Prices need no preferences: social trends determine decisions in experimental markets for pain relief.

OBJECTIVE: A standard view in health economics is that, although there is no market that determines the "prices" for health states, people can nonetheless associate health states with monetary values (or other scales, such as quality adjusted life year [QALYs] and disability adjusted life year [DALYs]). Such valuations can be used to shape health policy, and a major research challenge is to elicit such values from people; creating experimental "markets" for health states is a theoretically attractive way to address this. We explore the possibility that this framework may be fundamentally flawed-because there may not be any stable values to be revealed. Instead, perhaps people construct ad hoc values, influenced by contextual factors, such as the observed decisions of others. METHOD: The participants bid to buy relief from equally painful electrical shocks to the leg and arm in an experimental health market based on an interactive second-price auction. Thirty subjects were randomly assigned to two experimental conditions where the bids by "others" were manipulated to follow increasing or decreasing price trends for one, but not the other, pain. After the auction, a preference test asked the participants to choose which pain they prefer to experience for a longer duration. RESULTS: Players remained indifferent between the two pain-types throughout the auction. However, their bids were differentially attracted toward what others bid for each pain, with overbidding during decreasing prices and underbidding during increasing prices. CONCLUSION: Health preferences are dissociated from market prices, which are strongly referenced to others' choices. This suggests that the price of health care in a free-market has the capacity to become critically detached from people's underlying preferences.

Fast response CO2 sensor for automotive exhaust gas analysis

A fast response sensor for measuring carbon dioxide concentration has been developed for laboratory research and tested on a spark ignition engine. The sensor uses the well known infra-red absorption technique with a miniaturized detection system and short capillary sampling tubes, giving a time constant of approximately 5 milliseconds; this is sufficiently fast to observe changes in CO2 levels on a cycle-by-cycle basis under normal operating conditions. The sensor is easily located in the exhaust system and operates continuously. The sensor was tested on a standard production four cylinder spark-ignition engine to observe changes in CO2 concentration in exhaust gas under steady state and transient operating conditions. The processed sensor signal was compared to a standard air-to-fuel ratio (AFR) sensor in the exhaust stream and the results are presented here. The high frequency response CO2 measurements give new insights into both engine and catalyst transient operation. Copyright © 1999 Society of Automotive Engineers, Inc.

Exhaust gas ignition (EGI)-a new concept for rapid light-off of automotive exhaust catalyst

Increasing pressure on lowering vehicle exhaust emissions to meet stringent California and Federal 1993/1994 TLEV emission standards of 0.125 gpm NMOG, 3.4 gpm CO and 0.4 gpm NOx and future ULEV emission standards of 0.04 gpm NMOG, 1.7 gpm CO and 0.2 gpm NOx has focused specific attention on the cold start characteristics of the vehicle's emission system, especially the catalytic converter. From test data it is evident that the major portion of the total HC and CO emissions occur within the first two minutes of the driving cycle while the catalyst is heating up to operating temperature. The use of an electrically heated catalyst (EHC) has been proposed to alleviate this problem but the cost and weight penalties are high and the durability has yet to be fully demonstrated (1)*. This paper describes a method of reducing the light-off time of the catalytic converter to less than 20 seconds by means of an afterburner. The system uses exhaust gases from the engine calibrated to run rich and additional air injected into the exhaust gas stream to form a combustible mixture. The key feature concerns the method of making this combustible mixture ignitable within 2 seconds from starting the engine when the exhaust gases arriving at the afterburner are cold and essentially non-reacting. © Copyright 1992 Society of Automotive Engineers, Inc.

Innovation, the diesel engine and vehicle markets: Evidence from OECD engine patents

This paper uses a patent data set to identify factors fostering innovation of diesel engines between 1974 and 2010 in the OECD region. The propensity of engine producers to innovate grew by 1.9 standard deviations after the expansion of the car market, by 0.7 standard deviations following a shift in the EU fuel economy standard, and by 0.23 standard deviations. The propensity to develop emissions control techniques was positively influenced by pollution control laws introduced in Japan, in the US, and in the EU, but not with the expansion of the car market. Furthermore, a decline in loan rates stimulated the propensity to develop emissions control techniques, which were simultaneously crowded out by increases in publicly-funded transport research and development. Innovation activities in engine efficiency are explained by market size, loan rates and by (Organisation for Economic Cooperation and Development) diesel prices, inclusive of taxes. Price effects on innovation, outweigh that of the US corporate average fuel economy standards. Innovation is also positively influenced by past transport research and development. © 2014 Elsevier Ltd.

The impact of investor sentiment on stock returns in emerging markets. The case of Central European markets

This is an accepted manuscript of an article published by Taylor & Francis in Eastern European Economics on July 2015, available online: http://dx.doi.org/10.1080/00128775.2015.1079139

Using Markets and Spam to Combat Malware

We propose an economic mechanism to reduce the incidence of malware that delivers spam. Earlier research proposed attention markets as a solution for unwanted messages, and showed they could provide more net benefit than alternatives such as filtering and taxes. Because it uses a currency system, Attention Bonds faces a challenge. Zombies, botnets, and various forms of malware might steal valuable currency instead of stealing unused CPU cycles. We resolve this problem by taking advantage of the fact that the spam-bot problem has been reduced to financial fraud. As such, the large body of existing work in that realm can be brought to bear. By drawing an analogy between sending and spending, we show how a market mechanism can detect and prevent spam malware. We prove that by using a currency (i) each instance of spam increases the probability of detecting infections, and (ii) the value of eradicating infections can justify insuring users against fraud. This approach attacks spam at the source, a virtue missing from filters that attack spam at the destination. Additionally, the exchange of currency provides signals of interest that can improve the targeting of ads. ISPs benefit from data management services and consumers benefit from the higher average value of messages they receive. We explore these and other secondary effects of attention markets, and find them to offer, on the whole, attractive economic benefits for all – including consumers, advertisers, and the ISPs.

