Nominal Contracting and Price Flexibility in Product Markets

The search for microeconomic foundations of non-Walrasian outcomes in labor and product markets has spawned many studies of contracting. This paper emphasizes the role of contracts for market equilibrium -- for many raw materials and basic industrial commodities -- in which long-term contractual arrangements and spot markets coexist. Our principal goals are two -- (i) to explain the existence of contracts and the equilibrium fraction of trades carried out under contract, and (ii) to consider the impact of demand and supply shocks on spot prices when market trades also take place through long-term contracts. We find that the relative importance of contracting depends on, inter alia, the variance of the spot price and the sources of underlying fluctuations. Consistent with the findings of previous macroeconomic studies, we find that contracting and price rigidity are more likely the more important demand shocks are relative to supply shocks. We adapt our static model of contract price and quantity determination to discuss the adjustment of contract prices. Finally, we discuss three important applications of our multiple-price modeling structure -- to (i) analyses of the effects of changes in vertical market structure on market equilibrium in commodity markets (with specific reference to petroleum and copper), (ii) models of the optimal degree of contract indexation,and (iii) aggregate studies of "sticky prices" in macroeconomics.

Funding Resilient Infrastructure in New Jersey: Attitudes Following a Natural Disaster

Recent major natural disasters in New Jersey have demonstrated the need to increase the resilience of transportation infrastructure. This research examines public attitudes toward revenue sources that can be dedicated to protecting vulnerable areas, most notably the transportation linkages on which the state depends. A statewide survey was conducted to gather data approximately four months following Superstorm Sandy, the costliest natural disaster in the state’s history. The authors’ objective was to sample public attitudes while the impacts of the disaster were still fresh. They found little support for temporary tax increases to improve resiliency, with the most positive support for taxing visitors (i.e., a hotel and recreational tax) and for a 30-year bond measure (i.e., taxing the future). This observation seemingly contradicts broad support for investing in new infrastructure, as well as maintaining and protecting existing infrastructure. Multivariate analysis to understand the underlying attitudes toward raising revenue found that more left-leaning or communitarian attitudes are associated with more support for gasoline, income, or sales taxes devoted to mitigating vulnerability. Those who supported investment in transit and protecting infrastructure also were more likely to support these taxes. There was no parallel finding of factors associated with taxing visitors or issuing bonds

Long-term material compatibility testing system

System includes procedure for hermetically sealing solid materials and fluids in glass ampoule and use of temperature-controlled facility containing sample holder, which permits sample containers to be retrieved safely and conveniently. Solid material and fluid are sealed within chemically-clean glass ampoule according to highly detailed procedure

The Effects of Bose-Condensates on Single Inclusive Spectra and Bose-Einstein Correlations

The implications of the formation of a Bose condensate on one- and two-particle spectra are studied for ultrarelativistic nucleus-nucleus collisions in the framework of a hydrodynamic description. It is found that single particle spectra are considerably enhanced at low momenta. The Bose-Einstein correlation function has an intercept below two. For pion pairs in the central region a two-component structure may appear in the correlation function, which is different from that found in quantum optics. The chaoticity parameter is strongly momentum dependent.Comment: 16 pages, 1 Postscript figur

All-optical atom surface traps implemented with one-dimensional planar diffractive microstructures

We characterize the loading, containment and optical properties of all-optical atom traps implemented by diffractive focusing with one-dimensional (1D) microstructures milled on gold films. These on-chip Fresnel lenses with focal lengths of the order of a few hundred microns produce optical-gradient-dipole traps. Cold atoms are loaded from a mirror magneto-optical trap (MMOT) centered a few hundred microns above the gold mirror surface. Details of loading optimization are reported and perspectives for future development of these structures are discussed.Comment: 7 pages, 15 figure

A pharmacological cocktail for arresting actin dynamics in living cells.

The actin cytoskeleton is regulated by factors that influence polymer assembly, disassembly, and network rearrangement. Drugs that inhibit these events have been used to test the role of actin dynamics in a wide range of cellular processes. Previous methods of arresting actin rearrangements take minutes to act and work well in some contexts, but can lead to significant actin reorganization in cells with rapid actin dynamics, such as neutrophils. In this paper, we report a pharmacological cocktail that not only arrests actin dynamics but also preserves the structure of the existing actin network in neutrophil-like HL-60 cells, human fibrosarcoma HT1080 cells, and mouse NIH 3T3 fibroblast cells. Our cocktail induces an arrest of actin dynamics that initiates within seconds and persists for longer than 10 min, during which time cells maintain their responsivity to external stimuli. With this cocktail, we demonstrate that actin dynamics, and not simply morphological polarity or actin accumulation at the leading edge, are required for the spatial persistence of Rac activation in HL-60 cells. Our drug combination preserves the structure of the existing cytoskeleton while blocking actin assembly, disassembly, and rearrangement, and should prove useful for investigating the role of actin dynamics in a wide range of cellular signaling contexts