Philosophers and practical men: Charles Babbage, Irish merchants and the economics of information

Before the emergence of coordination of production by firms, manufacturers and merchants traded in markets with asymmetric information. Evidence suggests that the practical knowledge thus gained by these agents was well in advance of contemporary political economists and anticipates twentieth-century developments in the economics of information. Charles Babbage, who regarded merchants and manufacturers as the chief sources of reliable economic data, drew on this knowledge as revealed in the evidence of manufacturers and merchants presented to House of Commons select committees to make an important pioneering contribution to the theory of production and exchange with information asymmetries.

The 2003 November 14 occultation by Titan of TYC 1343-1865-1

We observed a stellar occultation by Titan on 2003 November 14 from La Palma Observatory using ULTRACAM with three Sloan filters: u, g, and i (358, 487, and 758 nm, respectively). The occultation probed latitudes 2°?S and 1°?N during immersion and emersion, respectively. A prominent central flash was present in only the i filter, indicating wavelength-dependent atmospheric extinction. We inverted the light curves to obtain six lower-limit temperature profiles between 335 and 485 km (0.04 and 0.003 mb) altitude. The i profiles agreed with the temperature measured by the Huygens Atmospheric Structure Instrument [Fulchignoni, M., and 43 colleagues, 2005. Nature 438, 785 791] above 415 km (0.01 mb). The profiles obtained from different wavelength filters systematically diverge as altitude decreases, which implies significant extinction in the light curves. Applying an extinction model [Elliot, J.L., Young, L.A., 1992. Astron. J. 103, 991 1015] gave the altitudes of line of sight optical depth equal to unity: 396±7 and 401±20 km (u immersion and emersion); 354±7 and 387±7 km (g immersion and emersion); and 336±5 and 318±4 km (i immersion and emersion). Further analysis showed that the optical depth follows a power law in wavelength with index 1.3±0.2. We present a new method for determining temperature from scintillation spikes in the occulting body's atmosphere. Temperatures derived with this method are equal to or warmer than those measured by the Huygens Atmospheric Structure Instrument. Using the highly structured, three-peaked central flash, we confirmed the shape of Titan's middle atmosphere using a model originally derived for a previous Titan occultation [Hubbard, W.B., and 45 colleagues, 1993. Astron. Astrophys. 269, 541 563].