13,104 research outputs found
Sealed bid second price auctions with discrete bids
A single item is sold to two bidders by way of a sealed bid second price auction in which bids are restricted to a set of discrete values. Restricting attention to symmetric pure strategy behavior on the part of bidders, a unique equilibrium exists. When following these equilibrium strategies bidders may bid strictly above or below their valuation, implying that the item may be awarded to a bidder other than the high valuation bidder. In an auction with two acceptable bids, the expected revenue of the seller may be maximized by a high bid level not equal to the highest possible bidder valuation and may exceed the expected revenue from an analogous second price auction with continuous bidding (and no reserve price). With three acceptable bids, a revenue maximizing seller may choose unevenly spaced bids. With an arbitrary number of evenly spaced bids, as the number of acceptable bids is increased, the expected revenue of the seller and the probability of ex post inefficiency both may either increase or decrease
Externalities revisited: the use of an environmental equity account
This exploratory paper attempts to restart a debate about the incorporation of environmental
externalities into the cost structure of the organisation. A number approaches are considered;
regulation together with all that would follow such as audit and policing; pollution permits, which
probably can only be used with a sinking lid application; and other charging mechanisms such as
making the private sector pay for public sector capital funding. The fourth alternative, the use of an
environmental equity account, has not been widely considered in the literature.
The paper proposes the use of an environmental equity account (after Boone and Rubenstein,
1997) with the express intent of generating a charge for environmental impact based on the cost of
control. That is, the cost of implementing state of the art technology compared to that currently in
use within the organisation, is used as a balance which may be either paid as a capital sum or
carried as a balance sheet entry upon which dividend payments would have to be made. It is
envisaged that both capital sums and dividend payments would go to an agency responsible for
environmental remediation activity
Potentially dysfunctional impacts of harmonising accounting standards: the case of intangible assets
Intangible Assets as a category within accounting and reporting disclosures have become far more
noticeable in recent years, including large amounts associated with brands, mastheads, franchises, and
patents. Many of these items are not purchased but internally generated within the organisation, and
may account for much of the difference in magnitude between book value and market capitalisation.
The International Accounting Standards Committee has recently issued IAS 38 to regulate the reporting
of intangible assets, and includes therein the prohibition of those intangible assets, which have been
internally generated. This prohibition would cut across recently developed practices in Australia and
New Zealand. The problem is compounded by an increasingly close relationship between IASs and the
national standards of both Australia and New Zealand, making it very likely that the problem areas
within IAS 38 will be transferred to the national standards.
This paper examines the areas within IAS 38, which are likely to lead to undesirable consequences,
both for internally generated intangible assets but also in terms of the reinforcement of somewhat
conservative aspects of financial accounting including historical cost and the inhibiting effects on new
developments generally. The possible compounding effects of an expectations gap between the
traditional and expected role of financial statements is briefly examined as a possible explanation of the
divergence of opinion between different groups involved in the development of accounting standards
and reports
One way forward: non-traditional accounting disclosures in the 21st century
Recent empirical studies (Deegan and Rankin, 1999; Deegan et al., 2000) have indicated that although
many corporations have begun to respond to perceived demand for environmental disclosures in
published accounts, their perspective of organisational legitimacy is a narrow view, in which information
is targeted towards specific stakeholders and not to the general public.
This paper considers a range of models (variously called guidelines, standards and charters) which
have been put forward by different organisations to aid the development of social and environmental
disclosures. In all cases verification and attestation are part of the proposed regimen.
