Equity markets, transaction costs, and capital accumulation

There is a close, if imperfect, relationship between the effectiveness of an economy's capital markets and its level (or rate of growth) of real development. This may be because financial markets provide liquidity, promote the sharing of information, or permit agents to specialize. There is literature about how these functions help increase real activity, but surprisingly little literature predicting how the volume of activity in financial markets relates to the level or efficiency of an economy's productive activity. The authors address this question: how does the efficiency of an economy's equity market -- as measured by transaction costs -- affect its efficiency in producing physical capital and, through this channel, final goods and services? The answer: As the efficiency of an economy's capital markets increases (that is, as the transaction costs fall), the general effect is to cause agents to make longer-term -- hence, more transction-intensive -- investments. The result is a higher rate of return on savings and a change in its composition. These general equilibrium effects on the composition of savings cause agents to hold more of their wealth in the form of existing equity claims and to invest less in the initiation of new capital investments. As a result, a reduction in transaction costs can cause the capital stock either to rise or fall (under scenarios described in the paper). Further, a reduction in transaction costs will typically alter the composition of saving and investment, and any analysis of the consequences of such changes must take those effects into account.International Terrorism&Counterterrorism,Economic Theory&Research,Environmental Economics&Policies,Payment Systems&Infrastructure,Banks&Banking Reform,Economic Theory&Research,Environmental Economics&Policies,Banks&Banking Reform,International Terrorism&Counterterrorism,Trade and Regional Integration

TALON - The Telescope Alert Operation Network System: Intelligent Linking of Distributed Autonomous Robotic Telescopes

The internet has brought about great change in the astronomical community, but this interconnectivity is just starting to be exploited for use in instrumentation. Utilizing the internet for communicating between distributed astronomical systems is still in its infancy, but it already shows great potential. Here we present an example of a distributed network of telescopes that performs more efficiently in synchronous operation than as individual instruments. RAPid Telescopes for Optical Response (RAPTOR) is a system of telescopes at LANL that has intelligent intercommunication, combined with wide-field optics, temporal monitoring software, and deep-field follow-up capability all working in closed-loop real-time operation. The Telescope ALert Operations Network (TALON) is a network server that allows intercommunication of alert triggers from external and internal resources and controls the distribution of these to each of the telescopes on the network. TALON is designed to grow, allowing any number of telescopes to be linked together and communicate. Coupled with an intelligent alert client at each telescope, it can analyze and respond to each distributed TALON alert based on the telescopes needs and schedule.Comment: Presentation at SPIE 2004, Glasgow, Scotland (UK

A gradient index metamaterial

Metamaterials--artificially structured materials with tailored electromagnetic response--can be designed to have properties difficult to achieve with existing materials. Here we present a structured metamaterial, based on conducting split ring resonators (SRRs), which has an effective index-of-refraction with a constant spatial gradient. We experimentally confirm the gradient by measuring the deflection of a microwave beam by a planar slab of the composite metamaterial over a broad range of frequencies. The gradient index metamaterial represents an alternative approach to the development of gradient index lenses and similar optics that may be advantageous, especially at higher frequencies. In particular, the gradient index material we propose may be suited for terahertz applications, where the magnetic resonant response of SRRs has recently been demonstrated

Interpenetration as a Mechanism for Liquid-Liquid Phase Transitions

We study simple lattice systems to demonstrate the influence of interpenetrating bond networks on phase behavior. We promote interpenetration by using a Hamiltonian with a weakly repulsive interaction with nearest neighbors and an attractive interaction with second-nearest neighbors. In this way, bond networks will form between second-nearest neighbors, allowing for two (locally) distinct networks to form. We obtain the phase behavior from analytic solution in the mean-field approximation and exact solution on the Bethe lattice. We compare these results with exact numerical results for the phase behavior from grand canonical Monte Carlo simulations on square, cubic, and tetrahedral lattices. All results show that these simple systems exhibit rich phase diagrams with two fluid-fluid critical points and three thermodynamically distinct phases. We also consider including third-nearest-neighbor interactions, which give rise to a phase diagram with four critical points and five thermodynamically distinct phases. Thus the interpenetration mechanism provides a simple route to generate multiple liquid phases in single-component systems, such as hypothesized in water and observed in several model and experimental systems. Additionally, interpenetration of many such networks appears plausible in a recently considered material made from nanoparticles functionalized by single strands of DNA.Comment: 12 pages, 9 figures, submitted to Phys. Rev.

