Risk and Growth: Theoretical Relationships and Preliminary Estimates for South Africa

In the recent literature on economic growth there is disagreement over the relationship between growth and volatility and their relative benefits and costs in welfare terms. An analytical resolution of this issue, which has serious implications for domestic and international development policies, has been seen to be contingent upon how relative risk aversion and intertemporal substitutability are related in frameworks characterizing utility maximization of representative agents. It is commonly assumed that these aspects of preferences are rigidly linked, casting doubt on the expected utility maximizing paradigm as an appropriate modeling methodology for analyzing this important issue. In this paper it is first shown that these concerns are only relevant for special functional forms that enforce a unitary consumption elasticity of wealth. Next, a theoretical approach is employed to specify a more general relationship between risk aversion and intertemporal substitutability. The theoretical model is developed in the context of a two country representative agent model where risk affects domestic and direct foreign investment in both countries. The two country orientation is also capable of interpretation of the relationship between one country and the rest of the world. In a preliminary empirical application of the methodology to South African data, we attempt estimation of the parameters of generalized functions for preferences and technology which are capable of distinguishing between risk aversion and intertemporal substitutability.

Ion specificity and the theory of stability of colloidal suspensions

A theory is presented which allow us to accurately calculate the critical coagulation concentration (CCC) of hydrophobic colloidal suspensions. For positively charged particles the CCC's follow the Hofmeister (lyotropic) series. For negatively charged particles the series is reversed. We find that strongly polarizable chaotropic anions are driven towards the colloidal surface by electrostatic and hydrophobic forces. Within approximately one ionic radius from the surface, the chaotropic anions loose part of their hydration sheath and become strongly adsorbed. The kosmotropic anions, on the other hand, are repelled from the hydrophobic surface. The theory is quantitatively accurate without any adjustable parameters. We speculate that the same mechanism is responsible for the Hofmeister series that governs stability of protein solutions.Comment: Phys. Rev. Lett. (in press

Systematic characterization of thermodynamic and dynamical phase behavior in systems with short-ranged attraction

In this paper we demonstrate the feasibility and utility of an augmented version of the Gibbs ensemble Monte Carlo method for computing the phase behavior of systems with strong, extremely short-ranged attractions. For generic potential shapes, this approach allows for the investigation of narrower attractive widths than those previously reported. Direct comparison to previous self-consistent Ornstein-Zernike approximation calculations are made. A preliminary investigation of out-of-equilibrium behavior is also performed. Our results suggest that the recent observations of stable cluster phases in systems without long-ranged repulsions are intimately related to gas-crystal and metastable gas-liquid phase separation.Comment: 10 pages, 8 figure

Complete bandgaps in one-dimensional left-handed periodic structures

Artificially fabricated structures with periodically modulated parameters such as photonic crystals offer novel ways of controlling the flow of light due to the existence of a range of forbidden frequencies associated with a photonic bandgap. It is believed that modulation of the refractive index in all three spatial dimensions is required to open a complete bandgap and prevent the propagation of electromagnetic waves in all directions. Here we reveal that, in a sharp contrast to what was known before and contrary to the accepted physical intuition, a one-dimensional periodic structure containing the layers of transparent left-handed (or negative-index) metamaterial can trap light in three-dimensional space due to the existence of a complete bandgap.Comment: 4 pages, 5 figure

Remote sensing applications in forestry. The development of an earth resources information system using aerial photographs and digital computers photographs and digital computers

Remote aerial sensing and automatic mapping for forest resources information syste

Reverse-selective diffusion in nanocomposite membranes

The permeability of certain polymer membranes with impenetrable nanoinclusions increases with the particle volume fraction (Merkel et al., Science, 296, 2002). This intriguing observation contradicts even qualitative expectations based on Maxwell's classical theory of conduction/diffusion in composites with homogeneous phases. This letter presents a simple theoretical interpretation based on classical models of diffusion and polymer physics. An essential feature of the theory is a polymer-segment depletion layer at the inclusion-polymer interface. The accompanying increase in free volume leads to a significant increase in the local penetrant diffusivity, which, in turn, increases the bulk permeability while exhibiting reverse selectivity. This model captures the observed dependence of the bulk permeability on the inclusion size and volume fraction, providing a straightforward connection between membrane microstructure and performance

Critical behaviors of sheared frictionless granular materials near jamming transition

Critical behaviors of sheared dense and frictionless granular materials in the vicinity of the jamming transition are numerically investigated. From the extensive molecular dynamics simulation, we verify the validity of the scaling theory near the jamming transition proposed by Otsuki and Hayakawa (Prog. Theor. Phys., 121, 647 (2009)). We also clarify the critical behaviors of the shear viscosity and the pair correlation function based on both a phenomenology and the simulation.Comment: 13pages, 26 figure

Dominance modification

Dominance modificatio