Investment in Oligopoly under Uncertainty:The Accordion Effect

In the strategic investment under uncertainty literature the trade off between the value of waiting known from single decision maker models and the incentive to preempt competitors is mainly studied in duopoly models.This paper aims at studying competitive investments in new markets where more than two (potential) competitors are present.In case of three firms an accordion effect in terms of investment thresholds is detected in the sense that an exogenous demand shock results in a change of the wedge between the investment thresholds of the first and second investors that is qualitatively different from the change of the wedge between the second and third investment threshold.This result extends to the n firm case.We show that a direct implication of the accordion effect is that there are two types of equilibria in the three firm case.In the first type all firms invest sequentially and in the second type the first two investors invest simultaneously and the third investor invests at a later moment.If we consider sequential equilibria and compare entry times of the first investors for different potential market sizes, it turns out that in the two firm case the first investor invests earlier than in the monopoly case, in the three firm case the investment timing lies in between the one and the two firm case, the four firm case lies in between the two and the three firm case, and so on and so forth.Hence, a policy maker interested in an early start up should hope for an even number of competitors, although for n large the investment times of the first investors are almost equal

Spin - glass transition in Kondo lattice with quenched disorder

We use the Popov-Fedotov representation of spin operators to construct an effective action for a Kondo lattice model with quenched disorder at finite temperatures. We study the competition between the Kondo effect and frozen spin order in Ising-like spin glass. We present the derivation of new mean-field equations for the spin-glass order parameter and analyze the effects of screening of localized spins by conduction electrons on the spin-glass phase transition.Comment: 6 pages, jetpl style included, to appear in JETP Letter

Endothelial Cx40 limits myocardial ischaemia/reperfusion injury in mice

Aims Gap junctions are indispensable for the function of heart and blood vessels by providing electrical coupling and direct cell-to-cell transfer of small signalling molecules. Gap junction channels between neighbouring cells are composed of 12 connexins (Cx). Changes in Cx43 expression, localization, and channel properties in cardiomyocytes contribute to infarction and reperfusion injury of the heart. It is increasingly recognized that deleterious consequences of ischaemia/reperfusion (IR) are modulated by the inflammatory response and endothelial function. The role of the endothelial connexins, i.e. Cx40 and Cx37, in cardiac IR injury is, however, not known. Methods and results Following 30 min ischaemia and 24 h reperfusion, we found a significant increase in myocardial infarct size in mice with endothelial-specific deletion of Cx40 (Cx40del), but not in Cx37-deficient mice. The cardioprotective effect of endothelial Cx40 was associated with a decrease in neutrophil infiltration. Moreover, beneficial effects of endothelial Cx40 were not observed in isolated Langendorff-perfused hearts, suggesting direct involvement of endothelial-leucocyte interactions in the cardiac injury. Single-dose administration of methotrexate, a CD73 activator, reduced infarct size and neutrophil infiltration into the infarcted myocardium in Cx40del but not in control mice. Similar to Cx40del mice, CD73-deficient mice showed increased sensitivity to cardiac IR injury, which could not be conversed by methotrexate. Conclusion Endothelial Cx40, but not Cx37, is implicated in resistance of the heart to IR injury by activation of the CD73 pathway. Thus, the Cx40-CD73 axis may represent an interesting target for controlling reperfusion damage associated with revascularization in coronary diseas

Iron bioavailability in two commercial cultivars of wheat: a comparison between wholegrain and white flour and the effects of nicotianamine and 2'-deoxymugineic acid on iron uptake into Caco-2 cells

Iron bioavailability in unleavened white and wholegrain bread made from two commercial wheat varieties was assessed by measuring ferritin production in Caco-2 cells. The breads were subjected to simulated gastrointestinal digestion and the digests applied to the Caco-2 cells. Although Riband grain contained a lower iron concentration than Rialto, iron bioavailability was higher. No iron was taken up by the cells from white bread made from Rialto flour or from wholegrain bread from either variety, but Riband white bread produced a small ferritin response. The results probably relate to differences in phytate content of the breads, although iron in soluble monoferric phytate was demonstrated to be bioavailable in the cell model. Nicotianamine, an iron chelator in plants involved in iron transport, was a more potent enhancer of iron uptake into Caco-2 cells than ascorbic acid or 2'-deoxymugineic acid, another metal chelator present in plants

Intermediate coupling fixed point study in the overscreened regime of generalized multichannel SU(N) Kondo models

