Loss aversion with a state-dependent reference point

This study investigates loss aversion when the reference point is a state-dependent random variable. This case describes, for example, a money manager being evaluated relative to a risky benchmark index rather than a fixed target return level. Using a state-dependent structure, prospects are more (less) attractive if they depend positively (negatively) on the reference point. In addition, the structure avoids an inherent aversion to risky prospects and yields no losses when the prospect and the reference point are the same. Related to this, the optimal reference-dependent solution equals the optimal consumption solution (no loss aversion) when the reference point is selected completely endogenously. Given that loss aversion is widespread, we conclude that the reference point generally includes an important exogenously fixed component. For example, the typical investment benchmark index is externally fixed by the investment principal for the duration of the investment mandate. We develop a choice model where adjustment costs cause stickiness relative to an initial exogenous reference point.Reference-dependent preferences, stochastic reference point, loss aversion, disappointment theory, regret theory.

Spectroscopy for cold atom gases in periodically phase-modulated optical lattices

The response of cold atom gases to small periodic phase modulation of an optical lattice is discussed. For bosonic gases, the energy absorption rate is given, within linear response theory, by imaginary part of the current correlation function. For fermionic gases in a strong lattice potential, the same correlation function can be probed via the production rate double occupancy. The phase modulation gives thus direct access to the conductivity of the system, as function of the modulation frequency. We give an example of application in the case of one dimensional bosons at zero temperature and discuss the link between the phase- and amplitude-modulation.Comment: 4 pages, 2 figures, final versio

Dynamics and universality in noise driven dissipative systems

We investigate the dynamical properties of low dimensional systems, driven by external noise sources. Specifically we consider a resistively shunted Josephson junction and a one dimensional quantum liquid in a commensurate lattice potential, subject to $1/f$ noise. In absence of nonlinear coupling, we have shown previously that these systems establish a non-equilibrium critical steady state [Nature Phys. 6, 806 (2010)]. Here we use this state as the basis for a controlled renormalization group analysis using the Keldysh path integral formulation to treat the non linearities: the Josephson coupling and the commensurate lattice. The analysis to first order in the coupling constant indicates transitions between superconducting and localized regimes that are smoothly connected to the respective equilibrium transitions. However at second order, the back action of the mode coupling on the critical state leads to renormalization of dissipation and emergence of an effective temperature. In the Josephson junction the temperature is parametrically small allowing to observe a universal crossover between the superconducting and insulating regimes. The IV characteristics of the junction displays algebraic behavior controlled by the underlying critical state over a wide range. In the noisy one dimensional liquid the generated dissipation and effective temperature are not small as in the junction. We find a crossover between a quasi-localized regime dominated by dissipation and another dominated by temperature. However since in the thermal regime the thermalization rate is parametrically small, signatures of the non-equilibrium critical state can be seen in transient dynamics.Comment: 30 pages, 8 figures. Revised versio

Measurement of thermal conductance of silicon nanowires at low temperature

We have performed thermal conductance measurements on individual single crystalline silicon suspended nanowires. The nanowires (130 nm thick and 200 nm wide) are fabricated by e-beam lithography and suspended between two separated pads on Silicon On Insulator (SOI) substrate. We measure the thermal conductance of the phonon wave guide by the 3 method. The cross-section of the nanowire approaches the dominant phonon wavelength in silicon which is of the order of 100 nm at 1K. Above 1.3K the conductance behaves as T3, but a deviation is measured at the lowest temperature which can be attributed to the reduced geometry

Tsunamis - harbor oscillations induced by nonlinear transient long waves

The process of excitation of harbors and bays by transient nonlinear long waves is investigated theoretically and experimentally. In addition, nonlinear shallow water waves generated in a closed rectangular basin by the motion of the basin are also examined. Two numerical methods based on finite element techniques are used to solve the weakly nonlinear-dispersive-dissipative equations of motion and are applied to the basin excitation problem and the transient harbor oscillation problem, respectively. In the latter case, the open sea conditions are simulated by including a radiative boundary condition in time at a finite distance from the harbor entrance. Various dissipative effects are also included. In addition to the numerical results, analytical solutions are presented to investigate certain particular aspects of basin and harbor oscillations (e.g., the effects of viscous dissipation in a harbor with simple geometry). Experiments conducted in the closed rectangular basin indicate that for a continuous excitation at or near a resonant mode of oscillation the linear theory becomes inadequate and the nonlinear-dispersive-dissipative theory must be used. For a transient excitation the validity of the linear theory depends on the value of the Stokes parameter. Indeed, some features not predicted by the linear theory can be directly inferred from the magnitude of this parameter. Experiments on the continuous wave induced oscillations of a narrow rectangular harbor with constant depth show that at the first resonant mode convective nonlinearities can be neglected and a linear dissipative solution is sufficient to describe the waves inside the harbor. At the second resonant mode which corresponds to a longer harbor relative to the length of the incident wave, nonlinear convective effects become important and must be incorporated into the numerical model. Also the characteristics of various sources of dissipation which reduce resonance in the harbor are investigated experimentally. The sources considered include, among others, laminar boundary friction, leakage losses underneath the harbor walls, and energy dissipation due to flow separation at the entrance of the harbor. The good agreement obtained between the experiments and the nonlinear numerical model developed in this study suggests that this model could be used with some confidence to predict the response characteristics of prototype harbors. As an example, the results of this study have been applied to the response of Ofunato Bay (Japan) to the tsunami generated by the Tokachi-Oki earthquake of May 16, 1968. The model has been used to investigate the effects of convective nonlinearities on the bay oscillations and also to determine the efficiency of the breakwater which was built to reduce the effects of tsunamis at Ofunato

Transport through a molecular quantum dot in the polaron crossover regime

We consider resonant transport through a molecular quantum dot coupled to a local vibration mode. Applying the non-equilibrium Green function technique in the polaron representation, we develop a non-perturbative scheme to calculate the electron spectral function of the molecule in the regime of intermediate electron-phonon coupling. With increasing tunneling coupling to the leads, correlations between polaron clouds become more important at relatively high temperature leading to a strong sharpening of the peak structure in the spectral function. The detection of such features in the current-voltage characteristics is briefly discussed

Gravity tests in the solar system and the Pioneer anomaly

We build up a new phenomenological framework associated with a minimal generalization of Einsteinian gravitation theory. When linearity, stationarity and isotropy are assumed, tests in the solar system are characterized by two potentials which generalize respectively the Newton potential and the parameter $\gamma$ of parametrized post-Newtonian formalism. The new framework seems to have the capability to account for the Pioneer anomaly besides other gravity tests.Comment: 5 pages. Accepted version, to appear in Modern Physics Letters