Ownership and control in a competitive industry

We study a differentiated product market in which an investor initially owns a controlling stake in one of two competing firms and may acquire a non-controlling or a controlling stake in a competitor, either directly using her own assets, or indirectly via the controlled firm. While industry profits are maximized within a symmetric two product monopoly, the investor attains this only in exceptional cases. Instead, she sometimes acquires a noncontrolling stake. Or she invests asymmetrically rather than pursuing a full takeover if she acquires a controlling one. Generally, she invests indirectly if she only wants to affect the product market outcome, and directly if acquiring shares is profitable per se. --differentiated products,separation of ownership and control,private benefits of control

Engineering Branch-and-Cut Algorithms for the Equicut Problem

A minimum equicut of an edge-weighted graph is a partition of the nodes of the graph into two sets of equal size such hat the sum of the weights of edges joining nodes in different partitions is minimum. We compare basic linear and semidefnite relaxations for the equicut problem, and and that linear bounds are competitive with the corresponding semidefnite ones but can be computed much faster. Motivated by an application of equicut in theoretical physics, we revisit an approach by Brunetta et al. and present an enhanced branch-and-cut algorithm. Our computational results suggest that the proposed branch-andcut algorithm has a better performance than the algorithm of Brunetta et al.. Further, it is able to solve to optimality in reasonable time several instances with more than 200 nodes from the physics application

Progress in simulating turbulent electron thermal transport in NSTX

Nonlinear simulations based on multiple NSTX discharge scenarios have progressed to help differentiate unique instability mechanisms and to validate with experimental turbulence and transport data. First nonlinear gyrokinetic simulations of microtearing (MT) turbulence in a high-beta NSTX H-mode discharge predict experimental levels of electron thermal transport that are dominated by magnetic flutter and increase with collisionality, roughly consistent with energy confinement times in dimensionless collisionality scaling experiments. Electron temperature gradient (ETG) simulations predict significant electron thermal transport in some low and high beta discharges when ion scales are suppressed by E x B shear. Although the predicted transport in H-modes is insensitive to variation in collisionality (inconsistent with confinement scaling), it is sensitive to variations in other parameters, particularly density gradient stabilization. In reversed shear (RS) Lmode discharges that exhibit electron internal transport barriers, ETG transport has also been shown to be suppressed nonlinearly by strong negative magnetic shear, s<<0. In many high beta plasmas, instabilities which exhibit a stiff beta dependence characteristic of kinetic ballooning modes (KBM) are sometimes found in the core region. However, they do not have a distinct finite beta threshold, instead transitioning gradually to a trapped electron mode (TEM) as beta is reduced to zero. Nonlinear simulations of this "hybrid" TEM/KBM predict significant transport in all channels, with substantial contributions from compressional magnetic perturbations. As multiple instabilities are often unstable simultaneously in the same plasma discharge, even on the same flux surface, unique parametric dependencies are discussed which may be useful for distinguishing the different mechanisms experimentally