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Dec 10, 2023 147 likes •608 views

trrt qt r tstr t r t t Pttr

SLIDE 1

■♥t❡r❣❡♥❡r❛t✐♦♥❛❧ ❡q✉✐t② ✉♥❞❡r ❝❛t❛str♦♣❤✐❝ ❝❧✐♠❛t❡ ❝❤❛♥❣❡

❆✉ré❧✐❡ ▼é❥❡❛♥ ✇✐t❤ ❆♥t♦♥✐♥ P♦tt✐❡r✱ ❙té♣❤❛♥❡ ❩✉❜❡r ❛♥❞ ▼❛r❝ ❋❧❡✉r❜❛❡② ❋❊❊▼✲■❊❋❊ ❥♦✐♥t s❡♠✐♥❛r ▼✐❧❛♥✱ ✶✻ ◆♦✈❡♠❜❡r ✷✵✶✼

✶ ✴ ✼✶

SLIDE 2

■♥tr♦❞✉❝t✐♦♥

◮ ❙✐♥❝❡ ❈❧✐♥❡ ✭✶✾✾✷✮ ❛♥❞ ◆♦r❞❤❛✉s ✭✶✾✾✹✮✱ ❝❧✐♠❛t❡ ❝❤❛♥❣❡ ❤❛s ❜❡❡♥

♠♦❞❡❧❧❡❞ ❛s ❛♥ ✐ss✉❡ ♦❢ ✐♥t❡rt❡♠♣♦r❛❧ ❝♦♥s✉♠♣t✐♦♥ tr❛❞❡✲♦✛✿

◮ t❤❡ ❝♦sts ♦❢ ❝❧✐♠❛t❡ ❝❤❛♥❣❡ ♠✐t✐❣❛t✐♦♥ ❧♦✇❡r ❝♦♥s✉♠♣t✐♦♥ t♦❞❛②✱ ❜✉t

✐♥❝r❡❛s❡ ❝♦♥s✉♠♣t✐♦♥ ✐♥ t❤❡ ❢✉t✉r❡ ❛s s♦♠❡ ❞❛♠❛❣❡s ❛r❡ ❛✈♦✐❞❡❞

◮ t❤✐s ❛ss✉♠❡s t❤❛t ❝❧✐♠❛t❡ ❝❤❛♥❣❡ ♦❝❝✉rs ❛t ❛ s❧♦✇ ♣❛❝❡ ❛♥❞ ❤❛s

r❡✈❡rs✐❜❧❡ ✐♠♣❛❝ts

◮ ❍♦✇❡✈❡r✱ ♣♦ss✐❜✐❧✐t② ♦❢ t✐♣♣✐♥❣ ♣♦✐♥ts✿

◮ ❛❜r✉♣t ❛♥❞ ✐rr❡✈❡rs✐❜❧❡ ❝❤❛♥❣❡s ✭▲❡♥t♦♥ ❡t ❛❧✳ ✷✵✵✽✮✱ ✭❙❝❤❡✛❡r ❡t

❛❧✳✱ ✷✵✵✶✮✱ ❡✳❣✳ s❤✉t♦✛ ♦❢ t❤❡ ❆t❧❛♥t✐❝ t❤❡r♠♦❤❛❧✐♥❡ ❝✐r❝✉❧❛t✐♦♥

◮ ♣♦ss✐❜❧② ❜r✐♥❣✐♥❣ ❝❛t❛str♦♣❤✐❝ ♦✉t❝♦♠❡s ◮ ✐♥❝❧✉❞✐♥❣ ✐♥❞✐r❡❝t ✐♠♣❛❝ts✱ ❡✳❣✳ ✐♥❝r❡❛s❡❞ ♠✐❣r❛t✐♦♥ ❛♥❞ ❝♦♥✢✐❝ts

✭❘❡✉✈❡♥②✱ ✷✵✵✼✮✱ ✭❍s✐❛♥❣ ❡t ❛❧✳✱ ✷✵✶✸✮

✷ ✴ ✼✶

SLIDE 3

▲✐t❡r❛t✉r❡ r❡✈✐❡✇

◮ ■♥ t❤❡ ❡❝♦♥♦♠✐❝s ❧✐t❡r❛t✉r❡✱ ❝❛t❛str♦♣❤✐❝ ♦✉t❝♦♠❡s ❛r❡ ♠♦❞❡❧❧❡❞ ❛s ❛

r❡❞✉❝t✐♦♥ ♦❢ s♦❝✐❡t②✬s ❧❡✈❡❧ ♦❢ ❝♦♥s✉♠♣t✐♦♥ ♦r ✇❡❧❢❛r❡✿

◮ ✐rr❡✈❡rs✐❜❧❡ ❞❡❝❧✐♥❡ t♦ ③❡r♦ ✭❈r♦♣♣❡r✱ ✶✾✼✻✮✱ ✭❈❧❛r❦❡ ❛♥❞ ❘❡❡❞✱

✶✾✾✹✮ ♦r ♣❛rt✐❛❧❧② r❡✈❡rs✐❜❧❡ ❞❡❝❧✐♥❡ ✭❚s✉r ❛♥❞ ❩❡♠❡❧✱ ✶✾✾✻✮

◮ ❆ ❞r♦♣ ♦❢ s♦❝✐❛❧ ✇❡❧❢❛r❡ t♦ ③❡r♦ ❝❛♥ ❜❡ ✐♥t❡r♣r❡t❡❞ ❛s ❤✉♠❛♥ ❡①t✐♥❝t✐♦♥

◮ ❚❤❡ tr❛❞❡✲♦✛ ✐s t❤❡♥ ❜❡t✇❡❡♥ ♣r❡s❡♥t ❝♦♥s✉♠♣t✐♦♥ ❛♥❞ t❤❡

❡①✐st❡♥❝❡ ♦❢ ❢✉t✉r❡ ❣❡♥❡r❛t✐♦♥s ✭❲❡✐t③♠❛♥✱ ✷✵✵✾✮

◮ ❚❤✐s tr❛❞❡✲♦✛ ❤❛s ❜❡❡♥ ❧✐tt❧❡ st✉❞✐❡❞✱ ✇✐t❤ t❤❡ ❡①❝❡♣t✐♦♥ ♦❢ ❇♦♠♠✐❡r ❡t

❛❧✳ ✭✷✵✶✺✮ ❛♥❞ ▼❛rt✐♥ ❛♥❞ P✐♥❞②❝❦ ✭✷✵✶✼✮

◮ ■t r❛✐s❡s t❤❡ ✐ss✉❡ ♦❢ ❡✈❛❧✉❛t✐♥❣ ♣♦❧✐❝✐❡s ✇✐t❤ ✈❛r②✐♥❣ ♣♦♣✉❧❛t✐♦♥ s✐③❡

✭❇r♦♦♠❡✱ ✷✵✶✷✮✱ ❧❛r❣❡❧② ✐❣♥♦r❡❞ ✐♥ t❤❡ ❧✐t❡r❛t✉r❡

◮ ❚❤✐s ♣❛♣❡r ❛✐♠s ❛t ✜❧❧✐♥❣ t❤✐s ❣❛♣ ❜② ❡①❛♠✐♥✐♥❣ t❤❡ ✐ss✉❡ ♦❢ ♣♦♣✉❧❛t✐♦♥

❡t❤✐❝s✱ ✐✳❡✳ t❤❡ ❝♦❧❧❡❝t✐✈❡ ❛tt✐t✉❞❡s t♦✇❛r❞s ♣♦♣✉❧❛t✐♦♥ s✐③❡ ✐♥ t❤❡ ❝♦♥t❡①t ♦❢ ❝❧✐♠❛t❡ ❝❤❛♥❣❡

✸ ✴ ✼✶

SLIDE 4

■♥ t❤✐s ♣❛♣❡r

◮ ❚❤✐s ♣❛♣❡r ❛✐♠s ❛t st✉❞②✐♥❣ ❝❧✐♠❛t❡ ♣♦❧✐❝② ✇❤❡♥ ❢❛❝✐♥❣ ❛♥ ❡♥❞♦❣❡♥♦✉s

❡①t✐♥❝t✐♦♥ r✐s❦

◮ ❲❡ ❡①♣❧✐❝✐t❧② ♠♦❞❡❧ ❡t❤✐❝❛❧ ✈✐❡✇s ❛♥❞ st✉❞② ❤♦✇ t❤❡ ♠♦st ♣r❡❢❡rr❡❞

❝❧✐♠❛t❡ ♣♦❧✐❝② ❞❡♣❡♥❞s ♦♥✿ ✐♥❡q✉❛❧✐t② ❛✈❡rs✐♦♥ ❛♥❞ ♣♦♣✉❧❛t✐♦♥ ❡t❤✐❝s✳

◮ ❲❡ ✐♥❝❧✉❞❡ ❛♥ ❡♥❞♦❣❡♥♦✉s r✐s❦ ♦❢ ❡①t✐♥❝t✐♦♥ ❞✉❡ t♦ ❝❧✐♠❛t❡ ❝❤❛♥❣❡ ✐♥ ❛♥

✐♥t❡❣r❛t❡❞ ❛ss❡ss♠❡♥t ♠♦❞❡❧

◮ ❲❡ ❞❡♣❛rt ❢r♦♠ t❤❡ st❛♥❞❛r❞ ♦♣t✐♠✐③❛t✐♦♥ ❢r❛♠❡✇♦r❦✿ ✐♥st❡❛❞ ✇❡

❝♦♥s✐❞❡r ✈❛r✐♦✉s ❝❧✐♠❛t❡ ♣♦❧✐❝✐❡s t❤❛t ❛r❡ ♦r❞❡r❡❞ ❛❝❝♦r❞✐♥❣ t♦ t❤❡✐r ♣❡r❢♦r♠❛♥❝❡ ✐♥ t❡r♠s ♦❢ ✇❡❧❢❛r❡

◮ ❲❡ ✜♥❞ t❤❛t ✐♥tr♦❞✉❝✐♥❣ ❡✈❡♥ ❛ ✈❡r② s♠❛❧❧ ❡♥❞♦❣❡♥♦✉s r✐s❦ ♣✉s❤❡s ❢♦r

str✐♥❣❡♥t ❝❧✐♠❛t❡ ♣♦❧✐❝② ✐♥ ♠♦st ❝❛s❡s

◮ ❲❡ ❤✐❣❤❧✐❣❤t ❛ ♥♦♥✲♠♦♥♦t♦♥✐❝ r♦❧❡ ♦❢ ✐♥❡q✉❛❧✐t② ❛✈❡rs✐♦♥✱ ✇❤✐❧❡ ❛

♣r❡❢❡r❡♥❝❡ ❢♦r ❧❛r❣❡r ♣♦♣✉❧❛t✐♦♥s ❝❛❧❧s ❢♦r str✐♥❣❡♥t ❝❧✐♠❛t❡ ♣♦❧✐❝②

✹ ✴ ✼✶

SLIDE 5

❖✉t❧✐♥❡

❆♥❛❧②t✐❝❛❧ ❢r❛♠❡✇♦r❦ ❛♥❞ r❡s✉❧ts ❚❤❡ ♥✉♠❡r✐❝❛❧ ♠♦❞❡❧ ◆✉♠❡r✐❝❛❧ r❡s✉❧ts

✺ ✴ ✼✶

SLIDE 6

❆♥❛❧②t✐❝❛❧ ❢r❛♠❡✇♦r❦

◮ ❛ s❡q✉❡♥❝❡ ♦❢ ♥♦♥✲♦✈❡r❧❛♣♣✐♥❣ ❣❡♥❡r❛t✐♦♥s ✐♥❞❡①❡❞ ❜② t ◮ ❡①♦❣❡♥♦✉s ♣♦♣✉❧❛t✐♦♥ s✐③❡ ✭❝♦♥❞✐t✐♦♥❛❧ ♦♥ ❡①✐st❡♥❝❡✮✿ nt ◮ t♦t❛❧ ♣♦♣✉❧❛t✐♦♥ ✉♣ t♦ ❣❡♥❡r❛t✐♦♥ t✿

Nt =

τ=✵

nτ

◮ ❛ ♣♦❧✐❝② ✭♦r s❝❡♥❛r✐♦✮ ✇✐❧❧ r❡s✉❧t ✐♥ ❡❛❝❤ ♣❡r✐♦❞ ✐♥ ❛❣❣r❡❣❛t❡ ❛♥❞ ♣❡r

❝❛♣✐t❛ ❝♦♥s✉♠♣t✐♦♥ ❧❡✈❡❧s ✭❝♦♥❞✐t✐♦♥❛❧ ♦♥ ❡①✐st❡♥❝❡✮✿ Ct = nt · ct

✻ ✴ ✼✶

SLIDE 7

❆♥❛❧②t✐❝❛❧ ❢r❛♠❡✇♦r❦

❉❡✜♥✐t✐♦♥ ✶ ✭❱❛r✐❛❜❧❡ ♣♦♣✉❧❛t✐♦♥ ✉t✐❧✐t❛r✐❛♥ s♦❝✐❛❧ ✇❡❧❢❛r❡ ❢✉♥❝t✐♦♥s✮ ❋♦r ❛ ✜♥✐t❡ ❤♦r✐③♦♥ T✱ ❛ s♦❝✐❛❧ ✇❡❧❢❛r❡ ❢✉♥❝t✐♦♥ ✐s ❛ ✈❛r✐❛❜❧❡ ♣♦♣✉❧❛t✐♦♥ ✉t✐❧✐t❛r✐❛♥ s♦❝✐❛❧ ✇❡❧❢❛r❡ ❢✉♥❝t✐♦♥ ✐❢ t❤❡r❡ ❡①✐st r❡❛❧ ♥✉♠❜❡rs β ∈ [✵, ✶]✱ ¯ c ∈ R++ ❛♥❞ η ∈ R+ s✉❝❤ t❤❛t✿

U(c) = Nβ−✶

T

τ=✵

nτ

c✶−η

τ

✶ − η − ¯ c✶−η ✶ − η ✭✶✮

cτ ❝♦♥s✉♠♣t✐♦♥ ♣❡r ❝❛♣✐t❛ ❛t ❞❛t❡ τ Nt t♦t❛❧ ♣♦♣✉❧❛t✐♦♥ ✉♣ t♦ ❞❛t❡ t nτ s✐③❡ ♦❢ ❣❡♥❡r❛t✐♦♥ τ c t❤r❡s❤♦❧❞ ❧❡✈❡❧ ♦❢ ❝♦♥s✉♠♣t✐♦♥ ♣❡r ❝❛♣✐t❛ η ✐♥❡q✉❛❧✐t② ❛✈❡rs✐♦♥ ♣❛r❛♠❡t❡r β ♣♦♣✉❧❛t✐♦♥ ❡t❤✐❝s ♣❛r❛♠❡t❡r

✼ ✴ ✼✶

SLIDE 8

❱❛r✐❛❜❧❡ ♣♦♣✉❧❛t✐♦♥ ✉t✐❧✐t❛r✐❛♥ s♦❝✐❛❧ ✇❡❧❢❛r❡ ❢✉♥❝t✐♦♥

U(c) = Nβ−✶

T
τ=✵

nτ

c✶−η

✶ − η − ¯ c✶−η ✶ − η ◮ η ✐s t❤❡ ✐♥❡q✉❛❧✐t② ❛✈❡rs✐♦♥✳ ❍✐❣❤ η ♠❡❛♥s✿

◮ ✇❡ ❛r❡ ✇✐❧❧✐♥❣ t♦ s❛❝r✐✜❝❡ ♠♦r❡ t♦ ❡q✉❛❧✐③❡ ❝♦♥s✉♠♣t✐♦♥ ❛❝r♦ss

✐♥❞✐✈✐❞✉❛❧s

◮ β ❞❡t❡r♠✐♥❡s t❤❡ ✈❛❧✉❡ ♦❢ ❧❛r❣❡r ♣♦♣✉❧❛t✐♦♥s

◮ t♦t❛❧ ✉t✐❧✐t❛r✐❛♥✐s♠ ✭β = ✶✮ ✈s✳ ❛✈❡r❛❣❡ ✉t✐❧✐t❛r✐❛♥✐s♠ ✭β = ✵✮ ◮ ✈❛❧✉❡s ♦❢ β ❜❡t✇❡❡♥ ✵ ❛♥❞ ✶ s♣❛♥ ❝❛s❡s ❜❡t✇❡❡♥ t♦t❛❧ ❛♥❞ ❛✈❡r❛❣❡

✈✐❡✇s ✭✏♥✉♠❜❡r✲❞❛♠♣❡♥❡❞ ✉t✐❧✐t❛r✐❛♥✐s♠✑✮ ✭◆❣✱ ✶✾✽✾❀ ❇♦✉❝❡❦❦✐♥❡ ❡t ❛❧✳✱ ✷✵✶✹✮✳

◮ c ✐s t❤❡ ❝♦♥s✉♠♣t✐♦♥ t❤r❡s❤♦❧❞ ♣❛r❛♠❡t❡r

◮ ✇❤❡♥ β = ✶✱ t❤❡ ❝r✐t❡r✐♦♥ ❢❛✈♦rs ❛❞❞✐♥❣ ✐♥❞✐✈✐❞✉❛❧s t♦ t❤❡

♣♦♣✉❧❛t✐♦♥ ♦♥❧② ✐❢ t❤❡✐r ❝♦♥s✉♠♣t✐♦♥ ✐s ❛❜♦✈❡ c✿ ❝r✐t✐❝❛❧✲❧❡✈❡❧ ✉t✐❧✐t❛r✐❛♥✐s♠ ✭❇❧❛❝❦♦r❜② ❡t ❛❧✳✱ ✷✵✵✺✮

◮ ✇❤❡♥

β = ✶✱ t❤❡ ❝r✐t✐❝❛❧ ❧❡✈❡❧ ✐s ❡♥❞♦❣❡♥♦✉s ❜✉t ❞❡♣❡♥❞s ♦♥ c

✽ ✴ ✼✶

SLIDE 9

❊①♣❡❝t❡❞ ✈❛r✐❛❜❧❡ ♣♦♣✉❧❛t✐♦♥ ✉t✐❧✐t❛r✐❛♥ s♦❝✐❛❧ ✇❡❧❢❛r❡ ❢✉♥❝t✐♦♥

◮ ❲✐t❤ ❛ r✐s❦ ♦❢ ❡①t✐♥❝t✐♦♥✱ ❛❣❣r❡❣❛t❡ ✇❡❧❢❛r❡ W ❞❡♣❡♥❞s ♦♥ ❜♦t❤ t❤❡ str❡❛♠s ♦❢ ❝♦♥s✉♠♣t✐♦♥ ♣❡r ❝❛♣✐t❛ c ❛♥❞ ❤❛③❛r❞ r❛t❡ p ◮ W ✐s t❤❡ ❡①♣❡❝t❡❞ ✈❛❧✉❡ ♦❢ ❛ ✈❛r✐❛❜❧❡ ♣♦♣✉❧❛t✐♦♥ ✉t✐❧✐t❛r✐❛♥ ❙❲❋ ◮ Pt = pt t−✶

