Opportunity cost and prudentiality : a representative-agent model of futures clearinghouse behavior

Includes bibliographic references (p. 31-38)

Opportunity cost and prudentiality : an analysis of futures clearinghouse behavior

Margin deposits, which serve as collateral to protect the clearinghouse, are typically the most important tool for risk management. The authors develop a model that explains how creating a futures clearinghouse may allow traders simultaneously to reduce both the risk of default and the total amount of margin that members post. Optimal margin levels are determined by the need to balance the deadweight costs of default against the opportunity cost of holding additional margin. Both costs are a consequence of market participants'imperfect access to capital markets. The simultaneous reduction in default risk and in the opportunity cost of margin deposits is possible because the creation of the clearinghouse facilitates multilateral netting. The authors characterize the conditions under which multilateral netting will dominate bilateral netting. They also show that it is credible for the clearinghouse to expel members who default, further reducing the risk of default. Finally, they show that it may (but need not) be optimal for the clearinghouse to monitor the financial condition of its members. If monitoring occurs, it will reduce the amount of margin required, but need not affect the probability of default. The empirical tests run by the authors indicate that the opportunity cost of margin plays an important role in determining margin. The relationship between volatility and margins indicates that participants face an upward-sloping opportunity cost for margin, which appears to more than offset the effects that monitoring and expulsion would be expected to have on margin setting.Environmental Economics&Policies,Banks&Banking Reform,International Terrorism&Counterterrorism,Economic Theory&Research,Insurance&Risk Mitigation

Perceptions of Assessment in Elementary Physical Education: A Case Study

The purpose of the study was twofold: (a) to examine a teacher\u27s perceptions of attempting to implement assessments aligned with the NASPE standards and (b) to examine students\u27 perceptions of assessment in physical education. Participants were 46 4th grade students and their physical education teacher. Data were collected through a Likert-scale attitude questionnaire, documents and interviews with 27 of the 46 students and their teacher. Questionnaire data were analyzed with descriptive statistics. Interview data were analyzed qualitatively. Results indicated that both teacher and students perceived that the teaching-learning process was enhanced through the process of using assessment aligned with the NASPE standards. Secondly, marginalization of physical education impacted both students\u27 and teacher\u27s perceptions of assessment

Observations of Mass Loss from the Transiting Exoplanet HD 209458b

Using the new Cosmic Origins Spectrograph (COS) on the {\it Hubble Space Telescope (HST)}, we obtained moderate-resolution, high signal/noise ultraviolet spectra of HD 209458 and its exoplanet HD 209458b during transit, both orbital quadratures, and secondary eclipse. We compare transit spectra with spectra obtained at non-transit phases to identify spectral features due to the exoplanet's expanding atmosphere. We find that the mean flux decreased by $7.8\pm 1.3$% for the C II 1334.5323\AA\ and 1335.6854\AA\ lines and by $8.2\pm 1.4$% for the Si III 1206.500\AA\ line during transit compared to non-transit times in the velocity interval --50 to +50 km s$^{-1}$. Comparison of the C II and Si III line depths and transit/non-transit line ratios shows deeper absorption features near --10 and +15 km s$^{-1}$ and less certain features near --40 and +30--70 km s$^{-1}$, but future observations are needed to verify this first detection of velocity structure in the expanding atmosphere of an exoplanet. Our results for the C II lines and the non-detection of Si IV 1394.76\AA\ absorption are in agreement with \citet{Vidal-Madjar2004}, but we find absorption during transit in the Si III line contrary to the earlier result. The $8\pm 1$% obscuration of the star during transit is far larger than the 1.5% obscuration by the exoplanet's disk. Absorption during transit at velocities between --50 and +50 km s$^{-1}$ in the C II and Si III lines requires high-velocity ion absorbers, but models that assume that the absorbers are high-temperature thermal ions are inconsistent with the COS spectra. Assuming hydrodynamic model values for the gas temperature and outflow velocity at the limb of the outflow as seen in the C II lines, we find mass-loss rates in the range (8--40)$\times 10^{10}$ g s$^{-1}$.Comment: 25 pages, 4 figures, Astrophysical Journal in pres

