Listen to the market, hear the best policy decision, but don’t always choose it

The updated version of this working paper (28 February 2019) is available in ORE at http://hdl.handle.net/10871/36180Real-world policymakers want to extract investors' private information about a policy's likely effects by 'listening to' asset markets. However, this brings the risk that investors will profitably 'manipulate' prices to steer policy. We model the interaction between a policymaker and an informed (profit-seeking) investor who can buy/short-sell an asset from uninformed traders. We characterize when the investor's incentives do not align with the policymaker's, implying that to induce truth-telling behavior the policymaker must commit to sometimes ignoring the signal (as revealed by the investor's behavior driving the asset's price). This implies a commitment to executing the policy with a probability depending on the asset's price. We develop a taxonomy for the full set of relationships between private signals, asset values, and policymaker welfare, characterizing the optimal indirect mechanism for each case. We find that where the policymaker is ex-ante indifferent, she commits to sometimes/never executing after a bad signal, but always executes after a good signal. Generically, this 'listening' mechanism leads to higher (policymaker) welfare then ignoring the signals. We discuss real-world evidence, implications for legislative processes, and phenomena such as 'trial balloons' and 'committing political capital'

Successive spin-flop transitions of a Neel-type antiferromagnet Li2MnO3 single crystal with a honeycomb lattice

We have carried out high magnetic field studies of single-crystalline Li2MnO3, a honeycomb lattice antiferromagnet. Its magnetic phase diagram was mapped out using magnetization measurements at applied fields up to 35 T. Our results show that it undergoes two successive meta-magnetic transitions around 9 T fields applied perpendicular to the ab plane (along the c* axis). These phase transitions are completely absent in the magnetization measured with the field applied along the ab plane. In order to understand this magnetic phase diagram, we developed a mean-field model starting from the correct Neel-type magnetic structure, consistent with our single crystal neutron diffraction data at zero field. Our model calculations succeeded in explaining the two meta-magnetic transitions that arise when Li2MnO3 enters two different spin-flop phases from the zero field Neel phase.open1187Nsciescopu

Self-assembled nanostructured resistive switching memory devices fabricated by templated bottom-up growth

Metal-oxide-based resistive switching memory device has been studied intensively due to its potential to satisfy the requirements of next-generation memory devices. Active research has been done on the materials and device structures of resistive switching memory devices that meet the requirements of high density, fast switching speed, and reliable data storage. In this study, resistive switching memory devices were fabricated with nano-template-assisted bottom up growth. The electrochemical deposition was adopted to achieve the bottom-up growth of nickel nanodot electrodes. Nickel oxide layer was formed by oxygen plasma treatment of nickel nanodots at low temperature. The structures of fabricated nanoscale memory devices were analyzed with scanning electron microscope and atomic force microscope (AFM). The electrical characteristics of the devices were directly measured using conductive AFM. This work demonstrates the fabrication of resistive switching memory devices using self-assembled nanoscale masks and nanomateirals growth from bottom-up electrochemical deposition.11109Ysciescopu

Genetic Comparison of Stemness of Human Umbilical Cord and Dental Pulp

published_or_final_versio

Effect modifications of smoking on risk of mortality associated with influenza

BACKGROUND AND AIMS: Influenza is well known to cause heavy disease burden in both temperate and tropical/subtropical regions. Although smoking has been found to increase susceptibility to influenza infection, its role in modifying the mortality risk associated with influenza remains unexplored. This study examined the effect modifications of cigarette smoking on influenza-associated mortality in a cohort of older …postprin

Impact of Vitamin D Supplementation on Arterial Vasomotion, Stiffness and Endothelial Biomarkers in Chronic Kidney Disease Patients

Background: Cardiovascular events are frequent and vascular endothelial function is abnormal in patients with chronic kidney disease (CKD). We demonstrated endothelial dysfunction with vitamin D deficiency in CKD patients; however the impact of cholecalciferol supplementation on vascular stiffness and vasomotor function, endothelial and bone biomarkers in CKD patients with low 25-hydroxy vitamin D [25(OH)D] is unknown, which this study investigated. Methods: We assessed non-diabetic patients with CKD stage 3/4, age 17–80 years and serum 25(OH)D ,75 nmol/L. Brachial artery Flow Mediated Dilation (FMD), Pulse Wave Velocity (PWV), Augmentation Index (AI) and circulating blood biomarkers were evaluated at baseline and at 16 weeks. Oral 300,000 units cholecalciferol was administered at baseline and 8-weeks. Results: Clinical characteristics of 26 patients were: age 50614 (mean61SD) years, eGFR 41611 ml/min/1.73 m2, males 73%, dyslipidaemia 36%, smokers 23% and hypertensives 87%. At 16-week serum 25(OH)D and calcium increased (43616 to 84629 nmol/L, p,0.001 and 2.3760.09 to 2.4260.09 mmol/L; p = 0.004, respectively) and parathyroid hormone decreased (10.868.6 to 7.464.4; p = 0.001). FMD improved from 3.163.3% to 6.163.7%, p = 0.001. Endothelial biomarker concentrations decreased: E-Selectin from 566662123 to 525662058 pg/mL; p = 0.032, ICAM-1, 3.4560.01 to 3.1061.04 ng/mL; p = 0.038 and VCAM-1, 54633 to 42633 ng/mL; p = 0.006. eGFR, BP, PWV, AI, hsCRP, von Willebrand factor and Fibroblast Growth Factor-23, remained unchanged. Conclusion: This study demonstrates for the first time improvement of endothelial vasomotor and secretory functions with vitamin D in CKD patients without significant adverse effects on arterial stiffness, serum calcium or FGF-23. Trial Registration: ClinicalTrials.gov NCT0200571

