Luxembourg has seen an unprecedented rise in homeownership prices in the last decade, hinting the existence of a speculatory bubble. Housing bubbles can have catastrophic effects on surrounding economies, so identifying them is paramount. This paper investigates Luxembourg’s housing prices and related factors in search for evidence of this bubble. The method consists of a two-stage econometric analysis of homeownership prices (dependent, HPI used for proxy) and its determining factors (independent, e.g. interest rates, incomes, population, etc.) spanning the last 15 years. First, all the time-series are tested for stationarity using the Augmented Dickey-Fuller test. Second, homeownership prices are tested for bivariate cointegration with the independent variable time-series using the Engle-Granger method. Cointegration of time-series is evidence of a shared long-run equilibrium, so absence of such relationships indicates market dysfunction. Under specific conditions, a speculatory bubble becomes the likely culprit. We identified no strong, statistically significant cointegrating relationships between homeownership prices and any of their determining factors. In combination with other indicators, we consider this to be admissible evidence for the existence of a bubble in Luxembourg’s housing market. We also suggest policy measures that could alleviate this potential bubble and discuss their likely outcomes.

<p> The rate of mass transfer from a series of bubbles, formed at constant frequency, rising through a quiescent liquid, was investigated at various times after bubble formation. The effect of surfactant on mass transfer was also studied. </p> <p> A decay from partially circulating to non-circulating conditions was found to occur in 7-8 seconds. The initial rate of mass ·transfer was appreciably reduced by the presence of surfactant. Mass transfer due to end effects was found to be 25-40% of the initial bubble mass. </p> / Thesis / Master of Engineering (ME)

No description available.

Previous plasma imaging missions have used time-delay integration techniques that correct for uniform motion blur during integration. This was due to the assumed constant range-to-target of each pixel in the observed scene. ICON's low orbital altitude and twelve second integration time create non-uniform motion blur across the observed scene and necessitate a novel variable-range time-delay integration (TDI) algorithm be used to spatially resolve the two-dimensional images. The variable-range TDI algorithm corrects for each pixel moving at a different angular rate throughout image integration and transforms each raw image onto a surface where the spacecraft is moving at a constant angular rate with respect to every pixel in the image. Then as the raw images are co-added together the non-uniform motion of the observed scene is accounted for and will not geographically distort the final images, or any features seen within them. Through simulation using output from the SAMI3 model during plasma depletion formation it was determined that the structuring and gradients of plasma depletions can be recovered using this technique. Additionally, the effects of depletion width, solar activity level, and misalignment of the field-of-view with the local magnetic field were investigated. The variable-range TDI technique is able to recover the overall shape and depth of depletion of the depletions in all cases, however the determination of gradients observed at depletion walls is significantly degraded for very narrow plasma depletions and during periods of low solar activity. All simulated model conditions were shown to be representative of current ionospheric conditions. / Master of Science / Equatorial spread-F, also termed plasma bubbles, is a phenomenon that occurs in the equatorial region of Earth’s ionosphere, the charged region of Earth’s atmosphere. Plumes of less dense plasma, the charged material of the Ionosphere, rise through regions of higher density plasma. This causes disturbances to radio signals that travel through this region, which can lead to GPS range errors or loss of signal. ICON is a NASA Explorer mission aimed at, in part, understanding the sources of variability in the ionosphere. One instrument onboard ICON to accomplish this goal is the FarUltraviolet Imager which images airglow in the far-ultraviolet range. During nighttime, the FUV imager can observe plasma bubbles to study the instability and the mechanisms that produce it. This thesis looks at the ability of the variable-range time-delay integration (TDI) algorithm, used to produce images from ICON’s Farultraviolet imager, to spatially resolve the structure and gradients of observed plasma bubbles. However, due to the viewing geometry of ICON’s FUV imager, each pixel across the observed scene experiences a different angular rate of motion blur. The variable-range TDI algorithm removes this non-uniform motion blur by transforming each raw image onto a surface where the spacecraft moves at a constant angular rate with respect to every pixel in the image. Then raw images are integrated together such that the observed scene is not geographically distorted. It was concluded that the TDI process is able to spatially resolve a wide variety of plasma bubbles under various ionospheric conditions and imager configurations.

