The Efficiency of Self-Regulated Payments Systems: Learning From the Suffolk System

This paper analyzes the operation of the Suffolk System, an interbank note-clearing network operating throughout New England from the 1820s through the 1850s. Banks made markets in each other's notes at par, which allowed New England to avoid discounting of bank notes in trade. Privately enforced regu- lations prevented free riding in the form of excessive risk taking. Observers of the Suffolk System have been divided. Some emphasized the stability and effi these arrangements. Others argued that the arrangements were motivated by rent-seeking on the part of Boston banks, and were primarily coervice and exploitative. In the neighboring Mid-Atlantic states, regulations limited the potential for developing a regional clearing system centered in New York City on the model of the Suffolk System. This difference makes it possible to compare the performance of banks across regulatory regimes to judge the relative merits of the sanguine and jaundiced views of the Suffolk System. Evidence supports the sanguine view. New England's banks were able to issue more notes and these notes traded at uniform and low discount rates compared to those of other banks. An examination of the balance sheets and stock returns of Boston and New York City banks indicates that the stock market perceived that bank lending produced less risk for bank debt holders in Boston than in New York. The benefits of the system extended outside of Boston. Peripheral New England banks displayed high propensities to issue notes, and wer able to maintain low specie reserves. Boston banks did not show high profit rates or high ratios of market-to-book values of equity; thus there is no evidence that Boston banks extracted rents from their control of the payments system.

The geography of strain: organizational resilience as a function of intergroup relations

Organizational resilience is an organization’s ability to absorb strain and preserve or improve functioning, despite the presence of adversity. In existing scholarship there is the implicit assumption that organizations experience and respond holistically to acute forms of adversity. We challenge this assumption by theorizing about how adversity can create differential strain, affecting parts of an organization rather than the whole. We argue that relations among those parts fundamentally shape organizational resilience. We develop a theoretical model that maps how the differentiated emergence of strain in focal parts of an organization triggers the movements of adjoining parts to provide or withhold resources necessary for the focal parts to adapt effectively. Drawing on core principles of theories about intergroup relations, we theorize about three specific pathways—integration, disavowal, and reclamation—by which responses of adjoining parts to focal part strain shape organizational resilience. We further theorize about influences on whether and when adjoining parts are likely to select different pathways. The resulting theory reveals how the social processes among parts of organizations influence member responses to adversity and, ultimately, organizational resilience. We conclude by noting the implications for organizational resilience theory, research, and practice.Accepted manuscrip

Position determination of a lander and rover at Mars with Earth-based differential tracking

The presence of two or more landed or orbiting spacecraft at a planet provides the opportunity to perform extremely accurate Earth-based navigation by simultaneously acquiring Doppler data and either Same-Beam Interferometry (SBI) or ranging data. Covariance analyses were performed to investigate the accuracy with which lander and rover positions on the surface of Mars can be determined. Simultaneous acquisition of Doppler and ranging data from a lander and rover over two or more days enables determination of all components of their relative position to under 20 m. Acquiring one hour of Doppler and SBI enables three dimensional lander-rover relative position determination to better than 5 m. Twelve hours of Doppler and either SBI or ranging from a lander and a low circular or half synchronous circular Mars orbiter makes possible lander absolute position determination to tens of meters

Prediction of Critical Illness During Out-of-Hospital Emergency Care

CONTEXT: Early identification of nontrauma patients in need of critical care services in the emergency setting may improve triage decisions and facilitate regionalization of critical care. OBJECTIVES: To determine the out-of-hospital clinical predictors of critical illness and to characterize the performance of a simple score for out-of-hospital prediction of development of critical illness during hospitalization. DESIGN AND SETTING: Population-based cohort study of an emergency medical services (EMS) system in greater King County, Washington (excluding metropolitan Seattle), that transports to 16 receiving facilities. PATIENTS: Nontrauma, non-cardiac arrest adult patients transported to a hospital by King County EMS from 2002 through 2006. Eligible records with complete data (N = 144,913) were linked to hospital discharge data and randomly split into development (n = 87,266 [60%]) and validation (n = 57,647 [40%]) cohorts. MAIN OUTCOME MEASURE: Development of critical illness, defined as severe sepsis, delivery of mechanical ventilation, or death during hospitalization. RESULTS: Critical illness occurred during hospitalization in 5% of the development (n = 4835) and validation (n = 3121) cohorts. Multivariable predictors of critical illness included older age, lower systolic blood pressure, abnormal respiratory rate, lower Glasgow Coma Scale score, lower pulse oximetry, and nursing home residence during out-of-hospital care (P < .01 for all). When applying a summary critical illness prediction score to the validation cohort (range, 0-8), the area under the receiver operating characteristic curve was 0.77 (95% confidence interval [CI], 0.76-0.78), with satisfactory calibration slope (1.0). Using a score threshold of 4 or higher, sensitivity was 0.22 (95% CI, 0.20-0.23), specificity was 0.98 (95% CI, 0.98-0.98), positive likelihood ratio was 9.8 (95% CI, 8.9-10.6), and negative likelihood ratio was 0.80 (95% CI, 0.79- 0.82). A threshold of 1 or greater for critical illness improved sensitivity (0.98; 95% CI, 0.97-0.98) but reduced specificity (0.17; 95% CI, 0.17-0.17). CONCLUSIONS: In a population-based cohort, the score on a prediction rule using out-of-hospital factors was significantly associated with the development of critical illness during hospitalization. This score requires external validation in an independent populationPeer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/85143/1/Seymour - JAMA-2010-747-54.pdf11

