On the strategic origin of Brownian motion in finance

This paper is concerned with the strategic use of a private information on the stock market. A repeated auction model is used to analyze the evolution of the price system on a market with asymmetric information.  The model turns out to be a zero-sum repeated game with one-sided information, as introduced by Aumann and Maschler.  The stochastic evolution of the price system can be explicitly computed in the n times repeated case. As n grows to ∞, this process tends to a continuous time martingale related to a Brownian Motion.  This paper provides in this way an endogenous justification for the appearance of Brownian Motion in Finance theory. Received: February 2002     

Inverted Organic Solar Cells with Sol–Gel Processed High Work‐Function Vanadium Oxide Hole‐Extraction Layers

For large‐scale and high‐throughput production of organic solar cells (OSCs), liquid processing of the functional layers is desired. We demonstrate inverted bulk‐heterojunction organic solar cells (OSCs) with a sol–gel derived V₂O₅ hole‐extraction‐layer on top of the active organic layer. The V₂O₅ layers are prepared in ambient air using Vanadium(V)‐oxitriisopropoxide as precursor. Without any post‐annealing or plasma treatment, a high work function of the V₂O₅ layers is confirmed by both Kelvin probe analysis and ultraviolet photoelectron spectroscopy (UPS). Using UPS and inverse photoelectron spectroscopy (IPES), we show that the electronic structure of the solution processed V₂O₅ layers is similar to that of thermally evaporated V₂O₅ layers which have been exposed to ambient air. Optimization of the sol gel process leads to inverted OSCs with solution based V₂O₅ layers that show power conversion efficiencies similar to that of control devices with V₂O₅ layers prepared in high‐vacuum.     

High-Power Single-Mode Distributed-Feedback Interband Cascade Lasers for the Midwave-Infrared

A single-mode output power of 41 mW has been obtained at T=120 K and lambdaap3.44 mum from a narrow-ridge interband cascade laser patterned with a Ge distributed-feedback grating. The sidemode suppression ratio at the maximum power is 23 dB, and the linewidth of 0.1 nm is instrument-limited. An alternate contacting geometry yielded robust single-mode output over a broad range of currents and temperatures, and current tuning of the wavelength by up to 17 nm     

Structure of the Triplet of low-lying states in101Mo

The properties of the triplet of low-lying states in¹⁰¹Mo have been studied through spectroscopy of theγ radiation following thermal neutron capture in¹⁰⁰Mo and β^? decay of¹⁰¹Nb and through a measurement of the proton angular distributions in the¹⁰⁰Mo(d,p) reaction with 14 MeV deuteron energy. The half-lives of the 13.5 keV state and the 57.0 keV 5/2⁺ state have been measured as 226(7) and 133(7)ns, respectively. These values and the quadrupole/dipole mixing ratios of the 13.5 keV and 43.5 keV transitions yield spin and parity 3/2⁺ for the 13.5 keV level. The E2 components in the 13.5 (3/2⁺ →1/2⁺) and 43.5 keV (5/2⁺→3/2⁺) transitions are ≦ 8·10^?4 and 54(9)%, respectively. The possibility of an additional state near to the 57.0 keV level is discussed. IBFM/PTQM calculations, taking into consideration the transitional character of the¹⁰⁰Mo boson core, account for the electromagnetic-transition and transfer-reaction pattern of the triplet of states.     

Enhanced superconductivity in zirconium after H(D) implantation

Zirconium foils (superconducting transition atT _c =0.7 K) were implanted at liquid helium temperatures with hydrogen, deuterium and helium. In all cases a remarkable increase ofT _c was observed. Implantation of the inert He atoms leads only to the introduction of lattice defects, which is known to increaseT _c of Zr. However, the implanted H and D atoms exert an additional influence on the superconducting behavior based on a change of the electronic properties and an increase of the electron-phonon coupling. Introduction of lattice defects seems to account for theT _c increase to 1.49 K after He implantation, whereasT _c is even more enhanced by implantation of the hydrogen isotopes. The maximum values forT _c are 3.14 K for H and 4.65 K for D implantation. The concentration necessary to produce a saturation inT _c for both isotopes is H(D)/Zr0.13. The remarkably highT _c for the heavier isotope corresponds to an extreme inverse isotope effect. A smaller inverse isotope effect was found earlier in the Pd –H(D) system, where it could be explained by anharmonic effects.Dedicated to Prof. Dr. W. Buckel on the occasion of his 60th birthday     

Isotope Studies of Hydrogen and Oxygen in Ground Ice - Experiences with the Equilibration Technique

Abstract

Equilibration technique suitable for a large amount ofsamples is described for hydrogen and oxygen isotope analyses of ground ice, especially ice wedges, including the sampling strategy and the analytical procedure as well as the calibration of the Finnigan MAT Delta-S mass spectrometer in June, 1999. Since for future analyses of ice wedges, a higher sampling resolution with limited sample volume is required, the limit of the equliibration technique for small water samples size of between 0.05 and 5 ml was checked. For water samples smaller than 1ml, corresponding to a molar ratio [H₂O]/[H₂] of smaller than 0.994, a balance correction has to be applied. The experimental errors due to partial evaporation during evacuation, the balance calcultion of the isotope equilibration process, the linearity as well as memory effects of the mass spectrometer for smaples with large differences in δ¹⁸O and δD are tackled in this paper. In the polar regions of Northern Siberia without Late Pleistocene and Holocene glaciation, ground ice is used as an archive for paleoclimate studies. First results of stable isotope measurements on ice wedges clearly show a shift towards heavier isotopes and thus warmer winter temperatures as well as a change in the source of the precipitation between Late Pleistocene and Holocene. These results indicate the high potential of ground ice for paleoclimate studies.     

Passive 350 GHz Video Imaging Systems for Security Applications

Journal of Infrared, Millimeter, and Terahertz Waves - Passive submillimeter-wave imaging is a concept that has been in the focus of interest as a promising technology for personal security...     

MR imaging findings in recurrent primary osseous Ewing sarcoma

The objective of this study was to determine the value of magnetic resonance (MR) imaging in diagnosing local recurrence of Ewing sarcoma. We retrospectively reviewed radiographs, Tc^99m-methylene diphosphonate (MDP) skeletal scintigraphy, computed tomography scans, and MR studies of 11 patients who had local recurrences of osseous Ewing sarcoma following initial responses to chemotherapy and local radiation. The MR images were compared to those of a control group of nine patients who had no evidence of relapse. T₁- and T₂-weighted MR images identified 9 of the 11 recurrences. Computed tomography was diagnostic in 4 of 6 cases evaluated, Tc^99m-MDP bone scintigraphy in 4 of 11 cases, and plain radiographs in 2 of 10. MR findings at relapse included changes in signal intensity, increased extent of abnormal marrow signal on T₁- and T₂-weighted images, and identification of a new soft tissue mass. These findings suggest that MR imaging is valuable in the routine follow-up of parimary osseous Ewing sarcoma.