A technique for generating microbubble foams from a dilute surfactant solution using a column packed with millimeter sized glass beads is examined. The investigation requires the fabrication of a test unit capable of producing microbubble foam at 40 L/min and design and fabrication of a packed bed device. The work also introduces an improved method for photographing and viewing microbubble foams immediately after they are formed. This method can be used to quantitatively characterize the bubbles in the foam. Microbubble foams with a majority of bubbles less than 90 microns (μ) in diameter and with few bubbles greater than 150 μ were produced with the packed column device. The experimental results indicate that increased shearing forces resulting from increased volumetric flowrate and increased air fraction, enhance the generation of bubbles less than 90 μ in size. Further, stable microbubbles can be produced with surfactant (sodium dodecylebenzenesulfonate) concentrations as low as 200 ppm; and, the use of recycle produces a dramatic decrease in the size of all bubbles produced. Economically, the packed bed technique is superior to the spinning disk technique, the current microbubble foam generation method. This fact is partially due to the absence of an adequate large scale spinning disk device. In application, surfactant costs hamper the feasible use of a packed bed generation device. If, however, an application is used which begins with a surfactant laden solution, then the packed bed method becomes competitive. / Master of Science

Gaseous cavitation is examined from a practical and theoretical standpoint. Classical cavitation experiments which disregard dissolved gas are not directly relevant to natural water systems and require a redefined cavitation inception number which considers dissolved gases. In a pressurized water distribution system, classical cavitation is only expected to occur at extreme negative pressure caused by water hammer or at certain valves. Classical theory does not describe some practical phenomena including noisy pipes, necessity of air release valves, faulty instrument readings due to bubbles, and reports of premature pipe failure; inclusion of gaseous cavitation phenomena can better explain these events. Gaseous cavitation can be expected to influence corrosion in water distribution pipes. Bubbles can form within the water distribution system by a mechanism known as gaseous cavitation. A small scale apparatus was constructed to track gaseous cavitation as it could occur in buildings. Four independent measurements including visual observation of bubbles, an inline turbidimeter, an ultrasonic flow meter, and an inline total dissolved gas probe were used to track the phenomenon. All four measurements confirmed that gaseous cavitation was occurring within the experimental distribution system, even at pressures up to 40 psi. Gaseous cavitation was more likely at higher initial dissolved gas content, higher temperature, higher velocity and lower pressure. Certain changes in pH, conductivity, and surfactant concentration also tended to increase the likelihood of cavitation. For example, compared to the control at pH 5.0 and 30 psig, the turbidity increased 295% at pH 9.9. The formation of bubbles reduced the pump's operating efficiency, and in the above example, the velocity was decreased by 17% at pH 9.9 versus pH 5.0. / Master of Science

Yes / We develop bespoke rational bubble models for Bitcoin and cryptocurrencies that incorporate both heavy tails and the probability of a complete collapse in asset prices. Empirically, we present robustified evidence of bubbles in Bitcoin and Ethereum. Theoretically, we show that liquidity risks may generate heavy-tails in Bitcoin and cryptocurrency markets. Even in the absence of bubbles dramatic booms and busts can occur. We thus sound a timely note of caution.

