The Substitutability of Equities and Consumer Durable Goods: A Portfolio-Choice Approach

Using the analytical approach made famous by Chetty [4] and quarterly data covering the period from 1963.4 through 1991.3, we estimate elasticities of substitution between common stocks and residential housing and between stocks and government bonds, Treasury bills, money, the sum of savings and time deposits, and corporatep aper.3W e also test whethert hese elasticities changed following the 1987 stock market crash. We find that there is virtually no substitutabilityb etween stocks and other financial assets. Moreover, we find no evidence that asset holders are willing to substitute between stocks and housing. This last finding contradicts Runkle\u27s suggestion that as stock returns decline, consumers may move into housing, or other durable goods. In fact, it appears that individuals consider equities to be a requirement in their portfolio, and are not willing to use other assets as substitutes. We also find that, with one exception, the stock market crash of 1987 did not have a significant impact on the substitutabilityb etween common stocks and the othera ssets. The only exception is that, following the crash, stocks and Treasury bills actually became complements

Study of Membrane Reflector Technology

Very large reflective surfaces are required by future spacecraft for such purposes as solar energy collection, antenna surfaces, thermal control, attitude and orbit control with solar pressure, and solar sailing. The performance benefits in large membrane reflector systems, which may be derived from an advancement of this film and related structures technology, are identified and qualified. The results of the study are reported and summarized. Detailed technical discussions of various aspects of the study are included in several separate technical notes which are referenced

GLSM realizations of maps and intersections of Grassmannians and Pfaffians

In this paper we give gauged linear sigma model (GLSM) realizations of a number of geometries not previously presented in GLSMs. We begin by describing GLSM realizations of maps including Veronese and Segre embeddings, which can be applied to give GLSMs explicitly describing constructions such as the intersection of one hypersurface with the image under some map of another. We also discuss GLSMs for intersections of Grassmannians and Pfaffians with one another, and with their images under various maps, which sometimes form exotic constructions of Calabi-Yaus, as well as GLSMs for other exotic Calabi-Yau constructions of Kanazawa. Much of this paper focuses on a specific set of examples of GLSMs for intersections of Grassmannians G(2,N) with themselves after a linear rotation, including the Calabi-Yau case N=5. One phase of the GLSM realizes an intersection of two Grassmannians, the other phase realizes an intersection of two Pfaffians. The GLSM has two nonabelian factors in its gauge group, and we consider dualities in those factors. In both the original GLSM and a double-dual, one geometric phase is realized perturbatively (as the critical locus of a superpotential), and the other via quantum effects. Dualizing on a single gauge group factor yields a model in which each geometry is realized through a simultaneous combination of perturbative and quantum effects.Comment: LaTeX, 50 pages; v2: typos fixed and a few comments on other dualities adde

Delayed fracture of silicon: Silicon sheet growth development for the large area silicon sheet task of the low cost silicon solar array project

Bar specimens were cut from ingots of single crystal silicon, and acid etched prior to testing. Artificial surface flaws were introduced in specimens by indentation with a Knoop hardness tester. The specimens were loaded in four-point bending to 95 percent of the nominal fracture stress, while keeping the surface area, containing the flaw, wet with test liquids. No evidence of delayed fracture, and, therefore stress corrosion, of single crystal silicon was observed for liquid environments including water, acetone, and aqueous solutions of NaCl, NH4OH, and HNO3, when tested with a flaw parallel to a (110) surface. The fracture toughness was calculated

Voluntary Approaches to Transitioning from Competitive Fisheries to Rights-Based Management: Bringing the Field into the Lab

This paper describes a novel experiment designed to examine how rent dissipation may occur in fisheries in which the right to participate in the fishery is limited and fishermen compete amongst themselves for shares of an exogenous total allowable catch. We demonstrate that rent dissipation may occur through multiple mechanisms, and that the heterogeneity of fishermen has important implications for how rent dissipation occurs and the extent to which different individuals may benefit from the implementation of rights-based management. We apply this approach to investigate the concept of voluntary rights-based management under which managers divide the total allowable catch between two separate fisheries, and fishermen may choose between fishing for a guaranteed individual harvest quota or competing for a share of the total catch in a competitive fishery.

Voluntary Approaches to Transitioning from Competitive Fisheries to Rights-Based Management: Bringing the Field into the Lab

This paper describes a novel experiment designed to examine how rent dissipation may occur in fisheries in which the right to participate is limited and fishermen compete amongst themselves for shares of an exogenous total allowable catch. We demonstrate that rent dissipation may occur through multiple mechanisms, and that the heterogeneity of fishermen has important implications for how rent dissipation occurs and the extent to which different individuals may benefit from the implementation of rights-based management. We apply this approach to investigate the concept of voluntary rights-based management under which managers divide the total allowable catch between two separate fisheries, and fishermen may choose between fishing for a guaranteed individual harvest quota and competing for a share of the total catch in a competitive fishery.experimental economics, fisheries, rights-based management, IHQ, Institutional and Behavioral Economics, Resource /Energy Economics and Policy,

The Optimum Distance at which to Determine the Size of a Giant Air Shower

To determine the size of an extensive air shower it is not necessary to have knowledge of the function that describes the fall-off of signal size from the shower core (the lateral distribution function). In this paper an analysis with a simple Monte Carlo model is used to show that an optimum ground parameter can be identified for each individual shower. At this optimal core distance, $r_\mathrm{opt}$, the fluctuations in the expected signal, $S(r_\mathrm{opt})$, due to a lack of knowledge of the lateral distribution function are minimised. Furthermore it is shown that the optimum ground parameter is determined primarily by the array geometry, with little dependence on the energy or zenith angle of the shower or choice of lateral distribution function. For an array such as the Pierre Auger Southern Observatory, with detectors separated by 1500 m in a triangular configuration, the optimum distance at which to measure this characteristic signal is close to 1000 m

Cosmic-Ray Events as Background in Imaging Atmospheric Cherenkov Telescopes

The dominant background for observations of gamma-rays in the energy region above 50 GeV with Imaging Atmospheric Cherenkov telescopes are cosmic-ray events. The images of most of the cosmic ray showers look significantly different from those of gamma-rays and are therefore easily discriminated. However, a small fraction of events seems to be indistinguishable from gamma-rays. This constitutes an irreducible background to the observation of high-energy gamma-ray sources, and limits the sensitivity achievable with a given instrument. Here, a Monte Carlo study of gamma-like cosmic-ray events is presented. The nature of gamma-like cosmic-ray events, the shower particles that are responsible for the gamma-like appearance, and the dependence of these results on the choice of the hadronic interaction model are investigated. Most of the gamma-like cosmic ray events are characterised by the production of high-energy pi0's early in the shower development which dump most of the shower energy into electromagnetic sub-showers. Also Cherenkov light from single muons can mimic gamma-rays in close-by pairs of telescopes. Differences of up to 25% in the collection area for gamma-like proton showers between QGSJet/FLUKA and Sibyll/FLUKA simulations have been found.Comment: Accepted by Journal of Astroparticle Physic

Psychological and physiological correlates of stress: Performance on a cooperative task

The relationship of personality dimensions to performance was investigated. The personality measure used to select subjects, the Barratt impulsiveness scale, is hypothesized to be related to a style of behavior which should affect the trend of choices which various subjects will make. Personality dimensions were specifically examined during performance of a cooperative task, the Prisoner's Dilemma