Fundamental R&D Spillovers and the Internationalization of a FirmÌs Research Activities

A conceptual framework is proposed for analyzing how differences in national R&D stocks can impact on a firmÌs decision to internationalize its R&D activities. A central finding is that the integration of product markets can generate an added incentive to undertake R&D abroad. A three-stage analysis of a non-cooperative game is proposed, which entails cost-reducing process innovation in an international model of duopoly. Each firmÌs technological efficiency depends not only on its investment in applied R&D, but also on its absorption of domestic and foreign fundamental R&D, as well as the extent to which the latter are substitutes or complements. In a first stage, a firmÌs absorption of foreign fundamental R&D can be impacted by a decision to localize R&D activities abroad. The interrelation between this decision and initial production costs is also explored.Fundamental R&D, spillovers, international location, economic integration

International Human Capital Formation, Brain Drain and Brain Gain: A conceptual Framework

A two-country, two-period model of international migration highlights microeconomic foundations for examining the interrelation between brain drain, brain gain and the location of human capital formation, at home or abroad. Ex ante choices regarding where to study depend on relative qualities of university systems, individuals' abilities, sunk educational investment costs, government grants, and expected employment prospects in both countries. The analysis underscores an inherently widerange of conceivable positive or negative effects on domestic net welfare. These changes depend critically on the foregoing factors, as well as the optimal design of educational grant schemes, given eventual informational imperfections regarding individuals' capabilities.

Bankruptcy Risk, Product Market Competition and Horizontal Mergers

Debt, Bankruptcy, Horizontal Merger, Competition Policy, Oligopoly.

Fractional Laplacian matrix on the finite periodic linear chain and its periodic Riesz fractional derivative continuum limit

The 1D discrete fractional Laplacian operator on a cyclically closed (periodic) linear chain with finitenumber $N$ of identical particles is introduced. We suggest a "fractional elastic harmonic potential", and obtain the $N$-periodic fractionalLaplacian operator in the form of a power law matrix function for the finite chain ($N$ arbitrary not necessarily large) in explicit form.In the limiting case $N\rightarrow \infty$ this fractional Laplacian matrix recovers the fractional Laplacian matrix ofthe infinite chain.The lattice model contains two free material constants, the particle mass $\mu$ and a frequency$\Omega\_{\alpha}$.The "periodic string continuum limit" of the fractional lattice model is analyzed where lattice constant $h\rightarrow 0$and length $L=Nh$ of the chain ("string") is kept finite: Assuming finiteness of the total mass and totalelastic energy of the chain in the continuum limit leads to asymptotic scaling behavior for $h\rightarrow 0$ of thetwo material constants,namely $\mu \sim h$ and $\Omega\_{\alpha}^2 \sim h^{-\alpha}$. In this way we obtain the $L$-periodic fractional Laplacian (Riesz fractional derivative) kernel in explicit form.This $L$-periodic fractional Laplacian kernel recovers for $L\rightarrow\infty$the well known 1D infinite space fractional Laplacian (Riesz fractional derivative) kernel. When the scaling exponentof the Laplacian takesintegers, the fractional Laplacian kernel recovers, respectively, $L$-periodic and infinite space (localized) distributionalrepresentations of integer-order Laplacians.The results of this paper appear to beuseful for the analysis of fractional finite domain problems for instance in anomalous diffusion (L\'evy flights), fractional Quantum Mechanics,and the development of fractional discrete calculus on finite lattices

Optimal Payoffs under State-dependent Preferences

Most decision theories, including expected utility theory, rank dependent utility theory and cumulative prospect theory, assume that investors are only interested in the distribution of returns and not in the states of the economy in which income is received. Optimal payoffs have their lowest outcomes when the economy is in a downturn, and this feature is often at odds with the needs of many investors. We introduce a framework for portfolio selection within which state-dependent preferences can be accommodated. Specifically, we assume that investors care about the distribution of final wealth and its interaction with some benchmark. In this context, we are able to characterize optimal payoffs in explicit form. Furthermore, we extend the classical expected utility optimization problem of Merton to the state-dependent situation. Some applications in security design are discussed in detail and we also solve some stochastic extensions of the target probability optimization problem

Fundamental R&D Spillovers and the Internationalization of a Firm\u27s Research Activities

A conceptual framework is proposed for analyzing how differences in national R&D stocks can impact on a firm’s decision to internationalize its R&D activities. A central finding is that the integration of product markets can generate an added incentive to undertake R&D abroad. A three-stage analysis of a non-cooperative game is proposed, which entails cost-reducing process innovation in an international model of duopoly. Each firm’s technological efficiency depends not only on its investment in applied R&D, but also on its absorption of domestic and foreign fundamental R&D, as well as the extent to which the latter are substitutes or complements. In a first stage, a firm’s absorption of foreign fundamental R&D can be impacted by a decision to localize R&D activities abroad. The interrelation between this decision and initial production costs is also explored

The Sixth-Generation Quandary

Naval Postgraduate School Acquisition Research Progra

Saint-Junien – Site Corot

Identifiant de l'opération archéologique : 2699 Date de l'opération : 2006 (SD) L'exploration du site désigné comme « Le Chalet Corot » par la tradition locale avait pour but de vérifier l'hypothèse selon laquelle le peintre Jean-Baptiste Corot aurait utilisé ce lieu pour travailler durant ses séjours à Saint-Junien entre 1852 et 1862. Le site se présentait comme une terrasse adossée au versant pentu de la vallée de la Glane. Mais la fouille a montré qu'il s'agissait en fait (au moins partie..