A statistical analysis of product prices in online markets

We empirically investigate fluctuations in product prices in online markets by using a tick-by-tick price data collected from a Japanese price comparison site, and find some similarities and differences between product and asset prices. The average price of a product across e-retailers behaves almost like a random walk, although the probability of price increase/decrease is higher conditional on the multiple events of price increase/decrease. This is quite similar to the property reported by previous studies about asset prices. However, we fail to find a long memory property in the volatility of product price changes. Also, we find that the price change distribution for product prices is close to an exponential distribution, rather than a power law distribution. These two findings are in a sharp contrast with the previous results regarding asset prices. We propose an interpretation that these differences may stem from the absence of speculative activities in product markets; namely, e-retailers seldom repeat buy and sell of a product, unlike traders in asset markets.Comment: 5 pages, 5 figures, 1 table, proceedings of APFA

An Unbiased Survey for Molecular Clouds in the Southern Galactic Warp

We have made an unbiased survey for molecular clouds in the Galactic Warp. This survey, covering an area of 56 square degrees at l = 252 deg to 266 deg and b = -5 deg to -1 deg, has revealed 70 molecular clouds, while only 6 clouds were previously known in the region. The number of molecular clouds is, then, an order of magnitude greater than previously known in this sector at R > 14.5 kpc. The mass of the clouds is in a range from 7.8x10(2) Mo to 8.4x10(4) Mo, significantly less than the most massive giant molecular clouds in the inner disk, ~10(6) Mo, while the cloud mass spectrum characterized by a power law is basically similar to other parts of the Galaxy. The X factor, N(H2)/Wco(12CO), derived from the molecular clouds in the Warp is estimated to be 3.5(+/-1.8) times larger than that in the inner disk. The total molecular mass in the Warp is estimated as 7.3x10(5) Mo, and total mass in the far-outer Galaxy (R > 14.5 kpc) can be estimated as 2x10(7) Mo. The spatial correlation between the CO and HI distribution appears fairly good, and the mass of the molecular gas is about 1% of that of the atomic gas in the far-outer Galaxy. This ratio is similar to that in the interarm but is ten times smaller than those of the spiral arms. Only 6 of the 70 Warp clouds show signs of star formation at the IRAS sensitivity and star formation efficiency for high-mass stars in the Warp is found to be smaller than those in other molecular clouds in the Galaxy.Comment: 29 pages, including 12 (pages of) figures, accepted for PASJ, and will be published in PASJ Vol.57, No.6. Tables and color-figures are available on-line: http://www.a.phys.nagoya-u.ac.jp/~masa/study/nakagawa_etal2005_warp.pd

Studies on the oxidation of hexamethylbenzene 1: Oxidation of hexamethylbenzene with nitric acid

The oxidative reaction of hexamethylbenzene (HMB) with nitric acid was studied, and the hitherto unknown polymethylbenzenepolycarboxylic acids were isolated: tetramethylphthalic anhydride, tetramethylisophthalic acid, 1,3,5-, 1,2,4- and 1,2,3-trimethylbenzenetricarboxylic acids. When HMB was warmed with 50% nitric acid at about 80 C, tetramethylphthalic anhydride and tetramethylisophthalic acid were initially produced. The continued reaction led to the production of trimethylbenzenetricarboxylic acids, but only slight amounts of dimethylbenzenetetracarboxylic acids were detected in the reaction mixture. Whereas tetramethylphthalic anydride and tetramethylisophthalic acid were obtained, pentamethylbenzoic acid, a possible precursor of them, was scarcely produced. On the other hand, a yellow material extracted with ether from the initial reaction mixture contained bis-(nitromethyl)prehnitene (CH3)4C6(CH2NO2)2, which was easily converted into the phthalic anhydride

A New Method for Measuring Tail Exponents of Firm Size Distributions

We propose a new method for estimating the power-law exponents of firm size variables. Our focus is on how to empirically identify a range in which a firm size variable follows a power-law distribution. As is well known, a firm size variable follows a power-law distribution only beyond some threshold. On the other hand, in almost all empirical exercises, the right end part of a distribution deviates from a power-law due to finite size effect. We modify the method proposed by Malevergne et al. (2011) so that we can identify both of the lower and the upper thresholds and then estimate the power-law exponent using observations only in the range defined by the two thresholds. We apply this new method to various firm size variables, including annual sales, the number of workers, and tangible fixed assets for firms in more than thirty countries.Econophysics, power-law distributions, power-law exponents, firm size variables, finite size effect

