Strategic interactions of urban land developers in the housing market

This thesis studies the supply side of the housing market taking into account the strategic interactions that occur between urban land developers. The thesis starts by reviewing the literature on new housing supply, concluding that there are very few studies where strategic interactions are taken into account. Next, we develop a model with two urban land developers, who rst decide the quality of housing and then compete in prices, considering that the marginal production costs depend on the housing quality. First, we analyze the price competition game and characterize the Nash equilibrium of the price game. Finally, we examine the rst stage of the game and determine numerically the subgame perfect Nash equilibrium (SPNE) of the quality-price game. In the price competition game, our results show that the equilibrium price of an urban land developer is an increasing function of its own quality, while it is a non-monotonic function of the rival s quality. The behavior of the equilibrium pro ts reveals that, in general, urban land developers gain by di¤erentiating their quality. However, the urban land developer located at the Central Business District (CBD), may prefer to have the same quality than the rival when transportation costs are high by exploiting its locational advantage. The analysis of the rst stage of the game also reveals that, in general, the rms best response is to di¤erentiate their quality and that, in most cases, there are two subgame perfect Nash equilibria that involve quality di¤erentiation. However, the results depend on transportation costs and the quality valuation parameter. For small quality valuations, in equilibrium, the market is not fully covered and, if the unit transportation costs are high, only the urban land developers located at the CBD operates. For higher quality valuations, all the consumers are served. Furthermore, the equilibrium qualities and pro ts are increasing with quality valuation parameter. RESUMO: Esta tese estuda a oferta no mercado da habitação, tendo em conta as interações es- tratégicas que ocorrem entre os produtores de habitação. A tese revê a literatura sobre a oferta de habitação, concluindo que existem poucos estudos que tenham tido em conta as interações estratégicas. De seguida, desenvolvemos um modelo com dois produtores de habitação, que primeiro decidem a qualidade da habitação e depois competem em preços, considerando que os custos marginais de produção dependem da qualidade. Primeiro analisamos o jogo em preços e caracterizamos o equilíbrio de Nash. Posteriormente, ex- aminamos o primeiro estágio do jogo e determinamos numericamente o equilíbrio perfeito em todos os subjogos (SPNE) do jogo. No jogo de competição em preços, os resultados mostram que, o preço de equilíbrio, é uma função crescente da qualidade da habitação, sendo uma função não monótona da qualidade do rival. O lucro de equilíbrio revela que, geralmente, os produtores de habitação têm ganhos em diferenciar a qualidade. No entanto, o produtor localizado no Centro (CBD), pode preferir oferecer a mesma qualidade que o rival, caso os custos unitários de transporte sejam elevados, através da sua vantagem de localização. A análise do primeiro estágio do jogo, revela que, geralmente, a melhor resposta de um produtor é a de diferenciar a qualidade. Na maior parte dos casos existem dois SPNE que envolvem essa diferenciação. No entanto, os resultados dependem dos custos unitários de transporte e da valorização da qualidade por parte do consumidor. Para uma reduzida valorização da qualidade, em equilíbrio, o mercado não é totalmente coberto e, se o custo unitário de transporte é elevado, apenas o produtor localizado no CBD opera no mercado. Para uma valorização elevada da qualidade, todos os consumidores são servidos. Além disso, as qualidades e os lucros de equilíbrio são crescentes com a valorização da qualidade.

Assessing the activity coefficients of water in cholinium-based ionic liquids: experimental measurements and COSMO-RS modeling

The vapor liquid-equilibrium of water + ionic liquids is relevant for a wide range of applications of these compounds. It is usually measured by ebulliometric techniques, but these are time consuming and expensive. In this work it is shown that the activity coefficients of water in a series of cholinium-based ionic liquids can be reliably and quickly estimated at 298.15K using a humidity meter instrument. The cholinium based ionic liquids were chosen to test this experimental methodology since data for water activities of quaternary ammonium salts are available in the literature allowing the validation of the proposed technique. The COSMO-RS method provides a reliable description of the data and was also used to understand the molecular interactions occurring on these binary systems. The estimated excess enthalpies indicate that hydrogen bonding between water and ionic liquid anion is the dominant interaction that governs the behavior of water and cholinium-based ionic liquids systems, while the electrostatic-misfit and van der Walls forces have a minor contribution to the total excess enthalpies.

