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Evidence for Higgs boson decay to a pair of muons is presented. This result combines searches in four exclusive categories targeting the production of the Higgs boson via gluon fusion, via vector boson fusion, in association with a vector boson, and in association with a top quark-antiquark pair. The analysis is performed using proton-proton collision data at s√ = 13 TeV, corresponding to an integrated luminosity of 137 fb−1, recorded by the CMS experiment at the CERN LHC. An excess of events over the back- ground expectation is observed in data with a significance of 3.0 standard deviations, where the expectation for the standard model (SM) Higgs boson with mass of 125.38 GeV is 2.5. The combination of this result with that from data recorded at s√ = 7 and 8 TeV, corresponding to integrated luminosities of 5.1 and 19.7 fb−1, respectively, increases both the expected and observed significances by 1%. The measured signal strength, relative to the SM prediction, is 1.19+0.40−0.39(stat)+0.15−0.14(syst). This result constitutes the first evidence for the decay of the Higgs boson to second generation fermions and is the most precise measurement of the Higgs boson coupling to muons reported to date. Individuals have received support from the Marie-Curie programme and the European Research Council and Horizon 2020 Grant, contract Nos. 675440, 752730, and 765710 (European Union); the Programa Estatal de Fomento de la Investigación Científica y Técnica de Excelencia María de Maeztu, grant MDM-2015-0509 and the Programa Severo Ochoa del Principado de Asturias. CMS collaboration: et al. Peer reviewed

We show that the efficient allocation of production capacity can turn a competitive industry and downstream market into an imperfectly competitive one. Even though downstream firms have symmetric production technologies, the downstream industry structure will be symmmetric only if capacity is sufficiently scarce. Otherwise it will be asymmetric, with one large fat capacity-hoarding firm and a fringe of smaller lean and fit firms, so that Tobin`s Q varies inversely with firm size. This is so even if the number of firms is infinitely large. As demand or input quantity varies, the industry may switch between symmetric and asymmetric phases, generating predictions for firm size and costs across the business cycle. Surprisingly, an increase in available capacity resulting in such a switch can cause a reduction in total output and consumer surplus.

The purpose of this study is to examine if and how the EU CBAM influences the climate policy debate in Ukraine, one of the countries that is expected to be most affected due to its large share of carbon- intensive exports to the EU. The study seeks to find out how the EU CBAM can be made more instrumental in promoting an increase in the country���s climate policy ambition. IASS Study, October 2021

Im folgenden Bericht wird ein Konzept f��r ein systematisches Monitoring der globalen Wasserstoffwirtschaft vorgestellt. Der Bericht stellt Datenquellen und Indikatoren zur systematischen Erfassung der wichtigsten Trends und Entwicklungen im Rahmen einer globalen Wasserstoffwirtschaft vor. Ein entsprechendes Monitoring k��nnte einen wichtigen Beitrag zur kontinuierlichen ��berpr��fung von Politikma��nahmen im Rahmen der deutschen und europ��ischen Wasserstoffpolitik leisten. This report presents a framework for the systematic monitoring of the global hydrogen economy. It suggests data sources and indicators to systematically survey the most important trends and developments of a future global hydrogen economy. Monitoring based on this framework could provide an important knowledge base for the continuous review of policy measures related to the German and European hydrogen policy.

Measurements of the second Fourier harmonic coefficient (v2) of the azimuthal distributions of prompt and nonprompt D0 mesons produced in pp and pPb collisions are presented. Nonprompt D0 mesons come from beauty hadron decays. The data samples are collected by the CMS experiment at nucleon-nucleon center-of-mass energies of 13 and 8.16 TeV, respectively. In high multiplicity pp collisions, v2 signals for prompt charm hadrons are reported for the first time, and are found to be comparable to those for light-flavor hadron species over a transverse momentum (pT) range of 2–6 GeV. Compared at similar event multiplicities, the prompt D0 meson v2 values in pp and pPb collisions are similar in magnitude. The v2 values for open beauty hadrons are extracted for the first time via nonprompt D0 mesons in pPb collisions. For pT in the range of 2–5 GeV, the results suggest that v2 for nonprompt D0 mesons is smaller than that for prompt D0 mesons. These new measurements indicate a positive charm hadron v2 in pp collisions and suggest a mass dependence in v2 between charm and beauty hadrons in the pPb system. These results provide insights into the origin of heavy-flavor quark collectivity in small systems. Individuals have received support from the Marie-Curie program and the European Research Council and Horizon 2020 Grant, contract Nos. 675440, 752730, and 765710 (European Union); CERN; the Programa Estatal de Fomento de la Investigación Científica y Técnica de Excelencia María de Maeztu, grant MDM-2015-0509 and the Programa Severo Ochoa del Principado de Asturias. CMS Collaboration: et al. Funded by SCOAP3. Peer reviewed

