License prices for financially constrained firms

It is often alleged that high auction prices inhibit service deployment. We investigate this claim under the extreme case of financially constrained bidders. If demand is just slightly elastic, auctions maximize consumer surplus if consumer surplus is a convex function of quantity (a common assumption), or if consumer surplus is concave and the proportion of expenditure spent on deployment is greater than one over the elasticity of demand. The latter condition appears to be true for most of the large telecom auctions in the US and Europe. Thus, even if high auction prices inhibit service deployment, auctions appear to be optimal from the consumers’ point of view

On the lease rate, convenience yield and speculative effects in the gold futures market

By examining data on the gold forward offered rate (GOFO) and lease rates over the period 1996- 2009, we conclude that the convenience yield of gold is better approximated by the lease rate than the interest-adjusted spread of Fama & French (1983). Using the latter quantity, we study the relationship between gold leasing and the level of COMEX discretionary inventory and exhibit that lease rates are negatively related to inventories. We also show that Futures prices have increasingly exceeded forward prices over the period, and this effect increases with the speculative pressure and the maturity of the contracts

Do people really want to be nudged towards healthy lifestyles?

This paper assesses Thaler and Sunstein’s claim that policies that nudge individuals towards healthy lifestyles promote the welfare of those individuals, as judged by themselves. I argue that Thaler and Sunstein switch between two different interpretations of that clause. One interpretation gives the clause a wide range of applicability, but drains it of its content as a repudiation of paternalism. The other interpretation makes it more meaningful to say that people want to make the choices they are being nudged towards, but applies to a much narrower range of cases than Thaler and Sunstein have in mind

Load carrying capacity of a heterogeneous surface bearing

It has been shown before that liquids can slip at a solid boundary, which prompted the idea that parallel-surfaces bearings can be achieved just by alternating slip and non-slip regions in the direction of fluid flow. The amount of slip at the wall depends on the surface tension at the liquid–solid interface, which in turn depends on the chemical state of the surface and its roughness. In the present study a heterogeneous surface was obtained by coating half of a circular glass disc with a coating repellant to glycerol. A rotating glass disc was placed at a known/calibrated distance and the gap was filled with glycerol. With the mobile surface moving from the direction of slip to non-slip region it can be theoretically shown that a pressure build up can be achieved. The pressure gradient in the two regions is constant, similar to that in a Rayleigh step bearing, with the maximum pressure at the separation line. The heterogeneous disc was placed on a holder supported by a load cell thus the force generated by this pressure increase can be measured accurately. Tests were carried out at different sliding speeds and gaps and the load carried was measured and subsequently compared with theoretical calculations. This allowed the slip coefficient to be evaluated

Access Charges, Vertical Separation, and Lobbying

We examine how vertical separation affects the lobbying activities for the access charge of essential facilities. First, when investigating a model where the number of new entrants is fixed, we find that vertical separation either increases or decreases the access charge, and that this depends on the relative efficiency between the incumbent and the new entrants, and the number of entrants. Second, when investigating a freeentry market, we find that vertical separation always reduces the access charge in such a market. The vertically integrated firm has a stronger incentive to lobby in this market because a higher access charge reduces the number of competitors

State dependent choice

We propose a theory of choices that are influenced by the psychological state of the agent. The central hypothesis is that the psychological state controls the urgency of the attributes sought by the decision maker in the available alternatives. While state dependent choice is less restricted than rational choice, our model does have empirical content, expressed by simple "revealed preference" type of constraints on observable choice data. We demonstrate the applicability of simple versions of the framework to economic contexts. We show in particular that it can explain widely researched anomalies in the labour supply of taxi drivers

CdSe Ring- and Tribulus-Shaped Nanocrystals: Controlled Synthesis, Growth Mechanism, and Photoluminescence Properties

With air-stable and generic reagents, CdSe nanocrystals with tunable morphologies were prepared by controlling the temperature in the solution reaction route. Thereinto, the lower reaction temperature facilitates the anisotropic growth of crystals to obtain high-yield CdSe ring- and tribulus-shaped nanocrystals with many branches on their surfaces. The photoluminescence properties are sensitive to the nature of particle and its surface. The products synthesized at room temperature, whose surfaces have many branches, show higher blue shift and narrower emission linewidths (FWHM) of photoluminescence than that of samples prepared at higher temperature, whose surfaces have no branches. Microstructural studies revealed that the products formed through self-assembly of primary crystallites. Nanorings formed through the nonlinear attachment of primary crystallites, and the branches on the surfaces grew by linear attachment at room temperature. And the structure of tribulus-shaped nanoparticle was realized via two steps of aggregation, i.e., random and linear oriented aggregation. Along with the elevation of temperature, the branches on nanocrystal surfaces shortened gradually because of the weakened linear attachment

Time-Warp–Invariant Neuronal Processing

A biophysical mechanism acting in auditory neurons allows the brain to process the high variability of speaking rates in natural speech in a time-warp-invariant manner

Tacit collusion, firm asymmetries and numbers:evidence from EC merger cases

The purpose of this paper is to identify empirically the implicit structural model, especially the roles of size asymmetries and concentration, used by the European Commission to identify mergers with coordinated effects (i.e. collective dominance). Apart from its obvious policy-relevance, the paper is designed to shed empirical light on the conditions under which tacit collusion is most likely. We construct a database relating to 62 candidate mergers and find that, in the eyes of the Commission, tacit collusion in this context virtually never involves more than two firms and requires close symmetry in the market shares of the two firms

Market Competition, R&D and Firm Profits in Asymmetric Oligopoly

We investigate a Cournot model with strategic R&D investments wherein efficient low-cost firms compete against less efficient high-cost firms. We find that an increase in the number of high-cost firms can stimulate R&D by the low-cost firms, while it always reduces R&D by the high-cost firms. More importantly, this force can be strong enough to compensate for the loss that arises from more intense market competition: the low-cost firms' profits may indeed increase with the number of high-cost firms. An implication of this result is far-reaching, as it gives low-cost firms an incentive to help, rather than harm, high-cost competitors. We relate this implication to a practice known as open knowledge disclosure, especially Ford's strategy of disclosing its know-how publicly and extensively at the beginning of the 20th century