Introduction to the Milestones series

This new series will publish expository commentaries celebrating key contributions (Milestones) to our scholarly heritage

On the decomposition of stochastic discounted cash flows

This paper extends previous results by Peccati [7] and Beccacece [1] on the decomposition of the discounted cash flow for deterministic financial operations to the stochastic case. Modelling financial operations as processes whose cumulant is a semimartingale, we obtain a very general decomposition formula which allows one to consider even random discount factors. © 1991 Springer-Verlag

The probability to reach an agreement as a foundation for axiomatic bargaining

We revisit the Nash bargaining model and axiomatize a procedural solution that maximizes the probability of successful bargaining. Our characterization spans several known solution concepts, including the special cases of the Nash, egalitarian, and utilitarian solutions. Using a probability-based language, we offer a natural interpretation for the product operator underlying the Nash solution: when the bargainers’ individual acceptance probabilities are independent, their product recovers the joint acceptance probability

Market equilibrium via classifications of commodities

When a rich variety of available goods is classified into a smaller number of tradable commodities, we have a market economy that relies on a simplified representation. We study how the classification of goods into commodities affects the allocation of scarce resources among agents. We also consider a notion of decentralized equilibrium that is achieved merely by an appropriate classification of the goods, regardless of the presence of a price-based mechanism

What situation is this? Coarse cognition and behavior over a space of games

We study strategic interaction between agents who distill the complex world around them into simpler situations. Assuming agents share the same cognitive frame, we show how the frame affects equilibrium outcomes. In one-shot and repeated interactions, the frame causes agents to be either better or worse off than if they could perceive the environment in full detail: it creates a fog of cooperation or a fog of conflict. In repeated interaction, the frame is as important as agents’ patience in determining the set of equilibria: for a fixed discount factor, when all agents coordinate on what they perceive as the best equilibrium, there remain significant performance differences across dyads with different frames. Finally, we analyze some tensions between incremental versus radical changes in the cognitive fram

Purification, cDNA Cloning, and Tissue Distribution of Bovine Liver Aldehyde Oxidase

Aldehyde oxidase was purified to homogeneity from bovine liver and primary structural information obtained by sequencing a series of cleavage peptides permitted the cloning of the corresponding cDNA. The cDNA is 4,630 base pairs long, and it consists of a 102-base pair 5′-untranslated region followed by a 4017-base pair coding region and a 511-base pair 3′-untranslated region. The open reading frame predicts a 1339-amino acid polypeptide with a calculated molecular weight of 147,441, which is consistent with the size of the aldehyde oxidase monomeric subunit. The aldehyde oxidase polypeptide contains consensus sequences for iron-sulfur centers and a molybdopterin binding site. The amino acid sequence deduced from the cDNA shows significant similarity with that of xanthine dehydrogenases from various sources. The primary structure of bovine aldehyde oxidase is remarkably similar (approximately 86%) to that of the translation product of a cDNA recently isolated by Wright et al. (Wright, R. M., Vaitaitis, G. M., Wilson, C. M., Repine, T. B., Terada, L. S., and Repine, J. E.(1993) Proc. Natl. Acad. Sci. U. S. A. 90, 10690-10694) and reported to represent human xanthine dehydrogenase. With the help of a monospecific antibody raised against the purified protein and the isolated cDNA, the tissue distribution of the bovine aldehyde oxidase protein and corresponding mRNA was determined. Aldehyde oxidase is expressed at high levels in liver, lung, and spleen, and, at a much lower level, in many other organs

Anatocismo nei piani di ammortamento standardizzati tradizionali

Il rapporto, integrando Matematica e Diritto, esamina se i piani di ammortamento "graduale" a tasso certo e costante nel tempo configurino la produzione di interessi su interessi, violando la norma civilistica sull'anatocismo. La conclusione è negativa