We present a consumption-based model that explains a wide variety of dynamic asset pricing phenomena, including the procyclical variation of stock prices, the long-horizon predictability of excess stock returns, and the countercyclical variation of stock market volatility. The model captures much of the history of stock prices from consumption data. It explains the short- and long-run equity premium puzzles despite a low and constant risk-free rate. The results are essentially the same whether we model stocks as a claim to the consumption stream or as a claim to volatile dividends poorly correlated with consumption. The model is driven by an independently and identically distributed consumption growth process and adds a slow-moving external habit to the standard power utility function. These features generate slow countercyclical variation in risk premia. The model posits a fundamentally novel description of risk premia: Investors fear stocks primarily because they do poorly in recessions unrelated to the risks of long-run average consumption growth.

must address. Link connectivity statistics should be captured dynamically through an efficient yet adaptive link estimator and routing decisions should exploit such connectivity statistics to achieve reliability. Link status and routing information must be maintained in a neighborhood table

the number of required traces compared to a brute-force, all-to-all approach by three orders of magnitude without a significant loss in accuracy. They include the use of BGP routing tables to focus the measurements, exploiting properties of IP routing to eliminate redundant measurements, better alias

This paper reports measures of preference parameters relating to risk tolerance, time preference, and intertemporal substitution. These measures are based on survey responses to hypothetical situations constructed using an economic theorist's concept of the underlying parameters

on the information theory of fading channels, by emphasizing capacity as the most important performance measure. Both single-user and multiuser transmission are examined. Further, we describe how the structure of fading channels impacts code design, and finally overview equalization of fading multipath channels.

A meta-analysis of 128 studies examined the effects of extrinsic rewards on intrinsic motivation. As predicted, engagement-contingent, completion-contingent, and performance-contingent rewards signifi-cantly undermined free-choice intrinsic motivation (d =-0.40,-0.36, and-0.28, respectively), as did all rewards, all tangible rewards, and all expected rewards. Engagement-contingent and completion-contingent rewards also significantly undermined self-reported interest (d =-0.15, and —0.17), as did all tangible rewards and all expected rewards. Positive feedback enhanced both free-choice behavior (d = 0.33) and self-reported interest (d = 0.31). Tangible rewards tended to be more detrimental for children than college students, and verbal rewards tended to be less enhancing for children than college students. The authors review 4 previous meta-analyses of this literature and detail how this study's methods, analyses, and results differed from the previous ones. By 1971, hundreds of studies within the operant tradition (Skin-ner, 1953) had established that extrinsic rewards can control be-havior. When administered closely subsequent to a behavior, re-wards were reliably found to increase the likelihood that the behavior would be emitted again, an effect that persisted as long as

We study the dynamics of information propagation in environments of low-overhead personal publishing, using a large collection of weblogs over time as our example domain. We characterize and model this collection at two levels. First, we present a macroscopic characterization of topic propagation

workload generation tool which mimics a set of real users accessing a server. The tool, called Surge (Scalable URL Reference Generator) generates references matching empirical measurements of 1) server file size distribution; 2) request size distribution; 3) relative file popularity; 4) embedded file

aggregation). We explore and evaluate the use of directed diffusion for a simple remote-surveillance sensor network analytically and experimentally. Our evaluation indicates that directed diffusion can achieve significant energy savings and can outperform idealized traditional schemes (e.g., omniscient

the data is aggregated and stored for offline querying and analysis. This approach has two major drawbacks. First, the user cannot change the behavior of the system on the fly. Second, conservation of battery power is a major design factor, but a central system cannot make use of in-network programming