Three-dimensional simulations of gravitationally confined detonations compared to observations of SN 1991T

The gravitationally confined detonation (GCD) model has been proposed as a possible explosion mechanism for Type Ia supernovae in the single-degenerate evolution channel. It starts with ignition of a deflagration in a single off-centre bubble in a near-Chandrasekhar-mass white dwarf. Driven by buoyancy, the deflagration flame rises in a narrow cone towards the surface. For the most part, the main component of the flow of the expanding ashes remains radial, but upon reaching the outer, low-pressure layers of the white dwarf, an additional lateral component develops. This causes the deflagration ashes to converge again at the opposite side, where the compression heats fuel and a detonation may be launched. We first performed five three-dimensional hydrodynamic simulations of the deflagration phase in 1.4 M⊙ carbon/oxygen white dwarfs at intermediate-resolution (2563computational zones). We confirm that the closer the initial deflagration is ignited to the centre, the slower the buoyant rise and the longer the deflagration ashes takes to break out and close in on the opposite pole to collide. To test the GCD explosion model, we then performed a high-resolution (5123 computational zones) simulation for a model with an ignition spot offset near the upper limit of what is still justifiable, 200 km. This high-resolution simulation met our deliberately optimistic detonation criteria, and we initiated a detonation. The detonation burned through the white dwarf and led to its complete disruption. For this model, we determined detailed nucleosynthetic yields by post-processing 106 tracer particles with a 384 nuclide reaction network, and we present multi-band light curves and time-dependent optical spectra. We find that our synthetic observables show a prominent viewing-angle sensitivity in ultraviolet and blue wavelength bands, which contradicts observed SNe Ia. The strong dependence on the viewing angle is caused by the asymmetric distribution of the deflagration ashes in the outer ejecta layers. Finally, we compared our model to SN 1991T. The overall flux level of the model is slightly too low, and the model predicts pre-maximum light spectral features due to Ca, S, and Si that are too strong. Furthermore, the model chemical abundance stratification qualitatively disagrees with recent abundance tomography results in two key areas: our model lacks low-velocity stable Fe and instead has copious amounts of high-velocity 56Ni and stable Fe. We therefore do not find good agreement of the model with SN 1991T.

Characterisation of polyethylene powders for rotational moulding and effect of powder size and shape on densification behaviour

The particle size, shape and distribution of a range of rotational moulding polyethylenes (PEs) ground to powder was investigated using a novel visual data acquisition and analysis system (TP Picture®), developed by Total Petrochemicals. Differences in the individual particle shape factors of the powder samples were observed and correlations with the grinding conditions were determined. When heated, the bubble dissolution behaviour of the same powders was investigated and the shape factor correlated with densification rate, bubble size and bubble distribution.

Study into the densification behaviour of polyethylenes for rotational moulding

The melting and densification behaviour of a range of Polyethylenes (PEs) produced from 2 different catalysts, Ziegler-Natta and Metallocene types, were investigated using a novel visual data acquisition and analysis system (TP Picture®), developed by Total Petrochemicals Research Feluy [1]. Differences in the dissolution behaviour of the bubbles were observed and correlations with the material density, densification rate, bubble size / distribution and MFI were determined.

Efficient and Selectable Production of Reactive Species Using a Nanosecond Pulsed Discharge in Gas Bubbles in Liquid

A plasma gas bubble-in-liquid method for high production of selectable reactive species using a nanosecond pulse generator has been developed. The gas of choice is fed through a hollow needle in a point-to-plate bubble discharge, enabling improved selection of reactive species. The increased interface reactions, between the gas-plasma and water through bubbles, give higher productivity. H₂O₂ was the predominant species produced using Ar plasma, while predominantly  and NO₂ were generated using air plasma, in good agreement with the observed emission spectra. This method has nearly 100% selectivity for H₂O₂, with seven times higher production, and 92% selectivity for , with nearly twice the production, compared with a plasma above the water.

