Non-classical behavior of atoms in an interferometer

We have studied the properties of the non-classical behavior of atoms in a double-slit interferometer. An indication of this behavior for metastable helium was reported by Kurtsiefer, Pfau and Mlynek [Nature 386, 150 (1997)] showing distinctive negative values of the Wigner function, which was reconstructed from the measured diffraction data. Our approach to explain this non-classical behavior is based on the de Broglie-Bohm-Vigier-Selleri understanding of the wave-particle duality and compatible statistical interpretation of the atomic wave function. It follows from the results that the atomic motion is non-classical because it does not obey the laws of classical mechanics. However, there is no evidence that this atomic behavior violates the classical probability law of the addition of probabilities.Comment: 10 pages, 9 figure

The Dynamics of the U.S. Milk Supply: Implications for Changes in U.S. Dairy Policy

There is continuing pressure by various farm groups to attempt to solve the chronic problems in the U.S. dairy industry represented by increased milk price variability, inability to generate positive returns at the farm level, increasing role of dairy exports as an important market for U.S. dairy products, etc. As such it is important for analysts and policy makers obtain an estimate as to how responsive dairy producers are to changing economic and technological conditions. Examples of previous research used to examine supply response in the U.S. dairy sector include LaFrance and deGorter (1985), Chavas and Klemme (1986), Thraen and Hammond (1987), Chavas, Krauss and Jesse (1990), Chavas and Krauss (1990), Yavuz, et al, (1996) and USDA (2007). These analyses are limited in that either they are either fairly dated or they do not account the dynamics that are inherent in the dairy herd expansion/contraction process. The above overview of the dairy industry points to a changing industry as represented by reduced but larger dairy operations, the changing nature of U.S. dairy policy and pricing, production of new types of dairy products, etc. with much of the adjustments have occurred since the above previous analyses were undertaken and may no longer reflect the industries supply characteristics. The present study will incorporate data encompassing the 1975-2007 period and provide an update of the model original developed by Chavas and Klemme (1986). This study has three main objectives: (i) quantify the current supply structure of the U.S. dairy industry, (ii) gain insight into impacts of technological changes that have occurred over the last 25 years, (iii) based on (i) and (ii), generate forecasts of long-run milk supply response to price changes and possible future technological advancements.

Visualizing Risk Premiums in Commodity Futures Markets

Replaced with revised version of poster 07/21/10.Risk and Uncertainty,

Analyzing Relationships Between Cash and Futures Dairy Markets Using Partially Overlapping Time Series

Replaced with revised version of paper 02/10/10.partially overlapping time series, spectral analysis, risk premium, futures markets, dairy policy, dairy industry, Agribusiness, Agricultural and Food Policy, Agricultural Finance, Q13, Q14, Q18,

Description of classical and quantum interference in view of the concept of flow line

Bohmian mechanics, a hydrodynamic formulation of quantum mechanics, relies on the concept of trajectory, which evolves in time in compliance with dynamical information conveyed by the wave function. Here this appealing idea is considered to analyze both classical and quantum interference, thus providing an alternative and more intuitive framework to understand the time-evolution of waves, either in terms of the flow of energy (for mechanical waves, sound waves, electromagnetic waves, for instance) or, analogously, the flow of probability (quantum waves), respectively. Furthermore, this procedure also supplies a more robust explanation of interference phenomena, which currently is only based on the superposition principle. That is, while this principle only describes how different waves combine and what effects these combinations may lead to, flow lines provide a more precise explanation on how the energy or probability propagate in space before, during and after the combination of such waves, without dealing with them separately (i.e., the combination or superposition is taken as a whole). In this sense, concepts such as constructive and destructive interference, typically associated with the superposition principle, physically correspond to more or less dense swarms of (energy or probability) flow lines, respectively. A direct consequence of this description is that, when considering the distribution of electromagnetic energy flow lines behind two slits, each one covered by a differently oriented polarizer, it is naturally found that external observers' information on the slit crossed by single photons (understood as energy parcels) is totally irrelevant for the existence of interference fringes, in striking contrast with what is commonly stated and taught.Comment: 15 pages, 3 figure

Pricing Options on Commodity Futures: The Role of Weather and Storage

Options on agricultural futures are popular financial instruments used for agricultural price risk management and to speculate on future price movements. Poor performance of Black’s classical option pricing model has stimulated many researchers to introduce pricing models that are more consistent with observed option premiums. However, most models are motivated solely from the standpoint of the time series properties of futures prices and need for improvements in forecasting and hedging performance. In this paper we propose a novel arbitrage pricing model motivated from the economic theory of optimal storage, and consistent with implications of plant physiology on the importance of weather stress. We introduce a pricing model for options on futures based on a Generalized Lambda Distribution (GLD) that allows greater flexibility in higher moments of the expected terminal distribution of futures price. We use times and sales data for corn futures and options for the period 1995-2009 to estimate the implied skewness parameter separately for each trading day. An economic explanation is then presented for inter-year variations in implied skewness based on the theory of storage. After controlling for changes in planned acreage, we find a statistically significant negative relationship between ending stocks-to-use and implied skewness, as predicted by the theory of storage. Furthermore, intra-year dynamics of implied skewness reflect the fact that resolution of uncertainty in corn supply is resolved between late June and middle of October, i.e. during corn growth phases that encompass corn silking through grain maturity. Impacts of storage and weather on the distribution of terminal futures price jointly explain upward sloping implied volatility curves.arbitrage pricing model, options on futures, generalized lambda distribution, theory of storage, skewness, Agribusiness, Agricultural Finance, Crop Production/Industries, Financial Economics, Research Methods/ Statistical Methods, Risk and Uncertainty, G13, Q11, Q14,