scholarly journals An Experimental Comparison of Two Exchange Economies: Long-Lived Asset vs. Short-Lived Asset

2021 ◽  
Author(s):  
Enrica Carbone ◽  
John Hey ◽  
Tibor Neugebauer
Keyword(s):  
Decision Analysis ◽  
Experimental Tests ◽  
Exchange Economy ◽  
Equilibrium Price ◽  
Consumption Smoothing ◽  
Alternative Solution ◽  
Experimental Comparison ◽  
Exchange Economies ◽  
Tree Model ◽  
One Step

The Lucas tree model [Lucas RE Jr (1978) Asset prices in an exchange economy. Econometrica 46(6):1429–1445.] lies at the heart of modern macrofinance. At its core, it provides an analysis of the equilibrium price of a long-lived asset in an exchange economy where consumption is the objective and the sole purpose of the asset is to smooth consumption through time. Experimental tests of the model use a particular instantiation of the Lucas model. Here we adopt a different instantiation to the first two, extending their analyses from a two-period oscillating world to a three-period cyclical world; this is partly to test the robustness of their results. We also go one step further and compare this solution (to a consumption-smoothing problem), in which consumption claims are traded via the long-lived asset, with the alternative solution provided by a market, in which agents can directly trade (short-lived) consumption claims between periods. We find that the latter exchange economy is more efficient in encouraging consumption smoothing than the economy with the long-lived asset. We find evidence of uncompetitive trading in both markets. This paper was accepted by Yan Chen, decision analysis.

A Prototype Two-Axis Hydraulic Actuator

1976 ◽  
Vol 190 (1) ◽  
pp. 245-254
Author(s):  
C.R. Burrows ◽  
T.P. Adams
Keyword(s):  
Experimental Tests ◽  
Design Analysis ◽  
Alternative Solution ◽  
Basic Design ◽  
Hydraulic Actuator ◽  
Simultaneous Rotation

In applications requiring simultaneous rotation about two orthogonal axes it is normal practice to employ some form of gimbal structure. An alternative solution is presented whereby the motion is obtained by a self contained two-axis hydraulic actuator. The design, analysis and manufacture of the device is discussed. Preliminary experimental tests have shown that the basic design of the device is sound. Some possible fields of application are suggested.

Numerical Testing and Validation of LVI on Composite Plates

2019 ◽  
Vol 957 ◽  
pp. 358-365
Author(s):  
Giuseppe Lamanna ◽  
Francesco Caputo
Keyword(s):  
Residual Life ◽  
Numerical Models ◽  
Laminated Composite ◽  
Composite Plates ◽  
Experimental Tests ◽  
Numerical Code ◽  
Experimental Comparison ◽  
Structural Behaviour ◽  
Numerical Tests ◽  
Impact Energies

Laminated composite plates are widely used in the aerospace field, the prediction of their residual life is a interesting challenge for research communities. Their structural behaviour could be affected by several rupture mechanisms due to exercise loading conditions. One of the most critical is the low velocities impacts with different impact energies. This paper deals with an experimental test program performed in order to validate a numerical model developed by using finite element method. All experimental tests were carried out under international standard ASTM D7136 while all numerical tests were carried out by use of a worldwide numerical code Abaqus®. Inter-laminar and intra-laminar rupture mechanisms were taken into account and special-purpose elements were used. Rupture criteria were implemented in the numerical models thanks to their functional ease; results of numerical-experimental comparison were presented and discussed.

scholarly journals An Experimental Comparison of Approaches to Training Insight

2019 ◽  
Vol 6 (2) ◽  
pp. 155-181
Author(s):  
James N. MacGregor ◽  
John Barton Cunningham ◽  
Jennifer Walinga
Keyword(s):  
Problem Solving ◽  
Divergent Thinking ◽  
Experimental Tests ◽  
Experimental Comparison ◽  
Future Research ◽  
Placebo Control ◽  
Fluency Training ◽  
Insight Problem ◽  
Insight Problem Solving ◽  
Flexibility Training

