4,717 research outputs found
Inclusive semileptonic B decays from QCD with NLO accuracy for power suppressed terms
We present the results of a calculation of the perturbative QCD corrections
for the semileptonic inclusive width of a heavy flavored meson. Within the
Heavy Quark Expansion we analytically compute the QCD correction to the
coefficient of power suppressed contribution of the chromo-magnetic operator in
the limit of vanishing mass of the final state quark. The important
phenomenological applications are decays of bottom mesons, and to the less
extend, charmed mesons.Comment: 4 pages, 2 figure
Transact taxes in a price maker/taker market
We develop a price maker/taker model to study how a financial transaction tax affects markets. We find taxes widen quoted and effective spreads by more than twice the tax. Taxes increase volatility slightly (without intermediation) to significantly (with intermediation). High taxes may halve volumes and gains from trade while doubling search costs. Measures of market quality are more affected by taxes in markets with intermediaries. Investors and intermediaries competing for liquidity can triple search costs and increase quoted spreads while decreasing effective spreads. We also find revenue-optimal rates of 60-75 bp. Our results are particularly relevant to markets with high-frequency trading or thin depth
Cadaveric Renal Transplantation in Diabetics in the 1980's: with Special Reference to Cyclosporine.
Inherited vs Self-Made Wealth: Theory and Evidence from a Rentier Society (Paris 1872-1937)
This paper divides the population into two groups: the "inheritors" or "rentiers" (whose wealth is smaller than the capitalized value of their inherited wealth, i.e. who consumed more than their labor income during their lifetime); and the "savers" or "self-made men" (whose wealth is larger than the capitalized value of their inherited wealth, i.e. who consumed less than their labor income). Applying this simple theoretical model to a unique micro data set on inheritance and matrimonial property regimes, we find that Paris in 1872-1937 looks like a prototype "rentier society". Rentiers made about 10% of the population of Parisians but owned 70% of aggregate wealth. Rentier societies thrive when the rate of return on private wealth ris permanently and substantially larger than the growth rate g (say, r=4%-5% vs g=1%-2%). This was the case in the 19th century and early 20th century and is likely to happen again in the 21st century. In such cases top successors, by consuming part of the return to their inherited wealth, can sustain living standards far beyond what labor income alone would permit.rentier society ;
Repeated Play, Cooperation and Coordination: An Experimental Study
An experiment was conducted to test whether discounted repeated play leads to greater cooperation and coordination than one-shot play, in a public good environment with incomplete information. The experiment was designed so that, theoretically repeated play can sustain equilibria with higher group earnings than result in the one-shot Bayesian Nash equilibrium. The design varied a number of environment al parameters, including the size of the group, the marginal rate of transformation between the public and private good, and the statistical distribution of marginal rates of substitution between the public and private good. Marginal rates of substitution were private information but the statistical distribution was common knowledge. The results indicate that repetition leads to greater cooperation, and that the magnitude of these gains depends both on the ability of players to monitor each other's strategy and on the underlying environmental parameters
Private Incentives in Social Dilemmas: The Effect of Incomplete Information and Altruism
This paper analyzes the provision of discrete public goods when
individuals have altruistic preferences which others do not precisely know.
The problem is formulated and solved as a Bayesian game. In contrast to
standard social psychological approaches, based on such natural language terms
as greed, fear, and trust, the Bayesian approach provides a rigorous
mathematical treatment of social participation. This theory is shown to make
strong testable predictions that can integrate data collected across a wide
variety of natural and experimental settings. The al truism model is shown to
be supported by existing experimental data on binary voluntary contribution
games
Participation and the Provision of Discrete Public Goods: A Strategic Analysis
This paper considers the Nash equilibria to a game where a
discrete public good is to be provided. Each individual may
participate by making a fixed contribution. If a sufficient number of
contributions are made, the good is provided. Otherwise, the good is
not provided. One variant of the rules allows for contributions to be
refunded when the good is not provided, For pure strategies, we find
that the Nash equilibria with a refund are a superset of those without
a refund, For both rules, the efficient number of players
contributing is an equilibrium, For mixed strategies, to every
equilibrium without a refund, there is a corresponding equilibrium
with a refund with a higher number of expected contributors. Mixed
strategy equilibria "disappear" as the number of players grows large.
Some results reported in the experimental literature are discussed in
light of these theoretical results
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