Device annealing studies Final progress report, 1 Apr. - 30 Sep. 1964

Testing wafers to determine annealing process for very low power applications to stable, high gain, bipolar transistor

An Analysis of the Implications for Stock and Futures Price Volatility of Program Trading and Dynamic Hedging Strategies

Recent advances in financial theory have created an understanding of the environments in which a real security can be synthesized by a dynamic trading strategy in a risk free asset and other securities. We contend that there is a crucial distinction between a synthetic security and a real security, in particular the notion that a real security is redundant when it can be synthesized by a dynamic trading strategy ignores the informational role of real securities markets. The replacement of a real security by synthetic strategies may in itself cause enough uncertainty about the price volatility of the underlying security that the real security is no longer redundant. Portfolio insurance provides a good example of the difference between a synthetic security and a real security. One form of portfolio insurance uses a trading strategy in risk free securities ("cash") and index futures to synthesize a European put on the underlying portfolio. In the absence of a real traded put option (of the appropriate striking price and maturity), there will be less information about the future price volatility associated with current dynamic hedging strategies. There will thus be less information transmitted to those people who could make capital available to liquidity providers. It will therefore be more difficult for the market to absorb the trades implied by the dynamic hedging strategies, In effect, the stocks' future price volatility can rise because of a current lack of information about the extent to which dynamic hedging strategies are in place.

Holding Fast: The Persistence and Dominance of Gender Stereotypes

This paper investigates the persistence of gender stereotyping in the forecasting of risk attitudes. Subjects predict the gamble choice of target subjects in one of two treatments. First, based only on visual clues and then based on visual clues plus two responses by the target from a risk-preference survey. Second in reverse order: first, based only on the two responses then on the two responses plus visual clues. In isolation the gender stereotype and survey responses both inform predictions about others’ risk attitudes. In conjunction with one another, however, the stereotype persists and dominates the survey response information.Experiment, Gender, Risk, Stereotype

A tunable line filter polychromator for gas temperature measurements using laser Raman scattering

A proprietary laser line filter spectrograph (LLFS) was modified to test for improved remote measurement of atmospheric temperature by Raman spectroscopy of the rotational bands of N2 and O2. Both grating scan measurements with fixed PMT and polychromator image plane PMT scans with fixed grating setting were made using HeNe and Ar(+) lasers. The LLFS was found to have a laser line rejection ratio at 6A from the laser line and provides resolved rotational Raman spectral display at the polychromator exit plane. Spectral resolution is adequate to measure and correct for background in the Stokes spectrum. It is anticipated that this system should allow measurement of gas or atmospheric temperature to + or - 1 C

Experimental investigation of ultrahigh vacuum adhesion as related to the lunar surface Quarterly progress report, 1 Jan. - 30 Apr. 1968

Ultrahigh vacuum adhesion behavior of silicate

Neutrino masses and R-parity violation

We review different contributions to the neutrino masses in the context of R-parity violating supersymmetry in a basis independent manner. We comment on the generic spectrum expected in such a scenario comparing different contributions.Comment: Invited brief review for Mod. Phys. Lett. A, 15 pages, uses axodraw.st

Consumption Correlatedness and Risk Measurement in Economies with Non trade Assets and Heterogeneous Information

The consumption beta theorem of Breeden makes the expected return on any asset a function only of its covariance with changes in aggregate consumption. It is shown that the theorem is more robust than was indicated by Breeden. The theorem obtains even if one deletes Breeden's assumptions that (a) all risky assets are tradable, (b) investors have homogeneous beliefs, (c) other assets can be traded without transactions costs and (d) that all assets have returns which are Ito processes.

Price, Tobacco Control Policies and Youth Smoking

This paper examines effectiveness of several tobacco control policies in discouraging cigarette smoking among youths. These policies include increased cigarette excise taxes (which result in higher cigarette prices), restrictions on smoking in public places and at private worksites, and limits on the availability of tobacco products to youths. The data employed in this research are taken from the 1992, 1993, and 1994 surveys of eighth, tenth, and twelfth grade students conducted by the University of Michigan's Institute for Social Research as part of the Monitoring the Future Project. Site specific cigarette prices and measures of tobacco related policies are added to the survey data. The results indicate that tobacco control policies can be effective in reducing youth cigarette smoking. The average overall estimated price elasticity of youth cigarette demand of 1.313 indicates that large increases in cigarette excise taxes would lead to sharp reductions in youth smoking. Similarly, strong restrictions on smoking in public places would reduce the prevalence of smoking among youths, while limits on smoking in schools would reduce average cigarette consumption among young smokers. However, limits on youth access to tobacco products appear to have little impact on youth cigarette smoking. This is most likely the result of the relatively weak enforcement of these laws.