An optimal location strategy for Internet sellers in markets with different tax rates

The traditional view that a high sales tax rate reduces trade by driving a wedge between the purchase and sale price may not apply to internet commerce for two reasons. The first reason is that the sales tax paid by buyers purchasing via the internet is determined by the tax rate in the region of the buyer. The second reason is that a high sales tax may lower the before-tax price if sellers absorb part of the tax. Taken together, this implies that internet distributors may profitably target customers in regions with low tax rates by locating their selling addresses in high tax regions. Consequently the optimal marketing strategy for a global internet distributor may include siting selling locations in regions with high tax rates in order to target customers in regions with low tax rates. An empirical analysis of the European car market suggests that this is more than a remote theoretical possibility by demonstrating that the before-tax prices recommended by manufacturers for new cars are lower in high tax countries

Short-run and long-run determinants of the price of gold

In 1833 the price of gold was $20.65 per ounce, about$415 in 2005 terms, while in 2005 the actual price of gold was $445 - a very small change in the real price of gold over a period of one hundred and seventy two years. Despite this apparent constancy in real terms over the long run, it is also true that, outside of periods when the gold price was fixed through various iterations of the gold standard, it has fluctuated significantly in the shorter term, sometimes for years at a time. Can these two apparently contradictory realities be reconciled? And can one be sure that the long run positive relationship between gold and inflation has persisted beyond the era of Bretton Woods? Indeed, is there any credence to the claim that gold can be used as a long-run hedge against inflation? The results reported in this paper provide some answers to these questions that are so central to the gold market and its many participants around the world. We also address the inflation hedging properties of gold in the currencies of the major gold-consuming countries outside of the USA, taking into account both the domestic exchange rate relative to the dollar and domestic consumer price index movements. Real gold prices denominated in the home currency of investors outside of the USA also deviate in the short-run from their home country inflation hedge price and there is also a long-run tendency for gold prices to revert to the long-run hedge price. The major gold consuming countries outside of the USA, that is, India, China, Turkey, Saudi Arabia and Indonesia were rational to purchase gold in that it proved more than adequate as an inflation hedge. For these countries the actual USA dollar gold price between 1976 and 2005 far exceeded the dollar gold price required to provide an inflation hedge after taking account of exchange rates between the US dollar and the home country and the home country consumer price index movements

A Model of Graceful Exit in String Cosmology

We construct, for the first time, a model of graceful exit transition from a dilaton-driven inflationary phase to a decelerated Friedman-Robertson-Walker era. Exploiting a demonstration that classical corrections can stabilize a high curvature string phase while the evolution is still in the weakly coupled regime, we show that if additional terms of the type that may result from quantum corrections to the string effective action exist, and induce violation of the null energy condition, then evolution towards a decelerated Friedman-Robertson-Walker phase is possible. We also observe that stabilizing the dilaton at a fixed value, either by capture in a potential minimum or by radiation production, may require that these quantum corrections are turned off, perhaps by non-perturbative effects or higher order contributions which overturn the null energy condition violation.Comment: 17 pages including 9 figures, RevTeX. Uses epsfi

Singularity free dilaton-driven cosmologies and pre-little-bang

There are no reasons why the singularity in the growth of the dilaton coupling should not be regularised, in a string cosmological context, by the presence of classical inhomogeneities. We discuss a class of inhomogeneous dilaton-driven models whose curvature invariants are all bounded and regular in time and space. We prove that the non-space-like geodesics of these models are all complete in the sense that none of them reaches infinity for a finite value of the affine parameter. We conclude that our examples represent truly singularity-free solutions of the low energy beta functions. We discuss some symmetries of the obtained solutions and we clarify their physical interpretation. We also give examples of solutions with spherical symmetry. In our scenario each physical quantity is everywhere defined in time and space, the big-bang singularity is replaced by a maximal curvature phase where the dilaton kinetic energy reaches its maximum. The maximal curvature is always smaller than one (in string units) and the coupling constant is also smaller than one and it grows between two regimes of constant dilaton, implying, together with the symmetries of the solutions, that higher genus and higher curvature corrections are negligible. We argue that our examples describe, in a string cosmological context, the occurrence of ``little bangs''(i.e. high curvature phases which never develop physical singularities). They also suggest the possibility of an unexplored ``pre-little-bang'' phase.Comment: 25 pages in LaTex style, 3 encapsulated figure

Racetrack Inflation

We develop a model of eternal topological inflation using a racetrack potential within the context of type IIB string theory with KKLT volume stabilization. The inflaton field is the imaginary part of the K\"ahler structure modulus, which is an axion-like field in the 4D effective field theory. This model does not require moving branes, and in this sense it is simpler than other models of string theory inflation. Contrary to single-exponential models, the structure of the potential in this example allows for the existence of saddle points between two degenerate local minima for which the slow-roll conditions can be satisfied in a particular range of parameter space. We conjecture that this type of inflation should be present in more general realizations of the modular landscape. We also consider `irrational' models having a dense set of minima, and discuss their possible relevance for the cosmological constant problem.Comment: 23 pages 7 figures. The final version with minor modifications, to appear in JHE

