7,576 research outputs found
Financial contracts and strategic customer exclusion
The paper studies an incentive contract in a monopolistic and duopolistic credit
market where borrowers are different in risk. One lender is in an advantaged position
with respect to the other due to past relations with the borrowers. The
features of the equilibrium contract are investigated. It is shown that the equilibrium
contract drastically changes between the monopolistic and the duopolistic
situations and are sensitive to other parameters. In some cases, the superior lender
strategically yields borrowers, especially the better ones to the opponent lender
The revelation principle and regularity conditions
The revelation principle asserts that every outcome brought by a mechanism
is realized by a truthful direct mechanism. The present paper investigates the regularity
conditions of these two mechanisms in the continuous space of the agentâs
type. It questions what regularity condition a general mechanism confers upon a
direct mechanism through the revelation principle. By so doing, we elucidate the
limit of the revelation principle
The IPO spread and conflicts of interests
The level of the IPO spread taken by the underwriter is a controversial issue.
Some claim that the level is too high and attributes it to collusion between investment
banks while others contend to the contrary. The paper examines the spread
in the framework of conflicts of interests between the issuer, the underwriter and
the informed investor. The argument is developed, based upon incentives for the
underwriter. It is shown that the issuer should have the spread large enough for
the underwriter to stay faithful to the issuer
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The pricing mechanism to the buyer with a budget constraint and an indirect mechanism
The present article considers the situation in which the buyerâs taste and budget
are his private information. In this multi-dimensional setting, we study the optimal
mechanism through a canonical mechanism in the traditional one-dimensional
context: a function of one variable, the buyerâs taste. In our multi-dimensional
context, however, this is an indirect mechanism. We investigate the effectiveness
and limit of this indirect mechanism in the framework of the revelation principle
The 19-Vertex Model at critical regime
We study the 19-vertex model associated with the quantum group
at critical regime . We give the realizations of the
type-I vertex operators in terms of free bosons and free fermions. Using these
free field realizations, we give the integral representations for the
correlation functions.Comment: LaTEX2e, 19page
Determinant representation for dynamical correlation functions of the Quantum nonlinear Schr\"odinger equation
The foundation for the theory of correlation functions of exactly solvable
models is determinant representation. Determinant representation permit to
describe correlation functions by classical completely integrable differential
equations [Barough, McCoy, Wu]. In this paper we show that determinant
represents works not only for free fermionic models. We obtained determinant
representation for the correlation function of
the quantum nonlinear Schr\"odinger equation, out of free fermionic point. In
the forthcoming publications we shall derive completely integrable equation and
asymptotic for the quantum correlation function of this model of interacting
fermions.Comment: LaTEX file, 35 pages, to appear in C.M.P. (1997
Completely Integrable Equation for the Quantum Correlation Function of Nonlinear Schr\"odinger Eqaution
Correlation functions of exactly solvable models can be described by
differential equation [Barough, McCoy, Wu]. In this paper we show that for non
free fermionic case differential equations should be replaced by
integro-differential equations.
We derive an integro-differential equation, which describes time and
temperature dependent correlation function of
penetrable Bose gas. The integro-differential equation turns out be the
continuum generalization of classical nonlinear Schr\"odinger equation.Comment: LaTEX file, 23 page
Supergravity in Dimensions
Supergravity theory in dimensions is studied. It is invariant
under supertransformations in 2 and 3 dimensions. One-loop divergence is
explicitly computed in the background field method and a nontrivial fixed point
is found. In quantizing the supergravity, a gauge fixing condition is devised
which explicitly isolates conformal and superconformal modes. The
renormalization of the gravitationally dressed operators is studied and their
anomalous dimensions are computed. Problems to use the dimensional reduction
are also examined.Comment: 36 pages, TIT/HEP-238, Imperial/TP/93-94/
The Riemann-Hilbert problem associated with the quantum Nonlinear Schrodinger equation
We consider the dynamical correlation functions of the quantum Nonlinear
Schrodinger equation. In a previous paper we found that the dynamical
correlation functions can be described by the vacuum expectation value of an
operator-valued Fredholm determinant. In this paper we show that a
Riemann-Hilbert problem can be associated with this Fredholm determinant. This
Riemann-Hilbert problem formulation permits us to write down completely
integrable equations for the Fredholm determinant and to perform an asymptotic
analysis for the correlation function.Comment: 21 pages, Latex, no figure
Multi-Higgs Mass Spectrum in Gauge-Higgs Unification
We study an SU(2) supersymmetric gauge model in a framework of gauge-Higgs
unification. Multi-Higgs spectrum appears in the model at low energy. We
develop a useful perturbative approximation scheme for evaluating effective
potential to study the multi-Higgs mass spectrum. We find that both
tree-massless and massive Higgs scalars obtain mass corrections of similar size
from finite parts of the loop effects. The corrections modify multi-Higgs mass
spectrum, and hence, the loop effects are significant in view of future
verifications of the gauge-Higgs unification scenario in high-energy
experiments.Comment: 32 pages; typos corrected and a few comments added, published versio
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