A Strategic Theory of Markets

This paper investigates the asymptotic behavior of a Bayesian Nash equilibrium in uniform price double auctions among buyers and sellers with a unit demand and supply who receive private signals independently and identically distributed conditional on the unknown state with the monotone likelihood ratio condition and have interdependent values with a strictly private value element. Every nontrivial mixed strategy Bayesian Nash equilibrium converges to the fully revealing rational expectation equilibrium as the number of buyers and sellers increases and the bid step size goes to zero. A monotone pure strategy Bayesian Nash equilibrium exists in sufficiently large finite economies, and provides a consistent and asymptotically normal estimator of the unknown value when the set of possible bids is continuous.

"Core-Selecting Auctions: An Experimental Study"

Many business and policy problems, such as allocation of spectrum rights and financial assets, involve allocation of heterogeneous objects among players with superadditive values. This paper uses laboratory experiments to study core-selecting auctions (clock-proxy auctions of Ausubel, Cramton, and Milgrom (2004)) recently proposed as a solution to this problem. Our experimental design involves three factors. The first factor is the auction design and we consider generalized Vickrey auctions, simultaneous ascending auctions, and clock-proxy auctions. The second factor is the value structure of agents. In addition to a benchmark case of additive values, we considered superadditive value structures which feature the exposure problem and the coordination problem. The third factor is subject characteristics. We ran experiments with professional traders and university students. We found that clock-proxy auctions outperformed generalized Vickrey auctions. Clock-proxy auctions outperformed simultaneous ascending auctions with the exposure problem value structure, and did statistically equally well with the additive and the coordination problem value structure. The result suggests a trade-off between efficiency improvements and complexity in package bidding. An ANOVA of outcomes demonstrated that auction designs were significant, and the interaction terms were often significant. We estimated the effect of auction design on efficiency and revenue and found that its magnitude depended on the valuation structure and subject characteristics. The result suggests that market design is not one-size-fits-all and a successful design builds on an understanding of fine details of the problem environments.

THE TOKYO FINANCIAL MARKETS RESEARCH DATA SERVICES: I. FACTORS DATA FOR EQUITY MARKETS

We introduce a general purpose data library developed at the Center for Advanced Research in Finance and the Computing Services at the Faculty of Economics of the University of Tokyo for empirical research of the financial markets in Japan. This data library (located at http://www.carf.e.u-tokyo.ac.jp/english/research/trds/trds_intro_e.html) provides a new internationally comparable equity market factors data for Japanese and US markets up to December 2009.

[3H]9-Methyl-7-bromoeudistomin D, a caffeine-like powerful Ca2+ releaser, binds to caffeine-binding sites distinct from the ryanodine receptors in brain microsomes

Abstract[3H]9-Methyl-7-bromoeudistomin D ([3H]MBED), the most powerful Ca2+ releaser from sarcoplasmic reticulum, specifically bound to the brain microsomes. Caffeine competitively inhibited [3H]MBED binding. [3H]MBED binding was markedly blocked by procaine, whereas that was enhanced by adenosine-5′-(β,γ-methylene)triphosphate. The Bmax value was 170 times more than that of [3H]ryanodine binding. The profile of sucrose-density gradient centrifugation of solubilized microsomes indicated that [3H]MBED binding protein was different from [3H]ryanodine binding protein. These results suggest that there are MBED/caffeine-binding sites in brain that are distinct from the ryanodine receptor and that MBED becomes an essential molecular probe for characterizing caffeine-binding protein in the central nervous system

Analysis of gastrin receptor gene expression in proliferating cells in the neck zone of gastric fundic glands using laser capture microdissection

AbstractGastrin stimulates proliferation of progenitor cells in the neck zone of gastric fundic mucosa. However, whether it directly enhances this proliferation through its receptors remains unclear. We investigated the expression of gastrin receptors in neck zone proliferating cells in rat gastric fundic glands using a reverse transcription polymerase chain reaction (RT-PCR) coupled with laser capture microdissection and in situ RT-PCR. Gastrin receptor expression was identified in c-fos-expressing cells located in the neck zone, and results of the RT-PCR analysis argued against contamination by other cells, such as enterochromaffin-like, parietal or D cells. Supporting this finding, gastrin receptor gene expression was identified in the neck zone as well as base glands by in situ RT-PCR. Therefore, it is suggested that proliferating cells in the neck zone are stimulated directly by gastrin via their gastrin receptors

ダエキ アミラーゼ ノ カンイ ヒショクケイ オ モチイタ ソクテイ

We made a simple colorimeter using a LED as the light source and a CdS cell as the detector. The simple colorimeter gave a linear-relationship between the concentration of starch (up to 0.01%) detected by coloration reaction with KI-I_2 and the resistance of the CdS cell. Using this colorimeter, the temperature dependence and time-courses of the activities of salivary amylase were shown clearly. The amylase activities of some vegetables were also detected with the colorimeter. These results indicate that the colorimeter is available for semiquantitative measurement of the activities of amylase and is a useful tool for advanced courses of science learning in lower secondary schools

Barrett's esophagus: genetic and cell changes

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/86844/1/j.1749-6632.2011.06043.x.pd