Aligned Molecular Clouds towards SS433 and L=348.5 degrees; Possible Evidence for Galactic "Vapor Trail" Created by Relativistic Jet

We have carried out a detailed analysis of the NANTEN 12CO(J=1-0) dataset in two large areas of ~25 square degrees towards SS433 (l~40 degree) and of ~18 square degrees towards l~348.5 degree, respectively. We have discovered two groups of remarkably aligned molecular clouds at |b|~1--5 degree in the two regions. In SS433, we have detected 10 clouds in total, which are well aligned nearly along the axis of the X-ray jet emanating from SS433. These clouds have similar line-of-sight velocities of 42--56 km s^-1 and the total projected length of the feature is ~300 pc, three times larger than that of the X-ray jet, at a distance of 3 kpc. Towards l~348.5 degree, we have detected four clouds named as MJG348.5 at line-of-sight velocities of -80 -- -95 km s^-1 in V_LSR, which also show alignment nearly perpendicular to the Galactic plane. The total length of the feature is ~400 pc at a kinematic distance of 6 kpc. In the both cases, the CO clouds are distributed at high galactic latitudes where such clouds are very rare. In addition, their alignments and coincidence in velocity should be even rarer, suggesting that they are physically associated. We tested a few possibilities to explain these clouds, including protostellar outflows, supershells, and interactions with energetic jets. Among them, a favorable scenario is that the interaction between relativistic jet and the interstellar medium induced the formation of molecular clouds over the last ~10^5-6 yrs. It is suggested that the timescale of the relativistic jet may be considerably larger, in the order of 10^5-6 yrs, than previously thought in SS433. The driving engine of the jet is obviously SS433 itself in SS433, although the engine is not yet identified in MJG348.5 among possible several candidates detected in the X-rays and TeV gamma rays.Comment: 29 pages, 10 figures, already published in PASJ, 2008,60, 71

The mechanism of double exponential growth in hyper-inflation

Analyzing historical data of price indices we find an extraordinary growth phenomenon in several examples of hyper-inflation in which price changes are approximated nicely by double-exponential functions of time. In order to explain such behavior we introduce the general coarse-graining technique in physics, the Monte Carlo renormalization group method, to the price dynamics. Starting from a microscopic stochastic equation describing dealers' actions in open markets we obtain a macroscopic noiseless equation of price consistent with the observation. The effect of auto-catalytic shortening of characteristic time caused by mob psychology is shown to be responsible for the double-exponential behavior.Comment: 9 pages, 5 figures and 2 tables, submitted to Physica

Catalogue of 12CO(J=1-0) and 13CO(J=1-0) Molecular Clouds in the Carina Flare Supershell

We present a catalogue of 12CO(J=1-0) and 13CO(J=1-0) molecular clouds in the spatio-velocity range of the Carina Flare supershell, GSH 287+04-17. The data cover a region of ~66 square degrees and were taken with the NANTEN 4m telescope, at spatial and velocity resolutions of 2.6' and 0.1 km/s. Decomposition of the emission results in the identification of 156 12CO clouds and 60 13CO clouds, for which we provide observational and physical parameters. Previous work suggests the majority of the detected mass forms part of a comoving molecular cloud complex that is physically associated with the expanding shell. The cloud internal velocity dispersions, degree of virialization and size-linewidth relations are found to be consistent with those of other Galactic samples. However, the vertical distribution is heavily skewed towards high-altitudes. The robust association of high-z molecular clouds with a known supershell provides some observational backing for the theory that expanding shells contribute to the support of a high-altitude molecular layer.Comment: To be published in PASJ Vol. 60, No. 6. (Issued on December 25th 2008). 35 pages (including 13 pages of tables), 7 figures. Please note that formatting problems with the journal macro result in loss of rightmost data columns in some long tables. These will be fixed in the final published issue. In the meantime, please contact the authors for missing dat