Game-theoretic view on intermediated exchange

Intermediaries permeate modern economic exchange. Most classical models on intermediated exchange are driven by information asymmetry and inventory management. These two factors are of reduced significance in modern economies. This makes it necessary to develop models that correspond more closely to modern financial marketplaces. The goal of this dissertation is to propose and examine such models in a game theoretical context. The proposed models are driven by asymmetries in the goals of different market participants. Hedging pressure as one of the most critical aspects in the behavior of commercial entities plays a crucial role. The first market model shows that no equilibrium solution can exist in a market consisting of a commercial buyer, a commercial seller and a non-commercial intermediary. This indicates a clear economic need for non-commercial trading intermediaries: a direct trade from seller to buyer does not result in an equilibrium solution. The second market model has two distinct intermediaries between buyer and seller: a spread trader/market maker and a risk-neutral intermediary. In this model a unique, natural equilibrium solution is identified in which the supply-demand surplus is traded by the risk-neutral intermediary, whilst the market maker trades the remainder from seller to buyer. Since the market maker’s payoff for trading at the identified equilibrium price is zero, this second model does not provide any motivation for the market maker to enter the market. The third market model introduces an explicit transaction fee that enables the market maker to secure a positive payoff. Under certain assumptions on this transaction fee the equilibrium solution of the previous model applies and now also provides a financial motivation for the market maker to enter the market. If the transaction fee violates an upper bound that depends on supply, demand and riskaversity of buyer and seller, the market will be in disequilibrium.

Clinical research projects at a German medical faculty: follow-up from ethical approval to publication and citation by others

BACKGROUND: Only data of published study results are available to the scientific community for further use such as informing future research and synthesis of available evidence. If study results are reported selectively, reporting bias and distortion of summarised estimates of effect or harm of treatments can occur. The publication and citation of results of clinical research conducted in Germany was studied. METHODS: The protocols of clinical research projects submitted to the research ethics committee of the University of Freiburg (Germany) in 2000 were analysed. Published full articles in several databases were searched and investigators contacted. Data on study and publication characteristics were extracted from protocols and corresponding publications. RESULTS: 299 study protocols were included. The most frequent study design was randomised controlled trial (141; 47%), followed by uncontrolled studies (61; 20%), laboratory studies (30; 10%) and non-randomised studies (29; 10%). 182 (61%) were multicentre studies including 97 (53%) international collaborations. 152 of 299 (51%) had commercial (co-)funding and 46 (15%) non-commercial funding. 109 of the 225 completed protocols corresponded to at least one full publication (total 210 articles); the publication rate was 48%. 168 of 210 identified publications (80%) were cited in articles indexed in the ISI Web of Science. The median was 11 citations per publication (range 0-1151). CONCLUSIONS: Results of German clinical research projects conducted are largely underreported. Barriers to successful publication need to be identified and appropriate measures taken. Close monitoring of projects until publication and adequate support provided to investigators may help remedy the prevailing underreporting of research.

Two-Phase Flow In Microchannels: Morphology And Interface Phenomena

The existence and morphology, as well as the dynamics of micro-scale gas-liquid interfaces is investigated numerically and experimentally. These studies can be used to assess liquid management issues in microsystems such as PEMFC gas flow channels, and are meant to open new research perspectives in two-phase flow, particularly in film deposition on non-wetting surfaces. For example the critical plug volume data can be used to deliver desired length plugs, or to determine the plug formation frequency. The dynamics of gas-liquid interfaces, of interest for applications involving small passages (e.g. heat exchangers, phase separators and filtration systems), was investigated using high-speed microscopy - a method that also proved useful for the study of film deposition processes. The existence limit for a liquid plug forming in a mixed wetting channel is determined by numerical simulations using Surface Evolver. The plug model simulate actual conditions in the gas flow channels of PEM fuel cells, the wetting of the gas diffusion layer (GDL) side of the channel being different from the wetting of the bipolar plate walls. The minimum plug volume, denoted as critical volume is computed for a series of GDL and bipolar plate wetting properties. Critical volume data is meant to assist in the water management of PEMFC, when corroborated with experimental data. The effect of cross section geometry is assessed by computing the critical volume in square and trapezoidal channels. Droplet simulations show that water can be passively removed from the GDL surface towards the bipolar plate if we take advantage on differing wetting properties between the two surfaces, to possibly avoid the gas transport blockage through the GDL. High speed microscopy was employed in two-phase and film deposition experiments with water in round and square capillary tubes. Periodic interface destabilization was observed and the existence of compression waves in the gas phase is discussed by taking into consideration a naturally occurring convergent-divergent nozzle formed by the flowing liquid phase. The effect of channel geometry and wetting properties was investigated through two-phase water-air flow in square and round microchannels, having three static contact angles of 20, 80 and 105 degrees. Four different flow regimes are observed for a fixed flow rate, this being thought to be caused by the wetting behavior of liquid flowing in the corners as well as the liquid film stability. Film deposition experiments in wetting and non-wetting round microchannels show that a thicker film is deposited for wetting conditions departing from the ideal 0 degrees contact angle. A film thickness dependence with the contact angle theta as well as the Capillary number, in the form h_R ~ Ca^(2/3)/ cos(theta) is inferred from scaling arguments, for contact angles smaller than 36 degrees. Non-wetting film deposition experiments reveal that a film significantly thicker than the wetting Bretherton film is deposited. A hydraulic jump occurs if critical conditions are met, as given by a proposed nondimensional parameter similar to the Froude number. Film thickness correlations are also found by matching the measured and the proposed velocity derived in the shock theory. The surface wetting as well as the presence of the shock cause morphological changes in the Taylor bubble flow.

