Efficient Partnership Dissolution under Buy/Sell Clauses

When a partnership comes to an end partners have to determine the terms of the dissolution. A well known way to do so is by enforcing a buy/sell option. Under its rules one partner has to offer a price for the partnership and the other agent can choose whether she wants to sell her share or buy her partner's share at this price. It is well known that in a model with private valuations this dissolution rule may generate inefficient allocations. However, we here show that if partners negotiate for the advantage of being chooser, then this buy/ sell provision results in an ex-post efficient outcome. This result helps to explain why such provisions are so widely introduced in partnership contractsmechanism design, partnerships

Investment incentives and auction design in electricity markets

Motivated by the regulatory debate in electricity markets, we seek to understand how market design affects market performance through its impact on investment incentives. For this purpose, we study a two-stage game in which firms choose their capacities under demand uncertainty prior to bidding into the spot market. We analyse a number of different market design elements, including (i) two commonly used auction formats, the uniform-price and discriminatory auctions, (ii) price-caps and (iii) bid duration. We find that, although the discriminatory auction tends to lower prices, this does not imply that investment incentives at the margin are poorer; indeed, under reasonable assumptions on the shape of the demand distribution, the discriminatory auction induces (weakly) stronger investment incentives than the uniform-price format

Onset of triaxial deformation in Zn66 and properties of its first excited 0+ state studied by means of Coulomb excitation

Artículo escrito por un elevado número de autores, solo se referencian el que aparece en primer lugar, el nombre del grupo de colaboración, si le hubiere, y los autores pertenecientes a la UAMThe electromagnetic structure of Zn66 at low excitation energy was investigated via low-energy Coulomb excitation at INFN Legnaro National Laboratories, using the Gamma Array of Legnaro Infn Laboratories for nuclEar spectrOscopy (GALILEO) γ-ray spectrometer coupled to the SPIDER (Silicon PIe DEtectoR). A set of reduced E2, E3, and M1 matrix elements was extracted from the collected data using the gosia code, yielding 12 reduced transition probabilities between the low-spin states and the spectroscopic quadrupole moment of the 21+ state. The B(E2) values for transitions depopulating the 02+ state have been determined for the first time, allowing for the lifetime of this state to be deduced and, consequently, the ρ2(E0;02+→01+) monopole transition strength to be extracted. In addition, the B(E3;31-→01+) value has been determined for the first time in a Coulomb excitation experiment. The obtained results resolve the existing discrepancies between literature lifetimes and demonstrate that Zn66 cannot be described by using simple collective models. Therefore, new state-of-the-art beyond-mean-field and large-scale shell-model calculations were performed in order to interpret the structure of this nucleus. Both the experimental and theoretical results suggest that the triaxial degree of freedom has an important impact on electromagnetic properties of Zn66, while the unique features of the 02+ state indicate its distinct and rather isolated structur

