Lattice constraints on the thermal photon rate

We estimate the photon production rate from an SU(3) plasma at temperatures of about 1.1Tc and 1.3Tc. Lattice results for the vector current correlator at spatial momenta k ~ (2-6)T are extrapolated to the continuum limit and analyzed with the help of a polynomial interpolation for the corresponding spectral function, which vanishes at zero frequency and matches to high-precision perturbative results at large invariant masses. For small invariant masses the interpolation is compared with the NLO weak-coupling result, hydrodynamics, and a holographic model. At vanishing invariant mass we extract the photon rate which for k \gsim 3T is found to be close to the NLO weak-coupling prediction. For k \lsim 2T uncertainties remain large but the photon rate is likely to fall below the NLO prediction, in accordance with the onset of a strongly interacting behaviour characteristic of the hydrodynamic regime.Comment: 20 pages. v2: clarifications adde

Stylised Facts and the Contribution of Simulation to the Economic Analysis of Budgeting

The application of computer simulation as a research method raises two important questions: (1) Does simulation really offer added value over established methods? (2) How can the danger of arbitrariness caused by the extended modelling possibilities be minimised? We present the concept of stylised facts as a methodological basis for approaching these questions systematically. In particular, stylised facts provide a point of reference for a comparative analysis of models intended to explain an observable phenomenon. This is shown with reference to a recent discussion in the "economic analysis of accounting" literature where established methods, i.e. game theory, as well as computer simulations are used: the susceptibility of the "Groves mechanism" to collusion. Initially, we identify six stylised facts on the stability of collusion in empirical studies. These facts serve as a basis for the subsequent comparison of four theoretical models with reference to the above questions: (1) We find that the simulation models of Krapp and Deliano offer added value in comparison to the game theoretical models. They can be related to more stylised facts, achieve a better reproduction and exhibit far greater potential for incorporating yet unaddressed stylised facts. (2) Considered in the light of the stylised facts to which the models can be related, Deliano's simulation model exhibits considerable arbitrariness in model design and lacks information on its robustness. In contrast, Krapp demonstrates that this problem is not inherent to the method. His simulation model methodically extends its game theoretical predecessors, leaving little room for arbitrary model design or questionable parameter calibration. All in all, the stylisedfactsconcept proved to be very useful in dealing with the questions simulation researchers are confronted with. Moreover, a "research landscape" emerges from the derived stylised facts pinpointing issues yet to be addressed.Computer Simulation, Stylised Facts, Methodology, Groves Mechanism, Collusion, Game Theory

Gap formation and soft phonon mode in the Holstein model

We investigate electron-phonon coupling in many-electron systems using dynamical mean-field theory in combination with the numerical renormalization group. This non-perturbative method reveals significant precursor effects to the gap formation at intermediate coupling strengths. The emergence of a soft phonon mode and very strong lattice fluctuations can be understood in terms of Kondo-like physics due to the development of a double-well structure in the effective potential for the ions

Evidence from Tax-Exempt Firms on Motives for Participating in Sale-Leaseback Agreements

Previous research finds evidence that tax factors motivate the participants in leasing transactions. Tax-arbitrage arguments predict that leasing participants gain when the lessor’s tax rate exceeds that of the lessee. The research employs a sample of effectively tax-exempt REIT lessors to explore alternative leasing motives. Changes in REIT qualification rules are examined to develop an Agency-Cost, and competing Income-Retention Hypothesis for lessors. The rules and changes suggest that REIT management has the incentive, motive and opportunity to make real-estate investments quickly. The evidence developed is consistent with agency-costs arising from the possibility that they may overpay for properties.