1,183 research outputs found

    Classical O(N) nonlinear sigma model on the half line: a study on consistent Hamiltonian description

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    The problem of consistent Hamiltonian structure for O(N) nonlinear sigma model in the presence of five different types of boundary conditions is considered in detail. For the case of Neumann, Dirichlet and the mixture of these two types of boundaries, the consistent Poisson brackets are constructed explicitly, which may be used, e.g. for the construction of current algebras in the presence of boundary. While for the mixed boundary conditions and the mixture of mixed and Dirichlet boundary conditions, we prove that there is no consistent Poisson brackets, showing that the mixed boundary conditions are incompatible with all nontrivial subgroups of O((N)O((N).Comment: revtex4, 7pp, bibte

    Housing over time and over the life cycle: a structural estimation

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    We estimate a structural model of optimal life-cycle housing and consumption in the presence of realistic labor income and house price uncertainties. The model postulates constant elasticity of substitution between housing service and nonhousing consumption, and explicitly incorporates a house adjustment cost. Our estimation fits the cross-sectional and time-series household wealth and housing profiles from the Panel Study of Income Dynamics quite well, and suggests an intra-temporal elasticity of substitution between housing and nonhousing consumption of 0.33 and a housing adjustment cost that amounts to about 15 percent of house value. Policy experiments with estimated preference parameters imply that households respond nonlinearly to house price changes with large house price declines leading to sizable decreases in both the aggregate homeownership rate and aggregate non-housing consumption. The average marginal propensity to consume out of housing wealth changes ranges from 0.4 percent to 6 percent. When lending conditions are tightened in the form of a higher down payment requirement, interestingly, large house price declines result in more severe drops in the aggregate homeownership rate but milder decreases in nonhousing consumption.

    Biogeography-based learning particle swarm optimization

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