Pass-Through And The Prediction Of Merger Price Effects

We use Monte Carlo experiments to study how pass-through can improve merger price predictions, focusing on the first order approximation (FOA) proposed in Jaffe and Weyl [2013]. FOA addresses the functional form misspecification that can exist in standard merger simulations. We find that the predictions of FOA are tightly distributed around the true price effects if pass-through is precise, but that measurement error in pass-through diminishes accuracy. As a comparison to FOA, we also study a methodology that uses pass-through to select among functional forms for use in simulation. This alternative also increases accuracy relative to standard merger simulation and proves more robust to measurement error

Impact of Vegetative Treatment Systems on Multiple Measures of Antibiotic Resistance in Agricultural Wastewater

Wastewater is an important vector of antibiotic resistant bacteria and antibiotic resistance genes (ARB/G). While there is broad agreement that ARB/G from agricultural (ag) wastewaters can be transported through the environment and may contribute to untreatable infectious disease in humans and animals, there remain large knowledge gaps surrounding applied details on the types and amounts of ARB/G associated with different agricultural wastewater treatment options and different ag production systems. This study evaluates a vegetative treatment system (VTS) built to treat the wastewater from a beef cattle feedlot. Samples were collected for three years, and plated on multiple media types to enumerate tetracycline and cefotaxime-resistant bacteria. Enterobacteriaceae isolates (n = 822) were characterized for carriage of tetracycline resistance genes, and E. coli isolates (n = 673) were phenotyped to determine multi-drug resistance (MDR) profiles. Tetracycline resistance in feedlot runoff wastewater was 2-to-3 orders of magnitude higher compared to rainfall runoff from the VTS fields, indicating efficacy of the VTA for reducing ARB over time following wastewater application. Clear differences in MDR profiles were observed based on the specific media on which a sample was plated. This result highlights the importance of method, especially in the context of isolate-based surveillance and monitoring of ARB in agricultural wastewaters

Upward Pricing Pressure As A Predictor Of Merger Price Effects

We use Monte Carlo experiments to evaluate whether “upward pricing pressure” (UPP) accurately predicts the price effects of mergers, motivated by the observation that UPP is a restricted form of the first order approximation derived in Jaffe and Weyl (2013). Results indicate that UPP is quite accurate with standard log-concave demand systems, but understates price effects if demand exhibits greater convexity. Prediction error does not systematically exceed that of misspecified simulation models, nor is it much greater than that of correctly-specified models simulated with imprecise demand elasticities. The results also support that UPP provides accurate screens for anticompetitive mergers

A short note on the presence of spurious states in finite basis approximations

The genesis of spurious solutions in finite basis approximations to operators which possess a continuum and a point spectrum is discussed and a simple solution for identifying these solutions is suggested

Microscopic optical potential from chiral nuclear forces

The energy- and density-dependent single-particle potential for nucleons is constructed in a medium of infinite isospin-symmetric nuclear matter starting from realistic nuclear interactions derived within the framework of chiral effective field theory. The leading-order terms from both two- and three-nucleon forces give rise to real, energy-independent contributions to the nucleon self-energy. The Hartree-Fock contribution from the two-nucleon force is attractive and strongly momentum dependent, in contrast to the contribution from the three-nucleon force which provides a nearly constant repulsive mean field that grows approximately linearly with the nuclear density. Together, the leading-order perturbative contributions yield an attractive single-particle potential that is however too weak compared to phenomenology. Second-order contributions from two- and three-body forces then provide the additional attraction required to reach the phenomenological depth. The imaginary part of the optical potential, which is positive (negative) for momenta below (above) the Fermi momentum, arises at second-order and is nearly inversion-symmetric about the Fermi surface when two-nucleon interactions alone are present. The imaginary part is strongly absorptive and requires the inclusion of an effective mass correction as well as self-consistent single-particle energies to attain qualitative agreement with phenomenology.Comment: 12 pages, 7 figures, added references, corrected typo

Cometary particulate analyzer

A concept for determining the relative abundance of elements contained in cometary particulates was evaluated. The technique utilizes a short, high intensity burst of laser radiation to vaporize and ionize collected particulate material. Ions extracted from this laser produced plasma are analyzed in a time of flight mass spectrometer to yield an atomic mass spectrum representative of the relative abundance of elements in the particulates. Critical aspects of the development of this system are determining the ionization efficiencies for various atomic species and achieving adequate mass resolution. A technique called energy-time focus, which utilizes static electric fields to alter the length of the ion flight path in proportion to the ion initial energy, was used which results in a corresponding compression to the range of ion flight times which effectively improves the inherent resolution. Sufficient data were acquired to develop preliminary specifications for a flight experiment