Elimination of Arbitrage States in Asymmetric Information Models

In a financial economy with asymmetric information and incomplete markets, we study how agents, having no model of how equilibrium prices are determined, may still refine their information by eliminating sequentially "arbitrage state(s)", namely, the state(s) which would grant the agent an arbitrage, if realizable.Arbitrage, Incomplete markets, Asymmetric information, Information revealed by prices

Influence of mismatch on the defects in relaxed epitaxial InGaAs/GaAs(100) films grown by molecular beam epitaxy

Thick (∼3 μm) films of InxGa1−xAs grown on GaAs(100) substrates, across the whole composition range, have been examined by transmission electron microscopy and double‐crystal x‐ray diffraction. The results were compared with the observed growth mode of the material determined by in situ reflection high‐energy electron diffraction in the molecular beam epitaxy growth system. The quality of the material degraded noticeably for compositions up to x∼0.5 associated with an increased density of dislocations and stacking faults. In contrast, improvements in quality as x approached 1.0 were correlated with the introduction of an increasingly more regular array of edge dislocations

On QCD analysis of stucture function F2γF_2^{\gamma} in alternative approach

The alternative approach to QCD analysis of the photon structure function $F_2^{\gamma}$ is presented. It differs from the conventional one by the presence of the terms which in conventional approach appear in higher orders. We show that this difference concerns also the photonic parton distribution functions. In the alternative approach, the complete LO analysis of $F_2^{\gamma}$ can be performed as all required quantities are known. At the NLO, however, one of the coefficient function is so far not available and thus only the photonic parton distribution function can be computed and compared to those of standard approach. We discuss the numerical difference of these approaches at the LO and the NLO approximation and show that in case of $F_2^{\gamma}$ this difference is non-negligible and may play an important role in the analysis on photon data of the future experiments.Comment: 25 page

L'exili i el silenci dels farmacèutics catalans i de les institucions científiques de la II República Espanyola

L'objectiu d'aquesta comunicació és donar a conèixer l'exili i el silenci dels farmacèutics catalans i de les Institucions Científiques de la II República espanyola, en reconeixement i homenatge a la recerca pionera feta pel Dr. Ramon Jordi i publicada en el llibre "Cien años de vida farmacéutica barcelonesa (1830-1939)", l'any 1960. Malgrat la destrucció, inexplicable, dels expedients de guerra pel Col·legi de Farmacèutics de Barcelona i de la desapareguda en temps de guerra i postguerra, s'han trobat fonts de seguiment per complementar i continuar aquesta investigació tal com volia el col·lega Ramon Jordi i a enriquir el patrimoni científic i cultural de la nostra Nació Catalana

A New 5 Flavour NLO Analysis and Parametrizations of Parton Distributions of the Real Photon

New, radiatively generated, NLO quark (u,d,s,c,b) and gluon densities in a real, unpolarized photon are presented. We perform three global fits, based on the NLO DGLAP evolution equations for Q^2>1 GeV^2, to all the available structure function F_2^gamma(x,Q^2) data. As in our previous LO analysis we utilize two theoretical approaches. Two models, denoted as FFNS_{CJK}1 & 2 NLO, adopt the so-called Fixed Flavour-Number Scheme for calculation of the heavy-quark contributions to F_2^gamma(x,Q^2), the CJK NLO model applies the ACOT(chi) scheme. We examine the results of our fits by a comparison with the LEP data for the Q^2 dependence of the F_2^gamma, averaged over various x-regions, and the F_2,c^gamma. Grid parametrizations of the parton densities for all fits are provided.Comment: 49 pages, 27 postscript figures; FORTRAN programs available at http://www.fuw.edu.pl/~pjank/param.htm

Comparisons of Bispectral and Polarimetric Retrievals of Marine Boundary Layer Cloud Microphysics: Case Studies Using a LES-Satellite Retrieval Simulator

