120. Chaotic Price Dynamics, Increasing Returns and the Phillips Curve
“Chaotic Price Dynamics, Increasing Returns and the Phillips Curve,” with G. Heal and Y. Lin, Journal of Economic Behavior and Organization, vol. 27, pp. 279-291, 1995.
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Understanding COSC Validation and Its Importance in Horology
COSC Certification and its Demanding Standards
COSC, or the Controle Officiel Suisse des Chronometres, is the authorized Swiss testing agency that certifies the accuracy and precision of timepieces. COSC accreditation is a symbol of superior craftsmanship and reliability in timekeeping. Not all timepiece brands pursue COSC accreditation, such as Hublot, which instead sticks to its own strict criteria with mechanisms like the UNICO, achieving equivalent precision.
The Art of Precision Timekeeping
The core mechanism of a mechanical watch involves the spring, which delivers energy as it unwinds. This mechanism, however, can be vulnerable to environmental elements that may impact its precision. COSC-certified mechanisms undergo strict testing—over fifteen days in various conditions (five positions, 3 temperatures)—to ensure their durability and reliability. The tests evaluate:
Mean daily rate accuracy between -4 and +6 secs.
Mean variation, maximum variation levels, and effects of temperature variations.
Why COSC Certification Matters
For watch fans and collectors, a COSC-validated watch isn’t just a piece of technology but a demonstration to lasting excellence and precision. It represents a watch that:
Presents excellent dependability and precision.
Ensures assurance of quality across the complete design of the timepiece.
Is apt to hold its value better, making it a sound choice.
Well-known Timepiece Brands
Several well-known manufacturers prioritize COSC accreditation for their timepieces, including Rolex, Omega, Breitling, and Longines, among others. Longines, for instance, offers collections like the Archive and Spirit, which showcase COSC-certified movements equipped with cutting-edge materials like silicon equilibrium suspensions to boost resilience and efficiency.
Historical Context and the Evolution of Chronometers
The notion of the chronometer originates back to the requirement for precise chronometry for navigational at sea, emphasized by John Harrison’s work in the 18th century. Since the official foundation of COSC in 1973, the accreditation has become a benchmark for assessing the accuracy of luxury timepieces, continuing a tradition of superiority in watchmaking.
Conclusion
Owning a COSC-accredited timepiece is more than an visual choice; it’s a commitment to quality and precision. For those valuing accuracy above all, the COSC certification provides peace of mind, ensuring that each certified watch will function reliably under various circumstances. Whether for individual satisfaction or as an investment decision, COSC-accredited timepieces stand out in the world of watchmaking, carrying on a tradition of meticulous timekeeping.
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