Impact of the cation symmetry on the mutual solubilities between water and imidazolium-based ionic liquids

Aiming at the evaluation of the impact of the ionic liquids (ILs) cation symmetry on their phase behaviour, in this work, novel mutual solubilities with water of the symmetric series of [C(n)C(n)im][NTf2] (with n=1-5) were determined and compared with their isomeric forms of the asymmetric [C(n)C(1)im][NTf2] group. While the solubility of isomeric ILs in water was found to be similar, the solubility of water in ILs follows the same trend up to a maximum cation alkyl side chain length. For n >= 4 in [C(n)C(n)im][NTf2] the solubility of water in the asymmetric ILs is slightly higher than that observed in the symmetric counterparts. The thermodynamic properties of solution and solvation derived from the experimental solubility data of ILs in water at infinite dilution, namely the Gibbs energy, enthalpy and entropy were used to evaluate the cation symmetry effect on the ILs solvation. It is shown that the solubility of ILs in water is entropically driven and highly influenced by the cation size. Accordingly, it was found that the ILs solubility in water of both symmetric and asymmetric series depends on their molecular volume. Based on these findings, a linear correlation between the logarithm of the solubility of ILs in water and their molar volume is here proposed for the [NTf2]-based ILs at a fixed temperature.

Analysis of the isomerism effect on the mutual solubilities of bis(trifluoromethylsulfonyl)imide-based ionic liquids with water

The knowledge of the liquid-liquid equilibria (LLE) between ionic liquids (ILs) and water is of utmost importance for environmental monitoring, process design and optimization. Therefore, in this work, the mutual solubilities with water, for the ILs combining the 1-methylimidazolium, [C(1)im](+); 1-ethylimidazolium, [C(2)im](+); 1-ethyl-3-propylimidazolium, [C(2)C(3)im](+); and 1-butyl-2,3-dimethylimidazolium, [C(4)C(1)C(1)im](+) cations with the bis(trifluoromethylsulfonyl)imide anion, were determined and compared with the isomers of the symmetric 1,3-dialkylimidazolium bis(trifluoromethylsulfonyl)imide ([C(n)C(n)im][NTf2], with n=1-3) and of the asymmetric 1-alkyl-3-methylimidazolium bis(trifluoromethylsulfonyl)imide ([C(n)C(1)im][NTf2], with n = 2-5) series of ILs. The results obtained provide a broad picture of the impact of the IL cation structural isomerism, including the number of alkyl side chains at the cation, on the water-IL mutual solubilities. Despite the hydrophobic behaviour associated to the [NTf2](-) anion, the results show a significant solubility of water in the IL-rich phase, while the solubility of ILs in the water-rich phase is much lower. The thermodynamic properties of solution indicate that the solubility of ILs in water is entropically driven and highly influenced by the cation size. Using the results obtained here in addition to literature data, a correlation between the solubility of [NTf2]-based ILs in water and their molar volume, for a large range of cations, is proposed. The COnductor like Screening MOdel for Real Solvents (COSMO-RS) was also used to estimate the LLE of the investigated systems and proved to be a useful predictive tool for the a priori screening of ILs aiming at finding suitable candidates before extensive experimental measurements.

Computational and experimental study of the behavior of cyano-based ionic liquids in aqueous solution

The solvation of cyano- (CN-) based ionic liquids (ILs) and their capacity to establish hydrogen bonds (H-bonds) with water was studied by means of experimental and computational approaches. Experimentally, water activity data were measured for aqueous solutions of ILs based on 1-butyl-3-methylimidazolium ([BMIM](+)) cation combined with one of the following anions: thiocyanate ([SCN](-)), dicyanamide ([DCA](-)), or tricyanomethanide ([TCM](-)), and of 1-ethyl-3-methylimidazolium tetracyanoborate ([EMIM][TCB]). From the latter data, water activity coefficients were estimated showing that [BMIM][SCN] and [BMIM][DCA], unlike [BMIM][TCM] and [EMIM][TCB], are able to establish favorable interactions with water. Computationally, the conductor like screening model for real solvents (COSMO-RS) was used to estimate the water activity coefficients which compare well with the experimental ones. From the COSMO-RS results, it is suggested that the polarity of each ion composing the ILs has a strong effect on the solvation phenomena. Furthermore, classical molecular dynamics (MD) simulations were performed for obtaining an atomic level picture of the local molecular neighborhood of the different species. From the experimental and computational data it is showed that increasing the number of CN groups in the ILs' anions does not enhance their ability to establish H-bonds with water but decreases their polarities, being [BMIM][DCA] and [BMIM][SCN] the ones presenting higher propensity to interact.

