Price Expectations in Asset Markets with Futures Contracting

Can the introduction of a futures market assist investors in obtaining better price expectations and reduce price bubbles, and is the major determinant of the price bubble the uncertainty of the dividend structure and its effect on noise traders

Coherent coupling between surface plasmons and excitons in semiconductor nanocrystals

We present an experimental demonstration of strong coupling between a surface plasmon propagating on a planar silver substrate, and the lowest excited state of CdSe nanocrystals. Variable-angle spectroscopic ellipsometry measurements demonstrated the formation of plasmon-exciton mixed states, characterized by a Rabi splitting of $\sim$ 82 meV at room temperature. Such a coherent interaction has the potential for the development of plasmonic non-linear devices, and furthermore, this system is akin to those studied in cavity quantum electrodynamics, thus offering the possibility to study the regime of strong light-matter coupling in semiconductor nanocrystals at easily accessible experimental conditions.Comment: 12 pages, 4 figure

Futures Contracting and Dividend Uncertainty in Experimental Asset Markets

Prices in experimental asset markets tend to bubble and then crash to dividend value at the end of the asset\u27s useful life. Explanations for this phenomenon are (1) that participants cannot form reliable future price expectations or (2) dividend risk aversion. We report the results of experiments to test these hypotheses. In one experimental series, a futures market is introduced so that participants can obtain information on future share prices. In another series of experiments, the per-period dividend is known with certainty. The futures market treatment had little effect on the character of bubble. The certain dividend treatment had little effect on the character of bubbles with inexperienced traders

Nucleation of cracks in a brittle sheet

We use molecular dynamics to study the nucleation of cracks in a two dimensional material without pre-existing cracks. We study models with zero and non-zero shear modulus. In both situations the time required for crack formation obeys an Arrhenius law, from which the energy barrier and pre-factor are extracted for different system sizes. For large systems, the characteristic time of rupture is found to decrease with system size, in agreement with classical Weibull theory. In the case of zero shear modulus, the energy opposing rupture is identified with the breakage of a single atomic layer. In the case of non-zero shear modulus, thermally activated fracture can only be studied within a reasonable time at very high strains. In this case the energy barrier involves the stretching of bonds within several layers, accounting for a much higher barrier compared to the zero shear modulus case. This barrier is understood within adiabatic simulations

ORDINARY AND GENERALIZED STOCHASTIC DOMINANCE: A PRIMER

Research Methods/ Statistical Methods,

Investigation of external refrigeration systems for long term cryogenic storage Final report

Data on external refrigeration systems for space storage of cryogens for long period

Investigation of external refrigeration systems for long-term cryogenic storage

Evaluation of cryogenic refrigeration systems for space application

Long Range Hops and the Pair Annihilation Reaction A+A->0: Renormalization Group and Simulation

A simple example of a non-equilibrium system for which fluctuations are important is a system of particles which diffuse and may annihilate in pairs on contact. The renormalization group can be used to calculate the time dependence of the density of particles, and provides both an exact value for the exponent governing the decay of particles and an epsilon-expansion for the amplitude of this power law. When the diffusion is anomalous, as when the particles perform Levy flights, the critical dimension depends continuously on the control parameter for the Levy distribution. The epsilon-expansion can then become an expansion in a small parameter. We present a renormalization group calculation and compare these results with those of a simulation.Comment: As-published version; two significant errors fixed, two references adde

Radio Spectrum and the Disruptive Clarity of Ronald Coase

In the Federal Communications Commission, Ronald Coase exposed deep foundations via normative argument buttressed by astute historical observation. The government controlled scarce frequencies, issuing sharply limited use rights. Spillovers were said to be otherwise endemic. Coase saw that Government limited conflicts by restricting uses; property owners perform an analogous function via the “price system.” The government solution was inefficient unless the net benefits of the alternative property regime were lower. Coase augured that the price system would outperform. His spectrum auction proposal was mocked by communications policy experts, opposed by industry interests, and ridiculed by policy makers. Hence, it took until July 25, 1994 for FCC license sales to commence. Today, some 73 U.S. auctions have been held, 27,484 licenses sold, and $52.6 billion paid. The reform is a textbook example of economic policy success. Herein, we examine Coase’s seminal 1959 paper on two levels. First, we note its analytical symmetry, comparing administrative to market mechanisms under the assumption of positive transaction costs. This fundamental insight had its beginning in Coase’s acclaimed article on the firm, and continued with his subsequent treatment of social cost. Second, we investigate why spectrum policies have stopped well short of the property rights regime that Coase advocated, considering rent-seeking dynamics and the emergence of new theories challenging Coase’s property framework. One conclusion is easily rendered: competitive bidding is now the default tool in wireless license awards. By rule of thumb, about$17 billion in U.S. welfare losses have been averted. Not bad for the first 50 years of this, or any, Article appearing in Volume II of the Journal of Law & Economics

Spawning and early development of captive yellowfin tuna (Thunnus albacares)

In this study we describe the courtship and spawning behaviors of captive yellowfin tuna (Thunnus albacares), their spawning periodicity, the influence of physical and biological factors on spawning and hatching, and egg and early-larval development of this species at the Achotines Laboratory, Republic of Panama, during October 1996 through March 2000. Spawning occurred almost daily over extended periods and at water temperatures from 23.3° to 29.7°C. Water temperature appeared to be the main exogenous factor controlling the occurrence and timing of spawning. Courtship and spawning behaviors were ritualized and consistent among three groups of broodstock over 3.5 years. For any date, the time of day of spawning (range: 1330 to 2130 h) was predictable from mean daily water temperature, and 95% of hatching occurred the next day between 1500 and 1900 h. We estimated that females at first spawning averaged 1.6−2.0 years of age. Over short time periods (<1 month), spawning females increased their egg production from 30% to 234% in response to shortterm increases in daily food ration of 9% to 33%. Egg diameter, notochord length (NL) at hatching, NL at first feeding, and dry weights of these stages were estimated. Water temperature was significantly, inversely related to egg size, egg-stage duration, larval size at hatching, and yolksac larval duration