Levantamento do Tamanho Médio de Bolhas em Escoamento Bifásico Vertical por Técnica Fotográfica

Para confirmar e validar códigos computacionais de escoamento de fluidos, importantes na segurança de reatores nucleares, é preciso que sejam realizadas medidas experimentais. Como a geração de vapor no fluido refrigerante diminui a eficiência de troca térmica a fração de vazio passa a ser um dos parâmetros mais importantes a ser obtido, e que, num escoamento vertical, pode ser conhecido através da quantidade de bolha e seu diâmetro médio.

Copper-cobalt foams as active and stable catalysts for hydrogen release by hydrolysis of sodium borohydride

The progress of hydrogen generation by sodium borohydride hydrolysis depends highly on the development of efficient catalysts based on non-noble metals such as cobalt. However, such catalysts undergo extensive deactivation which has a detrimental effect on their stability. Herein, highly porous copper and cobalt-based bimetallic foams, CuxCo100-x (x = 0-100 at%), produced by electrodeposition using the dynamic hydrogen bubble template are reported. The chemical composition of the foams was optimized in order to enhance specific surface area and improve their catalytic activity and stability as heterogeneous catalysts for sodium borohydride hydrolysis. Among the tested catalysts, copper-rich samples like Cu85Co15 are slightly more active than Co-100 and above all, they are less sensitive to deactivation by borates adsorption. Porous copper-rich foams were found to be an alternative to cobalt as low-cost, active and stable heterogeneous catalysts for hydrogen generation by hydrolysis of sodium borohydride. (C) 2016 Hydrogen Energy Publications LLC. Published by Elsevier Ltd. All rights reserved.

Teoria da mente e competências sociais em crianças em idade escolar

A Teoria da Mente (TM) é uma competência cognitiva que permite ao individuo reconhecer os seus próprios estados mentais bem como o das outras pessoas. Trata-se de uma capacidade que se desenvolve desde os primeiros meses de vida até à idade escolar e que faz com que sejamos capazes de compreender e antecipar o comportamento do outro: compreender os sentimentos, pensamentos, crenças, desejos e intenções (ver glossário). É a TM que permite ao indivíduo compreender o contexto social em que está inserido, demonstrando comportamentos sociais adequados. A linguagem está intimamente relacionada com a TM, nomeadamente com a capacidade de compreender falsas crenças, expressões idiomáticas, duplos sentidos e ironias (marcadores ao nível do seu desenvolvimento). A semântica e a sintaxe (sob ponto de vista expressivo e recetivo) têm um papel fulcral na compreensão dos estados mentais. É nesta relação entre TM, Competências Sociais (CS) e linguagem que se enquadra a presente investigação. Esta teve como objetivos analisar a relação existente entre TM e CS em crianças com desenvolvimento neurotípico, bem como a sua relação existente entre fatores sociais e demográficos, comparar a perceção dos pais e professores sobre as CS e analisar algumas variáveis preditoras da TM. Para isso, constituiu-se uma amostra de 103 crianças de ambos os sexos (54 do sexo feminino e 49 do sexo masculino) com idades compreendidas entre os 6 e os 9 anos com desenvolvimento neurotípico que frequentassem o 1º ciclo do ensino básico. Para a recolha de dados, os encarregados de educação preencheram um questionário sobre dados socio – demográficos e o questionário de CS (também preenchidos pelo professores). As competências de TM foram avaliadas através duas sequências do Teste Doctor Martin – Brune. Esta investigação encontrou correlações efetivas entre competências de TM e CS, nomeadamente nos domínios do altruísmo, iniciação e orientação pró – social bem como na reciprocidade. Tal como se esperava após a revisão bibliográfica, encontraram-se correlações entre alguns fatores sociais e demográficos, TM e CS ainda que alguns resultados tenham sido inconclusivos. De qualquer forma, verificou-se a existência de relações com a idade, escolaridade, número de irmãos, idade dos irmãos, escolaridade e idade dos pais. Os resultados acerca da perceção de pais e professores acerca das CS da criança foram igualmente curiosos e passiveis de nova investigação: as CS nos diferentes contextos em que a criança se insere e a avaliação que diferentes interlocutores fazem das suas competências. Foram encontradas correlações positivas entre CS e alguns fatores socio – demográficos anteriormente referidos pela investigação (escolaridade da mãe, número de irmãos, idade, anos de escolaridade). No entanto, outros fatores surgiram como estando relacionados (fatores relacionados com o pai) sem que exista mais informação acerca destes dados. Os resultados demonstraram também que os pais avaliam as CS dos filhos de modo superior aos professores no que se refere à orientação pró – social e iniciação social, mas inferior no domínio do altruísmo. De acordo com o Teste de Pearson, existem correlações positivas entre a avaliação realizada pelos pais e professores no que diz respeito à orientação pró – social, iniciação social e altruísmo bem como no total do Questionário. Todavia, é fundamental continuar a desenvolver estudos nesta área de investigação tendo em consideração a pouca informação existente acerca de algumas variáveis, nomeadamente, em relação ao papel do pai no desenvolvimento da TM.

