6,424 research outputs found
Pricing the implicit contracts in the Paris Club debt buybacks
In 2005, more than 20 billion dollars were bought back by Paris Club debtors: Russia USD 15 billion Poland USD 5.4 billion and Peru USD 1.5 billion. During the first half of 2006, more than USD 30 billion in buybacks was announced: Russia USD 22 billion, Algeria USD 8 billion dollars, Brazil USD 1.5 billion. The buybacks consisted of the prepayment of debts at par with no penalties. These transactions were carried out at a discount of more than 20% compared to their net present value. The total loss incurred by creditors in the three buybacks is estimated at more than USD 10 billion. This raises the question as to why the Paris Club creditors agreed to the buybacks voluntarily. It appears that these buybacks are the result of the exercise of specific contracts previously agreed with the debtors in the 1990s, without receiving any compensation for this and without assessing the consequences. These implicit contracts make it possible to formalise the respective interests for creditors and debtors. Their pricing requires the use of financial mathematics tools (derivatives) and stochastic models for interest rates (Vasicek), but applied in the Paris Club framework.buyback; Paris Club; par value; Vasicek model; creditor cartel
Sub-Poissonian laser emission from a single-electron permanently interacting with a single-mode cavity
Quiet (or sub-Poissonian) oscillators generate a number of dissipation events
whose variance is less than the mean. It was shown in 1984 by Golubev and
Sokolov that lasers driven by regular pumps are quiet in that sense. The
purpose of this paper is to show that, as long as the laser-detector system is
strictly stationary, quantization of the optical field is not required to
explain such phenomena. The theory presented here is semi-classical, yet exact.
Previous theories considering excited-state atoms regularly-injected in
resonators, on the other hand, do require in principle light quantization.
Specifically, we consider a laser involving a single electron permanently
interacting with the field and driven by a constant-potential battery, and
point out a similarity with reflex klystrons. The detected noise is found to be
only 7/8 of the shot-noise level. It is therefore sub-Poissonian. Our
calculations are related to resonance-fluorescence treatments but with
different physical interpretations.Comment: 7 pages, submitted to Phys Rev
Quiet Lasers
We call "quiet laser" a stationary laser that generates in detectors regular
photo-electrons (sub-Poisson statistics). It follows from the law of
conservation of energy that this is so when the laser power supply does not
fluctuate. Various configurations are analyzed on the basis of the Planck
(1907) semi-classical concept: "I am not seeking the meaning of light quanta in
the vacuum but rather in places where emission and absorption occur, and I
assume that what happens in the vacuum is rigorously described by Maxwell's
equations". Exact agreement with Quantum Optics results is noted. Comments
welcome!Comment: 186 page
Semi-classical theory of quiet lasers. I: Principles
When light originating from a laser diode driven by non-fluctuating
electrical currents is incident on a photo-detector, the photo-current does not
fluctuate much. Precisely, this means that the variance of the number of
photo-electrons counted over a large time interval is much smaller that the
average number of photo-electrons. At non-zero Fourier frequency the
photo-current power spectrum is of the form and thus
vanishes as , a conclusion equivalent to the one given above. The
purpose of this paper is to show that results such as the one just cited may be
derived from a (semi-classical) theory in which neither the optical field nor
the electron wave-function are quantized. We first observe that almost any
medium may be described by a circuit and distinguish (possibly non-linear)
conservative elements such as pure capacitances, and conductances that
represent the atom-field coupling. The theory rests on the non-relativistic
approximation. Nyquist noise sources (in which the Planck term
is being restored) are associated with positive or negative conductances, and
the law of average-energy conservation is enforced. We consider mainly
second-order correlations in stationary linearized regimes.Comment: 116 pages Second draft of a book project. To be completed by a part
II incuding extended details on application of the theor
Statistics of non-interacting bosons and fermions in micro-canonical, canonical and grand-canonical ensembles: A survey
The statistical properties of non-interacting bosons and fermions confined in
trapping potentials are most easily obtained when the system may exchange
energy and particles with a large reservoir (grand-canonical ensemble). There
are circumstances, however, where the system under consideration may be
considered as being isolated (micro-canonical ensemble). This paper first
reviews results relating to micro-canonical ensembles. Some of them were
obtained a long time ago, particularly by Khinchin in 1950. Others were
obtained only recently, often motivated by experimental results relating to
atomic confinement. A number of formulas are reported for the first time in the
present paper. Formulas applicable to the case where the system may exchange
energy but not particles with a reservoir (canonical ensemble) are derived from
the micro-canonical ensemble expressions. The differences between the three
ensembles tend to vanish in the so-called Thermodynamics limit, that is, when
the number of particles and the volume go to infinity while the particle number
density remains constant. But we are mostly interested in systems of moderate
size, often referred to as being mesoscopic, where the grand-canonical
formalism is not applicable. The mathematical results rest primarily on the
enumeration of partitions of numbers.Comment: 18 pages, submitted to J. Phys.