Energetics and dynamics of simple impulsive solar flares

Flare energetics and dynamics were studied using observations of simple impulsive spike bursts. A large, homogeneous set of events was selected to enable the most definite tests possible of competing flare models, in the absence of spatially resolved observations. The emission mechanisms and specific flare models that were considered in this investigation are described, and the derivations of the parameters that were tested are presented. Results of the correlation analysis between soft and hard X-ray energetics are also presented. The ion conduction front model and tests of that model with the well-observed spike bursts are described. Finally, conclusions drawn from this investigation and suggestions for future studies are discussed

Use of Flexible Body Coupled Loads in Assessment of Day of Launch Flight Loads

A Day of Launch flight loads assessment technique that determines running loads calculated from flexible body coupled loads was developed for the Ares I-X Flight Test Vehicle. The technique was developed to quantify DOL flight loads in terms of structural load components rather than the typically used q-alpha metric to provide more insight into the DOL loads. In this technique, running loads in the primary structure are determined from the combination of quasi-static aerodynamic loads and dynamic loads. The aerodynamic loads are calculated as a function of time using trajectory parameters passed from the DOL trajectory simulation and are combined with precalculated dynamic loads using a load combination equation. The potential change in aerodynamic load due to wind variability during the countdown is included in the load combination. In the event of a load limit exceedance, the technique allows the identification of what load component is exceeded, a quantification of how much the load limit is exceeded, and where on the vehicle the exceedance occurs. This technique was used to clear the Ares I-X FTV for launch on October 28, 2009. This paper describes the use of coupled loads in the Ares I-X flight loads assessment and summarizes the Ares I-X load assessment results

SkyDOT (Sky Database for Objects in the Time Domain): A Virtual Observatory for Variability Studies at LANL

The mining of Virtual Observatories (VOs) is becoming a powerful new method for discovery in astronomy. Here we report on the development of SkyDOT (Sky Database for Objects in the Time domain), a new Virtual Observatory, which is dedicated to the study of sky variability. The site will confederate a number of massive variability surveys and enable exploration of the time domain in astronomy. We discuss the architecture of the database and the functionality of the user interface. An important aspect of SkyDOT is that it is continuously updated in near real time so that users can access new observations in a timely manner. The site will also utilize high level machine learning tools that will allow sophisticated mining of the archive. Another key feature is the real time data stream provided by RAPTOR (RAPid Telescopes for Optical Response), a new sky monitoring experiment under construction at Los Alamos National Laboratory (LANL).Comment: to appear in SPIE proceedings vol. 4846, 11 pages, 5 figure

Ares I-X Range Safety Flight Envelope Analysis

Ares I-X was the first test flight of NASA's Constellation Program's Ares I Crew Launch Vehicle designed to provide manned access to low Earth orbit. As a one-time test flight, the Air Force's 45th Space Wing required a series of Range Safety analysis data products to be developed for the specified launch date and mission trajectory prior to granting flight approval on the Eastern Range. The range safety data package is required to ensure that the public, launch area, and launch complex personnel and resources are provided with an acceptable level of safety and that all aspects of prelaunch and launch operations adhere to applicable public laws. The analysis data products, defined in the Air Force Space Command Manual 91-710, Volume 2, consisted of a nominal trajectory, three sigma trajectory envelopes, stage impact footprints, acoustic intensity contours, trajectory turn angles resulting from potential vehicle malfunctions (including flight software failures), characterization of potential debris, and debris impact footprints. These data products were developed under the auspices of the Constellation's Program Launch Constellation Range Safety Panel and its Range Safety Trajectory Working Group with the intent of beginning the framework for the operational vehicle data products and providing programmatic review and oversight. A multi-center NASA team in conjunction with the 45th Space Wing, collaborated within the Trajectory Working Group forum to define the data product development processes, performed the analyses necessary to generate the data products, and performed independent verification and validation of the data products. This paper outlines the Range Safety data requirements and provides an overview of the processes established to develop both the data products and the individual analyses used to develop the data products, and it summarizes the results of the analyses required for the Ares I-X launch

Photocurrent Enhancement by Spontaneous Formation of a p n Junction in Calcium Doped Bismuth Vanadate Photoelectrodes

The application of bismuth vanadate BiVO4 photoelectrodes for solar water splitting is hindered by the poor carrier transport. To overcome this, multiple donor doping strategies e.g. dual doping, gradient doping have been explored. Here, we show for the first time the successful introduction of calcium Ca as an acceptor type dopant into BiVO4 photoelectrodes. Interestingly, instead of generating cathodic photocurrents, the Ca doped BiVO4 photoelectrodes show anodic photocurrents with an enhanced carrier separation efficiency. Hard X ray photoelectron spectroscopy HAXPES shows that this enhancement is caused by out diffusion of Ca during the deposition process, which spontaneously creates a p n junction within the BiVO4 layer. Overall, a significant two fold improvement of the AM1.5 photocurrent is obtained upon Ca doping. This study highlights the importance of controlled doping beyond simply modifying carrier concentration and may enable new device architectures in photoelectrode material