Genetic engineering and the world trade system

While the WTO agreements do not regulate the use of biotechnology per se, their rules can have a profound impact on the use of the technology for both commercial and non-commercial purposes. This book seeks to identify the challenges to international trade regulation that arise from biotechnology. The contributions examine whether existing international obligations of WTO Members are appropriate to deal with the issues arising for the use of biotechnology and whether there is a need for new international legal instruments, including a potential WTO Agreement on Biotechnology. They combine various perspectives on and topics relating to genetic engineering and trade, including human rights and gender; intellectual property rights; traditional knowledge and access and benefit sharing; food security, trade and agricultural production and food safety; and medical research, cloning and international trade.

The EU’s Trouble with Mashups: From Disabling to Enabling a Digital Art Form

New tools for editing of digital images, music and films have opened up new possibilities to enable wider circles of society to engage in ’artistic’ activities of different qualities. User-generated content has produced a plethora of new forms of artistic expression. One type of user-generated content is the mashup. Mashups are compositions that combine existing works (often) protected by copyright and transform them into new original creations. The European legislative framework has not yet reacted to the copyright problems provoked by mashups. Neither under the US fair use doctrine, nor under the strict corset of limitations and exceptions in Art 5 (2)-(3) of the Copyright Directive (2001/29/EC) have mashups found room to develop in a safe legal environment. The contribution analyzes the current European legal framework and identifies its insufficiencies with regard to enabling a legal mashup culture. By comparison with the US fair use approach, in particular the parody defense, a recent CJEU judgment serves as a comparative example. Finally, an attempt is made to suggest solutions for the European legislator, based on the policy proposals of the EU Commission’s “Digital Agenda” and more recent policy documents (e.g. “On Content in the Digital Market”, “Licenses for Europe”). In this context, a distinction is made between non-commercial mashup artists and the emerging commercial mashup scene.

Lake sediments as natural seismographs: A compiled record of Late Quaternary earthquakes in Central Switzerland and its implication for Alpine deformation

Central Switzerland lies tectonically in an intraplate area and recurrence rates of strong earthquakes exceed the time span covered by historic chronicles. However, many lakes are present in the area that act as natural seismographs: their continuous, datable and high-resolution sediment succession allows extension of the earthquake catalogue to pre-historic times. This study reviews and compiles available data sets and results from more than 10 years of lacustrine palaeoseismological research in lakes of northern and Central Switzerland. The concept of using lacustrine mass-movement event stratigraphy to identify palaeo-earthquakes is showcased by presenting new data and results from Lake Zurich. The Late Glacial to Holocene mass-movement units in this lake document a complex history of varying tectonic and environmental impacts. Results include sedimentary evidence of three major and three minor, simultaneously triggered basin-wide lateral slope failure events interpreted as the fingerprints of palaeoseismic activity. A refined earthquake catalogue, which includes results from previous lake studies, reveals a non-uniform temporal distribution of earthquakes in northern and Central Switzerland. A higher frequency of earthquakes in the Late Glacial and Late Holocene period documents two different phases of neotectonic activity; they are interpreted to be related to isostatic post-glacial rebound and relatively recent (re-)activation of seismogenic zones, respectively. Magnitudes and epicentre reconstructions for the largest identified earthquakes provide evidence for two possible earthquake sources: (i) a source area in the region of the Alpine or Sub-Alpine Front due to release of accumulated north-west/south-east compressional stress related to an active basal thrust beneath the Aar massif; and (ii) a source area beneath the Alpine foreland due to reactivation of deep-seated strike-slip faults. Such activity has been repeatedly observed instrumentally, for example, during the most recent magnitude 4.2 and 3.5 earthquakes of February 2012, near Zug. The combined lacustrine record from northern and Central Switzerland indicates that at least one of these potential sources has been capable of producing magnitude 6.2 to 6.7 events in the past.

