Rivalry and uncertainty in complementary investments with dynamic market sharing

We study the effects of revenue and investment cost uncertainty, as well non- preemption duopoly competition, on the timing of investments in two complementary inputs, where either spillover-knowledge is allowed or proprietary-knowledge holds. We find that the ex-ante and ex-post revenue market shares play a very important role in firms’ behavior. When competition is considered, the leader’s behavior departs from that of the monopolist firm of Smith (Ind Corp Change 14:639–650, 2005). The leader is justified in following the conventional wisdom (i.e., synchronous investments are more likely), whereas, the follower’s behavior departs from that of the conventional wisdom (i.e., asynchronous investments are more likely)

Effect of Cryogrinding on Chemical Stability of the Sparingly Water-Soluble Drug Furosemide

Purpose To investigate the effect of cryogrinding on chemical stability of the diuretic agent furosemide and its mixtures with selected excipients. Methods Furosemide was ground at liquid nitrogen temperature for 30, 60, 120 and 180 min. Mixtures of furosemide-PVP and furosemide-inulin (1:1) were milled under cryogenic conditions. Materials were analyzed by XRD, UPLC, MS and NMR. Results Upon increasing the milling time, a significant build-up of an unidentified impurity 1, probably the main degradation product, was noticed. Cogrinding of furosemide with PVP and inulin worsened chemical stabilization of the pharmaceutical. The main degradation product formed upon cryomilling was subsequently identified as 4-chloro-5-sulfamoylanthranilic acid (CSA). Based on some theoretical considerations involving specific milling conditions, the milling intensity and an expected specific milling dose have been calculated. Results indicate that cryogenic grinding is capable to initiate mechanically induced decomposition of furosemide.Conclusions Cryogenic grinding can activate and accelerate not only structural changes (solid state amorphization) but also chemical decomposition of pharmaceuticals. A cryogenic milling device should be considered as a chemical reactor, where under favourable conditions chemical reactions could be mechanically initiated

Datation par thermoluminescence

Since 1953, a number of scientists have been concerned with the use of thermoluminescence for the dating of burned or fired minerals. After recalling some of the physical principles of thermoluminescence, this paper describes that dating process with emphasis upon the working of the thermoluminescent phenomenon in a piece of earthenware. The dose of irradiation received by the material being in direct ratio to the time elapsed since the "archeological zero", it is possible to determine the "archeological dose" and, after calculating the annual dose of irradiation, infer from it the age of the sample. Practically, however, carrying out such a set of measurements is arduous matter. In a forthcoming paper, E. A. Decamps and A. Roman will present some results about the thermoluminescence of samples of pure or doped natural quartz and the perfecting of a new dating process.Depuis 1953, de nombreux chercheurs se sont intéressés à la datation par thermoluminescence de minéraux anciennement brûlés ou cuits. Dans ce travail, après avoir rappelé quelques principes physiques de la thermoluminescence, on présente cette méthode de datation en mettant l'accent sur le mécanisme thermoluminescent dans une poterie. Ainsi la dose d’irradiation reçue par le matériau étant proportionnelle au temps écoulé depuis le "zéro archéologique", il est possible de déterminer "la dose archéologique" et d'en déduire l'âge de l’échantillon après avoir calculé la dose d’irradiation annuelle. La réalisation pratique d’un tel ensemble de mesure est cependant très ardue. Dans un prochain article, E. A. Decamps et A. Roman montreront des résultats relatifs à la thermoluminescence d’échantillons de quartz naturels, purs et dopés et la mise au point d’une nouvelle méthode de datation.Desde 1953, muchos investigadores se han interesado en la datación por termoluminiscencia de minerales antiguamente quemados o cocidos. Dentro de este trabajo, luego de haber recordado algunos principios físicos de la termoluminiscencia, se presenta este método de datación poniendo mayor atención en el mecanismo termoluminiscente en una vasija de metal o de barro. Siendo proporcional la dosis de irradiación recibida al tiempo transcurrido desde el "cero arqueológico", es posible determinar "la dosis arqueológica", y deducir la edad de la muestra luego de haber calculado la dosis de irradiación anual. La realización práctica de un trabajo de tal dimensión es sin embargo muy ardua. En un próximo artículo, E. A. Decamps y A. Roman presentarán los resultados relativos a la termoluminiscencia de muestras de cuarzo naturales, puras y dopadas y la elaboración de un nuevo método de datación.Abba F., Decamps E. A., Brun Patrice, Bombre F. Datation par thermoluminescence. In: Bulletin de l'Institut Français d’Études Andines, tome 5, N°3-4, 1976. pp. 91-104

A P.D.E. Approach to Asian Options: Analytical and Numerical Evidence.

