Innovation and information acquisition under time inconsistency and uncertainty

This paper analyzes the impact of hyperbolic discounting preferences on theagent's information acquisition decision who wants to undertake a potentialdangerous activity for human health or the environment. We find that belowcertain discount rate threshold, an agent prefers ignoring information andcontinuing his project. On the other hand, above this threshold, it is optimal forhim to acquire information, and the investment for acquiring the information isincreasing with the discount rate. We then conclude that hyperbolic discountingpreferences limit the information acquisition. Moreover, we explain that the lackof self-control induced by hyperbolic discounting preferences also restraints theinformation acquisition. Finally, we analyze the efficiency of the strict liabilityrule and the negligence rule to motivate the agent to acquire information.Innovation, information acquisition, uncertainty, self-control, time inconsistency,liability rules

Innovation and Information Acquisition Under Time Inconsistency and Uncertainty

We propose to analyse the hyperbolic discounting preferences effect on the innovator's research investment decision. Investing in research allows him to acquire information, and then to reduce the uncertainty of the risks of his project. We find that whatever the innovator's preferences, that is hyperbolic or time-consistent, there exists a research investment constraint that limits the information acquisition. However, even if the information is free, while a time-consistent agent always acquires information, a hyperbolic agent may prefer staying ignorant. We also emphasize that hyperbolic discounting preferences induce and information precision constraint that leads the hyperbolic innovator to ignore the information whilethe time-consistent innovator gets it. Moreover, the possibility that the agent has a commitment power in the future strengthens this ignorance strategy. Finally, we investigate the impact of existing liability rules on the innovator's decision to acquire information.Innovation, information acquisition, uncertainty, self-control, time inconsistency, liability rules

Electricity, carbon and weather in France: where do we stand ?

As a tool to fight long run changes in climate the European Union explicitly introduced the emission trading scheme (EU ETS) on January 1, 2005, which aimed at reducing carbon emission by 8% by 2012, and was designed to operate in two phases. Using data related to the first phase, this article investigates the role that the EU ETS plays in the power generation market by taking into account the existence of possible cross-spillovers between the French carbon and the French electricity spot markets, the spot prices of natural gas and of oil, and climatic conditions in France and elsewhere. Results show that there is no short run relationship between the electricity and carbon returns, while there is a long run relationship. However, this relationship suffers from a disequilibrium in that the electricity price readjust in the long run. We also find that while there are own mean and own volatility spillovers in the two markets, there are no cross own mean and own volatility spillovers, indicating that the electricity spot market and the carbon spot market are not integrated. Finally, results underline the limited impact of weather on the interconnection of these markets.Carbon market, Electricity, Weather, Multivariate GARCH

Electricity, carbon and weather in France: where do we stand ?

As a tool to fight long run changes in climate the European Union explicitly introduced the emission trading scheme (EU ETS) on January 1, 2005, which aimed at reducing carbon emission by 8% by 2012, and was designed to operate in two phases. Using data related to the first phase, this article investigates the role that the EU ETS plays in the power generation market by taking into account the existence of possible cross-spillovers between the French carbon and the French electricity spot markets, the spot prices of natural gas and of oil, and climatic conditions in France and elsewhere. Results show that there is no short run relationship between the electricity and carbon returns, while there is a long run relationship. However, this relationship suffers from a disequilibrium in that the electricity price readjust in the long run. We also find that while there are own mean and own volatility spillovers in the two markets, there are no cross own mean and own volatility spillovers, indicating that the electricity spot market and the carbon spot market are not integrated. Finally, results underline the limited impact of weather on the interconnection of these markets

Contrôle de drones et robots par reconnaissance de mouvements complexes.

Dans cette étude, deux méthodes ont été appliquées à la reconnaissance de mouvements complexes dans le contexte du pilotage de drones et de robots par des mouvements de l'opérateur détectés par des accéléromètres sur trois axes : la première basée sur un filtre de Kalman supprime le bruit et donne une visualisation 3D du mouvement reconnaissable par un être humain, la seconde basée sur des Chaînes de Markov Cachées permet d'identifier le mouvement de manière automatique. Nous présentons ici les résultats obtenus avec une implémentation sur la plateforme Android

From the definition of Silicosis at the 1930 Johannesburg conference to the blurred boundaries between pneumoconioses, sarcoidosis and pulmonary alveolar proteinosis (PAP)

The 1930 International Labour Office Conference on silicosis in Johannesburg identified silicosis by setting a medicolegal framework to its nosology: as with other occupational illnesses, its medical content was fixed under economic pressure. This article follows a reading of all the proceedings of this conference (debates and reports of experts) to examine their potential impact on the etiology and nosology of other diseases, specifically sarcoidosis and pulmonary alveolar proteinosis (PAP), “idiopathic” diseases in which inorganic particles may be involved. We propose renewed study of the role of inorganic particles in these diseases. To do this, we propose to mobilize detection means such as mineralogical analysis and electron microscopy and in depth interviewing that are currently seldom used in France, in order to establish diagnosis and the potential occupational and environmental origin of these diseases

Test beam results for an upgraded forward tagger of the L3 experiment at LEP II

We have tested new scintillator modules with silicon photodiode readout for the upgraded Active Lead Rings (ALR) of the L3 detector at LEP II. Results are presented from data recorded in muon and electron test beams with particular emphasis on the light production and collection as a function of the particle impact position on the scintillator modules. The results from the beam test data will be used for the design of the readout and trigger electronics in conjunction with the required ALR performance as an electron tagger and beam background monitor at LEP II

Physical Origin of the Boson Peak Deduced from a Two-Order-Parameter Model of Liquid

We propose that the boson peak originates from the (quasi-) localized vibrational modes associated with long-lived locally favored structures, which are intrinsic to a liquid state and are randomly distributed in a sea of normal-liquid structures. This tells us that the number density of locally favored structures is an important physical factor determining the intensity of the boson peak. In our two-order-parameter model of the liquid-glass transition, the locally favored structures act as impurities disturbing crystallization and thus lead to vitrification. This naturally explains the dependence of the intensity of the boson peak on temperature, pressure, and fragility, and also the close correlation between the boson peak and the first sharp diffraction peak (or prepeak).Comment: 5 pages, 1 figure, An error in the reference (Ref. 7) was correcte

Measurement of the Running of the Electromagnetic Coupling at Large Momentum-Transfer at LEP

The evolution of the electromagnetic coupling, alpha, in the momentum-transfer range 1800GeV^2 < -Q^2 < 21600GeV^2 is studied with about 40000 Bhabha-scattering events collected with the L3 detector at LEP at centre-of-mass energies 189-209GeV. The running of alpha is parametrised as: alpha(Q^2) = alpha_0/(1-C Delta alpha(Q^2)), where alpha_0=\alpha(Q^2=0) is the fine-structure constant and C=1 corresponds to the evolution expected in QED. A fit to the differential cross section of the e+e- ->e+e- process for scattering angles in the range |cos theta|<0.9 excludes the hypothesis of a constant value of alpha, C=0, and validates the QED prediction with the result: C = 1.05 +/- 0.07 +/- 0.14, where the first uncertainty is statistical and the second systematic