How Equilibrium Prices Reveal Information in Time Series Models with Disparately Informed, Competitive Traders

Accommodating asymmetric information in a dynamic asset pricing model is technically challenging due to the problems associated with higher-order expectations. That is, rational investors are forced into a situation where they must forecast the forecasts of other agents. In a dynamic setting, this problem telescopes into the infinite future and the dimension of the relevant state space approaches infinity. By using the frequency domain approach of Whiteman (1983) and Kasa (2000), this paper demonstrates how information structures previously believed to preserve asymmetric information in equilibrium, converge to a symmetric information, rational expectations equilibrium. The revealing aspect of the price process lies in the invertibility of the observed state space, which makes it possible for agents to infer the economically fundamental shocks and thus eliminating the need to forecast the forecasts of others.Asset Pricing, Asymmetric Information

The CTIO Prime Focus CCD: System Characteristics from 1982-1988

The CTIO Prime Focus CCD instrument with an RCA CCD was in operation at the CTIO 4-m telescope for six years between 1982-1988. A large body of literature has been published based on CCD images taken with this instrument. We review the general properties of the now-retired PFCCD system to aid astronomers in the interpretation of the photometric data in the literature.Comment: Accepted for publication in the PASP. 15 pages, AASTeX V4.0 latex format (including figures), 4 ps figures, 4 separate AASTeX V4.0 latex table

Examples of finite free complexes of small rank and small homology

This work concerns finite free complexes over commutative noetherian rings, in particular over group algebras of elementary abelian groups. The main contribution is the construction of complexes such that the total rank of their underlying free modules, or the total length of their homology, is less than predicted by various conjectures in the theory of transformation groups and in local algebra.Comment: 13 pages. Version 2 is a significant revision of the first one. This paper will appear in Acta Mathematic

X ray microscope/telescope test and alignment

The tasks performed by the Center for Applied Optics (CAO) in support of the Normal Incidence Multilayer X-Ray Optics Program are detailed. The Multi-Spectral Solar Telescope Array (MSSTA) was launched on a Terrier-boosted Black Brant sounding rocket from White Sands Missile Range on 13 May 1991. High resolution images of the sun in the soft x ray to extreme ultraviolet (EUV) regime were obtained with normal-incidence Cassegrain, Ritchey-Chretien, and Herschelian telescopes mounted in the sounding rocket. MSSTA represents the first use of multilayer optics to study a very broad range of x ray and EUV solar emissions. Energy-selective properties of multilayer-coated optics allow distinct groups of emission lines to be isolated in the solar corona and transition region. Features of the near and far coronal structures including magnetic loops of plasmas, coronal plumes, coronal holes, faint structures, and cool prominences are visible in these images. MSSTA successfully obtained unprecedented information regarding the structure and dynamics of the solar atmosphere in the temperature range of 10(exp 4)-10(exp 7) K. The performance of the MSSTA has demonstrated a unique combination of ultra-high spatial resolution and spectral differentiation by use of multilayer optics

Fluid mechanical model of the Helmholtz resonator

A semi-empirical fluid mechanical model of the acoustic behavior of Helmholtz resonators is presented which predicts impedance as a function of the amplitude and frequency of the incident sound pressure field and resonator geometry. The model assumes that the particle velocity approaches the orifice in a spherical manner. The incident and cavity sound fields are connected by solving the governing oscillating mass and momentum conservation equations. The model is in agreement with the Rayleigh slug-mass model at low values of incident sound pressure level. At high values, resistance is predicted to be independent of frequency, proportional to the square root of the amplitude of the incident sound pressure field, and virtually independent of resonator geometry. Reactance is predicted to depend in a very complicated way upon resonator geometry, incident sound pressure level, and frequency. Nondimensional parameters are defined that divide resonator impedance into three categories corresponding to low, moderately low, and intense incident sound pressure amplitudes. The two-microphone method was used to measure the impedance of a variety of resonators. The data were used to refine and verify the model

Effects of grazing flow on the steady-state flow resistance and acoustic impedance of thin porous-faced liners

The effects of grazing flow on the steady state flow resistance and acoustic impedance of seven Feltmetal and three Rigimesh thin porous faced liners were studied. The steady-state flow resistance of the ten specimens was measured using standard fluid mechanical experimental techniques. The acoustic impedance was measured using the two microphone method. The principal findings of the study are that the effects of grazing flow were measured and found to be small; small differences were measured between steady-state and acoustic resistance, and a semi-empirical model was derived that correlated the steady-state resistance data of the seven Feltmetal liners and the face sheet reactance of both the Feltmetal and Rigimesh liners