Chaotic transport in reversed shear tokamaks

For tokamak models using simplified geometries and reversed shear plasma profiles, we have numerically investigated how the onset of Lagrangian chaos at the plasma edge may affect the plasma confinement in two distinct but closely related problems. Firstly, we have considered the motion of particles in drift waves in the presence of an equilibrium radial electric field with shear. We have shown that the radial particle transport caused by this motion is selective in phase space, being determined by the resonant drift waves and depending on the parameters of both the resonant waves and the electric field profile. Moreover, we have shown that an additional transport barrier may be created at the plasma edge by increasing the electric field. In the second place, we have studied escape patterns and magnetic footprints of chaotic magnetic field lines in the region near a tokamak wall, when there are resonant modes due to the action of an ergodic magnetic limiter. A non-monotonic safety factor profile has been used in the analysis of field line topology in a region of negative magnetic shear. We have observed that, if internal modes are perturbed, the distributions of field line connection lengths and magnetic footprints exhibit spatially localized escape channels. For typical physical parameters of a fusion plasma, the two Lagrangian chaotic processes considered in this work can be effective in usual conditions so as to influence plasma confinement. The reversed shear effects discussed in this work may also contribute to evaluate the transport barrier relevance in advanced confinement scenarios in future tokamak experiments.

Testing the optimality of aggregate consumption decisions: is there rule-of-thumb behavior?

Consumption is an important macroeconomic aggregate, being about 70% of GNP. Finding sub-optimal behavior in consumption decisions casts a serious doubt on whether optimizing behavior is applicable on an economy-wide scale, which, in turn, challenge whether it is applicable at all. This paper has several contributions to the literature on consumption optimality. First, we provide a new result on the basic rule-of-thumb regression, showing that it is observational equivalent to the one obtained in a well known optimizing real-business-cycle model. Second, for rule-of-thumb tests based on the Asset-Pricing Equation, we show that the omission of the higher-order term in the log-linear approximation yields inconsistent estimates when lagged observables are used as instruments. However, these are exactly the instruments that have been traditionally used in this literature. Third, we show that nonlinear estimation of a system of N Asset-Pricing Equations can be done efficiently even if the number of asset returns (N) is high vis-a-vis the number of time-series observations (T). We argue that efficiency can be restored by aggregating returns into a single measure that fully captures intertemporal substitution. Indeed, we show that there is no reason why return aggregation cannot be performed in the nonlinear setting of the Pricing Equation, since the latter is a linear function of individual returns. This forms the basis of a new test of rule-of-thumb behavior, which can be viewed as testing for the importance of rule-of-thumb consumers when the optimizing agent holds an equally-weighted portfolio or a weighted portfolio of traded assets. Using our setup, we find no signs of either rule-of-thumb behavior for U.S. consumers or of habit-formation in consumption decisions in econometric tests. Indeed, we show that the simple representative agent model with a CRRA utility is able to explain the time series data on consumption and aggregate returns. There, the intertemporal discount factor is significant and ranges from 0.956 to 0.969 while the relative risk-aversion coefficient is precisely estimated ranging from 0.829 to 1.126. There is no evidence of rejection in over-identifying-restriction tests.

The forward- and the equity-premium puzzles: two symptoms of the same illness?

We build a pricing kernel using only US domestic assets data and check whether it accounts for foreign markets stylized facts that escape consumption based models. By interpreting our stochastic discount factor as the projection of a pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets. We address predictability issues associated with the forward premium puzzle by: i) using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations, and; ii) by pricing Lustig and Verdelhan (2007)'s foreign currency portfolios. Our results indicate that the relevant state variables that explain foreign-currency market asset prices are also the driving forces behind U.S. domestic assets behavior.

Fator estocástico de desconto: as cotas de variância, métricas de distância e suas extensões

The concept of stochastic discount factor pervades the Modern Theory of Asset Pricing. Initially, such object allows unattached pricing models to be discussed under the same terms. However, Hansen and Jagannathan have shown there is worthy information to be brought forth from such powerful concept which undelies asset pricing models. From security market data sets, one is able to explore the behavior of such random variable, determining a useful variance bound. Furthermore, through that instrument, they explore one pitfall on modern asset pricing: model misspecification. Those major contributions, alongside with some of its extensions, are thoroughly investigated in this exposition.

A roughly smooth optimal consumption path: smoothing the rough annuity puzzle

A inconsistência entre a teoria e o comportamento empírico dos agentes no que tange ao mercado privado de pensões tem se mostrado um dos mais resistentes puzzles presentes na literatura econômica. Em modelos de otimização intertemporal de consumo e poupança sob incerteza em relação ao tempo de vida dos agentes, anuidades são ativos dominantes, anulando ou restringindo fortemente a demanda por ativos cujos retornos não estão relacionados à probabilidade de sobrevivência. Na prática, entretanto, consumidores são extremamente céticos em relação às anuidades. Em oposição ao seguro contra longevidade oferecido pelas anuidades, direitos sobre esses ativos - essencialmente ilíquidos - cessam no caso de morte do titular. Nesse sentido, choques não seguráveis de liquidez e a presença de bequest motives foram consideravelmente explorados como possíveis determinantes da baixa demanda verificada. Apesar dos esforços, o puzzle persiste. Este trabalho amplia a dominância teórica das anuidades sobre ativos não contingentes em mercados incompletos; total na ausência de bequest motives, e parcial, quando os agentes se preocupam com possíveis herdeiros. Em linha com a literatura, simulações numéricas atestam que uma parcela considerável do portfolio ótimo dos agentes seria constituída de anuidades mesmo diante de choques de liquidez, bequest motives, e preços não atuarialmente justos. Em relação a um aspecto relativamente negligenciado pela academia, mostramos que o tempo ótimo de conversão de poupança em anuidades está diretamente relacionado à curva salarial dos agentes. Finalmente, indicamos que, caso as preferências dos agentes sejam tais que o nível de consumo ótimo decaia com a idade, a demanda por anuidades torna-se bastante sensível ao sobrepreço (em relação àquele atuarialmente justo) praticado pela indústria, chegando a níveis bem mais compatíveis com a realidade empírica.

Social norms and money

In an economy where there is no double coincidence of wants and without recordkeeping of past transactions, money is usually seen as the only mechanism that can support exchange. In this paper, we show that, as long as the population is finite and agents are sufficiently patient, a social norm establishing gift-exchange can substitute for money. Notwithstanding, for a given discount factor, the growth of the population size eventually leads to the breakdown of the social norm, while money still works. 1 Introduction

On impatience, education, returns, and inequality

In this paper we investiga te the impact of initial wealth anel impatience heterogeneities, as wcll as differential access to financia! markets on povcrty anel inequality, anel cvaluate some mechanisms that could be used to alleviate situations in which these two issues are alarming. To address our qucstion we develop a dynamic stochastic general cquilibrium modo! of educational anel savings choicc with heterogeneous agents, where individuais differ in their initial wealth anel in their discount factor. We find that, in the long run, more patient households tend to be wealthier anel more educated. However, our baseline model is not able to give as much skewness to our income distribution as it is rcquircd. We then propose a novel returns structure based on empírica! observation of heterogeneous returns to different portfolios. This modification solves our previous problem, evidencing the importance of the changes made in explaining the existing levels of inequality. Finally, we introducc two kinds of cash transfers programs- one in which receiving thc benefit is conditional on educating the household's youngster (CCTS) anel one frec of conditionalities (CTS) - in order to evaluate the impact of these programs on the variables of concern1 Wc fine! that both policies have similar qualitativo rcsults. Quantitatively, howcvcr, the CCTS outperforms its unconclitional version in all fielcls analyzecl, revealing itself to be a preferable policy.

Impondo mais restrições ao modelo de apreçamento vetorial com séries temporais

Este Trabalho se Dedica ao exercício empírico de gerar mais restrições ao modelo de apreçamento de ativos com séries temporais desenvolvido por Hansen e Singleton JPE 1983. As restrições vão, desde um simples aumento qualitativo nos ativos estudados até uma extensão teórica proposta a partir de um estimador consistente do fator estocástico de desconto. As estimativas encontradas para a aversão relativa ao risco do agente representativo estão dentro do esperado, na maioria dos casos, já que atingem valores já encontrados na literatura além do fato destes valores serem economicamente plausíveis. A extensão teórica proposta não atingiu resultados esperados, parecendo melhorar a estimação do sistema marginalmente.