Searching for Far-Ultraviolet Auroral/Dayglow Emission from HD209458b

We present recent observations from the HST-Cosmic Origins Spectrograph aimed at characterizing the auroral emission from the extrasolar planet HD209458b. We obtained medium-resolution (R~18-20,000) far-ultraviolet (1150-1700A) spectra at both the Phase 0.25 and Phase 0.75 quadrature positions as well as a stellar baseline measurement at secondary eclipse. This analysis includes a catalog of stellar emission lines and a star-subtracted spectrum of the planet. We present an emission model for planetary H2 emission, and compare this model to the planetary spectrum. No unambiguously identifiable atomic or molecular features are detected, and upper limits are presented for auroral/dayglow line strengths. An orbital velocity cross-correlation analysis finds a statistically significant (3.8 sigma) feature at +15 (+/- 20) km/s in the rest frame of the planet, at 1582 A. This feature is consistent with emission from H2 B-X (2-9) P(4) (lambda_{rest} = 1581.11 A), however the physical mechanism required to excite this transition is unclear. We compare limits on relative line strengths seen in the exoplanet spectrum with models of ultraviolet fluorescence to constrain the atmospheric column density of neutral hydrogen between the star and the planetary surface. These results support models of short period extrasolar giant planets with weak magnetic fields and extended atomic atmospheres.Comment: Accepted to ApJ. 12 pages, 5 figures, 4 table

Quantification of methane emissions from UK biogas plants

The rising number of operational biogas plants in the UK brings a new emissions category to consider for methane monitoring, quantification and reduction. Minimising methane losses from biogas plants to the atmosphere is critical not only because of their contribution of methane to global warming but also with respect to the sustainability of renewable energy production. Mobile greenhouse gas surveys were conducted to detect plumes of methane emissions from the biogas plants in southern England that varied in their size, waste feed input materials and biogas utilization. Gaussian plume modelling was used to estimate total emissions of methane from ten biogas plants based on repeat passes through the plumes. Methane emission rates ranged from 0.1 to 58.7 kg CH4 hr-1, and the percentage of losses relative to the calculated production rate varied between 0.02 and 8.1%. The average emission rate was 15.9 kg CH4 hr-1, and the average loss was 3.7%. In general, methane emission rates from smaller farm biogas plants were higher than from larger food waste biogas plants. We also suggest that biogas methane emissions may account for between 0.4 and 3.8%, with an average being 1.9% of the total methane emissions in the UK excluding the sewage sludge biogas plants

Models based on the Mitscherlich equation for describing typical and atypical gas production profiles obtained from in vitro digestibility studies using equine faecal inoculum

Two models are proposed to describe atypical biphasic gas production profiles obtained from in vitro digestibility studies. The models are extensions of the standard Mitscherlich equation, comprising either two Mitscherlich terms or one Mitscherlich and one linear term. Two models that describe typical monophasic gas production curves, the standard Mitscherlich and the France model [a generalised Mitscherlich (root-t) equation], were assessed for comparison. Models were fitted to 25 gas production profiles resulting from incubating feedstuffs with faecal inocula from equines. Seventeen profiles displayed atypical biphasic patterns while the other eight displayed typical monophasic patterns. Models were evaluated using statistical measures of goodness-of-fit and by analysis of residuals. Good agreement was found between observed atypical profiles values and fitted values obtained with the two biphasic models, and both can revert to a simple Mitscherlich allowing them to describe typical monophasic profiles. The models contain kinetic fermentation parameters that can be used in conjunction with substrate degradability information and digesta passage rate to calculate extent of substrate degradation in the rumen or hindgut. Thus, models link the in vitro gas production technique to nutrient supply in the animal by providing information relating to digestion and nutritive value of feedstuffs

Improvement of Segmental Lordosis in Transforaminal Lumbar Interbody Fusion: A Comparison of Two Techniques

Study Design Retrospective review. Objective The purpose of this study was to determine the radiographic impact of a transforaminal lumbar interbody fusion (TLIF) versus a cantilever TLIF technique on segmental lordosis, segmental coronal alignment, and disk height. Methods A retrospective review was done of all patients undergoing TLIF procedures from 2006 to 2011 by three spine surgeons. Traditional TLIF versus cantilever TLIF results were compared, and radiographic outcomes were assessed. Results One hundred one patients were included in the study. Patients undergoing the cantilever TLIF procedure had a significantly greater change in segmental lordosis and disk height compared with those who underwent the traditional procedure (p \u3e 0.0001). Conclusions The cantilever TLIF technique can lead to greater change in segmental lordosis based upon radiographic outcomes