Measurement of the distribution of the photosynthesis product in the symbiotic association of a legume, a mycorrhizal fungus, and nitrogen-fixing bacteria showed that the fungus incorporated 1 percent of the photosynthesis product and respired 3 percent. The nodules of a 5-week-old plant utilized 7 to 12 percent of the photosynthesis product. The legume compensated in partfor the needs of its m...

This paper analyzes price collusion in a repeated game with two submarkets: standard and premium quality segment. Within this setting, we study four types of price-fixing agreement: (i) segment-wide cartel the submarket only, (ii) (iii) cartels, (iv) an industry-wide cartel. We present complete characterization collusive pricing equilibrium examine corresponding effect on market shares welfare....

The estimation of the value of carbon emissions has become a major research and policy topic since the establishment of the Kyoto Protocol. The shadow price of CO2 provides information about the marginal abatement cost of this pollutant. It is an essential element in guiding environmental policy issues, since the CO2 shadow price can be used when fixing carbon tax rates, in environmental cost-b...

How does collusion start? This paper studies the emergence of collusion in the presence of multimarket contacts. It analyzes price fixing among the three main retail pharmacy chains in Chile, and how the firms were able to switch to a better equilibrium colluding gradually over products. The scope of collusion grew gradually as firms colluded on an increasingly larger number of drugs over a per...

The emergence of economic crises has forced countries to reform the development strategy with a view to improving economic management. The intervention of governments in the free functioning of the market to reduce social problems by paying subsidies in general and fixing prices have a lot of problems Which makes the information provided by the companies unrealistic and unviable. The most impor...

The general perception that laboratory markets yield efficient competitive outcomes seems to contradict the emphasis on market imperfections that pervades much of the theoretical work in industrial organization. This apparent contradiction is resolved by considering the effects of trading institutions: Competitive outcomes are indeed typical in laboratory markets where trading follows the "doub...

In this paper we deal with the problem of valuing the surrender option embedded in a participating life insurance policy with a minimum interest rate guaranteed. This feature is an American-style put option that enables the policyholder to sell back the contract to the insurer at the surrender value. By means of a recursive binomial tree à la Cox, Ross and Rubinstein (1979) we compute, first of...

The main result of this paper is that a martingale evolution can be chosen for LIBOR such that, by appropriately fixing the drift, all LIBOR interest rates have a common market measure. LIBOR is described using a quantum field theory model, and a common measure is seen to emerge naturally for such models. To elaborate how the martingale for the LIBOR belongs to the general class of numeraires f...

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In the lattice gauge theories where the links belong to a compact group, the gauge fixing is necessary only in the case of the measure of a gauge dependent operator. An expression similar to (1) but without having gauge fixed the links, defines the expectation value of a gauge independent operator. Moreover, in a lattice simulation there is no need to compute the Faddeev-Popov determinant becau...