Price variability and the speed of adjustment to the law of one price: Evidence from Slovakia

This paper uses a large panel data set of monthly frequency final good and service prices in thirty-eight Slovak districts over a five-year period to study price variability and the working of the law of one price. We concentrate on three issues. First, using simple statistical tools, we investigate the range of price differences across Slovak districts. Second, we measure relative price variability across cities and across products. The variability of relative prices in the same district appears to be higher than the variability of prices of the same good across different districts. We identify the factors likely to be responsible for this fact. Third, using benchmarks we investigate the speed of convergence to the absolute law of one price. While we find evidence for absolute convergence, the speed is lower than that found in US cities. The speed of convergence to the relative law of one price is considerably higher.

Pterodactylus scolopaciceps Meyer, 1860 (Pterosauria, Pterodactyloidea) from the Upper Jurassic of Bavaria, Germany:the problem of Cryptic Pterosaur Taxa in early ontogeny

The taxonomy of the Late Jurassic pterodactyloid pterosaur Pterodactylus scolopaciceps Meyer, 1860 from the Solnhofen Limestone Formation of Bavaria, Germany is reviewed. Its nomenclatural history is long and complex, having been synonymised with both P. kochi (Wagner, 1837), and P. antiquus (Sömmerring, 1812). The majority of pterosaur species from the Solnhofen Limestone, including P. scolopaciceps are represented by juveniles. Consequently, specimens can appear remarkably similar due to juvenile characteristics detracting from taxonomic differences that are exaggerated in later ontogeny. Previous morphological and morphometric analyses have failed to separate species or even genera due to this problem, and as a result many species have been subsumed into a single taxon. A hypodigm for P. scolopaciceps, comprising of the holotype (BSP AS V 29 a/b) and material Broili referred to the taxon is described. P. scolopaciceps is found to be a valid taxon, but placement within Pterodactylus is inappropriate. Consequently, the new genus Aerodactylus is erected to accommodate it. Aerodactylus can be diagnosed on account of a unique suite of characters including jaws containing 16 teeth per-jaw, per-side, which are more sparsely distributed caudally and terminate rostral to the nasoantorbital fenestra; dorsal surface of the skull is subtly depressed rostral of the cranial table; rostrum very elongate (RI = ∼7), terminating in a point; orbits correspondingly low and elongate; elongate cervical vertebrae (approximately three times the length of their width); wing-metacarpal elongate, but still shorter than the ulna and first wing-phalanx; and pteroid approximately 65% of the total length of the ulna, straight and extremely thin (less than one third the width of the ulna). A cladistic analysis demonstrates that Aerodactylus is distinct from Pterodactylus, but close to Cycnorhamphus Seeley, 1870, Ardeadactylus Bennett, 2013a and Aurorazhdarcho Frey, Meyer and Tischlinger, 2011, consequently we erect the inclusive taxon Aurorazhdarchidae for their reception

The Impact of Coil Winding Angle on the Force of DC Solenoid Electromagnetic Actuator

This paper presents the research on the influence of coil parameter on the force of DC electromagnetic actuator. The coil parameter discussed in the paper is the angle between the windings. The research method is based on analyzing the magnetic path of DC electromagnetic actuator and on comparison of analytically obtained results with the numerical simulation results. Transient numerical simulation of DC electromagnetic actuator has been performed on the 2D axial-symmetric model using the Finite Element Method (FEM). The main contribution is the coil winding angle impact on the force of DC electromagnetic actuator. The results showed that, by reducing the coil winding angle, it is possible to increase the electromagnetic force, reduce the coil dimensions, and thus the dimensions of electromagnetic actuator

Re-evaluating the success of the EPA's 33/50 program: evidence from facility participation

Using previously unavailable data, we examine facility participation in the 33/50 Program and its effect on aggregate and toxicity weighted emissions between1991 and 1995 for a sample of facilities whose parent firms committed to the Program. By focusing on individual facilities we avoid the biases created by aggregating emissions across facilities. We find that while more polluting facilities within a firm were more likely to participate, even when we account for the toxicity of emissions, across firms there is no evidence of greater participation by facilities with higher emissions. Although emissions of the 33/50 chemicals fell over the years, we find that participation in the Program did not lead to the decline in the 33/50 releases generated by these facilities.Toxic Release Inventory; program participation; program evaluation, GMM, dynamic panel

CEECS integration into regional production networks. Trade effects of EU-accesion

We estimate a gravity model that incorporates the extensive margin of trade and accounts for firm heterogeneity to evaluate the effect of the EU-accession on CEECs trade in intermediates and final goods for the period 1999-2009. The importance of production networks is captured by including imports of intermediates as a determinant of a country’s exports of final goods. We find a positive and significant effect of the EU-accession on CEECs trade in intermediate and final goods. Hence, the elimination of “behind the border” trade barriers has a positive impact on increasing not only trade volumes but also trade varieties.gravity equation; panel data; production networks; economic integration; trade flows.

A new bernissartiid crocodyliform from the Lower Cretaceous Wessex Formation (Wealden Group, Barremian) of the Isle of Wight, southern England

A substantially complete skull of a small crocodyliform recently found on the foreshore near Yaverland on the southeast coast of the Isle of Wight, southern England is described. The locality, mode of preservation and associated matrix indicate that it is derived from one of the plant debris beds of the Lower Cretaceous Wessex Formation (Barremian, Wealden Group). The dentition, unique among crocodyliforms, serves to confirm that the specimen is referable to the, until now, monotypic family Bernissartiidae. Apomorphies, including placement of the choana entirely within the pterygoids and disposition of cranial sutures demonstrate that the Isle of Wight skull cannot be referred to Bernissartia fagesii, known from contemporaneous strata. Furthermore, these characters indicate that the specimen should not be referred to a new species of Bernissartia. It is therefore placed in a new genus and species, Koumpiodontosuchus aprosdokiti. The systematic position of Bernissartiidae, and characters used to diagnose Eusuchia, including placement of the choana(e) within the prerygoids, are discussed. Until recently this condition was thought to be restricted to Eusuchia with all non-eusuchian neosuchian crorocdiliforms possessing choanae bounded posteriorly by the pterygoids and anteriorly by the palatines. While the choana of Koumpiodontosuchus aprosdokiti gen. et sp. nov. is entirely bounded by the pterygoids it differs from the choanae of eusuchians in lacking a median septum, being anteroposteriorly elongate and in its anterior placement.</p