Search Frictions and Asset Price Volatility

We examine the quantitative effect of search frictions in product markets on asset price volatility. We combine several features from Shi (1997) and Lagos and Wright (2002) in a model without money. Households prefer special goods and general goods. Special goods can be obtained only via a search in decentralized markets. General goods can be obtained via trade in centralized competitive markets and via ownership of an asset. There is only one asset in our model that yields general goods. The asset is also used as a medium of exchange in the decentralized market to obtain the special goods. The value of the asset in facilitating transactions in the decentralized market is determined endogenously. This transaction role makes the asset pricing implications of our model different from those in the standard asset pricing model. Our model not only delivers the observed average rate of return on equity and the volatility of the equity price, but also accounts for most of the spectral characteristics of the equity price.Financial markets; Market structure and pricing

Search Frictions and Asset Price Volatility

Excess volatility, liquidity

Sub-Microarcsecond Astrometry with SIM-Lite: A Testbed-based Performance Assessment

SIM-Lite is an astrometric interferometer being designed for sub-microarcsecond astrometry, with a wide range of applications from searches for Earth-analogs to determining the distribution of dark matter. SIM-Lite measurements can be limited by random and systematic errors, as well as astrophysical noise. In this paper we focus on instrument systematic errors and report results from SIM-Lite's interferometer testbed. We find that, for narrow-angle astrometry such as used for planet finding, the end-of-mission noise floor for SIM-Lite is below 0.035 uas.Comment: 5 pages, 5 figure

Laser-assisted photothermal imprinting of nanocomposite

We report on a laser-assisted photothermal imprinting method for directly patterning carbon nanofiber-reinforced polyethylene nanocomposite. A single laser pulse from a solid state Nd:YAG laser (10 ns pulse, 532 nm and 355 nm wavelengths) is used to melt/soften a thin skin layer of the polymer nanocomposite. Meanwhile, a fused quartz mold with micro-sized surface relief structures is pressed against the surface of the composite. Successful pattern transfer is realized upon releasing the quartz mold. Although polyethylene is transparent to the laser beam, the carbon nanofibers in the high density polyethylene (HDPE) matrix absorb the laser energy and convert it into heat. Numerical heat conduction simulation shows the HDPE matrix is partially melted or softened, allowing for easier imprinting of the relief pattern of the quartz mold.Mechanical Engineerin

Rate-dependent morphology of Li2O2 growth in Li-O2 batteries

Compact solid discharge products enable energy storage devices with high gravimetric and volumetric energy densities, but solid deposits on active surfaces can disturb charge transport and induce mechanical stress. In this Letter we develop a nanoscale continuum model for the growth of Li2O2 crystals in lithium-oxygen batteries with organic electrolytes, based on a theory of electrochemical non-equilibrium thermodynamics originally applied to Li-ion batteries. As in the case of lithium insertion in phase-separating LiFePO4 nanoparticles, the theory predicts a transition from complex to uniform morphologies of Li2O2 with increasing current. Discrete particle growth at low discharge rates becomes suppressed at high rates, resulting in a film of electronically insulating Li2O2 that limits cell performance. We predict that the transition between these surface growth modes occurs at current densities close to the exchange current density of the cathode reaction, consistent with experimental observations.Comment: 8 pages, 6 fig

Exploring relationships between touch perception and surface physical properties

This paper reports a study of materials for confectionery packaging. The aim was to explore the touch perceptions of textures and identify their relationships with the surfaces' physical properties. Thirty-seven tactile textures were tested including 22 cardboards, nine flexible materials and six laminate boards. Semantic differential questionnaires were administered to assess responses to touching the textures against six word pairs: warm-cold, slippery-sticky, smooth,-rough, hard-soft, bumpy-flat, and wet-dry. Four physical measurements were conducted to characterize the surfaces' roughness, compliance, friction, and the rate of cooling of an artificial finger when touching the surface. Correlation and regression analyses were carried out to identify the relationships between the people's responses and the physical measurements. Results show that touch perception is often associated with more than one physical property, and the strength and form of the combined contribution can be represented by a regression model. © 2009 Chen, Shao, Barnes, Childs, & Henson

Surface brightness measurements for APM galaxies

This paper considers some simple surface brightness (SB) estimates for galaxies in the Automated Plate Measuring Machine (APM) catalogue in order to derive homogeneous SB data for a very large sample of faint galaxies. The isophotal magnitude and area are used to estimate the central surface brightness and total magnitude based on the assumption of an exponential SB profile. The surface brightness measurements are corrected for field effects on each UK Schmidt plate and the zero-point of each plate is adjusted to give a uniform sample of SB and total magnitude estimates over the whole survey. Results are obtained for 2.4 million galaxies with blue photographic magnitudes brighter than b_J = 20.5 covering 4300 deg^2 in the region of the south galactic cap. Almost all galaxies in our sample have central surface brightness in the range 20 to 24 b_J mag per arcsec^2. The SB measurements we obtain are compared to previous SB measurements and we find an acceptable level of error of +/- 0.2 b_J mag per arcsec^2. The distribution of SB profiles is considered for different galaxy morphologies for the bright APM galaxies. We find that early-type galaxies have more centrally concentrated profiles.Comment: 14 pages, 17 figures, accepted for publication in MNRA