On a foundation for Cournot equilibrium

We show in the context of a bilateral oligopoly where all agents are allowed to behave strategically the unexpected result that when the number of buyers becomes large the outcomes in a strategic market game do not converge to those at the Cournot equilibrium. However, convergence to Cournot outcomes is restored if the game is sequential: sellers move simultaneously as do buyers, but the former always move before the latter. This suggests that the ability to commit to supply decisions is an essential feature of Cournot equilibrium

Rational Expectations and the Foreign Exchange Market

Many models of exchange rate determination imply that movements in money supplies and demands should result in movements in exchange rates. Hence, if rational agents are attempting to forecast exchange rate movements, they should in the first instance forecast movements in the supplies of and demands for money balances. Furthermore, if these underlying variables follow some stable autoregressive processes agents should use those processes to make their forecasts. If we identify the forward rate with the market's expectation for the future spot rate, rationality of expectations will imply testable cross-equation restrictions in a joint model of the autoregressions and exchange rate forecasting equation. This strategy is implemented in the paper using data on the L UK/$US and DM/$US exchange rates from the recent floating rate period.

The Names of Us English: Valley Girl, Cowboy, Yankee, Normal, Nasal, and Ignorant

A commonplace in United States (hereafter US) linguistics is that every region supports its own standard; none is the locus (or source) of the standard. Historically that is a fair assessment, for no long-term centre of culture, economy and government has dominated in the US

The effects of soil moisture, soil texture, and host orientation on the ability of Heterorhabditis bacteriophora (Rhabditida: Heterorhabditidae) to infect Galleria mellonella (Lepidoptera: Pyralidae)

Abstract Entomopathogenic nematodes (EPN) demonstrate potential as a biological control for soil dwelling insects. However, edaphic factors, such as soil moisture and texture impact the efficacy of EPN on a host. The objectives were to examine the effects of soil texture and moisture on 1) the infection rate of Galleria mellonella L. by EPN and; 2) the ability of H. bacteriophora (Poinar) to move through the soil to find a host at different orientations. Soil textures consisted of sand, a sand/silt/peat mixture, and a silt/peat mixture at 50% and 100% moisture. A general linear model was used to evaluate infection rates and EPN movement. Both soil moisture (p \u3c 0.05) and texture (p \u3c 0.05) had significant effects on nematodes infection rates of G. mellonella. Texture, moisture, and host orientation did not significantly affect (p \u3e 0.05) the ability of EPN to find a host. While EPN were able to find a host within a variety of soil types, soils that held more water had higher infection rates than soils that held less water, suggesting that moisture may be a key component in facilitating infection by EPN. By understanding the factors that influence the ability of EPN to find and infect a host, improved bio-control programs using EPN can be developed

Financial intermediation, monetary policy, and equilibrium business cycles

Business cycles ; Monetary theory ; Financial institutions

Robust visual odometry using uncertainty models

In dense, urban environments, GPS by itself cannot be relied on to provide accurate positioning information. Signal reception issues (e.g. occlusion, multi-path effects) often prevent the GPS receiver from getting a positional lock, causing holes in the absolute positioning data. In order to keep assisting the driver, other sensors are required to track the vehicle motion during these periods of GPS disturbance. In this paper, we propose a novel method to use a single on-board consumer-grade camera to estimate the relative vehicle motion. The method is based on the tracking of ground plane features, taking into account the uncertainty on their backprojection as well as the uncertainty on the vehicle motion. A Hough-like parameter space vote is employed to extract motion parameters from the uncertainty models. The method is easy to calibrate and designed to be robust to outliers and bad feature quality. Preliminary testing shows good accuracy and reliability, with a positional estimate within 2 metres for a 400 metre elapsed distance. The effects of inaccurate calibration are examined using artificial datasets, suggesting a self-calibrating system may be possible in future work

Inside Money and Monetary Neutrality

This paper examines the interaction between the financial and real sectors of the economy within the framework of a stochastic, rational expectation model that distinguishes between inside and outside money. The model also can be used to study the impact of variations in the degree of intermediation, measured by the elasticity of bank deposit supply. In contrast to earlier work which emphasized confusion between monetary and real shocks, we focus on the role played by confusion between inside and outside money and temporary and permanent base money disturbances. Financial sector disturbances, as well as temporary shocks tothe monetary base, are shown to have real effects even when private agents have complete information. When contemporaneous information on economic disturbances is incomplete, permanent shocks to the monetary base also have real effects. If our model is correct, it is invalid to reject equilibrium models of the business cycle on the grounds that anticipated money affects output. We argue that this result is robust in the sense that many "reasonable" models which incorporate inside money would yield a non-neutrality of portfolio and temporary base money supply shocks.

Why Do Granular Materials Stiffen with Shear Rate? : Test of Novel Stress-Based Statistics

Peer reviewedPublisher PD

Clinical and magnetic resonance imaging features of idiopathic oculomotor neuropathy in 14 dogs: Canine Idiopathic Oculomotor Neuropathy

Ophthalmoplegia/ophthalmoparesis (internal, external, or both) has been reported in dogs secondary to neoplasia affecting the oculomotor nerve and is usually given a poor prognosis. The purpose of this retrospective study was to describe the clinical findings, magnetic resonance imaging (MRI) findings, management, outcome, and follow-up in a group of canine cases with idiopathic oculomotor neuropathy. Inclusion criteria included cases with ophthalmoplegia/ophthalmoparesis (internal, external or both) as sole neuroophthalmologic signs, complete ophthalmic and neurologic examination, head MRI, and a minimum follow-up period of 1 year. Dogs with progressive neurological signs not related to oculomotor neuropathy were excluded. Fourteen cases met the inclusion criteria. All cases were unilaterally affected. Magnetic resonance imaging showed equivocal enlargement of the oculomotor nerve in three cases, mild enlargement in five, and marked enlargement in six. Contrast enhancement was present in 12 cases, being marked in six. When present, the contrast enhancement was focal in eight cases and diffuse in four. The median follow-up time was 25 months. External ophthalmoparesis improved in seven cases, five cases under no treatment and two under systemic corticosteroid therapy. The clinical signs in the other seven cases remained unchanged. Idiopathic oculomotor neuropathy should be included as a differential diagnosis in dogs presenting with unilateral ophthalmoplegia/ophthalmoparesis (internal, external, or both) with the absence of other neurologic and ophthalmic signs, and with the MRI findings restricted to the oculomotor nerve. Idiopathic oculomotor neuropathy has a good prognosis as the clinical signs do not deteriorate and they can improve without treatment