Market Equilibrium with Transaction Costs

Identical products being sold at different prices in different locations is a common phenomenon. Price differences might occur due to various reasons such as shipping costs, trade restrictions and price discrimination. To model such scenarios, we supplement the classical Fisher model of a market by introducing {\em transaction costs}. For every buyer $i$ and every good $j$, there is a transaction cost of \cij; if the price of good $j$ is $p_j$, then the cost to the buyer $i$ {\em per unit} of $j$ is p_j + \cij. This allows the same good to be sold at different (effective) prices to different buyers. We provide a combinatorial algorithm that computes $\epsilon$-approximate equilibrium prices and allocations in $O\left(\frac{1}{\epsilon}(n+\log{m})mn\log(B/\epsilon)\right)$ operations - where $m$ is the number goods, $n$ is the number of buyers and $B$ is the sum of the budgets of all the buyers

Geometric-Phase-Effect Tunnel-Splitting Oscillations in Single-Molecule Magnets with Fourth-Order Anisotropy Induced by Orthorhombic Distortion

We analyze the interference between tunneling paths that occurs for a spin system with both fourth-order and second-order transverse anisotropy. Using an instanton approach, we find that as the strength of the second-order transverse anisotropy is increased, the tunnel splitting is modulated, with zeros occurring periodically. This effect results from the interference of four tunneling paths connecting easy-axis spin orientations and occurs in the absence of any magnetic field.Comment: 6 pages, 5 eps figures. Version published in EPL. Expanded from v1: Appendix added, references added, 1 figure added, others modified cosmeticall

On the extra phase correction to the semiclassical spin coherent-state propagator

The problem of an origin of the Solary-Kochetov extra-phase contribution to the naive semiclassical form of a generalized phase-space propagator is addressed with the special reference to the su(2) spin case which is the most important in applications. While the extra-phase correction to a flat phase-space propagator can straightforwardly be shown to appear as a difference between the principal and the Weyl symbols of a Hamiltonian in the next-to-leading order expansion in the semiclassical parameter, the same statement for the semiclassical spin coherent-state propagator holds provided the Holstein-Primakoff representation of the su(2) algebra generators is employed.Comment: 19 pages, no figures; a more general treatment is presented, some references are added, title is slightly changed; submitted to JM

Are Panel Unit Root Tests Useful for Real-Time Data?

With the development of real-time databases, N vintages are available for T observations instead of a single realization of the time series process. Although the use of panel unit root tests with the aim to gain in efficiency seems obvious, empirical and simulation results shown in this paper heavily mitigate the intuitive perspective.macroeconomics ;

Quantitative weighted estimates for Rubio de Francia's Littlewood--Paley square function

We consider the Rubio de Francia's Littlewood--Paley square function associated with an arbitrary family of intervals in $\mathbb{R}$ with finite overlapping. Quantitative weighted estimates are obtained for this operator. The linear dependence on the characteristic of the weight $[w]_{A_{p/2}}$ turns out to be sharp for $3\le p<\infty$, whereas the sharpness in the range $2<p<3$ remains as an open question. Weighted weak-type estimates in the endpoint $p=2$ are also provided. The results arise as a consequence of a sparse domination shown for these operators, obtained by suitably adapting the ideas coming from Benea (2015) and Culiuc et al. (2016).Comment: 18 pages. Revised versio

Oscillatory Tunnel Splittings in Spin Systems: A Discrete Wentzel-Kramers-Brillouin Approach

Certain spin Hamiltonians that give rise to tunnel splittings that are viewed in terms of interfering instanton trajectories, are restudied using a discrete WKB method, that is more elementary, and also yields wavefunctions and preexponential factors for the splittings. A novel turning point inside the classically forbidden region is analysed, and a general formula is obtained for the splittings. The result is appled to the \Fe8 system. A previous result for the oscillation of the ground state splitting with external magnetic field is extended to higher levels.Comment: RevTex, one ps figur

Fragility of the Commons under Prospect-Theoretic Risk Attitudes

We study a common-pool resource game where the resource experiences failure with a probability that grows with the aggregate investment in the resource. To capture decision making under such uncertainty, we model each player's risk preference according to the value function from prospect theory. We show the existence and uniqueness of a pure Nash equilibrium when the players have heterogeneous risk preferences and under certain assumptions on the rate of return and failure probability of the resource. Greater competition, vis-a-vis the number of players, increases the failure probability at the Nash equilibrium; we quantify this effect by obtaining bounds on the ratio of the failure probability at the Nash equilibrium to the failure probability under investment by a single user. We further show that heterogeneity in attitudes towards loss aversion leads to higher failure probability of the resource at the equilibrium.Comment: Accepted for publication in Games and Economic Behavior, 201

Doping a correlated band insulator: A new route to half metallic behaviour

We demonstrate in a simple model the surprising result that turning on an on-site Coulomb interaction U in a doped band insulator leads to the formation of a half-metallic state. In the undoped system, we show that increasing U leads to a first order transition between a paramagnetic, band insulator and an antiferomagnetic Mott insulator at a finite value U_{AF}. Upon doping, the system exhibits half metallic ferrimagnetism over a wide range of doping and interaction strengths on either side of U_{AF}. Our results, based on dynamical mean field theory, suggest a novel route to half-metallic behavior and provide motivation for experiments on new materials for spintronics.Comment: 5 pages, 7 figure

Phase Diagram of the Half-Filled Ionic Hubbard Model

We study the phase diagram of the ionic Hubbard model (IHM) at half-filling using dynamical mean field theory (DMFT), with two impurity solvers, namely, iterated perturbation theory (IPT) and continuous time quantum Monte Carlo (CTQMC). The physics of the IHM is governed by the competition between the staggered potential $\Delta$ and the on-site Hubbard U. In both the methods we find that for a finite $\Delta$ and at zero temperature, anti-ferromagnetic (AFM) order sets in beyond a threshold $U=U_{AF}$ via a first order phase transition below which the system is a paramagnetic band insulator. Both the methods show a clear evidence for a transition to a half-metal phase just after the AFM order is turned on, followed by the formation of an AFM insulator on further increasing U. We show that the results obtained within both the methods have good qualitative and quantitative consistency in the intermediate to strong coupling regime. On increasing the temperature, the AFM order is lost via a first order phase transition at a transition temperature $T_{AF}(U, \Delta)$ within both the methods, for weak to intermediate values of U/t. But in the strongly correlated regime, where the effective low energy Hamiltonian is the Heisenberg model, IPT is unable to capture the thermal (Neel) transition from the AFM phase to the paramagnetic phase, but the CTQMC does. As a result, at any finite temperature T, DMFT+CTQMC shows a second phase transition (not seen within DMFT+IPT) on increasing U beyond $U_{AF}$. At $U_N > U_{AF}$, when the Neel temperature $T_N$ for the effective Heisenberg model becomes lower than T, the AFM order is lost via a second order transition. In the 3-dimensonal parameter space of $(U/t,T/t,\Delta/t)$, there is a line of tricritical points that separates the surfaces of first and second order phase transitions.Comment: Revised versio