Parimutuel betting under asymmetric information

This paper examines simple parimutuel betting games under asymmetric information, with particular attention to differences between markets in which bets are submitted simultaneously versus sequentially. In the simultaneous parimutuel betting market, all (symmetric and asymmetric) Bayesian-Nash equilibria are generically characterized as a function of the number of bettors and the quality of their private information. There always exists a separating equilibrium, in which all bettors follow their private signals. This equilibrium is unique if the number of bettors is sufficiently large. In the sequential framework, earlier bets have information externalities, because they may reveal private information of bettors. They also have payoff externalities, because they affect the betting odds. One effect of these externalities is that the separating equilibrium disappears if the number of betting periods is sufficiently large. (C) 2006 Elsevier B.V. All rights reserved.

Emerging asymmetric interactions between forage and predator fisheries impose management trade-offs

A size and trait-based marine community model was used to investigate interactions, with potential implications for yields, when a fishery targeting forage fish species (whose main adult diet is zooplankton) co-occurs with a fishery targeting larger-sized predator species. Predicted effects on the size structure of the fish community, growth and recruitment of fishes, and yield from the fisheries were used to identify management trade-offs among the different fisheries. Results showed that moderate fishing on forage fishes imposed only small effects on predator fisheries, whereas predator fisheries could enhance yield from forage fisheries under some circumstances.

Catalysis of CO electrooxidation at Pt, Ru, and PtRu alloy. An in situ FTIR study

A comparative study of CO electrooxidation on different catalysts using in situ FTIR spectroscopy is presented. As electrode materials, polycrystalline Pt and Ru and a PtRu (50:50) alloy are used. The latter is one of the well-known active alloys for CO oxidation. The potential dependence of the band frequencies for the CO stretch indicates the formation of relatively compact islands at pure Pt and Ru, and a loose adlayer structure at the alloy. This loose structure has a positive effect on the rate of oxidative desorption. CO submonolayer coverages are obtained by integrating the absorption bands for CO produced upon oxidation of adsorbed CO. The band intensities measured at Pt, Ru, and PtRu indicate an influence of the substrate on the absorption coefficient of the CO stretch. It is shown that for a correct description of the catalyst properties toward CO electrooxidation, it must be distinguished between bulk and adsorbed CO. In contrast to the statement of most of the recent papers that a PtRu alloy (50:50) is the material with the highest activity for CO oxidation, it is demonstrated and rationalized in the present paper that for bulk CO oxidation pure Ru is the best catalyst. © 1999 American Chemical Society.

Synthesis and characterization of star polymers and cross-linked star polymer model networks with cores based on an asymmetric, hydrolyzable dimethacrylate cross-linker

A hydrolyzable dimethacrylate cross-linker, 2-methyl-2,4-pentanediol dimethacrylate (MPDMA), was synhesized by the reaction of 2-methyl-2,4-pentanediol and methacryloyl chloride in the presence of triethylamine. This cross-linker was used to prepare a neat cross-linker network and three cross-linked star polymer model networks (CSPMNs) of methyl methacrylate (MMA), as well as star-shaped polymers of MMA, by group transfer polymerization (GTP). Gel permeation chromatography (GPC) in tetrahydrofuran (THF) confirmed the narrow molecular weight distributions (MWDs) of the linear polymer precursors, and demonstrated the increase in molecular weight (MW) on each successive addition of cross-linker or monomer. Characterization of the star polymers by static light scattering (SLS) in THF showed that star polymers with MPDMA cores bear a relatively small number of arms, between 7 and 35. All star polymers and polymer networks containing the MPDMA cross-linker were hydrolyzed at room temperature in neat trifluoroacetic acid to yield lower-MW products.