τ=✵(✶ − pτ) ✐s t❤❡ ♣r♦❜❛❜✐❧✐t② t❤❛t t❤❡r❡ ❡①✐sts ❡①❛❝t❧② t ❣❡♥❡r❛t✐♦♥s

W (c, p) = E

U(c)
=

∞

T=✵

PT

Nβ−✶

T
τ=✵

nτ

c✶−η

✶ − η − ¯ c✶−η ✶ − η ✭✷✮ W ✇❡❧❢❛r❡ pt ❤❛③❛r❞ r❛t❡ Pt ♣❧❛♥♥✐♥❣ ❤♦r✐③♦♥ ♣r♦❜❛❜✐❧✐t② cτ ❝♦♥s✉♠♣t✐♦♥ ♣❡r ❝❛♣✐t❛ ❛t ❞❛t❡ τ Nt t♦t❛❧ ♣♦♣✉❧❛t✐♦♥ ✉♣ t♦ ❞❛t❡ t nτ s✐③❡ ♦❢ ❣❡♥❡r❛t✐♦♥ τ c t❤r❡s❤♦❧❞ ❧❡✈❡❧ ♦❢ ❝♦♥s✉♠♣t✐♦♥ ♣❡r ❝❛♣✐t❛ η ✐♥❡q✉❛❧✐t② ❛✈❡rs✐♦♥ ♣❛r❛♠❡t❡r β ♣♦♣✉❧❛t✐♦♥ ❡t❤✐❝s ♣❛r❛♠❡t❡r

✾ ✴ ✼✶

SLIDE 10

❊①♣❡❝t❡❞ ✈❛r✐❛❜❧❡ ♣♦♣✉❧❛t✐♦♥ ✉t✐❧✐t❛r✐❛♥ s♦❝✐❛❧ ✇❡❧❢❛r❡ ❢✉♥❝t✐♦♥s

W (c, p) = E

U(c)
=

∞

T=✵

PT

Nβ−✶

T
τ=✵

nτ

c✶−η

✶ − η − ¯ c✶−η ✶ − η =

∞

τ=✵

      

∞

t=τ

PtNβ−✶

θτ

       nτ

c✶−η

✶ − η − ¯ c✶−η ✶ − η

✭✸✮ ◮ θτ ✐s ❧✐❦❡ ❛ ❞✐s❝♦✉♥t ❢❛❝t♦r ♦♥ t❤❡ ✇❡❧❧❜❡✐♥❣ ♦❢ ❣❡♥❡r❛t✐♦♥ τ ◮ ✐t ❛r✐s❡s ❢r♦♠ t❤❡ ✉♥❝❡rt❛✐♥t② ❛❜♦✉t t❤❡ ♣❧❛♥♥✐♥❣ ❤♦r✐③♦♥ ◮ t❤❡r❡ ✐s ♥♦ ❵♣✉r❡✬ ❞✐s❝♦✉♥t✐♥❣ ♦❢ t❤❡ ✉t✐❧✐t② ♦❢ ❢✉t✉r❡ ❣❡♥❡r❛t✐♦♥s✿

❣❡♥❡r❛t✐♦♥ ❛r❡ tr❡❛t❡❞ ❣❡♥❡r❛t✐♦♥s ✐♥ ❛ ❢❛✐r ✭✐✳❡✳ s②♠♠❡tr✐❝✮ ✇❛②✱ ❝❢✳ ✭❘❛♠s❡②✱ ✶✾✷✽✮ ❛♥❞ ✭❙t❡r♥✱ ✷✵✵✼✮

◮ ✐♥st❡❛❞✱ ❞✐s❝♦✉♥t✐♥❣ ❞❡♣❡♥❞s ♦♥ t❤❡ r✐s❦ ♦❢ ❡①t✐♥❝t✐♦♥ ❛♥❞ ♦♥ ❛tt✐t✉❞❡s

t♦✇❛r❞s ♣♦♣✉❧❛t✐♦♥ s✐③❡ ✭t❤r♦✉❣❤ β✮

✶✵ ✴ ✼✶

SLIDE 11

❊✈❛❧✉❛t✐♥❣ ♣♦❧✐❝② ❝❤❛♥❣❡✿ t❤❡ ♠❛r❣✐♥❛❧ ❝❛s❡

◮ ❈♦♥s✐❞❡r ❛ ♠❛r❣✐♥❛❧ ♣♦❧✐❝② t❤❛t✿

◮ r❡❞✉❝❡s ❝♦♥s✉♠♣t✐♦♥ ✐♥ ♣❡r✐♦❞ ✵ ❜② ❛ s♠❛❧❧ ❛♠♦✉♥t dc✵ ◮ ✐♥❝r❡❛s❡s ❢✉t✉r❡ ❝♦♥s✉♠♣t✐♦♥ ✭dct✿ r❡❞✉❝t✐♦♥ ♦❢ ❝❧✐♠❛t❡ ❞❛♠❛❣❡s✮ ◮ r❡❞✉❝❡s t❤❡ ❤❛③❛r❞ r❛t❡ ✭−dpt✮

◮ ❚❤❡ t♦t❛❧ ✇❡❧❢❛r❡ ❣❛✐♥ ✐s✿

dW = −dc✵ ∂W ∂c✵ +

∞

T=✶

dcT ∂W ∂cT −

∞

T=✶

dpT ∂W ∂pT = dc✵ ∂W ∂c✵

− ✶ +

∞

T=✶

✶ (✶ + ρT)T dcT dc✵ + ξT dpT dc✵ ✭✹✮

✇✐t❤ ρT t❤❡ s♦❝✐❛❧ ❞✐s❝♦✉♥t r❛t❡✱ ξT t❤❡ s♦❝✐❛❧ ✈❛❧✉❡ ♦❢ ❝❛t❛str♦♣❤✐❝ r✐s❦ r❡❞✉❝t✐♦♥ ◮ ❚❤✐s ❞✐s❡♥t❛♥❣❧❡s t❤❡ ✐♠♣❛❝ts ♦♥ ❝♦♥s✉♠♣t✐♦♥ ❛♥❞ ♦♥ t❤❡ r✐s❦ ♣r♦✜❧❡

✶✶ ✴ ✼✶

SLIDE 12

❙♦❝✐❛❧ ❞✐s❝♦✉♥t r❛t❡

❉❡✜♥✐t✐♦♥ ✷✿ ❙♦❝✐❛❧ ❞✐s❝♦✉♥t r❛t❡ ❚❤❡ s♦❝✐❛❧ ❞✐s❝♦✉♥t r❛t❡ ❢r♦♠ ❣❡♥❡r❛t✐♦♥ ✵ t♦ ❣❡♥❡r❛t✐♦♥ t ✐s✿ ρt = ∂W

