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The deconfinement transition region between hadronic matter and quark-gluon plasma is studied for finite volumes. Assuming simple model equations of state and a first order phase transition, we find that fluctuations in finite volumes hinder a sharp separation between the two phases around the critical temperature, leading to a rounding of the phase transition. For reaction volumes expected in heavy ion experiments, the softening of the equation of state is reduced considerably. This is especially true when the requirement of exact color-singletness is included in the QGP equation of state.
A self-consistent relativistic integral-di erential equation of the Boltzmann- Uehling-Uhlenbeck-type for the N*(1440) resonance is developed based on an effective Lagrangian of baryons interacting through mesons. The closed time-path Green s function technique and semi-classical, quasi-particle and Born approxima- tions are employed in the derivation. The non-equilibrium RBUU-type equation for the N*(1440) is consistent with that of nucleon s and delta s which we derived before. Thus, we obtain a set of coupled equations for the N,Delta and N*(1440) distribution functions. All the N (1440)-relevant in-medium two-body scattering cross sections within the N,Delta and N*(1440) system are derived from the same effective Lagrangian in addition to the mean field and presented analytically, which can be directly used in the study of relativistic heavy-ion collisions. The theoreticalprediction of the free pp - pp* (1440) cross section is in good agreement with the experimental data. We calculate the in-medium N+N - N+N* , N* +N - N+N and N*+N - N* +N cross sections in cold nuclear matter up to twice the nuclear matter density. The influence of different choices of the N* N* coupling strengths, which can not be obtained through fitting certain experimental data, are discussed. The results show that the density dependence of predicted in-medium cross sections are sensitive to the N* N* coupling strengths used. An evident density dependence will appear when a large scalar coupling strength of g^(sigma) N*N* is assumed. PACS number(s): 24.10.Cn; 25.70.-z; 21.65.+f
We find that on average consumers chose the contract that ex post minimized their net costs. A substantial fraction of consumers (about 40%) still chose the ex post sub-optimal contract, with some incurring hundreds of dollars of avoidable interest costs. Nonetheless, the probability of choosing the sub-optimal contract declines with the dollar magnitude of the potential error, and consumers with larger errors were more likely to subsequently switch to the optimal contract. Thus most of the errors appear not to have been very costly, with the exception that a small minority of consumers persists in holding substantially sub-optimal contracts without switching. Klassifikation: G11, G21, E21, E51
Using a set of regional inflation rates we examine the dynamics of inflation dispersion within the U.S.A., Japan and across U.S. and Canadian regions. We find that inflation rate dispersion is significant throughout the sample period in all three samples. Based on methods applied in the empirical growth literature, we provide evidence in favor of significant mean reversion (ß-convergence) in inflation rates in all considered samples. The evidence on ó-convergence is mixed, however. Observed declines in dispersion are usually associated with decreasing overall inflation levels which indicates a positive relationship between mean inflation and overall inflation rate dispersion. Our findings for the within-distribution dynamics of regional inflation rates show that dynamics are largest for Japanese prefectures, followed by U.S. metropolitan areas. For the combined U.S.-Canadian sample, we find a pattern of within-distribution dynamics that is comparable to that found for regions within the European Monetary Union (EMU). In line with findings in the so-called 'border literature' these results suggest that frictions across European markets are at least as large as they are, e.g., across North American markets. Klassifikation: E31, E52, E58
