Pricing Limited Partnerships in the Secondary Market

This study investigates the pattern of prices for multiple partnerships sold in the secondary market. In the model, the partnership buyer prefers to purchase the units sequentially since sellers have varying desires to sell. The benefit of a sequential purchase strategy is partially offset by rational sellers who demand higher prices in earlier sales since the possibility of future sales reduces the sellers’ eagerness to sell in earlier rounds. If this strategic component is sufficiently large, a pattern of decreasing prices should be observed. Using a panel dataset comprised of 52,679 transactions from eighteen real estate limited partnerships, and after controlling for performance characteristics, the study finds that prices decrease over time, thus indicating a significant strategic component in this market.

Plasma dynamics of the Earth magnetopause-boundary layer and its coupling to the polar ionosphere

Thesis (Ph.D.) University of Alaska Fairbanks, 1991In this thesis, the plasma dynamics of the Earth magnetopause-boundary layer and its coupling to the polar ionosphere are studied by using computer simulations. First, the plasma dynamics and structure of the magnetopause-boundary layer are studied by a two-dimensional incompressible magnetohydrodynamic simulation code. It is found that the Kelvin-Helmholtz instability with driven boundary conditions at the magnetopause can lead to the formation of plasma vortices observed in the magnetopause-boundary layer. In the later stage of development, a density plateau is formed in the central part of the boundary layer. Second, the coupling of plasma vortices formed in the boundary layer to the polar ionosphere is studied based on a magnetosphere-ionosphere coupling model. The finite ionospheric conductivity provides a dragging force to the plasma flow and leads to the decay of plasma vortices in the boundary layer. In the model, the ionospheric conductivity is allowed to be enhanced due to accelerated electrons precipitating in upward field-aligned current regions. The competing effect of the formation and decay of vortices leads to the formation of strong vortices only in limited regions. Several enhanced conductivity regions are formed along the post-noon auroral oval, which may account for the observed auroral bright spots. In addition, the evolution of localized plasma vortices, as well as magnetic flux ropes, along magnetic field lines is studied. The evolution leads to the generation of large-amplitude Alfven waves, which carry field-aligned currents and provide the link for the coupling of plasma vortices and magnetic flux ropes in the magnetosphere to the polar ionosphere

Smooth Flow in Diamond: Atomistic Ductility and Electronic Conductivity

Diamond is the quintessential superhard material widely known for its stiff and brittle nature and large electronic band gap. In stark contrast to these established benchmarks, our first-principles studies unveil surprising intrinsic structural ductility and electronic conductivity in diamond under coexisting large shear and compressive strains. These complex loading conditions impede brittle fracture modes and promote atomistic ductility, triggering rare smooth plastic flow in the normally rigid diamond crystal. This extraordinary structural change induces a concomitant band gap closure, enabling smooth charge flow in deformation created conducting channels. These startling soft-and-conducting modes reveal unprecedented fundamental characteristics of diamond, with profound implications for elucidating and predicting diamond’s anomalous behaviors at extreme conditions

Complexity analysis of Bayesian learning of high-dimensional DAG models and their equivalence classes

We consider MCMC methods for learning equivalence classes of sparse Gaussian DAG models when $p = e^{o(n)}$. The main contribution of this work is a rapid mixing result for a random walk Metropolis-Hastings algorithm, which we prove using a canonical path method. It reveals that the complexity of Bayesian learning of sparse equivalence classes grows only polynomially in $n$ and $p$, under some common high-dimensional assumptions. Further, a series of high-dimensional consistency results is obtained by the path method, including the strong selection consistency of an empirical Bayes model for structure learning and the consistency of a greedy local search on the restricted search space. Rapid mixing and slow mixing results for other structure-learning MCMC methods are also derived. Our path method and mixing time results yield crucial insights into the computational aspects of high-dimensional structure learning, which may be used to develop more efficient MCMC algorithms

Aspect ratio dependence of heat transport by turbulent Rayleigh-B\'{e}nard convection in rectangular cells

We report high-precision measurements of the Nusselt number $Nu$ as a function of the Rayleigh number $Ra$ in water-filled rectangular Rayleigh-B\'{e}nard convection cells. The horizontal length $L$ and width $W$ of the cells are 50.0 cm and 15.0 cm, respectively, and the heights $H=49.9$, 25.0, 12.5, 6.9, 3.5, and 2.4 cm, corresponding to the aspect ratios $(\Gamma_x\equiv L/H,\Gamma_y\equiv W/H)=(1,0.3)$, $(2,0.6)$, $(4,1.2)$, $(7.3,2.2)$, $(14.3,4.3)$, and $(20.8,6.3)$. The measurements were carried out over the Rayleigh number range $6\times10^5\lesssim Ra\lesssim10^{11}$ and the Prandtl number range $5.2\lesssim Pr\lesssim7$. Our results show that for rectangular geometry turbulent heat transport is independent of the cells' aspect ratios and hence is insensitive to the nature and structures of the large-scale mean flows of the system. This is slightly different from the observations in cylindrical cells where $Nu$ is found to be in general a decreasing function of $\Gamma$, at least for $\Gamma=1$ and larger. Such a difference is probably a manifestation of the finite plate conductivity effect. Corrections for the influence of the finite conductivity of the top and bottom plates are made to obtain the estimates of $Nu_{\infty}$ for plates with perfect conductivity. The local scaling exponents $\beta_l$ of $Nu_{\infty}\sim Ra^{\beta_l}$ are calculated and found to increase from 0.243 at $Ra\simeq9\times10^5$ to 0.327 at $Ra\simeq4\times10^{10}$.Comment: 15 pages, 7 figures, Accepted by Journal of Fluid Mechanic