The paper assesses the welfare effects of different ways of allocating input price risk between a regulated utility, consumers and speculators in a futures market. A risk-averse utility setting a fixed retail price requires a price that exceeds expected marginal cost, unless an efficient futures market is available. The firm bears no risk when input price risk is transferred to consumers, but c...

This paper presents a numerical method for pricing American call options where the underlying asset price follows a jump-diffusion process. The method is based on the Fourier-Hermite series expansions of Chiarella, El-Hassan and Kucera (1999), which we extend to allow for Poisson jumps, in the case where the jump sizes are log-normally distributed. The series approximation is applied to both Eu...

We propose a model of natural recovery, a widespread yet unexplained aspect of addictive behavior, starting from the recent theory developed by Bernheim and Rangel (2004). While the Bernheim and Rangel model generates many distinctive patterns of addiction, it does not explicitly consider pathways to natural recovery. Based on insights from the neurosciences, we introduce an ”implicit cognitive...

We examine the effects of changes in the income distribution in an economy where agents’ utility depends both on consumption and on their rank in the distribution of conspicuous consumption. We introduce a new methodology to compare the behavior of agents that occupy the same rank in the two different income distributions but typically have different levels of incomes. Here, an increase in inco...

Neoclassical economic theory rules out systematic errors in consumption choice. According to the basic view, individuals know what they choose. They are able to predict how much utility an activity or a good produces for them now and in the future and they can maximize their utility. This implies that behavior reveals consistent preferences. This approach makes it impossible to detect and under...

We study the demand function of a group of S members facing a global budget constraint. Any vector belonging to the budget set can be consumed within the group, with no restriction on the form of individual preferences, the nature of individual consumptions or the form of the decision process beyond efficiency. Moreover, only the group aggregate behavior, summarized by its demand function, is o...

The laser-induced fluorescence (LIF) excitation spectra of the 4-methylcyclohexoxy and d11-cyclohexoxy radicals have been measured for the first time. LIF intensity was used as a probe in direct kinetic studies of the reaction of O(2) with trans-4-methylcyclohexoxy and d11-cyclohexoxy radicals from 228 to 301 K. Measured rate constants near room temperature are uniformly higher than the Arrheni...

In this study, effect of acupuncture (AP) on the luteal size (LS), luteal blood flow (LBF) and progesterone (P4) levels were investigated in the presence of corpus luteum (CL) in cows. Seven days after 14-days interval PGF2α estrus synchronization protocol, CL positive animals were assigned either to a control group (AP–, n=10) or to an AP group (AP+, n=10) stimulated by using B22 and B23 sensi...

Streptococcus pneumoniae is an important cause of community-acquired pneumonia, meningitis, and bacteremia. The problem of pneumococcal disease is exacerbated by increasing drug resistance. Furthermore, patients with impaired immunity are at high risk for invasive pneumococcal infections. Thus, there is an urgent need for new approaches to antimicrobial therapy. Antibody therapies take advantag...