Inducing R&D investment with price ceilings

Though government intervention is prevalent in the market for research and development (R&D), most literature has focused on the use of subsidies, patents or joint research ventures to obtain the efficient R&D investment. By using a two-stage duopoly model in which firms first choose the level of investment and then output, our paper shows that the introduction of a price ceiling by the regulator will result in the optimal level of R&D. This interesting but counterintuitive result contrasts with the existing literature and advances our understanding about price ceilings.Research and development; Subsidy; Price ceiling

Single field inflation with modulated potential in light of the Planck and BICEP2

The recently released BICEP2 data detected the primordial B-mode polarization in the Cosmic Microwave Background (CMB) map which strongly supports for a large tensor-to-scalar ratio, and thus, is found to be in tension with the Planck experiment with no evidence of primordial gravitational waves. Such an observational tension, if confirmed by forthcoming measurements, would bring a theoretical challenge for the very early universe models. To address this issue, we in the present paper revisit a single field inflation model, which includes a modulated potential. We show that this inflation model can give rise to a sizable negative running behavior for the spectral index of primordial curvature perturbation and a large tensor-to-scalar ratio. Applying these properties, our model can nicely explain the combined Planck and BICEP2 observations. To examine the validity of analytic calculations, we numerically confront the predicted temperature and B-mode power spectra with the latest CMB observations and explicitly show that our model is consistent with the current data.Comment: 8 pages, 6 figure

Hearing the echoes of electroweak baryogenesis with gravitational wave detectors

We report on the first joint analysis of observational signatures from the electroweak baryogenesis in both gravitational wave (GW) detectors and particle colliders. With an effective extension of the Higgs sector in terms of the dimension-6 operators, we derive a strong first-order phase transition in associated with a sizable CP violation to realize a successful electroweak baryogenesis. We calculate the GW spectrum resulting from the bubble nucleation, plasma transportation, and magnetohydrodynamic turbulence of this process that occurred after the big bang, and find that it yields GW signals testable in Evolved Laser Interferometer Space Antenna, Deci-hertz Interferometer Gravitational wave Observatory and Big Bang Observer. We further identify collider signals from the same mechanism that are observable at the planning Circular Electron Positron Collider. Our analysis bridges astrophysics/cosmology with particle physics by providing significant motivation for searches for GW event peaking at the $(10^{-4}, 1)$ Hz range, which are associated with signals at colliders, and highlights the possibility of an interdisciplinary observational window into baryogenesis. The technique applied in analyzing early universe phase transitions may enlighten the study of phase transitions in applied science.Comment: version published in the Rapid Communication of Phys.Rev.

Safety and immunogenicity of an MF59™-adjuvanted subunit influenza vaccine in elderly Chinese subjects

BACKGROUND: The safety and immunogenicity of an MF59™-adjuvanted subunit influenza vaccine (Sub/MF59™; FLUAD(®), Novartis Vaccines) was evaluated among elderly Chinese subjects (≥ 60 years of age). After a preliminary Phase I, open-label study (n = 25) to assess safety 1–14 days post-vaccination, a comparative observer-blind, randomised, controlled clinical trial (n = 600) was performed to assess safety and immunogenicity versus a non-adjuvanted subunit influenza vaccine (Subunit; Agrippal(®), Novartis Vaccines). Subjects were randomised (2:1) to receive Sub/MF59™ or Subunit. RESULTS: Both vaccines were well tolerated, with no vaccine-related serious adverse events reported during the Phase I trial. During the observer-blind study, local and systemic reactions were generally similar for both vaccines 1–22 days post-vaccination; however, injection-site induration was more frequent among the Subunit group (P < 0.05), and mild pain at the injection site and fever were more frequent among Sub/MF59™ recipients (P ≤ 0.005). Both vaccines induced a significant (P < 0.001) increase in geometric mean titres (GMTs) for the three strains tested, versus baseline; GMTs against A/H1N1, A/H3N2 and B were significantly higher in the Sub/MF59™ group (P = 0.034, P < 0.001 and P = 0.005, respectively). GMT ratios against A/H1N1, A/H3N2 and B were also significantly higher in the Sub/MF59™ group (P = 0.038, P < 0.001 and P = 0.006, respectively). Similarly, the percentage of subjects achieving seroprotection or seroconversion on Day 22 was greater for Sub/MF59™ recipients, reaching significance for A/H3N2 (P < 0.001). CONCLUSION: MF59™-adjuvanted subunit influenza vaccine is well tolerated by elderly Chinese subjects and induces a higher level of immunogenicity than a non-adjuvanted subunit influenza vaccine in this population that is at high risk of influenza-related complications. CLINICAL TRIAL REGISTRY: , NCT0031064