An MT-Style Optical Package for Optical Data Transmission

An optical package for mounting VCSEL and PIN diodes for transmitting and receiving optical signals has been developed. The diodes couple to the fibers in a commercial MT connector. The package is quite compact with its physical size significantly smaller than that of the MT connector. This design simplifies the testing and assembly of the optical components because the MT connector with the long fibers attached can be remounted with ease while preserving good light coupling efficiency.Comment: Submitted to NI

Equivalence of Auctions and Posted Prices

We determine the equilibrium in two transaction mechanisms: auctions and posted prices. Agents choose whether to participate in markets where trades are consummated by auctions or in markets where sellers post prices. We show that the selling mechanisms are practically equivalent. Previous studies have shown that auction markets emerge as a unique evolutionary stable equilibrium when compared to bargaining markets. Posted price market dominate bargaining markets similarly.Auctions;posted prices;random matching.

Price Formation by Bargaining and Posted Prices

We study markets with two types of agents. Sellers have an indivisible good for sale, and their reservation value is zero. Buyers are randomly matched with sellers, and they value the good at unity. Sellers may be matched with any positive number of buyers, and they may choose to determine the price of the good either by bargaining or by posting prices. These choices are relevant only when a seller meets exactly one buyer. If two or more buyers are matched to a seller the buyers engage in an auction. The agents may choose whether to go to markets with bargaining or posted prices. We show that both market structures are equilibria but that they do not co-exist. Markets with posted prices are shown to be the unique evolutionary stable equilibrium.Bargaining;posted prices;random matching.

A time series analysis of U.K. construction and real estate indices

This study assess the nonlinear behavior of U.K. Construction and Real Estate indices. Standard unit root tests show that both time series are I(1) processes. However, the empirical results show that the returns series for both indices deviate from the null hypothesis of white noise. Moreover, we have found evidence of nonlinearity but strong evidence against chaos for the returns series. Further tests show that the source of nonlinearity is rather different. Hence, the Construction index returns series displays weak nonlinear forecastability, typical of nonlinear deterministic processes, whereas the Real Estate index could be characterized as a stationary process about a nonlinear deterministic trend

Spawning and hatching performance of the silvery black porgy Sparidentex hasta under hypersaline conditions

Abu Al Abyad island is characterized by harsh environmental conditions. A preliminary trial conducted at the island to investigate the spawning and hatching performance of the blue finned sea bream Sparidentex hasta indicated that the fish can be successfully bred at high salinity levels exceeding 50 ppt

Valuation implications of pharmaceutical companies' R&D regulatory approval notifications

This paper examines shareholder wealth effects surrounding applications to, and approvals by, the United States Food and Drug Administration (FDA) for firms listed on the New York (NYSE) and London (LSE) stock exchanges. Applications to the FDA for drug approvals significantly increase shareholder wealth for NYSE firms only. The increase is driven by applications for enhancements to existing drugs, with the market anticipating the application, thus suggesting information leakage. FDA approvals also significantly increase shareholder wealth in both markets. However, there is no evidence of information leakage and the significant post-event abnormal returns support the attention-grabbing hypothesis. Enhanced drug approvals are value-relevant for both markets, which highlights the contribution of real-options to firm value

Ecolabelling and fisheries management

National and intergovernmental regulation of fisheries has not prevented many failures of fisheries management around the world. New approaches to improving the environmental sustainability of fisheries have included the certification of fisheries harvested by sustainable means, and the ecolabelling of fish and seafood products from certified fisheries. The intention is to use the power of markets as an incentive to induce more sustainable fisheries. To date, only a relatively small number of fisheries have been certified, and these have been predominantly in developed countries. Critiques from developing countries of ecolabelling, as currently formulated, focus on five general areas: (1) legitimacy and credibility; (2) a mismatch between certification requirements and the reality of tropical small-scale fisheries; (3) potential distortions to existing practices and livelihoods; (4) equity and feasibility; and (5) perceived barriers to trade. This paper reviews these developing country concerns on the basis of already certified fisheries, and on experiences from forestry, aquaculture and the aquarium industry, and also examines precedents and trends in international environmental and trade issues. It suggests that ecolabelling as currently practiced is unlikely to be widely adopted in Asian countries. Certification may have sporadic success in some eco-conscious, or niche, markets but it is unlikely to stimulate global improvement of fisheries management.Fishery management, Eco-labelling, Certification, Fishery regulations, Sustainability, Developing countries

Evolutionary strategy search algorithm for fast block motion estimation

The evolutionary strategy search (ESS) algorithm is a novel method for implementing fast block motion estimation (ME) using evolutionary strategy (ES). ESS uses a combination of ideas based on existing search strategies and employs a novel (1þsl) ES implementation. It is essentially a succession of random searches, but by controlling the placement and distribution of these searches in a simple way, it proves possible to achieve comparable motion vector accuracy to the more established ME strategies, but with enhanced convergence speed

The measured equation of invariance and its application to transmission line modelling

The Measured Equation of Invariance (MEI) is a geometry-dependent Finite Difference equation that can be used to terminate a mesh extremely close to the object of interest. The mesh can be terminated much closer than what absorbing boundary conditions would allow, but still keeping the locality of the equations. In this paper, this new concept is applied to the numerical simulation of transmission lines and their discontinuities.Peer ReviewedPostprint (published version