Vibration theory of olfaction have a vibrational energy mode compatible with the difference in energies between two energy levels on the receptor, so electrons can travel through the molecule via inelastic electron tunneling, triggering the signal transduction pathway. The vibration theory is discussed in a popular but controversial book by Chandler Burr. The odor character is encoded in the ratio of activities of receptors tuned to different vibration frequencies, in the same way that color is encoded in the ratio of activities of cone cell receptors tuned to different frequencies of light. An important difference, though, is that the odorant has to be able
Welfare cost of business cycles output gap. Under this viewpoint, the welfare cost of business cycles is larger, because an economy with cycles not only suffers more variable consumption, but also lower consumption on average. If we consider two consumption paths, each with the same trend and the same initial level of consumption – and as a result same level of consumption per period on average – but with different levels of volatility, then, according to economic theory, the less volatile consumption path will be preferred to the more volatile one. This is due to risk aversion on part of individual agents. One way to