Income Smoothing as Rational Equilibrium Behavior? A Second Look

In this paper I revisit the issue of real income smoothing in the setting used by Lambert (1984). I demonstrate that the particular effect identified in his paper is actually an error: under his assumptions there is no input driven equilibrium income smoothing of the type he suggests. There are, however, several other drivers of equilibrium behavior ignored in that paper. In this paper I identify those and for the particular model structure show that when all effects are considered together there is little support for the suggestion that second-best earnings generally is being smoothed through the equilibrium behavior

Child labour and international trade: An economic perspective

Child labour is a widespread phenomenon. Although economic activities of children have been commonplace even before the industrialisation, it has in the meanwhile become a lasting symbol of the industrial revolution and of industrialisation in general. In most countries the inclusion of children in the labour force is legally restricted. Nevertheless, economic activities of children, most of these within their families, continue to be an everyday feature of economic development, especially in the poorer countries. Beside cultural or social factors, these economic activities are mainly determined by economic forces. Hence, economic conditions most likely play a fundamental role in explaining child labour. Economic development trends which change the economic conditions therefore influence the extent of child labour. --

Does It Pay to "Be Like Mike"? Aspirational Peer Firms and Relative Performance Evaluation

We examine the manner and extent to which firms evaluate performance relative to aspirational peer firms. Guided by the predictions of an agency model, we find that CEO compensation increases in the correlation between own and aspirational peer firm performances. In addition, we define and test conditions where aggregate peer performance, which has been the primary focus of prior relative performance evaluation studies of competitive peers, is expected to have an association with CEO compensation. These conditions are supported by our empirical results. Finally, we document that our results are more pronounced when the firm-peer relationship is one-way and the peer firm is in a different industry and therefore is more aspirational

Evidence for Superfluidity in a Resonantly Interacting Fermi Gas

We observe collective oscillations of a trapped, degenerate Fermi gas of $^6$Li atoms at a magnetic field just above a Feshbach resonance, where the two-body physics does not support a bound state. The gas exhibits a radial breathing mode at a frequency of 2837(05) Hz, in excellent agreement with the frequency of $\nu_H\equiv\sqrt{10\nu_x\nu_y/3}=2830(20)$ Hz predicted for a {\em hydrodynamic} Fermi gas with unitarity limited interactions. The measured damping times and frequencies are inconsistent with predictions for both the collisionless mean field regime and for collisional hydrodynamics. These observations provide the first evidence for superfluid hydrodynamics in a resonantly interacting Fermi gas.Comment: 5 pages, ReVTeX4, 2 eps figs. Resubmitted to PRL in response to referees' comments. Title and abstract changed. Corrected error in Table 1, atom numbers for 0.33 TF and 0.5 TF data were interchanged. Corrected typo in ref 3. Added new figure of damping time versus temperatur

Measurement of the quadratic Zeeman shift of ^{85}Rb hyperfine sublevels using stimulated Raman transitions

We demonstrate a technique for directly measuring the quadratic Zeeman shift using stimulated Raman transitions.The quadratic Zeeman shift has been measured yielding [delta][nju] = 1296.8 +/-3.3 Hz/G^{2} for magnetically insensitive sublevels (5S1/2, F = 2,mF = 0 -> 5S1/2, F = 3,mF = 0) of ^{85}Rb by compensating the magnetic eld and cancelling the ac Stark shift. We also measured the cancellation ratio of the differential ac Stark shift due to the imbalanced Raman beams by using two pairs of Raman beams ([sigma]^{+}, [sigma]^{+}) and it is 1:3.67 when the one-photon detuning is 1.5 GHz in the experiment

Alteration of T cell cytokine production in PLPp-139-151-induced EAE in SJL mice by an immunostimulatory CpG Oligonucleotide

Experimental autoimmune encephalomyelitis (EAE) is - in certain aspects - regarded as an animal model of the human CNS autoimmune disease multiple sclerosis (MS). While in EAE CNS-autoantigen-specific immunity is induced in a defined way, the initial processes leading to CNS autoimmunity in humans are so far unknown. Despite essential restrictions, which exist regarding the interpretation of EAE data towards MS, EAE might be a useful model to study certain basic aspects of CNS autoimmunity. Studies in MS have demonstrated that established autoimmune pathology can be critically influenced by environmental factors, in particular viral and bacterial infections. To investigate this interaction, EAE as an instrument to study CNS autoimmunity under defined conditions appears to be a suitable experimental tool. For this reason, we here investigated the influence of the Toll-like-receptor (TLR) ligand CpG oligonucleotide (CpG) on already established CNS autoimmunity in murine proteolipid protein (PLP)-induced EAE in SJL mice. CpG were found to co-stimulate PLPp-specific IFN-γ production in the peripheral immune system and in the CNS. However, CpG induced Interleukin (IL)-17 production in the inflamed CNS both alone and in combination with additional PLPp stimulation. These findings might indicate a mechanism by which systemic infections and the microbial stimuli associated with them may influence already existing CNS autoimmune pathology

CSF Protein Concentration Shows No Correlation With Brain Volume Measures

Background: CSF protein concentrations vary greatly among individuals. Accounting for brain volume may lower the variance and increase the diagnostic value of CSF protein concentrations.Objective: To determine the relation between CSF protein concentrations and brain volume.Methods: Brain volumes (total intracranial, gray matter, white matter volumes) derived from brain MRI and CSF protein concentrations (total protein, albumin, albumin CSF/serum ratio) of 29 control patients and 497 patients with clinically isolated syndrome or multiple sclerosis were studied.Finding: We found significant positive correlations of CSF protein concentrations with intracranial, gray matter, and white matter volumes. None of the correlations remained significant after correction for age and sex.Conclusion: Accounting for brain volume derived from brain MRI is unlikely to improve the diagnostic value of protein concentrations in CSF

Imaging the Renner-Teller effect using laser-induced electron diffraction

Structural information on electronically excited neutral molecules can be indirectly retrieved, largely through pump-probe and rotational spectroscopy measurements with the aid of calculations. Here, we demonstrate the direct structural retrieval of neutral carbonyl disulfide (CS$_2$) in the B$^1$B$_2$ excited electronic state using laser-induced electron diffraction (LIED). We unambiguously identify the ultrafast symmetric stretching and bending of the field-dressed neutral CS$_2$ molecule with combined picometer and attosecond resolution using intrapulse pump-probe excitation and measurement. We invoke the Renner-Teller effect to populate the B$^1$B$_2$ excited state in neutral CS$_2$, leading to bending and stretching of the molecule. Our results demonstrate the sensitivity of LIED in retrieving the geometric structure of CS$_2$, which is known to appear as a two-center scatterer