We explore the effects of competitive incentives and of their time horizon on the evolution of both asset prices and trading activity in experimental asset markets.We compare(i)a no-bonus treatment;(ii)a short-term bo...We explore the effects of competitive incentives and of their time horizon on the evolution of both asset prices and trading activity in experimental asset markets.We compare(i)a no-bonus treatment;(ii)a short-term bonus treatment in which bonuses are assigned to the best performers at the end of each trading period;(iii)a long-term bonus treatment in which bonuses are assigned to the best performers at the end of the 15 periods of the market.We find that the existence of bonus contracts does not increase the likelihood of bubbles but it affects their severity,depending on the time horizon of bonuses.Markets with longterm bonus contracts experience lower price deviations and a lower turnover of assets than markets with either no bonuses or long-term bonus contracts.Short-term bonus contracts increase price deviations but only when markets include a higher share of male traders.At the individual level,the introduction of bonus contracts increases the trading activity of males,probably due to their higher competitiveness.展开更多
MEAs with various cathode Pt loadings were elaborated and aged using a multiple-stressor accelerated stress test(AST)in a segmented PEMFC.The thinnest(lowest Pt loading)cathodes have lower initial activity,owing to la...MEAs with various cathode Pt loadings were elaborated and aged using a multiple-stressor accelerated stress test(AST)in a segmented PEMFC.The thinnest(lowest Pt loading)cathodes have lower initial activity,owing to larger oxygen reduction reaction hindrance and oxygen transport resistance.Although the lowest cathode Pt loadings initially degrade faster,the overall loss of ECSA at end-of-test is nearly similar whatever the cathode Pt loading,with no local heterogeneities of aging detected along the gas channels.The cathode Pt/C catalyst degrades mostly by Ostwald ripening(which seems more pronounced for lower cathode Pt loading)and nanoparticles agglomeration,owing to superficial carbon functionalization and related Pt crystallite migration:no consequent carbon corrosion is witnessed in this AST.Also,the oxidized Pt2+ions formed by Pt corrosion diffuse/migrate roughly in a similar manner through the membrane for all cathode Pt loadings,and are re-deposited by crossover H2 close to the cathode|membrane interface.Overall,the mechanisms of Pt/C degradation are not depending on the cathode Pt loading for the chosen AST.展开更多
基金Financial support from Agence Nationale de la Recherche[Grant No.ANR BLAN07-3_185547,EMIR project]is gratefully acknowledgedThis project has been performed in the framework of the LABEX CORTEX[ANR-11-LABX-0042]of Universite de Lyon,within the program Investissements d’Avenir[ANR-11-IDEX-007]operated by Agence Nationale de la Recherche(ANR).
文摘We explore the effects of competitive incentives and of their time horizon on the evolution of both asset prices and trading activity in experimental asset markets.We compare(i)a no-bonus treatment;(ii)a short-term bonus treatment in which bonuses are assigned to the best performers at the end of each trading period;(iii)a long-term bonus treatment in which bonuses are assigned to the best performers at the end of the 15 periods of the market.We find that the existence of bonus contracts does not increase the likelihood of bubbles but it affects their severity,depending on the time horizon of bonuses.Markets with longterm bonus contracts experience lower price deviations and a lower turnover of assets than markets with either no bonuses or long-term bonus contracts.Short-term bonus contracts increase price deviations but only when markets include a higher share of male traders.At the individual level,the introduction of bonus contracts increases the trading activity of males,probably due to their higher competitiveness.
基金The work is funded by the EIT Raw Materials ALPE project,co-funded by the European Union(grant EIT/RAW MATERIALS/SGA2020/1).
文摘MEAs with various cathode Pt loadings were elaborated and aged using a multiple-stressor accelerated stress test(AST)in a segmented PEMFC.The thinnest(lowest Pt loading)cathodes have lower initial activity,owing to larger oxygen reduction reaction hindrance and oxygen transport resistance.Although the lowest cathode Pt loadings initially degrade faster,the overall loss of ECSA at end-of-test is nearly similar whatever the cathode Pt loading,with no local heterogeneities of aging detected along the gas channels.The cathode Pt/C catalyst degrades mostly by Ostwald ripening(which seems more pronounced for lower cathode Pt loading)and nanoparticles agglomeration,owing to superficial carbon functionalization and related Pt crystallite migration:no consequent carbon corrosion is witnessed in this AST.Also,the oxidized Pt2+ions formed by Pt corrosion diffuse/migrate roughly in a similar manner through the membrane for all cathode Pt loadings,and are re-deposited by crossover H2 close to the cathode|membrane interface.Overall,the mechanisms of Pt/C degradation are not depending on the cathode Pt loading for the chosen AST.
