Decentralization of the core through Nash equilibrium

We show that in large finite economies, core allocations can be approximately decentralized as Nash (rather than Walras) equilibrium. We argue that this excrcise is an essential complement to asymptotic core equivalence results, because it implies that in some approximate sense individual attempts to manipulate the decentralizing prices cannot be beneficial, which fits precisely the interpretation of asymptotic core convergence, namely the emergence of price taking.core, Nash equilibrium, asymptotic proximity, decentralization.

A hybrid architecture for the implementation of the Athena neural net model

The implementation of an earlier introduced neural net model for pattern classification is considered. Data flow principles are employed in the development of a machine that efficiently implements the model and can be useful for real time classification tasks. Further enhancement with optical computing structures is also considered

Market Games with Multiple Trading Posts

We study market games with multiple posts per commodity. We provide some facts that characterize prices of commodities across posts and show the following results: (i) As the number of agents increases, the price variability across posts for a commodity becomes smaller and it becomes zero when the number of agents becomes infinite, irrespectively of the distribution of characteristics in the economy. (ii) The set of equilibrium prices and allocations of a market game is a subset of the set of equilibria of another game with more trading posts per commodity. (iii) We demonstrate via an example that the inclusion can be strict, as there are equilibria with price disparities across posts for a commodity which cannot be captured with less trading posts. (iv) One can pass from an equilibrium of a market game into an equilibrium of a game with less trading posts per commodity, by consolidating posts where the price of a commodity is uniform.Trading posts;law of one price

Geographic Information Systems: A Survey

At its core GIS or Geographical Information System, is a mapping tool that allows various types of information to be linked to geolocation. With advances in Big Data technologies, the availability of a large and ever-increasing stream of geolocated data, the new services based on geolocation that are used by massive numbers of people especially on mobile devices, GIS systems are becoming fundamental and increasingly important to large numbers of individuals as well as businesses and industry. The purpose of this paper is to review the current state of the art of GIS technology and provide a summary view of its functionality and the major issues around its use. It is aimed to be readable by a wide readership familiar with computing technologies but not necessarily versed in GIS

Effects of Design Parameters on the Fluid Flow and the Efficiency of Single Ended Evacuated Tubular Solar Thermal Collectors via FEM Modelling and Experimentation

This work is about assessment of the single-ended evacuated tubular solar thermal collectors which are widely used in solar heating applications. Exchange and transfer of heat are accomplished by a thermosyphon process. The flow pattern of the working fluid within the collector is determined by a combination of gravity forces and the fluid's buoyancy forces which are due to varying density at varying temperature. This paper reports on a finite element method (FEM) based numerical study of the dependence of the working fluid flow pattern on the collector's design parameters such as inclination angles and collector length-to-diameter ratio. This fluid flow pattern determines the heat exchange between the working fluid and the selective coating and thus the efficiency of the collector. A model of this process has been implemented in a simulator built via COMSOL FEM software package. A physical solar water heating system made with five commercial evacuated tubular collectors was also built and tested to verify the simulation results. Public access to the simulator is provided here

Private Information, Transferable Utility, and the Core

Considered here are transferable-utility, coalitional production or market games, featuring differently informed players. It is assumed that personalized contracts must comply with idiosyncratic information. The setting may create two sorts of shadow prices: one for material endowments, the other for knowledge. Focus is on specific, computable solutions that are generated by such prices and belong to the private core. Solutions of that sort obtain under standard regularity assumptions.exchange economy; cooperative game; transferable utility; differential information; private core; Lagrangian duality; value of information.

Evolutionary finance and dynamic games

Evolutionary finance studies financial markets from an evolutionary point of view. A financial market can be interpreted in the context of its evolution: it can be understood as a dynamical system in which frequently interacting investment strategies compete for market capital. We are mainly interested in the long-run performance of investment strategies. This thesis explores the "Darwinian theory" of portfolio selection. An asset market can be modelled by a game-theoretic evolutionary model in which asset prices are endogenously determined by market clearing condition. A general version of the Kelly rule is shown to allow an investor to "survive" in the asset market. We then investigate the stochastic model with independent and identical distributed states of the world from a different, game-theoretic, angle and examine Nash equilibrium strategies, satisfying equilibrium conditions with probability one. Evolutionary finance and asset market games also provide new angles to present fundamental facts of capital growth theory. Relations between financial growth and the property of "survival" of investment strategies are established in the market selection process.EThOS - Electronic Theses Online ServiceGBUnited Kingdo