Using a unique data set of regional inflation rates we are examining the extent and dynamics of inflation dispersion in major EMU countries before and after the introduction of the euro. For both periods, we find strong evidence in favor of mean reversion (ß-convergence) in inflation rates. However, half-lives to convergence are considerable and seem to have increased after 1999. The results indicate that the convergence process is nonlinear in the sense that its speed becomes smaller the further convergence has proceeded. An examination of the dynamics of overall inflation dispersion (ó-convergence) shows that there has been a decline in dispersion in the first half of the 1990s. For the second half of the 1990s, no further decline can be observed. At the end of the sample period, dispersion has even increased. The existence of large persistence in European inflation rates is confirmed when distribution dynamics methodology is applied. At the end of the paper we present evidence for the sustainability of the ECB's inflation target of an EMU-wide average inflation rate of less than but close to 2%. Klassifikation: E31, E52, E58
The paper documents lack of awareness of financial assets in the 1995 and 1998 Bank of Italy Surveys of Household Income and Wealth. It then explores the determinants of awareness, and finds that the probability that survey respondents are aware of stocks, mutual funds and investment accounts is positively correlated with education, household resources, long-term bank relations and proxies for social interaction. Lack of financial awareness has important implications for understanding the stockholding puzzle and for estimating stock market participation costs. Klassifikation: E2, D8, G1
The theory of intertemporal consumption choice makes sharp predictions about the evolution of the entire distribution of household consumption, not just about its conditional mean. In the paper, we study the empirical transition matrix of consumption using a panel drawn from the Bank of Italy Survey of Household Income and Wealth. We estimate the parameters that minimize the distance between the empirical and the theoretical transition matrix of the consumption distribution. The transition matrix generated by our estimates matches remarkably well the empirical matrix, both in the aggregate and in samples stratified by education. Our estimates strongly reject the consumption insurance model and suggest that households smooth income shocks to a lesser extent than implied by the permanent income hypothesis. Klassifikation: D52, D91, I30
Trusting the stock market
(2005)
We provide a new explanation to the limited stock market participation puzzle. In deciding whether to buy stocks, investors factor in the risk of being cheated. The perception of this risk is a function not only of the objective characteristics of the stock, but also of the subjective characteristics of the investor. Less trusting individuals are less likely to buy stock and, conditional on buying stock, they will buy less. The calibration of the model shows that this problem is sufficiently severe to account for the lack of participation of some of the richest investors in the United States as well as for differences in the rate of participation across countries. We also find evidence consistent with these propositions in Dutch and Italian micro data, as well as in cross country data. Klassifikation: D1, D8
Credit card debt puzzles
(2005)
Most US credit card holders revolve high-interest debt, often combined with substantial (i) asset accumulation by retirement, and (ii) low-rate liquid assets. Hyperbolic discounting can resolve only the former puzzle (Laibson et al., 2003). Bertaut and Haliassos (2002) proposed an 'accountant-shopper' framework for the latter. The current paper builds, solves, and simulates a fully-specified accountant-shopper model, to show that this framework can actually generate both types of co-existence, as well as target credit card utilization rates consistent with Gross and Souleles (2002). The benchmark model is compared to setups without self-control problems, with alternative mechanisms, and with impatient but fully rational shoppers. Klassifikation: E210, G110
Some have argued that recent increases in credit risk transfer are desirable because they improve the diversification of risk. Others have suggested that they may be undesirable if they increase the risk of financial crises. Using a model with banking and insurance sectors, we show that credit risk transfer can be beneficial when banks face uniform demand for liquidity. However, when they face idiosyncratic liquidity risk and hedge this risk in an interbank market, credit risk transfer can be detrimental to welfare. It can lead to contagion between the two sectors and increase the risk of crises. Klassifikation: G21, G22
