Competition, Consumer Welfare, and the Social Cost of Monopoly

Conventional deadweight loss measures of the social cost of monopoly ignore, among other things, the social cost of inducing competition and thus cannot accurately capture the loss in social welfare. In this Article, we suggest an alternative method of measuring the social cost of monopoly. Using elements of general equilibrium theory, we propose a social cost metric where the benchmark is the Pareto optimal state of the economy that uses the least amount of resources, consistent with consumers' utility levels in the monopolized state. If the primary goal of antitrust policy is the enhancement of consumer welfare, then the proper benchmark is Pareto optimality, not simply competitive markets. We discuss the implications of our approach for antitrust law as well as how our methodology can be used in practice for allegations of monopoly power given a history of price-demand observations.Monopoly power, Antitrust economics, Applied general equilibrium

Real Estate Income and Value Cycles: A Model of Market Dynamics

We develop a theoretical real estate cycles model linking economic fundamentals to real estate income and value. We estimate and test an econometric model specification, based on the theoretical model, using MSA level data for twenty office markets in the United States. Our major conclusion is that cities that exhibit seemingly different cyclical office market behavior may be statistically characterized by our three-parameter econometric specification. The parameters are MSA-specific amplitude, through the CAP rate, cycle duration (peak-to-peak), via the rate of partial adjustments to changing expectations about stabilized NOI and the market trend.

Competition, Consumer Welfare, and the Social Cost of Monopoly

Conventional deadweight loss measures of the social cost of monopoly ignore, among other things, the social cost of inducing competition and thus cannot accurately capture the loss in social welfare. In this Article, we suggest an alternative method of measuring the social cost of monopoly. Using elements of general equilibrium theory, we propose a social cost metric where the benchmark is the Pareto optimal state of the economy that uses the least amount of resources, consistent with consumers’ utility levels in the monopolized state. If the primary goal of antitrust policy is the enhancement of consumer welfare, then the proper benchmark is Pareto optimality, not simply competitive markets. We discuss the implications of our approach for antitrust law as well as how our methodology can be used in practice for allegations of monopoly power given a history of price-demand observations

Two-dimensional imaging of edge-localized modes in KSTAR plasmas unperturbed and perturbed by n=1 external magnetic fields

The temporal evolution of edge-localized modes (ELMs) has been studied using a 2-D electron cyclotron emission imaging system in the KSTAR tokamak. The ELMs are observed to evolve in three distinctive stages: the initial linear growth of multiple filamentary structures having a net poloidal rotation, the interim state of regularly spaced saturated filaments, and the final crash through a short transient phase characterized by abrupt changes in the relative amplitudes and distance among filaments. The crash phase, typically consisted of multiple bursts of a single filament, involves a complex dynamics, poloidal elongation of the bursting filament, development of a fingerlike bulge, and fast localized burst through the finger. Substantial alterations of the ELM dynamics, such as mode number, poloidal rotation, and crash time scale, have been observed under external magnetic perturbations with the toroidal mode number n = 1. (C) 2012 American Institute of Physics. [http://dx.doi.org/10.1063/1.3694842]X1125sciescopu

Giant Flexoelectric Effect in Ferroelectric Epitaxial Thin Films

We report on nanoscale strain gradients in ferroelectric HoMnO3 epitaxial thin films, resulting in a giant flexoelectric effect. Using grazing-incidence in-plane X-ray diffraction, we measured strain gradients in the films, which were 6 or 7 orders of magnitude larger than typical values reported for bulk oxides. The combination of transmission electron microscopy, electrical measurements, and electrostatic calculations showed that flexoelectricity provides a means of tuning the physical properties of ferroelectric epitaxial thin films, such as domain configurations and hysteresis curves.Comment: Accepted by Phys. Rev. Let

Better age estimations using UV-optical colours: breaking the age-metallicity degeneracy

We demonstrate that the combination of GALEX UV photometry in the FUV (~1530 angstroms) and NUV (~2310 angstroms) passbands with optical photometry in the standard U,B,V,R,I filters can efficiently break the age-metallicity degeneracy. We estimate well-constrained ages, metallicities and their associated errors for 42 GCs in M31, and show that the full set of FUV,NUV,U,B,V,R,I photometry produces age estimates that are ~90 percent more constrained and metallicity estimates that are ~60 percent more constrained than those produced by using optical filters alone. The quality of the age constraints is comparable or marginally better than those achieved using a large number of spectrscopic indices.Comment: Published in MNRAS (2007), 381, L74 (doi: 10.1111/j.1745-3933.2007.00370.x

Putative spin liquid in the triangle-based iridate Ba3_3IrTi2_2O9_9

We report on thermodynamic, magnetization, and muon spin relaxation measurements of the strong spin-orbit coupled iridate Ba$_3$IrTi$_2$O$_9$, which constitutes a new frustration motif made up a mixture of edge- and corner-sharing triangles. In spite of strong antiferromagnetic exchange interaction of the order of 100~K, we find no hint for long-range magnetic order down to 23 mK. The magnetic specific heat data unveil the $T$-linear and -squared dependences at low temperatures below 1~K. At the respective temperatures, the zero-field muon spin relaxation features a persistent spin dynamics, indicative of unconventional low-energy excitations. A comparison to the $4d$ isostructural compound Ba$_3$RuTi$_2$O$_9$ suggests that a concerted interplay of compass-like magnetic interactions and frustrated geometry promotes a dynamically fluctuating state in a triangle-based iridate.Comment: Physical Review B accepte

Bilateral asymmetrical multiple renal arteries associated with the left testicular artery

We found 3 right and 2 left renal arteries with asymmetrical origins in a 61-year-old Korean male cadaver, whose cause of death was ‘laryngeal carcinoma’. According to a previous classification, the first and second right renal arteries correspond to the early division and other renal arteries — to the extra renal arteries, except the first left renal artery as a typical renal artery. The third right renal artery ran anterior to the inferior vena cava to the inferior pole of the kidney. The first and second left renal arteries were associated with the inferior suprarenal artery and the testicular artery, respectively. The bilateral asymmetry in the number of renal arteries can be explained by the embryological development, degeneration and persistence of the renal artery in the process of ascending of kidneys.