Selling information in extensive form games.

We consider a situation in wich decision markets in an extensive form game can by aditional information from an information seller before reaching their decisions. Prices for information are selected by the seller. We analyze a variety of scenarios for the price sitting process by the seller: the case in which prices are chosen before the game stars (ex-ante pricing), the case in which prices are chosen during the game (ex-post pricing) and the situation in which the seller can pit buyers against each other in determining what information is to be sold. Within the context of ex-ante pricin, we also consider the situaction in which the pricise information offered to the decision makers is not exogenously given but is selected by the seller.Extensive form games; Information;

Design of a Solar Greenhouse with energy Delivery by the Conversion of Near Infrared Radiation. Part 1. Optics and PV-Cells

In this paper the design and development of a new type of greenhouse with an integrated filter for reflecting near infrared radiation (NIR) and a solar energy delivery system is described. Especially the optical parts as the spectral selective film, the properties of the circular reflector and the efficiencies of photo voltaic cells are studied. As a first measure, the spectral selective cover material, which prevents the entrance of NIR radiation, is investigated. It has to block up to 35% of the solar energy outside the greenhouse, which will reduce the needed cooling capacity. The second measure is the integration with a solar energy system. When the NIR reflecting coating is designed as a circular shaped reflector integrated in the greenhouse, the reflected solar energy of a PhotoVoltaic (PV) cell in the focus point delivers electric energy. With a ray tracing computer program the optimal geometry of the reflector was designed with respect to the collecting efficiency. The PV cells mounted in the focal point require cooling due to the high heat load of the concentrated radiation (geometric concentration factor of 30). The properties of different PV materials were investigated to find the optimal cell for this application. Cooled greenhouses are an important issue to cope with the combination of high global radiation and high outdoor temperatures. All parts are integrated in a 100m2 prototype greenhouse which will be applied for the proof of principl

Do Countries or Industries Explain Momentum in Europe?

country risk;industry risk;momentum effect;portfolio selection;return on inverstment;portfolio investment;risk

Why don’t Latvian pension funds diversify more internationally?

Latvian employees have to choose a pension fund for the second-pillar of the Latvian pension system. These pension funds invest about 85% in domestic assets. In this paper, we address the question why this strong home bias might exist. Firstly, we conclude that the Latvian pension law is strict on international diversification. However, not to the extent that it can fully explain the home bias. Secondly, our empirical analysis suggests that international diversification lowers investment risks for Latvian (pension) investors. Thus, it seems hard to explain the home bias of Latvian pension funds by lack of diversification benefits. Thirdly, Latvian pension fund managers might have more (private) information about Latvian companies than international companies. Therefore, they might prefer to invest more domestically to add more value for their clients. Finally, Latvian employees might have a strong preference to invest in companies they are familiar with. Since we are not aware of any research on the latter two topics, we can only speculate that currently many investment policies are suboptimal for Latvian employees saving for retirement. We expect the Latvian pension industry to develop new products that reduce risk by allowing for more diversification. In addition, we recommend Latvian employees to pay attention to the investment policy of their pension fund and think carefully about the rewards, risks, and costs that are involved.Home Bias;Emerging Markets;International Investing;Pension Funds

The Simple Geometry of Perfect Information Games

Perfect information games have a particularly simple structure of equilibria in the associated normal form. For generic such games each of the finitely many connected components of Nash equilibria is contractible. For every perfect information game there is a unique connected and contractible component of subgame perfect equilibria. Finally, the graph of the subgame perfect equilibrium correspondence, after a very mild deformation, looks like the space of perfect information extensive form games.Perfect information, Subgame perfection, Equilibrium correspondence

Optical studies of micron-sized particles immersed in a plasma

In the last decade, the formation of dust particles in processing plasmas has received a lot of attention. In those environments, dust formation often is unwanted: it can e.g. reduce production yield or deteriorate film quality. The discovery of the Coulomb crystal, which is an analogy for a solid state crystal, shows that dust formation also has its benefits. Also the perspective to the production of particles with unique and desired qualities for e.g. ceramics, catalysis, and optoelectronics is attractive. In order to gain information about the dust particles in these three fields, it is necessary to use suitable diagnostics, which are capable of monitoring small changes inflicted on the particles. In this thesis optical studies of micrometer-sized dust particles immersed in radiofrequency plasmas are described. The dust particles are injected into the plasma, where they acquire a net negative charge. This charge prevents the particles to escape from the plasma. When the right conditions are chosen, it is possible to confine the particles to a stable position for a long time. In this situation, optical techniques can be applied to measure the influence of the radio-frequency (RF) plasma on the particles. Two of these techniques, rotating compensator ellipsometry (RCE) and Mueller matrix ellipsometry (MME) are based on the same method: the ellipsometric analysis of the change of the polarization state of the scattered light induced by the dust particles. The main difference between the two methods is the number of rotating components; the RCE has one rotating component and analyses a part of the matrix describing the polarization behavior of the dust particles. The MME has two rotating components and measures the full matrix. Both diagnostics measure the scattered light at an angle of 90º in the horizontal plane with respect to the undeflected beam. With the two techniquess the etching of the polymer particles in oxygen RF plasmas has been monitored. In both situations the size of the particles decreases as a result of the plasma operation. From the RCE measurements it can be inferred that the width of the particle size distribution increases. The MME measurements are performed on single particles and point out that the particles remain spherical during their treatment. A third technique is used to measure the angle resolved scattering profile of single particles in the forward direction. One single particle is injected in the plasma and illuminated with a vertically polarized laser beam. The scattering, which is described by the well-known Mie theory, is recorded in the forward direction in the horizontal scattering plane. This method allows for a very accurate determination of particle size and refractive index. It takes time to record the angular profile, and as a consequence the plasma can cause the particle size to change during the measurement. This is beneficial, as it now becomes possible to determine, in addition to the particle size and the refractive index, the etch rate of the particle from one single angular resolved profile. In this thesis also a fourth optical technique is applied to the particles. In contrast to the other three diagnostics, now the particle has been used to study the plasma. In the plasma a cloud of dyed dust particles is injected. The dye, Rhodamine B, has been shown to emit a temperature-dependent fluorescent emission spectrum. In the plasma, the particles are illuminated with an argon ion laser and subsequently the resulting fluorescent emission is recorded. The fluorescent emission depends on the plasma parameters. The particle temperature increases with increasing RF power. These measurements are combined with high-resolution atomic absorption spectroscopy measurements that give information on the gas temperature. Furthermore, Langmuir probe measurements have been performed which yield the electron density and temperature, the ion density, the floating potential, and the plasma potential. All these data have been used to determine the particle thermal balance, i.e. the fluxes arriving at and leaving from the particle. A good agreement has been found between experiment and theory: the dust particles can be used as microprobes