Conditional yield skewness is an important summary statistic of the state of the economy. It exhibits pronounced variation over the business cycle and with the stance of monetary policy, and a tight relationship with the slope of the yield curve. Most importantly, variation in yield skewness has substantial forecasting power for future bond excess returns, high-frequency interest rate changes around FOMC announcements, and consensus survey forecast errors for the ten-year Treasury yield. The COVID pandemic did not disrupt these relations: historically high skewness correctly anticipated the run-up in long-term Treasury yields starting in late 2020. The connection between skewness, survey forecast errors, excess returns, and departures of yields from normality is consistent with a theoretical framework where one of the agents has biased beliefs.

The Central Andes (~21°S) is a subduction-type orogeny formed in the last ~50 Ma from the subduction of the Nazca oceanic plate beneath the South American continental plate. However, the most important phases of deformation occur in the last 20 Ma. Pulses of shortening have led to the sudden growth of the by the Altiplano-Puna plateau. Previous studies have provided insights on the importance of various mechanisms on the overall shortening such as the weakening of the overriding plate from crustal eclogitization and delamination, or the importance of a relatively high friction at the subduction interface, and weak sediments in foreland. However none of them has addressed the mechanism behind these shortening pulses yet. Therefore, we built a series of high resolution 2D visco-plastic subduction models using the ASPECT geodynamic code, in which the oceanic plate is buoyancy-driven and the velocity of the continent is prescribed. We have also implemented a realistic geometry for the south American plate at ~30 Ma. We propose a new plausible mechanism (buckling and steepening of the slab) as the cause of these pulses. The buckling leads to the blockage of the trench. Consequently, the difference of velocity between the South American plate and the trench is accommodated by shortening. The data presented here includes the parameters files, for the reference model (S1) and the following alternative simulations: models with variation of the friction at the subduction interface (S2a-c), a model without eclogitization of the lower crust (S3) and a model with higher thermal conductivity of the upper crust (S4). Additionally, this publication includes the initial composition and thermal state of the lithosphere used for the models and a Readme file that gives all the instructions to run them.

We study higher-order risk preferences, i.e. prudence and temperance, next to risk aversion in social settings. Previous experimental studies have shown that higher-order risk preferences affect the choices of individuals deciding privately on lotteries that only affect their own pay-off. Yet, most risky and financially relevant decisions in the field are made in the social settings of households or organizations. We aim to narrow the gap between laboratory and field evidence by creating a more realistic decision making environment in the laboratory that allows us to identify the influence of different social settings under controlled conditions. We elicit higher-order risk preferences of individuals and systematic ally vary how an individual's decision is made (alone or while communicating with a partner) and who is affected by the decision (only the individual or the partner as well). In doing so, we can isolate the effects of other-regarding concerns and communication on choices. We observe that individuals become more risk-averse when the partner is able to communicate with the decision maker. However, we do not observe an influence of social settings on prudence and temperance. Our results reveal that the majority of choices are risk-averse, prudent, and temperate across social settings. Wir untersuchen neben Risikoaversion auch Risikopräferenzen höherer Ordnung, d.h. "Prudence" und "Temperance" in sozialen Situationen. Experimentelle Studien haben bisher gezeigt, dass Risikopräferenzen höherer Ordnung die Entscheidungen von Individuen bestimmen, die isoliert zwischen Lotterien wählen, die nur ihre eigene Auszahlung bestimmen. Jedoch werden die meisten finanziell relevanten Entscheidungen unter Unsicherheit in sozialen Situationen getroffen, z.B. in Haushalten oder Organisationen. In unserer Studie verkleinern wir die Diskrepanz zwischen bisheriger Labor- und Feldevidenz, indem wir eine realistischere Entscheidungssituation im Labor kreieren. Sie erlaubt es, den Einfluss unterschiedlicher sozialer Einflüsse unter kontrollierten Bedingungen zu identifizieren. Wir erheben Risikopräferenzen höherer Ordnung von Individuen und variieren systematisch wie eine Entscheidung getroffen wird (alleine oder während der Kommunikation mit einem Partner) und wer von der Entscheidung betroffen ist (nur der Entscheider oder auch der Partner). So können wir den Einfluss von etwaigen "other-regarding concerns" und von Kommunikation auf die Entscheidungen isolieren. Wir beobachten, dass die Individuen risiko-averser entscheiden, wenn mit dem Partner kommuniziert werden kann. Wir beobachten jedoch keinen Einfluss der sozialen Situation auf Risikopräferenzen höherer Ordnung. Unsere Ergebnisse zeigen, dass die Mehrzahl der Entscheidungen über unterschiedliche soziale Situationen hinweg risikoavers, "prudent" und "temperate" ist.