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  • 1
    Publication Date: 2016-12-12
    Description: This study provides new insights on the conditions of melt generation and of magma transport and storage beneath Tristan da Cunha Island in the South Atlantic. Situated at the seaward end of the Walvis Ridge-guyot hotspot track, this island is related to the evolving magmatic system of the Tristan plume. Much is known about the geochemical and isotopic composition of the alkaline lavas on Tristan, but the pressure–temperature conditions of the hotspot magmas are under-explored. This contribution reports new data from a suite of 10 samples collected during a geologic–geophysical expedition in 2012. The focus of this study is on the least-evolved, phenocryst-rich basanite lavas but we also included a sample of trachyandesite lava erupted in 1961. Mineral-melt equilibrium thermobarometry uses the composition of olivine, clinopyroxene and plagioclase phenocrysts. In addition to bulk-rock data we also analysed olivine-hosted melt inclusions for the P–T calculations. The results for olivine-melt and clinopyroxene-melt calculations suggest crystallization conditions of around 1200–1250 °C and 0.8–1.3 GPa for the least-evolved magmas (ankaramitic basanites). Combined with seismological evidence for a Moho depth of about 19 km, these results imply magma storage and partial crystallization of Tristan magmas in the uppermost mantle and at Moho level. The trachyandesite yielded values of about 1000 °C and 0.2–0.3 GPa (6 to 10 km depth), indicating further crystallization within the crust. Constraints on the depth and degree of melting at the source of Tristan basanites were derived from REE inverse modelling using our new trace element data. The model predicts 5% melt generation from a melting column with its base at 80–100 km and a top at 60 km, which is consistent with the lithospheric thickness resulting from cooling models and seismological observations. The thermobarometry and melting models combined suggest a mantle potential temperature of about 1360 °C for the Tristan hotspot.
    Repository Name: EPIC Alfred Wegener Institut
    Type: Article , NonPeerReviewed
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  • 2
  • 3
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    Zurich: University of Zurich, Department of Economics
    Publication Date: 2018-06-28
    Description: This paper reports results from a series of laboratory experiments designed to evaluate the impact of exposure risk on market performance. Exposure risk arises when there are complementarities between trades, e.g. when the purchase of a new house requires selling the old one. The continuous double auction (CDA), which has proven to be remarkably effective in a wide variety of settings, performs poorly in a treatment with high exposure risk: overall market efficiency is only 20% and there are many instances of no trade. In a parallel treatment with lower exposure risk, efficiency under the CDA is higher (55%) but is dominated, for instance, by a top-trading-cycles procedure that uses no money. The CDA's poor performance does not depend on whether house values are private information or common knowledge, indicating that exposure risk is due to strategic uncertainty not objective uncertainty about others' preferences. We introduce a simple package market and show that it effectively resolves exposure risk: efficiency levels are 82% and 89% respectively for the low and high exposure treatments. The proposed package market is a simple extension of the CDA and could potentially be applied in a variety contexts.
    Keywords: C92 ; ddc:330 ; exposure risk ; package markets ; market design ; laboratory experiments ; Risiko ; Marktstruktur ; Marktmechanismus ; Test
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 4
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    Zurich: University of Zurich, Department of Economics
    Publication Date: 2018-06-28
    Description: Charness and Dufwenberg (American Economic Review, June 2011, 1211-1237) have recently demonstrated that cheap-talk communication raises efficiency in bilateral contracting situations with adverse selection. We replicate their finding and check its robustness by introducing competition between agents. We find that communication and competition act as substitutes: communication raises efficiency in the absence of competition but lowers efficiency with competition, and competition raises efficiency without communication but lowers efficiency with communication. We briefly review some behavioral theories that have been proposed in this context and show that each can explain some but not all features of the observed data patterns. Our findings highlight the fragility of cheap-talk communication and may serve as a guide to refine existing behavioral theories.
    Keywords: C92 ; ddc:330 ; cheap talk ; adverse selection ; competition ; guilt aversion ; lie aversion ; inequality aversion ; reciprocity ; Asymmetrische Information ; Kommunikation ; Adverse Selektion ; Prinzipal-Agent-Theorie ; Verhaltensökonomik ; Spieltheorie ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 5
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    Zurich: University of Zurich, Department of Economics
    Publication Date: 2018-06-28
    Description: We use laboratory experiments to test for one of the foundations of the rational voter paradigm - that voters respond to probabilities of being pivotal. We exploit a setup that entails stark theoretical effects of information concerning the preference distribution (as revealed through polls) on costly participation decisions. The data reveal several insights. First, voting propensity increases systematically with subjects' predictions of their preferred alternative's advantage. Consequently, pre-election polls do not exhibit the detrimental welfare effects that extant theoretical work predicts. They lead to more participation by the expected majority and generate more landslide elections. Finally, we investigate subjects' behavior in polls and identify when Bandwagon and Underdog Effects arise.
