Regional Contagion and the Globalization of Securities Markets

This paper argues that the globalization of securities markets may promote contagion among investors by weakening incentives for gathering costly country-specific information and by strengthening incentives for imitating arbitrary market portfolios. In the presence of short-selling constraints, the utility gain of gathering information at a fixed cost converges to a constant level and may diminish as securities markets grow. Moreover, if a portfolio manager's marginal cost for yielding below-market returns exceeds the marginal gain for above-market returns, there is a range of optimal portfolios in which all investors imitate arbitrary market portfolios and this range widens as the market grows. Numerical simulations suggest that these frictions can have significant quantitative implications and they may induce large capital flows in emerging markets.

Sizing milking groups in small cow dairies of mediterranean countries

A dairy farmer chooses the number of milking groups in function of the herd size, stall type and milking system also in small cow dairies (number of animals lower than 100–120). In these dairies, there are different milking systems (bucket, trolley, pipeline, little autotandem, herringbone or parallel parlors) and each of them has a different work routine. The knowledge of the routine is the starting point for assessing the milking installation, because it determines the number of milked cows per hour. Different milking systems have common tasks (as pre-dipping, inspecting foremilk, udder preparation, attaching teat cups, post-dipping), but in the meantime there are different operations that characterize each specific routine (e.g., animal entry and exit if there is a parlor, bucket, trolley or milking group positioning if tie-stall). For this reason, we surveyed twenty small dairy farms located in the Piedmont Region (Italy) with different milking systems to correctly acquire the specific milking routines. Different models were therefore studied using the observed routines in in the examined farms. These models were then used to calculate the number of milked cows per hour and the number of milking groups. The main findings were simple equations, specific for each milking system, easily accessible by the farmer to correctly size his milking system

Strategic mineral resources: availability and future estimations for the renewable energy sector

To keep the increase in global average temperature below 2 °C the use of renewable energy sources is essential. There are various scenarios for this energy transition depending on the amounts and types of renewable energies implemented. However, the material requirements to build new renewable power systems is rarely considered. It is key to understand the impact that the increasing demand of materials for renewable technologies could have on mining and mineral availability and so avoid potential disruptions. Thirteen strategic elements for the renewable energy sector have been analyzed which could generate supply shortages in the medium to long term. From the supply side, production, current resources and data related to future production have been compiled. From the demand side, element use in solar power (PV and CSP), wind energy (on and off-shore), and electric vehicles have been analyzed, as well as the demand of each element in other sectors from 2018 to 2050. Of the 13 elements included in this study, cobalt, lithium, tellurium, and nickel are the most critical of all. Technologies should be more effective in their use. Governments and companies should incorporate policies related to the conservation and extension of its life through recycling and servitisation to avoid resource depletion. © 2021 Elsevier B.V

Measuring two-photon orbital angular momentum entanglement

We put forward an approach to estimate the amount of bipartite spatial entanglement of down-converted photon states correlated in orbital angular momentum and the magnitude of the transverse (radial) wave vectors. Both degrees of freedom are properly considered in our framework, which only requires azimuthal local linear optical transformations and mode selection analysis with two fiber detectors. The coincidence distributions predicted by our approach give an excellent fit to the distributions measured in a recent experiment aimed to show the very high-dimensional transverse entanglement of twin photons from a down-conversion source. Our estimate for the Schmidt number is substantially lower but still confirms the presence of high-dimensional entanglement.Comment: Extended paper of a published version in PRA, with some extra appendice

Limit of recovery: How future evolution of ore grades could influence energy consumption and prices for Nickel, Cobalt, and PGMs

The unique properties of certain metals have made them indispensable in manufacturing advanced technological devices and for use in the green economy. However, these metals are not infinite, and the average ore grades in mines have been decreasing in recent decades. This study examines energy consumption as a function of ore grade decline for Nickel, Cobalt, and platinum group metals (PGMs), using simulations created with HSC Chemistry software. A limit of recovery (LOR) for each commodity was also defined. A comparative analysis of the evolution of ore grades, energy costs, and market prices was additionally carried out. According to the simulations, extracting nickel from sulfide ore tailings would be profitable if the price doubled. As for Cobalt, it would only be feasible if the market price increased considerably. For PGMs, even if the ore grade reached the LOR, it would still be profitable to recover them under certain circumstances explored in the paper