Policy Note

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
26.25%
The financial crisis has significantly impacted pension systems in the Europe and Central Asia region (ECA) tempting governments to make policy changes in response to the increased pension deficits they are facing. The crisis exacerbates the existing financial imbalance in the public pension systems by reducing contribution revenues sharply while leaving expenditures constant or even higher. The crisis also resulted in a sharp drop in financial asset values which affects pensions provided by funded pillars. Consequently, no pension system, however structured, has been immune to the crisis. Despite the severity of the financial crisis, it pales in comparison to the demographic crisis which the region will face. Therefore, countries are urged not to make long-term policy changes to address short-run fiscal concerns. Any short-run responses should be consistent with strategies to address the long-run challenges to the pension system. The long-run focus should include: (i) protecting the purchasing power of pensioners and fiscal sustainability of the system...

The Swiss Multi-Pillar Pension System: Triumph of Common Sense?

Queisser, Monika; Vittas, Dimitri
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
26.34%
The authors provide a detailed study of the Swiss pension system, analyzing its strengths and weaknesses. The unfunded public pillar is highly redistributive. It has near universal coverage, a low dispersion of benefits (the maximum public pension is twice the minimum), and no ceiling on contributions. Low-income pensioners receive means-tested supplementary benefits. Payroll taxes are low, but government transfers cover 27 percent of total benefits. Total benefits amount to 9.1 percent of GDP, equivalent to 15.2 percent of covered earnings. The funded private pillar was made compulsory in a defensive move against the relentless expansion of the public pillar. The compulsory pillar stipulates minimum benefits in the form of age-related credits, a minimum interest rate on accumulated credits, and a minimum annuity conversion factor, aimed to smooth changes in interest rates over time. Low-income workers are not required to participate in the second pillar. The first and second pillars as well as supplementary benefits are admirably integrated. Company pension plans are free to set terms and conditions in excess of these minimums, and most offer benefits exceeding obligatory levels. The second pillar has accumulated large financial resources...

Average drawdown risk and capital asset pricing

Baghdadabad, M.; Glabadanidis, P.
Fonte: World Scientific Publishing Co. Pte. Ltd. Publicador: World Scientific Publishing Co. Pte. Ltd.
Tipo: Artigo de Revista Científica
Publicado em //2013 EN
Relevância na Pesquisa
26.09%
Practitioners and academics have spent the past few decades debating the validity and relevance of the capital asset pricing model (CAPM). One of the attributes of the model is an estimate of risk by beta, which in equilibrium describe the behavior of mean-variance (MV) investors. In the MV framework, risk is measured by the variance of returns which is a questionable and restrictive risk measure. In contrast, the average drawdown risk is a more acceptable risk measure and can be applied to modeling an alternative behavioral hypothesis, namely mean-drawdown behavior with a replacement risk measure for diversified investors, the average drawdown beta leading to an alternative pricing model based on this beta. Our findings clearly support the average drawdown beta and the pricing model of average drawdown CAPM versus the conventional beta and CAPM in a sample of Malaysian mutual funds.; Mohammad Reza Tavakoli Baghdadabad and Paskalis Glabadanidis

Mauritius : Modernizing an Advanced Pension System

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Social Protection Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
26.17%
The report examines the pension system in Mauritius, a country which over the past two decades, has made enormous progress in economic development, and poverty reduction, and which today, is facing a much earlier demographic transition in its development cycle, than other upper income, and high income countries have experienced. The questions being addressed are whether the current pensions arrangements will be financially sustainable, given the projected ageing of the population, and whether they will be equitable and efficient, at a time when the system will be relied on by a growing number of people. Mauritius has a three-tiered pension system that helps the poor, and provides moderate (although declining, in the case of the private sector) replacement income for working people, and no regulatory protection for voluntary retirement schemes. The un-funded nature of the universal scheme, together with the income maintenance scheme of the civil service, are endangering the country's economic stability. At the same time...

