Bureaucratic minimal squawk behaviour: theory and evidence from US regulatory policy

Regulators appointed on finite contracts have an incentive to signal their worth to the job market. This paper shows that, if contracts are sufficiently short, this can result in ‘minimal squawk’ behaviour. That is, regulated firms publicise the quality of unfavourable decisions, aware that regulators then set favourable policies more often to keep their professional reputation intact. Terms of office vary across US states, prompting an empirical test using firm-level data from the regulation of the US electric industry. Consistent with the theory, we find that shorter terms are associated with fewer rate of return reviews and higher residential electricity prices

Bureaucratic Minimal Squawk: Theory and Evidence

Regulators appointed on finite contracts have an incentive to signal their worth to the job market. This paper shows that, if contracts are sufficiently short, this can result in "minimal squawk" behaviour. Regulated firms publicise the quality of unfavourable decisions, aware that regulators then set favourable policies more often to keep their professional reputation intact. Terms of office vary across US states, prompting an empirical test using firm-level data from the regulation of the US electric industry. Consistent with the theory, we find that shorter terms are associated with fewer rate of return reviews and higher residential prices.

HELIN Library Consortium LORI Grant Statewide Digital Repository Project for Rhode Island -- New Commons Consulting Proposal

Narrative and budget submitted by Robert Leaver of New Commons on the scope of work to be provided by New Commons to support the development of the RI Digital Repository and by the Reckoner Group to develop the prototype and website for this endeavor

Measuring the supply response function of tobacco in Zimbabwe

This paper presents an estimate of the price elasticity of supply for tobacco output in Zimbabwe using an adapted Nerlovian model. The results indicate a short-run elasticity of +0.34 and a long-run elasticity of +0.81, suggesting that tobacco farmers are highly unresponsive to price changes. These estimates are similar to those obtained for tobacco in supply response studies conducted in other developing African countries.Crop Production/Industries,

Gravitational Waves from the Merger of Binary Neutron Stars in a Fully General Relativistic Simulation

We performed 3D numerical simulations of the merger of equal-mass binary neutron stars in full general relativity using a new large scale supercomputer. We take the typical grid size as (505,505,253) for (x,y,z) and the maximum grid size as (633,633,317). These grid numbers enable us to put the outer boundaries of the computational domain near the local wave zone and hence to calculate gravitational waveforms of good accuracy (within $\sim 10$ error) for the first time. To model neutron stars, we adopt a $\Gamma$-law equation of state in the form $P=(\Gamma-1)\rho\epsilon$, where P, $\rho$, \varep and $\Gamma$ are the pressure, rest mass density, specific internal energy, and adiabatic constant. It is found that gravitational waves in the merger stage have characteristic features that reflect the formed objects. In the case that a massive, transient neutron star is formed, its quasi-periodic oscillations are excited for a long duration, and this property is reflected clearly by the quasi-periodic nature of waveforms and the energy luminosity. In the case of black hole formation, the waveform and energy luminosity are likely damped after a short merger stage. However, a quasi-periodic oscillation can still be seen for a certain duration, because an oscillating transient massive object is formed during the merger. This duration depends strongly on the initial compactness of neutron stars and is reflected in the Fourier spectrum of gravitational waves. To confirm our results and to calibrate the accuracy of gravitational waveforms, we carried out a wide variety of test simulations, changing the resolution and size of the computational domain.Comment: 40 pages; pubslihed in Prog. Theor. Phys. 107 (2002), 26

Bosenova collapse of axion cloud around a rotating black hole

Motivated by possible existence of stringy axions with ultralight mass, we study the behavior of an axion field around a rapidly rotating black hole (BH) obeying the sine-Gordon equation by numerical simulations. Due to superradiant instability, the axion field extracts the rotational energy of the BH and the nonlinear self-interaction becomes important as the field grows larger. We present clear numerical evidences that the nonlinear effect leads to a collapse of the axion cloud and a subsequent explosive phenomena, which is analogous to the "bosenova" observed in experiments of Bose-Einstein condensate. The criterion for the onset of the bosenova collapse is given. We also discuss the reason why the bosenova happens by constructing an effective theory of a wavepacket model under the nonrelativistic approximation.Comment: 38 pages, 18 figure

Trade Liberalisation, Efficiency and South Africa's Sugar Industry

This paper reports the results of a computable general equilibrium (CGE) analysis of the South African sugar industry. The study was inspired by analyses of the EU South Africa Free Trade Agreement that indicated the importance of sugar exports to the welfare gains from agricultural trade liberalisation and by the increasing pressure upon OECD countries to reform their sugar (trade) policies. In addition to the effects of trade liberalisation this study also considers the implications of increases in the efficiency with which sugarcane is converted to raw sugar, which is an important determinant of the competitiveness of sugar production and exports. The results indicate that there would be substantial welfare gains across all household groups and that overall agricultural producers in South Africa should benefit; however there are substantial variations in the impact upon agricultural producers in different provinces, with farmers in some provinces facing reductions in the profitability of farming

Transparency, Recuitment and Retention in the Public Sector

Although performance measurement systems are likely to have significant recruitment and retention consequences these have received much less attention that the individual incentive effects. This paper explores these recruitment and retention consequences in organizations, such as those in the public sector, which are characterized by rigidities in pay. We clarify when performance measurement increases the cost of recruiting and retaining public sector employees and when it does not. Within the same framework, we also show that traditional practices such as tenure based pay and ports of entry can be rationalized as an optimal response to rigidities in pay.performance measurement, disclosure, sorting, wage compression, public sector

Quasinormal Modes Beyond Kerr

The quasinormal modes (QNMs) of a black hole spacetime are the free, decaying oscillations of the spacetime, and are well understood in the case of Kerr black holes. We discuss a method for computing the QNMs of spacetimes which are slightly deformed from Kerr. We mention two example applications: the parametric, turbulent instability of scalar fields on a background which includes a gravitational QNM, and the shifts to the QNM frequencies of Kerr when the black hole is weakly charged. This method may be of use in studies of black holes which are deformed by external fields or are solutions to alternative theories of gravity.Comment: Proceedings of the Sant Cugat Forum on Astrophysics (2014). Session on 'Gravitational Wave Astrophysics.' 7 page

Quasinormal modes of Reissner-Nordstro¨\ddot{o}m Anti-de Sitter Black Holes

Complex frequencies associated with quasinormal modes for large Reissner-Nordstr$\ddot{o}$m Anti-de Sitter black holes have been computed. These frequencies have close relation to the black hole charge and do not linearly scale with the black hole temperature as in Schwarzschild Anti-de Sitter case. In terms of AdS/CFT correspondence, we found that the bigger the black hole charge is, the quicker for the approach to thermal equilibrium in the CFT. The properties of quasinormal modes for $l>0$ have also been studied.Comment: 14 pages, 8 figures, submitted to Phys. Lett.