DIRECT NUMERICAL SIMULATION OF INCOMPRESSIBLE MULTIPHASE FLOW WITH PHASE CHANGE

Phase change problems arise in many practical applications such as air-conditioning and refrigeration, thermal energy storage systems and thermal management of electronic devices. The physical phenomenon in such applications are complex and are often difficult to be studied in detail with the help of only experimental techniques. The efforts to improve computational techniques for analyzing two-phase flow problems with phase change are therefore gaining momentum. The development of numerical methods for multiphase flow has been motivated generally by the need to account more accurately for (a) large topological changes such as phase breakup and merging, (b) sharp representation of the interface and its discontinuous properties and (c) accurate and mass conserving motion of the interface. In addition to these considerations, numerical simulation of multiphase flow with phase change introduces additional challenges related to discontinuities in the velocity and the temperature fields. Moreover, the velocity field is no longer divergence free. For phase change problems, the focus of developmental efforts has thus been on numerically attaining a proper conservation of energy across the interface in addition to the accurate treatment of fluxes of mass and momentum conservation as well as the associated interface advection. Among the initial efforts related to the simulation of bubble growth in film boiling applications the work in \cite{Welch1995} was based on the interface tracking method using a moving unstructured mesh. That study considered moderate interfacial deformations. A similar problem was subsequently studied using moving, boundary fitted grids \cite{Son1997}, again for regimes of relatively small topological changes. A hybrid interface tracking method with a moving interface grid overlapping a static Eulerian grid was developed \cite{Juric1998} for the computation of a range of phase change problems including, three-dimensional film boiling \cite{esmaeeli2004computations}, multimode two-dimensional pool boiling \cite{Esmaeeli2004} and film boiling on horizontal cylinders \cite{Esmaeeli2004a}. The handling of interface merging and pinch off however remains a challenge with methods that explicitly track the interface. As large topological changes are crucial for phase change problems, attention has turned in recent years to front capturing methods utilizing implicit interfaces that are more effective in treating complex interface deformations. The VOF (Volume of Fluid) method was adopted in \cite{Welch2000} to simulate the one-dimensional Stefan problem and the two-dimensional film boiling problem. The approach employed a specific model for mass transfer across the interface involving a mass source term within cells containing the interface. This VOF based approach was further coupled with the level set method in \cite{Son1998}, employing a smeared-out Heaviside function to avoid the numerical instability related to the source term. The coupled level set, volume of fluid method and the diffused interface approach was used for film boiling with water and R134a at the near critical pressure condition \cite{Tomar2005}. The effect of superheat and saturation pressure on the frequency of bubble formation were analyzed with this approach. The work in \cite{Gibou2007} used the ghost fluid and the level set methods for phase change simulations. A similar approach was adopted in \cite{Son2008} to study various boiling problems including three-dimensional film boiling on a horizontal cylinder, nucleate boiling in microcavity \cite{lee2010numerical} and flow boiling in a finned microchannel \cite{lee2012direct}. The work in \cite{tanguy2007level} also used the ghost fluid method and proposed an improved algorithm based on enforcing continuity and divergence-free condition for the extended velocity field. The work in \cite{sato2013sharp} employed a multiphase model based on volume fraction with interface sharpening scheme and derived a phase change model based on local interface area and mass flux. Among the front capturing methods, sharp interface methods have been found to be particularly effective both for implementing sharp jumps and for resolving the interfacial velocity field. However, sharp velocity jumps render the solution susceptible to erroneous oscillations in pressure and also lead to spurious interface velocities. To implement phase change, the work in \cite{Hardt2008} employed point mass source terms derived from a physical basis for the evaporating mass flux. To avoid numerical instability, the authors smeared the mass source by solving a pseudo time-step diffusion equation. This measure however led to mass conservation issues due to non-symmetric integration over the distributed mass source region. The problem of spurious pressure oscillations related to point mass sources was also investigated by \cite{Schlottke2008}. Although their method is based on the VOF, the large pressure peaks associated with sharp mass source was observed to be similar to that for the interface tracking method. Such spurious fluctuation in pressure are essentially undesirable because the effect is globally transmitted in incompressible flow. Hence, the pressure field formation due to phase change need to be implemented with greater accuracy than is reported in current literature. The accuracy of interface advection in the presence of interfacial mass flux (mass flux conservation) has been discussed in \cite{tanguy2007level,tanguy2014benchmarks}. The authors found that the method of extending one phase velocity to entire domain suggested by Nguyen et al. in \cite{nguyen2001boundary} suffers from a lack of mass flux conservation when the density difference is high. To improve the solution, the authors impose a divergence-free condition for the extended velocity field by solving a constant coefficient Poisson equation. The approach has shown good results with enclosed bubble or droplet but is not general for more complex flow and requires additional solution of the linear system of equations. In current thesis, an improved approach that addresses both the numerical oscillation of pressure and the spurious interface velocity field is presented by featuring (i) continuous velocity and density fields within a thin interfacial region and (ii) temporal velocity correction steps to avoid unphysical pressure source term. Also I propose a general (iii) mass flux projection correction for improved mass flux conservation. The pressure and the temperature gradient jump condition are treated sharply. A series of one-dimensional and two-dimensional problems are solved to verify the performance of the new algorithm. Two-dimensional and cylindrical film boiling problems are also demonstrated and show good qualitative agreement with the experimental observations and heat transfer correlations. Finally, a study on Taylor bubble flow with heat transfer and phase change in a small vertical tube in axisymmetric coordinates is carried out using the new multiphase, phase change method.

3D Ionospheric Effects on HF Propagation and Heating

The thesis uses a three-dimensional, first-principles model of the ionosphere in combination with High Frequency (HF) raytracing model to address key topics related to the physics of HF propagation and artificial ionospheric heating. In particular: 1. Explores the effect of the ubiquitous electron density gradients caused by Medium Scale Traveling Ionospheric Disturbances (MSTIDs) on high-angle of incidence HF radio wave propagation. Previous studies neglected the all-important presence of horizontal gradients in both the cross- and down-range directions, which refract the HF waves, significantly changing their path through the ionosphere. The physics-based ionosphere model SAMI3/ESF is used to generate a self-consistently evolving MSTID that allows for the examination of the spatio-temporal progression of the HF radio waves in the ionosphere. 2. Tests the potential and determines engineering requirements for ground- based high power HF heaters to trigger and control the evolution of Equatorial Spread F (ESF). Interference from ESF on radio wave propagation through the ionosphere remains a critical issue on HF systems reliability. Artificial HF heating has been shown to create plasma density cavities in the ionosphere similar to those that may trigger ESF bubbles. The work explores whether HF heating may trigger or control ESF bubbles. 3. Uses the combined ionosphere and HF raytracing models to create the first self-consistent HF Heating model. This model is utilized to simulate results from an Arecibo experiment and to provide understanding of the physical mechanism behind observed phenomena. The insights gained provide engineering guidance for new artificial heaters that are being built for use in low to middle latitude regions. In accomplishing the above topics: (i) I generated a model MSTID using the SAMI3/ESF code, and used a raytrace model to examine the effects of the MSTID gradients on radio wave propagation observables; (ii) I implemented a three- dimensional HF heating model in SAMI3/ESF and used the model to determine whether HF heating could artificially generate an ESF bubble; (iii) I created the first self-consistent model for artificial HF heating using the SAMI3/ESF ionosphere model and the MoJo raytrace model and ran a series of simulations that successfully modeled the results of early artificial heating experiments at Arecibo.

