The most natural way of ordering portfolios is by comparing their payoffs. If a port­ folio has a payoff higher than the payoff of another portfolio, then it is greater than the other portfolio. This order is called the portfolio dominance order. An important property that a portfolio dominance order may have is the lattice property. It requires that the supremum and the infimum of any two port...

In the industry center of lighters in Wenzhou, China, lighters are produced by a large number of small, vertically specialized, and agglomerated firms. Some firms specialize in assembling lighters, while the others specialize in producing parts. A perfect-competition model is developed to analyze this phenomenon, and four related factors are revealed to be involved. First, compared with standar...

We analyze bidding behavior in large discriminatory-price auctions in a common value setting where the number of objects is a non-trivial proportion of the number of bidders. We show that the average price paid in the auction is biased downward from the expected value of the objects, even in the competitive limit. We show that conditional on a signal that falls below a threshold, a bidder bids ...

ceton, NJ The pair correlation function g2ðrÞ provides a basic geometric descriptor for man systems. It must obey two necessary conditions: (i) non-negativity for all distances non-negativity of its associated structure factor SðkÞ for all k. Here we utilize an stochastic construction algorithm for particle configurations to establish conditions (i) and (ii) are also sufficient, i.e., g2ðrÞ is ...

This paper studies a decentralized, dynamic matching and bargaining market: buyers and sellers are matched into pairs. Traders exit the market at a constant rate, inducing search costs (frictions). All price o¤ers are made by sellers. Despite the fact that sellers have all the bargaining power we show that they set competitive prices in the limit when frictions become small. Previous literature...

A significant number of parameterizations for the polarized parton densities have appeared in the literature. Using the CTEQ evolution package, these distributions have been evolved consistently preparatory to compilation into an integrated package in the spirit of PDFLIB by Plothow-Besch. Here, a comparison of a few of the more recent distributions are made. Table 1: This is a partial listing ...

Amongst extraintestinal manifestations (EIM) occurring in IBD patients, rheumatologic manifestations are the most frequent. Understanding the relationships between arthritis and colitis is a prerequisite to improving the management of these patients. Microbiota of patients with IBD or rheumatologic diseases, like spondyloarthritis (SpA) is modified compared to healthy individual. Thus, we have ...

AIMS To develop a method to screen antifouling agents against marine bacterial adhesion as a sensitive, rapid and quantitative microplate fluorescent test. METHODS AND RESULTS Our experimental method is based on a natural biofilm formed by mono-incubation of the marine bacterium Pseudoalteromonas sp. D41 in sterile natural sea water in a 96-well polystyrene microplate. The 4'6-diamidino-2-phe...

This paper studies an exchange economy with a nite number of agents in which each agent is initially endowed with a nite number of (personalized) indivisible commodities. We observe that the equivalence theorem of the core and the competitive equilibrium may not hold for this economy when the coalitional form game is generated in the standard manner. We provide an alternative de nition of the c...