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Ebook Prices and Price Dispersion in Online and Offline Markets for Contact Lenses

Due to the difficulty involved with creating standardized lenses, eye care professionals (ECPs) previously had to fit each pair of contact lenses a patient purchased, leading consumers almost invariably to purchase eye exams and contacts in a bundle from their ECP. Beginning in the late 1980s, however, technological improvements have eliminated the need for lenses to be fitted individually and subsequently have transformed contact lenses of the same brand and prescription into commodities. Now, a consumer with a valid prescription can purchase contact lenses from an array of merchants, including optical chains, independent ECPs, warehouse clubs, mass merchandisers, and online vendors.

Contact lens consumers may have more sellers to choose from today than they did ten years ago, but a variety of factors likely have caused many consumers to remain unaware of their full range of options beyond their prescribing ECP. For example, it was not until 2004, when Congress passed the Fairness to Contact Lens Consumers Act (FCLCA) which prohibits ECPs from tying contact lens sales to eye examinations and requires ECPs to release their patients’ prescriptions that prescribing ECPs in all states were required to release contact lens prescriptions to their patients. Prior to FCLCA, several states’ laws made it difficult for consumers to receive a copy of their contact lens prescription, which is necessary to purchase lenses from someone other than a prescribing ECP. Further, there is anecdotal evidence that prescribing ECPs are hesitant to let their patients know that their prescriptions are portable (See 1-800 Contacts 2005b, pp. 18-30), and the FTC, which is in charge of enforcing the prescription release requirements of FCLCA, recently reported violations involving prescribing ECPs not releasing prescriptions to their patients.

Ebook Imperfect Competition in the Interbank Market for Liquidity as a Rationale for Central Banking

The liquidity squeeze during the ongoing sub-prime crisis of 2007-08 has been likened by some observers, including the IMF, to the financial sector turmoil of the Depression era. A nagging problem faced by central banks during the early part of this crisis was the difficulty in getting open-market operations, discount window and securities lending to channel liquidity to the most needy parts of the financial system. Some of the lending facilities such as the discount window were not availed by players, and others when availed merely resulted in hoarding of liquidity by banks and other institutions.

In the UK, for example, banks’ liquidity buffers have experienced an almost permanent upward shift of 30% in August 2007 (relative to their pre August levels) and the result has been a rise in borrowing costs between banks and an almost complete drying up of liquidity exchange in money markets beyond the very short maturities. In response, central banks around the world, most notably the US Fed, have undertaken significant changes to their lender-of-last-resort facilities, in particular, by extending maturities of discount window and open-market operations, extending eligible collateral to include investment-grade debt securities, and making such adjustments for lending to primary dealers as well.

Ebook Variable-Rate Two-Phase Collaborative Communication Protocols for Wireless Networks

In many wireless networks, the power consumption of communication nodes is a critical issue. In addition, typical wireless channels suffer from signal fading which, for a given average transmit power, significantly reduces communication capacity and range. If the channel is slow and flat fading, channel coding does not help and spatial diversity may be the only effective option that can either reduce the average transmit power or increase communication range.

Results on space-time coding (STC) have shown that the use of antenna arrays at the transmitter and receiver can significantly educe transmit energy. However, for many applications with low-cost devices such as wireless sensor networks, deployment of multiple antennas at each node is too costly to implement due to severe constraints on both the size and power consumption of analog devices.

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