Consumer Harm Acts? An Economic Analysis of Private Actions Under State Consumer Protection Acts

State Consumer Protection Acts (CPAs) were adopted in the 1960s and 1970s to protect consumers from unfair and deceptive practices that would not be redressed but for the existence of the acts. In this sense, CPAs were designed to fill existing gaps in market, legal and regulatory protections of consumers. CPAs were designed to solve two simple economic problems: 1) individual consumers often do not have the incentive or means to pursue individual claims against mass marketers who engage in unfair and deceptive practices; and, 2) because of the difficulty of establishing elements of either common law fraud or breach of promise, those actions alone are too weak an instrument to deter seller fraud and deception. The most striking lesson of our analysis is that the typical state CPA – with relaxed rules for establishing liability, statutory damages, damage multipliers, attorneys fees and costs, and class actions – solves the basic economic problem that CPAs were intended to address several times over. The effect of this redundancy in solutions is that CPAs can deter the provision of valuable information to consumers and, thus, harm consumers. That is, as currently applied state Consumer Protection Acts harm consumers. This need not be the case. A few modest reforms would dramatically improve the impact of CPAs on consumer welfare

Consumer Harm Acts? An Economic Analysis of Private Actions Under State Consumer Protection Acts

State Consumer Protection Acts (CPAs) were adopted in the 1960s and 1970s to protect consumers from unfair and deceptive practices that would not be redressed but for the existence of the acts. In this sense, CPAs were designed to fill existing gaps in market, legal and regulatory protections of consumers. CPAs were designed to solve two simple economic problems: 1) individual consumers often do not have the incentive or means to pursue individual claims against mass marketers who engage in unfair and deceptive practices; and, 2) because of the difficulty of establishing elements of either common law fraud or breach of promise, those actions alone are too weak an instrument to deter seller fraud and deception. The most striking lesson of our analysis is that the typical state CPA – with relaxed rules for establishing liability, statutory damages, damage multipliers, attorneys fees and costs, and class actions – solves the basic economic problem that CPAs were intended to address several times over. The effect of this redundancy in solutions is that CPAs can deter the provision of valuable information to consumers and, thus, harm consumers. That is, as currently applied state Consumer Protection Acts harm consumers. This need not be the case. A few modest reforms would dramatically improve the impact of CPAs on consumer welfare

The Primeval Populations of the Ultra-Faint Dwarf Galaxies

We present new constraints on the star formation histories of the ultra-faint dwarf (UFD) galaxies, using deep photometry obtained with the Hubble Space Telescope (HST). A galaxy class recently discovered in the Sloan Digital Sky Survey, the UFDs appear to be an extension of the classical dwarf spheroidals to low luminosities, offering a new front in efforts to understand the missing satellite problem. They are the least luminous, most dark-matter dominated, and least chemically-evolved galaxies known. Our HST survey of six UFDs seeks to determine if these galaxies are true fossils from the early universe. We present here the preliminary analysis of three UFD galaxies: Hercules, Leo IV, and Ursa Major I. Classical dwarf spheroidals of the Local Group exhibit extended star formation histories, but these three Milky Way satellites are at least as old as the ancient globular cluster M92, with no evidence for intermediate-age populations. Their ages also appear to be synchronized to within ~1 Gyr of each other, as might be expected if their star formation was truncated by a global event, such as reionization.Comment: Accepted for publication in The Astrophysical Journal Letters. Latex, 5 pages, 2 color figures, 1 tabl

The NASA-UC-UH Eta-Earth Program: IV. A Low-mass Planet Orbiting an M Dwarf 3.6 PC from Earth

We report the discovery of a low-mass planet orbiting Gl 15 A based on radial velocities from the Eta-Earth Survey using HIRES at Keck Observatory. Gl 15 Ab is a planet with minimum mass Msini = 5.35 $\pm$ 0.75 M$_\oplus$, orbital period P = 11.4433 $\pm$ 0.0016 days, and an orbit that is consistent with circular. We characterize the host star using a variety of techniques. Photometric observations at Fairborn Observatory show no evidence for rotational modulation of spots at the orbital period to a limit of ~0.1 mmag, thus supporting the existence of the planet. We detect a second RV signal with a period of 44 days that we attribute to rotational modulation of stellar surface features, as confirmed by optical photometry and the Ca II H & K activity indicator. Using infrared spectroscopy from Palomar-TripleSpec, we measure an M2 V spectral type and a sub-solar metallicity ([M/H] = -0.22, [Fe/H] = -0.32). We measure a stellar radius of 0.3863 $\pm$ 0.0021 R$_\odot$ based on interferometry from CHARA.Comment: ApJ accepted, 11 pages, 8 figures, 3 table

Five Planets Orbiting 55 Cancri

We report 18 years of Doppler shift measurements of a nearby star, 55 Cancri, that exhibit strong evidence for five orbiting planets. The four previously reported planets are strongly confirmed here. A fifth planet is presented, with an apparent orbital period of 260 days, placing it 0.78 AU from the star in the large empty zone between two other planets. The velocity wobble amplitude of 4.9 \ms implies a minimum planet mass \msini = 45.7 \mearthe. The orbital eccentricity is consistent with a circular orbit, but modest eccentricity solutions give similar \chisq fits. All five planets reside in low eccentricity orbits, four having eccentricities under 0.1. The outermost planet orbits 5.8 AU from the star and has a minimum mass, \msini = 3.8 \mjupe, making it more massive than the inner four planets combined. Its orbital distance is the largest for an exoplanet with a well defined orbit. The innermost planet has a semi-major axis of only 0.038 AU and has a minimum mass, \msinie, of only 10.8 \mearthe, one of the lowest mass exoplanets known. The five known planets within 6 AU define a {\em minimum mass protoplanetary nebula} to compare with the classical minimum mass solar nebula. Numerical N-body simulations show this system of five planets to be dynamically stable and show that the planets with periods of 14.65 and 44.3 d are not in a mean-motion resonance. Millimagnitude photometry during 11 years reveals no brightness variations at any of the radial velocity periods, providing support for their interpretation as planetary.Comment: accepted to Ap

A Scalable Correlator Architecture Based on Modular FPGA Hardware, Reuseable Gateware, and Data Packetization

A new generation of radio telescopes is achieving unprecedented levels of sensitivity and resolution, as well as increased agility and field-of-view, by employing high-performance digital signal processing hardware to phase and correlate large numbers of antennas. The computational demands of these imaging systems scale in proportion to BMN^2, where B is the signal bandwidth, M is the number of independent beams, and N is the number of antennas. The specifications of many new arrays lead to demands in excess of tens of PetaOps per second. To meet this challenge, we have developed a general purpose correlator architecture using standard 10-Gbit Ethernet switches to pass data between flexible hardware modules containing Field Programmable Gate Array (FPGA) chips. These chips are programmed using open-source signal processing libraries we have developed to be flexible, scalable, and chip-independent. This work reduces the time and cost of implementing a wide range of signal processing systems, with correlators foremost among them,and facilitates upgrading to new generations of processing technology. We present several correlator deployments, including a 16-antenna, 200-MHz bandwidth, 4-bit, full Stokes parameter application deployed on the Precision Array for Probing the Epoch of Reionization.Comment: Accepted to Publications of the Astronomy Society of the Pacific. 31 pages. v2: corrected typo, v3: corrected Fig. 1