On the Formation of Buyer-Seller Relationships when Product Quality is Perfectly Observable

This study explores the formation of buyer-seller relationships in markets with observable quality. We develop a model that explains why relationships form in equilibrium within such markets. A key feature of our model is that as individuals gain experience in the marketplace, they resolve uncertainty over unobserved bargainer types. Relationships thus form as a means to reduce such transactions costs and uncertainty. We explore the usefulness of our theory by using a battery of simulations and experimental treatments. Overall, we find that our theoretical predictions are largely confirmed. Interestingly, the quantitative impact of relationships on overall market efficiency depends critically on the extend to which market structure affects the matching of buyers and sellers that could profitably transact. In certain important cases, a greater number of buyer-seller relationships can reduce market efficiency.Field experiments, pricing, market structure

ILC Operating Scenarios

The ILC Technical Design Report documents the design for the construction of a linear collider which can be operated at energies up to 500 GeV. This report summarizes the outcome of a study of possible running scenarios, including a realistic estimate of the real time accumulation of integrated luminosity based on ramp-up and upgrade processes. The evolution of the physics outcomes is emphasized, including running initially at 500 GeV, then at 350 GeV and 250 GeV. The running scenarios have been chosen to optimize the Higgs precision measurements and top physics while searching for evidence for signals beyond the standard model, including dark matter. In addition to the certain precision physics on the Higgs and top that is the main focus of this study, there are scientific motivations that indicate the possibility for discoveries of new particles in the upcoming operations of the LHC or the early operation of the ILC. Follow-up studies of such discoveries could alter the plan for the centre-of-mass collision energy of the ILC and expand the scientific impact of the ILC physics program. It is envisioned that a decision on a possible energy upgrade would be taken near the end of the twenty year period considered in this report

DIMINISHING MARGINAL VALUE

The notion of diminishing marginal value has had a profound impact on the development of neoclassical theory. Early neoclassical scholars had considerable difficulty convincing contemporaries of the new paradigm's value until political economists, including Jevons and Walras, used the critical assumption of diminishing marginal value to link utility and demand. While diminishing marginal value remains a key component of modern economic intuition, there is surprisingly little empirical verification of its existence or level. This paper gathers field data across a myriad of subject pools--from undergraduate students to PTA members to sportscard enthusiasts--to examine several aspects of preferences in both price and exchange institutions. Examining behavior of nearly 900 subjects across several treatments, we find strong evidence of diminishing marginal value.Research Methods/ Statistical Methods,

Toward an Understanding of the Economics of Charity: Evidence from a Field Experiment

This study develops theory and uses a door-to-door fundraising field experiment to explore the economics of charity. We approached nearly 5000 households, randomly divided into four experimental treatments, to shed light on key issues on the demand side of charitable fundraising. Empirical results are in line with our theory: in gross terms, our lottery treatments raised considerably more money than our voluntary contributions treatments. Interestingly, we find that a one standard deviation increase in female solicitor physical attractiveness is similar to that of the lottery incentive¡ªthe magnitude of the estimated difference in gifts is roughly equivalent to the treatment effect of moving from our theoretically most attractive approach (lotteries) to our least attractive approach (voluntary contributions).

A Chiral Sulfoxide-Based C–H Acid

We report the design and synthesis of a strong, chiral, enantiopure sulfoxide-based C–H acid. Single crystal X-ray analysis confirms the proposed structure and its absolute configuration. The new motif shows a high acidity and activity in Brønsted and Lewis acid catalyzed transformations. So far,only little to no enantioselectivities were achieved

Sub-Saharan Africa: Towards better governance and sustainability?

The countries of the Sub-Saharan region have, on average, made significant progress in governance performance, especially in terms of democratic accountability and public goods provision—findings that seem to contradict patterns of state fragility and economic underdevelopment common in the region. This article explores this seeming contradiction and presents in more detail findings from the Berggruen Governance Index regarding the governance performance of five countries, namely Ghana, Kenya, Nigeria, Senegal and South Africa. Lagging state capacity and growing sovereign debt emerge as critical factors, and the article suggests that they may be responsible for the inability of many countries in the region to consolidate gains in governance as well as economic performance

NLO-QCD corrections to e+ e- --> hadrons in models of TeV-scale gravity

We present results on NLO-QCD corrections to the process e+ e- --> hadrons via photon-, Z- and graviton-exchange in the context of TeV-scale gravity models. The quantitative impact of these QCD corrections for searches of extra dimensions at a Linear Collider is briefly discussed.Comment: 10 pages, LaTeX, using axodraw.st

The impact of management practices on employee productivity: a field experiment with airline captains

Increasing evidence indicates the importance of management in determining firms’ productivity. Yet causal evidence regarding the effectiveness of management practices is scarce, especially for skilled labor in the developed world. In a field experiment measuring commercial airline captains’ productivity, we test four distinct management practices: performance monitoring, performance feedback, target setting, and prosocial incentives. These practices—particularly monitoring and target setting—significantly increase captains’ productivity on the targeted fuel-saving dimensions, with positive spillovers on job satisfaction and CO 2 emissions. The study reveals an uncharted research opportunity to delve into the black box of firms to examine the determinants of productivity among skilled labor