How do markets spread risk when events are unknown or unknowable and where not anticipated in an insurance contract? While the policyholder can "hold up" the insurer for extra contractual payments, the continuing gains from trade on a single contract are often too small to yield useful coverage. By acting as a repository of the reputations of the parties, we show the brokers provide a coordinating mechanism to leverage the collective hold up power of policyholders. This extends both the degree of implicit and explicit coverage. The role is reflected in the terms of broker engagement, specifically in the ownership by the broker of the renewal rights. Finally, we argue that brokers can be motivated to play this role when they receive commissions that are contingent on insurer profits. This last feature questions a recent, well publicized, attack on broker compensation by New York attorney general, Elliot Spitzer. Klassifikation: G22, G24, L14
Biophysical investigation of the ligand-induced assembling of the human type I interferon receptor
(2005)
Type I interferons (IFNs) elicit antiviral, antiproliferative and immunmodulatory responses through binding to a shared receptor consisting of the transmembrane proteins ifnar1 and ifnar2. Differential signaling by different interferons – in particular IFNalpha´s and IFNbeta – suggest different modes of receptor engagement. In this work either single ligand-receptor interactions or the formation of the extracellular part of a signaling complex were investigated referring to thermodynamics, kinetics, stoichiometry and structural organization. Initially an expression and purification strategy for the extracellular domain of ifnar1 (ifnar1-EC) using Sf9 insect cells yielding in mg amounts of glycosylated protein was established. Using reflectometric interference spectroscopy (RIfS) the interactions between IFNalpha2/beta and ifnar1-EC and ifnar2-EC was studied in order to understand the individual energetic contributions within the ternary complex. For IFNalpha2 a Kd of 5 µM for the interaction with ifnar1-EC was determined. Substantially tighter binding of IFNbeta with both ifnar2-EC and ifnar1-EC compared to IFNalpha2 was observed. For neither IFNalpha2 nor IFNbeta stabilization of the complex with ifnar1-EC in presence of soluble ifnar2-EC was detectable. In addition, no direct interaction between ifnar2 and ifnar1 was could be shown. Thus, stem-stem interactions between the extracellular domains of ifnar1 and ifnar2 do not seem to play a role for ternary complex formation. Furthermore, ligand-induced cross-talk between ifnar1-EC and ifnar2-EC being tethered onto solid-supported, fluid lipid bilayers was investigated by RIfS and total internal reflection fluorescence spectroscopy. A very stable binding of IFNalpha2 at high receptor surface concentrations was observed with an apparent kd approximately 200-times lower than for ifnar2-EC alone. This apparent kd was strongly dependent on the surface concentration of the receptor components, suggesting kinetic rather than static stabilization, which was corroborated by competition experiments. These results indicate that signaling is activated by transient cross-talk between ifnar1 and ifnar2, which is by several orders of magnitude more efficiently engaged by IFNbeta than by IFNalpha2. With respect to differential recognition of different IFNs ifnar1-EC was dissected into sub-fragments containing different of the four Ig-like domains. The appropriate folding and glycosylation of these proteins, also purified in mg amounts were confirmed by SDS-PAGE, size exclusion chromatography and CD-spectroscopy. Surprisingly, only one construct containing all three N-terminal Ig-like domains was active in terms of ligand binding, indicating that these domains were required. Competitive binding of IFNalpha2 and IFNbeta to both this fragment and ifnar1-EC was demonstrated. Cellular binding assays with different fragments, however, highlight the key role of the membrane-proximal Ig-like domain for the formation of an in situ IFN-receptor complex and the ensuing signal activation. Even substitution with Ig-like domains from homologous cytokine receptors did not restore high-affinity ligand binding. Receptor assembling analysis on supported lipid bilayer revealed that appropriate orientation of the receptor is required, which is controlled by the membrane-proximal Ig-domain. All results indicate that differential signalling is encoded by the efficiency of signalling complex formation, which is controlled by the binding affinity of IFNs to the extracellular domains of ifnar1 and 2.
