Price Destabilizing Speculation

It is sometimes asserted that rational speculative activity must result in more stable prices because speculators buy when prices are low and sell when they are high. This is incorrect. Speculators buy when the chances of price appreciation are high, selling when the chances are low. Speculative activity in an economy in which all agents are rational, have identical priors, and have access to identical information may destabilize prices, under any reasonable definition of destabilization. It takes extremely strong conditions to ensure that speculative activity (of the commodity storage variety) "stabilizes" prices, even in a very weak sense.Economic

Measurement of the Λ0b→ J/ψΛ angular distribution and the Λ0b polarisation in pp collisions

This paper presents an analysis of the Λ0b→ J/ψΛ angular distribution and the transverse production polarisation of Λ0b baryons in proton-proton collisions at centre-of-mass energies of 7, 8 and 13 TeV. The measurements are performed using data corresponding to an integrated luminosity of 4.9 fb−1, collected with the LHCb experiment. The polarisation is determined in a fiducial region of Λ0b transverse momentum and pseudorapidity of 1 < pT< 20 GeV/c and 2 < η < 5, respectively. The data are consistent with Λ0b baryons being produced unpolarised in this region. The parity-violating asymmetry parameter of the Λ → pπ− decay is also determined from the data and its value is found to be consistent with a recent measurement by the BES III collaboration