Toward a Bias Corrected Currency Equivalent Index

Measuring the economic stock of money, defined to be the present value of current and future monetary service flows, is a difficult asset pricing problem, because most monetary assets yield interest. Thus, an interest yielding monetary asset is a joint product: a durable good providing a monetary service flow and a financial asset yielding a return. The currency equivalent index provides an elegant solution, but it does so by making strong assumptions about expectations of future monetary service flows. These assumptions cause the currency equivalent index to exhibit significant downward bias. In this paper, we propose an extension to the currency equivalent index that will correct for a significant amount of this bias.Currency equivalent index, monetary aggregation, money stock

Introduction to Measurement with Theory

This working paper is the first draft of an overview and commentary on the papers to appear in a Macroeconomic Dynamics Special Issue on Measurement with Theory. The included papers in the special issue are part of a larger initiative to promote "measurement with theory" in economics and planned to appear as special issues of other journals. A later revised draft of this initial commentary is planned to appear as the introduction to the Macroeconomic Dynamics special issue, expected to appear in 2010.Measurement; index number theory; aggregation theory.

Functional Structure and Approximation in Econometrics (book front matter)

This is the front matter from the book, William A. Barnett and Jane Binner (eds.), Functional Structure and Approximation in Econometrics, published in 2004 by Elsevier in its Contributions to Economic Analysis monograph series. The front matter includes the Table of Contents, Volume Introduction, and Section Introductions by Barnett and Binner and the Preface by W. Erwin Diewert. The volume contains a unified collection and discussion of W. A. Barnett's most important published papers on applied and theoretical econometric modelling.consumer demand, production, flexible functional form, functional structure, asymptotics, nonlinearity, systemwide models

Optimal minimum-cost quantum measurements for imperfect detection

Knowledge of optimal quantum measurements is important for a wide range of situations, including quantum communication and quantum metrology. Quantum measurements are usually optimised with an ideal experimental realisation in mind. Real devices and detectors are, however, imperfect. This has to be taken into account when optimising quantum measurements. In this paper, we derive the optimal minimum-cost and minimum-error measurements for a general model of imperfect detection.Comment: 5 page

Discrimination of two mixed quantum states with maximum confidence and minimum probability of inconclusive results

We study an optimized measurement that discriminates two mixed quantum states with maximum confidence for each conclusive result, thereby keeping the overall probability of inconclusive results as small as possible. When the rank of the detection operators associated with the two different conclusive outcomes does not exceed unity we obtain a general solution. As an application, we consider the discrimination of two mixed qubit states. Moreover, for the case of higher-rank detection operators we give a solution for particular states. The relation of the optimized measurement to other discrimination schemes is also discussed.Comment: 7 pages, 1 figure, accepted for publication in Phys. Rev.

Arkansas Cotton Variety Test 2016

The primary goal of the Arkansas Cotton Variety Test is to provide unbiased data regarding the agronomic performance of cotton varieties and advanced breeding lines in the major cotton-growing areas of Arkansas

The 30-kW ammonia arcjet technology

The technical results are summarized of a 30 kW class ammonia propellant arcjet technology program. Evaluation of previous arcjet thruster performance, including materials analysis of used thruster components, led to the design of an arcjet with improved performance and thermal characteristics. Tests of the new engine demonstrated that engine performance is relatively insensitive to cathode tip geometry. Other data suggested a maximum sustainable arc length for a given thruster configuration, beyond which the arc may reconfigure in a destructive manner. A flow controller calibration error was identified. This error caused previously reported values of specific impulse and thrust efficiency to be 20 percent higher than the real values. Corrected arcjet performance data are given. Duration tests of 413 and 252 hours, and several tests 100 hours in duration, were performed. The cathode tip erosion rate increased with increasing arc current. Elimination of power source ripple did not affect cathode tip whisker growth. Results of arcjet modeling, diagnostic development and mission analyses are also discussed. The 30 kW ammonia arcjet may now be considered ready for development for a flight demonstration, but widespread application of 30 kW class arcjet will require improved efficiency and lifetime

Maximum Confidence Quantum Measurements

We consider the problem of discriminating between states of a specified set with maximum confidence. For a set of linearly independent states unambiguous discrimination is possible if we allow for the possibility of an inconclusive result. For linearly dependent sets an analogous measurement is one which allows us to be as confident as possible that when a given state is identified on the basis of the measurement result, it is indeed the correct state.Comment: 4 pages, 2 figure

Difficulty of distinguishing product states locally

Non-locality without entanglement is a rather counter-intuitive phenomenon in which information may be encoded entirely in product (unentangled) states of composite quantum systems in such a way that local measurement of the subsystems is not enough for optimal decoding. For simple examples of pure product states, the gap in performance is known to be rather small when arbitrary local strategies are allowed. Here we restrict to local strategies readily achievable with current technology; those requiring neither a quantum memory nor joint operations. We show that, even for measurements on pure product states there can be a large gap between such strategies and theoretically optimal performance. Thus even in the absence of entanglement physically realizable local strategies can be far from optimal for extracting quantum information.Comment: 5 pages, 1 figur

Combining real and virtual Higgs boson mass constraints

Within the framework of the standard model we observe that there is a significant discrepancy between the most precise $Z$ boson decay asymmetry measurement and the limit from direct searches for Higgs boson production. Using methods inspired by the Particle Data Group we explore the possible effect on fits of the Higgs boson mass. In each case the central value and the 95% confidence level upper limit increase significantly relative to the conventional fit. The results suggest caution in drawing conclusions about the Higgs boson mass from the existing data.Comment: 11 pages, Latex. Citations are added and paper is otherwise reconciled with version to be published in Physical Review Letter