We present an analysis of the properties of HI holes detected in 20 galaxies that are part of “The HI Nearby Galaxy Survey” (THINGS). We detected more than 1000 holes in total in the sampled galaxies. Where they can be measured, their sizes range from about 100 pc (our resolution limit) to about 2 kpc, their expansion velocities range from 4 to 36 km/s, and their ages are estimated to range between 3 and 150 Myr. The holes are found throughout the discs of the galaxies, out to the edge of the HI disc; 23% of the holes fall outside R25. We find that shear limits the age of holes in spirals; shear is less important in dwarf galaxies which explains why HI holes in dwarfs are rounder, on average than in spirals. Shear, which is particularly strong in the inner part of spiral galaxies, also explains why we find that holes outside R25 are larger and older. We derive the scale height of the HI disc as a function of galactocentric radius and find that the disc flares at large radii in all galaxies. We proceed to derive the surface and volume porosity (Q2D and Q3D) and find that this correlates with the type of the host galaxy: later Hubble types tend to be more porous. The size distribution of the holes in our sample follows a power law with a slope of a=−2.9. Assuming that the holes are the result of massive star formation, we derive values for the supernova rate (SNR) and star formation rate (SFR) which scales with the SFR derived based on other tracers. If we extrapolate the observed number of holes to include those that fall below our resolution limit, down to holes created by a single supernova, we find that our results are compatible with the hypothesis that HI holes result from star formation. We use HI data from THINGS, 8μm, 24μm, 70μm and HI maps from SINGS, CO(2–1) data from HERACLES and FUV data from NGS to present a visual comparison of these maps with respect to the locations of HI holes. We find that the vast majority of HI holes are also prominent in the 8μm map and to some extent in the 24μm map. There is a lack of molecular gas from the interior of nearly all the holes, which is consistent with the idea that the latter are filled with hot gas. About 60% of young holes have FUV emission detected in their interiors highlighting the presence of the parent OB association. In addition, FUV is detected on the rims of some of the older HI holes, presumably due to the dispersion of the OB association with respect to the gas. We describe the development of a 2–D cross-correlation method to compare multi-wavelength maps in a quantitative way (quantified by Ccoef ) and give some first results from the application of this method to the nearby galaxy NGC2403. We find that the all the dust tracers are well correlated (Ccoef > 0.7) with the 8μm–24μm correlation being the highest (Ccoef > 0.88). Similarly all the star formation tracers are well linked as expected (Ccoef > 0.6). With respect to the relations between star formation and dust tracers we found that most are well matched (Ccoef > 0.7) as dust grains are heated by radiation in star forming regions. At smaller scales (15") FUV correlates poorly (Ccoef ~ 0.3) with the dust tracers, a direct consequence of the absorption of FUV photons by dust. We find that the HI is reasonably well correlated with the 8μm emission (Ccoef ~ 0.6) illustrating the fact that HI is mixed with PAH’s. Interestingly, the HI map shows some correlation with the SF map (Ccoef ~ 0.4) even though FUV and HI emissions were found to be completely uncorrelated (Ccoef ~ 0).

In this thesis we examine the ability of the log-periodic power law model to accurately predict the end of speculative bubbles on financial markets through modeling of asset price dynamics on a selection of historical bubbles. The methods we use are based on a nonlinear least squares estimation which yields predictions of when the bubble will change regime.We find evidence which support the occurrence of LPPL-patterns leading up to the change in regime; asset prices during bubble periods seem to oscillate around a faster-than-exponential growth. In most cases the estimation yields accurate predictions, although we conclude that the predictions are quite dependent on at which point in time the prediction is conducted. We also find that the end of a speculative bubble seems to be influenced by both endogenous speculative growth and exogenous factors. For this reason we propose a new way of interpreting the predictions of the model, where the end dates should be interpreted as the start of a time period where the asset prices are especially sensitive to exogenous events. We propose that negative news during this time period results in a regime shift of the bubble. This study is the first to address both the possibilities and the limitations of the LPPL-model, and should therefore be considered as a contribution to the academia.

Gas fluidised beds are important components in many process industries, e.g. coal combustors and granulators, but not much is known about the movement of the solids. Positron Emission Particle Tracking (PEPT) enables the movement of a single, radioactive tracer particle to be followed rapidly and faithfully. Experiments were carried out in columns sized between 70 and 240mm diameter, operating in the bubbling regime at ambient process conditions using particles of group B and D (Geldart Classification). Particle motion was tracked and the data applied to models for particle movement at the gas distributor as well as close to other surfaces and to models for particle circulation in beds of cohesive particles. In the light of these data, models for particle and bubble interaction, particle circulation, segregation, attrition, erosion, heat transfer and fluidised bed scale-up rules were reassessed. Particle motion is directly caused by bubble motion, and their velocities were found to be equal for particles travelling in a bubble. PEPT enables particle circulation to be measured, giving a more accurate correlation for future predictions. Particle motion follows the scale-up rules based on similarities of the bubble motion in the bed. A new group of parameters was identified controlling the amount ofattrition in fluidised beds and a new model to predict attrition is proposed.