∂C✵ ∂W ∂Ct

✶

− ✶ = ct c✵ η

∞

T=✵ PTNβ−✶ T

∞

T=t PTNβ−✶ T

✶

− ✶. ✭✺✮

◮ ✐♥❝r❡❛s✐♥❣ η ✭✇❤❡♥ ct ≥ c✵✮ ✐♥❝r❡❛s❡s t❤❡ ❞✐s❝♦✉♥t✐♥❣ ♦❢ ❢✉t✉r❡ ❜❡♥❡✜ts

❛♥❞ ♠❛② t❤✉s r❡❞✉❝❡ t❤❡ ✈❛❧✉❡ ♦❢ t❤❡ ♣♦❧✐❝②

◮ ✐♥❝r❡❛s✐♥❣ β ❞❡❝r❡❛s❡s t❤❡ s♦❝✐❛❧ ❞✐s❝♦✉♥t r❛t❡✱ ❜❡❝❛✉s❡ ❢✉t✉r❡

❣❡♥❡r❛t✐♦♥s ❜❡❝♦♠❡ ♠♦r❡ ✈❛❧✉❛❜❧❡ ❛s t❤❡② ✐♥❝r❡❛s❡ t♦t❛❧ ♣♦♣✉❧❛t✐♦♥ s✐③❡ ✭s❡❡ ♣r♦♦❢ ✐♥ ♣❛♣❡r✮

◮ ❧❡t ✉s ❞❡✜♥❡ δt✱ t❤❡ ❡♥❞♦❣❡♥♦✉s t✐♠❡ ♣r❡❢❡r❡♥❝❡ r❛t❡✱ s✉❝❤ t❤❛t✿

(✶ + δt)t = θ✵

θt ✇✐t❤ θt = ∞ T=t PTNβ−✶ T

◮ ✇❡ ♦❜t❛✐♥ t❤❡ ❘❛♠s❡② ❢♦r♠✉❧❛ ✐♥ ❞✐s❝r❡t❡ t✐♠❡✿

✶ + ρt = (✶ + δt)(✶ + gt)η

◮ ❤❡♥❝❡ ✐♥tr♦❞✉❝✐♥❣ ❛ r✐s❦ ♦❢ ❡①t✐♥❝t✐♦♥ ✐s ❡q✉✐✈❛❧❡♥t t♦ ✐♥tr♦❞✉❝✐♥❣ ❛♥

❡♥❞♦❣❡♥♦✉s ♣✉r❡ t✐♠❡ ♣r❡❢❡r❡♥❝❡ r❛t❡

✶✷ ✴ ✼✶

SLIDE 13

❙♦❝✐❛❧ ✈❛❧✉❡ ♦❢ ❝❛t❛str♦♣❤✐❝ r✐s❦ r❡❞✉❝t✐♦♥

❉❡✜♥✐t✐♦♥ ✸✿ ❙♦❝✐❛❧ ✈❛❧✉❡ ♦❢ ❝❛t❛str♦♣❤✐❝ r✐s❦ r❡❞✉❝t✐♦♥ ❚❤❡ s♦❝✐❛❧ ✈❛❧✉❡ ♦❢ ❝❛t❛str♦♣❤✐❝ r✐s❦ r❡❞✉❝t✐♦♥ ✐♥ ♣❡r✐♦❞ t ✐s✿ ξt = −

∂W ∂pt ∂W ∂Ct

= − ∞

T=✵ ∂PT ∂pt

T AWT(C)

(ct)−η ∞

T=t PTNβ−✶ T

✭✻✮

◮ ❛s ♣♦❧✐❝② ♠❛② ❛✛❡❝t t❤❡ ♣r♦❜❛❜✐❧✐t② ♦❢ ❝❛t❛str♦♣❤✐❝ ❡✈❡♥ts✱ ✇❡ ♥❡❡❞ ❛ t♦♦❧

t♦ ❛ttr✐❜✉t❡ ❛ ♠♦♥❡t❛r② ✈❛❧✉❡ t♦ r✐s❦ r❡❞✉❝t✐♦♥

◮ ξt ❞❡s❝r✐❜❡s ❤♦✇ ♠✉❝❤ ❛ ❣❡♥❡r❛t✐♦♥ ✇❛♥ts t♦ ♣❛② t♦ ❛✈♦✐❞ ❡①t✐♥❝t✐♦♥

❜❡❢♦r❡ t❤❡ ♥❡①t ♣❡r✐♦❞

◮ t❤❡ ❝♦♥❝❡♣t ✇❛s ✜rst ✐♥tr♦❞✉❝❡❞ ✐♥ ❇♦♠♠✐❡r ❡t ❛❧✳ ✭✷✵✶✺✮✱ r❡❧❛t❡s t♦ ❵t❤❡

✈❛❧✉❡ ♦❢ st❛t✐st✐❝❛❧ ❝✐✈✐❧✐③❛t✐♦♥✬ ✭❲❡✐t③♠❛♥✱ ✷✵✵✾✮

◮ r❡s❡♠❜❧❡s t❤❡ ✈❛❧✉❡ ♦❢ ❛ st❛t✐st✐❝❛❧ ❧✐❢❡ ✭❱❙▲✮ ❛s ✐t ♠❡❛s✉r❡s ❛

r✐s❦✲❝♦♥s✉♠♣t✐♦♥ tr❛❞❡✲♦✛✳

◮ ξt ❤❛s ♠♦r❡ t♦ ❞♦ ✇✐t❤ t❤❡ ✇✐❧❧✐♥❣♥❡ss t♦ ❛❞❞ ♣❡♦♣❧❡ t♦ ❛ ♣♦♣✉❧❛t✐♦♥ t❤❛♥

❡①t❡♥❞✐♥❣ t❤❡ ❧✐❢❡ ♦❢ ❡①✐st✐♥❣ ✐♥❞✐✈✐❞✉❛❧s✳

✶✸ ✴ ✼✶

SLIDE 14

❙♦❝✐❛❧ ✈❛❧✉❡ ♦❢ ❝❛t❛str♦♣❤✐❝ r✐s❦ r❡❞✉❝t✐♦♥

◮ AWT(C) ✐s t❤❡ ❛✈❡r❛❣❡ ✇❡❧❢❛r❡ ✇❤❡♥ t❤❡r❡ ❛r❡ ❡①❛❝t❧② T ❣❡♥❡r❛t✐♦♥s✱

✇✐t❤ U(C) = Nβ

T · AWT(C)✿

AWT(C) =

T
τ=✵

nτ NT

✶−η ✶ − η − ¯ c✶−η ✶ − η ✭✼✮

◮ ❲❡ t❤❡♥ ❤❛✈❡✿

ξt = ∞

T=t P|t T

T AWT(C)