Lifetime measurements in the even-even Cd102-108 isotopes

Artículo escrito por un elevado número de autores, solo se referencian el que aparece en primer lugar, el nombre del grupo de colaboración, si le hubiere, y los autores pertenecientes a la UAMBackground: The heaviest Tz = 0 doubly-magic nucleus, 100Sn, and the neighboring nuclei offer unique opportunities to investigate the properties of nuclear interaction. For instance, the structure of light-Sn nuclei has been shown to be affected by the delicate balance between nuclear-interaction components, such as pairing and quadrupole correlations. From Cd to Te, many common features and phenomena have been observed experimentally along the isotopic chains, leading to theoretical studies devoted to a more general and comprehensive study of the region. In this context, having only two proton holes in the Z = 50 shell, the Cd isotopes are expected to present properties similar to those found in the Sn isotopic chain. Purpose: The aim of this work was to measure lifetimes of excited states in neutron-deficient nuclei in the vicinity of 100Sn. Methods: The neutron-deficient nuclei in the N ≈ Z ≈ 50 region were populated using a multinucleon transfer reaction with a 106Cd beam and a 92Mo target. The beamlike products were identified by the VAMOS++ spectrometer, while the γ rays were detected using the AGATA array. Lifetimes of excited states were determined using the recoil distance Doppler-shift method, employing the Cologne differential plunger. Results: Lifetimes of low-lying states were measured in the even-mass 102–108Cd isotopes. In particular, multiple states with excitation energy up to ≈3 MeV, belonging to various bands, were populated in 106Cd via inelastic scattering. The transition strengths corresponding to the measured lifetimes were compared with those result-ing from state-of-the-art beyond-mean-field calculations using the symmetry-conserving configuration-mixing approach. Conclusions: Despite the similarities in the electromagnetic properties of the low-lying states, there is a fundamental structural difference between the ground-state bands in the Z = 48 and Z = 50 isotopes. The comparison between experimental and theoretical results revealed a rotational character of the Cd nuclei, which have prolate-deformed ground states with β2 ≈ 0.2. At this deformation Z = 48 becomes a closed-shell configuration, which is favored with respect to the spherical on

Time varying term premia and risK: The case of the spanish interbank money market.

En este trabajo se examinan algunos procedimientos estándar utilizados para evaluar la importancia del riesgo en la explicación del comportamiento de las primas por plazo dentro de la estructura temporal de tipos de interés. Se ponen de manifiesto sus limitaciones y se propone un procedimiento alternativo basado en la utilización de modelos VARMA. Este procedimiento se ilustra con una evaluación de la importancia del riesgo, medido como en Luce (1980), en el comportamiento de dos importantes primas por plazo dentro del mercado interbancario español

Testing theories of economic fluctuations and growth in early development. (The case of the Chesapeake tobacco economy)

This paper suggests a general econometric approach to the empirical testing of the staple theory. The methodology is based upon a multivariate stochastic time series analysis adjusted to accommodate the presence of co-integration. Consistent with the nature of the problem under consideration, the methodology does not require any a priori strucrural assumptions about the dynamic relations among relevant variables. The empirical part of the paper focuses on the dynamic relationships among tobacco prices in the colonial Chesapeake economy and tobacco demand and supply conditions. The empirical evidence gives strong support to the basic tenets of the staple theory: the central role of the exogenous British demand; the existence of fluctuations in the price of tobacco; and, the high responsiveness of tobacco production with respect to prices relative to tobacco demand

Novel approaches to determine residual stresses by ultramicroindentation techniques: application to sand blasted austenitic stainless steel

This research addresses the determination of residual stresses in sandblasted austenitic steel by ultramicroindentation techniques using a sharp indenter, whose sensitivity to residual stress effects is said to be inferior to that for spherical ones. We propose the introduction of an angular correction in the model of Wang et al. that relates variations in the maximum load to the presence of residual stresses. Likewise, the contribution to hardness of grain size refinement and work hardening, developed as a consequence of the severe plastic deformation during blasting, is determined to avoid overestimation of the residual stresses. Measurements were performed on polished cross sections along a length of several microns, thus obtaining a profile of the residual stresses. Results show a good agreement with those obtained by synchrotron radiation on the same specimens, which validates the method and demonstrates that microindentation using sharp indenters may be sensitive to the residual stress effect.Peer Reviewe

Optimal adaptation strategies to face shocks on groundwater resources

We consider an exogenous and reversible shock to a groundwater resource, namely a decrease in the recharge rate of the aquifer. We compare optimal extraction paths and the social costs of optimal adaptation in two cases: under certainty, i.e. when the date of occurrence of the shock is known, and under uncertainty, when the date of occurrence of the shock is a random variable. We show that an increase in uncertainty leads to a decrease in precautionary behavior in the short run and to an increase in precautionary behavior in the long run. We apply our model to the particular case of the Western la Mancha aquifer in Spain. We show that, in this context, it is advantageous for the water agency to acquire information on the date of the shock, especially for high-intensity and intermediate-risk events