The author systematically examines one of the important issues of information — establishing the market price. He introduces the concept of «search» — where a buyer wanting to get a better price, is forced to question sellers. The article deals with various aspects of finding the necessary information.

Economics of Information

In his seminal work \"The Clash of Civilizations\" and the \"Remaking of World Order,\" Samuel Huntington argued provocatively and presciently that with the end of the cold war, \"civilizations\" were replacing ideologies as the new fault lines in international politics.His astute analysis has proven correct. Now Professor Huntington turns his attention from international affairs to our domestic cultural rifts as he examines the impact other civilizations and their values are having on our own country.America was founded by British settlers who brought with them a distinct culture including the English language, Protestant values, individualism, religious commitment, and respect for law. The waves of immigrants that later came to the United States gradually accepted these values and assimilated into America's Anglo-Protestant culture. More recently, however, national identity has been eroded by the problems of assimilating massive numbers of primarily Hispanic immigrants, bilingualism, multiculturalism, the devaluation of citizenship, and the \"denationalization\" of American elites.September 11 brought a revival of American patriotism and a renewal of American identity. But already there are signs that this revival is fading, even though in the post-September 11 world, Americans face unprecedented challenges to our security.\"Who Are We?\" shows the need for us to reassert the core values that make us Americans. Nothing less than our national identity is at stake.Once again Samuel Huntington has written an important book that is certain to provoke a lively debate and to shape our national conversation about who we are.\\

Diasporas, Foreign Governments, and American Politics: An Excerpt from "Merging America with the World," in Who Are We? the Challenges to America's National Identity

Business cycles are both less volatile and more synchronized with the world cycle in rich countries than in poor ones. We develop two alternative explanations based on the idea that comparative advantage causes rich countries to specialize in industries that use new technologies operated by skilled workers, while poor countries specialize in industries that use traditional technologies operated by unskilled workers. Since new technologies are difficult to imitate, the industries of rich countries enjoy more market power and face more inelastic product demands than those of poor countries. Since skilled workers are less likely to exit employment as a result of changes in economic conditions, industries in rich countries face more inelastic labour supplies than those of poor countries. We show that either asymmetry in industry characteristics can generate cross-country differences in business cycles that resemble those we observe in the data. We are grateful to Daron Acemoglu and Fabrizio Perri for useful comments. The views expressed here are the authors' and do not necessarily reflect those of The World Bank. Business cycles are not the same in rich and poor countries. A first difference is that fluctuations in per capita income growth are smaller in rich countries than in poor ones, in the top panel of Figure 1 , we plot the standard deviation of per capita income growth against the level of (log) per capita income for a large sample of countries. We refer to this relationship as the volatility graph and note that it slopes downwards. A second difference is that fluctuations in per capita income growth are more synchronized with the world cycle in rich countries than in poor ones. In the bottom panel of Figure 1 , we plot the correlation of per capita income growth rates with world average per capita income growth, excluding the country in question, against the level of (log) per capita income for the same set of countries. We refer to this relationship as the comovement graph and note that it slopes upwards. Table 1 , which is self-explanatory, shows that these facts apply within different sub-samples of countries and years. 1 Why are business cycles less volatile and more synchronized with the world cycle in rich countries than in poor ones? Part of the answer must be that poor countries exhibit more political and policy instability, they are less open or more distant from the geographical center, and they also have a higher share of their economy devoted to the production of agricultural products and the extraction of minerals. Table 1 shows that, in a statistical sense, these factors explain a substantial fraction of the variation in the volatility of income growth, although they do not explain much of the variation in the comovement of income growth. More important for our purposes, the strong relationship between income and the properties of business cycles reported in Table 1 is still present after we control for these variables. In short, there must be other factors behind the strong patterns depicted in Figure 1 beyond differences in political instability, remoteness and the importance of natural resources. With the exception that the comovement graph seems to be driven by differences between rich and poor countries and not within each group. Acemoglu and Zilibotti (1997) also present the volatility graph. They provide an explanation for it based on the observation that rich countries have more diversified production structures. We are unaware of any previous reference to the comovement graph. In this paper, we develop two alternative but non-competing explanations for why business cycles are less volatile and more synchronized with the world in rich countries than in poor ones. Both explanations rely on the idea that comparative advantage causes rich countries to specialize in industries that require new technologies operated by skilled workers, while poor countries specialize in industries that require traditional technologies operated by unskilled workers. This pattern of specialization opens up the possibility that cross-country differences in business cycles are the result of asymmetries between these types of industries. In particular, both of the explanations advanced here predict that industries that use traditional technologies operated by unskilled workers will be more sensitive to country-specific shocks. Ceteris paribus, these industries will not only be more volatile but also less synchronized with the world cycle since the relative importance of global shocks is lower. To the extent that the business cycles of countries reflect those of their industries, differences in industrial structure could potentially explain the patterns in Figure 1 . One explanation of why industries react differently to shocks is based on the idea that firms using new technologies face more inelastic product demands than those using traditional technologies. New technologies are difficult to imitate quickly for technical reasons and also because of legal patents. This difficulty confers a cost advantage on technological leaders that shelters them from potential entrants and gives them monopoly power in world markets. Traditional technologies are easier to imitate because enough time has passed since their adoption and also because patents have expired or have been circumvented. This implies that incumbent firms face tough competition from potential entrants and enjoy little or no monopoly power in world markets. The price-elasticity of product demand affects how industries react to shocks. Consider, for instance, the effects of country-specific shocks that encourage production in all industries. In industries that use new technologies, firms have monopoly power and face inelastic demands for their products. As a result, fluctuations in supply lead to opposing changes in prices that tend to stabilize industry income. In industries that use traditional technologies, firms face stiff competition from abroad and therefore face elastic demands for their products. As a result, fluctuations in supply have little or no effect on their prices and industry income is more volatile. To the extent that this asymmetry in the degree of product-market competition is important, incomes of industries that use new technologies are likely to be less sensitive to country-specific shocks than those of industries that use traditional technologies. Another explanation for why industries react differently to shocks is based on the idea that the supply of unskilled workers is more elastic than the supply of skilled workers. A first reason for this asymmetry is that non-market activities are relatively more attractive to unskilled workers whose market wage is lower than that of skilled ones. Changes in labour demand might induce some unskilled workers to enter or abandon the labour force, but are not likely to affect the participation of skilled workers. A second reason for the asymmetry in labour supply across skill categories is the imposition of a minimum wage. Changes in labour demand might force some unskilled workers in and out of unemployment, but are not likely to affect the employment of skilled workers. The wage-elasticity of the labour supply also has implications for how industries react to shocks. Consider again the effects of country-specific shocks that encourage production in all industries and therefore raise the labour demand. Since the supply of unskilled workers is elastic, these shocks lead to large fluctuations in employment of unskilled workers. In industries that use them, fluctuations in supply are therefore magnified by increases in employment that make industry income more volatile. Since the supply of skilled workers is inelastic, the same shocks have little or no effects on the employment of skilled workers. In industries that use them, fluctuations in supply are not magnified and industry income is less volatile. To the extent that this asymmetry in the elasticity of labour supply is important, incomes of industries that use unskilled workers are likely to be more sensitive to country-specific shocks than those of industries that use skilled workers To study these hypotheses we construct a stylized world equilibrium model of the cross-section of business cycles. Inspired by the work of Davis (1995), we consider in section one a world in which differences in both factor endowments a la Heckscher-Ohlin and industry technologies a la Ricardo combine to determine a country's comparative advantage and, therefore, the patterns of specialization and trade. To generate business cycles, we subject this world economy to the sort of productivity fluctuations that have been emphasized by Kydland and Prescott (1982). 2 In section two, we characterize the cross-section of business cycles and show how asymmetries in the elasticity of product demand and/or labour supply can be used to explain the evidence in Figure 1 . Using available microeconomic estimates of the key parameters, we calibrate the model and find that: (i) The model exhibits slightly less than two-thirds and one-third of the observed cross-country variation in volatility and comovement, respectively; and (ii) The asymmetry in the elasticity of product demand seems to have a quantitatively stronger effect on the slopes of the volatility and comovement graphs, than the elasticity in the labour supply. We explore these results further in sections three and four. In section three, we extend the model to allow for monetary shocks that have real effects since firms face cash-in-advance constraints. We use the model to study how cross-country variation in monetary policy and financial development affect the cross-section of business cycles. Once these factors are considered, the calibrated version of the model exhibits roughly the same cross-country variation in volatility and about 40 percent of the variation in comovement as the data. In section four, we show th

