Abstract This study aims to generalize the following result of McDonald and Siegel (1986) on optimal investment: it is for an investor invest when project cash flows exceed a certain threshold. presents other results that refine or extend this one by integrating timing flexibility changes in with time-varying transition probabilities regime switching. emphasizes thresholds are either overvalued...

Recent experimental studies on near-field thermophotovoltaic (TPV) energy conversion have mainly focused enhancing performance via photon tunneling of evanescent waves. In the sub-micron gap, however, there exist peculiar phenomena caused by interference propagating waves, which is seldom observed due to dramatic increase radiation waves in full spectrum range. Here, we experimentally demonstra...

We study the properties of homogeneous and isotropic turbulence in higher spatial dimensions through lens chaos predictability using numerical simulations. employ both direct simulations (DNS) calculations Eddy Damped Quasi Normal Markovian (EDQNM) closure approximation. Our results show a remarkable transition to non-chaotic regime above critical dimension $d_c\approx 5.88$. relate these energ...

The process by which sheared suspensions go through a dramatic change in viscosity is known as discontinuous shear thickening. Although well-characterized on the macroscale, the microscopic mechanisms at play in this transition are still poorly understood. Here, by developing new experimental procedures based on quartz-tuning fork atomic force microscopy, we measure the pairwise frictional prof...

This paper shows that the development from an agricultural regime through industrialization to a manufacturing regime occurs simultaneously to the demographic transition and the change in labor structure towards an increasing fraction of skilled labor due to technological progress. The manufacturing sector is economically viable when the technological level is sufficiently high. During the indu...