Derivatives: Innovation in the Era of Financial Deregulation

This is the third of several papers examining the underlying viability of the assertion that regulation of the financial markets is unduly burdensome. These papers assert that the value of the financial markets is often mis-measured. The efficiency of the market in intermediating flows between capital investors and capital users (like manufacturing and service businesses, individuals, and governments) is the proper measure. Unregulated markets are found to be chronically inefficient using this standard. This costs the economy enormous amounts each year. In addition, the inefficiencies create stresses to the system that make systemic crises inevitable

Dual diaphragm tank with telltale drain

A fluid storage and expulsion system comprising a tank with an internal flexible diaphragm assembly of dual diaphragms in back-to-back relationship, at least one of which is provided with a patterned surface having fine edges such that the diaphragms are in contact along said edges without mating contact of surface areas to thereby form fluid channels which extend outwardly to the peripheral edges of the diaphragms is described. The interior wall of the tank at the juncture of tank sections is formed with a circumferential annular recess comprising an outer annular recess portion which forms a fluid collection chamber and an inner annular recess portion which accommodates the peripheral edge portions of the diaphragms and a sealing ring in clamped sealing relation therebetween. The sealing ring is perforated with radially extending passages which allow any fluid leaking or diffusing past a diaphragm to flow through the fluid channels between the diaphragms to the fluid collection chamber. Ports connectable to pressure fittings are provided in the tank sections for admission of fluids to opposite sides of the diaphragm assembly. A drain passage through the tank wall to the fluid collection chamber permits detection, analysis and removal of fluids in the collection chamber

Observation of Single Transits in Supercooled Monatomic Liquids

A transit is the motion of a system from one many-particle potential energy valley to another. We report the observation of transits in molecular dynamics (MD) calculations of supercooled liquid argon and sodium. Each transit is a correlated simultaneous shift in the equilibrium positions of a small local group of particles, as revealed in the fluctuating graphs of the particle coordinates versus time. This is the first reported direct observation of transit motion in a monatomic liquid in thermal equilibrium. We found transits involving 2 to 11 particles, having mean shift in equilibrium position on the order of 0.4 R_1 in argon and 0.25 R_1 in sodium, where R_1 is the nearest neighbor distance. The time it takes for a transit to occur is approximately one mean vibrational period, confirming that transits are fast.Comment: 19 pages, 8 figure

Membrane consisting of polyquaternary amine ion exchange polymer network interpenetrating the chains of thermoplastic matrix polymer

An ion exchange membrane was formed from a solution containing dissolved matrix polymer and a set of monomers which are capable of reacting to form a polyquaternary ion exchange material; for example vinyl pyride and a dihalo hydrocarbon. After casting solution and evaporation of the volatile component's, a relatively strong ion exchange membrane was obtained which is capable of removing anions, such as nitrate or chromate from water. The ion exchange polymer forms an interpenetrating network with the chains of the matrix polymer

Evaporation of ice in planetary atmospheres: Ice-covered rivers on Mars

The evaporation rate of water ice on the surface of a planet with an atmosphere involves an equilibrium between solar heating and radiative and evaporative cooling of the ice layer. The thickness of the ice is governed principally by the solar flux which penetrates the ice layer and then is conducted back to the surface. Evaporation from the surface is governed by wind and free convection. In the absence of wind, eddy diffusion is caused by the lower density of water vapor in comparison to the density of the Martian atmosphere. For mean martian insolations, the evaporation rate above the ice is approximately 10 to the minus 8th power gm/sq cm/s. Evaporation rates are calculated for a wide range of frictional velocities, atmospheric pressures, and insolations and it seems clear that at least some subset of observed Martian channels may have formed as ice-chocked rivers. Typical equilibrium thicknesses of such ice covers are approximately 10m to 30 m; typical surface temperatures are 210 to 235 K