Vapor–liquid equilibrium of binary mixtures containing isopropyl acetate and alkanols at 101.32 kPa

Isobaric vapor-liquid equilibria of binary mixtures of isopropyl acetate plus an alkanol (1-propanol, 2-propanol, 1-butanol, or 2-butanol) were measured at 101.32 kPa, using a dynamic recirculating still. An azeotropic behavior was observed only in the mixtures of isopropyl acetate + 2-propanol and isopropyl acetate + 1-propanol. The application of four thermodynamic consistency tests (the Herington test, the Van Ness test, the infinite dilution test, and the pure component test) showed the high quality of the experimental data. Finally, both NRTL and UNIQUAC activity coefficient models were successfully applied in the correlation of the measured data, with the average absolute deviations in vapor phase composition and temperature of 0.01 and 0.16 K, respectively.

Densities, viscosities and derived thermophysical properties of water-saturated imidazolium-based ionic liquids

In order to evaluate the impact of the alkyl side chain length and symmetry of the cation on the thermophysical properties of water-saturated ionic liquids (ILs), densities and viscosities as a function of temperature were measured at atmospheric pressure and in the (298.15 to 363.15) K temperature range, for systems containing two series of bis(trifluoromethylsulfonyl)imide-based compounds: the symmetric [C n C n im][NTf2] (with n = 1-8 and 10) and asymmetric [C n C1im][NTf2] (with n = 2-5, 7, 9 and 11) ILs. For water-saturated ILs, the density decreases with the increase of the alkyl side chain length while the viscosity increases with the size of the aliphatic tails. The saturation water solubility in each IL was further estimated with a reasonable agreement based on the densities of water-saturated ILs, further confirming that for the ILs investigated the volumetric mixing properties of ILs and water follow a near ideal behaviour. The water-saturated symmetric ILs generally present lower densities and viscosities than their asymmetric counterparts. From the experimental data, the isobaric thermal expansion coefficient and energy barrier were also estimated. A close correlation between the difference in the energy barrier values between the water-saturated and pure ILs and the water content in each IL was found, supporting that the decrease in the viscosity of ILs in presence of water is directly related with the decrease of the energy barrier.

Interactions of pyridinium, pyrrolidinium or piperidinium based ionic liquids with water: measurements and COSMO-RS modelling

Looking for a better knowledge concerning water and ionic liquids (ILs) interactions, a systematic study of the activity coefficients of water in pyridinium, pyrrolidinium and piperidinium-based ILs at 298.2 K is here presented based on water activity measurements. Additionally, the study of the structural effects of the pyridinium-based cation is also pursued. The results show that non-aromatic ILs are interacting more with water than aromatic ones, and among the ortho, meta and para isomers of 1-butyl-methylpyridinium chloride, the ortho position confers a more hydrophilic character to that specific IL. The physicalchemistry of the solutions was interpreted based on dissociation constants, natural bond orbitals and excess enthalpies providing a sound basis for the interpretation of the experimental observations. These results show that hydrogen bonding controls the behavior of these systems, being the anion-water one of the most relevant interactions, but modulated by the anionecation interactions.

Solubility and solvation of monosaccharides in ionic liquids

Herein, solubility experimental data for six monosaccharides, viz. D-(+)-glucose, D-(+)-mannose, D-(-)-fructose, D-(+)-galactose, D-(+)-xylose and L-(+)-arabinose, in four ionic liquids (ILs), at temperatures ranging from 288.2 to 348.2 K, were obtained aimed at gathering a better understanding of their solvation ability and molecular-level mechanisms which rule the dissolution process. To ascertain the chemical features that enhance the solubility of monosaccharides, ILs composed of dialkylimidazolium or tetra-alkylphosphonium cations combined with the dicyanamide, dimethylphosphate or chloride anions were investigated. It was found that the ranking of the solubility of monosaccharides depends on the IL; yet, D-(+)-xylose is always the most soluble while D-(-)-fructose is the least soluble monosaccharide. The results obtained show that both the IL cation and the anion play a major role in the solubility of monosaccharides. Finally, from the determination of the respective thermodynamic properties of solution, it was found that enthalpic contributions are dominant in the solubilization process. However, the observed differences in the solubilities of monosaccharides in 1-butyl-3-methylimidazolium dicyanamide are ruled by a change in the entropy of solution.

