We analyse a high resolution simulation of the formation of a cluster’s dark-matter halo in a ΛCDM cosmology (Springel et al. 2001). The resolution achieved allows us to map the phase-space structure in detail, and characterize its evolution and degree of lumpiness. Scaling down the cluster halo to a Milky-Way size halo, we probe the substructure expected in the solar neighbourhood. Here we spe...

Accumulating microeconomic evidence points both to firm level adjustment lumpiness and to the significant influence of idiosyncratic disturbances. Do these matter for aggregate fluctuations, or do their effects largely vanish upon aggregation? This paper explores the implications of local strategic complementarities and firmlevel adjustment lumpiness for aggregate fluctuations. It shows that sm...

We present an analytically tractable general equilibrium business cycle model that features micro-level investment lumpiness. We prove an exact irrelevance proposition which provides sufficient conditions on preferences, technology, and the fixed cost distribution such that any positive upper support of the fixed cost distribution yields identical equilibrium dynamics of the aggregate quantitie...

Opportunity cost is a central concept in decision making. It is difficult to measure because it is the value associated with opportunities foregone. In this paper, we characterize three timebased dimensions of resources to help understand and estimate opportunity costs. These dimensions capture the intrinsic lumpiness of resources with respect to their acquisition (acquisition granularity), the...

Empirical studies showed that …rm-level volatility has been increasing but the aggregate volatility has been decreasing in the US for the post-war period. This paper proposes a uni…ed explanation for these diverging trends. Our explanation is based on a story of …nancial development –measured by the reduction of borrowing constraints because of greater access to external …nancing and options fo...

Empirical studies showed that …rm-level volatility has been increasing but the aggregate volatility has been decreasing in the US for the post-war period. This paper proposes a uni…ed explanation for these diverging trends. Our explanation is based on a story of …nancial development –measured by the reduction of borrowing constraints because of greater access to external …nancing and options fo...

Abstract The study investigates the firm high growth phenomenon and its relationships with reorganization costs external financial dependence. We use a sample of medium-sized Italian fast-growing firms. Fast-growth firms are structured enough to plan strategies not depend on occasional events. paper provides insight into lumpiness process expansion accompanying reorganization, conditional prese...

Liquid carbon dioxide blasting technology has a wide range of applications and is characterized by sound fracturing effects, low vibration hazards, high safety. In order to investigate the characteristics mechanism CO2 phase change rock breaking, liquid tests on rock-like specimens were carried out in this paper. The results show that 130 MPa threshold value at which system moves from dynamic t...

A Spigelian hernia (or lateral ventral hernia) is a hernia through the spigelian fascia, which is the aponeurotic layer between the rectus abdominis muscle medially, and the semilunar line laterally. So far, about 1000 cases have been reported worldwide. These hernias are difficult to diagnose as they do not present with a subcutaneous swelling and have high risk of going for strangulation. We ...

Opportunity cost is a central concept in decision making. It is difficult to measure because it is the value associated with opportunities foregone. In this paper, we characterize three timebased dimensions of resources to help understand and estimate opportunity costs. These dimensions capture the intrinsic lumpiness of resources with respect to their acquisition (acquisition granularity), the...