Effect of boiling on deposition of metallic colloids

In this study the relationship between heterogeneous nucleate boiling surfaces and deposition of suspended metallic colloidal particles, popularly known as crud or corrosion products in process industries, on those heterogeneous sites is investigated. Various researchers have reported that hematite is a major constituent of crud which makes it the primary material of interest; however the models developed in this work are irrespective of material choice. Qualitative hypotheses on the deposition process under boiling as proposed by previous researchers have been tested, which fail to provide explanations for several physical mechanisms observed and analyzed. In this study a quantitative model of deposition rate has been developed on the basis of bubble dynamics and colloid-surface interaction potential. Boiling from a heating surface aids in aggregation of the metallic particulates viz. nano-particles, crud particulate, etc. suspended in a liquid, which helps in transporting them to heating surfaces. Consequently, clusters of particles deposit onto the heating surfaces due to various interactive forces, resulting in formation of porous or impervious layers. The deposit layer grows or recedes depending upon variations in interparticle and surface forces, fluid shear, fluid chemistry, etc. This deposit layer in turn affects the rate of bubble generation, formation of porous chimneys, critical heat flux (CHF) of surfaces, activation and deactivation of nucleation sites on the heating surfaces. Several problems are posed due to the effect of boiling on colloidal deposition, which range from research initiatives involving nano-fluids as a heat transfer medium to industrial applications such as light water nuclear reactors. In this study, it is attempted to integrate colloid and surface science with vapor bubble dynamics, boiling heat transfer and evaporation rate. Pool boiling experiments with dilute metallic colloids have been conducted to investigate several parameters impacting the system. The experimental data available in the literature is obtained by flow experiments, which do not help in correlating boiling mechanism with the deposition amount or structure. With the help of experimental evidences and analysis, previously proposed hypothesis for particle transport to the contact line due to hydrophobicity has been challenged. The experimental observations suggest that deposition occurs around the bubble surface contact line and extends underneath area of the bubble microlayer as well. During the evaporation the concentration gradient of a non-volatile species is created, which induces osmotic pressure. The osmotic pressure developed inside the microlayer draws more particles inside the microlayer region or towards contact line. The colloidal escape time is slower than the evaporation time, which leads to the aggregation of particles in the evaporating micro-layer. These aggregated particles deposit onto or are removed from the heating surface, depending upon their total interaction potential. Interaction potential has been computed with the help of surface charge and van der Waals potential for the materials in aqueous solutions. Based upon the interaction-force boundary layer thickness, which is governed by debye radius (or ionic concentration and pH), a simplified quantitative model for the attachment kinetics is proposed. This attachment kinetics model gives reasonable results in predicting attachment rate against data reported by previous researchers. The attachment kinetics study has been done for different pH levels and particle sizes for hematite particles. Quantification of colloidal transport under boiling scenarios is done with the help of overall average evaporation rates because generally waiting times for bubbles at the same position is much larger than growth times. In other words, from a larger measurable scale perspective, frequency of bubbles dictates the rate of collection of particles rather than evaporation rate during micro-layer evaporation of one bubble. The combination of attachment kinetics and colloidal transport kinetics has been used to make a consolidated model for prediction of the amount of deposition and is validated with the help of high fidelity experimental data. In an attempt to understand and explain boiling characteristics, high speed visualization of bubble dynamics from a single artificial large cavity and multiple naturally occurring cavities is conducted. A bubble growth and departure dynamics model is developed for artificial active sites and is validated with the experimental data. The variation of bubble departure diameter with wall temperature is analyzed with experimental results and shows coherence with earlier studies. However, deposit traces after boiling experiments show that bubble contact diameter is essential to predict bubble departure dynamics, which has been ignored previously by various researchers. The relationship between porosity of colloid deposits and bubbles under the influence of Jakob number, sub-cooling and particle size has been developed. This also can be further utilized in variational wettability of the surface. Designing porous surfaces can having vast range of applications varying from high wettability, such as high critical heat flux boilers, to low wettability, such as efficient condensers.

