SELLING SHARES TO RETAIL INVESTORS: AUCTION VS. FIXED PRICE

We analyze the problem of selling shares of a divisible good to a large number of buyers when demand is uncertain. We characterize equilibria of two popular mechanisms, a fixed price mechanism and a uniform price auction, and compare the revenues. While in the auction truthful bidding is a dominant strategy, we find that bidders have an incentive to overstate their demand in the fixed price mechanism. For some parameter values this yields the surprising result that the fixed price mechanism outperforms the auction.IPO, Uniform Price Auction, Open Offer, Proportional Rationing.

Coherent exciton transport in dendrimers and continuous-time quantum walks

We model coherent exciton transport in dendrimers by continuous-time quantum walks (CTQWs). For dendrimers up to the second generation the coherent transport shows perfect recurrences, when the initial excitation starts at the central node. For larger dendrimers, the recurrence ceases to be perfect, a fact which resembles results for discrete quantum carpets. Moreover, depending on the initial excitation site we find that the coherent transport to certain nodes of the dendrimer has a very low probability. When the initial excitation starts from the central node, the problem can be mapped onto a line which simplifies the computational effort. Furthermore, the long time average of the quantum mechanical transition probabilities between pairs of nodes show characteristic patterns and allow to classify the nodes into clusters with identical limiting probabilities. For the (space) average of the quantum mechanical probability to be still or again at the initial site, we obtain, based on the Cauchy-Schwarz inequality, a simple lower bound which depends only on the eigenvalue spectrum of the Hamiltonian.Comment: 8 pages, 8 figures, accepted for publication in J. Chem. Phy

Opportunity-Rich Schools and Sustainable Communities: Seven Steps to Align High-Quality Education With Innovations in City and Metropolitan Planning and Development

Details challenges and steps for linking quality education and community and economic vitality, including establishing a shared vision and metrics, aligning investments for prosperity, and expanding access via transportation. Lists promising practices

Continuum: an architecture for user evolvable collaborative virtual environments

Continuum is a software platform for collaborative virtual environments. Continuum\u27s architecture supplies a world model and defines how to combine object state, behavior code, and resource data into this single shared structure. The system frees distributed users from the constraints of monolithic centralized virtual world architectures and instead allows individual users to extend and evolve the virtual world by creating and controlling their own individual pieces of the larger world model. The architecture provides support for data distribution, code management, resource management, and rapid deployment through standardized viewers. This work not only provides this architecture, but it includes a proven implementation and the associated development tools to allow for creation of these worlds