Equity crowdfunding is a method of financing an initiative whereby an entrepreneur sells shares in her firm to a group of people (the crowd) on a dedicated platform. Understanding the forces that shape the behavior of both buyers in the crowd and entrepreneurs in equity crowdfunding platforms can help design more efficient platforms and increase the welfare of all participants. We therefore develop a common value sequential crowdfunding game-theoretic model, where the entrepreneur sells a percentage of her firm in order to raise money for its establishment and then shares the future value of the firm with the crowd. Buyers on the platform who visit the campaign decide whether or not to invest in it. Each buyer’s decision depends on the amount that has already been invested before him and on his own knowledge about the firm and the market in which it operates (which we model as a noisy signal that he obtains regarding the true value of the firm). By offering a different percentage in the firm, the entrepreneur leads the crowd to a different equilibrium. We characterize these equilibria and then analyze the entrepreneur’s decision. We show that the entrepreneur’s optimal percentage she offers for sale is non monotonic in the ex-ante probability of success. This is in-line with recent empirical findings. We further show that when buyers’ signals are very noisy, the entrepreneur may prefer buyers that have a less accurate signal regarding the true value of the firm over buyers with a more accurate signal.
Equity crowdfunding is a method of financing an initiative whereby an entrepreneur sells shares in her firm to a group of people (the crowd) on a dedicated platform. Understanding the forces that shape the behavior of both buyers in the crowd and entrepreneurs in equity crowdfunding platforms can help design more efficient platforms and increase the welfare of all participants. We therefore develop a common value sequential crowdfunding game-theoretic model, where the entrepreneur sells a percentage of her firm in order to raise money for its establishment and then shares the future value of the firm with the crowd. Buyers on the platform who visit the campaign decide whether or not to invest in it. Each buyer’s decision depends on the amount that has already been invested before him and on his own knowledge about the firm and the market in which it operates (which we model as a noisy signal that he obtains regarding the true value of the firm). By offering a different percentage in the firm, the entrepreneur leads the crowd to a different equilibrium. We characterize these equilibria and then analyze the entrepreneur’s decision. We show that the entrepreneur’s optimal percentage she offers for sale is non monotonic in the ex-ante probability of success. This is in-line with recent empirical findings. We further show that when buyers’ signals are very noisy, the entrepreneur may prefer buyers that have a less accurate signal regarding the true value of the firm over buyers with a more accurate signal.
We present a new approach to teaching the concept of osmotic pressure in physical chemistry courses. Our route is different from the traditional derivation that hinges on equating chemical potentials. Instead, we resort to the equivalent, yet more intuitive, concepts of mixing entropy and free energy and use their relation to the second law of thermodynamics. Our strategy emphasizes the role of entropically driven forces, which are a principal, yet underappreciated, theme in physical chemistry and biophysics. In doing so, we have extended the available examples of entropic forces that can be introduced to undergraduate chemistry and biology students.
BACKGROUND: Bacillus Calmette-Guerin (BCG) therapy is an established immunotherapy for non-muscle invasive bladder cancer (NMIBC); however, the response variability of patients remains a challenge, necessitating insight into immune cell function. Previous studies established that a preexisting Th2 immune microenvironment correlates with a positive BCG therapy outcome. Therefore, in this study, we explored the role of mast cells (MCs) and eosinophils in bladder cancer as a potential predicting tool for BCG immunotherapy response. METHODS: We investigated the effect of MCs and eosinophils on bladder cancer cell viability together with their chemotactic migration towards cancer cells in vitro. The effect of BCG on these immune cells was also evaluated. Moreover, we performed an orthotopic model of bladder cancer in MC- and eosinophil-deficient mice. Finally, to evaluate whether these immune cells predict the therapy response, 26 patient biopsies pre-BCG treatment were analyzed for MC and eosinophil numbers in the tissue and sequenced for gene expression. RESULTS: Eosinophils, but not MCs, reduced bladder cancer cell viability in vitro and inhibited tumor growth in vivo. However, addition of BCG did not increase these effects in vitro. Patient biopsy analysis and mRNA sequencing showed that neither cell type predicted long-term therapy responsiveness. Gene expression analysis suggested that extracellular matrix and epithelial-to-mesenchymal transition factors could influence BCG therapy outcomes. CONCLUSION: Even though eosinophils exhibit anti-tumorigenic effects in bladder cancer, neither MCs nor eosinophils were predictive of the long-term BCG therapy response. However, our findings implicate that matrix-related factors may modulate BCG therapy responses.
A decorated basalt shaft straightener discovered at the Natufian open-air site of Nahal Ein Gev II (Israel) seemingly provides an insight into the workings of the human mind ca. 12,000 years ago. It is oval and features a central deep groove flanked on both sides by a series of perpendicular striations—24 on the right and 26 on the left—grouped into three registers. The number of lines in the third register on either side constitutes the total number of lines incised in the other two registers. Apparently, the notation-maker was intent on indicating the mathematically correct number of lines on either side of the groove at the expense of a visual bilateral symmetry sensu stricto. As such, this appears to be one of the earliest recorded instances in human prehistory to directly manifest this uniquely human cognitive characteristic. It also serves as a “wake-up call” to revisit other “decorated” Natufian and Epipaleolithic items.
A decorated basalt shaft straightener discovered at the Natufian open-air site of Nahal Ein Gev II (Israel) seemingly provides an insight into the workings of the human mind ca. 12,000 years ago. It is oval and features a central deep groove flanked on both sides by a series of perpendicular striations—24 on the right and 26 on the left—grouped into three registers. The number of lines in the third register on either side constitutes the total number of lines incised in the other two registers. Apparently, the notation-maker was intent on indicating the mathematically correct number of lines on either side of the groove at the expense of a visual bilateral symmetry sensu stricto. As such, this appears to be one of the earliest recorded instances in human prehistory to directly manifest this uniquely human cognitive characteristic. It also serves as a “wake-up call” to revisit other “decorated” Natufian and Epipaleolithic items.