Direct J/Psi hadroproduction in k_\perp-factorization and the color octet mechanism

The hadroproduction of direct J/Psi in the framework of the k_\perp-factorization approach is studied. The color-singlet contribution is essentially larger than in the collinear approach but is still an order of magnitude below the data. The deficit may be well described by the color octet contribution with the value of the matrix element substantially decreased in comparison with the fits in the collinear factorization. This should lead to a reduction of the large transverse polarization, predicted in the collinear approach.Comment: 3 pages, LaTeX, 2 eps figures, final PRD versio

Blind Deconvolution via Lower-Bounded Logarithmic Image Priors

In this work we devise two novel algorithms for blind deconvolution based on a family of logarithmic image priors. In contrast to recent approaches, we consider a minimalistic formulation of the blind deconvolution problem where there are only two energy terms: a least-squares term for the data fidelity and an image prior based on a lower-bounded logarithm of the norm of the image gradients. We show that this energy formulation is sufficient to achieve the state of the art in blind deconvolution with a good margin over previous methods. Much of the performance is due to the chosen prior. On the one hand, this prior is very effective in favoring sparsity of the image gradients. On the other hand, this prior is non convex. Therefore, solutions that can deal effectively with local minima of the energy become necessary. We devise two iterative minimization algorithms that at each iteration solve convex problems: one obtained via the primal-dual approach and one via majorization-minimization. While the former is computationally efficient, the latter achieves state-of-the-art performance on a public dataset

Diffractive \eta_c and \eta_b productions by neutrinos via neutral currents

We report a first theoretical study for neutrino-induced diffractive productions of heavy pseudoscalar mesons, \eta_c and \eta_b, off a nucleon. Based on factorization formalism for exclusive processes, we evaluate the forward diffractive production cross section in perturbative QCD in terms of the light-cone Q\bar{Q} wave functions (WFs) of \eta_{c,b} mesons and the gluon distribution of the nucleon. The light-cone WFs of the \eta_c (\eta_b) meson are constructed to satisfy the spin symmetry relations with those of the J/\psi (\Upsilon) meson. The diffractive \eta_c production is governed by the axial-vector coupling of the longitudinally polarized Z boson to Q\bar{Q} pair, and the resulting \eta_c production rate is larger than the J/\psi one by one order of magnitude. We also discuss the production of bottomonium \eta_b, which shows up for higher beam energy.Comment: REVTex4, 4 pages with 3 embedded figure

Evolution of cosmological perturbations in non-singular string cosmologies

In a class of non-singular cosmologies derived from higher-order corrections to the low-energy bosonic string action, we derive evolution equations for the most general cosmological scalar, vector and tensor perturbations. In the large scale limit, the evolutions of both scalar and tensor perturbations are characterised by conserved quantities, the usual curvature perturbation in the uniform-field gauge and the tensor-type perturbed metric. The vector perturbation is not affected, being described by the conservation of the angular momentum of the fluid component in the absence of any additional dissipative process. For the scalar- and tensor-type perturbations, we show how, given a background evolution during kinetic driven inflation of the dilaton field, we can obtain the final power spectra generated from the vacuum quantum fluctuations of the metric and the dilaton field during the inflation.Comment: 11 pages, 2 figures, submitted to Phys. Rev.

Advancing marine conservation in European and contiguous seas with the MarCons Action

Cumulative human impacts have led to the degradation of marine ecosystems and the decline of biodiversity in the European and contiguous seas. Effective conservation measures are urgently needed to reverse these trends. Conservation must entail societal choices, underpinned by human values and worldviews that differ between the countries bordering these seas. Social, economic and political heterogeneity adds to the challenge of balancing conservation with sustainable use of the seas. Comprehensive macro-regional coordination is needed to ensure effective conservation of marine ecosystems and biodiversity of this region. Under the European Union Horizon 2020 framework programme, the MarCons COST action aims to promote collaborative research to support marine management, conservation planning and policy development. This will be achieved by developing novel methods and tools to close knowledge gaps and advance marine conservation science. This action will provide support for the development of macro-regional and national policies through six key actions: to develop tools to analyse cumulative human impacts; to identify critical scientific and technical gaps in conservation efforts; to improve the resilience of the marine environment to global change and biological invasions; to develop frameworks for integrated conservation planning across terrestrial, freshwater, and marine environments; to coordinate marine conservation policy across national boundaries; and to identify effective governance approaches for marine protected area management. Achieving the objectives of these actions will facilitate the integration of marine conservation policy into macro-regional maritime spatial planning agendas for the European and contiguous seas, thereby offsetting the loss of biodiversity and ecosystem services in this region