The question which the papers attempts to answer is whether any one of the models would be capable
of rapid adoption as part of an expanded GAAP, should the professional accounting bodies think that
this is desirable. The outcome of our deliberations is cautious support for the use of EMAS and ISO
14000 as the basis for a modified GAAP plus the further development of the GRI 2000 guidelines into a
set of standards covering both social and environmental reporting
Cyclical Dynamics in Three Industries
In this paper we offer a procedure to identify the industry cycles, and apply the procedure to the industrial data of three industries, namely semiconductors, PCs and FPDs. The identified cycles enable us to conduct two comparison analyses: (1) comparing the cycles with those suggested by industry experts in the corresponding industries; (2) comparing the industry cycles across the three industries. Moreover, we examine the factors possibly contributing to the cyclical dynamics of the industries built on three lines of explanations in the literature. Our vector auto regression (VAR) models establish that the dynamics of aggregate economy and capacity are among the most significant drivers in our semiconductor industry cycle.Industry cycle, business cycle, technology cycle, business dynamics, VAR model
X-ray Isophotes in a Rapidly Rotating Elliptical Galaxy: Evidence of Inflowing Gas
We describe two-dimensional gasdynamical computations of the X-ray emitting
gas in the rotating elliptical galaxy NGC 4649 that indicate an inflow of about
one solar mass per year at every radius. Such a large instantaneous inflow
cannot have persisted over a Hubble time. The central constant-entropy
temperature peak recently observed in the innermost 150 parsecs is explained by
compressive heating as gas flows toward the central massive black hole. Since
the cooling time of this gas is only a few million years, NGC 4649 provides the
most acutely concentrated known example of the cooling flow problem in which
the time-integrated apparent mass that has flowed into the galactic core
exceeds the total mass observed there. This paradox can be resolved by
intermittent outflows of energy or mass driven by accretion energy released
near the black hole. Inflowing gas is also required at intermediate kpc radii
to explain the ellipticity of X-ray isophotes due to spin-up by mass ejected by
stars that rotate with the galaxy and to explain local density and temperature
profiles. We provide evidence that many luminous elliptical galaxies undergo
similar inflow spin-up. A small turbulent viscosity is required in NGC 4649 to
avoid forming large X-ray luminous disks that are not observed, but the
turbulent pressure is small and does not interfere with mass determinations
that assume hydrostatic equilibrium.Comment: 21 pages, 9 figures, accepted for publication by Ap
Vector boson production in association with KK modes of the ADD model to NLO in QCD at LHC
Next-to-leading order QCD corrections to the associated production of vector
boson (Z/W) with the the Kaluza-Klein modes of the graviton in large extra
dimensional model at the LHC, are presented. We have obtained various kinematic
distributions using a Monte Carlo code which is based on the two cut off phase
space slicing method that handles soft and collinear singularities appearing at
NLO level. We estimate the impact of the QCD corrections on various observables
and find that they are significant. We also show the reduction in factorization
scale uncertainty when QCD corrections are included.Comment: 12 pages, 5 figure
Energizing industrial development
The role of energy sources in the c choice of industrial development pathways has not been widely acknowledged outside the energy literature. Indeed, as oil prices rise, traditional fossil fuel-intensive industrial development pathways now imperil development prospects around the world. As energy security becomes a major issue, developing
countries have everything to lose by simply following fossil-fuel based industrialization, and everything to gain by recasting their development strategies around the prospects for renewable energies and biofuels. This
paper argues that the time is therefore ripe for developing countries to re-evaluate their stance on renewable energy sources generally, and on biofuels in particular.The role of energy sources in the c choice of industrial development pathways has not been widely acknowledged outside the energy literature. Indeed, as oil prices rise, traditional fossil fuel-intensive industrial development pathways now imperil development prospects around the world. As energy security becomes a major issue, developing
countries have everything to lose by simply following fossil-fuel based industrialization, and everything to gain by recasting their development strategies around the prospects for renewable energies and biofuels. This
paper argues that the time is therefore ripe for developing countries to re-evaluate their stance on renewable energy sources generally, and on biofuels in particular.Articles published in or submitted to a Journal without IF refereed / of international relevanc
Signals of Unparticles in Low Energy Parity Violation and NuTeV Experiment
We have studied the possible signals of unparticle in atomic parity
violation(APV) along an isotope chain and in the NuTeV experiment. The effects
of unparticle physics could be observed in APV, if the uncertainty in relative
neutron/proton radius shift is less than a few
times by measuring the parity violating electron scattering. The
constraints imposed by NuTeV experiment on unparticle physics are discussed in
detail. If the NuTeV results are confirmed by future experiments, we suggest
that unparticle could account for a part of NuTeV anomaly. There exist certain
regions for the unparticle parameters (, ,
and ), where the NuTeV discrepancy could be
completely explained by unparticle effects and the strange quark asymmetry,
even with or without the contributions from the isoscalarity violation etc. It
is remarkable that these parameter regions are consistent with the constraints
from Comment: 19 pages, 7 figure
- …