Gold as an inflation hedge?

This paper attempts to reconcile an apparent contradiction between short-run and long-run movements in the price of gold. The theoretical model suggests a set of conditions under which the price of gold rises over time at the general rate of inflation and hence be an effective hedge against inflation. The model also demonstrates that short-run changes in the gold lease rate, the real interest rate, convenience yield, default risk, the covariance of gold returns with other assets and the dollar/world exchange rate can disturb this equilibrium relationship and generate short-run price volatility. Using monthly gold price data (1976-1999), and cointegration regression techniques, an empirical analysis confirms the central hypotheses of the theoretical model

Dynamic Fracture and Crack Arrest Toughness Evaluation of High-Performance Steel Used in Highway Bridges

Impact energy tests are an efficient method of verifying adequate toughness of steel prior to it being put into service. Based on a multitude of historical correlations between impact energy and fracture toughness, minimum impact energy requirements that correspond to desired levels of fracture toughness are prescribed by steel bridge design specifications. Research characterizing the fracture behavior of grade 485 and 690 (70 and 100) high-performance steel utilized impact, fracture toughness, and crack arrest testing to verify adequate performance for bridge applications. Fracture toughness results from both quasi-static and dynamic stress intensity rate tests were analyzed using the most recently adopted master curve methodology. Both impact and fracture toughness tests indicated performance significantly greater than the minimum required by material specifications. Even at the AASHTO Zone III service temperature, which is significantly colder than prescribed test temperatures, minimum average impact energy requirements were greatly exceeded. All master curve reference temperatures, both for quasi-static and dynamic loading rates, were found to be colder than the Zone III minimum service temperature. Three correlations between impact energy and fracture toughness were evaluated and found to estimate reference temperatures that are conservative by 12 to 50 °C (22 to 90 °F) on average for the grades and specimen types tested. The evaluation of two reference temperature shifts intended to account for the loading rate was also performed and the results are discussed

Analysis of Diffusion of Ras2 in Saccharomyces cerevisiae Using Fluorescence Recovery after Photobleaching

Binding, lateral diffusion and exchange are fundamental dynamic processes involved in protein association with cellular membranes. In this study, we developed numerical simulations of lateral diffusion and exchange of fluorophores in membranes with arbitrary bleach geometry and exchange of the membrane localized fluorophore with the cytosol during Fluorescence Recovery after Photobleaching (FRAP) experiments. The model simulations were used to design FRAP experiments with varying bleach region sizes on plasma-membrane localized wild type GFP-Ras2 with a dual lipid anchor and mutant GFP-Ras2C318S with a single lipid anchor in live yeast cells to investigate diffusional mobility and the presence of any exchange processes operating in the time scale of our experiments. Model parameters estimated using data from FRAP experiments with a 1 micron x 1 micron bleach region-of-interest (ROI) and a 0.5 micron x 0.5 micron bleach ROI showed that GFP-Ras2, single or dual lipid modified, diffuses as single species with no evidence of exchange with a cytoplasmic pool. This is the first report of Ras2 mobility in yeast plasma membrane. The methods developed in this study are generally applicable for studying diffusion and exchange of membrane associated fluorophores using FRAP on commercial confocal laser scanning microscopes.Comment: Accepted for publication in Physical Biology (2010). 28 pages, 7 figures, 3 table

Individual and group risk-taking in a two-choice situation

Individual and group decision making under uncertainty was explored in an attempt to determine whether individual risk preferences change under group conditions. Subjects predicted which of two differentially probable stimulus events would occur, and were paid for correct anticipations in a series of 360 trials. The expected value of the choices was held constant by varying payoff inversely with the frequency of the two events. After 180 trials, individuals either continued alone or were formed into three-man groups. Groups showed consistent and significant shifts in the conservative direction, while individuals remaining alone did not shift. The data were examined in the light of various group-decision models and in the light of other explanations of the risky-shift phenomenon. Changes in individual risk preferences were interpreted as deriving from a change in subjective utilities of outcomes which occurs in the group situation.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/33235/1/0000625.pd

Group risk-taking in a two-choice situation: Replication, extension, and a model

In an attempt to determine if individual risk preferences change under group conditions, individuals and groups were observed when making binary decisions. The expected values of the outcomes were held constant while the probabilities of the two events varied across conditions. As previously, it was found that when the probabilities of the two events are .6 and .4, a conservative shift is obtained. When these probabilities are .8 and .2, however, there was a tendency for groups to shift toward risk. A two-stage parameter-free model was suggested to account for individual and group choices.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/32987/1/0000371.pd

Neuroimaging of a pilocytic astrocytoma with anaplastic features and diffusion tensor imaging characteristics

We report the magnetic resonance imaging findings of an adult patient with a biopsy-proven pilocytic astrocytoma with anaplastic features. Pilocytic astrocytomas rarely occur in adults, and presentation with anaplastic features such as rapid mitotic activity, hypercellularity, and atypia is particularly uncommon. Accurate neuroimaging diagnosis is essential, but differentiation from more malignant neoplastic lesions may be challenging. Diffusion tensor imaging may potentially provide information on cell proliferation, vascularity, and fiber destruction, which can have implications for treatment and prognosis. In this case, tractography and fractional anisotropy maps demonstrated displacement of adjacent parenchyma and relatively intact fractional anisotropy, which is more suggestive of a pilocytic rather than an anaplastic astrocytoma. However, in the presence of focal anaplasia, long-term monitoring will be necessary, since pilocytic astrocytomas with anaplastic features frequently recur

Optical Multiple Access Network (OMAN) for advanced processing satellite applications

An OMAN breadboard for exploring advanced processing satellite circuit switch applications is introduced. Network architecture, hardware trade offs, and multiple user interference issues are presented. The breadboard test set up and experimental results are discussed

Mechanistic insight into heterogeneity of trans-plasma membrane electron transport in cancer cell types

Trans-plasma membrane electron transfer (tMPET) is a process by which reducing equivalents, either electrons or reductants like ascorbic acid, are exported to the extracellular environment by the cell. TPMET is involved in a number of physiological process and has been hypothesised to play a role in the redox regulation of cancer metabolism. Here, we use a new electrochemical assay to elucidate the ‘preference’ of cancer cells for different trans tPMET systems. This aids in proving a biochemical framework for the understanding of tPMET role, and for the development of novel tPMET-targeting therapeutics. We have delineated the mechanism of tPMET in 3 lung cancer cell models to show that the external electron transfer is orchestrated by ascorbate mediated shuttling via tPMET. In addition, the cells employ a different, non-shuttling-based mechanism based on direct electron transfer via Dcytb. Results from our investigations indicate that tPMETs are used differently, depending on the cell type. The data generated indicates that tPMETs may play a fundamental role in facilitation of energy reprogramming in malignant cells, whereby tPMETs are utilised to supply the necessary energy requirement when mitochondrial stress occurs. Our findings instruct a deeper understanding of tPMET systems, and show how different cancer cells may preferentially use distinguishable tPMET systems for cellular electron transfer processes