Many passive remote-sensing techniques have been developed to retrieve cloud microphysical properties from satellite-based sensors, with the most common approaches being the bispectral and polarimetric techniques. These two vastly different retrieval techniques have been implemented for a variety of polar-orbiting and geostationary satellite platforms, providing global climatological data sets. Prior instrument comparison studies have shown that there are systematic differences between the droplet size retrieval products (effective radius) of bispectral (e.g., MODIS, Moderate Resolution Imaging Spectroradiometer) and polarimetric (e.g., POLDER, Polarization and Directionality of Earth's Reflectances) instruments. However, intercomparisons of airborne bispectral and polarimetric instruments have yielded results that do not appear to be systematically biased relative to one another. Diagnosing this discrepancy is complicated, because it is often difficult for instrument intercomparison studies to isolate differences between retrieval technique sensitivities and specific instrumental differences such as calibration and atmospheric correction. In addition to these technical differences the polarimetric retrieval is also sensitive to the dispersion of the droplet size distribution (effective variance), which could influence the interpretation of the droplet size retrieval. To avoid these instrument-dependent complications, this study makes use of a cloud remote-sensing retrieval simulator. Created by coupling a large-eddy simulation (LES) cloud model with a 1-D radiative transfer model, the simulator serves as a test bed for understanding differences between bispectral and polarimetric retrievals. With the help of this simulator we can not only compare the two techniques to one another (retrieval intercomparison) but also validate retrievals directly against the LES cloud properties. Using the satellite retrieval simulator, we are able to verify that at high spatial resolution (50 m) the bispectral and polarimetric retrievals are highly correlated with one another within expected observational uncertainties. The relatively small systematic biases at high spatial resolution can be attributed to different sensitivity limitations of the two retrievals. In contrast, a systematic difference between the two retrievals emerges at coarser resolution. This bias largely stems from differences related to sensitivity of the two retrievals to unresolved inhomogeneities in effective variance and optical thickness. The influence of coarse angular resolution is found to increase uncertainty in the polarimetric retrieval but generally maintains a constant mean value

Cosmic Rays and Large Extra Dimensions

We have proposed that the cosmic ray spectrum "knee", the steepening of the cosmic ray spectrum at energy E \gsim 10^{15.5} eV, is due to "new physics", namely new interactions at TeV cm energies which produce particles undetected by the experimental apparatus. In this letter we examine specifically the possibility that this interaction is low scale gravity. We consider that the graviton propagates, besides the usual four dimensions, into an additional $\delta$, compactified, large dimensions and we estimate the graviton production in $p p$ collisions in the high energy approximation where graviton emission is factorized. We find that the cross section for graviton production rises as fast as $(\sqrt{s}/M_f)^{2+\delta}$, where $M_f$ is the fundamental scale of gravity in $4+\delta$ dimensions, and that the distribution of radiating a fraction $y$ of the initial particle's energy into gravitational energy (which goes undetected) behaves as $\delta y^{\delta -1}$. The missing energy leads to an underestimate of the true energy and generates a break in the {\sl inferred} cosmic ray spectrum (the "kne"). By fitting the cosmic ray spectrum data we deduce that the favorite values for the parameters of the theory are $M_f \sim 8$ TeV and $\delta =4$.Comment: 8 pages, 1 figur

Exact Gravitational Shockwaves and Planckian Scattering on Branes

We obtain a solution describing a gravitational shockwave propagating along a Randall-Sundrum brane. The interest of such a solution is twofold: on the one hand, it is the first exact solution for a localized source on a Randall-Sundrum three-brane. On the other hand, one can use it to study forward scattering at Planckian energies, including the effects of the continuum of Kaluza-Klein modes. We map out the different regimes for the scattering obtained by varying the center-of-mass energy and the impact parameter. We also discuss exact shockwaves in ADD scenarios with compact extra dimensions.Comment: 19 pages, 3 figures. v2: references added, minor improvements and small errors correcte