first-order conditions. We illustrate the importance of these results through applications involving holdup problems and optimal tax problems. Keywords: strict monotonicity, comparative statics, single crossing property Thanks to Susan Athey, Eric Emch, Steve Goldman, and Paul Milgrom

. Investment bankers readily admit that the IPO business is very profitable, and that they avoid competing on fees because they "don't want to turn it into a commodity business." We examine several features of the IPO underwriting business that result in a market structure where spreads are high

, and some specific cases are considered. PACS-95: 11.25.Hf 11.30.Ly MSC-91: 81T40 81T50 Keywords: W-algebras, anomalies, Ward identities 1 E-mail: watts@stp.dias.ie, Tel: +353-1-6140148, Fax: +353-1-6680561, Home Page: http://www.stp.dias.ie/~watts 1 Introduction Since conformal symmetries play such a

and Wo m e n ’s Hospital. This publ i c ation is made possible by an educational gra t.

f, 1.La3m!t.1 ( NACA WARTIME REPORTS are reprints of papers originally issued to promde i?a~u$%kk%ution of, 1 advance research results to an authorized group requiring them for the war effort. They were pre-, viously held under a security status but are now unclassified: Some of these reports were

) since the fact that an inference has taken place implies that time (at least one `time-step') has passed. From this feature come others, most notably: ffl Ignorance-assessment amounts to a lookup at time t, of what was known prior to t. ffl Contradictory information can (sometimes) be detected

T1: “An autopoietic system can be described as a random dynamical system, which is defined only within its organized autopoietic domain. ” We propose a modified definition of autopoiesis: “An autopoietic system is a network of processes that produces the components that reproduce the network

is written simplicially; that is, a space is a simplicial set. As usual this doesn't affect the homotop...

-ment. When Bianca confuses Jack and Cal, Juliana encourages the group to contemplate Bianca’s sharing. “Who wanted to get out of the line? ” she asks. Another student raises his hand. “Jack didn’t want to get out of line, ” he explains when Juliana calls on him. “His friend wanted to get out of line.” “His

The "fish-bone " structure of the intercluster interaction introduced by Schmid is derived from first principles. It is shown that this structure does not depend on details of the cluster ground states, nor on the details of the microscopic interaction, and is therefore a fundamental symmetry of interactions between composites. The derivation is based on a recently proposed microscopic method of calculating Pauli-corrected intercluster interactions. The relation between the present approach and the Schmid model is examined. (Submitted to Physical Review Letters) "Glork supported in part by the Department of Energy, contract number DE-AC03-76SF00515. The Schmid or fish-bone model (FBM) ’ was a major progress in the understanding of the forces between nuclear fragments subsequent to the analysis of exchange kernels of the resonating group theory (RGTjz by Tang and collaborators3 and the introduction of the orthogonality condition model (OLI’I) ~ by Saito in 1969. In Ref. (11, it was found by numerical studies and physical insight that the RGM exchange kernels can be split into a dominant and a residual part, where the dominant part of the exchange interaction in the representation of the norm kernel eigenstates is characterized by a fish-bone-like symmetry reflected in the matrix Mij: