Inspired by Clower's conjecture that the necessity of trading through money in monetised economies might hinder convergence to competitive equilibrium, and hence, for example, cause unemployment, we ...experimentally investigate behaviour in markets where trading has to be done through money. In order to evaluate the properties of these markets, we compare their behaviour to behaviour in markets without money, where money cannot intervene. As the trading mechanism might be a compounding factor, we investigate two kinds of market mechanism: the double auction, where bids, asks and trades take place in continuous time throughout a trading period; and the clearing house, where bids and asks are placed once in a trading period, and which are then cleared by an aggregating device. We thus have four treatments, the pairwise combinations of nonmonetised/monetised trading with double auction/clearing house. We find that: convergence is faster under non-monetised trading, implying that the necessity of using money to facilitate trade hinders convergence; that monetised trading is noisier than non-monetised trading; and that the volume of trade and realised surpluses are higher with the double auction than the clearing house. As far as efficiency is concerned, monetised trading lowers both informational and allocational efficiency, and while the double auction outperforms the clearing house in terms of allocational efficiency, the clearing house is marginally better than the double auction in terms of informational efficiency when trade is through money. Crucially we confirm the conjecture that inspired these experiments: that the necessity to use money in trading hinders convergence to competitive equilibrium, lowers realised trades and surpluses, and hence may cause unemployment.
This paper presents a new theory, called Preference Cloud Theory, of decision-making under uncertainty. This new theory provides an explanation for empirically-observed Preference reversals. Central ...to the theory is the incorporation of preference imprecision which arises because of individualsâeuro(TM) vague understanding of numerical probabilities. We combine this concept with the use of the Alpha model (which builds on Hurwiczâeuro(TM)s criterion) and construct a simple model which helps us to understand various anomalies discovered in the experimental economics literature that standard models cannot explain.
Fc receptors for IgG (FcγR) are widely expressed in the hematopoietic system and mediate a variety of inflammatory responses. There are two functional classes of FcγR, activation and inhibitory ...receptors. Since IgG immune complexes (IgG IC) bind each class with similar affinity, co-expression of these receptors leads to their co-ligation. Thus, expression levels of this antagonistic pair play a critical role in determining the cellular response. Murine mast cells co-express the activation receptor FcγRIII and the inhibitory receptor FcγRIIb and can be activated by IgG IC. Mast cell activation contributes to allergic and other inflammatory diseases—particularly those in which IgG IC may play important roles. Using mouse bone marrow-derived mast cells, we report that IL-4 selectively increases FcγRIII expression without altering FcγRIIb. This enhanced expression could be induced by Stat6 activation alone, and appeared to be mediated in part by increased FcγRIIIα protein synthesis without significant changes in transcription. The increase in FcγRIII expression was functionally significant, as it was matched by enhanced FcγR-mediated degranulation and cytokine production. Selective regulation of mast cell FcγR by interleukin-4 could alter inflammatory IgG responses and subsequently disease severity and progression.
The general unloading phase of amphibious operations is
examined with particular emphasis on the queueing problems that
arise. A model is structured and a computer simulation is provided.
Variables ...considered are the number of transfer vehicles
and their speed and payload, the number and capacity of loading
and unloading points, and the ship-to-shore distance. Basic
relationships between the variables are examined and an approximating
formula is developed for computing the _time required to
unload a given tonnage of cargo. Applications in operational
planning, system modification, and total system design are outlined.
The impact on system performance of various assumed
distributions of travel time and loading time is discussed.
For systems employing mixed fleets of transfer vehicles, some
basic decision rules are developed as to which vehicles to load
or unload first. Suggestions as to further research and as to
the model's general applicability are included.
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The oscillator strengths of several NII and NIII lines in the optical wavelength region are calculated by means of the Coulomb approximation. Atomic processes in a plasma are ...discussed, as well as two models (LTE and semi-coronal) which can be used to determine the line intensity ratios of subsequent ionization stages of the same element. Two derivations of line intensity ratio formulae are given, valid under LTE and semi-coronal conditions. Parameters necessary for the evaluation of collisional-radiative coefficients in the semi-coronal model are discussed, and an attempt is made to show that the theoretical values in the literature at present, are inadequate under the laboratory conditions of interest. The lines for which f-values have been calculated are generated in a theta pinch plasma, and an attempt is made to decide which of the two models accounts more accurately for the observed intensity ratios.
How will patterns of human interaction with the earth's eco-system impact on biodiversity loss over the long term--not in the next ten or even fifty years, but on the vast temporal scale be dealt ...with by earth scientists? This volume brings together data from population biology, community ecology, comparative biology, and paleontology to answer this question.
Fc receptors for IgG (FcgammaR) are widely expressed in the hematopoietic system and mediate a variety of inflammatory responses. There are two functional classes of FcgammaR, activation and ...inhibitory receptors. Since IgG immune complexes (IgG IC) bind each class with similar affinity, co-expression of these receptors leads to their co-ligation. Thus, expression levels of this antagonistic pair play a critical role in determining the cellular response. Murine mast cells co-express the activation receptor FcgammaRIII and the inhibitory receptor FcgammaRIIb and can be activated by IgG IC. Mast cell activation contributes to allergic and other inflammatory diseases-particularly those in which IgG IC may play important roles. Using mouse bone marrow-derived mast cells, we report that IL-4 selectively increases FcgammaRIII expression without altering FcgammaRIIb. This enhanced expression could be induced by Stat6 activation alone, and appeared to be mediated in part by increased FcgammaRIIIalpha protein synthesis without significant changes in transcription. The increase in FcgammaRIII expression was functionally significant, as it was matched by enhanced FcgammaR-mediated degranulation and cytokine production. Selective regulation of mast cell FcgammaR by interleukin-4 could alter inflammatory IgG responses and subsequently disease severity and progression.
We report the discovery of a warm sub-Saturn, TOI-257b (HD 19916b), based on data from NASA's Transiting Exoplanet Survey Satellite (TESS). The transit signal was detected by TESS and confirmed to be ...of planetary origin based on radial velocity observations. An analysis of the TESS photometry, the Minerva-Australis, FEROS, and HARPS radial velocities, and the asteroseismic data of the stellar oscillations reveals that TOI-257b has a mass of \(M_P=0.138\pm0.023\)\,\(\rm{M_J}\) (\(43.9\pm7.3\)\,\(M_{\rm \oplus}\)), a radius of \(R_P=0.639\pm0.013\)\,\(\rm{R_J}\) (\(7.16\pm0.15\)\,\(R_{\rm \oplus}\)), bulk density of \(0.65^{+0.12}_{-0.11}\) (cgs), and period \(18.38818^{+0.00085}_{-0.00084}\)\,\(\rm{days}\). TOI-257b orbits a bright (\(\mathrm{V}=7.612\)\,mag) somewhat evolved late F-type star with \(M_*=1.390\pm0.046\)\,\(\rm{M_{\odot}}\), \(R_*=1.888\pm0.033\)\,\(\rm{R_{\odot}}\), \(T_{\rm eff}=6075\pm90\)\,\(\rm{K}\), and \(v\sin{i}=11.3\pm0.5\)\,km\,s\(^{-1}\). Additionally, we find hints for a second non-transiting sub-Saturn mass planet on a \(\sim71\)\,day orbit using the radial velocity data. This system joins the ranks of a small number of exoplanet host stars (\(\sim100\)) that have been characterized with asteroseismology. Warm sub-Saturns are rare in the known sample of exoplanets, and thus the discovery of TOI-257b is important in the context of future work studying the formation and migration history of similar planetary systems.
