Strategic Behavior and Collusion: An Application to the Spanish Electricity Market

The paper has two major contributions to the theory of repeated games. First, we build a supergame oligopoly model where firms compete in supply functions, we show how collusion sustainability is affected by the presence of a convex cost function, the magnitude of both the slope of demand market, and the number of rivals. Then, we compare the results with those of the traditional Cournot reversion under the same structural characteristics. We find how depending on the number of firms and the slope of the linear demand, collusion sustainability is easier under supply function than under Cournot competition. The conclusions of the models are simulated with data from the Spanish wholesale electricity market to predict lower bounds of the discount factors.

Population age structure and private consumption in Spain

In this paper we study the effect of population age distribution upon private consumption expenditure in Spain from 1964 to 1997 using aggregate data. We obtain four main results. First, changes in the population pyramid have substantial effects upon the behaviour of private consumption. Second, the pattern of the coefficients of the demographic variables is not consistent with the simplest version of the life cycle hypothesis. Third, we estimate the impact of the demographic transition upon consumption and find positive values associated with episodes in which the shares of groups of individuals with expenditure levels higher (lower) than the mean increased (decreased). Fourth, the results are robust to alternative specifications for the population age distribution.

Una imagen vale más que mil palabras: efectos de las advertencias sanitarias visuales en el descenso del consumo de tabaco: un estudio desde la perspectiva del marketing social

[ES] El tabaco está reconocido hoy día como un factor de riesgo muy importante en multitud de enfermedades, representando un grave riesgo para la salud pública. Entre las medidas previstas por la Organización Mundial de la Salud y por la Comisión Europea está la utilización de advertencias sanitarias sobre los efectos del tabaco en las personas. En España actualmente esas advertencias contienen solo texto.

Changes in Behavior, Movement, and Home Ranges of Largemouth Bass Following Large-scale Hydrilla Removal in Lake Seminole, Georgia

About 1,200 ha of hydrilla ( Hydrilla verticillata L.f. Royle) was eliminated in the Spring Creek embayment of Lake Seminole, Georgia, using a drip-delivery application of fluridone (1- methyl-3-phenyl-5-[3-(trifluoromethl) phenyl]-4(1H)-pyridinone) in 2000 and 2001. Two groups of 15 and 20 largemouth bass (Micropterus salmoides Lacepede) were implanted with 400-day radio tags in February 2000 and 2001 to determine changes in movement and behavior before and after hydrilla reduction.(PDF contains 8 pages.)

Effects of Microstructural Heterogeneity on The Spallation Behavior of Materials

It is of utmost importance to understand the spallation behaviour of heterogeneous materials. In this paper, a driven nonlinear threshold model with stress fluctuation is presented to study the effects of microstructural heterogeneity on continuum damage evolution. The spallation behavior of heterogeneity material is analyzed with this model. The heterogeniety of mesoscopic units is characterized in terms of Weibull modulus m of strength distibution and stress fluctuation parameter k. At high stress, the maximum damage increases with m; while at low stress, the maximum damage decreases. In addition, for low stress, severe stress fluctuation causes higher damage; while for high stress, causes lower damage.

The Effect of the Thickness of Fe2 Al5 Phase Layer at Fe/Al Interface on the Mechanics Behavior of Hot Dip Aluminizing Coating

Hot Dip Aluminized Coatings with different thickness were prepared on Q235 steel in aluminum solutions with different temperature for certain time. Through tensile tests and in-situ SEM observations, the effect of the coating's microstructure on the tensile strength of the samples was studied. It was disclosed at certain aluminum solution temperature,transaction layers mainly composed of Fe2 Al5 phase got thicker with time prolonging, and this changed initial crack's extending direction from parallel with to vertical with stretching direction. The change in crack direction decreased tensile strength of samples, thus made the coating easy to break. It was concluded that the existence of thick Fe2 Al5 phase layer was the basic reason for the lowering of tensile strength of the coating.

A Study of the Tribological Behavior of Carbon-Nanotube-Reinforced Ultrahigh Molecular Weight Polyethylene Composites

The tribological properties of the high-strength and high-modulus ultrahigh molecular weight polyethylene (UHMWPE) film and the UHMWPE composites reinforced by multiwalled carbon nanotubes (MWCNT/UHMWPE) were investigated using a nanoindenter and atomic force microscope (AFM). The MWCNT/UHMWPE composites films exhibited not only high wear resistance but also a low friction coefficient compared to the pure UHMWPE films. We attribute the high wear resistance to the formation of the new microstructure in the composites due to the addition of MWCNTs.

Experimental investigation of Very-High-Cycle Fatigue behavior for a structural steel

Very-High-Cycle Fatigue (VHCF) test for a medium carbon structural steel (40Cr) has been performed and a stepwise S-N curve was obtained by employing cantilever-type rotary bending fatigue machine with hourglass shape specimen. The S-N curve was well explained as a combination of curves for surface-induced fracture and interior inclusion-induced fracture with fish-eye patterns. The morphology of the fish-eye pattern was illustrated in order to clarify subsurface crack initiation and propagation behavior.

Torsion fracture behavior of drawn pearlitic steel wires with different heat treatments

In this paper, torsion fracture behavior of drawn pearlitic steel wires with different heat treatments was investigated. Samples with different heat treatments was investigated. Samples with different heat treatment conditions were subjected to torsion and tensile tests. The shear strain along the torsion sample after fracture was measured. Fracture surface of wires was examined by Scanning Electron Microscopy. In addition, the method of Differential Scanning Calorimetry was used to characterize the thermodynamic process in the heat treatment. A numerical simulation via finite element method on temperature field evolution for the wire during heat treatment process was performed. The results show that both strain aging and recovery process occur in the material within the temperature range between room temperature and 435 degrees C. It was shown that the ductility measured by the number of twists drops at short heating times and recovers after further heating in the lead bath of 435 degrees C. On the other hand, the strenght of the wire increases at short heating times and decreases after further heating. The microstructure inhomogeneity due to short period of heat treatment, coupled with the gradient characteristics of shear deformation during torsion results in localized shear deformation of the wire. In this situation, shear cracks nucleate between lamella and the wire breaks with low number of twists.

Consumption and portfolio rules whit stochastic hyperbolic discounting

We extend the classic Merton (1969, 1971) problem that investigates the joint consumption-savings and portfolio-selection problem under capital risk by assuming sophisticated but time-inconsistent agents. We introduce stochastic hyperbolic preferences as in Harris and Laibson (2013) and find closed-form solutions for Merton's optimal consumption and portfolio selection problem in continuous time. We find that the portfolio rule remains identical to the time-consistent solution with power utility and no borrowing constraints. However,the marginal propensity to consume out of wealth is unambiguously greater than the time-consistent, exponential case and,importantly, it is also more responsive to changes in risk. These results suggest that hyperbolic discounting with sophisticated agents offers promise for contributing to explaining important aspects of asset market data.