Out of equilibrium dynamics with decentralized exchange cautious trading and convergence to efficiency

Is the result that equilibrium trading outcomes are efficient in markets without frictions robust to a scenario where agents' beliefs and plans aren't already aligned at their equilibrium values? In this paper, starting from a situation where agents' beliefs and plans aren't already aligned at their equilibrium values, we study whether out of equilibrium trading converges to efficient allocations. We show that out-of-equilibrium trading does converge with probability 1 to an efficient allocation even when traders have limited information and trade cautiously. In economies where preferences can be represented by Cobb-Douglass utility functions, we show, numerically, that the rate of convergence will be exponential. We show that experimentation leads to convergence in some examples where multilateral exchange is essential to achieve gains from trade. We prove that experimentation does converge with probability 1 to an efficient allocation and the speed of convergence remains exponential with Cobb-Douglass utility functions

Poverty and Aspirations Failure

We develop a theoretical framework to study the psychology of poverty and 'aspirations failure'. In our framework, the rich and the poor share the same preferences - and also a behavioral bias in setting aspirations. Greater downside risks imposed by poverty exacerbates the effects of this behavioral bias: the poor are more susceptible to both an aspirations failure and pessimism about the likelihood of achieving success. Poverty limits the set of people whose life experiences the poor consider relevant for forming their own beliefs and aspirations. Mitigating behavioral poverty traps require policies which go beyond reducing material deprivation.Reference-dependent Preferences;Aspirations;Persistent Poverty;Locus of control;Simillarity and Belief Formation

Influence of the nature of confinement on the melting of Wigner molecules in quantum dots

We analyze the quantum melting of two-dimensional Wigner molecules (WM) in confined geometries with distinct symmetries and compare it with corresponding thermal melting. Our findings unfold complementary mechanisms that drive the quantum and thermal crossovers in a WM and show that the symmetry of the confinement plays no significant role in determining the quantum crossover scale $n_X$. This is because the zero-point motion screens the boundary effects within short distances. The phase diagram as a function of thermal and quantum fluctuations determined from independent criteria is unique, and shows "melting" from the WM to both the classical and quantum "liquids." An intriguing signature of weakening liquidity with increasing temperature, $T$, is found in the extreme quantum regime. The crossover is associated with production of defects. However, these defects appear to play distinct roles in driving the quantum and thermal "melting." Our study will help comprehending melting in a variety of experimental traps - from quantum dots to complex plasma.Comment: 14 pages, 9 figure

Selection of Dominant Characteristic Modes

The file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI link.The theory of characteristic modes is a popular physics based deterministic approach which has found several recent applications in the fields of radiator design, electromagnetic interference modelling and radiated emission analysis. The modal theory is based on the approximation of the total induced current in an electromagnetic structure in terms of a weighted sum of multiple characteristic current modes. The resultant outgoing field is also a weighted summation of the characteristic field patterns. Henceforth, a proper modal measure is an essential requirement to identify the modes which play a dominant role for a frequency of interest. The existing literature of significance measures restricts itself for ideal lossless structures only. This paper explores the pros and cons of the existing measures and correspondingly suggests suitable alternatives for both radiating and scattering applications. An example is presented in order to illustrate the proposed modal method for approximating the shielding response of a slotted geometry

Bimaximal Neutrino Mixing in a Zee-type Model with Badly Broken Flavor Symmetry

A Zee-type neutrino mass matrix model with a badly broken horizontal symmetry SU(3)_H is investigated. By putting a simple ansatz on the symmetry breaking effects of SU(3)_H for transition matrix elements, it is demonstrated that the model can give a nearly bimaximal neutrino mixing with the ratio $\Delta m^2_{solar}/\Delta m^2_{atm} \simeq \sqrt{2} m_e/m_{\mu}=6.7 \times 10^{-3}$, which are in excellent agreement with the observed data. In the near future, the lepton-number violating decay $Z\to \mu^\pm \tau^\mp$ will be observed.Comment: 10 pages, no figures, a comment adde