On the role of heterogeneous and imperfect information in a laboratory financial market

In this paper, we analyze the behavior of a group of heterogeneously informed investors in an laboratory asset market. Our experimental setting is inspired by Huber et al. (On the benefit of information in markets with heterogeneously informed traders: an experimental study, 2004). However, instead of their system of cumulative and exogenously given information structure, we introduce an information market where the traders can buy an imperfect prediction of the future value of the dividend with a maximum anticipation of four periods. The accuracy of the prediction decreases with the chosen time horizon, whereas its price remains constant. Our results confirm a non-strictly monotonic increasing value of the information.     

Study of the spontaneous formation of organic layers on carbon and metal surfaces from diazonium salts

This study investigates the spontaneous grafting of different para-substituted phenyl groups on carbon and metallic surfaces from diazonium salts solutions. Glassy carbon, nickel, zinc and iron plates were allowed to react with an acetonitrile solution of aryldiazonium tetrafluoroborate salt by simple dipping. The surfaces were characterized before and after their immersion by XPS and AFM to evidence the formation of a coating on the different materials. The results are indicative of the presence of substituted phenyl groups on all the investigated surfaces. This study also aims at correlating grafting efficiency with metal reactivities and diazonium salt electronic properties by means of AFM and FT-IRRAS. For this purpose, zinc and nickel were chosen due to their opposite reducing properties and two diazonium salts were selected with electron-donor or -withdrawing para-substituents. The results tend to indicate that redox properties of both partners (diazonium + metal) are of prime importance for grafting to occur.     

A neuro-fuzzy system for X-ray spectra interpretation

A decision scheme for the interpretation of spectra from wavelength dispersive X-ray fluorescence spectrometry is described that encompasses elements from three areas of artificial intelligence: fuzzy logic, rule based expert systems and neural net technology.After transforming the recorded spectra to line spectra by appropriate background correction a reasoning scheme is applied that takes into account not only the observed spectra, but also the recording conditions and prior spectroscopic information regarding the relative emission probabilities and the usefulness of the different lines for the purpose of element identification. The latter is done on the basis of a previously described scheme to compute conditional a posteriori Bayes probabilities for a mean matrix. These different pieces of information are then assembled into a battery of fuzzy rules. The importance of the rules as well as the importance of the X-ray lines is determined in a training process, similar to the one in a feedforward back-propagation network.To further stabilize the results this network is pruned in a second training cycle. This, however, had little effect on the quality of interpretation.The advantages of this approach to the interpretation of X-ray spectra over older ones are numerous: the system adapts itself to better interpret spectra that are of greater importance to a laboratory as these are better represented in the training set; the fuzzy logic is capable of working with incomplete and uncertain knowledge, and the neural network results based on these fuzzy rules is readily interpretable by the X-ray spectroscopist as every rule can be expressed also in natural language as in any classical rule based system.On leave from Silesian University, Katowice, Poland     

Structural and magnetic investigations of the mixed-valence Fe(II,III) two-dimensional layer complex, [Fe2(II) Fe2(III)(HCOO)10(C6H7N)6]n.

The structure of the complex, [Fe2(II)Fe2(III)(HCOO)10(C6H7N6)n, (1) exhibits a neutral two-dimensional layer network of alternating iron(II) and iron(III) ions, bridged equatorially by formate groups. All iron atoms are octahedrally coordinated, with iron(III) coordinating axially to one gamma-picoline and one formate group, while the iron(II) centers interact axially with two gamma-picoline groups, above and below the layer plane. The complex crystallizes in the triclinic space group P1 at all studied temperatures [at 120 K, the cell dimensions are: a = 10.228(1), b = 12.071(1), c = 12.072(1) A, alpha = 89.801(2), beta = 71.149(2), gamma = 73.371(2) degrees]. An intralayer antiferromagnetic exchange interaction of J = -2.8 cm(-1) between iron(II) and iron(III) was observed in the magnetic studies. Decreasing the temperature to close to 20 K causes a magnetic-ordering phenomenon to occur and a low-temperature phase with a long-range antiferromagnetic spin orientation appears. The magnetic phase transition was confirmed by M?ssbauer spectroscopic studies at temperatures above and below the critical temperature. Structural information of 1 from synchrotron X-ray diffraction data collected at room temperature and 16 K suggests that the antiferromagnetic ordering is caused by an enhanced pi-pi interaction between chi-picoline groups from adjacent layers.     

The effect of a magnetic field on the singlet/triplet ratio in geminate ion recombination

Excited state formation by ion recombination in solutions of fluorene in squalene has been studied by pulse radiolysis at the center of a large electromagnet. The products of the slower part of the ion recombination are affected by an applied magnetic field. The fluorescence yield increases by a factor of about 1.5 whereas the triplet yield decreases.