Listen to the market, hear the best policy decision, but don’t always choose it

The updated version of this working paper (28 February 2019) is available in ORE at http://hdl.handle.net/10871/36180Real-world policymakers want to extract investors' private information about a policy's likely effects by 'listening to' asset markets. However, this brings the risk that investors will profitably 'manipulate' prices to steer policy. We model the interaction between a policymaker and an informed (profit-seeking) investor who can buy/short-sell an asset from uninformed traders. We characterize when the investor's incentives do not align with the policymaker's, implying that to induce truth-telling behavior the policymaker must commit to sometimes ignoring the signal (as revealed by the investor's behavior driving the asset's price). This implies a commitment to executing the policy with a probability depending on the asset's price. We develop a taxonomy for the full set of relationships between private signals, asset values, and policymaker welfare, characterizing the optimal indirect mechanism for each case. We find that where the policymaker is ex-ante indifferent, she commits to sometimes/never executing after a bad signal, but always executes after a good signal. Generically, this 'listening' mechanism leads to higher (policymaker) welfare then ignoring the signals. We discuss real-world evidence, implications for legislative processes, and phenomena such as 'trial balloons' and 'committing political capital'

Self-assembled nanostructured resistive switching memory devices fabricated by templated bottom-up growth

Metal-oxide-based resistive switching memory device has been studied intensively due to its potential to satisfy the requirements of next-generation memory devices. Active research has been done on the materials and device structures of resistive switching memory devices that meet the requirements of high density, fast switching speed, and reliable data storage. In this study, resistive switching memory devices were fabricated with nano-template-assisted bottom up growth. The electrochemical deposition was adopted to achieve the bottom-up growth of nickel nanodot electrodes. Nickel oxide layer was formed by oxygen plasma treatment of nickel nanodots at low temperature. The structures of fabricated nanoscale memory devices were analyzed with scanning electron microscope and atomic force microscope (AFM). The electrical characteristics of the devices were directly measured using conductive AFM. This work demonstrates the fabrication of resistive switching memory devices using self-assembled nanoscale masks and nanomateirals growth from bottom-up electrochemical deposition.11109Ysciescopu

Successive spin-flop transitions of a Neel-type antiferromagnet Li2MnO3 single crystal with a honeycomb lattice

We have carried out high magnetic field studies of single-crystalline Li2MnO3, a honeycomb lattice antiferromagnet. Its magnetic phase diagram was mapped out using magnetization measurements at applied fields up to 35 T. Our results show that it undergoes two successive meta-magnetic transitions around 9 T fields applied perpendicular to the ab plane (along the c* axis). These phase transitions are completely absent in the magnetization measured with the field applied along the ab plane. In order to understand this magnetic phase diagram, we developed a mean-field model starting from the correct Neel-type magnetic structure, consistent with our single crystal neutron diffraction data at zero field. Our model calculations succeeded in explaining the two meta-magnetic transitions that arise when Li2MnO3 enters two different spin-flop phases from the zero field Neel phase.open1187Nsciescopu

Effects of Rosiglitazone on the Expression of PPAR-&#947 and on the Production of IL-6 and IL-8 in Acute Lung Injury Model Using Human Pulmonary Epithelial Cells

Purpose: Peroxisome proliferator-activated receptor (PPAR)-γ ligand is known to repress the expression of pro-inflammatory mediators. However, it is unclear how it affects PPAR-γ expression and the inflammatory response in the human lung. We investigated the effects of rosiglitazone (synthetic PPAR-γ ligand) on the PPAR-γ expression and on the IL-6 and IL-8 production in acute lung injury model using human lung epithelial cells.Methods: A549 and Beas-2B cells were pre-treated with rosiglitazone and/or BADGE (selective PPAR-γ antagonist) and then treated with media control or cytokine mixture including TNF-α, IL-1β, and IFN-γ. PPAR-γ expression was analyzed in cell lysates by Western blot. IL-6 and IL-8 production was measured in the culture supernatants by ELISA.Results: PPAR-γ expression was identified in all experimental groups except for the control. The cytokine mixture-induced IL-6 and IL-8 production was significantly inhibited by pre-treatment with rosiglitazone (P<0.01). However, this inhibitory effect of rosiglitazone was not reversed by BADGE. Conclusion: These suggest that rosiglitazone induces the PPAR-γ expression and it may inhibit the cytokine mixture-induced IL-6 and IL-8 production through the PPAR-γ independent pathway. The inhibitory mechanisms of rosiglitazone on the cytokine mixture-induced IL-6 and IL-8 production in human alveolar, and bronchial epithelial cells remain to be further investigated.Keywords: Rosiglitazone, PPAR-γ expression, IL-6, IL-8, Acute lung injur

Effects of Rosiglitazone on the Expression of PPAR-&#947 and the Production of IL-6 and IL-8 in Acute Lung Injury Model Using Human Pulmonary Epithelial Cells

