Foreclosure in contests

We consider a contest in which one firm is a favourite as it initially has a cost advantage over rivals. Instead of taking the set of rivals as given, we consider the possibility that the favourite transfers the source of its advantage wholly or partially to a subset of rival firms. The result of this may be foreclosure of those firms that do not receive the cost reduction. We present conditions under which this transfer will be expected to occur, and show that the dominant firm will prefer to grant some rivals the maximum cost reduction even if a partial transfer can be made. Furthermore we consider the welfare properties of excluding some rivals. Applications include lobbying, patent races and access to essential infrastructure.Foreclosure; contest

Current-induced noise and damping in non-uniform ferromagnets

In the presence of spatial variation of the magnetization direction, electric current noise causes a fluctuating spin-transfer torque that increases the fluctuations of the ferromagnetic order parameter. By the fluctuation-dissipation theorem, the equilibrium fluctuations are related to the magnetization damping, which in non-uniform ferromagnets acquires a nonlocal tensor structure. In biased ferromagnets, shot noise can become the dominant contribution to the magnetization noise at low temperatures. Considering spin spirals as a simple example, we show that the current-induced noise and damping is significant.Comment: 5 pages, 1 figur

Access regulation and the transition from copper to fiber networks in telecoms

In this paper we study the impact of different forms of access obligations on firms' incentives to migrate from the legacy copper network to ultra-fast broadband infrastructures. We analyze three different kinds of regulatory interventions: geographical regulation of access to copper networks-where access prices are differentiated depending on whether or not an alternative fiber network has been deployed; access obligations on fiber networks and its interplay with wholesale copper prices; and, finally, a mandatory switch-off of the legacy copper network-to foster the transition to the higher quality fiber networks. Trading-off the different static and dynamic goals, the paper provides guidelines and suggestions for policy makers' decision

Spin Seebeck insulator

Thermoelectric generation is an essential function of future energy-saving technologies. However, this generation has been an exclusive feature of electric conductors, a situation which inflicts a heavy toll on its application; a conduction electron often becomes a nuisance in thermal design of devices. Here we report electric-voltage generation from heat flowing in an insulator. We reveal that, despite the absence of conduction electrons, a magnetic insulator LaY2Fe5O12 converts a heat flow into spin voltage. Attached Pt films transform this spin voltage into electric voltage by the inverse spin Hall effect. The experimental results require us to introduce thermally activated interface spin exchange between LaY2Fe5O12 and Pt. Our findings extend the range of potential materials for thermoelectric applications and provide a crucial piece of information for understanding the physics of the spin Seebeck effect.Comment: 19 pages, 5 figures (including supplementary information

Vertical integration, market foreclosure and quality investment

We study incentives to vertically integrate in an industry with verti- cally differentiated downstream firms. Vertical integration by one of the firms increases production costs for the rival. Increased production costs negatively affects quality investment both by the integrated firm and the unintegrated rival. Quality investment by both firms decreases under any (vertical inte- gration) scenario. The decrease in quality invesment by both firms softens competition among downstream firms. By integrating first, a firm always produces the high quality good and earns higher profits. A fully integrated industry, with increased product differentiation, is observed in equilibrium. Due to increase in firm profits, social welfare under this structure is greater than under no integration.info:eu-repo/semantics/publishedVersio

Spin Caloritronics

This is a brief overview of the state of the art of spin caloritronics, the science and technology of controlling heat currents by the electron spin degree of freedom (and vice versa).Comment: To be published in "Spin Current", edited by S. Maekawa, E. Saitoh, S. Valenzuela and Y. Kimura, Oxford University Pres