An Equilibrium Approach to International Merger Policy

treat international merger policy as a repeated veto game. I show that there exists a unique efficient equilibrium within a particular class of trigger strategy equilibria. I then consider a series of comparative statics and extensions: (a) if for some exogenous reason one of the countries becomes more lenient towards mergers, than the other country becomes more lenient as well; (b) merger remedies increase the probability that a merger is approved and increase total welfare; (c) the effects of a merger wave are magnified by the equilibrium approval policy

Dynamic Competition with No Efficiency Effect

I uncover a new force towards increasing dominance (the property whereby, in dynamic games, the leader tends to increase her lead in expected terms). The new effect results from the strategic choice of covariance in races. I assume that players must choose not the amount of resources to spend but how to allocate those resources. I show that the laggard has an incentive to chose a different path from the leader. In equilibrium, this results in the laggard choosing a less promising path, in effect trading off lower expected value for lower correlation with respect to the leader. This in turn leads to increasing dominance. In order to make the point as clear as possible and differentiate it from the forces previously characterized, I assume that no joint payoff (or efficiency) effect is present.

Are Sunk Costs A Barrier To Entry?

The received wisdom is that sunk costs create a barrier to entry if entry fails, then the entrant, unable to recover sunk costs, incurs greater losses. In a strategic context where an incumbent may prey on the entrant, sunk entry costs have a countervailing effect: they may effectively commit the entrant to stay in the market. By providing the entrant with commitment power, sunk investments may soften the reactions of incumbents. The net effect may imply that entry is more profitable when sunk costs are greater

An Equilibrium Approach to International Merger Policy

treat international merger policy as a repeated veto game. I show that there exists a unique efficient equilibrium within a particular class of trigger strategy equilibria. I then consider a series of comparative statics and extensions: (a) if for some exogenous reason one of the countries becomes more lenient towards mergers, than the other country becomes more lenient as well; (b) merger remedies increase the probability that a merger is approved and increase total welfare; (c) the effects of a merger wave are magnified by the equilibrium approval policy

Are Sunk Costs A Barrier To Entry?

The received wisdom is that sunk costs create a barrier to entry if entry fails, then the entrant, unable to recover sunk costs, incurs greater losses. In a strategic context where an incumbent may prey on the entrant, sunk entry costs have a countervailing effect: they may effectively commit the entrant to stay in the market. By providing the entrant with commitment power, sunk investments may soften the reactions of incumbents. The net effect may imply that entry is more profitable when sunk costs are greater

Hydrodynamics of galactic dark matter

We consider simple hydrodynamical models of galactic dark matter in which the galactic halo is a self-gravitating and self-interacting gas that dominates the dynamics of the galaxy. Modeling this halo as a sphericaly symmetric and static perfect fluid satisfying the field equations of General Relativity, visible barionic matter can be treated as ``test particles'' in the geometry of this field. We show that the assumption of an empirical ``universal rotation curve'' that fits a wide variety of galaxies is compatible, under suitable approximations, with state variables characteristic of a non-relativistic Maxwell-Boltzmann gas that becomes an isothermal sphere in the Newtonian limit. Consistency criteria lead to a minimal bound for particle masses in the range $30 \hbox{eV} \leq m \leq 60 \hbox{eV}$ and to a constraint between the central temperature and the particles mass. The allowed mass range includes popular supersymmetric particle candidates, such as the neutralino, axino and gravitino, as well as lighter particles ($m\approx$ keV) proposed by numerical N-body simulations associated with self-interactive CDM and WDM structure formation theories.Comment: LaTeX article style, 16 pages including three figures. Final version to appear in Classical and Quantum Gravit

Cork : properties, capabilities and applications

Cork is a natural, renewable, sustainable raw material that has been used for many centuries. As a result of this very long term interest, the scientific literature on cork is extensive. The present review focuses on the chemical composition, physical and mechanical properties of cork and on its products and sub-products. The substantial efforts to fully characterise cork, as well as new developments and evolving research, are reviewed, beginning with its histology, growth and morphology (at macro- and microscales). The chemical structure is analysed in detail, covering both the materials that form the wall structure and the low molecular weight, extractable components. The unique properties of cork are discussed and correlated with current knowledge on morphology and chemical structure. Finally, the important industrial applications of cork are reviewed, in the context of research to provide cork with novel, high added-value applications

Stellar polytropes and Navarro-Frenk-White halo models: comparison with observations

Motivated by the possible conflict between the Navarro-Frenk-White(NFW) model predictions for the dark matter contents of galactic systems and its correlation with baryonic surface density, we will explore an alternative paradigm for the description of dark matter halos. Such an alternative emerges from Tsallis' non-extensive thermodynamics applied to self-gravitating systems and leads to the so-called ``stellar polytrope'' (SP) model. We consider that this could be a better approach to real structures rather than the isothermal model, given the fact that the first one takes into account the non-extensivity of energy and entropy present in these type of systems characterized by long-range interactions. We compare a halo based on the Navarro-Frenk-White (NFW) and one which follows the SP description. Analyzing the dark matter contents estimated by means of global physical parameters of galactic disks, obtained from a sample of actual galaxies, with the ones of the unobserved dark matter halos, we conclude that the SP model is favored over the NFW model in such a comparison.Comment: 21 pages, 4 figures. Accepted for publication in the Journal of Cosmology and Astroparticle Physic