− Nβ

t AWt(C)

(✶ − pt)(ct)−η ∞

T=t P|t T Nβ−✶ T

✭✽✮

◮ ♥✉♠❡r❛t♦r✿ ❡①♣❡❝t❡❞ ❣❛✐♥ ❢r♦♠ ❧✐✈✐♥❣ ❧♦♥❣❡r t❤❛♥ ❢♦r ❥✉st t ❣❡♥❡r❛t✐♦♥s

✭❝♦♥❞✐t✐♦♥❛❧ ♦♥ t❤❡ t ✜rst ❣❡♥❡r❛t✐♦♥s ❡①✐st✐♥❣✮

◮ ❞❡♥♦♠✐♥❛t♦r✿ ❝❤❛♥❝❡ ♦❢ s✉r✈✐✈❛❧ ❛t t❀ ♠❛r❣✐♥❛❧ s♦❝✐❛❧ ✈❛❧✉❡ ♦❢

❝♦♥s✉♠♣t✐♦♥ ❛t t❀ ❛♥♦t❤❡r ❝♦♥❞✐t✐♦♥❛❧ ❡①♣❡❝t❛t✐♦♥

◮ ♦✈❡r❛❧❧ ❡✛❡❝ts ♦❢ η ❛♥❞ β ♦♥ ξt ✐s ✉♥❝❧❡❛r

✶✹ ✴ ✼✶

SLIDE 15

❊✈❛❧✉❛t✐♥❣ ♣♦❧✐❝② ❝❤❛♥❣❡✿ t❤❡ ♠❛r❣✐♥❛❧ ❝❛s❡

dW = dc✵ ∂W ∂c✵

− ✶ +

∞

T=✶

✶ (✶ + ρT)T dcT dc✵ + ξT dpT dc✵ ✭✾✮

✇✐t❤ ρT t❤❡ s♦❝✐❛❧ ❞✐s❝♦✉♥t r❛t❡✱ ξT t❤❡ s♦❝✐❛❧ ✈❛❧✉❡ ♦❢ ❝❛t❛str♦♣❤✐❝ r✐s❦ r❡❞✉❝t✐♦♥ ◮ t❤❡ ❡✛❡❝t ♦❢ ❡t❤✐❝❛❧ ♣❛r❛♠❡t❡rs ♦♥ ξT ✐s ✉♥❝❧❡❛r ◮ ❤❡♥❝❡ t❤❡ ❡✛❡❝t ♦❢ ❡t❤✐❝❛❧ ♣❛r❛♠❡t❡rs ♦♥ dW ✐s ✉♥❝❧❡❛r ◮ t❤❡ ❢♦r♠✉❧❛ ♦♥❧② ❤♦❧❞s ❢♦r ♠❛r❣✐♥❛❧ ♣♦❧✐❝✐❡s✱ ✇❤✐❝❤ ❛r❡ ♥♦t t❤♦s❡ ✇❡ ❛r❡

✐♥t❡r❡st❡❞ ✐♥

✶✺ ✴ ✼✶

SLIDE 16

◆♦♥✲♠❛r❣✐♥❛❧ ♣♦❧✐❝✐❡s✿ ❞❡❝♦♠♣♦s✐♥❣ ✇❡❧❢❛r❡ ❝❤❛♥❣❡

◮ ❈♦♥s✐❞❡r t✇♦ ♣♦❧✐❝✐❡s i ❛♥❞ j✿

◮ ♣♦❧✐❝② j ❧❡❛❞s t♦ ❧♦✇❡r ❡♠✐ss✐♦♥s t❤❛♥ ♣♦❧✐❝② i ◮ pi,t ≥ pj,t✿ ❧❡ss ♠✐t✐❣❛t✐♦♥ ✐♥ i ❧❡❛❞s t♦ ❛ ❤✐❣❤❡r ❤❛③❛r❞ r❛t❡ ◮ ♥♦ ❞❛♠❛❣❡s✿ ci ❛♥❞ cj ❛r❡ ✐♥❝r❡❛s✐♥❣ ❝♦♥s✉♠♣t✐♦♥ str❡❛♠s

◮ ❚❤❡ ♣r❡❢❡rr❡❞ ♣♦❧✐❝② ❞❡♣❡♥❞s ♦♥ t❤❡ s✐❣♥ ♦❢ ∆W = W (cj, pj) − W (ci, pi)

∆W = (W (cj, pj) − W (cj, pi)) − (W (ci, pi) − W (cj, pi)) = ∆pW − ∆cW ✭✶✵✮

◮ ∆pW ✐s t❤❡ ♣❛rt ❡①♣❧❛✐♥❡❞ ❜② t❤❡ ✈❛r✐❛t✐♦♥ ♦❢ ❤❛③❛r❞ r❛t❡ ◮ ∆cW ✐s t❤❡ ♣❛rt ❡①♣❧❛✐♥❡❞ ❜② t❤❡ ✈❛r✐❛t✐♦♥ ♦❢ ❝♦♥s✉♠♣t✐♦♥ ◮ ❲❡ s❤♦✇ t❤❛t ✇✐t❤♦✉t ❝❧✐♠❛t❡ ❞❛♠❛❣❡s✱ ❜♦t❤ t❡r♠s ❛r❡ ♣♦s✐t✐✈❡✱

✐♥❝r❡❛s✐♥❣ ✇✐t❤ β✱ ❞❡❝r❡❛s✐♥❣ ✇✐t❤ η ✭❝❢✳ ❜❡❧♦✇✮

✶✻ ✴ ✼✶

SLIDE 17

◆♦♥✲♠❛r❣✐♥❛❧ ♣♦❧✐❝✐❡s✿ ❡✈♦❧✉t✐♦♥ ♦❢ ∆cW ✇✐t❤ η ❛♥❞ β

❲❡ ♥♦t❡✿ AWT(c) =

τ=✵

nτ NT c✶−η

✶ − η − ¯ c✶−η ✶ − η

∆cW = W (ci, pi) − W (cj, pi)

=

Nβ

t Pt

AW i

t (c) − AW j t (c)