Cooperative Arrangements for the Regulation of Banking by Banks

Government is today the primary regulator of the US banking system. The Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and corresponding state organizations formulate the rules by which banks compete for loans and funds. In the wake of the savings and loan crisis, many observers have begun to question whether government can police the system properly. In this article we suggest an alternative system for banking regulation: voluntary, cooperative arrangements among banks for self-policing and self-insurance

Orbital maneuvering engine feed system coupled stability investigation

A digital computer model used to analyze and predict engine feed system coupled instabilities over a frequency range of 10 to 1000 Hz was developed and verified. The analytical approach to modeling the feed system hydrodynamics, combustion dynamics, chamber dynamics, and overall engineering model structure is described and the governing equations in each of the technical areas are presented. This is followed by a description of the generalized computer model, including formulation of the discrete subprograms and their integration into an overall engineering model structure. The operation and capabilities of the engineering model were verified by comparing the model's theoretical predictions with experimental data from an OMS-type engine with a known feed system/engine chugging history

Chaotic motion of space charge wavefronts in semiconductors under time-independent voltage bias

A standard drift-diffusion model of space charge wave propagation in semiconductors has been studied numerically and analytically under dc voltage bias. For sufficiently long samples, appropriate contact resistivity and applied voltage - such that the sample is biased in a regime of negative differential resistance - we find chaos in the propagation of nonlinear fronts (charge monopoles of alternating sign) of electric field. The chaos is always low-dimensional, but has a complex spatial structure; this behavior can be interpreted using a finite dimensional asymptotic model in which the front (charge monopole) positions and the electrical current are the only dynamical variables.Comment: 12 pages, 8 figure

The Role of Demandable Debt in Structuring Optimal Banking Arrangements

Demandable-debt finance by banks warrants explanation because it entails costs of bank suspension, liquidation, and idle reserve holdings. An explanation is developed in which demandable debt provides incentive-compatible intermediation where the banker has comparative advantage in allocating investment funds but may act against the interests of uniformed depositors. Demandable debt attracts funds by giving depositors an option to force liquidation. Its usefulness in transacting follows from information-sharing between monitors and nonmonitors

Precise tracking of the Magellan and Pioneer Venusorbiters by same-beam interferometry. Part 1: Dataaccuracy analysis

Simultaneous tracking of two spacecraft in orbit about a distant planet by two widely separated Earth-based radio antennas provides more-accurate positioning information than can be obtained by tracking each spacecraft separately. A demonstration of this tracking technique, referred to as same-beam interferometry (SBI), is currently being done using the Magellan and Pioneer 12 orbiters at Venus. Signals from both spacecraft fall within the same beamwidth of the Deep Space Station antennas. The plane-of-sky position difference between spacecraft is precisely determined by doubly differenced phase measurements. This radio metric measurement naturally complements line-of-sight Doppler. Data was first collected from Magellan and Pioneer 12 on August 11-12, 1990, shortly after Magellan was inserted into Venus orbit. Data were subsequently acquired in February and April 1991, providing a total of 34 hours of same-beam radio metric observables. Same-beam radio metric residuals have been analyzed and compared with model measurement error predictions. The predicted error is dominated by solar plasma fluctuations. The rms of the residuals is less than predicted by about 25 percent for 5-min averages. The shape of the spectrum computed from residuals is consistent with that derived from a model of solar plasma fluctuations. This data type can greatly aid navigation of a second spacecraft when the first is well-known in its orbit

Orbital Maneuvering Engine Feed System Coupled Stability Investigation, Computer User's Manual

An operating manual for the feed system coupled stability model was given, in partial fulfillment of a program designed to develop, verify, and document a digital computer model that can be used to analyze and predict engine/feed system coupled instabilities in pressure-fed storable propellant propulsion systems over a frequency range of 10 to 1,000 Hz. The first section describes the analytical approach to modelling the feed system hydrodynamics, combustion dynamics, chamber dynamics, and overall engineering model structure, and presents the governing equations in each of the technical areas. This is followed by the program user's guide, which is a complete description of the structure and operation of the computerized model. Last, appendices provide an alphabetized FORTRAN symbol table, detailed program logic diagrams, computer code listings, and sample case input and output data listings