This paper examines the market structure and mechanism of electronic commerce from a microeconomic perspective. There are many similarities between electronic commerce setting and classical competitive market structure. The paper argues that one can attain an equilibrium in an electronic commerce setting in which supply and demand are converged at a level that maximizes firm’s revenue and consu...

Equilibrium, affine asset pricing models with L. Epstein and S. Zin (1989)’s preferences typically generate time-variation in risk premiums through time variation in the quantity of risks, with the market prices of risks (MPR) held constant. This is true of models with built in longrun consumption risks (LRR) (e.g., R. Bansal and A. Yaron (2004), R. Bansal, D. Kiku and A. Yaron (2009)), as well...

In open quantum systems, decoherence occurs through interaction of a quantum subsystem with its environment. The computation of expectation values requires a knowledge of the quantum dynamics of operators and sampling from initial states of the density matrix describing the subsystem and bath. We consider situations where the quantum evolution can be approximated by quantum-classical Liouville ...

A composite based on poly(N-vinylpyrrolidone) (PVP) and sodium bentonite was prepared by a simple method. Structural characterizations of the bentonite and the composite were performed by Fourier transform infrared spectroscopy (FTIR), X-ray diffraction (XRD) and thermogravimetric analysis (TGA). The TGA analysis showed a low loading of the polymer in the bentonite. XRD analysis confirmed a mod...

Fructose and deoxyribose (24 and 19 atoms, respectively) are too large for determining accurate equilibrium structures, either by high-level ab initio methods or by experiments alone. We show in this work that the semiexperimental (SE) mixed estimation (ME) method offers a valuable alternative for equilibrium structure determinations in moderate-sized molecules such as these monosaccharides or ...

We compare two alternative mechanisms for capping prices in two-settlement electricity markets. With sufficient lead time, forward market prices are implicitly capped by competitive pressure of potential entry that will occur when forward prices rise above some backstop price. Another more direct approach is to cap spot prices through a performance-based regulatory intervention. In this paper w...

Using density functional theory, we investigate the equilibrium structure, stability, and electronic properties of nanostructured, hydrogen-terminated diamond fragments. The equilibrium atomic arrangement and electronic structure of these nanostructures turn out to be very similar to bulk diamond. We find that such diamondoids may enter spontaneously into carbon nanotubes. Polymerization inside...

A ratio-dependent predator–prey model with stage structure for the predator and time delay due to the gestation of the predator is investigated. By analyzing the characteristic equations, the local stability of a positive equilibrium and a boundary equilibrium is discussed, respectively. Further, it is proved that the system undergoes a Hopf bifurcation at the positive equilibrium when s = s0. ...

We present a simple game-theoretic model for the ESP game, an interactive game devised to label images on the web, and characterize the equilibrium behavior of the model. We show that a simple change in the incentive structure can lead to different equilibrium structure and suggest the possibility of formal incentive design in achieving desirable system-wide outcomes, complementing existing con...

We study non-equilibrium statistical mechanics of a Gaussian dynamical system and compute in closed form the large deviation functionals describing the fluctuations of the entropy production observable with respect to the reference state and the non-equilibrium steady state. The entropy production observable of this model is an unbounded function on the phase space, and its large deviation func...