On the Properties of General Equilibrium with Default in Economies with Incomplete Markets

In this paper we study the properties of general equilibrium with default in economies with incomplete markets. It is noted that, in equilibrium, an agent makes two types of comparisons when deciding whether to participate in the credit market: as a lender and as a borrower. As a consequence, the equilibrium can be linked to levels of punishment, perception of default and promised returns. An analysis of equilibrium in the case of economies with two homogeneous types of agents is also presented, from which it can be deduced that in equilibrium under partial default the personal valuations of default for the buyer and the seller are equal.General equilibrium, incomplete markets, default

Polydispersity Effects in the Dynamics and Stability of Bubbling Flows

The occurrence of swarms of small bubbles in a variety of industrial systems enhances their performance. However, the effects that size polydispersity may produce on the stability of kinematic waves, the gain factor, mean bubble velocity, kinematic and dynamic wave velocities is, to our knowledge, not yet well established. We found that size polydispersity enhances the stability of a bubble column by a factor of about 23% as a function of frequency and for a particular type of bubble column. In this way our model predicts effects that might be verified experimentally but this, however, remain to be assessed. Our results reinforce the point of view advocated in this work in the sense that a description of a bubble column based on the concept of randomness of a bubble cloud and average properties of the fluid motion, may be a useful approach that has not been exploited in engineering systems.Comment: 11 pages, 2 figures, presented at the 3rd NEXT-SigmaPhi International Conference, 13-18 August, 2005, Kolymbari, Cret

Combined grazing incidence RBS and TEM analysis of luminescent nano-SiGe/SiO2 multilayers.

Multilayer structures with five periods of amorphous SiGe nanoparticles/SiO2 layers with different thickness were deposited by Low Pressure Chemical Vapor Deposition and annealed to crystallize the SiGe nanoparticles. The use of grazing incidence RBS was necessary to obtain sufficient depth resolution to separate the signals arising from the individual layers only a few nm thick. The average size and areal density of the embedded SiGe nanoparticles as well as the oxide interlayer thickness were determined from the RBS spectra. Details of eventual composition changes and diffusion processes caused by the annealing processes were also studied. Transmission Electron Microscopy was used to obtain complementary information on the structural parameters of the samples in order to check the information yielded by RBS. The study revealed that annealing at 900 °C for 60 s, enough to crystallize the SiGe nanoparticles, leaves the structure unaltered if the interlayer thickness is around 15 nm or higher

Formation of corner waves in the wake of a partially submerged bluff body

We study theoretically and numerically the downstream flow near the corner of a bluff body partially submerged at a deadrise depth Δh into a uniform stream of velocity U, in the presence of gravity, g. When the Froude number, Fr=U/√gΔh, is large, a three-dimensional steady plunging wave, which is referred to as a corner wave, forms near the corner, developing downstream in a similar way to a two-dimensional plunging wave evolving in time. We have performed an asymptotic analysis of the flow near this corner to describe the wave's initial evolution and to clarify the physical mechanism that leads to its formation. Using the two-dimensions-plus-time approximation, the problem reduces to one similar to dam-break flow with a wet bed in front of the dam. The analysis shows that, at leading order, the problem admits a self-similar formulation when the size of the wave is small compared with the height difference Δh. The essential feature of the self-similar solution is the formation of a mushroom-shaped jet from which two smaller lateral jets stem. However, numerical simulations show that this self-similar solution is questionable from the physical point of view, as the two lateral jets plunge onto the free surface, leading to a self-intersecting flow. The physical mechanism leading to the formation of the mushroom-shaped structure is discussed