3,026 research outputs found
Principal agent problems under loss aversion: an application to executive stock options
Executive stock options reward success but do not penalise failure. In contrast, the standard principalagent model implies that pay is normally monotonically increasing in performance. This paper shows that, under loss aversion, the use of carrots but not sticks is a feature of an optimal compensation contract. Low risk aversion and high loss aversion is particularly propitious to the use of options. Moreover, loss aversion on the part of executives explains the award of at the money options rather than discounted stock or bonus related pay. Other features of stock option grants are also explained, such as resetting or reloading with an exercise price equal to the current stock price
Massive stealth scalar fields from field redefinition method
We propose an uni-parametric deformation method of action principles of
scalar fields coupled to gravity which generates new models with massive
stealth field configurations, i.e. with vanishing energy-momentum tensor. The
method applies to a wide class of models and we provide three examples. In
particular we observe that in the case of the standard massive scalar action
principle, the respective deformed action contains the stealth configurations
and it preserves the massive ones of the undeformed model. We also observe
that, in this latter example, the effect of the energy-momentum tensor of the
massive (non-stealth) field can be amplified or damped by the deformation
parameter, alternatively the mass of the stealth field.Comment: 12 page
Dynamics of two interacting particles in classical billiards
The problem of two interacting particles moving in a d-dimensional billiard
is considered here. A suitable coordinate transformation leads to the problem
of a particle in an unconventional hyperbilliard. A dynamical map can be
readily constructed for this general system, which greatly simplifies
calculations. As a particular example, we consider two identical particles
interacting through a screened Coulomb potential in a one-dimensional billiard.
We find that the screening plays an important role in the dynamical behavior of
the system and only in the limit of vanishing screening length can the
particles be considered as bouncing balls. For more general screening and
energy values, the system presents strong non-integrability with resonant
islands of stability.Comment: REVTEX manuscript, 4 figures (1 ps + 3 gif, Postscript versions
available upon request). Also available at
http://www.phy.ohiou.edu/~ulloa/ulloa.htm
Probing Yukawian gravitational potential by numerical simulations. I. Changing N-body codes
In the weak field limit general relativity reduces, as is well known, to the
Newtonian gravitation. Alternative theories of gravity, however, do not
necessarily reduce to Newtonian gravitation; some of them, for example, reduce
to Yukawa-like potentials instead of the Newtonian potential. Since the
Newtonian gravitation is largely used to model with success the structures of
the universe, such as for example galaxies and clusters of galaxies, a way to
probe and constrain alternative theories, in the weak field limit, is to apply
them to model the structures of the universe. In the present study, we consider
how to probe Yukawa-like potentials using N-body numerical simulations.Comment: 17 pages, 11 figures. To appear in General Relativity and Gravitatio
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