The Gobi Wall is a 321 km-long structure made of earth, stone, and wood, located in the Gobi highland desert of Mongolia. It is the least understood section of the medieval wall system that extends from China into Mongolia. This study aims to determine its builders, purpose, and chronology. Additionally, we seek to better understand the ecological implications of constructing such an extensive system of walls, trenches, garrisons, and fortresses in the remote and harsh environment of the Gobi Desert. Our field expedition combined remote sensing, pedestrian surveys, and targeted excavations at key sites. The results indicate that the garrison walls and main long wall were primarily constructed using rammed earth, with wood and stone reinforcements. Excavations of garrisons uncovered evidence of long-term occupation, including artifacts spanning from 2nd c. BCE to 19th c. CE. According to our findings, the main construction and usage phase of the wall and its associated structures occurred throughout the Xi Xia dynasty (1038–1227 CE), a period characterized by advanced frontier defense systems and significant geopolitical shifts. This study challenges the perception of such structures as being purely defensive, revealing the Gobi Wall’s multifunctional role as an imperial tool for demarcating boundaries, managing populations and resources, and consolidating territorial control. Furthermore, our spatial and ecological analysis demonstrates that the distribution of local resources, such as water and wood, was critical in determining the route of the wall and the placement of associated garrisons and forts. Other geographic factors, including the location of mountain passes and the spread of sand dunes, were strategically utilized to enhance the effectiveness of the wall system. The results of this study reshape our understanding of medieval Inner Asian imperial infrastructure and its lasting impact on geopolitical landscapes. By integrating historical and archeological evidence with geographical analysis of the locations of garrisons and fortifications, we underscore the Xi Xia kingdom’s strategic emphasis on regulating trade, securing transportation routes, and monitoring frontier movement.
Soft robotics is a rapidly evolving field that leverages the unique properties of compliant, flexible materials to create robots that are capable of complex and adaptive behaviors. Unlike traditional rigid robots, soft robots rely on the properties of soft materials, which enable them to safely interact with humans, manipulate delicate objects, and perform various locomotion processes. This review provides a comprehensive overview of the development process of soft robots by additive manufacturing with a particular focus on the chemical aspects of the materials involved. The types of materials used in soft robotics, highlighting their properties, applications, and the role of their chemical composition in performance, are presented. The review then explores fabrication methods, detailing their chemical underpinnings, advantages, and limitations, followed by presenting common design methods used to optimize soft robots. Finally, the review discusses the diverse applications of soft robots across various domains, including medical, locomotion, manipulation, and wearable devices. By covering every stage of the additive manufactured soft robot, from material selection to application, this review aims to offer a deep and comprehensive understanding of this field.
Tau aggregation into amyloid fibrils is linked to the development of neurodegenerativediseases, including Alzheimer’s disease (AD). The molecular processes driving aggre-gation in disease are still being uncovered, highlighting the need for innovative toolsto study aggregation reactions. Here, we introduce FibrilPaint1 as a tool to measurethe size of Tau amyloid fibrils in fluids, from early aggregation stages to mature fibrils.FibrilPaint1 is a 22mer peptide with exciting properties: i) FibrilPaint1 binds fibrilswith nanomolar affinity; ii) it also binds to precursors, down to a size of only 4 layers;iii) it does not bind to monomers; iv) it is fluorescently labeled, which allows monitor-ing and localizing interactions; v) FibrilPaint1 recognizes various Tau fibrils, includingpatient- derived fibrils from AD, corticobasal degeneration (CBD), and frontotemporaldementia (FTD); vi) it also binds to fibrils from amyloids derived from Amyloid- β,α- synuclein, and huntingtin vii) FibrilPaint1 is selective for the amyloid state and doesnot have background binding to amorphous aggregates, blood serum, or cell lysate. Incombination with flow- induced dispersion analysis (FIDA), a microfluidics technology,we determined the molecular size of amyloid fibrils with submicroliter sample volumes.This setup acts as a molecular ruler at layer resolution—we determined Tau fibril lengthfrom 4 to 1100 layers in solution. This is an interesting parameter for molecular studiesin dementia, with potential for diagnostic applications.
Nano‐patterned magnetic materials have opened new venues for the investigation of strongly correlated phenomena including artificial spin‐ice systems, geometric frustration, and magnetic monopoles, for technologically important applications such as reconfigurable ferromagnetism. With the advent of atomically thin 2D van der Waals (vdW) magnets, a pertinent question is whether such compounds could make their way into this realm where interactions can be tailored so that unconventional states of matter can be assessed. Here, it is shown that square islands of CrGeTe 3 vdW ferromagnets distributed in a grid manifest antiferromagnetic correlations, essential to enable frustration resulting in an artificial spin‐ice. By using a combination of SQUID‐on‐tip microscopy, focused ion beam lithography, and atomistic spin dynamic simulations, it is shown that a square array of CGT island as small as 150 × 150 × 60 nm 3 have tunable dipole–dipole interactions, which can be precisely controlled by their lateral spacing. There is a crossover between non‐interacting islands and significant inter‐island anticorrelation depending on how they are spatially distributed allowing the creation of complex magnetic patterns not observable at the isolated flakes. These findings suggest that the cross‐talk between the nano‐patterned magnets can be explored in the generation of even more complex spin configurations where exotic interactions may be manipulated in an unprecedented way.
