Using the consumption-savings model proposed by Amador, Werning and Angeletos in their 2006 Econometrica paper (henceforth AWA), in which individuals face the trade-off between flexibility and commitment, we show that withdrawal penalties can be part of the optimal contract from an ex ante perspective, despite involving money-burning. For the case of two states (which we interpret as “normal ti...

Circuit design will be challenging in the future. Meeting high-speed performance requirement while dissipating low energy cannot be accomplished easily. The ability to identify the energy-delay trade-off during the initial design process allows designers to optimize the overall circuit performance. Using an inverter chain as a representative logic element, this paper investigates the energy-del...

In this paper we argue that there is a trade-off between generativity and originality in online communities that support open collaboration. We build on foundational theoretical work in peer production to formulate and test a series of hypotheses suggesting that the generativity of creative works is associated with moderate complexity, prominent authors, and cumulativeness. We also formulate an...

There has been a wide-ranging discussion on the issue of content copyright protection in digital content distribution systems. Fiat and Tassa proposed the framework of dynamic traitor tracing. Their framework requires dynamic computation transactions according to the real-time responses of the pirate, and it presumes real-time observation of content redistribution. Therefore, it cannot be simpl...

Saccadic eye movements bring objects of interest onto the high-resolution fovea. They also change the retinal location of objects, but our impression of the visual world is stable: We represent our visual world in spatiotopic coordinates. Visual stability could be the result of a null hypothesis that things do not move during a saccade, or of realigning retinal images based on an internal copy ...

Consider a possibly non-linear (n,K, d)q code. Coordinate i has locality r if its value is determined by some r other coordinates. A recent line of work obtained an optimal trade-off between information locality of codes and their redundancy. Further, for linear codes meeting this trade-off, structure theorems were derived. In this work we give a new proof of the locality / redundancy trade-off...

In practice, the supplier often offers the retailers a trade credit period M and the retailer in turn provides a trade credit period N to her/his customer to stimulate sales and reduce inventory. From the retailer’s perspective, granting trade credit not only increases sales and revenue but also increases opportunity cost (i.e., the capital opportunity loss during credit period) and defau...