Transient Reward Approximation for Continuous-Time Markov Chains

We are interested in the analysis of very large continuous-time Markov chains (CTMCs) with many distinct rates. Such models arise naturally in the context of reliability analysis, e.g., of computer network performability analysis, of power grids, of computer virus vulnerability, and in the study of crowd dynamics. We use abstraction techniques together with novel algorithms for the computation of bounds on the expected final and accumulated rewards in continuous-time Markov decision processes (CTMDPs). These ingredients are combined in a partly symbolic and partly explicit (symblicit) analysis approach. In particular, we circumvent the use of multi-terminal decision diagrams, because the latter do not work well if facing a large number of different rates. We demonstrate the practical applicability and efficiency of the approach on two case studies.Comment: Accepted for publication in IEEE Transactions on Reliabilit

Discretization Errors for the Gluon and Ghost Propagators in Landau Gauge using NSPT

The subtraction of hypercubic lattice corrections, calculated at 1-loop order in lattice perturbation theory (LPT), is common practice, e.g., for determinations of renormalization constants in lattice hadron physics. Providing such corrections beyond 1-loop order is however very demanding in LPT, and numerical stochastic perturbation theory (NSPT) might be the better candidate for this. Here we report on a first feasibility check of this method and provide (in a parametrization valid for arbitrary lattice couplings) the lattice corrections up to 3-loop order for the SU(3) gluon and ghost propagators in Landau gauge. These propagators are ideal candidates for such a check, as they are available from lattice simulations to high precision and can be combined to a renormalization group invariant product (Minimal MOM coupling) for which a 1-loop LPT correction was found to be insufficient to remove the bulk of the hypercubic lattice artifacts from the data. As a bonus, we also compare our results with the ever popular H(4) method.Comment: 7 pages, 5 figures, presented at the 31st International Symposium on Lattice Field Theory (Lattice 2013), 29 July - 3 August 2013, Mainz, German

The intrinsic value of decision rights

Philosophers, psychologists, and economists have long argued that certain decision rights carry not only instrumental value but may also be valuable for their own The ideas of autonomy, freedom, and liberty derive their intuitive appeal - partly - from an assumed positive intrinsic value of decision rights. Providing evidence for the existence of this intrinsic value and measuring its size, however, intricate. Here, we develop a method capable of achieving these goals. The data that the large majority of our subjects intrinsically value decision rights beyond their strumental benefit. The intrinsic valuation of decision rights has potentially important consequences for corporate governance, human resource management, and optimal job design: it may explain why managers value power, why employees appreciate with task discretion, why individuals sort into self-employment, and why the realloca- tion of decision rights is often very difficult and cumbersome. Our method and may also prove useful in developing an empirical revealed preference foundation concepts such as "freedom of choice" and "individual autonomy.

The Lure of Authority: Motivation and Incentive Effects of Power

Authority and power permeate political, social, and economic life, but empirical knowledge about the motivational origins and consequences of authority is limited. We study the motivation and incentive effects of authority experimentally in an authority delegation game. Individuals often retain authority even when its delegation is in their material interest—suggesting that authority has nonpecuniary consequences for utility. Authority also leads to over provision of effort by the controlling parties, while a large percentage of subordinates underprovide effort despite pecuniary incentives to the contrary. Authority thus has important motivational consequences that exacerbate the inefficiencies arising from suboptimal delegation choices. {JEL C92, D23, D82

Evaluating Methods to Estimate the Implied Cost of Equity Capital: A Simulation Study

We evaluate accounting-based methods to estimate the implied cost of capital using a simulation approach. We simulate a model economy in which the true cost of capital is known and calibrate it to the CRSP-Compustat universe. We then compare the true cost of capital to the implied cost of capital estimates from ten different methods proposed in the literature in terms of bias, accuracy, and their correlation with the true cost of equity capital. Methods based on the residual income model perform better than those based on the abnormal earnings growth model. Methods that estimate the cost of capital and expected growth simultaneously work reasonably well if they rely on analyst forecasts instead of ex post realized values, even if analyst forecasts are biased. We suggest combined methods that are chosen so that the distortions from individual methods compensate each other and show that some simple combinations outperform all individual methods

Optimierung und Anwendung eines diodengepumpten, hochrepetierenden 3[my]m Er:YAG Lasers

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Enhancing market-oriented R&D planning by integrated market and patent portfolios

Marketing and R&D strategies need to be aligned to increase the return from investment in new technologies. Various portfolio techniques have been widely used to support strategic planning. A new portfolio approach integrating market and technology portfolios to support market-oriented R&D planning is developed. The integrated portfolio is based on objective market and patent data and empirical evidence that the respective portfolio dimensions impact a company’s business performance. This contributes significantly to the relevance of the proposed integrated portfolio approach for strategic planning. It is tested in a practical application in the chemical industry. Based on these experiences, a set of recommendations for the effective use of the integrated portfolio for market-orientated strategic R&D planning is derived

Testing the universality of free fall with rubidium and ytterbium in a very large baseline atom interferometer

We propose a very long baseline atom interferometer test of Einstein's equivalence principle (EEP) with ytterbium and rubidium extending over 10m of free fall. In view of existing parametrizations of EEP violations, this choice of test masses significantly broadens the scope of atom interferometric EEP tests with respect to other performed or proposed tests by comparing two elements with high atomic numbers. In a first step, our experimental scheme will allow reaching an accuracy in the E\"otv\"os ratio of $7\times 10^{-13}$. This achievement will constrain violation scenarios beyond our present knowledge and will represent an important milestone for exploring a variety of schemes for further improvements of the tests as outlined in the paper. We will discuss the technical realisation in the new infrastructure of the Hanover Institute of Technology (HITec) and give a short overview of the requirements to reach this accuracy. The experiment will demonstrate a variety of techniques which will be employed in future tests of EEP, high accuracy gravimetry and gravity-gradiometry. It includes operation of a force sensitive atom interferometer with an alkaline earth like element in free fall, beam splitting over macroscopic distances and novel source concepts