We first derive a one state variable partial differential equation, easy to emplement, which characterizes the price of a European type Asian option. This result is explained and related to previous literature. When we derive new results on the hedging of an Asian option and propose analytical and numerical analysis on the comparison between Asian and European options. Our methodology which applies to "fixed-strike" Asian options as well to "floating-strike" Asian options completes and clarifies various results in the literature. In this paper we focus on "backward-starting" Asian options. Our approach is quite general however, and we explain how to adapt our main results to the case of "forward-starting" Asian options.FINANCIAL MARKET ; PRICING

Effects of injected interstitials and of the surface during 10 mev fe ions irradiation in 304 austenitic steels

International audienc

Investigation of ion irradiation defects microstructure and cavity swelling evolution in austenitic steels representative of PWR internals

International audienceThe lower core internals, notably made in Solution Annealed (SA) 304 austenitic stainless steels for plates, are structure supporting the fuel assemblies of Pressurized Water Reactors (PWR). They are exposed to high irradiation, inducing microstructural and microchemical changes with potential evolutions of macroscopic behaviours, as swelling, which is a macroscopic dimensional modification. This phenomenon has been associated to the formation and growth of cavities in Fast Breeder Reactors. Recently bubbles have been observed in PWR irradiated materials, but without macroscopic swelling. With the aim of the PWR operation time extension up to 60 years, doses as high as 120 dpa, at a temperature close to 300-370C should be reached and the evolution of the microstructure at high doses is a matter of concern.The evolution of the microstructure of two SA 304, with different carbon contents, has been investigated under Fe ion irradiation, from 5 dpa to 100 dpa at 450C. The radiation induced defects (cavities, Frank loops, precipitates) were investigated mainly by Transmission Electron Microscopy (TEM) and their evolution with dose will be described as well as the influence of carbon. It appears that swelling remains very low even at high doses. Parametrization of a cluster dynamics (CD) model has been done based on these experimental results. CD calculations were performed to simulate the evolution of defects with depth and results compared with observations along the damage profile on FIB samples. The use of ion irradiation to reproduce neutron irradiation microstructure will be discussed

Microstructural characterizations of austenitic stainless steels representative of PWR internals irradiated with ions from low to high doses and comparison to cluster dynamic simulations

International audienceThe French nuclear industry is looking into the extension of the operation time of pressurized water reactors (PWR) up to 60 years. The lower parts of the internals are composed of Solution Annealed (SA) 304 austenitic stainless steel plates and Cold Worked (CW) 316 stainless steel bolts. Due to their high exposition to irradiation it is expected to reach doses as high as 120 dpa after 60 years, at temperatures in the range of 300 to 370°C. The microstructures under ion irradiations of two 304 austenitic stainless steels grades that mainly differ in carbon content are investigated by Transmission Electron Microscopy (TEM). The evolution of radiation-induced defects as cavities, Frank loops and precipitates with the dose are studied as well as the influence of carbon. Ion irradiations from 5 to 100 dpa have been carried out at JANNuS-Saclay facility on using iron ions (10 MeV). To counterbalance the flux effect, irradiation temperature was set to 450°C.As observed in PWR internals, Frank loop density and size reach saturation at about 5 dpa. This validates the chosen shift of temperature. Major precipitation is observed in both 304 at high doses, however precipitates appears earlier and in higher concentration in the higher carbon content steel. Voids are present, and are relatively small in size and in low density considering the dose. As the dose increases the mean size and void density increase as well, with exception at high doses in 304L where a bimodal size distribution is observed. Carbon and precipitation seem to delay germination of cavities. In-situ irradiation up to 1.5 dpa were also performed at JANNuS-Orsay facility. It allows to investigate the evolution and creation of defects in the early moment of irradiation. Apparition of black dots and evolution of the dislocation network (Frank loops and perfect dislocations) are visible at the very beginning of irradiation. Finally, the evolution of the microstructure under irradiation with time (doses) and space (along the damage profile) is successfully modelled using Cluster Dynamic (CD) code CRESCENDO. Calculations along the profile damage show that surface and injected interstitials have an effect on the microstructure and confirm experimental observations. The effect of the surface is observable on cavities and Frank loops, on a large depth. Also, injected interstitials have an effect on both cavities and Frank loops. Microstructures as a function of the depth are explained based on the coupling between experiments and CD calculation