Nearly-complete Decomposability and Stochastic Stability with an Application to Cournot Oligopoly

This paper presents a general framework for analysing stochastic stability in models with evolution at two levels. Under certain conditions the theory of nearly-complete decomposability can be used to disentangle these two levels. They can then be studied separately and the equilibrium of one can be used to obtain the equilibrium of the other. This gives an approximation of the equi- librium of the combined dynamics. This approached is applied to a model of conjectural variation and imitation in Cournot oligopoly. If behavioural change takes place infrequently, the Walrasian equilibrium is the unique stochastically stable outcome. As a corollary, it is indicated that smaller industries are more competitive than larger ones.

Valuing voluntary disclosure using a real options approach

This paper outlines a real options approach to valuing those announcements which are made by firms outside of their legal requirements. From the firm's perspective, information is disclosed only if the manager of the firm is sufficiently certain that the market response to the announcement will have a positive impact on the value of the firm. When debt financing is possible we find that the manager adopts a more transparent disclosure policy, thus violating the Modigliani-Miller theorem on irrelevance of capital structure

Particle-stabilized oscillating diver: a self-assembled responsive capsule

We report the experimental discovery of a self-assembled capsule, with density set by interfacial glass beads and an internal bubble, that automatically performs regular oscillations up and down a vial in response to a temperature gradient. Similar composites featuring interfacial particles and multiple internal compartments could be the solution to a variety of application challenges.Comment: 7 pages, 3 figure

An optical linewidth study of a chromoprotein-C-phycocyanin in a low-temperature glass

The temperature dependence of spectral holes burnt into a phycocyanin-doped ethylene glycol/water glass is investigated in the temperature range between 1.5 and 15 K. The data are well described by a power law with an exponent of 1.16 ± 0.1. Chromoproteins thus behave very much the same as glasses doped with small impurity molecules

Three Phases in the 3D Abelian Higgs Model with Nonlocal Gauge Interactions

We study the phase structure of the 3D nonlocal compact U(1) lattice gauge theory coupled with a Higgs field by means of Monte-Carlo simulations. The nonlocal interactions among gauge variables are along the temporal direction and mimic the effect of local coupling to massless particles. We found that in contrast to the 3D local abelian Higgs model which has only one phase, the present model exhibits the confinement, Higgs, and Coulomb phases separated by three second-order transition lines emanating from a triple point. This result is quite important for studies on electron fractionalization phenomena in strongly-correlated electron systems. Implications to them are discussed