Sovereign Debt as Intertemporal Barter

Borrowing and lending between sovereign parties is modeled as intertemporal barter that smoothes the consumption of a risk-averse party subject to endowment shocks. The surplus anticipated in the relationship offers sufficient incentive for cooperation by all parties, including any other competitive agents who are potential lenders to the sovereign. The sole punishments consist of renegotiation-proof changes in the path of future payments. We show that intertemporal trade can be sustained in the absence of any exogenous enforcement of lending relationships whatsoever. That is, borrowing and lending are possible under anarchy, and are supported by punishments that consist of cheating any cheater. Long-term implicit relationships may be fulfilled as the continual renegotiation of simple incomplete short-term loans. The analysis suggests that the crucial role of the explicit loan contract is the identification of the relationship and the parties involved.

Developments on high temperature fiber optic microphone

A fiber optic microphone, based on the principle of the fiber optic lever, features small size, extended bandwidth, and capability to operate at high temperatures. These are requirements for measurements in hypersonic flow. This paper describes the principles of operation of fiber optic sensors, a discussion of the design of a fiber optic microphone, the functional elements and packaging techniques of the optoelectronic circuitry, and the calibration techniques used in the development of the high temperature fiber optic microphone

A Survey of Published American Radio Drama

(From the Introduction) Radio broadcasting is a product of the twentieth century, taking its place beside the automobile, the airplane, two world wars, and now television as an influence upon the people of the world. Radio has had a short but colorful life, a reign studded with court fights, money-making, good and bad drama, music and showmanship, and a fair share or public acceptance and criticism. Radio broadcasting is a composite or music programs, news reports, dramatic programs, commercial announcements, and comedy features. The American people listen to all of these programs at various times. Radio has become a part or our culture, be the adjunct a good or an annoying one. As it pertains to drama, radio broadcasting is another medium or projecting the spoken word in dramatic form, joining the stage and the more recent medium or the movies. The numerous books on radio drama now available are concerned with the techniques of putting on a radio play or they contain a number of plays for reading enjoyment. There is, to my knowledge, no book on the literature of radio studied as a whole. While there are several collections of radio plays, they are limited to the printing of some ten to twenty-five play by different authors. This paper will be a limited survey of radio dramatic literature. Only published radio plays will be treated and not all of those, since the number is too large. Nearly 300 of the more important printed plays have been studied and many of them will be mentioned in this work. There will be included some comment on the nature of radio drama, some material on theories, techniques, and limitations, and a considerable amount of critical material from contemporary books and periodicals

A field-deployable digital acoustic measurement system

A field deployable digital acoustic measurement system was developed to support acoustic research programs at the Langley Research Center. The system digitizes the acoustic inputs at the microphone, which can be located up to 1000 feet from the van which houses the acquisition, storage, and analysis equipment. Digitized data from up to 12 microphones is recorded on high density 8mm tape and is analyzed post-test by a microcomputer system. Synchronous and nonsynchronous sampling is available with maximum sample rates of 12,500 and 40,000 samples per second respectively. The high density tape storage system is capable of storing 5 gigabytes of data at transfer rates up to 1 megabyte per second. System overall dynamic range exceeds 83 dB

Alternative instruments for smoothing the consumption of primary commodity exporters

Countries that depend on a single primary export for their foreign earnings are likely to experience sharp fluctuations in export earnings and their underlying wealth, because of the instability of all primary commodity markets. As part of structural adjustment, several countries have liberalized their trade regimes, so domestic producers are no longer insulated from international price fluctuations. This paper concentrates on the management of country-level consumption risk, and considers actions which the government might undertake to reduce the cost of that risk. The paper reviews the costs of export price instability, with some reference to the empirical magnitudes. It considers the role of conventional instruments, including loans, price stabilization measures, and futures contracts. Particular attention is paid to the potential use of futures rollovers for longer-term price protection, and the effect of production response on that protection. The paper also discusses"commodity bonds"and dynamic consumption smoothing paths and offers conclusions.Economic Theory&Research,Environmental Economics&Policies,Banks&Banking Reform,Access to Markets,Markets and Market Access

Stand-alone digital data storage control system including user control interface

A storage control system includes an apparatus and method for user control of a storage interface to operate a storage medium to store data obtained by a real-time data acquisition system. Digital data received in serial format from the data acquisition system is first converted to a parallel format and then provided to the storage interface. The operation of the storage interface is controlled in accordance with instructions based on user control input from a user. Also, a user status output is displayed in accordance with storage data obtained from the storage interface. By allowing the user to control and monitor the operation of the storage interface, a stand-alone, user-controllable data storage system is provided for storing the digital data obtained by a real-time data acquisition system

An Interdisciplinary Undergraduate Degree Program in Electronic Commerce

This paper describes an innovative curriculum for an interdisciplinary undergraduate degree program in electronic commerce. Faculty from the disciplines of computer information systems, computer science, operations management, marketing and graphic design collaborated in devising a curriculum that focuses on the business of electronic commerce while providing a solid base of information technology skills. The program includes an integrated junior year experience that gives students business and technical skills in a team-taught environment. During the senior year, students concentrate on technology infrastructure, business processes, or market analysis and development. This paper not only presents a blueprint for an undergraduate curriculum, but also provides a model for faculty cooperation across academic disciplines

A Theory for Rapid Charging Events on the International Space Station

The Floating Potential Measurement Unit (FPMU) has detected high negative amplitude rapid charging events (RCEs) on the International Space Station (ISS) at the morning terminator. These events are larger and more rapid than the ISS morning charging events first seen by the Floating Potential Probe (FPP) on ISS in 2001. In this paper, we describe a theory for the RCEs that further elucidates the nature of spacecraft charging in low Earth orbit (LEO) in a non-equilibrium situation. The model accounts for all essential aspects of the newly discovered phenomenon, and is amenable to testing on-orbit. Predictions of the model for the amplitude of the ISS RCEs for the full set of ISS solar arrays and for the coming solar cycle are given, and the results of modeling by the Environments WorkBench (EWB) are compared to the observed events to show that the phenomenon can be explained by solar array driven charging. The situation is unique because the coverglasses have not yet reached equilibrium with the surrounding plasma during the RCEs. Finally, a prescription for further use of the ISS for investigating fundamental plasma physics in LEO is given. Already, plasma and charging monitoring instruments on ISS have taught us much about spacecraft interactions with the dense LEO plasma, and we expect they will continue to yield more valuable science when the Japanese Experiment Module (JEM) is in place