Brownian markets

Financial market dynamics is rigorously studied via the exact generalized Langevin equation. Assuming market Brownian self-similarity, the market return rate memory and autocorrelation functions are derived, which exhibit an oscillatory-decaying behavior with a long-time tail, similar to empirical observations. Individual stocks are also described via the generalized Langevin equation. They are classified by their relation to the market memory as heavy, neutral and light stocks, possessing different kinds of autocorrelation functions

Cooperation in anonymous dynamic social networks

Abstract We study the extent to which cooperative behavior can be sustained in large, anonymous, evolving social networks. Individuals strategically form relationships under a social matching protocol and engage in prisoner's dilemma interactions with their partners. We characterize a class of equilibria that support cooperation as a stationary outcome. When cooperation is possible, its level is uniquely determined. While neither community enforcement nor contagion mechanisms have force in our setting, the endogenous dynamics of the social network imply that cooperation allows an individual to gradually accumulate a large network of profitable interactions, while defection results in social marginalization. Even as players become perfectly patient, equilibrium allows for full cooperation, only autarky, or the coexistence of cooperation and defection, depending on payoffs. Smaller levels of cooperation can be sustained by a form of exclusivity among cooperators. * We than

Electron microscopic investigations of zymomonas mobilis cells grown in low and high glucose concentrations

Zymomonas mobilis cells grown in the presence of low and high glucose concentrations were examined by electron microscopy. Using ultrathin sectioning and agar diffusion method, significant changes in morphology were observed. Although the fine structure resembles that of a typical gram-negative bacterium, changes in glucose concentration and phases of growth lead to large cell wall vesicle or blebs formation. The possible implications of this morphological change to glucose uptake and ethanol formation are discussed

Hydrogen aircraft and airport safety

Hydrogen will be used as aviation fuel in the foreseeable future. First flight tests with a hydrogen demonstrator aircraft, currently under investigation in the scope of the German-Russian Cryoplane project, are scheduled for 1999. Regular service with regional aircraft may begin around 2005, followed by larger Airbus-type airliners around 2010-2015. The fuel storage aboard such airliners will be of the order of 15 t or roughly 200 m3 LH2. This paper investigates a number of safety problems associated with the handling and air transport of so much hydrogen. The same is done for the infrastructure on the airport. Major risks are identified, and appropriate measures in design and operation are recommended. It is found that hydrogen aircraft are no more dangerous than conventional ones--safer in some respects. Many risks can be avoided by suitable constructive measures, and the rest are bearable. The real challenge lies with the dimensions of the installations on the airfields which will become necessary when hydrogen aircraft become common.

Entwicklung und Einsatz von computerunterstuetzten Systemen fuer experimentelle Untersuchungen beim Bolzenschweissen, Punktschweissen und Schutzgasschweissen

Copy held by FIZ Karlsruhe; available from UB/TIB Hannover / FIZ - Fachinformationszzentrum Karlsruhe / TIB - Technische InformationsbibliothekSIGLEDEGerman