http://link.springer.com/content/pdf/10.1007/BF01322868.pdf

Business cycles: A methodological approach

Magnetic Relaxation in Fine‐Particle Systems

Optimal sizing of renewable hybrids energy systems: A review of methodologies

High-altitude platforms (HAPs) are aircraft, usually unmanned airships or airplanes positioned above 20 km, in the stratosphere, in order to compose a telecommunications network or perform remote sensing. In the 1990 and 2000 decades, several projects were launched, but very few had continued. In 2014, 2 major Internet companies (Google and Facebook) announced investments in new HAP projects to provide Internet access in regions without communication infrastructure (terrestrial or satellite), bringing back attention to the development of HAP. This article aims to survey the history of HAPs, the current state-of-the-art (April 2016), technology trends and challenges. The main focus of this review will be on technologies directly related to the aerial platform, inserted in the aeronautical engineering field of knowledge, not detailing aspects of the telecommunications area.

High-Altitude Platforms — Present Situation and Technology Trends

The anisotropy field as measured by resonance is calculated for a coherent assembly of small magnetic particles possessing both crystal and shape anisotropy. The theoretical results are compared with experimental data on precipitated cobalt and magnesioferrite particles.

Anisotropy field of small magnetic particles as measured by resonance

The biological determinants of long-wave behavior in socioeconomic growth and development

Cork agglomerates as an ideal core material in lightweight structures

Considerable progress has been made in understanding the underlying mechanisms driving the long-wave behaviour of the world socioeconomic development. A controversial mechanism discussed is the close relationship between K-waves and the outbreak of majors wars. Social scientists and politicians are well acquainted with the fact that chance events have been responsible for the outbreak of wars and their course and outcome. Two main trends are now acknowledged: the increasing recognition of the existence of some cyclical patterns of warfare involving the core of the world system, and a shift toward newly evolving patterns involving non-state actors and asymmetric warfare. We may tentatively agree that wars are not merely the result of blind social and political forces. In Part I, the reader will find a mix of contributions dealing with new visions or revisions of the concept of long waves considered from very different perspectives related to their unfolding. Those contributions discussing objectively the issue of K-waves and their relation with military conflicts, following old and/or new conceptualizations of the phenomenon, were selected to form the book's Part II. Finally, those contributions with strong emphasis on the analysis of future scenarios, related or not related with warfare and/or world security compose the body of the Part III.

Tessaleno C. Devezas

Papers

High-Altitude Platforms — Present Situation and Technology Trends

Anisotropy field of small magnetic particles as measured by resonance

The biological determinants of long-wave behavior in socioeconomic growth and development

Cork agglomerates as an ideal core material in lightweight structures

Kondratieff waves, warfare and world security