✭✶✶✮

◮ ✇❡ s❤♦✇ t❤❛t ✇❤❡♥ ci

τ ≥ cj τ✱

✶−η

−

✶−η

✐s ❞❡❝r❡❛s✐♥❣ ✐♥ η✱ ❤❡♥❝❡✿

◮ ∆cW ❞❡❝r❡❛s❡s ✐♥ η✱ ✐✳❡✳ ❛ ❧❛r❣❡ η ❧♦✇❡rs t❤❡ ✇❡❧❢❛r❡ ❣❛✐♥❡❞ ❞✉❡ t♦

❤✐❣❤❡r ❝♦♥s✉♠♣t✐♦♥ str❡❛♠s

◮ ∆cW ✐♥❝r❡❛s❡s ✐♥ β

✶✼ ✴ ✼✶

SLIDE 18

◆♦♥✲♠❛r❣✐♥❛❧ ♣♦❧✐❝✐❡s✿ ❡✈♦❧✉t✐♦♥ ♦❢ ∆pW ✇✐t❤ η ❛♥❞ β

AWT(c) =

τ=✵

nτ NT (u(c) − u(¯ c)) ∆pW = W (cj, pj) − W (cj, pi) =

∞

t=✵

Nβ

t · (Pj t − Pi t) · AWt(cj)

✭✶✷✮

◮ ∆pW ❞❡❝r❡❛s❡s ✇✐t❤ η✿ ❛ ❧❛r❣❡ η r❡❞✉❝❡s t❤❡ ✈❛❧✉❡ ♦❢ ♣♦st♣♦♥✐♥❣

❡①t✐♥❝t✐♦♥ ✭❝❢✳ ♣r♦♦❢ ✐♥ ♣❛♣❡r✮✱ ✐♥t✉✐t✐♦♥✿

◮ ❛s η ✐♥❝r❡❛s❡s✱ t❤❡ ❝♦♥❝❛✈✐t② ♦❢ u ✐♥❝r❡❛s❡s✱ ❜r✐♥❣✐♥❣ u(c) ❝❧♦s❡r t♦

u(c)

◮ t❤❡ ✇❡❧❢❛r❡ ❣❛✐♥ ♦❢ ✐♥❝r❡❛s✐♥❣ c ❛❜♦✈❡ c ✐s t❤✉s ❧♦✇❡r ❛t ❤✐❣❤ η ◮ t❤❡r❡❢♦r❡✱ t❤❡ ❛❞❞❡❞ ✇❡❧❢❛r❡ ❞✉❡ t♦ ❛ ❧❛r❣❡r ♣♦♣✉❧❛t✐♦♥ ✭✐✳❡✳ t❤❡

✇❡❧❢❛r❡ ❣❛✐♥❡❞ ❞✉❡ t♦ ❛ ❧♦✇❡r r✐s❦ ♣r♦✜❧❡✮ ✐s ❧♦✇❡r

◮ ∆pW ✐♥❝r❡❛s❡s ✇✐t❤ β

✶✽ ✴ ✼✶

SLIDE 19

Pr♦♣♦s✐t✐♦♥

∆W = ∆pW − ∆cW

◮ ❚❤❡ ♣r❡❢❡rr❡❞ ♣♦❧✐❝② ❞❡♣❡♥❞s ♦♥ t❤❡ r❡❧❛t✐✈❡ ❡✛❡❝t ♦❢ η ❛♥❞ β ♦♥ t❤❡

✇❡❧❢❛r❡ ❧♦st ❞✉❡ t♦ ❛ ❧♦✇❡r ❝♦♥s✉♠♣t✐♦♥ str❡❛♠ ❛♥❞ t❤❡ ✇❡❧❢❛r❡ ❣❛✐♥❡❞ ❞✉❡ t♦ ❛ ❧♦✇❡r ❤❛③❛r❞ r❛t❡

◮ ∆pW ❛♥❞ ∆cW ❛r❡ ❜♦t❤ ♣♦s✐t✐✈❡✱ ❞❡❝r❡❛s✐♥❣ ✇✐t❤ η✱ ✐♥❝r❡❛s✐♥❣ ✇✐t❤ β ◮ ❛ ❧❛r❣❡ η r❡❞✉❝❡s ❜♦t❤ t❤❡ ✇❡❧❢❛r❡ ❧♦st ❞✉❡ t♦ ❛ ❧♦✇❡r ❝♦♥s✉♠♣t✐♦♥

str❡❛♠✱ ❛♥❞ t❤❡ ✇❡❧❢❛r❡ ❣❛✐♥❡❞ ❞✉❡ t♦ ❛ ❧♦✇❡r ❤❛③❛r❞ r❛t❡ ✭✐✳❡✳ t❤❡ ✈❛❧✉❡ ♦❢ ♣♦st♣♦♥✐♥❣ ❡①t✐♥❝t✐♦♥✮

◮ ❛ ❧❛r❣❡ β ✐♥❝r❡❛s❡s ❜♦t❤ t❤❡ ✇❡❧❢❛r❡ ❧♦st ❞✉❡ t♦ ❛ ❧♦✇❡r ❝♦♥s✉♠♣t✐♦♥

str❡❛♠✱ ❛♥❞ t❤❡ ✇❡❧❢❛r❡ ❣❛✐♥❡❞ ❛s t❤❡ s✐③❡ ♦❢ t❤❡ ❝✉♠✉❧❛t✐✈❡ ♣♦♣✉❧❛t✐♦♥ ✐♥❝r❡❛s❡s ❞✉❡ t♦ ❛ ❧♦✇❡r ❤❛③❛r❞ r❛t❡

◮ ❤❡♥❝❡ ✇❡ ❝❛♥♥♦t ♣r❡❞✐❝t t❤❡ s✐❣♥ ♦r ❡✈♦❧✉t✐♦♥ ♦❢ ∆W ✇✐t❤ β ❛♥❞ η ◮ t❤✐s ❝❛❧❧s ❢♦r ❛ ♥✉♠❡r✐❝❛❧ ❛♥❛❧②s✐s