We study a generalized multichannel single-impurity Kondo model, in which the impurity spin is described by a representation of the SU(N) group which combines bosonic and fermionic degrees of freedom. The impurity spin states are described by Abrikosov pseudofermions, and we make use of a method initiated by Popov and Fedotov which allows a proper handling of the fermionic constraint. The partition function is derived within a path integral approach. We use renormalization group techniques to calculate the $\beta$ scaling function perturbatively in powers of the Kondo coupling constant, which is justified in the weak coupling limit. The truncated expansion is valid in the overscreened (Nozieres-Blandin) regime, for an arbitrary SU(N) group and any value of the parameters characterizing the impurity spin representation. The intermediate coupling fixed point is identified. We derive the temperature dependence of various physical quantities at low T, controlled by a unique critical exponent, and show that the physics of the system in the overscreened regime governed by the intermediate coupling fixed point is characterized by a non-Fermi liquid behavior. Our results are in accordance with those obtained by other methods, as Bethe ansatz and boundary conformal field theory, in the case of various impurity spin symmetries. We establish in a unified way that the Kondo models in which the impurity spin is described successively by a fundamental, symmetric, antisymmetric and mixed symmetry representation yield all the same low-energy physics in the overscreened regime. Possible generalizations of the analysis we present to the case of arbitrary impurity spin representations of SU(N) are also discussed.Comment: 21 pages, 7 figures, REVTeX; final version accepted for publicatio

Measuring Malnutrition

Summary The nutritional condition of an individual, or the extent of malnutrition in a population, can be measured either in terms of outcomes , i.e. current status, or in terms of inputs , i.e rates of consumption of nutrients and/or energy in diets. A review of the methods of measurement in common use for these two approaches, and of their technical limitations, is followed by an account of the problems of interpretation of these in the light of contemporary ideas about the causes of growth faltering in children. Also discussed is the basis for standards of normality for growth and for nutrient intake levels, and the extent to which adaptive changes in behaviour or physiology may compensate for low levels of intake. It is concluded that, provided these problems are recognised, nutritional indicators can play a useful role in assessing overall food and health situations, particularly when accompanied by other complementary measurements of the effects of the health environment of the households and their social and economic characteristics

Seed systems smallholder farmers use

Seed can be an important entry point for promoting productivity, nutrition and resilience among smallholder farmers. While investments have primarily focused on strengthening the formal sector, this article documents the degree to which the informal sector remains the core for seed acquisition, especially in Africa. Conclusions drawn from a uniquely comprehensive data set, 9660 observations across six countries and covering 40 crops, show that farmers access 90.2 % of their seed from informal systems with 50.9 % of that deriving from local markets. Further, 55 % of seed is paid for by cash, indicating that smallholders are already making important investments in this arena. Targeted interventions are proposed for rendering formal and informal seed sector more smallholder-responsive and for scaling up positive impacts

Strategies for biofortification in Brazil.

Micronutrient deficiencies in the developing world. Biofortification as an intervention strategy. Brazil's biofortification programs. Progress in some individual crops. Conclusion

Is international agricultural research a global public good? : The case of rice biofortification

The status of international agricultural research as a global public good (GPG) has been widely accepted since the Green Revolution of the 1960s and 1970s. While the term was not used at the time of its creation, the Consultative Group on International Agricultural Research (CGIAR) system that evolved at that time has been described as a 'prime example of the promise, performance and perils of an international approach to providing GPGs'. Contemporary literature on international agricultural research as a GPG tends to support this view and focuses on how to operationalize the concept. This paper adopts a different starting point and questions this conceptualization of the CGIAR and its outputs. It questions the appropriateness of such a 'neutral' concept to a system born of the imperatives of Cold War geopolitics, and shaped by a history of attempts to secure its relevance in a changing world. This paper draws on a multi-sited, ethnographic study of a research effort highlighted by the CGIAR as an exemplar of GPG-oriented research. Behind the ubiquitous language of GPGs, 'partnership' and 'consensus', however, new forms of exclusion and restriction are emerging within everyday practice, reproducing North-South inequalities and undermining the ability of these programmes to respond to the needs of projected beneficiaries

Ginzburg-Landau functional for nearly antiferromagnetic perfect and disordered Kondo lattices

Interplay between Kondo effect and trends to antiferromagnetic and spin glass ordering in perfect and disordered bipartite Kondo lattices is considered. Ginzburg-Landau equation is derived from the microscopic effective action written in three mode representation (Kondo screening, antiferromagnetic correlations and spin liquid correlations). The problem of local constraint is resolved by means of Popov-Fedotov representation for localized spin operators. It is shown that the Kondo screening enhances the trend to a spin liquid crossover and suppresses antiferromagnetic ordering in perfect Kondo lattices and spin glass ordering in doped Kondo lattices. The modified Doniach's diagram is constructed, and possibilities of going beyond the mean field approximation are discussed.Comment: 18 pages, RevTeX, 7 EPS figures include