The Information Content of Specialist Pricing

This paper examines a process by which information-revealing prices are determined by considering the private incentives of a price-setting agent (whom we refer to as a specialist). The specialist has private information that may be (partially) revealed through his choice of a pricing rule. We define an equilibrium as a pricing rule and a response to that rule by a representative trader that maximizes the expected utilities of the specialist and the trader, conditional on each having rational expectations. By analyzing the existence and nature of this equilibrium, we attempt to develop further insights into the behavior of markets with incomplete information

The BeppoSAX WFC X-ray source catalogue

We present the catalogue of X-ray sources detected by the two Wide Field Cameras (WFCs) in complete observations on board BeppoSAX during its 6 years of operational lifetime, between April 1996 and April 2002. The BeppoSAX WFCs were coded mask instruments sensitive in the 2-28 keV energy band with a 40x40 square degree fields of view, pointing in opposite directions and perpendicularly to the BeppoSAX Narrow Field Instruments (NFI). The WFCs were usually operated simultaneously to NFI observations, each lasting up to several days. WFCs observed thus the entire sky several times with a typical sensitivity of 2 to 10 mCrab. A systematic analysis of all WFC observations in the BeppoSAX archive has been carried out using the latest post-mission release of the WFC analysis software and calibrations. The catalogue includes 253 distinct sources, obtained from a total sample of 8253 WFC detections. We describe the basic statistical properties of the sample and present a six-year history of two celestial calibration X-ray sources.Comment: 15 pages, 11 figures, Catalogue, Accepted for publication on A&

Snowbeds are more affected than other subalpine-alpine plant communities by climate change in the Swiss Alps

While the upward shift of plant species has been observed on many alpine and nival summits, the reaction of the subalpine and lower alpine plant communities to the current warming and lower snow precipitation has been little investigated so far. To this aim, 63 old, exhaustive plant inventories, distributed along a subalpine-alpine elevation gradient of the Swiss Alps and covering different plant community types (acidic and calcareous grasslands; windy ridges; snowbeds), were revisited after 25 to 50-years. Old and recent inventories were compared in terms of species diversity with Simpson diversity and Bray-Curtis dissimilarity indices, and in terms of community composition with Principal Component Analysis. Changes in ecological conditions were inferred from the ecological indicator values. The alpha-diversity increased in every plant community, likely because of the arrival of new species. As observed on mountain summits, the new species led to a homogenisation of community compositions. The grasslands were quite stable in terms of species composition, whatever the bedrock type. Indeed, the newly arrived species were part of the typical species pool of the colonised community. In contrast, snowbed communities showed pronounced vegetation changes and a clear shift towards dryer conditions and shorter snow cover, evidenced by their colonisation by species from surrounding grasslands. Longer growing seasons allow alpine grassland species, which are taller and hence more competitive, to colonise the snowbeds. This study showed that subalpine-alpine plant communities reacted differently to the on-going climate changes. Lower snow/rain ratio and longer growing seasons seem to have a higher impact than warming, at least on plant communities dependent on long snow cover. Consequently, they are the most vulnerable to climate change and their persistence in the near future is seriously threatened. Subalpine and alpine grasslands are more stable and, until now, they do not seem to be affected by a warmer climate

Calcium-mediated stabilisation of soil organic carbon

Soils play an essential role in the global cycling of carbon and understanding the stabilisation mechanisms behind the preservation of soil organic carbon (SOC) pools is of globally recognised significance. Until recently, research into SOC stabilisation has predominantly focused on acidic soil environments and the interactions between SOC and aluminium (Al) or iron (Fe). The interactions between SOC and calcium (Ca) have typically received less attention, with fewer studies conducted in alkaline soils. Although it has widely been established that exchangeable Ca (CaExch) positively correlates with SOC concentration and its resistance to oxidation, the exact mechanisms behind this relationship remain largely unidentified. This synthesis paper critically assesses available evidence on the potential role of Ca in the stabilisation of SOC and identifies research topics that warrant further investigation. Contrary to the common view of the chemistry of base cations in soils, chemical modelling indicates that Ca2+ can readily exchange its hydration shell and create inner sphere complexes with organic functional groups. This review therefore argues that both inner- and outer-sphere bridging by Ca2+ can play an active role in the stabilisation of SOC. Calcium carbonate (CaCO3) can influence occluded SOC stability through its role in the stabilisation of aggregates; however, it could also play an unaccounted role in the direct sorption and inclusion of SOC. Finally, this review highlights the importance of pH as a potential predictor of SOC stabilisation mechanisms mediated by Al- or Fe- to Ca, and their respective effects on SOC dynamics

Browsing the sky through the ASI Science Data Centre Data Explorer Tool

We present here the Data Explorer tool developed at the ASI Science Data Center (ASDC). This tool is designed to provide an efficient and user-friendly way to display information residing in several catalogs stored in the ASDC servers, to cross-correlate this information and to download/analyze data via our scientific tools and/or external services. Our database includes GRB catalogs (such as Swift and Beppo-SAX), which can be queried through the Data Explorer. The GRB fields can be viewed in multiwavelength and the data can be analyzed or retrieved.Comment: 3 pages, 2 .ps figures, to appear in "Deciphering the Ancient Universe with GRBs" conference proceeding