From Minority Games to real markets

We address the question of market efficiency using the Minority Game (MG) model. First we show that removing unrealistic features of the MG leads to models which reproduce a scaling behavior close to what is observed in real markets. In particular we find that i) fat tails and clustered volatility arise at the phase transition point and that ii) the crossover to random walk behavior of prices is a finite size effect. This, on one hand, suggests that markets operate close to criticality, where the market is marginally efficient. On the other it allows one to measure the distance from criticality of real market, using cross-over times. The artificial market described by the MG is then studied as an ecosystem with different_species_ of traders. This clarifies the nature of the interaction and the particular role played by the various populations.Comment: 9 pages, 7 figures, to appear in Quantitative Financ

Total Factor Productivity and the Mongolian Transition

Total Factor Productivity (TFP)is often used on the macro-economic level as an indicator of changes in efficiency of a country. In many transition economies TFP is seen to have been negative the last decade of the plan economy and starts increasing and become positive after a (quite a) few years of transition. Many authors conclude that this is a gain in efficiency due to the structural changes –such as privatisation and liberalisation – carried out in order to establish a market economy in those countries. In the case of Mongolia, not only non-viable enterprises closed down, but many possibly viable enterprises with potential closed down as well. This raises the question whether changes in TFP were really attributable to increases in efficiency. To investigate this, the mathematical properties of TFP are analysed in order to generate new insights into the development of TFP in Mongolia. Simulations are performed to see what happens with TFP if not the le! ast efficient, but a certain percentage of enterprises in a (closed) economy randomly close down. The robustness of Total Factor Productivity of Mongolia was tested not only for errors in all estimated values but also for measurement errors in the data. It was concluded that in many commonly occurring cases it is not necessary to estimate alpha; that a random closure of enterprises fits the data of Mongolia much more closely than closing only the least efficient enterprises; and that measurement errors in the data influence the estimated TFP significantly

Universality classes in directed sandpile models

We perform large scale numerical simulations of a directed version of the two-state stochastic sandpile model. Numerical results show that this stochastic model defines a new universality class with respect to the Abelian directed sandpile. The physical origin of the different critical behavior has to be ascribed to the presence of multiple topplings in the stochastic model. These results provide new insights onto the long debated question of universality in abelian and stochastic sandpiles.Comment: 5 pages, RevTex, includes 9 EPS figures. Minor english corrections. One reference adde

Ataxia with oculomotor apraxia type 2: a clinical, pathologic, and genetic study

BACKGROUND: Ataxia with oculomotor apraxia type 2 (AOA2) is characterized by onset between age 10 and 22 years, cerebellar atrophy, peripheral neuropathy, oculomotor apraxia (OMA), and elevated serum alpha-fetoprotein (AFP) levels. Recessive mutations in SETX have been described in AOA2 patients. OBJECTIVE: To describe the clinical features of AOA2 and to identify the SETX mutations in 10 patients from four Italian families. METHODS: The patients underwent clinical examination, routine laboratory tests, nerve conduction studies, sural nerve biopsy, and brain MRI. All were screened for SETX mutations. RESULTS: All the patients had cerebellar features, including limb and truncal ataxia, and slurred speech. OMA was observed in two patients, extrapyramidal symptoms in two, and mental impairment in three. High serum AFP levels, motor and sensory axonal neuropathy, and marked cerebellar atrophy on MRI were detected in all the patients who underwent these examinations. Sural nerve biopsy revealed a severe depletion of large myelinated fibers in one patient, and both large and small myelinated fibers in another. Postmortem findings are also reported in one of the patients. Four different homozygous SETX mutations were found (a large-scale deletion, a missense change, a single-base deletion, and a splice-site mutation). CONCLUSIONS: The clinical phenotype of oculomotor apraxia type 2 is fairly homogeneous, showing only subtle intrafamilial variability. OMA is an inconstant finding. The identification of new mutations expands the array of SETX variants, and the finding of a missense change outside the helicase domain suggests the existence of at least one more functional region in the N-terminus of senataxin

Corrections to scaling in the forest-fire model

We present a systematic study of corrections to scaling in the self-organized critical forest-fire model. The analysis of the steady-state condition for the density of trees allows us to pinpoint the presence of these corrections, which take the form of subdominant exponents modifying the standard finite-size scaling form. Applying an extended version of the moment analysis technique, we find the scaling region of the model and compute the first non-trivial corrections to scaling.Comment: RevTeX, 7 pages, 7 eps figure

Variabilità dell'olio essenziale di <i>Helichrysum italicum</i> (Roth) G. Don

Per lo studio dell'olio essenziale di Helichrysum italicum, sono state prese in considerazione varie stazioni di E. italicum (Roth) G. Don subsp. microphyllum (Willd.) Nyman vegetante allo stato spontaneo sia nel Nord che nel Sud della Sardegna. Le analisi sono state condotte via Gas-massa e ci hanno permesso di identificare 69 costituenti per un totale compreso tra il 92.9% ed il 99.9% dei costituenti totali

Non conservative Abelian sandpile model with BTW toppling rule

A non conservative Abelian sandpile model with BTW toppling rule introduced in [Tsuchiya and Katori, Phys. Rev. E {\bf 61}, 1183 (2000)] is studied. Using a scaling analysis of the different energy scales involved in the model and numerical simulations it is shown that this model belong to a universality class different from that of previous models considered in the literature.Comment: RevTex, 5 pages, 6 ps figs, Minor change

Plasma-Induced Frequency Chirp of Intense Femtosecond Lasers and Its Role in Shaping High-Order Harmonic Spectral Lines

We investigate the self-phase modulation of intense femtosecond laser pulses propagating in an ionizing gas and its effects on collective properties of high-order harmonics generated in the medium. Plasmas produced in the medium are shown to induce a positive frequency chirp on the leading edge of the propagating laser pulse, which subsequently drives high harmonics to become positively chirped. In certain parameter regimes, the plasma-induced positive chirp can help to generate sharply peaked high harmonics, by compensating for the dynamically-induced negative chirp that is caused by the steep intensity profile of intense short laser pulses.Comment: 5 pages, 5 figure

Variation of Vitamin D in cow’s milk and interaction with β-lactoglobulin

Vitamin D is the collective name for a group of closely related lipids, whose main biological function is to maintain serum calcium and phosphorus concentrations within the normal range by enhancing the efficiency of the small intestine to absorb these minerals from the diet. We used a commercially available ELISA method for the determination of vitamin D in bovine milk. Individual milk samples from two different Italian Friesian herds were analysed. The enzyme immunoassay method used was confirmed as a useful tool to measure the vitamin D in the milk as it greatly reduces the time required to perform the conventional HPLC analysis. An interesting variation was found among individual animals that may be associated with management factors and specific genetic effects. A relationship was highlighted between vitamin D and the genetic polymorphism of β-lactoglobulin, the main bovine whey protein which is involved in the transport of small hydrophobic molecules such as retinol and vitamin D. The relatively high content of vitamin D in most milk samples suggests an opportunity to improve the natural content of vitamin D in milk either by acting on the herd management or selecting individuals genetically predisposed to produce milk with a higher vitamin D content