An Experiment on Innovation and Collusion

This paper examines the relationship between product innovation and the success of price collusion using novel laboratory experiments. Average market prices in low innovation (LO) experiments are significantly higher than those in high innovation, but otherwise identical experiments. This price difference is attributed to LO experimental subjects\u27 greater common market experience. The data illustrate how collusion can be perceived as the only way to make it in LO markets where product innovation is not a viable strategy for increasing profits. They suggest that product homogeneity can be a proximate cause, and product innovation an ultimate cause, of collusion

Signatures of Spin Glass Freezing in NiO Nanoparticles

We present a detailed study of the magnetic properties of sol-gel prepared nickel oxide nanoparticles of different sizes. We report various measurements such as frequency, field and temperature dependence of ac susceptibility, temperature and field dependence of dc magnetization and time decay of thermoremanent magnetization. Our results and analysis show that the system behaves as a spin glass.Comment: 8 pages, 9 figure

A free-energy landscape picture and Landau theory for the dynamics of disordered materials

Landau's theory of phase transitions is adapted to treat independently relaxing regions in complex systems using nanothermodynamics. The order parameter we use governs the thermal fluctuations, not a specific static structure. We find that the entropy term dominates the thermal behavior, as is reasonable for disordered systems. Consequently, the thermal equilibrium occurs at the internal-energy maximum, so that the minima in a potential-energy landscape have negligible influence on the dynamics. Instead the dynamics involves normal thermal fluctuations about the free-energy minimum, with a time scale that is governed by the internal-energy maximum. The temperature dependence of the fluctuations yields VTF-like relaxation rates and approximate time-temperature superposition, consistent with the WLF procedure for analyzing the dynamics of complex fluids; while the size dependence of the fluctuations provides an explanation for the distribution of relaxation times and heterogeneity that are found in glass-forming liquids, thus providing a unified picture for several features in the dynamics of disordered materials.Comment: 18 pages, 3 figure

Hole-burning experiments within solvable glassy models

We reproduce the results of non-resonant spectral hole-burning experiments with fully-connected (equivalently infinite-dimensional) glassy models that are generalizations of the mode-coupling approach to nonequilibrium situations. We show that an ac-field modifies the integrated linear response and the correlation function in a way that depends on the amplitude and frequency of the pumping field. We study the effect of the waiting and recovery-times and the number of oscillations applied. This calculation will help descriminating which results can and which cannot be attributed to dynamic heterogeneities in real systems.Comment: 4 pages, 8 figures, RevTe

Destruction of density-wave states by a pseudo-gap in high magnetic fields: application to (TMTSF)2_2ClO4_4

A model is presented for the destruction of density-wave states in quasi-one-dimensional crystals by high magnetic fields. The model is consistent with previously unexplained properties of the organic conductors (TMTSF)$_2$ClO$_4$ and (BEDT-TTF)$_2$MHg(SCN)$_4$ (M=K,Rb,Tl). As the magnetic field increases quasi-one-dimensional density-wave fluctuations increase, producing a pseudo-gap in the electronic density of states near the transition temperature. When the pseudo-gap becomes larger than the mean-field transition temperature formation of a density-wave state is not possible.Comment: 4 pages, RevTeX, 2 figures in uuencoded compressed tar file. Small changes to text and Figure 1. Final version to appear in Physical Review Letter

Theory of Thermodynamic Magnetic Oscillations in Quasi-One-Dimensional Conductors

The second order correction to free energy due to the interaction between electrons is calculated for a quasi-one-dimensional conductor exposed to a magnetic field perpendicular to the chains. It is found that specific heat, magnetization and torque oscillate when the magnetic field is rotated in the plane perpendicular to the chains or when the magnitude of magnetic filed is changed. This new mechanism of thermodynamic magnetic oscillations in metals, which is not related to the presence of any closed electron orbits, is applied to explain behavior of the organic conductor (TMTSF)$_2$ClO$_4$.Comment: 11 pages + 5 figures (included

Studies of the limit order book around large price changes

We study the dynamics of the limit order book of liquid stocks after experiencing large intra-day price changes. In the data we find large variations in several microscopical measures, e.g., the volatility the bid-ask spread, the bid-ask imbalance, the number of queuing limit orders, the activity (number and volume) of limit orders placed and canceled, etc. The relaxation of the quantities is generally very slow that can be described by a power law of exponent $\approx0.4$. We introduce a numerical model in order to understand the empirical results better. We find that with a zero intelligence deposition model of the order flow the empirical results can be reproduced qualitatively. This suggests that the slow relaxations might not be results of agents' strategic behaviour. Studying the difference between the exponents found empirically and numerically helps us to better identify the role of strategic behaviour in the phenomena.Comment: 19 pages, 7 figure