N=2 sigma models for Ramond-Ramond backgrounds

Using the U(4) hybrid formalism, manifestly N = (2,2) worldsheet supersymmetric sigma models are constructed for the type-IIB superstring in Ramond-Ramond backgrounds. The Kahler potential in these N = 2 sigma models depends on four chiral and antichiral bosonic superfields and two chiral and antichiral fermionic superfields. When the Kahler potential is quadratic, the model is a free conformal field theory which describes a flat ten-dimensional target space with Ramond-Ramond flux and non-constant dilaton. For more general Kahler potentials, the model describes curved target spaces with Ramond-Ramond flux that are not plane-wave backgrounds. Ricci-flatness of the Kahler metric implies the on-shell conditions for the background up to the usual four-loop conformal anomaly.

Gravitation: global formulation and quantum effects

A non-integrable phase-factor global approach to gravitation is developed by using the similarity of teleparallel gravity to electromagnetism. The phase shifts of both the COW and the gravitational Aharonov-Bohm effects are obtained. It is then shown, by considering a simple slit experiment, that in the classical limit the global approach yields the same result as the gravitational Lorentz force equation of teleparallel gravity. It represents, therefore, the quantum mechanical version of the classical description provided by the gravitational Lorentz force equation. As teleparallel gravity can be formulated independently of the equivalence principle, it will consequently require no generalization of this principle at the quantum level.

Potassium niobate thin films prepared through polymeric precursor method

Thin films of potassium niobate were deposited on (100) Si substrates by the polymeric precursor method (Pechini method). Annealing in static air was performed at 600degrees C for 20 h. The obtained films were characterized by X-ray diffraction and atomic force microscopy (AFM). Electrical characterization of the films pointed to ferroelectricity via hysteresis loop. The dielectric constant, dissipation factor and resistance were measured in frequency region from 10 Hz to 10 MHz. At 1 MHz, the dielectric constant was 158 and the dissipation factor was 0.11. (C) 2004 Elsevier B.V. All rights reserved.

LiNbO3 thin films prepared through polymeric precursor method

Thin films of lithium niobate were deposited on (100) silicon by the polymeric precursor method (Pechini method). Annealing in static air was performed at 500degreesC for 3 h. The films obtained were characterized by X-ray diffraction, scanning electron microscopy and transmission electron microscopy. Electrical characterization of the films pointed to ferroelectricity via hysteresis loop. The dielectric constant, dissipation factor and resistance were measured in the frequency region from 10 Hz to 10 MHz. At 1 MHz, the dielectric constant was 46 and the dissipation factor was 0.043. (C) 2002 Elsevier B.V. B.V. All rights reserved.

Influence of thickness on crystallization and properties of LiNbO3 thin films

Thin films of lithium niobate were deposited on Pt/Ti/SiO2 (111) substrates by spin coating from the polymeric precursor method (Pechini process). Annealing in static air was performed at 500 degreesC for 3 h. The obtained films were characterized by X-ray diffraction and atomic force microscopy. The dielectric constant, dissipation factor and resistance were measured in frequency region from 10 Hz to 10 MHz and the hysteresis loop was obtained. The influence of number of layers on crystallization, morphology and properties of LiNbO3 thin films is discussed. (C) 2003 Elsevier B.V. All rights reserved.

N = 2 sigma models for Ramond-Ramond backgrounds

Using the U(4) hybrid formalism, manifestly N = (2,2) worldsheet supersymmetric sigma models are constructed for the type-IIB superstring in Ramond-Ramond backgrounds. The Kahler potential in these N = 2 sigma models depends on four chiral and antichiral bosonic superfields and two chiral and antichiral fermionic superfields. When the Kahler potential is quadratic, the model is a free conformal field theory which describes a flat ten-dimensional target space with Ramond-Ramond flux and non-constant dilaton. For more general Kahler potentials, the model describes curved target spaces with Ramond-Ramond flux that are not plane-wave backgrounds. Ricci-flatness of the Kahler metric implies the on-shell conditions for the background up to the usual four-loop conformal anomaly. © SISSA/ISAS 2002.

Influence of oxygen atmosphere on LiNbO3 thin films prepared by Pechini process

Thin films of lithium niobate were deposited on the Pt/Ti/SiO2 (111) substrates by the polymeric precursor method (Pechini process). Annealing in static air and oxygen atmosphere was performed at 500°C for 3 hours. The films obtained were characterized by X-ray diffraction, scanning electron microscopy and transmission electron microscopy. The dielectric constant, dissipation factor and resistance were measured in frequency region from 10 Hz to 10 MHz. Electrical characterizations of the films pointed to ferroelectricity via hysteresis loop. The influence of oxygen atmosphere on crystallization and properties of LiNbO3 thin films is discussed.