Misunderstanding Creativity : User Created Content in Virtual Worlds and its Constraints by Code and Law

Virtual worlds have moved from being a geek topic to one of mainstream academic interest. This transition is contingent not only on the augmented economic, societal and cultural value of these virtual realities and their effect upon real life but also on their convenience as fields for experimentation, for testing models and paradigms. User creation is however not something that has been transplanted from the real to the virtual world but a phenomenon and a dynamic process that happens from within and is defined through complex relationships between commercial and non-commercial, commodified and not commodified, individual and of the community, amateur and professional, art and not art. Accounting for this complex environment, the present paper explores user created content in virtual worlds, its dimensions and value and above all, its constraints by code and law. It puts forward suggestions for better understanding and harnessing this creativity.

Three “Bali Deliverables” for more Food Security

As the clock is ticking for a positive outcome at the Ninth WTO Ministerial Conference to be held in Bali in December 2013, agricultural negotiators are scrambling to find solutions to issues such as tariff-rate quota (TRQ) administration and export competition in order to improve trade flows. The main issue seems to be whether WTO rules applying to public stockpiles in developing countries need to be changed or temporarily suspended as a means to enhance national food security. This paper is based on a note submitted to the ICTSD-IPC Expert Group “Meeting on Agriculture and Food Security – Policy Options for MC9 and beyond” (Geneva, June 2013). It lists the policy instruments impacting on global, national and (urban and rural) household food security – “The Food Security Tool Box” – and asks which immediate decisions the WTO Ministers might take in this field despite the political difficulties such as continued agro-dumping practices or the “land grab” issue. Three such “deliverables” are outlined: (i) regional and “virtual” food security schemes could be allowed to provide reserves to other countries without violating the obligation to “form an integral part of a food security programme identified in national legislation” (Agreement on Agriculture, Annex II, para 3); (ii) TRQ under-fills could be improved by mandatory enquiries into low fill rate situations; and (iii) World Food Program (WFP) and other non-commercial food purchases could be exempted from export restrictions and prohibitions. High ambitions for Bali seem to be misplaced. A more realistic yet real progress could restore the dwindling credibility of the WTO as a forum for trade negotiations.

El aborto inseguro en América Latina y el Caribe

En América Latina, la tasa es de 32 abortos por cada 1000 mujeres y el 95% de estos presentan riesgos para la vida y la Salud de la mujer. La tasa de aborto en Europa Occidental, donde la Interrupción Voluntaria del Embarazo es legal, es de tan solo 12 casos por cada 1000 mujeres. Su prohibición solo alienta al aborto clandestino y en condiciones de riesgo. Idea y realización: Pieter Van Eecke Concepto y producción: Objeto Directo Diseño gráfico: Florencia Lastreto Fotografía: Natalie Mikhaloff y Médicos del Mundo Voz en off español: Jorge Varela Cámara: Pieter Van Eecke Animaciones: Florencia Lastreto Musica (Creative Commons Licence - Attribution - Non Commercial - Share alike) Bonifrate - Estudio Rural Em R Major Fabrizio Paternili - Profondo Blu Robin Grey - Ninety Days Instrumental Robin Grey – Every Walking Hour Instrumental Médicos del Mundo Francia Coordinadora General Uruguay: Carine Thibaut Comunicación: Mauricio de los Santos Agradecimientos: MYSU, Lilián Abracinskas, Morgane Aveline, Camila Giugliani, Jean Guerini, Sandrine Simon, Alain Forgeot, Aurore Voet.

Application and modeling of GaN FET in 1MHz large signal bandwidth power supply for radio frequency power amplifier

In this paper, implementation and testing of non- commercial GaN HEMT in a simple buck converter for envelope amplifier in ET and EER transmission techn iques has been done. Comparing to the prototypes with commercially available EPC1014 and 1015 GaN HEMTs, experimentally demonstrated power supply provided better thermal management and increased the switching frequency up to 25MHz. 64QAM signal with 1MHz of large signal bandw idth and 10.5dB of Peak to Average Power Ratio was gener ated, using the switching frequency of 20MHz. The obtaine defficiency was 38% including the driving circuit an d the total losses breakdown showed that switching power losses in the HEMT are the dominant ones. In addition to this, some basic physical modeling has been done, in order to provide an insight on the correlation between the electrical characteristics of the GaN HEMT and physical design parameters. This is the first step in the optimization of the HEMT design for this particular application.