Purpose: Peroxisome proliferator-activated receptor (PPAR)-γ ligand is known to repress the expression of pro-inflammatory mediators. However, it is unclear how it affects PPAR-γ expression and the inflammatory response in the human lung. We investigated the effects of rosiglitazone (synthetic PPAR-γ ligand) on the PPAR-γ expression and on the IL-6 and IL-8 production in acute lung injury model using human lung epithelial cells.Methods: A549 and Beas-2B cells were pre-treated with rosiglitazone and/or BADGE (selective PPAR-γ antagonist) and then treated with media control or cytokine mixture including TNF-α, IL-1 β, and IFN-γ. PPAR-γ expression was analyzed in cell lysates by Western blot. IL-6 and IL-8 production was measured in the culture supernatants by ELISA.Results: PPAR-γ expression was identified in all experimental groups except for the control. The cytokine mixture-induced IL-6 and IL-8 production was significantly inhibited by pre-treatment with rosiglitazone (P<0.01). However, this inhibitory effect of rosiglitazone was not reversed by BADGE.Conclusion: These suggest that rosiglitazone induces the PPAR-γ expression and it may inhibit the cytokine mixture-induced IL-6 and IL-8 production through the PPAR-γ independent pathway. The inhibitory mechanisms of rosiglitazone on the cytokine mixture-induced IL-6 and IL-8 production in human alveolar and bronchial epithelial cells remain to be further investigated.Keywords: Rosiglitazone, PPAR-γ, IL-6, IL-8, Acute lung injur

Genetic Comparison of Stemness of Human Umbilical Cord and Dental Pulp

published_or_final_versio

A major change in precipitation gradient on the Chinese Loess Plateau at thePliocene-Quaternary boundary

Spatiotemporal variations in East Asian Monsoon (EAM) precipitation during the Quaternary have been intensively studied. However, spatial variations in pre-Quaternary EAM precipitation remain largely uninvestigated, preventing a clear understanding of monsoon dynamics during a warmer climatic period. Here we compare the spatial differences in heavy mineral assemblages between Quaternary loess and pre-Quaternary Red Clay on the Chinese Loess Plateau (CLP) to analyze spatial patterns in weathering. Prior studies have revealed that unstable hornblende is the dominant (&sim;50%) heavy mineral in Chinese loess deposited over the past 500 ka, whereas hornblende content decreases to &lt; 10% in strata older than &sim;1 Ma in the central CLP because of diagenesis. In the present study we found that hornblende is the dominant heavy mineral in 2&ndash;2.7 Ma loess on the northeastern CLP (at Jiaxian), which today receives little precipitation. Conversely, hornblende content in the upper Miocene-Pliocene Red Clay at Jiaxian is &lt; 10%, as in the central CLP. The early Quaternary abundance of hornblende at Jiaxian indicates that the current northwestward-decreasing precipitation pattern and consequent dry climate at Jiaxian must have been initiated since &sim;2.7 Ma, preventing hornblende dissolution to amounts &lt; 10% as observed in the central CLP. By contrast, the 7 Ma and 3 Ma Jiaxian Red Clay hornblende content is significantly less than that of the Xifeng samples, despite the fact that today Xifeng receives more precipitation than Jiaxian, with expected enhanced hornblende weathering. This suggests that the northeastern CLP received more precipitation during the Late Miocene-Pliocene than at Xifeng, indicating that the precipitation gradient on the CLP was more east&ndash;west during the Late Miocene-Pliocene rather than northwestsoutheast as it was in the Quaternary. A comparison of magnetic susceptibility records for these sections confirms this inference. We attribute this major change in climatic patterns at &sim;2.7 Ma to decreased northward moisture transportation associated with Northern Hemisphere glaciation and cooling in the Quaternary. This study therefore demonstrates the potential usefulness of employing heavy mineral analysis in both paleoclimatic and paleooceanographic reconstructions.<br style="line-height: normal; text-align: -webkit-auto; text-size-adjust: auto;" /

Nonlinear structural behaviour and design formulae for calculating the ultimate strength of stiffened curved plates under axial compression

Cylindrically curved and stiffened plates are often used in ship and offshore structures. For example, they can be found in the cambered decks, fore and aft side shells and circular bilge parts of ships. A number of studies have investigated curved plates in which the buckling/ultimate strength is increased according to the curvature under various loading scenarios and design formulas. However, information regarding the nonlinear structural behaviour and design formulas for calculating the ultimate strength of the stiffened curved plates is currently limited. In this paper, a series of finite element analyses are performed on stiffened curved plates with varying geometric parameters. The existing curvatures are also analysed to clarify the effects of these parameters on the buckling/post-buckling characteristics and collapse behaviour under axial compression. The results are used to derive closed-form expressions to predict the ultimate compressive strength of curved stiffened plates for marine applications

Effect modifications of smoking on risk of mortality associated with influenza

BACKGROUND AND AIMS: Influenza is well known to cause heavy disease burden in both temperate and tropical/subtropical regions. Although smoking has been found to increase susceptibility to influenza infection, its role in modifying the mortality risk associated with influenza remains unexplored. This study examined the effect modifications of cigarette smoking on influenza-associated mortality in a cohort of older …postprin