How much efficiency gains and price reductions for an efficiency defense? 'Quanto Basta'

Potential efficiency gains due to a merger can be used by competition authorities to judge upon proposed mergers. In a world where agents’ efforts, observable or unobservable, affect the success of a production cost reducing project that may be conducted as a stand-alone firm or in a merger, we characterize the merger decision and the type of errors a competition authority may make when it relies on an efficiency defense. In addition, we show that the occurrence of either type of errors is always smaller under the unobservable efforts assumption, than under the observable efforts one.

Can the change in the composition of the US GDP explain the Great Moderation? A test via oil price shocks

The paper investigates whether the growing GDP share of the services sector can contribute to explain the great moderation in the US. We identify and analyze three oil price shocks and use a SVAR analysis to measure their economic impact on the US economy at both the aggregate and the sectoral level. We find mixed support for the explanation of the great moderation in terms of shrinking oil shock volatilities and observe that increases (decreases) in oil shock volatilities are contrasted by a weakening (strengthening) in their transmission mechanism. Across sectors, services are the least affected by any oil shock. As the contribution of services to the GDP volatility increases over time, we conclude that a composition effect contributed to moderate the conditional volatility to oil shocks of the US GDP.

Competitive Pressure and Job Interview Lying: A Game Theoretical Analysis

We consider a job contest in which candidates go through interviews (cheap talk) and are subject to reference checks. We show how competitive pressure - increasing the ratio of "good" to "bad" type candi- dates - can lead to a vast increase in lying and in some cases make bad hires more likely. As the number of candidates increases, it becomes harder to in- duce truth-telling. The interview stage becomes redundant if the candidates, a priori, know each others' type or the result of their own reference check. Finally, we show that the employer can bene t from committing not to reject all the applicants.

Pressure Drop Studies of Gas-Liquid Bubbly Flow in Vertical Upward Pipeline

This paper describes the experimental and theoretical studies of gas-liquid bubbly flow in vertical upward pipeline carried out at Institute of Mechanics, Chinese Academy of Sciences. Bubbly flow in a vertical pipe with a 3 m long and 5 cm inner diameter plexiglass pipe was experimentally investigated, and studies carried out on the relationship between superficial velocities of the liquid and gas phases and pressure gradient is described. The developed drift-flux model applied to gas-liquid bubbly flow is presented, and the results are compared against the experimental data measured by ours in air/water vertical pipes.

Comparative Observation of DC Arc Plasma Jets and Their Arc Root Behaviors at Reduced Pressure

Experimentally observed, results are presented for the DCarcplasmajets and theirarc-rootbehaviors generated atreduced gas pressure and without or with an' applied magnetic field. Pure argon, argon -hydrogen or argon-nitrogen mixture is used as the plasma-forming gas. A specially designed copper mirror is constructed and used for better observing the arc-root behavior on the anode surface of the DC non-transferred arcplasma torch. It is shown that for the cases without applied magnetic field, the laminar plasmajets are stable and approximately axisymmetrical. The arc-root attachment on the anode surface is completely diffusive when argon is used as the plasma-forming gas, while the arc-root attachment often becomes constrictive when hydrogen or nitrogen is added into the argon. When an external magnetic field is applied, the arcroot tends to rotate along the anode surface of the non-transferred arcplasma torch.

Transient Flows in Low Permeability Porous Media with Composite Start-Up Pressure Gradient

A new mathematical model for the transient flow in the composite low permeability is established. It is solved by FEM with different boundary conditions such as infinite, circular closed and constant pressure boundary conditions. The typical curves for transient wellbore pressure have been presented. It is shown that the pressure and pressure derivative curves with composite start-up pressure gradients have different slopes which are depended on the start-up pressure gradients and the mobility radios in different regions. The boundary effects are the same as the normal reservoirs without start-up pressure gradients. The study provides a new tool to analyze the transient pressure test data in the low permeability reservoir.

Wave Propagation Analysis in a Pressure-Wave-Refrigerator

Pressure wave refrigerators (PWR) refrigerate the gas through periodical expansion waves. Due to its simple structure and robustness, PWR may have many potential applications if the efficiency becomes competitive with existing alternative devices. In order to improve the efficiency, the characteristics of wave propagation in a PWR are studied by experiment, numerical simulation and theoretical analysis. Based on the experimental results and numerical simulation, a simplified model is suggested, which includes the assumptions of flux-equilibrium and conservation of the free energy. This allows the independent analysis of the operation parameters and design specifics. Furthermore, the optimum operation condition can be deduced. Some considerations to improve the PWR efficiency are also given.