Preliminary experimental data for particle number ratios in the collisions of Au+Au at the BNL AGS (11A GeV/c) and Pb+Pb at the CERN SPS (160A GeV/c) are analyzed in a thermodynamically consistent hadron gas model with excluded volume. Large values of temperature, T = 140 185 MeV, and baryonic chemical potential, µb = 590 270 MeV, close to the boundary of the quark-gluon plasma phase are found from fitting the data. This seems to indicate that the energy density at the chemical freezeout is tremendous which would be indeed the case for the point-like hadrons. However, a self-consistent treatment of the van der Waals excluded volume reveals much smaller energy densities which are very far below a lowest limit estimate of the quark-gluon plasma energy density. PACS number(s): 25.75.-q, 24.10.Pa
We study the bremsstrahlung of virtual omega mesons due to the collective deceleration of nuclei at the initial stage of an ultrarelativistic heavy ion collision. It is shown that electromagnetic decays of these mesons may give an important contribution to the observed yields of dileptons. Mass spectra of e+e and µ+µ pairs produced in central Au+Au collisions are calculated under some simplifying assumptions on the space time variation of the baryonic current in a nuclear collision process. Comparison with the CERES data for 160 AGev Pb+Au collisions shows that the proposed mechanism gives a noticeable fraction of the observed e+e pairs in the intermediate region of invariant masses. Sensi tivity of the dilepton yield to the in medium modification of masses and widths of vector mesons is demonstrated.
Collective bremsstrahlung of vector meson fields in relativistic nuclear collisions is studied within the time dependent Walecka model. Mutual deceleration of the colliding nuclei is described by introducing the e ective stopping time and average rapidity loss of baryons. It is shown that electromagnetic decays of virtual ω mesons produced by bremsstrahlung mechanism can provide a substantial contribution to the soft dilepton yield at the SPS bombarding energies. In particular, it may be responsible for the dilepton enhancement observed in 160 AGev central Pb+Au collisions. Suggestions for future experiments to estimate the relative contribution of the collective mechanism are given.
Dielectron mass spectra are examined for various nuclear reactions recently measured by the DLS collaboration. A detailed description is given of all dilepton channels included in the transport model UrQMD 1.0, i.e. Dalitz decays of π, η, ω, ή mesons and of the (1232) resonance, direct decays of vector mesons and pn bremsstrahlung. The microscopic calculations reproduce data for light systems fairly well, but tend to underestimate the data in pp at high energies and in pd at low energies. These conventional sources, however, cannot explain the recently reported enhancement for nucleus-nucleus collisions in the mass region 0.15GeV ≤ Me+e- ≤ 0.6GeV. Chiral scaling and ω meson broadening in the medium are investigated as a source of this mass excess. They also cannot explain the recent DLS data.
The transverse momentum distribution of prompt photons coming from the very early phase of ultrarelativistic heavy ion collisions for the RHIC and LHC energies is calculated by means of perturbative QCD. We calculate the single photon cross section (A + B -> gamma + X) by taking into account the partonic sub processes q + q -> gamma + g and q + g -> gamma + q as well as the Bremsstrahlung corrections to those processes. We choose a lower momentum cut-off k0 = 2 GeV separating the soft physics from perturbative QCD. We compare the results for those primary collisions with the photons produced in reactions of the thermalized secondary particles, which are calculated within scaling hydrodynamics. The QCD processes are taken in leading order. Nuclear shadowing corrections, which alter the involved nuclear structure functions are explicitly taken into account and compared to unshadowed results. Employing the GRV parton distribution parametrizations we find that at RHIC prompt QCD-photons dominate over the thermal radiation down to transverse momenta kT ≈ 2 GeV. At LHC, however, thermal radiation from the QGP dominates for photon transverse momenta kT ≤ 5 GeV, if nuclear shadowing effects on prompt photon production are taken into account.
Direct photon production in central Pb+Pb collisions at CERN-SPS energy is calculated within the relativistic microscopic transport model UrQMD, and within distinctly di erent versions of relativistic hydrodynamics. We find that in UrQMD the local momentum distributions of the secondaries are strongly elongated along the beam axis initially. Therefore, the preequilibrium contribution dominates the photon spectrum at transverse momenta above H 1.5 GeV. The hydrodynamics prediction of a strong correlation between the temperature and radial expansion velocities on the one hand and the slope of the transverse momentum distribution of direct photons on the other hand thus is not recovered in UrQMD. The rapidity distribution of direct photons in UrQMD reveals that the initial conditions for the longitudinal expansion of the photon source (the meson fluid ) resemble rather boostinvariance than Landau-like flow.