The status quo bias of bond market analysts

Status quo bias is a systematic cognitive error which makes it difficult for individuals to make decisions independently of the currently dominant situation. This study pursues the question of whether bond market analysts are affected by status quo bias. We evaluated interest rate forecast series from twelve industrial nations. This revealed that, on average, forecasts were much too close to the status quo - the current interest rate at the time when the forecast was made. With the aid of various analytical procedures it can be shown that the actual extent of interest rate changes is systematically and significantly underestimated

Network centrality and stock market volatility: The impact of communication topologies on prices

We investigate the impact of agent communication networks on prices in an artificial stock market. Networks with different centralization measures are tested for their effect on the volatility of prices. Trading strategies diffuse through the different network topologies, mimetic contagion arises through the adaptive behavior of the heterogeneous agents. Short trends may trigger cascades of buy and sell orders due to increased diffusion speed within highly centralized communication networks. Simulation results suggest a correlation between the network centralization measures and the volatility of the resulting stock prices

Graph Concatenation for Quantum Codes

Graphs are closely related to quantum error-correcting codes: every stabilizer code is locally equivalent to a graph code, and every codeword stabilized code can be described by a graph and a classical code. For the construction of good quantum codes of relatively large block length, concatenated quantum codes and their generalizations play an important role. We develop a systematic method for constructing concatenated quantum codes based on "graph concatenation", where graphs representing the inner and outer codes are concatenated via a simple graph operation called "generalized local complementation." Our method applies to both binary and non-binary concatenated quantum codes as well as their generalizations.Comment: 26 pages, 12 figures. Figures of concatenated [[5,1,3]] and [[7,1,3]] are added. Submitted to JM

Structured Error Recovery for Codeword-Stabilized Quantum Codes

Codeword stabilized (CWS) codes are, in general, non-additive quantum codes that can correct errors by an exhaustive search of different error patterns, similar to the way that we decode classical non-linear codes. For an n-qubit quantum code correcting errors on up to t qubits, this brute-force approach consecutively tests different errors of weight t or less, and employs a separate n-qubit measurement in each test. In this paper, we suggest an error grouping technique that allows to simultaneously test large groups of errors in a single measurement. This structured error recovery technique exponentially reduces the number of measurements by about 3^t times. While it still leaves exponentially many measurements for a generic CWS code, the technique is equivalent to syndrome-based recovery for the special case of additive CWS codes.Comment: 13 pages, 9 eps figure

Innovative method for cutting edge preparation with flexible diamond tools

The micro geometry of the cutting edge is of central importance for the performance of cutting tools. It influences all essential parameters in the machining process: chip formation, thermal and mechanical load on the tool and the workpiece, tool wear and the resulting workpiece quality. The effect depends on the size and shape of the cutting edge rounding. Depending on the machining process, asymmetrical roundings often show the greatest potential. In addition to increasing tool life, the quality of the surfaces produced can be improved by a specifically designed asymmetrical rounding. For edge preparation, blasting, brushing and drag finishing are used in industrial applications. However, an economic production of asymmetrical cutting edge geometries on cutting tools with complicated cutting edge geometry, such as solid carbide tools with helical cutting edge, cannot be achieved with these methods. Therefore, a novel method for preparation of the cutting edge rounding using flexible bond diamond polishing tools is introduced. Hence, the conducted research in this study analyzes the basic mechanisms and influencing factors using the new preparation method. For this purpose, polishing tests are carried out on carbide indexable inserts. The results show that the polishing tools can be used to create both asymmetrical and symmetrical roundings in an industrially relevant dimension. © 2019 The Authors. Published by Elsevier B.V

Informational Cascades: A Mirage?

Experimental research found contradictory results regarding the occurrence of informational cascades. Whereas Anderson and Holt (1997) confirmed the model of Banerjee (1992), and Bikhchandani et al. (1992) through lab tests, Huck and Oechssler (2000) came to contradictory results on crucial issues. This article presents experimental evidence supporting further doubts concerning "Bayesian" informational cascades: Just under two thirds of all decisions are characterized by an excessive orientation towards the private signal, and only a small number of the subjects (<6%) make rational decisions systematically and consistently

ИССЛЕДОВАНИЕ УСЛОВИЙ ЗАЛЕГАНИЯ, СОСТАВА И СВОЙСТВ УРАНОВЫХ МЕСТОРОЖДЕНИЙ МОНГОЛИИ

Представлены результаты промышленных и лабораторных исследований условий залегания, состава и свойств урановых месторождений Монголии. Выполнены механические, геофизические и геохимические исследования вещественных и радиологических свойств урановых ру