We report on our new analysis of the spatial and kinematical distribution of warm and cold molecular gas in the nearby, prototypical, luminous infrared galaxy NGC 6240, which was undertaken to explore the origin of its unusually luminous H2 emission. The gas components are known to be distributed between the two merging nuclei, forming an off-nuclear molecular gas concentration. By comparing th...

Context. A wealth of observations of CO in absorption in diffuse clouds has accumulated in the past decade at uv and mm-wavelengths Aims. Our aims are threefold: a) To compare the uv and mm-wave results; b) to interpret 13CO and 12CO abundances in terms of the physical processes which separately and jointly determine them; c) to interpret observed J=1-0 rotational excitation and line brightness...

The present paper thoroughly explores second-best efficient allocations in an adverse selection insurance economy. We start from a natural extension of the classical model, assuming less than perfect risk perceptions. We propose first and second welfare theorems, by means of which we describe efficiencyenhancing policies. Notions of weak and strong adverse selection are promising for interpreti...

Much of the literature on what determines the scope of operations of a producer has centered on the bhold-up problemQ. The standard results indicate the hold-up problem may lead to suboptimal investments, and therefore integration may improve the organization of production. In this paper, we consider a repeated relationship with durable investments and show the possibility of integration improv...

Recent supply shocks in the Gulf of Mexico—including hurricanes, the Deepwater Horizon oil spill, and the seasonal appearance of a large dead zone of low oxygen water (hypoxia)—have raised concerns about the economic viability of the U.S. shrimp fishery. The ability for U.S. shrimpers to mediate supply shocks through increased prices hinges on the degree of market integration, both among shrimp...

This paper examines the relationship between regional economic integration and FDI in North America, where two RIAs have been established over the past decade: a bilateral free trade agreement between Canada and the U.S. (CUSTA) and a trilateral agreement (NAFTA) incorporating Mexico as well. The North American experiences suggest substantially more modest impacts of regional trade agreements o...

We study how interactions between financing and investment decisions can shape firm boundaries in innovative markets. In particular, we model innovative projects as growth options and ask whether they are best operated inside large incumbent firms (Integration) or in separate, specialized firms (Non-Integration). Starting from a standard theoretical framework, in which value-maximizing corporat...

We explore the relation between international financial integration and the level of entrepreneurial activity in a country. Using a unique firm level data set of approximately 24 million firms in nearly 100 countries in 2004 and 1999, we find suggestive evidence that international financial integration has been associated with higher levels of entrepreneurial activity. Our results are robust to...

Rubber wood (Ficus elastica) is one the biomass waste that can be used as raw material for a gasification process and has a calorific value of 4,069 cal/gram. Gasification is a process to convert a solid fuel to syngas (CO, CH4, and H2) through a combustion process using limited air between 20% to 40% of air stoichiometry. Depending on the direction of airflow, the gasifiers are classified as u...