High-current inductors for high-power automotive DC-DC converters

This thesis is focused on the investigation of magnetic materials for high-power dcdc converters in hybrid and fuel cell vehicles and the development of an optimized high-power inductor for a multi-phase converter. The thesis introduces the power system architectures for hybrid and fuel cell vehicles. The requirements for power electronic converters are established and the dc-dc converter topologies of interest are introduced. A compact and efficient inductor is critical to reduce the overall cost, weight and volume of the dc-dc converter and optimize vehicle driving range and traction power. Firstly, materials suitable for a gapped CC-core inductor are analyzed and investigated. A novel inductor-design algorithm is developed and automated in order to compare and contrast the various magnetic materials over a range of frequencies and ripple ratios. The algorithm is developed for foil-wound inductors with gapped CC-cores in the low (10 kHz) to medium (30 kHz) frequency range and investigates the materials in a natural-convection-cooled environment. The practical effects of frequency, ripple, air-gap fringing, and thermal configuration are investigated next for the iron-based amorphous metal and 6.5 % silicon steel materials. A 2.5 kW converter is built to verify the optimum material selection and thermal configuration over the frequency range and ripple ratios of interest. Inductor size can increase in both of these laminated materials due to increased airgap fringing losses. Distributing the airgap is demonstrated to reduce the inductor losses and size but has practical limitations for iron-based amorphous metal cores. The effects of the manufacturing process are shown to degrade the iron-based amorphous metal multi-cut core loss. The experimental results also suggest that gap loss is not a significant consideration in these experiments. The predicted losses by the equation developed by Reuben Lee and cited by Colonel McLyman are significantly higher than the experimental results suggest. Iron-based amorphous metal has better preformance than 6.5 % silicon steel when a single cut core and natural-convection-cooling are used. Conduction cooling, rather than natural convection, can result in the highest power density inductor. The cooling for these laminated materials is very dependent on the direction of the lamination and the component mounting. Experimental results are produced showing the effects of lamination direction on the cooling path. A significant temperature reduction is demonstrated for conduction cooling versus natural-convection cooling. Iron-based amorphous metal and 6.5% silicon steel are competitive materials when conduction cooled. A novel inductor design algorithm is developed for foil-wound inductors with gapped CC-cores for conduction cooling of core and copper. Again, conduction cooling, rather than natural convection, is shown to reduce the size and weight of the inductor. The weight of the 6.5 % silicon steel inductor is reduced by around a factor of ten compared to natural-convection cooling due to the high thermal conductivity of the material. The conduction cooling algorithm is used to develop high-power custom inductors for use in a high power multi-phase boost converter. Finally, a high power digitally-controlled multi-phase boost converter system is designed and constructed to test the high-power inductors. The performance of the inductors is compared to the predictions used in the design process and very good correlation is achieved. The thesis results have been documented at IEEE APEC, PESC and IAS conferences in 2007 and at the IEEE EPE conference in 2008.

Policy impacts on Vietnam stock markets: a case of anomalies and disequilibria 2000-2006

Vietnam launched its first-ever stock market, named as Ho Chi Minh City Securities Trading Center (HSTC) on July 20, 2000. This is one of pioneering works on HSTC, which finds empirical evidences for the following: Anomalies of the HSTC stock returns through clusters of limit-hits, limit-hit sequences; Strong herd effect toward extreme positive returns of the market portfolio;The specification of ARMA-GARCH helps capture fairly well issues such as serial correlations and fat-tailed for the stabilized period. By using further information and policy dummy variables, it is justifiable that policy decisions on technicalities of trading can have influential impacts on the move of risk level, through conditional variance behaviors of HSTC stock returns. Policies on trading and disclosure practices have had profound impacts on Vietnam Stock Market (VSM). The over-using of policy tools can harm the market and investing mentality. Price limits become increasingly irrelevant and prevent the market from self-adjusting to equilibrium. These results on VSM have not been reported before in the literature on Vietnam’s financial markets. Given the policy implications, we suggest that the Vietnamese authorities re-think the use of price limit and give more freedom to market participants.

Art markets

SCOPUS: ch.b

The Vietnam's Transition Economy and Its Fledgling Financial Markets: 1986-2003

In this paper, we analyze the context of Vietnam’s economic standings in the reform period. The first section embarks on most remarkable factors, which promote the development of financial markets are: (i) Doi Moi policies in 1986 unleash ‘productive powers’. Real GDP growth, and key economic indicators improve. The economy truly departs from the old-style command economy; (ii) FDI component is present in the economy as sine qua non; a crucial growth engine, forming part of the financial markets, planting the ‘seeds’ for its growth; and (iii) the private economy is both the result and cause of the reform. Its growth is steady. Today, it represents a powerhouse, and helps form part of the genuine financial economy. A few noteworthy points found in the next section are: (i) No evidence of financial markets existence was found before Doi Moi. The reform has generated a bulk of private-sector financial companies. New developments have roots in the 1992-amended constitution (x3.2); (ii) The need to reform the financial started with the domino collapse of credit cooperatives in early 1990s. More stress is caused by the ‘blow’ of banking deficiency in late 1990s; and (iii) Laws on SBV and credit institutions, and the launch of the stock market are bold steps. Besides, the Asian financial turmoil forces the economy to reaffirm its reform agenda. Our findings also indicate, through empirical evidences, that economic conditions have stabilized throughout the reform, thanks to the contributions of the FDI and private economic sector. Private investment flows continue to be an eminent factor that drives the economy growth.