Complete closed-form solution to a stochastic growth model and corresponding speed of economic recovery

We consider a continuous-time neoclassical one-sector stochastic growth model of Ramsey-type with CRRA utility and Cobb-Douglas technology, where each of the following components are exposed to exogeneous uncertainties (shocks): capital stock K, effectiveness of labor A, and labor force L; the corresponding dynamics is modelled by a system of three interrelated stochastic differential equations. For this framework, we solve completely explicitly the problem of a social planner who seeks to maximize expected lifetime utility of consumption. In particular, for any (e.g. short-term) time-horizon t > 0 we obtain in closed form the sample paths of the economy values Kt,At, Lt and the optimal consumption copt(Kt,At, Lt) as well as the non-equilibrium sample paths of the per capita effective capital stock kt = Kt / At Lt . Moreover, we also deduce explicitly the limiting long-term behaviour of kt expressed by the corresponding steady-state equilibrium distribution. As illustration, we present some Monte Carlo simulations where the abovementioned economy is considerably disturbed (out of equilibrium) by a sudden crash but recovers well within a realistic-size time-period

Lithological maps of selected Apollo 14 Breccia samples

A booklet of mapped surfaces of some Apollo 14 samples was prepared as an intermediate step towards the preparation of a new Apollo 14 sample catalog. It contains recently obtained observations and pictures of some of the largest and less well documented Apollo breccia samples. Some of the samples (14303, 14305, 14306, and 14311) were chosen because they have large sawn surfaces. These were dusted and mapped using a binocular microscope through the window of the nitrogen cabinet

Aufbau und Entwicklung eines Bewertungssystems zur Beurteilung von Pferdehaltungen hinsichtlich Tiergerechtheit und Umweltwirkungen

A current research project at the Technical University Munich-Weihenstephan evaluates an integral on-farm welfare assessment system for horse husbandries. It is based on national animal welfare standard and does take sustainability into - system includes animal-based indicators as well as resource-based indicators. It is stipulated that indicators are valid, reliable and feasible. Potential indicators were selected by study of literature and two field tests (30 horse husbandries, 1572 horses) in order to examine reliability and feasibility. The welfare assessment system aims at objective and scientific-founded indicators that are both applicable for conventional and ecological horse husbandries

On the Impact of Quotas and Decision Rules in Ultimatum Collective Bargaining

We conduct multi-person one-shot ultimatum games that reflect important aspects of collective bargaining. In all treatments a proposer has to divide a pie among herself and six recipients that are divided into two groups of three. The proposer cannot discriminate among, but across group members. Acceptance decisions are taken by a committee of three representatives from one or both groups. In a 2x2 design we vary (i) representation in the decision committee (one vs. both groups) and (ii) the decision rule (unanimity vs. majority voting). We find that (i) representation of a group in the committee is crucial for receiving a significant share, (ii), proposals are more balanced if both groups have veto power (iii) acceptance rates are only high when the environment gives a clear idea of what an appropriate proposal is. Non--binding communication reduces rejection rates and proposer shares

An experimental study of corporate social responsibility through charitable giving in Bertrand markets

We experimentally investigate a Bertrand market with homogenous goods where sellers may behave socially responsible by donating a share of their profits to an existing non-profit organization. In our experiment, we find that this Corporate Social Responsibility (CSR) component is used independent of its credibility. However, market outcomes in terms of prices and profits do neither significantly differ with respect to the credibility of the CSR component nor in comparison to a market without the availability of CSR components. Moreover, prices have the main impact on purchase decisions while higher donations only affect purchase decisions when they are credible and price differences are negligible. We conclude that competition severely limits the possibility to attract customers with CSR components. Actual donations are small and the burden induced by the CSR components is shifted partly to the buyers resulting in equal profits in all treatments

Entwicklung eines Inkubationssystems für ein inverses Mikroskop zur Langzeitbeobachtung von Zellkulturen in gekammerten Objektträgern