Annuities in Switzerland

Bütler, Monika; Ruesch, Martin
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
26.31%
Switzerland's pension system has attracted considerable attention, mainly due to its reliance on a three-pillar structure. A relatively small pay-as-you-go system (first pillar) is complemented by a mandatory, employer-based, fully funded occupational pension scheme (second pillar). The main goal of this paper is to provide a detailed description and analysis of the Swiss pension system. Particular emphasis is placed on the second pillar and its role in the provision of old age benefits within the Swiss social security system. The paper shows, for example, that a typical individual with an uninterrupted career can expect a net (after-tax) replacement rate of at least 70 percent. Occupational pension plans are highly regulated. Minimum interest rate requirements and minimum conversion rates (at which the accumulated retirement balances are transformed into annuity streams) introduce many elements of defined benefit plans into notionally defined contribution schemes. The resulting money's worth ratios are very high (with the exception of single males). Switzerland also has a high annuitization rate by international standards (approximately 80 percent). However...

China's Pension System : A Vision

Dorfman, Mark C.; Holzmann, Robert; O'Keefe, Philip; Wang, Dewen; Sin, Yvonne; Hinz, Richard
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
26.31%
China is at a critical juncture in its economic transition. A comprehensive reform of its pension and social security systems is an essential element of a strategy aimed toward achieving a harmonious society and sustainable development. Among policy makers, a widely held view is that the approach to pension provision and reform efforts piloted over the last 10-15 years is insufficient to enable China's economy and population to realize its development objectives in the years ahead. This volume suggests a national pension system that no longer distinguishes along urban and rural locational or hukou lines yet takes account of the diverse nature of employment relations and capacity of individuals to make contributions. This volume is organized as follows: the main text outlines this vision, focusing on summarizing the key features of a proposed long-term pension system. It first examines key trends motivating the need for reform then outlines the proposed three-pillar design and the rationale behind the design choices. It then moves on to examine financing options. The text continues by discussing institutional reform issues...

External Sustainability : A Stock Equilibrium Perspective

Calderon, Cesar; Loayza, Norman; Serven, Luis
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
26.25%
The authors consider external sustainability from the perspective of equilibrium in net foreign asset positions. Under their approach, an external situation is sustainable if it is consistent with international and domestic investors' achieving their desired portfolio allocation across countries. They develop a reduced-form model of net foreign asset positions whose long-run equilibrium condition expresses the ratio of net foreign assets to the total wealth of domestic residents as a negative function of investment returns in the country relative to the rest of the world, a positive function of investment risk, and an inverse function of the ratio of foreign-owned to domestically owned wealth. To estimate this equilibrium condition, the authors use a newly constructed data set of foreign asset and liability stocks for a large group of industrial and developing countries, from the 1960s to the present. They also develop summary measures of country returns and risks. Their econometric methodology is an application of the Pooled Mean Group estimator recently developed by Pesaran...

Personal Pension Plans and Stock Market Volatility

Alier, Max; Vittas, Dimitri
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper
EN_US
Relevância na Pesquisa
26.26%
One of the strongest objections to personal pension plans is that they transfer investment risk to individual workers, who are then exposed to the vagaries of equity and bond markets. Using historical United States data, the authors investigate the impact of the volatility of investment returns on replacement rates in the context of personal pension plans. They find large fluctuations in replacement rates across different cohorts of workers, if undiversified portfolios are used. They then explore a number of simple financial strategies for coping with this problem, including: a) portfolio diversification; b) a late, gradual shift to bonds; c) a gradual purchase of nominal or real annuities; d) a purchase of variable annuities. The first three strategies lower the volatility of replacement rates, but at significant cost in terms of lower replacement rates. The purchase of variable annuities reduces the dispersion of replacement rates across generations without lowering their level - because of the persistence of the equity premium and the fact that the volatility of equity returns is lower, the longer the holding period. Sophisticated financial engineering promises more efficient solutions to this problem, but it may not be feasible to apply it in developing countries (or in developing financial markets). Neither authors' approach nor the more sophisticated financial engineering solutions would be able to deal effectively with persistent deviations of investment returns from long trends. But the authors' findings suggest that overconcern about the impact on replacement rates of short-term volatility in stock markets may not be warranted.