The kinases MSK1 and MSK2 act as negative regulators of Toll-like receptor signaling

The kinases MSK1 and MSK2 are activated 'downstream' of the p38 and Erk1/2 mitogen-activated protein kinases. Here we found that MSK1 and MSK2 were needed to limit the production of proinflammatory cytokines in response to stimulation of primary macrophages with lipopolysaccharide. By inducing transcription of the mitogen-activated protein kinase phosphatase DUSP1 and the anti-inflammatory cytokine interleukin 10, MSK1 and MSK2 exerted many negative feedback mechanisms. Deficiency in MSK1 and MSK2 prevented the binding of phosphorylated transcription factors CREB and ATF1 to the promoters of the genes encoding interleukin 10 and DUSP1. Mice doubly deficient in MSK1 and MSK2 were hypersensitive to lipopolysaccharide-induced endotoxic shock and showed prolonged inflammation in a model of toxic contact eczema induced by phorbol 12-myristate 13-acetate. Our results establish MSK1 and MSK2 as key components of negative feedback mechanisms needed to limit Toll-like receptor-driven inflammation.</p

A major change in precipitation gradient on the Chinese Loess Plateau at thePliocene-Quaternary boundary

Spatiotemporal variations in East Asian Monsoon (EAM) precipitation during the Quaternary have been intensively studied. However, spatial variations in pre-Quaternary EAM precipitation remain largely uninvestigated, preventing a clear understanding of monsoon dynamics during a warmer climatic period. Here we compare the spatial differences in heavy mineral assemblages between Quaternary loess and pre-Quaternary Red Clay on the Chinese Loess Plateau (CLP) to analyze spatial patterns in weathering. Prior studies have revealed that unstable hornblende is the dominant (&sim;50%) heavy mineral in Chinese loess deposited over the past 500 ka, whereas hornblende content decreases to &lt; 10% in strata older than &sim;1 Ma in the central CLP because of diagenesis. In the present study we found that hornblende is the dominant heavy mineral in 2&ndash;2.7 Ma loess on the northeastern CLP (at Jiaxian), which today receives little precipitation. Conversely, hornblende content in the upper Miocene-Pliocene Red Clay at Jiaxian is &lt; 10%, as in the central CLP. The early Quaternary abundance of hornblende at Jiaxian indicates that the current northwestward-decreasing precipitation pattern and consequent dry climate at Jiaxian must have been initiated since &sim;2.7 Ma, preventing hornblende dissolution to amounts &lt; 10% as observed in the central CLP. By contrast, the 7 Ma and 3 Ma Jiaxian Red Clay hornblende content is significantly less than that of the Xifeng samples, despite the fact that today Xifeng receives more precipitation than Jiaxian, with expected enhanced hornblende weathering. This suggests that the northeastern CLP received more precipitation during the Late Miocene-Pliocene than at Xifeng, indicating that the precipitation gradient on the CLP was more east&ndash;west during the Late Miocene-Pliocene rather than northwestsoutheast as it was in the Quaternary. A comparison of magnetic susceptibility records for these sections confirms this inference. We attribute this major change in climatic patterns at &sim;2.7 Ma to decreased northward moisture transportation associated with Northern Hemisphere glaciation and cooling in the Quaternary. This study therefore demonstrates the potential usefulness of employing heavy mineral analysis in both paleoclimatic and paleooceanographic reconstructions.<br style="line-height: normal; text-align: -webkit-auto; text-size-adjust: auto;" /

Comparing the immune response to a novel intranasal nanoparticle PLGA vaccine and a commercial BPI3V vaccine in dairy calves

peer-reviewedBackground There is a need to improve vaccination against respiratory pathogens in calves by stimulation of local immunity at the site of pathogen entry at an early stage in life. Ideally such a vaccine preparation would not be inhibited by the maternally derived antibodies. Additionally, localized immune response at the site of infection is also crucial to control infection at the site of entry of virus. The present study investigated the response to an intranasal bovine parainfluenza 3 virus (BPI3V) antigen preparation encapsulated in PLGA (poly dl-lactic-co-glycolide) nanoparticles in the presence of pre-existing anti-BPI3V antibodies in young calves and comparing it to a commercially available BPI3V respiratory vaccine. Results There was a significant (P < 0.05) increase in BPI3V-specific IgA in the nasal mucus of the BPI3V nanoparticle vaccine group alone. Following administration of the nanoparticle vaccine an early immune response was induced that continued to grow until the end of study and was not observed in the other treatment groups. Virus specific serum IgG response to both the nanoparticle vaccine and commercial live attenuated vaccine showed a significant (P < 0.05) rise over the period of study. However, the cell mediated immune response observed didn’t show any significant rise in any of the treatment groups. Conclusion Calves administered the intranasal nanoparticle vaccine induced significantly greater mucosal IgA responses, compared to the other treatment groups. This suggests an enhanced, sustained mucosal-based immunological response to the BPI3V nanoparticle vaccine in the face of pre-existing antibodies to BPI3V, which are encouraging and potentially useful characteristics of a candidate vaccine. However, ability of nanoparticle vaccine in eliciting cell mediated immune response needs further investigation. More sustained local mucosal immunity induced by nanoparticle vaccine has obvious potential if it translates into enhanced protective immunity in the face of virus outbreak