Competition, Consumer Welfare, and the Social Cost of Monopoly

Conventional deadweight loss measures of the social cost of monopoly ignore, among other things, the social cost of inducing competition and thus cannot accurately capture the loss in social welfare. In this Article, we suggest an alternative method of measuring the social cost of monopoly. Using elements of general equilibrium theory, we propose a social cost metric where the benchmark is the Pareto optimal state of the economy that uses the least amount of resources, consistent with consumers' utility levels in the monopolized state. If the primary goal of antitrust policy is the enhancement of consumer welfare, then the proper benchmark is Pareto optimality, not simply competitive markets. We discuss the implications of our approach for antitrust law as well as how our methodology can be used in practice for allegations of monopoly power given a history of price-demand observations.Monopoly power, Antitrust economics, Applied general equilibrium

Age-related shifts in bacterial diversity in a reef coral

This study investigated the relationship between microbial communities in differently sized colonies of the massive coral Coelastrea aspera at Phuket, Thailand where colony size could be used as a proxy for age. Results indicated significant differences between the bacterial diversity (ANOSIM, R = 0.76, p = 0.001) of differently sized colonies from the same intertidal reef habitat. Juvenile and small colonies (28 cm mean diam). Bacterial diversity increased in a step-wise pattern from juvenilessmallmedium colonies, which was then followed by a slight decrease in the two largest size classes. These changes appear to resemble a successional process which occurs over time, similar to that observed in the ageing human gut. Furthermore, the dominant bacterial ribotypes present in the tissues of medium and large sized colonies of C. aspera, (such as Halomicronema, an Oscillospira and an unidentified cyanobacterium) were also the dominant ribotypes found within the endolithic algal band of the coral skeleton; a result providing some support for the hypothesis that the endolithic algae of corals may directly influence the bacterial community present in coral tissues.Barbara Brown recieved funding from the Leverhulme Trust [www.leverhulme.ac.uk]; Grant number: EM-2013-058. The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript

Variational analysis of the deconfinement phase transition

We study the deconfining phase transition in 3+1 dimensional pure SU(N) Yang-Mills theory using a gauge invariant variational calculation. We generalize the variational ansatz of Phys. Rev. D52, 3719 (1995) to mixed states (density matrices) and minimize the free energy. For N > 3 we find a first order phase transition with the transition temperature of T_C = 450 Mev. Below the critical temperature the Polyakov loop has vanishing expectation value, while above T_C, its average value is nonzero. According to the standard lore this corresponds to the deconfining transition. Within the accuracy of our approximation the entropy of the system in the low temperature phase vanishes. The latent heat is not small but, rather, is of the order of the nonperturbative vacuum energy.Comment: 15 pages, correction of minor typos only, submitted to JHE

Deep crustal heating by neutrinos from the surface of accreting neutron stars

We present a new mechanism for deep crustal heating in accreting neutron stars. Charged pions ($\pi^+$) are produced in nuclear collisions on the neutron star surface during active accretion and upon decay they provide a flux of neutrinos into the neutron star crust. For massive and/or compact neutron stars, neutrinos deposit $\approx 1\textrm{--} 2 \, \mathrm{MeV}$ of heat per accreted nucleon into the inner crust. The strength of neutrino heating is comparable to the previously known sources of deep crustal heating, such as from pycnonuclear fusion reactions, and is relevant for studies of cooling neutron stars. We model the thermal evolution of a transient neutron star in a low-mass X-ray binary, and in the particular case of the neutron star MXB~1659-29 we show that additional deep crustal heating requires a higher thermal conductivity for the neutron star inner crust. A better knowledge of pion production cross sections near threshold would improve the accuracy of our predictions.Comment: 12 pages, 9 figures, 3 tables; [Added a new figure and edited the text in response to Referee's remarks and suggestions

Competition, Consumer Welfare, and the Social Cost of Monopoly

Conventional deadweight loss measures of the social cost of monopoly ignore, among other things, the social cost of inducing competition and thus cannot accurately capture the loss in social welfare. In this Article, we suggest an alternative method of measuring the social cost of monopoly. Using elements of general equilibrium theory, we propose a social cost metric where the benchmark is the Pareto optimal state of the economy that uses the least amount of resources, consistent with consumers’ utility levels in the monopolized state. If the primary goal of antitrust policy is the enhancement of consumer welfare, then the proper benchmark is Pareto optimality, not simply competitive markets. We discuss the implications of our approach for antitrust law as well as how our methodology can be used in practice for allegations of monopoly power given a history of price-demand observations

Gauge Invariant Variational Approach with Fermions: the Schwinger Model

We extend the gauge invariant variational approach of Phys. Rev. D52 (1995) 3719, hep-th/9408081, to theories with fermions. As the simplest example we consider the massless Schwinger model in 1+1 dimensions. We show that in this solvable model the simple variational calculation gives exact results.Comment: 14 pages, 1 figur