A Unified Cosmological Model for Solution of Problems of Cosmological Constant, Cosmic Coincidence, Energy Conservation, Flatness and Homogeneity of Horizon

Cosmological constant problem is the difference by a factor of ~10123 between quantum mechanically calculated vacuum energy density and astronomically observed value. Cosmic coincidence problem questions why matter energy density is of the same order as the present vacuum energy density (former is ~32% and latter is ~68%). Recently, by quantizing zero-point field of space, we have developed a cosmological model that predicts correct value of vacuum and non-vacuum energy density. In this paper, we remove some earlier assumptions and develop a generalized version of our cosmological model to solve three more problems viz. energy conservation, flatness and horizon problem along with the above two. For creation of universe without violating law of energy conservation, net energy of the universe including (negative) gravitational potential energy must be zero. However, in conventional method, its quantitative proof needs the space to be exactly flat i.e. zero-energy universe is a consequence of flatness. But, in this paper, we will prove a zero-energy universe without using flatness of space and then show that flatness is actually a consequence of zero energy density. Finally, using our model we solve the horizon problem of universe. Although cosmic inflation can explain the flatness of space and uniformity of horizon by invoking inflaton field, it cannot predict the present value of vacuum energy density or matter density. But, our cosmological model solves in an unified manner all the above mentioned five problems viz. cosmological constant problem, cosmic coincidence problem, energy conservation, flatness and horizon problem.

Primordial Fluctuations From Quantum Gravity

We study the fluctuations and the correlations between spatial regions generated in the primordial quantum gravitational era of the universe. We point out that these can be computed using the Lorentzian dynamics defined by the Loop Quantum Gravity amplitudes. We evaluate these amplitudes numerically in the deep quantum regime. Surprisingly, we find large fluctuations and strong correlations, although not maximal. This suggests the possibility that early quantum gravity effects might be sufficient to account for structure formation and solve the cosmological horizon problem.

Can compensation committees effectively mitigate the CEO horizon problem? The role of co-opted directors

Purpose This study aims to examine whether compensation committees dominated by co-opted directors are less effective in mitigating the CEO horizon problem. Design/methodology/approach The author uses a sample of 7,280 firm-year observations from 1998 to 2011. Findings In this study, the author finds evidence of opportunistic research and development (R&D) reduction and accruals management in firms with retiring CEOs and compensation committees dominated by co-opted directors. Moreover, it is found that R&D reduction and income-increasing accruals are less discouraged when determining the compensation for retiring CEOs by compensation committees that are dominated by co-opted directors. The results suggest that compensation committees dominated by co-opted directors are less effective in adjusting CEO compensation to mitigate the CEO horizon problem. Originality/value The study reveals that co-opted directors are weak monitors. Moreover, the study adds empirical evidence to the debate of organizations’ CEO horizon problem. Finally, the study adds to the literature on corporate governance, revealing that compensation committees play an important role in mitigating an organization’s CEO horizon problem by adjusting CEO compensation.

On some alleged “problems” and alleged “solutions” in democratic firms

PurposeThis paper will discuss two problems that have plagued the literature on the Ward-Domar-Vanek labor-managed firm (LMF) model, the perverse supply response problem and the horizon problem. The paper also discusses the solution to the horizon problem and the alleged “solution” of a membership market.Design/methodology/approachThis is a conceptual paper so it analyzes the two problems and shows how they can be resolved. It also shows how one alleged “solution” (membership market) is based on several conceptual mistakes about the structure of rights in a democratic firm.FindingsThe perverse supply response is based on the assumption that the members of a democratic firm can expel for no cause some members when it would benefit the remaining members. It is shown that the same perverse behavior happens conceptually and historically in a conventional firm under the same assumptions. The horizon problem is resolved by the system of internal capital accounts (ICAs) that has been independently invented at least four times.Research limitations/implicationsThe idea of a democratic firm is quite often dismissed by conventional economists: “At first it seems like a good idea but unfortunately it is plagued by structural problems such as the perverse supply response and the horizon problem.” Hence it is important to see that the first is not a problem under ordinary assumptions and that the second is a solved problem.Practical implicationsThe perverse supply response problem can be reproduced in a conventional firm under similar assumptions, and the horizon problem is real problem for social or common ownership firms but is solved in the Mondragon-type worker cooperatives by the system of ICAs. This has been known and published since the early 1980s, but conventional economists ignore the solution and still cite it as an inherent structure problem of a democratic firm.Originality/valueIt has not been previously shown in the LMF literature that the perverse supply response can be reproduced in a conventional corporation under similar assumptions since the maximand for the conventional firm is not total market value but that value per current shareholder. The solution to the horizon problem using ICAs has long been “known” but never acknowledged in the conventional literature as if it was a necessary feature of workplace democracy. The idea of a membership market is analyzed and criticized.

Viability of slow-roll inflation in light of the non-zero k min measured in the cosmic microwave background power spectrum

Slow-roll inflation may simultaneously solve the horizon problem and generate a near scale-free fluctuation spectrum P ( k ). These two processes are intimately connected via the initiation and duration of the inflationary phase. But a recent study based on the latest Planck release suggests that P ( k ) has a hard cut-off, k min ≠ 0 , inconsistent with this conventional picture. Here, we demonstrate quantitatively that most—perhaps all—slow-roll inflationary models fail to accommodate this minimum cut-off. We show that the small parameter ϵ must be ≳ 0.9 throughout the inflationary period to comply with the data, seriously violating the slow-roll approximation. Models with such an ϵ predict extremely red spectral indices, at odds with the measured value. We also consider extensions to the basic picture (suggested by several earlier workers) by adding a kinetic-dominated or radiation-dominated phase preceding the slow-roll expansion. Our approach differs from previously published treatments principally because we require these modifications not only to fit the measured fluctuation spectrum but also simultaneously to fix the horizon problem. We show, however, that even such measures preclude a joint resolution of the horizon problem and the missing correlations at large angles.

Members’ perceptions of governance in agricultural cooperatives: Evidence from Spain

This article examines some aspects related to perceptions of agricultural cooperative members. Most arguments employed are based on agency and property rights theories. The sample consists of 196 satisfaction surveys completed by agricultural cooperative members and accounting information from Spanish cooperatives. The results show that when members do not perceive any serious agency problems, the performance of the firm is higher. We also find that members are not discouraged from investing by awareness of the free-rider problem, and the less risk averse members are, the higher is the long-term debt ratio. Finally, members’ perceptions of the time horizon problem have no impact on the time frame for investment.