The economics of credit markets: theory and evidence.

Doutoramento em Economia.

Hotelling-downs competition with free entry when voters have an option to contest

Osborne shows that for almost all distributions of voters' preferences, a pure strategy Nash equilibrium does not exist in the classical Hotelling-Downs model of electoral competition with free entry. We show that equilibrium is generically possible if in addition one allows voters an option to announce their candidacy to compete side-by-side with office-seeking players. The model studied in this paper renders Osborne and the celebrated citizen-candidate model à la Osborne and Slivinski as two extreme cases. We characterize the equilibrium set with two central questions: (i) can there be equilibria where only voters contest? and (ii) are equilibria with contesting office-seeking players possible? We also show that in our general setting, extremists are typically voter-candidates so that in every two-party contest, office-seeking politicians stay out of competition.

Aggregate uncertainty in the citizen candidate model yields extremist parties

We extend the citizen candidate model of electoral competition with sincere voting to allow for k ≥ 2 states of aggregate uncertainty. We discuss and characterize the equilibrium set in this framework. We provide conditions for the existence of two-party equilibria when k = 2 and show that the policies of the two parties in any such equilibrium are not only divergent but that the parties are extremist: when the political mood is left-wing, the left-wing party wins decisively with a platform that is to the left of the left-wing median voter, while when the political mood is right-wing, the right-wing party wins decisively with a platform that is to the right of the right-wing median voter. We then provide conditions under which such equilibria remain robust for an arbitrary value of k.

Liquid phase adsorption kinetics and equilibrium of toluene by novel modified-diatomite

The adsorption equilibria of toluene from aqueous solutions on natural and modified diatomite were examined at different operation parameters such as pH, contact time, initial toluene concentration was evaluated and optimum experimental conditions were identified. The surface area and morphology of the nanoparticles were characterized by SEM, BET, XRD, FTIR and EDX analysis. It was found that in order to obtain the highest possible removal of toluene, the experiments can be carried out at pH 6, temperature 25°C, an agitation speed of 200 rpm, an initial toluene concentration of 150 mg/L, a centrifugal rate of 4000 rpm, adsorbent dosage = 0.1 g and a process time of 90 min. The results of this work show that the maximum percentage removal of toluene from aqueous solution in the optimum conditions for NONMD was 96.91% (145.36 mg/g). Furthermore, under same conditions, the maximum adsorption of natural diatomite was 71.45% (107.18 mg/g). Both adsorption kinetic and isotherm experiments were carried out. The experimental data showed that the adsorption follows the Langmuir model and Freundlich model on natural and modified diatomite respectively. The kinetics results were found to conform well to pseudo-second order kinetics model with good correlation. Thus, this study demonstrated that the modified diatomite could be used as potential adsorbent for removal of toluene from aqueous solution.

Effects of solid poly (ethylene glycols) addition to the solutions of aniline or N,N-dimethylaniline with water:experimental measurements and modelling

In this work, the liquid-liquid and solid-liquid phase behaviour of ten aqueous pseudo-binary and three binary systems containing polyethylene glycol (PEG) 2050, polyethylene glycol 35000, aniline, N,N-dimethylaniline and water, in the temperature range 298.15-350.15 K and at ambient pressure of 0.1 MPa, was studied. The obtained temperature-composition phase diagrams showed that the only functional co-solvent was PEG2050 for aniline in water, while PEG35000 even showed a clear anti-solvent effect in the N,N-dimethylaniline aqueous system. The experimental solid-liquid equilibria (SLE) data have been correlated by the non-random two-liquid (NRTL) model, and the correlation results are in accordance with the experimental results.

Pareto Dominance of Deferred Acceptance through Early Decision

An early decision market is governed by rules that allow each student to apply to (at most) one college and require the student to attend this college if admitted. This market is ubiquitous in college admissions in the United States. We model this market as an extensive-form game of perfect information and study a refinement of subgame perfect equilibrium (SPE) that induces undominated Nash equilibria in every subgame (SPUE). Our main result shows that this game can be used to define a decentralized matching mechanism that weakly Pareto dominates student-proposing deferred acceptance.