A Portrait of State-of-the-Art Research at the Technical by Paulo P. Freitas, Hugo A. Ferreira, Filipe Cardoso, Susana

By Paulo P. Freitas, Hugo A. Ferreira, Filipe Cardoso, Susana Cardoso, Ricardo Ferreira (auth.), Manuel Seabra Pereira (eds.)

The Technical collage of Lisbon (UTL) is celebrating this 12 months its seventy fifth anniversary. Being a jubilee get together, an entire application of occasions happened, together with a two-day Symposium at the study at UTL. This Symposium addressed the state-of-art in significant parts of excellence at UTL. technological know-how, know-how and innovation and how universities and society typically, create, use and disseminate wisdom have won a becoming signi?cance over the past a long time. UTL doubtless embeds a proper strength of excellence in numerous components of analysis in uncomplicated and technologies, which bears its improvement at the foundation of a “research collage” version. This e-book includes the edited model of the invited lectures that have been introduced by way of admired researchers at UTL. This e-book brings jointly in a evaluation demeanour a complete precis of top quality examine contri- tions throughout uncomplicated and technologies. The contributing papers are prepared round the following significant components: – Emergent components (Nanosciences, Quantic Computations and Infor- tion, chance and Volatility in monetary Markets); – simple Sciences (Mathematics, Physics, Chemistry and Materials); – Social Sciences, Economics and administration Sciences; – lifestyles Sciences and Biotechnology; – Engineering and applied sciences – Nature, atmosphere and Sustainability; – Public overall healthiness, meals caliber and defense; – overall healthiness and game Sciences; – Urbanism, Transports, structure, Arts and layout. The transdisciplinary nature of such a lot components goals to emphasize a compelling feel of goal within the paintings developed.

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In 1935, in an attempt to criticize quantum mechanics, Albert Einstein, Boris Podolsky and Nathan Rosen (EPR) pointed out how this theory allowed for the apparent instantaneous generation of (non-classical) correlations between arbitrarily distant parties, a kind of spooky action at a distance that for them meant that quantum mechanics could not be a complete theory: it needed to be enriched with new features to explain properly such correlations. In the very same year, Erwin Schrödinger identified the existence of states (which he called entangled states) offering these strange quantum correlations as the “characteristic trait of quantum mechanics, the one that enforces its entire departure from classical lines of thought” [64].

0 T X t  P t dt  V dW2 ,t , T t 0 ,V ! 0. 3. 1 Motivation (11) Some economic and financial time series can behave just like a random walk (RW) (with some volatility patterns) but due to economic reasons they are bounded processes (in probability, for instance) and even stationary processes. As discussed in Nicolau [21] (and references therein) this can be the case, for example, of interest rates, real exchange rates, some nominal exchange rates and unemployment rates among others series. To build a model with such features it is necessary to allow RW behaviour during most of the time but force mean reversions whenever the processes try to escape from some interval.

N 0 ,1 ) is an example of an integrated process. Notice that y can be written as yt y0  tD  ¦tk 1 H k , or t yt y0  ¦ x k (22) k 1 where xt D  H t . One way to deal with such processes is to use a differenced-data model (for example, 'yt D  H t , in the previous example). Differencing has been used mostly to solve non-stationary problems viewed as unit roots although, historically, differenced-data models arose early in econometrics as a procedure to remove common trends between dependent and independent variables.

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