Valuation, Adverse Selection, and Market Collapses

We study a market for funding real investment where valuation—meaning investors devoting resources to acquiring information about future payoffs—creates an adverse selection problem. Unlike previous models, more valuation is associated with lower market prices and so greater returns to valuation. This strategic complementarity in the capacity to do valuation generates multiple equilibria. With multiple equilibria, the equilibrium without valuation is most efficient despite funding some unprofitable investments. Switches to valuation equilibria, valuation runs, look like credit crunches. A large investor can ensure the efficient equilibrium only if it can precommit to a price and potentially, only if subsidized

Economic and psychological approaches to risk-bearing : theory and experimental evidence / BEBR No. 603

Title page includes summary.Includes bibliographical references (p. 44-45)

High-Energy Calibration of a BGO detector of the GLAST Burst Monitor

The understanding of the instrumental response of the GLAST Burst Monitor BGO detectors at energies above the energy range which is accessible by common laboratory radiation sources (< 4.43 MeV), is important, especially for the later cross-calibration with the LAT response in the overlap region between ~ 20 MeV to 30 MeV. In November 2006 the high-energy calibration of the GBM-BGO spare detector was performed at the small Van-de-Graaff accelerator at SLAC. High-energy gamma-rays from excited 8Be* (14.6 MeV and 17.5 MeV) and 16O* (6.1 MeV) were generated through (p,gamma)-reactions by irradiating a LiF-target. For the calibration at lower energies radioactive sources were used. The results, including spectra, the energy/channel-relation and the dependence of energy resolution are presented.Comment: 2 pages, 1 figure; to appear in the Proc. of the First Int. GLAST Symp. (Stanford, Feb. 5-8, 2007), eds. S.Ritz, P.F.Michelson, and C.Meegan, AIP Conf. Pro

Do Gamma-Ray Burst Sources Repeat?

The demonstration of repeated gamma-ray bursts from an individual source would severely constrain burst source models. Recent reports (Quashnock and Lamb 1993; Wang and Lingenfelter 1993) of evidence for repetition in the first BATSE burst catalog have generated renewed interest in this issue. Here, we analyze the angular distribution of 585 bursts of the second BATSE catalog (Meegan et al. 1994). We search for evidence of burst recurrence using the nearest and farthest neighbor statistic and the two-point angular correlation function. We find the data to be consistent with the hypothesis that burst sources do not repeat; however, a repeater fraction of up to about 20% of the observed bursts cannot be excluded.Comment: ApJ Letters, in press, 13 pages, including three embedded figures. uuencoded Unix-compressed PostScrip

Decay of Quantum Accelerator Modes

Experimentally observable Quantum Accelerator Modes are used as a test case for the study of some general aspects of quantum decay from classical stable islands immersed in a chaotic sea. The modes are shown to correspond to metastable states, analogous to the Wannier-Stark resonances. Different regimes of tunneling, marked by different quantitative dependence of the lifetimes on 1/hbar, are identified, depending on the resolution of KAM substructures that is achieved on the scale of hbar. The theory of Resonance Assisted Tunneling introduced by Brodier, Schlagheck, and Ullmo [9], is revisited, and found to well describe decay whenever applicable.Comment: 16 pages, 11 encapsulated postscript figures (figures with a better resolution are available upon request to the authors); added reference for section

Super-diffusion in optical realizations of Anderson localization

We discuss the dynamics of particles in one dimension in potentials that are random both in space and in time. The results are applied to recent optics experiments on Anderson localization, in which the transverse spreading of a beam is suppressed by random fluctuations in the refractive index. If the refractive index fluctuates along the direction of the paraxial propagation of the beam, the localization is destroyed. We analyze this broken localization, in terms of the spectral decomposition of the potential. When the potential has a discrete spectrum, the spread is controlled by the overlap of Chirikov resonances in phase space. As the number of Fourier components is increased, the resonances merge into a continuum, which is described by a Fokker-Planck equation. We express the diffusion coefficient in terms of the spectral intensity of the potential. For a general class of potentials that are commonly used in optics, the solutions of the Fokker-Planck equation exhibit anomalous diffusion in phase space, implying that when Anderson localization is broken by temporal fluctuations of the potential, the result is transport at a rate similar to a ballistic one or even faster. For a class of potentials which arise in some existing realizations of Anderson localization atypical behavior is found.Comment: 11 pages, 2 figure

Discovery of a New Soft Gamma Repeater, SGR 1627-41

We report the discovery of a new soft gamma repeater (SGR), SGR 1627-41, and present BATSE observations of the burst emission and BeppoSAX NFI observations of the probable persistent X-ray counterpart to this SGR. All but one burst spectrum are well fit by an optically thin thermal bremsstrahlung (OTTB) model with kT values between 25 and 35 keV. The spectrum of the X-ray counterpart, SAX J1635.8-4736, is similar to that of other persistent SGR X-ray counterparts. We find weak evidence for a periodic signal at 6.41 s in the light curve for this source. Like other SGRs, this source appears to be associated with a young supernova remnant G337.0-0.1. Based upon the peak luminosities of bursts observed from this SGR, we find a lower limit on the dipole magnetic field of the neutron star B_dipole > 5 * 10^14 Gauss.Comment: 5 pages, 4 figures, submitted to ApJ Letter

Detailed Analysis of the Pulsations During and After Bursts from the Bursting Pulsar (GRO J1744-28)

The hard X-ray bursts observed during both major outbursts of the Bursting Pulsar (GRO J1744-28) show pulsations near the neutron star spin frequency with an enhanced amplitude relative to that of the persistent emission. Consistent with previous work, we find that the pulsations within bursts lag behind their expected arrival times based upon the persistent pulsar ephemeris. For an ensemble of 1293 bursts recorded with the Burst and Transient Source Experiment, the average burst pulse time delay is 61.0 +/- 0.8 ms in the 25 - 50 keV energy range and 72 +/- 5 ms in the 50 - 100 keV band. The residual time delay from 10 to 240 s following the start of the burst is 18.1 +/- 0.7 ms (25 - 50 keV). A significant correlation of the average burst time delay with burst peak flux is found. Our results are consistent with the model of the pulse time lags presented by Miller (1996).Comment: 11 pages, accepted for publication in Ap