High-efficiency device research

Progress on research in high-efficiency silicon solar cells is presented. Topics addressed include: recombination measurement techniques, doped crystals, minority carrier transport, oxygen process in solar cells, solar cell models, loss mechanics in solar cells, high-efficiency metal insulators, dendritic web cells, and surface and bulk loss reduction by low-energy hydrogen doping

Vacuum lamination of photovoltaic modules

Vacuum lamination of terrestrial photovoltaic modules is a new high volume process requiring new equipment and newly develop materials. Equipment development, materials research, and some research in related fields and testing methods are discussed

Study of blade aspect ratio on a compressor front stage aerodynamic and mechanical design report

A single stage compressor was designed with the intent of demonstrating that, for a tip speed and hub-tip ratio typical of an advanced core compressor front stage, the use of low aspect ratio can permit high levels of blade loading to be achieved at an acceptable level of efficiency. The design pressure ratio is 1.8 at an adiabatic efficiency of 88.5 percent. Both rotor and stator have multiple-circular-arc airfoil sections. Variable IGV and stator vanes permit low speed matching adjustments. The design incorporates an inlet duct representative of an engine transition duct between fan and high pressure compressor

The Existence and Persistence of a Winner’s Curse: New Evidence from the (Baseball) Field

This study takes advantage of recent developments in the measurement and valuation of individual output in the baseball labor market to (i) reassess prior evidence that this market is afflicted by the winner’s curse phenomenon and (ii) test whether bidders learn to avoid this curse over time. Though we find no evidence of negative average returns on player contracts for the earliest cohort of baseball free agents, we conclude that teams in that era failed to efficiently discount their bids in accord with available information, especially about risk. What is more, evidence from a larger sample of players signed in the late 1990s shows that teams have continued to overvalue inconsistent free agents and failed to limit their bids to conform to players’ lower values in small markets. This is consistent with experimental evidence that finds bounded-rational behavior when bidders are faced with complex valuation problems involving multiple elements.market efficiency, bounded rationality, overbidding

Local Currency Bond Markets

We analyze the development of 49 local bond markets. Our main finding is that policies and laws matter: Countries with stable inflation rates and strong creditor rights have more developed local bond markets and rely less on foreign-currency-denominated bonds. The results suggest that "original sin" is a misnomer. Emerging economies are not inherently dependent upon foreign-currency debt. Rather, by improving policy performance and strengthening institutions they may develop local currency bond markets, reduce their currency mismatch, and lessen the likelihood of future crises.

Local Currency Bond Markets

This paper analyzes the development of 49 local bond markets. The main finding is that policies and laws matter: countries with stable inflation rates and strong creditor rights have more developed local bond markets and rely less on foreigncurrency-denominated bonds. The results suggest that "original sin" is a misnomer. Emerging economies are not inherently dependent on foreign currency debt. Rather, by improving policy performance and strengthening institutions, they may develop local currency bond markets, reduce their currency mismatch, and lessen the likelihood of future crises. Copyright 2006, International Monetary Fund

Testing Fair Wage Theory

Fairness considerations often are invoked to explain wage differences that appear unrelated to worker characteristics or job conditions, but non-experimental tests of fair wage models are rare and weak because of the limits of available market-generated data. In particular, such data rarely permit researchers to (a) identify suitable reference points that employees and employers might use in determining what is fair and (b) control for employees’ marginal output and its value. This study utilizes a unique dataset from the baseball labor market that solves both problems. We find no support for fair wage theory in this market. We also find that fairness premia can be illusory: Wages appear to be adjusted upward for reasons of fairness in regressions that control for variation in individuals’ physical output, but such premia evaporate when the value of that output (which can be market- or firm-specific) is held constant. This suggests that avoiding proxy measures of workers’ marginal revenue products in wage studies might reduce the number of labor market "anomalies" economists must resolve.fairness, efficiency wages, wage differentials

Foreign Participation in Local Currency Bond Markets

Countries that cannot attract foreigners to invest in their local currency bonds run the risk of currency mismatches that can result in painful crises. We analyze foreign participation in the bond markets of over 40 countries. Bond markets in less developed countries have returns characterized by high variance and negative skewness, factors that we show are eschewed by U.S. investors. While results based on a three-moment CAPM indicate that it is diversifiable idiosyncratic risk that U.S. investors shun, our analysis suggests that countries can improve foreign participation by reducing macroeconomic instability.

Flat-plate solar array project. Volume 5: Process development

The goal of the Process Development Area, as part of the Flat-Plate Solar Array (FSA) Project, was to develop and demonstrate solar cell fabrication and module assembly process technologies required to meet the cost, lifetime, production capacity, and performance goals of the FSA Project. R&D efforts expended by Government, Industry, and Universities in developing processes capable of meeting the projects goals during volume production conditions are summarized. The cost goals allocated for processing were demonstrated by small volume quantities that were extrapolated by cost analysis to large volume production. To provide proper focus and coverage of the process development effort, four separate technology sections are discussed: surface preparation, junction formation, metallization, and module assembly