Stochastic Dominance Portfolio Analysis of Forestry Assets

We consider the forestry decision-making and harvesting problem from the perspective of financial portfolio management, where harvestable forest stands constitute one of the liquid assets of the portfolio. Using real data from Finnish mixed borealis forests and from the Helsinki stock exchange, we investigate the effect of trading the timber stock together with the forest land, or without the land (i.e., harvesting), on the portfolio efficiency. As our research methodology, we utilize the general Stochastic Dominance (SD) criteria, focusing on the recent theoretical advances in analyzing portfolio diversification within the SD framework. Our findings shed some further light on the question of how to model the forestry planning problem, and provide some comparative evidence of the applicability of the alternative SD test approaches.Forest Management, Portfolio Optimization, Stochastic Dominance, Diversification

Microkelvin thermometry with Bose-Einstein condensates of magnons and applications to studies of the AB interface in superfluid 3^3He

Coherent precession of trapped Bose-Einstein condensates of magnons is a sensitive probe for magnetic relaxation processes in superfluid 3He-B down to the lowest achievable temperatures. We use the dependence of the relaxation rate on the density of thermal quasiparticles to implement thermometry in 3He-B at temperatures below 300 $\mu$K. Unlike popular vibrating wire or quartz tuning fork based thermometers, magnon condensates allow for contactless temperature measurement and make possible an independent in situ determination of the residual zero-temperature relaxation provided by the radiation damping. We use this magnon-condensate-based thermometry to study the thermal impedance of the interface between A and B phases of superfluid 3He. The magnon condensate is also a sensitive probe of the orbital order-parameter texture. This has allowed us to observe for the first time the non-thermal signature of the annihilation of two AB interfaces.Comment: 26 pages, 7 figures, manuscript prepared for EU Microkelvin Collaboration Workshop 2013. Accepted for publication in Journal of Low Temperature Physic

Turbulent Vortex Flow Responses at the AB Interface in Rotating Superfluid 3He-B

In a rotating two-phase sample of 3He-B and magnetic-field stabilized 3He-A the large difference in mutual friction dissipation at 0.20 Tc gives rise to unusual vortex flow responses. We use noninvasive NMR techniques to monitor spin down and spin up of the B-phase superfluid component to a sudden change in the rotation velocity. Compared to measurements at low field with no A-phase, where these responses are laminar in cylindrically symmetric flow, spin down with vortices extending across the AB interface is found to be faster, indicating enhanced dissipation from turbulence. Spin up in turn is slower, owing to rapid annihilation of remanent vortices before the rotation increase. As confirmed by both our NMR signal analysis and vortex filament calculations, these observations are explained by the additional force acting on the B-phase vortex ends at the AB interface.Comment: 6 pages, 6 figure

Super Stability of Laminar Vortex Flow in Superfluid 3He-B

Vortex flow remains laminar up to large Reynolds numbers (Re~1000) in a cylinder filled with 3He-B. This is inferred from NMR measurements and numerical vortex filament calculations where we study the spin up and spin down responses of the superfluid component, after a sudden change in rotation velocity. In normal fluids and in superfluid 4He these responses are turbulent. In 3He-B the vortex core radius is much larger which reduces both surface pinning and vortex reconnections, the phenomena, which enhance vortex bending and the creation of turbulent tangles. Thus the origin for the greater stability of vortex flow in 3He-B is a quantum phenomenon. Only large flow perturbations are found to make the responses turbulent, such as the walls of a cubic container or the presence of invasive measuring probes inside the container.Comment: 4 pages, 6 figure

Superfluid vortex front at T -> 0: Decoupling from the reference frame

Steady-state turbulent motion is created in superfluid 3He-B at low temperatures in the form of a turbulent vortex front, which moves axially along a rotating cylindrical container of 3He-B and replaces vortex-free flow with vortex lines at constant density. We present the first measurements on the thermal signal from dissipation as a function of time, recorded at 0.2 Tc during the front motion, which is monitored using NMR techniques. Both the measurements and the numerical calculations of the vortex dynamics show that at low temperatures the density of the propagating vortices falls well below the equilibrium value, i.e. the superfluid rotates at a smaller angular velocity than the container. This is the first evidence for the decoupling of the superfluid from the container reference frame in the zero-temperature limit.Comment: 4 pages, 4 figure

Self-localization of magnon Bose-Einstein condensates in the ground state and on excited levels: from harmonic to box-like trapping potential

Long-lived coherent spin precession of 3He-B at low temperatures around 0.2 Tc is a manifestation of Bose-Einstein condensation of spin-wave excitations or magnons in a magnetic trap which is formed by the order-parameter texture and can be manipulated experimentally. When the number of magnons increases, the orbital texture reorients under the influence of the spin-orbit interaction and the profile of the trap gradually changes from harmonic to a square well, with walls almost impenetrable to magnons. This is the first experimental example of Bose condensation in a box. By selective rf pumping the trap can be populated with a ground-state condensate or one at any of the excited energy levels. In the latter case the ground state is simultaneously populated by relaxation from the exited level, forming a system of two coexisting condensates.Comment: 4 pages, 5 figure