Is there excess co-movement of primary commodity prices? A co-integration test

It is a common perception that primary commodity prices tend to move together. This perception is especially common among commodity traders who may justify an increase in the price of one commodity because the prices of other commodities have increased. This commodity price co-movement can be identified among commodities that seem unrelated in terms of production or consumption substitutability or complementarity. But there is no reason for believing that prices of unrelated commodities should move together, except for macroeconomic shocks affecting commodity markets in general. For example, in a recession commodity prices decline across the board because demand declines; and in periods of generalinflation commodity prices rise, partly because commodities provide a hedge against inflation. However, after accounting for macroeconomic shocks, is co-movement among prices still evident? In this paper, the authors test for co-movement and excess co-movement of primary commodity prices using the econometric tests of co-integration in time series and the resulting error-correction models (ECM). The ECMs will be used to examine the existence of short-run excess co-movement between commodity prices, taking into consideration the long-run relationship between them.Crops&Crop Management Systems,Environmental Economics&Policies,Montreal Protocol,Markets and Market Access,Access to Markets

Review of Cipriani Alessandro, and Giri Maurizio 'Electronic Music and Sound Design: Theory and Practice with Max/MSP'.

A book review of Cipriani and Giri's "Electronic Music and Sound Design: Theory and Practice with Max/MSP, Volume 1"

Project MAXWELL: Towards Rapid Realization of Superior Products

We describe a new methodology for the design and manufacture of mechanical components. The methodology is a synergism of a new, mathematically rigorous procedure for the concurrent design of shape and material composition of components, and a new manufacturing process called MD* for their realization. The concurrent design strategy yields information about the global shape of the component and its material composition. The fabrication of such designs with novel microstructural configurations require unconventional manufacturing processes. MD* is a shape deposition process for the free-form fabrication of parts from single or composite materials and is ideally suited for realizing the aforementioned designs. Project MAXWELL, therefore, promotes the use of layered manufacturing beyond prototyping tasks and offers the possibility of their integration into the mainstream product development and fabrication process..Mechanical Engineerin

High-speed seal and bearing test facility

The following topics are discussed in this viewgraph presentation: high speed seal/bearing rig background, project status, facility features, test rig capabilities, EMD testing advantages, and future opportunities

The Complexity of Separating Points in the Plane

We study the following separation problem: given n connected curves and two points s and t in the plane, compute the minimum number of curves one needs to retain so that any path connecting s to t intersects some of the retained curves. We give the first polynomial (O(n3)) time algorithm for the problem, assuming that the curves have reasonable computational properties. The algorithm is based on considering the intersection graph of the curves, defining an appropriate family of closed walks in the intersection graph that satisfies the 3-path-condition, and arguing that a shortest cycle in the family gives an optimal solution. The 3-path-condition has been used mainly in topological graph theory, and thus its use here makes the connection to topology clear. We also show that the generalized version, where several input points are to be separated, is NP-hard for natural families of curves, like segments in two directions or unit circles

Universal trend of the information entropy of a fermion in a mean field

We calculate the information entropy of single-particle states in position-space $S_{r}$ and momentum-space $S_{k}$ for a nucleon in a nucleus, a $\Lambda$ particle in a hypernucleus and an electron in an atomic cluster. It is seen that $S_{r}$ and $S_{k}$ obey the same approximate functional form as functions of the number of particles, $S_{r}$ ({\rm or} $S_{k}) = a+bN^{1/3}$ in all of the above many-body systems in position- and momentum- space separately. The net information content $S_{r}+S_{k}$ is a slowly varying function of $N$ of the same form as above. The entropy sum $S_{r}+S_{k}$ is invariant to uniform scaling of coordinates and a characteristic of the single-particle states of a specific system. The order of single-particle states according to $S_r +S_k$ is the same as their classification according to energy keeping the quantum number $n$ constant. The spin-orbit splitting is reproduced correctly. It is also seen that $S_{r}+S_{k}$ enhances with excitation of a fermion in a quantum-mechanical system. Finally, we establish a relationship of $S_r +S_k$ with the energy of the corresponding single-particle state i.e. $S_r +S_k = k \ln (\mu E +\nu)$. This relation holds for all the systems under consideration.Comment: 9 pages, latex, 6 figure

Surface Transformations and Water Uptake on Liquid and Solid Butanol near the Melting Temperature

Water interactions with organic surfaces are of central importance in biological systems and many Earth system processes. Here we describe experimental studies of water collisions and uptake kinetics on liquid and solid butanol from 160 to 200 K. Hyperthermal D2O molecules (0.32 eV) undergo efficient trapping on both solid and liquid butanol, and only a minor fraction scatters inelastically after an 80% loss of kinetic energy to surface modes. Trapped molecules either desorb within a few ms, or are taken up by the butanol phase during longer times. The water uptake and surface residence time increase with temperature above 180 K indicating melting of the butanol surface 4.5 K below the bulk melting temperature. Water uptake changes gradually across the melting point and trapped molecules are rapidly lost by diffusion into the liquid above 190 K. This indicates that liquid butanol maintains a surface phase with limited water permeability up to 5.5 K above the melting point. These surface observations are indicative of an incremental change from solid to liquid butanol over a range of 10 K straddling the bulk melting temperature, in contrast to the behavior of bulk butanol and previously studied materials.Comment: 28 pages, 4 figures + introduction figur