Optimization of multidimensional cross-section tables for few-group core calculations

Multigroup diffusion codes for three dimensional LWR core analysis use as input data pre-generated homogenized few group cross sections and discontinuity factors for certain combinations of state variables, such as temperatures or densities. The simplest way of compiling those data are tabulated libraries, where a grid covering the domain of state variables is defined and the homogenized cross sections are computed at the grid points. Then, during the core calculation, an interpolation algorithm is used to compute the cross sections from the table values. Since interpolation errors depend on the distance between the grid points, a determined refinement of the mesh is required to reach a target accuracy, which could lead to large data storage volume and a large number of lattice transport calculations. In this paper, a simple and effective procedure to optimize the distribution of grid points for tabulated libraries is presented. Optimality is considered in the sense of building a non-uniform point distribution with the minimum number of grid points for each state variable satisfying a given target accuracy in k-effective. The procedure consists of determining the sensitivity coefficients of k-effective to cross sections using perturbation theory; and estimating the interpolation errors committed with different mesh steps for each state variable. These results allow evaluating the influence of interpolation errors of each cross section on k-effective for any combination of state variables, and estimating the optimal distance between grid points.

Determination of spectral variations by means of component cells useful for CPV rating and design

A methodology is presented to determine both the short-term and the long-term influence of the spectral variations on the performance of Multi-Junction (MJ) solar cells and Concentrating "This is the peer reviewed version of the following article: R. Núñez, C. Domínguez, S. Askins, M. Victoria, R. Herrero, I. Antón, and G. Sala, “Determination of spectral variations by means of component cells useful for CPV rating and design,” Prog. Photovolt: Res. Appl., 2015., which has been published in final form at http://onlinelibrary.wiley.com/doi/10.1002/pip.2715/full. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving [http://olabout.wiley.com/WileyCDA/Section/id-820227.html#terms]." Photovoltaic (CPV) modules. Component cells with the same optical behavior as MJ solar cells are used to characterize the spectrum. A set of parameters, namely Spectral Matching Ratios (SMRs), is used to characterize spectrally a particular Direct Normal Irradiance (DNI) by comparison to the reference spectrum (AM1.5D-ASTM-G173-03). Furthermore, the spectrally corrected DNI for a given MJ solar cell technology is defined providing a way to estimate the losses associated to the spectral variations. The last section analyzes how the spectrum evolves throughout a year in a given place and the set of SMRs representative for that location are calculated. This information can be used to maximize the energy harvested by the MJ solar cell throughout the year. As an example, three years of data recorded in Madrid shows that losses lower than 5% are expected due to current mismatch for state-of-the-art MJ solar cells.

Launching the Vicario Viaduct: Andalucia, Spain

The Vicario Viaduct is located in the A-44 motorway, in the South-East part of Spain. It crosses a natural gorge, near the town of Ízbor in the province of Granada. A single continuous steel concrete composite deck, 24 m wide and 175 m long, divided in two 87,5 m spans, has been built. The cross section is a single structural steel box, 8,00 m wide and 4,52 m deep. The total width of 24 m is reached adding a strut and tie system each 4,375 m on both sides of the box. The steel parts of the deck were entirely constructed in the workshop and then they were erected on site just behind one of the abutments. Finally a 27.5 m long steel nose was connected to launch the deck. The main problems have been the curved shape of the deck (1420 m radius in plan) producing a non symmetric transverse distribution of reactions on each support and the cantilever reaching 87,5 m long, producing a maximum deflection of 1500 mm

Activation of the aryl hydrocarbon receptor by a component of cigarette smoke reduces germ cell proliferation in the human fetal ovary

This work was funded by the Medical ResearchCouncil (G1100357).We are grateful to Anne Saunderson, Joan Creiger and the staff of the Bruntsfield Suite, Royal Infirmary of Edinburgh, for their considerable assistance in patient recruitment. Funding to pay the Open Access publication charges for this article was provided by MRC grant G1100357.

Tyrphostin AG126 exerts neuroprotection in CNS inflammation by a dual mechanism

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