AbstractThe purpose of the research was to investigate different types of training in insight problem solving. In doing so, we reviewed the literature on experimental tests of procedures for training insight problem solving. The results revealed that most procedures focused either on restructuring or divergent thinking, and provided some evidence for the effectiveness of both approaches. However, we found no studies that compared the effects of the two approaches. The article reports two experiments that compared different training procedures based on restructuring and divergent thinking. For the latter, the methods focused separately on fluency, flexibility and originality training. The first experiment compared a restructuring approach with fluency training and a placebo control condition. The results indicated that the restructuring training was significantly more effective than the others, but only when instructions were verbal, not in script form. The second experiment compared restructuring training with flexibility, fluency and originality training, all presented in script form, and the results indicated that the restructuring training was significantly more effective than both fluency training and flexibility training. Implications for future research are discussed.

scholarly journals Assessment of inlet efficiency through a 3D simulation: numerical and experimental comparison

2016 ◽  
Vol 74 (8) ◽  
pp. 1926-1935 ◽  
Author(s):  
Manuel Gómez ◽  
Joan Recasens ◽  
Beniamino Russo ◽  
Eduardo Martínez-Gomariz
Keyword(s):  
Three Dimensional ◽  
Experimental Tests ◽  
Experimental Comparison ◽  
Joint Analysis ◽  
Geometrical Parameters ◽  
Geometric Conditions ◽  
Test Platform ◽  
Rain Events ◽  
Joint Behaviour ◽  
Flow Transfer

Inlet efficiency is a requirement for characterizing the flow transfers between surface and sewer flow during rain events. The dual drainage approach is based on the joint analysis of both upper and lower drainage levels, and the flow transfer is one of the relevant elements to define properly this joint behaviour. This paper presents the results of an experimental and numerical investigation about the inlet efficiency definition. A full scale (1:1) test platform located in the Technical University of Catalonia (UPC) reproduces both the runoff process in streets and the water entering the inlet. Data from tests performed on this platform allow the inlet efficiency to be estimated as a function of significant hydraulic and geometrical parameters. A reproduction of these tests through a numerical three-dimensional code (Flow-3D) has been carried out simulating this type of flow by solving the RANS equations. The aim of the work was to reproduce the hydraulic performance of a previously tested grated inlet under several flow and geometric conditions using Flow-3D as a virtual laboratory. This will allow inlet efficiencies to be obtained without previous experimental tests. Moreover, the 3D model allows a better understanding of the hydraulics of the flow interception and the flow patterns approaching the inlet.

A predictive estimation based control strategy for a quasi-resonant dc-link inverter

2013 ◽  
Vol 61 (4) ◽  
pp. 757-762
Author(s):  
M. Turzyński ◽  
P. Banach ◽  
P. Murawski ◽  
R. Pepliński ◽  
P.J. Chrzan
Keyword(s):  
Output Voltage ◽  
Experimental Tests ◽  
Current Signal ◽  
Output Current ◽  
Estimation Strategy ◽  
Ac Drives ◽  
Resonant Inverter ◽  
Laboratory Setup ◽  
Current Estimation ◽  
One Step

Abstract Control of parallel quasi resonant dc link inverters (PQRDCLI) is usually based on dc link input inverter current. Instead of a direct measurement of this noise sensitive and fast changing current signal - its estimation with one step prediction may be considered. Estimation of an input inverter current is based on inverter output current measurements, applied in most of power electronics controlled ac drives. In this paper, the PQRDCLI fed induction motor (IM) with a predictive current estimation stabilizes resonant inverter output voltage slopes du/dt independently of load. By control of output voltage derivatives, reduction of overvoltage spikes and common mode motor currents is achieved. An analysis of the PQRDCLI control with a predictive current estimation strategy is verified by the Saber system simulation and experimental tests in a laboratory setup.

scholarly journals Portfolio Claustrophobia: Asset Pricing in Markets with Illiquid Assets