Modified logarithmic Sobolev inequalities and transportation inequalities
We present a class of modified logarithmic Sobolev inequality, interpolating
between Poincar\'e and logarithmic Sobolev inequalities, suitable for measures
of the type \exp(-|x|^\al) or more complex \exp(-|x|^\al\log^\beta(2+|x|))
(\al\in]1,2[ and \be\in\dR) which lead to new concentration inequalities.
These modified inequalities share common properties with usual logarithmic
Sobolev inequalities, as tensorisation or perturbation, and imply as well
Poincar\'e inequality. We also study the link between these new modified
logarithmic Sobolev inequalities and transportation inequalities
A simple quantum heat engine
Quantum heat engines employ as working agents multi-level systems instead of
gas-filled cylinders. We consider particularly two-level agents such as
electrons immersed in a magnetic field. Work is produced in that case when the
electrons are being carried from a high-magnetic-field region into a
low-magnetic-field region. In watermills, work is produced instead when some
amount of fluid drops from a high-altitude reservoir to a low-altitude
reservoir. We show that this purely mechanical engine may in fact be considered
as a two-level quantum heat engine, provided the fluid is viewed as consisting
of n molecules of weight one and N-n molecules of weight zero. Weight-one
molecules are analogous to electrons in their higher energy state, while
weight-zero molecules are analogous to electrons in their lower energy state.
More generally, fluids consist of non-interacting molecules of various weights.
It is shown that, not only the average value of the work produced per cycle,
but also its fluctuations, are the same for mechanical engines and quantum
(Otto) heat engines. The reversible Carnot cycles are approached through the
consideration of multiple sub-reservoirs.Comment: RevTeX 9 pages, 4 figures, paper shortened, improved presentatio
A simple model for Carnot heat engines
We present a (random) mechanical model consisting of two lottery-like
reservoirs at altitude and , respectively, in the earth's
gravitational field. Both reservoirs consist of possible ball locations.
The upper reservoir contains initially weight-1 balls and the lower
reservoir contains initially weight-1 balls. Empty locations are
treated as weight-0 balls. These reservoirs are being shaken up so that all
possible ball configurations are equally likely to occur. A cycle consists of
exchanging a ball randomly picked from the higher reservoir and a ball randomly
picked from the lower reservoir. It is straightforward to show that the
efficiency, defined as the ratio of the average work produced to the average
energy lost by the higher reservoir is . We then relate this
system to a heat engine. This thermal interpretation is applicable only when
the number of balls is large. We define the entropy as the logarithm of the
number of ball configurations in a reservoir, namely ,
with subscripts appended to and to . When does not differ
much from , the system efficiency quoted above is found to coincide with
the maximum efficiency , where the are absolute
temperatures defined from the above expression of . Fluctuations are
evaluated in Appendix A, and the history of the Carnot discovery (1824) is
recalled in Appendix B. Only elementary physical and mathematical concepts are
employed.Comment: To appear in American Journal of Physic
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