Bioremediation of piggery effluents using Scenedesmus Obliquus microalga [Resumo]

Effluents from intensive pig farms present high nutrient concentration, mainly ammonium, contributing to water eutrophication and pollution. Microalgae ability to deplete inorganic nutrients makes them an efficient effluent bioremediation tool. Scenedesmus obliquus was grown in piggery effluent (without any pretreatment) diluted with tap water at 5%v/v (187±25mg/L N-NH4+) and compared with growth in synthetic Bristol media. A 21-days trial was performed in 1L bubble-column reactors illuminated by fluorescent and LED lamps(3klux). Microalgae growth was monitored through OD540nm, dry weight and Chlorophyll content and also by flow cytometry in terms of autofluorescence read in FL3 channel (>670 nm), cell size (FSC), internal complexity (SSC) and cell membrane integrity (PI). S. obliquus cells have grown slower in pig effluent (mmax=0.13-19d-1) than in Bristol media (mmax=0.46-0.50d-1) although after 15 days the biomass productivity observed for the pig waste cultivation, operated under LED (0.127gL-1d-1) was similar to those attained for the Bristol media after 8 and 12 days (0.130 and 0.129 gL-1d-1 using Fluorescent and LED lights, respectively). The Chlorophyll content was correlated to FL3 autofluorescence, with R2>0.97 for Bristol and R2>0.92 for pig waste cultures. Regarding cell size and complexity, Bristol cultures did not show significant differences along time, while cells grown on pig waste increased, attaining FSC and SSC values similar to those observed for Bristol cultures. However, pig waste led to higher percentage of cells with permeabilised membrane (up to 18%) than Bristol cultures (7%). For pig waste experiments, ammonium removal rates were 95% with final values within legal limits. S. obliquus cultivations proved to be an efficient system for direct piggery effluent bioremediation, attaining biomass productivities similar to those obtained in synthetic media. Using LED lighting enables to reduce the energy consumption while maintaining microalgae growth and bioremediation performance. Scale-up to an outdoor 150L photobioreactor is underway.

A STUDY OF HEAT TRANSFER AND FLOW CHARACTERISTICS OF RISING TAYLOR BUBBLES

Practical application of flow boiling to ground- and space-based thermal management systems hinges on the ability to predict the system’s heat removal capabilities under expected operating conditions. Research in this field has shown that the heat transfer coefficient within two-phase heat exchangers can be largely dependent on the experienced flow regime. This finding has inspired an effort to develop mechanistic heat transfer models for each flow pattern which are likely to outperform traditional empirical correlations. As a contribution to the effort, this work aimed to identify the heat transfer mechanisms for the slug flow regime through analysis of individual Taylor bubbles. An experimental apparatus was developed to inject single vapor Taylor bubbles into co-currently flowing liquid HFE 7100. The heat transfer was measured as the bubble rose through a 6 mm inner diameter heated tube using an infrared thermography technique. High-speed flow visualization was obtained and the bubble film thickness measured in an adiabatic section. Experiments were conducted at various liquid mass fluxes (43-200 kg/m2s) and gravity levels (0.01g-1.8g) to characterize the effect of bubble drift velocity on the heat transfer mechanisms. Variable gravity testing was conducted during a NASA parabolic flight campaign. Results from the experiments showed that the drift velocity strongly affects the hydrodynamics and heat transfer of single elongated bubbles. At low gravity levels, bubbles exhibited shapes characteristic of capillary flows and the heat transfer enhancement due to the bubble was dominated by conduction through the thin film. At moderate to high gravity, traditional Taylor bubbles provided small values of enhancement within the film, but large peaks in the wake heat transfer occurred due to turbulent vortices induced by the film plunging into the trailing liquid slug. Characteristics of the wake heat transfer profiles were analyzed and related to the predicted velocity field. Results were compared and shown to agree with numerical simulations of colleagues from EPFL, Switzerland. In addition, a preliminary study was completed on the effect of a Taylor bubble passing through nucleate flow boiling, showing that the thinning thermal boundary layer within the film suppressed nucleation, thereby decreasing the heat transfer coefficient.

