On Equilibrium in Monopolistic Competition

The price, output, and quality of a monopolistic competitor are determined by maximizing the difference between its revenue and its cost, where cost is measured exclusive of the rent on its product-specialized inputs. It can be argued that such a firm must have unique inputs that are specialized to its unique product—since product differentiation is otherwise compatible with perfect competition—and the uniqueness of these inputs allows them to earn positive rent, even in long-run equilibrium. The inclusion of rent in cost gives rise to the traditional Chamberlinian solution, in which (rent-inclusive) average cost is tangent to demand and therefore downward-sloping. But if rent is excluded, average cost may be constant or even upward-sloping in equilibrium, and in this sense, monopolistic competition need not give rise to excess capacity or to production facilities that are too small. The basic conclusion is that monopolistic competition improves welfare—that is to say, it creates consumer and producer surplus—by creating variety without necessarily reducing output.

Modulation of human corticospinal excitability by paired associative stimulation

Paired Associative Stimulation (PAS) has come to prominence as a potential therapeutic intervention for the treatment of brain injury/disease, and as an experimental method with which to investigate Hebbian principles of neural plasticity in humans. Prototypically, a single electrical stimulus is directed to a peripheral nerve in advance of transcranial magnetic stimulation (TMS) delivered to the contralateral primary motor cortex (M1). Repeated pairing of the stimuli (i.e., association) over an extended period may increase or decrease the excitability of corticospinal projections from M1, in manner that depends on the interstimulus interval (ISI). It has been suggested that these effects represent a form of associative long-term potentiation (LTP) and depression (LTD) that bears resemblance to spike-timing dependent plasticity (STDP) as it has been elaborated in animal models. With a large body of empirical evidence having emerged since the cardinal features of PAS were first described, and in light of the variations from the original protocols that have been implemented, it is opportune to consider whether the phenomenology of PAS remains consistent with the characteristic features that were initially disclosed. This assessment necessarily has bearing upon interpretation of the effects of PAS in relation to the specific cellular pathways that are putatively engaged, including those that adhere to the rules of STDP. The balance of evidence suggests that the mechanisms that contribute to the LTP- and LTD-type responses to PAS differ depending on the precise nature of the induction protocol that is used. In addition to emphasizing the requirement for additional explanatory models, in the present analysis we highlight the key features of the PAS phenomenology that require interpretation

The Influence of Rebate Programs on the Demand for Water Heaters: The Case of New South Wales

In the past decade the Australian Federal government and state governments have established a wide range of programs to cut greenhouse gas emissions from all sectors. This paper examines the role of hot water system rebate programs in shifting the existing stock of electric water heaters toward more climate friendly versions using two unique data sets from New South Wales homeowners. The first data set is based on a survey of households who recently purchased a water heater and exploits a natural experiment created by the rebate program to quantify its effects. The other data set is based on a set of stated preference questions asked of households who own an older water heater and will in the reasonably near future face a replacement decision. We find that recent rebate programs significantly increased the share of solar/heat pump systems. For households without access to natural gas, this increased share comes directly from inefficient electric water heaters. For households with access to natural gas, older existing electric water heaters would likely have been replaced with gas water heaters in the absence of the rebate programs. The rebate program appears to be much less effective when water heaters are replaced on an emergency basis. Data from discrete choice experiments was analysed using several flexible choice models. A newly proposed model that combines a latent class approach with a random coefficients approach clearly dominates the other models in terms of statistical fit. Predictions based on this model estimate are reasonably consistent with actual purchase data. Results from it point to considerable heterogeneity with respect to household preferences toward different types of water heaters and with respect to the discount rates they hold.Climate change mitigation, Energy conservation programs, Natural experiments, Discrete choice experiments, Environmental Economics and Policy, Resource /Energy Economics and Policy,

Microlensing limits on numbers and orbits of extra-solar planets from the 1998-2000 OGLE events

We analyze three years (1998-2000) of OGLE observations of microlensing events to place limits on the abundance of planets with a planet-to-star mass ratio $q=10^{-3}$ at distances $\sim 1-4$AU from their host stars, i.e. `cool Jupiters'. We fit a total of 145 events using a maximum likelihood fit that adjusts 6 parameters. Each data point on the lightcurve allows us to exclude planets close to the two images of the source appearing on opposite sides of the Einstein ring of the lens star. We proceed to compute detection probability maps for each event, using $\Delta\chi^2$ threshold values of 25, 60, 100 and combine the results from all events to place global constraints. Our selection criteria returned 5 candidate events for a planet with mass ratio $q=10^{-3}$. Only two of these remained as plausible candidates after three were rejected due to poor data quality at the time of the anomalies. Our results suggest that less than 21 ($n$)% of the lens stars have Jupiter-mass planets orbiting them at an orbital radius of $1 < a < 4$ AU. $n \le 2$ is the number of planet anomaly candidates that are actually due to planets. The datasets presented here were obtained from the DoPhot analysis of the events available at the OGLE website. The main conclusion of this work is that observing time is more efficiently allocated by observing many events with sampling intervals that produce non-overlapping detection zones than using intensive sampling on a small number of events

Static internal performance of ventral and rear nozzle concepts for short-takeoff and vertical-landing aircraft

The internal performance of two exhaust system concepts applicable to single-engine short-take-off and vertical-landing tactical fighter configurations was investigated. These concepts involved blocking (or partially blocking) tailpipe flow to the rear (cruise) nozzle and diverting it through an opening to a ventral nozzle exit for vertical thrust. A set of variable angle vanes at the ventral nozzle exit were used to vary ventral nozzle thrust angle between 45 and 110 deg relative to the positive axial force direction. In the vertical flight mode the rear nozzle (or tailpipe flow to it) was completely blocked. In the transition flight mode flow in the tailpipe was split between the rear and ventral nozzles and the flow was vectored at both exits for aircraft control purposes through this flight regime. In the cruise flight mode the ventral nozzle was sealed and all flow exited through the rear nozzle

A Nested Logit Model of Recreational Fishing Demand in Alaska

Travel cost analysis, bioeconomic modeling, Public Economics, Research Methods/ Statistical Methods, Q26, Q22, C35,

Computational analysis reveals increased blood deposition following repeated mild traumatic brain injury.

Mild traumatic brain injury (mTBI) has become an increasing public health concern as subsequent injuries can exacerbate existing neuropathology and result in neurological deficits. This study investigated the temporal development of cortical lesions using magnetic resonance imaging (MRI) to assess two mTBIs delivered to opposite cortical hemispheres. The controlled cortical impact model was used to produce an initial mTBI on the right cortex followed by a second injury induced on the left cortex at 3 (rmTBI 3d) or 7 (rmTBI 7d) days later. Histogram analysis was combined with a novel semi-automated computational approach to perform a voxel-wise examination of extravascular blood and edema volumes within the lesion. Examination of lesion volume 1d post last injury revealed increased tissue abnormalities within rmTBI 7d animals compared to other groups, particularly at the site of the second impact. Histogram analysis of lesion T2 values suggested increased edematous tissue within the rmTBI 3d group and elevated blood deposition in the rm TBI 7d animals. Further quantification of lesion composition for blood and edema containing voxels supported our histogram findings, with increased edema at the site of second impact in rmTBI 3d animals and elevated blood deposition in the rmTBI 7d group at the site of the first injury. Histological measurements revealed spatial overlap of regions containing blood deposition and microglial activation within the cortices of all animals. In conclusion, our findings suggest that there is a window of tissue vulnerability where a second distant mTBI, induced 7d after an initial injury, exacerbates tissue abnormalities consistent with hemorrhagic progression