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G Caginalp

Publications and source records attributed to G Caginalp.

8 recordsLinked to original sources
PubMed1999

Dynamical renormalization group calculation of a two-phase sharp interface model.

The temporal evolution of an interface separating two phases is studied using renormalization group and scaling theory and exact calculation of a sharp interface model incorporating surface tension and kinetic undercooling. Under conditions favoring rapid solidification the characteristic length, R(t), varies as t(1/2) while the total surface area of the interface, S(t), varies as t((d-1)/2). This complements the results of Jasnow and Vinals who found R(t) approximately t in the quasistatic regime. The transition in exponents from R(t) approximately t to R(t) approximately t(1/2), as solidification proceeds from the quasistatic to the rapid solidification regime, suggests a complex evolution toward a self-similar late stage growth.

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PubMed1998

Initial cash/asset ratio and asset prices: an experimental study.

A series of experiments, in which nine participants trade an asset over 15 periods, test the hypothesis that an initial imbalance of asset/cash will influence the trading price over an extended time. Participants know at the outset that the asset or "stock" pays a single dividend with fixed expectation value at the end of the 15th period. In experiments with a greater total value of cash at the start, the mean prices during the trading periods are higher, compared with those with greater amount of asset, with a high degree of statistical significance. The difference is most significant at the outset and gradually tapers near the end of the experiment. The results are very surprising from a rational expectations and classical game theory perspective, because the possession of a large amount of cash does not lead to a simple motivation for a trader to bid excessively on a financial instrument. The gradual erosion of the difference toward the end of trading, however, suggests that fundamental value is approached belatedly, offering some consolation to the rational expectations theory. It also suggests that there is a time scale on which an evolution toward fundamental value occurs. The experimental results are qualitatively compatible with the price dynamics predicted by a system of differential equations based on asset flow. The results have broad implications for the marketing of securities, particularly initial and secondary public offerings, government bonds, etc., where excess supply has been conjectured to suppress prices.

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