Trifunctional bispecific antibodies open up new immunological possibilities in tumour treatment. Prior to clinical application, comprehensive investigations using animal models and in vitro examinations need to be done. To investigate long-term interactions between Various immunologically active blood cells and individual tumour cells in the presence of antibodies, we developed an incubation system for experimental cell cultures on an inverted microscope. The system consists of a perspex box with a central moisture chamber with integrated water reservoir, external air circulation heating, and a CO2 supply. The sterile cell cultures are located in the wells of a slide positioned within a depression in the water reservoir. The newly developed incubation system enables continuous observation over the long term of experiments under optimal cell cultures conditions in combination with modern video techniques

On the Impact of Quotas and Decision Rules in Ultimatum Collective Bargaining

We conduct multi-person one-shot ultimatum games that reflect important aspects of collective bargaining. In all treatments a proposer has to divide a pie among herself and two groups of three recipients each. She cannot discriminate within, but across groups. A committee with representatives from one or both groups takes acceptance decisions. In a 2x2 design we vary (i) representation in the decision committee (one vs. both groups) and (ii) the decision rule (unanimity vs. majority voting). We find that (i) representation of a group in the committee is crucial for receiving a significant share, (ii), proposals are balanced only if both groups have veto power (iii) negotiations often fail if the decision environment gives insufficient guidance on what an appropriate proposal is and (iv) non-binding communication substantially reduces rejection rates and proposer shares

Evaluation of a Seven-Week Web-Based Happiness Training to Improve Psychological Well-Being, Reduce Stress, and Enhance Mindfulness and Flourishing: A Randomized Controlled Occupational Health Study

Background:. As distress in society increases, including work environments, individual capacities to compete with stress have to be strengthened. Objective:. We examined the impact of a web-based happiness training on psychological and physiological parameters, by self-report and objective means, in an occupational health setting. Methods:. Randomized controlled trial with 147 employees. Participants were divided into intervention (happiness training) and control groups (waiting list). The intervention consisted of a seven-week online training. Questionnaires were administered before, after, and four weeks after training. The following scales were included: VAS (happiness and satisfaction), WHO-5 Well-being Index, Stress Warning Signals, Freiburg Mindfulness Inventory, Recovery Experience Questionnaire, and Flourishing Scale. Subgroup samples for saliva cortisol and alpha-amylase determinations were taken, indicating stress, and Attention Network Testing for effects on attention regulation. Results:. Happiness (P = 0.000; d = 0.93), satisfaction (P = 0.000; d = 1.17), and quality of life (P = 0.000; d = 1.06) improved; perceived stress was reduced (P = 0.003; d = 0.64); mindfulness (P = 0.006; d = 0.62), flourishing (P = 0.002; d = 0.63), and recovery experience (P = 0.030; d = 0.42) also increased significantly. No significant differences in the Attention Network Tests and saliva results occurred (intergroup), except for one saliva value. Conclusions:. The web-based training can be a useful tool for stabilizing health/psychological well-being and work/life balance

First narrow-band search for continuous gravitational waves from known pulsars in advanced detector data

Spinning neutron stars asymmetric with respect to their rotation axis are potential sources of continuous gravitational waves for ground-based interferometric detectors. In the case of known pulsars a fully coherent search, based on matched filtering, which uses the position and rotational parameters obtained from electromagnetic observations, can be carried out. Matched filtering maximizes the signalto- noise (SNR) ratio, but a large sensitivity loss is expected in case of even a very small mismatch between the assumed and the true signal parameters. For this reason, narrow-band analysis methods have been developed, allowing a fully coherent search for gravitational waves from known pulsars over a fraction of a hertz and several spin-down values. In this paper we describe a narrow-band search of 11 pulsars using data from Advanced LIGO’s first observing run. Although we have found several initial outliers, further studies show no significant evidence for the presence of a gravitational wave signal. Finally, we have placed upper limits on the signal strain amplitude lower than the spin-down limit for 5 of the 11 targets over the bands searched; in the case of J1813-1749 the spin-down limit has been beaten for the first time. For an additional 3 targets, the median upper limit across the search bands is below the spin-down limit. This is the most sensitive narrow-band search for continuous gravitational waves carried out so far