Avaliação Imobiliária - Métodos de avaliação - Novas exigências do Banco de Portugal

Mestrado em Contabilidade e Análise Financeira

Essays in asset price bubbles

This thesis studies the field of asset price bubbles. It is comprised of three independent chapters. Each of these chapters either directly or indirectly analyse the existence or implications of asset price bubbles. The type of bubbles assumed in each of these chapters is consistent with rational expectations. Thus, the kind of price bubbles investigated here are known as rational bubbles in the literature. The following describes the three chapters. Chapter 1: This chapter attempts to explain the recent US housing price bubble by developing a heterogeneous agent endowment economy asset pricing model with risky housing, endogenous collateral and defaults. Investment in housing is subject to an idiosyncratic risk and some mortgages are defaulted in equilibrium. We analytically derive the leverage or the endogenous loan to value ratio. This variable comes from a limited participation constraint in a one period mortgage contract with monitoring costs. Our results show that low values of housing investment risk produces a credit easing effect encouraging excess leverage and generates credit driven rational price bubbles in the housing good. Conversely, high values of housing investment risk produces a credit crunch characterized by tight borrowing constraints, low leverage and low house prices. Furthermore, the leverage ratio was found to be procyclical and the rate of defaults countercyclical consistent with empirical evidence. Chapter 2: It is widely believed that financial assets have considerable persistence and are susceptible to bubbles. However, identification of this persistence and potential bubbles is not straightforward. This chapter tests for price bubbles in the United States housing market accounting for long memory and structural breaks. The intuition is that the presence of long memory negates price bubbles while the presence of breaks could artificially induce bubble behaviour. Hence, we use procedures namely semi-parametric Whittle and parametric ARFIMA procedures that are consistent for a variety of residual biases to estimate the value of the long memory parameter, d, of the log rent-price ratio. We find that the semi-parametric estimation procedures robust to non-normality and heteroskedasticity errors found far more bubble regions than parametric ones. A structural break was identified in the mean and trend of all the series which when accounted for removed bubble behaviour in a number of regions. Importantly, the United States housing market showed evidence for rational bubbles at both the aggregate and regional levels. In the third and final chapter, we attempt to answer the following question: To what extend should individuals participate in the stock market and hold risky assets over their lifecycle? We answer this question by employing a lifecycle consumption-portfolio choice model with housing, labour income and time varying predictable returns where the agents are constrained in the level of their borrowing. We first analytically characterize and then numerically solve for the optimal asset allocation on the risky asset comparing the return predictability case with that of IID returns. We successfully resolve the puzzles and find equity holding and participation rates close to the data. We also find that return predictability substantially alter both the level of risky portfolio allocation and the rate of stock market participation. High factor (dividend-price ratio) realization and high persistence of factor process indicative of stock market bubbles raise the amount of wealth invested in risky assets and the level of stock market participation, respectively. Conversely, rare disasters were found to bring down these rates, the change being severe for investors in the later years of the life-cycle. Furthermore, investors following time varying returns (return predictability) hedged background risks significantly better than the IID ones.