To What Extent do Investors in a Financial Market Anchor Their Judgments? Evidence from the Hong Kong Horserace Betting Market

This paper explores the use of the anchoring and adjustment heuristic by decision makers in a financial market; in particular, the degree to which horserace bettors anchor their probability judgments on the advantage afforded by a horse‟s barrier-position. The results suggest that under certain conditions bettors anchor on barrier-position information revealed at previous race meetings, but not on the most recent race outcomes. In fact, bettors appear to use the most recent race outcomes appropriately when forming probability estimates; but only when the results are in line with their mental model of barrier-position advantage. Bettors with varying levels of expertise are shown to be subject to anchoring, although greater expertise is generally associated with less anchoring. The paper concludes that the manner and degree of anchoring in real world environ.

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Solar District Cup Competition

The Solar District Cup is a two-semester design competition sponsored by the U.S. Dept. of Energy in which teams from across the nation compete to design the most efficient and cost effective solar plus storage system for a unique district case. The Embry Riddle team was tasked with designing such a system for New Mexico State University in Las Cruses, NM

U.S. Department of Energy Competition: Solar District Cup

The Solar District Cup is a two-semester design competition sponsored by the U.S. Dept. of Energy. For this competition, teams from across the nation are tasked with designing the most efficient and cost-effective solar plus storage system for a unique district case. The Embry Riddle team was tasked with designing such a system for New Mexico State University (NMSU) in Las Cruses, NM. During the first semester, the team\u27s primary focus was on selecting the photovoltaic panels and equipment used, placing/wiring that equipment across the campus, and developing a plan that would finish construction of the system within 6-months. For this second semester our focus has been on how to incorporate an energy storage system that will allow NMSU to lower their daily peak demand charges without affecting the 6-month construction period, and, per the competition requirements, ensure that the entire project will be fully paid back within 25 years. Our results showcase our proposed design, with a focus on the benefits associated with installing such a system

Comments on Perturbative Dynamics of Non-Commutative Yang-Mills Theory

We study the U(N) non-commutative Yang-Mills theory at the one-loop approximation. We check renormalizability and gauge invariance of the model and calculate the one-loop beta function. The interaction of the SU(N) gauge bosons with the U(1) gauge boson plays an important role in the consistency check. In particular, the SU(N) theory by itself is not consistent. We also find that the theta --> 0 limit of the U(N) theory does not converge to the ordinary SU(N) x U(1) commutative theory, even at the planar limit. Finally, we comment on the UV/IR mixing.Comment: 19 pages, Latex. 4 figures. v2: minor changes, refs. added. To appear in Nucl.Phys.

Symmetry, stability, and computation of degenerate lasing modes

We present a general method to obtain the stable lasing solutions for the steady-state ab initio lasing theory (SALT) for the case of a degenerate symmetric laser in two dimensions (2D). We find that under most regimes (with one pathological exception), the stable solutions are clockwise and counterclockwise circulating modes, generalizing previously known results of ring lasers to all 2D rotational symmetry groups. Our method uses a combination of semianalytical solutions close to lasing threshold and numerical solvers to track the lasing modes far above threshold. Near threshold, we find closed-form expressions for both circulating modes and other types of lasing solutions as well as for their linearized Maxwell-Bloch eigenvalues, providing a simple way to determine their stability without having to do a full nonlinear numerical calculation. Above threshold, we show that a key feature of the circulating mode is its “chiral” intensity pattern, which arises from spontaneous symmetry breaking of mirror symmetry, and whose symmetry group requires that the degeneracy persists even when nonlinear effects become important. Finally, we introduce a numerical technique to solve the degenerate SALT equations far above threshold even when spatial discretization artificially breaks the degeneracy.United States. Army Research Office. Institute for Soldier Nanotechnologies (Grant W911NF-07-D-0004)Austrian Science Fund (Project SFB NextLite F49-P10)United States. Air Force Research Laboratory (Agreement FA8650-15-2-5220

A Close Quasar Pair in a Disk-Disk Galaxy Merger at z = 2.17

Most local massive galaxies, if not all, are believed to harbor a supermassive black hole (SMBH) at the center. Galaxy mergers have long been thought to drive strong gas inflows and accretion onto one or both central SMBH, triggering single or dual quasars as a natural stage of the hierarchical galaxy and SMBH evolution. While many dual active galactic nuclei -- the low-luminosity counterparts of quasars -- have been observed at low redshift, no unambiguous dual quasar is known at cosmic noon (z>~2) when both quasar activity and global star formation density peaked. While a handful of dual quasar candidates were known at z>1, competing explanations remained. Here we report multi-wavelength observations of SDSS J0749+2255 as the first kpc-scale dual quasar confirmed to be hosted by a galaxy merger at cosmic noon. Hubble Space Telescope NIR imaging reveals extended host galaxies underlying the compact double nuclei (separated by 0.46" or 3.8 kpc) and tidal features as evidence for galactic interactions. We also present new multi-wavelength observations, all lending support to the dual quasar hypothesis. Unlike the low-redshift low-luminosity counterparts, the high-redshift dual quasar is hosted by two massive compact disk-dominated galaxies, which may be critical for efficient gas fueling onto the SMBHs in the early-stage merger. The apparent lack of stellar bulges and that SDSS J0749+2255 already follows the local SMBH mass-host stellar mass relation are at odds with the canonical SMBH-host co-evolution picture and suggest that at least some SMBHs may have formed before their host stellar bulges. While still at kpc-scale separations where the host-galaxy gravitational potential dominates, the SMBHs may evolve into a gravitationally bound binary system in ~0.22 Gyr. The merger products at low redshift are expected to be gravitational wave sources for pulsar-timing arrays (abridged).Comment: 79 pages, 17 figures, 6 tables; submitte

Tracking SMBH mergers from kpc to sub-pc scales with AXIS

Pairs of active galactic nuclei (AGN) are observational flags of merger-driven SMBH growth, and represent an observable link between galaxy mergers and gravitational wave (GW) events. Thus, studying these systems across their various evolutionary phases can help quantify the role mergers play in the growth of SMBHs as well as future GW signals expected to be detected by pulsar timing arrays (PTAs). At the earliest stage, the system can be classified as a "dual AGN" where the SMBHs are gravitationally unbound and have typical separations <30 kpc, and at the latest stage the system can be classified as a "binary AGN" where the two massive host galaxies have likely been interacting for hundreds of megayears to gigayears. However, detecting and confirming pairs of AGN is non-trivial, and is complicated by the unique characteristics of merger-environments. To date, there are less than 50 X-ray confirmed dual AGN and only 1 strong binary AGN candidate. AXIS will revolutionize the field of dual AGN: the point-spread-function (PSF), field-of-view (FOV), and effective area (Aeff) are expected to result in the detection of hundreds to thousands of new dual AGN across the redshift range 0 < z < 4. The AXIS AGN surveys will result in the first X-ray study that quantifies the frequency of dual AGN as a function of redshift up to z = 3.5.Comment: 17 pages, 5 figure