    Keywords: C92 ; D02 ; D72 ; ddc:330 ; Collective Choice ; Polls ; Strategic Voting ; Wahlverhalten ; Neue politische Ökonomie ; Test ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 6
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    Zurich: University of Zurich, Department of Economics
    Publication Date: 2018-06-28
    Description: Traders' values and information typically consist of both private and common-value elements. In such environments, full allocative efficiency is impossible when the private rate of information substitution differs from the social rate (Jehiel and Moldovanu, 2001). We link this impossibility result to a failure of the efficient market hypothesis, which states that prices adequately reflect all available information (Fama, 1970, 1991). The intuition is that if prices were able to reveal all information then the common value would simply shift traders' private values by a known constant and full allocative efficiency would result. In a series of laboratory experiments we study price formation in markets with private and common values. Rational expectations, which form the basis for the efficient market hypothesis, predict that the introduction of common values has no adverse consequences for allocative and informational efficiency. In contrast, a private expectations model in which traders' optimal behavior depends on both their private and common-value information predicts that neither full allocative nor full informational efficiency is possible. We test these competing hypotheses and find that the introduction of common values lowers allocative efficiency by 28% on average, as predicted by the private expectations model, and that market prices differ significantly and substantially from their rational expectation levels. Finally, a comparison of observed and predicted payoffs suggests that observed behavior is close to the equilibrium predicted by the private expectations model.
    Keywords: C92 ; ddc:330 ; efficient market hypothesis ; informational and allocative efficiency ; experiments ; Effizienzmarkthypothese ; Marktmechanismus ; Allokationseffizienz ; Asymmetrische Information ; Test
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 7
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    Zurich: University of Zurich, Department of Economics
    Publication Date: 2018-06-28
    Description: We employ laboratory methods to study stability of competitive equilibrium in Scarf's economy (International Economic Review, 1960). Tatonnement theory predicts that prices are globally unstable for this economy, i.e. unless prices start at the competitive equilibrium they oscillate without converging. Anderson et al. (Journal of Economic Theory, 2004) report that in laboratory double auction markets, prices in the Scarf economy do indeed oscillate with no clear sign of convergence. We replicate their experiments and confirm that tatonnement theory predicts the direction of price changes remarkably well. Prices are globally unstable with adverse effects for the economy's efficiency and the equitable distribution of the gains from trade. We also introduce a novel market mechanism where participants submit demand schedules and prices are computed using Smale's global Newtonian dynamic (American Economic Review, 1976). We show that for the Scarf economy, submitting a competitive schedule, i.e. a set of quantities that maximize utility taking prices as given, is a weakly dominant strategy. The resulting outcome corresponds to the unique competitive equilibrium of the Scarf economy. In experiments that employ the schedule market, prices do not oscillate but instead converge quickly to the competitive equilibrium. Besides stabilizing prices, the schedule market is more efficient and results in highly egalitarian outcomes.
    Keywords: C92 ; D50 ; ddc:330 ; scarf economy ; tatonnement ; global Newtonian dynamic ; instability ; general equilibrium ; market design ; Tauschwirtschaft ; Marktmechanismus ; Allgemeines Gleichgewicht ; Gleichgewichtsstabilität ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 8
    Publication Date: 2013-08-31
    Description: The stability of chromium sulfate in the temperature range from 880 K to 1040 K was determined by employing a dynamic gas-solid equilibration technique. The solid chromium sulfate was equilibrated in a gas stream of controlled SO3 potential. Thermogravimetric and differential thermal analyses were used to follow the decomposition of chromium sulfate. X-ray diffraction analysis indicated that the decomposition product was crystalline Cr2O3 and that the mutual solubility between Cr2(SO4)3 and Cr2O3 was negligible. Over the temperature range investigated, the decomposition pressure were significantly high so that chromium sulfate is not expected to form on commercial alloys containing chromium when exposed to gaseous environments containing oxygen and sulfur (such as those encountered in coal gasification).
    Keywords: CHEMISTRY AND MATERIALS (GENERAL)
    Type: A-7508 , NASA-TM-78504
    Format: application/pdf
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  • 9
    Publication Date: 2013-08-31
    Description: The stability fields of various sulfide phases that form on Fe-Cr, Fe-Ni, Ni-Cr and Fe-Cr-Ni alloys were developed as a function of temperature and the partial pressure of sulfur. The calculated stability fields in the ternary system were displayed on plots of log P sub S sub 2 versus the conjugate extensive variable which provides a better framework for following the sulfidation of Fe-Cr-Ni alloys at high temperatures. Experimental and estimated thermodynamic data were used in developing the sulfur potential diagrams. Current models and correlations were employed to estimate the unknown thermodynamic behavior of solid solutions of sulfides and to supplement the incomplete phase diagram data of geophysical literature. These constructed stability field diagrams were in excellent agreement with the sulfide phases and compositions determined during a sulfidation experiment.
    Keywords: CHEMISTRY AND MATERIALS (GENERAL)
    Type: NASA-TM-78465 , A-7309
    Format: application/pdf
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  • 10
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    Berlin: Wissenschaftszentrum Berlin für Sozialforschung (WZB)
    Publication Date: 2016-09-27
    Description: We use laboratory experiments to test for one of the foundations of the rational voter paradigm - that voters respond to probabilities of being pivotal. We exploit a setup that entails stark theoretical effects of information concerning the preference distribution (as revealed through polls) on costly participation decisions. We find that voting propensity increases systematically with subjects' predictions of their preferred alternative's advantage. Consequently, pre-election polls do not exhibit the detrimental welfare effects that extant theoretical work predicts. They lead to more participation by the expected majority and generate more landslide elections.
    Keywords: C92 ; D02 ; D72 ; ddc:330 ; Collective Choice ; Polls ; Strategic Voting
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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