El Salvador - Financial sector assessment

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP)
ENGLISH
Relevância na Pesquisa
26.29%
Despite the global and domestic shocks of 2008-2009, the banking sector remains sound. Salvadoran banks were not directly exposed to the global financial crisis. However, the parent banks of several major Salvadoran banks were and directed subsidiaries to conserve risk capital. The higher risk aversion and recession in the United States, combined with uncertainty about the 2009 elections, led to a sharp economic downturn, and a decline in both credit demand and supply. Banks' nonperforming loans increased and profitability declined. Even so, capitalization remained high. Stress tests indicate that most banks would be able to withstand large deposit withdraws and severe deterioration in credit quality arising from large macroeconomic or sectoral shocks. However, credit concentration risks appear significant. Regulated non-bank financial institutions do not pose significant risks, but pension funds' poor profitability is a concern for the long-term. Regulated cooperative banks and insurance companies report healthy financial indicators. Brokerage houses have reduced drastically their fund management activities...

Physical assets replacement: an analytical approach

Cesca, Igor Gimenes; Novaes, Douglas Duarte
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 13/10/2012
Relevância na Pesquisa
26.24%
The economic life of an asset is the optimum length of its usefulness, which is the moment that the asset's expenses are minimum. In this paper, the economic life of physical assets, such as industry machine and equipment, can be interpreted as the moment that the minimum is reached by its equivalent property cost function, defined as the sum of all equivalent capital and maintenance costs during its life. Many authors in classical papers have used principles of engineering economic to solve the assets replacement problem. However, in the literature, the main attributes found were proved with intuitive ideas instead mathematical analysis. Therefore, in this paper the main goal is to study these principles of engineering economic with mathematical techniques. Here, is used non-smooth analysis to classify all the possibilities for the minimum of a class of equivalent property cost functions of assets. The minimum of these function gives the optimum moment for the asset to be replaced, i.e., its economic life.

Basic Principles of Asset Pricing Theory: Evidence from Large-scale Experimental Financial Markets

Bossaerts, Peter; Plott, Charles
Fonte: Oxford University Press Publicador: Oxford University Press
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em //2004
Relevância na Pesquisa
26.29%
We report on two sets of large-scale financial markets experiments that were designed to test the central proposition of modern asset pricing theory, namely, that risk premia are solely determined by covariance with aggregate risk. We analyze the pricing within the framework suggested by two theoretical models, namely, the (general) Arrow and Debreu's complete-markets model, and the (more specific) Sharpe-Lintner-Mossin Capital Asset Pricing Model (CAPM). Completeness of the asset payoff structure justifies the former; the small (albeit non-negligible) risks justifies the latter. We observe swift convergence towards price patterns predicted in the Arrow and Debreu and CAPM models. This observation is significant, because subjects always lack the information to deliberately set asset prices using either model. In the first set of experiments, however, equilibration is not always robust, with markets temporarily veering away. We conjecture that this reflects our failure to control subject' beliefs about the temporal independence of the payouts. Confirming this conjecture, the anomaly disappears in a second set of experiments, where states were drawn without replacement. We formally test whether CAPM and Arrow–Debreu equilibrium can be used to predict price movements in our experiments and confirm the hypothesis. When multiplying the subject payout tenfold (in real terms)...

Determining the cost of predictive component replacement in order to assist with maintenance decision-making

Grobbelaar,S.; Visser,J.K.
Fonte: South African Journal of Industrial Engineering Publicador: South African Journal of Industrial Engineering
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/05/2015 EN
Relevância na Pesquisa
36.31%
Asset and maintenance managers are often confronted with difficult decisions related to asset replacement or repair. Various analytical models, such as decision analysis and simulation, can assist a manager in making better decisions. This paper proposes that by combining renewal theory with decision analysis methods, the expected value (EV) of information for non-repairable components can be calculated. Subsequently, it is proposed that this method can be used to determine the expected replacement cost per unit time of predictive maintenance. It is argued that this predicted cost will give the maintenance decision-maker the ability to compare it to the cost of alternative maintenance strategies when choosing between strategies. Although this paper is limited to non-repairable components, the theory and methodology can also be applied to repairable systems.