A dynamic choice model of hybrid behavior in the attribute-space

This paper presents a dynamic choice model in the attribute space considering rational consumers that discount the future. In light of the evidence of several state-dependence patterns, the model is further extended by considering a utility function that allows for the different types of behavior described in the literature: pure inertia, pure variety seeking and hybrid. The model presents a stationary consumption pattern that can be inertial, where the consumer only buys one product, or a variety-seeking one, where the consumer buys several products simultane-ously. Under the inverted-U marginal utility assumption, the consumer behaves inertial among the existing brands for several periods, and eventually, once the stationary levels are approached, the consumer turns to a variety-seeking behavior. An empirical analysis is run using a scanner database for fabric softener and significant evidence of hybrid behavior for most attributes is found, which supports the functional form considered in the theory.Consumer choice models, state-dependence models, consumption patterns, variety seeking, hybrid behavior

Equation of state of hard oblate ellipsoids by replica exchange Monte Carlo

We implemented the replica exchange Monte Carlo technique to produce the equation of state of hard 1:5 aspect-ratio oblate ellipsoids for a wide density range. For this purpose, we considered the analytical approximation of the overlap distance given by Bern and Pechukas and the exact numerical solution given by Perram and Wertheim. For both cases we capture the expected isotropic-nematic transition at low densities and a nematic-crystal transition at larger densities. For the exact case, these transitions occur at the volume fraction 0.341, and in the interval $0.584-0.605$, respectively.Comment: 4 pages, 2 figure

Measurement device design: Rain gauge

The need to size large hydraulic infrastructures, exploit extensive agricultural areas or simply arrange water assets for human consumption makes the evaluation of the available water resources essential. Water is a scarce resource that is poorly distributed both, spatially and temporally. Therefore, a set of hydrological networks that allow the evaluation of water quantity and quality is required. In order to achieve this, the first step is to retrieve reliable data on rainfall. To carry out a correct evaluation of water resources, both in the small and large scale, disposing hydrological networks that involve a certain number of measuring devices becomes critical. Despite the great amount of studies that have been developed on measuring devices such as rain gauges, there are still many errors that remain in the measurements and that have not been ruled out yet, thus affecting the accuracy of the measurements. In this sense, the design of a device that provides an accurate measurement of rainfall and also results affordable, could be the key to a product with great acceptance in the market. The aim of this work is to present the design of a measurement device that provides accurate data and can be used in multiple ways: as an ordinary rain gauge, as a rain gauge recorder, or even allowing to carry on both functions simultaneously. The methodology followed for its implementation has consisted in analyzing the techniques and procedures to be trailed at quantifying rainfall, conducting a market study and analyzing specifications to be in accordance to WMO (World Meteorological Organization) [2] [3] to then go through a conceptual design and finally complete the detailed design where materials are valued and simulation tests are performed in order to meet certain accuracy and economical requirements.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

The cost of market power in banking: social welfare loss vs. inefficiency cost

This paper analyses the relationship between market power in the loan and deposit markets and efficiency in the EU15 countries over 1993-2002. Results show the existence of a positive relationship between market power and cost X-efficiency, allowing rejection of the so-called quiet life hypothesis (Berger and Hannan, 1998). The social welfare loss attributable to market power in 2002 represented 0.54% of the GDP of the EU15. Results show that the welfare gains associated with a reduction of market power are greater than the loss of bank cost efficiency, showing the importance of economic policy measures aimed at removing the barriers to outside competition.market power, welfare loss, X-inefficiency, banking

Factors Explaining the Interest Margin in the Banking Sectors of the European Union

This study analyses the interest margin in the principal European banking sectors (Germany, France, the United Kingdom, Italy and Spain) in the period 1993-2000 using a panel of 15,888 observations, identifying the fundamental elements affecting this margin. Our starting point is the methodology developed in the original study by Ho and Saunders (1981) and later extensions, but widened to take banks’ operating costs explicitly into account. Also, unlike the usual practice in the literature, a direct measure of the degree of competition (Lerner index) in the different markets is used. The results show that the fall of margins in the European banking system is compatible with a relaxation of the competitive conditions (increase in market power and concentration), as this effect has been counteracted by a reduction of interest rate risk, credit risk, and operating costs.margins, competition

Banking competition, financial dependence and economic growth

The aim of this paper is to analyse the effect of financial development and banking competition on economic growth using both structural measures of competition (market concentration) and measures based on the new empirical industrial organization perspective (Panzar and Rosse`s test and the Lerner index). The evidence obtained in the period 1993-2003 for a sample of 53 sectors in 21 countries indicates that financial development and the exercise of bank market power promote economic growth. The latter result is consistent with the literature on relationship lending which argues that bank competition can have a negative effect on the availability of finance for companies that are informationally more opaque. The results cast doubt on the use of market concentration measures as indicators of competition.economic growth; financial development; bank competition

Regional financial development and bank competition: effects on economic growth

Many studies have analysed the effect of financial development and bank competition on economic growth from a cross-country perspective. However, to our knowledge, no paper has analysed the effect of these two financial variables on growth at regional level. This paper examines the case of the Spanish regions in an attempt to fill this gap. Our results show that firms in industries with a greater dependence on external finance grow faster in more developed financial regions. The results also show that bank monopoly power has an inverted-U effect on economic growth, suggesting that market power has its highest effect at intermediate values. The effect is heterogeneous among firms according to the financial dependence of the industry they belong to. This result is consistent with the literature on relationship banking which argues that bank competition can have a negative effect on the availability of finance for more informationally opaque firms.economic growth; regional financial development; bank competition

Regional Financial Development and Bank Competition: Effects on Firms' Growth

This paper analyzes the effect of regional financial development and bank competition on firms’ growth using the Spanish provinces as a testing ground. Our results show that firms in industries with a greater dependence on external finance grow faster in more financially developed provinces. The results also show that bank monopoly power has an inverted-U effect on firms’ growth, suggesting that market power has its highest effect at intermediate values. The effect is heterogeneous among firms according to the financial dependence of the industry they belong to. This result is consistent with the literature on relationship banking which argues that bank competition can have a negative effect on the availability of finance for more informationally opaque firms.economic growth; regional financial development; bank competition

Optical feedback and the coupling problem in semiconductor microdisk lasers

The smaller the size of a light-emitting microcavity, the more important it becomes to understand the effects of the cavity boundary on the optical mode profile. Conventional methods of laser physics, such as the paraxial approximation, become inapplicable in many of the more exotic cavity designs to be discussed here. Cavities in the shape of microdisks, pillars and rings can yield low lasing thresholds in a wide variety of gain media: quantum wells, wires and even dots, as well as quantum cascade superlattices and GaN. An overview of the experimental and theoretical status is provided, with special emphasis on the light extraction problem.Comment: PDF generated by pdflate