According to static models of industrial organization, a rise in competition decreases prices. In this paper, I test whether this conclusion can be reversed in the mobile telecommunications markets where dynamic e ciency e ects might be signi cant. The empirical test relies on the change in the intensity of competition introduced by the entry of the fourth mobile operator in France and the merg...

Main result. It is well known that of all surfaces surrounding an area with a given volume V, the sphere has the smallest area. This result explains, e.g., why a soap bubble tends to become a sphere. More than a hundred years ago, the Belgian physicist J. Plateaux asked a similar question: what is the least area surface enclosing two equal volumes? Physical experiments with bubbles seem to indi...

The last decade has witnessed different price trajectories in the international and Chinese agricultural commodity markets. This paper compares and contrasts these dynamic patterns between markets from the perspective of price bubbles. A newly developed right-tailed unit root testing procedure is applied to detect price bubbles in the CBOT and Chinese agricultural futures market during the peri...

To assist with the detection of bubbles and negative in financial markets, a criterion is introduced to indicate whether market likely be superexponential regime (where growth such would correspond an asset price bubble decline bubble) as opposed “normal” exponential behavior typified by constant rate or decline. The founded on Johansen–Ledoit–Sornette model dynamics derived from linear fit obs...

We investigate whether expectations that are not fully rational have the potential to explain the evolution of house prices and the price-to-rent ratio in the United States. First, a stylized asset-pricing model solved under rational expectations is used to derive a fundamental value for house prices and the price-rent ratio. Although the model can explain the sample average of the price-rent r...

Laboratory asset markets provide an experimental setting in which to observe investor behavior. Over more than a decade, numerous studies have found that participants in laboratory experiments frequently drive asset prices far above fundamental value, after which the prices crash. This bubble-and-crash behavior is robust to variations in a number of variables, including liquidity (the amount of...

Effect of interparticle force on the hydrodynamics of gas-solid fluidized beds was investigated using the combined method of computational fluid dynamics and discrete element method (CFD-DEM). The cohesive force between particles was considered to follow the van der Waals equation form. The model was validated by experimental results from literature in terms of bed voidage distribution and Eule...

Two-phase flow regimes are affected by conduit position, alignment, geometry, flow direction, physical characteristics, and flow rate of each phase as well as the heat flux toward the boundaries. Due to the importance of two-phase flow, numerous regimes have been identified. The first step in studying micro-bubble formation inside a venturi tube is to recognize the type of flow regimes. In this...

a modified model has been analytically developed to describe the induction time of an elliptic air bubble in contact with an elliptic hydrophobic oil droplet. the role of hydrophobicity was revealed in the slippage of liquid over the surfaces of bubble and droplet. in this condition, the analytical relationships for pressure distribution and consequently hydrodynamic resistance force through th...