2009 ◽  
Vol 99 (4) ◽  
pp. 1119-1144 ◽  
Author(s):  
Francis A Longstaff
Keyword(s):  
Asset Pricing ◽  
Heterogeneous Agents ◽  
Exchange Economy ◽  
Equilibrium Price ◽  
The Other ◽  
Dramatic Effect ◽  
Blackout Period ◽  
Illiquid Assets

Many classes of assets are illiquid or nonmarketable in that they cannot always be traded immediately. Thus, a portfolio position in these becomes at least temporarily irreversible. We study the asset-pricing implications of this type of illiquidity in an exchange economy with heterogeneous agents. In this market, one asset is always liquid. The other asset can be traded initially, but then not again until after a “blackout” period. Illiquidity has a dramatic effect. Agents abandon diversification and choose polarized portfolios instead. The value of liquidity can represent a large portion of the equilibrium price of an asset. (JEL G11, G12)

scholarly journals Hydrogen and Oxygen Evolution in a Membrane Photoreactor Using Suspended Nanosized Au/TiO2 and Au/CeO2

2019 ◽  
Vol 3 (1) ◽  
pp. 5 ◽  
Author(s):  
Tiziana Marino ◽  
Alberto Figoli ◽  
Antonio Molino ◽  
Pietro Argurio ◽  
Raffaele Molinari
Keyword(s):  
Oxygen Evolution ◽  
Membrane Reactor ◽  
Experimental Tests ◽  
Ion Concentration ◽  
Oxygen Generation ◽  
Photocatalytic System ◽  
One Step ◽  
The One ◽  
Positive Effect

Photocatalysis combined with membrane technology could offer an enormous potential for power generation in a renewable and sustainable way. Herein, we describe the one-step hydrogen and oxygen evolution through a photocatalytic membrane reactor. Experimental tests were carried out by means of a two-compartment cell in which a modified Nafion membrane separated the oxygen and hydrogen evolution semi-cells, while iron ions permeating through the membrane acted as a redox mediator. Nanosized Au/TiO2 and Au/CeO2 were employed as suspended photocatalysts for hydrogen and oxygen generation, respectively. The influence of initial Fe3+ ion concentration, ranging from 5 to 20 mM, was investigated, and the best results in terms of hydrogen and oxygen evolution were registered by working with 5 mM Fe3+. The positive effect of gold on the overall water splitting was confirmed by comparing the photocatalytic results obtained with the modified/unmodified titania and ceria. Au-loading played a key role for controlling the photocatalytic activity, and the optimal percentage for hydrogen and oxygen generation was 0.25 wt%. Under irradiation with visible light, hydrogen and oxygen were produced in stoichiometric amounts. The crucial role of the couple Fe3+/Fe2+ and of the membrane on the performance of the overall photocatalytic system was found.

PROPOSITIONS OF FIVE EQUILIBRIA EXAMPLES FOR 3×2 CES/LES PURE EXCHANGE ECONOMIES

2004 ◽  
Vol 03 (04) ◽  
pp. 583-604
Author(s):  
HUI HUANG ◽  
SHUNMING ZHANG
Keyword(s):  
Parameter Space ◽  
Large Range ◽  
Exchange Economy ◽  
Exchange Economies ◽  
Numerical Examples ◽  
Pure Exchange ◽  
Pure Exchange Economy ◽  
Number Of Equilibria

This paper reports numerical examples for a 3 individual 2 good CES/LES pure exchange economy in which 5 equilibria exist. We explore the size of the regions of the parameter space for which 5 equilibria persist, and show these ranges to be very small in each parameter. Other features of the equilibrium manifolds are examined. The number of equilibria can jump from 5 to 3 to 1, or even from 5 to 1. We also find changes of (Kehoe) equilibrium indices from -1 to +1 or from +1 to -1. Then, we provide parameter changes simultaneously in a large range that preserve given 5 equilibria.

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