✶✾ ✴ ✼✶

SLIDE 20

❚❤❡ ♥✉♠❡r✐❝❛❧ ♠♦❞❡❧

◮ ❚❤❡ ❘❡s♣♦♥s❡ ♠♦❞❡❧ ✭❉✉♠❛s ❡t ❛❧✳✱ ✷✵✶✷✮

❞❡t❛✐❧s ◮ ❘❛♠s❡②✲❧✐❦❡ ❣r♦✇t❤ ♠♦❞❡❧ ✇✐t❤ ❝❛♣✐t❛❧ ❛❝❝✉♠✉❧❛t✐♦♥ ◮ ❙✐♠♣❧❡ ❝❧✐♠❛t❡ ♠♦❞❡❧✱ ❞❡s❝r✐❜✐♥❣ t❤❡ ❡✈♦❧✉t✐♦♥ ♦❢ ❣❧♦❜❛❧

t❡♠♣❡r❛t✉r❡ ❛♥❞ r❛❞✐❛t✐✈❡ ❢♦r❝✐♥❣

◮ ❚❤❡ r❡❝✉rs✐✈❡ ✈❡rs✐♦♥ ✭♣②t❤♦♥✮

◮ ❛❜❛t❡♠❡♥t ❛♥❞ s❛✈✐♥❣ r❛t❡ ❛r❡ ✐♠♣♦s❡❞✱ s = ✷✺.✽% ❢♦❧❧♦✇✐♥❣

✭●♦❧♦s♦✈ ❡t ❛❧✳✱ ✷✵✶✹✮ ❛♥❞ ✭❉❡♥♥✐❣ ❡t ❛❧✳✱ ✷✵✶✺✮

◮ ❝❧✐♠❛t❡ ♣♦❧✐❝✐❡s ❛r❡ ♦r❞❡r❡❞ ❛❝❝♦r❞✐♥❣ t♦ ✇❡❧❢❛r❡ ✷✵ ✴ ✼✶

SLIDE 21

❚❤❡ ❝❛t❛str♦♣❤✐❝ r✐s❦

◮ ❘✐s❦ ♦❢ ❡①t✐♥❝t✐♦♥✿ ❤❛③❛r❞ r❛t❡ ❢✉♥❝t✐♦♥ ♦❢ t❡♠♣❡r❛t✉r❡ ✐♥❝r❡❛s❡ ◮ ❖❜✈✐♦✉s❧②✱ ✇❡ ❝❛♥♥♦t ❝❛❧✐❜r❛t❡ t❤❡ ❣❧♦❜❛❧ ❝❛t❛str♦♣❤✐❝ r✐s❦ ♦♥ ❞❛t❛ ◮ ❲❡ ❛ss✉♠❡ t❤❛t t❤❡ ❝❛t❛str♦♣❤❡ ✐s ✐rr❡✈❡rs✐❜❧❡ ❛♥❞ ✐s ❛❦✐♥ t♦ tr✉♥❝❛t✐♥❣

t❤❡ ♣❧❛♥♥✐♥❣ ❤♦r✐③♦♥✱ ❢♦❧❧♦✇✐♥❣ ❈r♦♣♣❡r ✭✶✾✼✻✮ p(T) =      p✵, ✐❢ T ≤ T✵ p✵ + b · (T − T✵), ✐❢ T✵ ≤ T ≤ T✵ + ✶−p✵

✶, ✐❢ T ≥ T✵ + ✶−p✵

; ✭✶✸✮

p ❤❛③❛r❞ r❛t❡ ✭♣❡r ❛♥♥✉♠✮ p✵ ♠✐♥✐♠✉♠ ❤❛③❛r❞ r❛t❡ ✭s❡t ❛t ✶❡✲✸ ♣❡r ❛♥♥✉♠✮ T t❡♠♣❡r❛t✉r❡ ✐♥❝r❡❛s❡ ❝♦♠♣❛r❡❞ t♦ ♣r❡✲✐♥❞✉str✐❛❧ ❧❡✈❡❧s ✭◦❈✮ T✵ t❡♠♣❡r❛t✉r❡ ✐♥❝r❡❛s❡ ❛❜♦✈❡ ✇❤✐❝❤ t❤❡ ❤❛③❛r❞ r❛t❡ st❛rts r✐s✐♥❣ ✭s❡t ❛t ✶ ◦❈✮ b ♠❛r❣✐♥❛❧ ❤❛③❛r❞ r❛t❡ ✭♣❡r ◦❈ ❛❜♦✈❡ T✵✮

✷✶ ✴ ✼✶

SLIDE 22

❈♦♥tr✐❜✉t✐♦♥s

◮ ∆W ❝❛♥ ❡✐t❤❡r ❜❡ ❡①♣❧❛✐♥❡❞ ❜② ❛ ❞✐✛❡r❡♥❝❡ ✐♥ ❝✱ ♣✱ ♦r ❜♦t❤ ◮ ❝ ❛♥❞ ♣ str❡❛♠s ✈❛r② s✐♠✉❧t❛♥❡♦✉s❧②✿ ✇❡ ❝❛♥♥♦t ❡❛s✐❧② ✐❞❡♥t✐❢② t❤❡ ❝❛✉s❡

♦❢ ✈❛r✐❛t✐♦♥

◮ s♦❧✉t✐♦♥✿ ❝❤❛♥❣❡ ♦♥❡ str❡❛♠ ❛t ❛ t✐♠❡ ◮ s✐❣♥s ♦❢ ∆W · ∆cW ❛♥❞ ∆W · ∆pW ✿

◮ ✐❢ ✰ ✿ ✈❛r✐❛t✐♦♥ ❛ttr✐❜✉t❡❞ t♦ t❤❡ ❛ss♦❝✐❛t❡❞ ✈❛r✐❛❜❧❡ ◮ ✐❢ ✲ ✿ t❤❛t ✈❛r✐❛❜❧❡ ❝♦✉♥t❡r❛❝ts

♣r♦❞✉❝t ♦❢ ✇❡❧❢❛r❡ ❞✐✛❡r❡♥❝❡s ❞✐❛❣♥♦st✐❝ ∆W · ∆cW ∆W · ∆pW ✰ ✰ ∆ct ❛♥❞ ∆pt ❝❛✉s❡ ∆W ✰ ✲ ∆ct ❝❛✉s❡s ∆W ✱ ∆pt ❝♦✉♥t❡r❛❝ts ✲ ✰ ∆pt ❝❛✉s❡s ∆W ✱ ∆ct ❝♦✉♥t❡r❛❝ts

✷✷ ✴ ✼✶

SLIDE 23

❈❧✐♠❛t❡ ♣♦❧✐❝✐❡s

❡♠✐ss✐♦♥s ✭GtCO✷ ♣❡r ②❡❛r✮

✷✵✶✵ ✷✵✺✵ ✷✶✵✵ ✷✶✺✵ ✵ ✷✵ ✹✵ ✻✵ ✽✵ ✶✵✵

t✐♠❡

❜❛✉ ✸ ◦❈ ✷ ◦❈

t❡♠♣❡r❛t✉r❡ ✐♥❝r❡❛s❡ ✭◦❈✮

✷✵✶✵ ✷✵✺✵ ✷✶✵✵ ✷✶✺✵ ✵ ✶ ✷ ✸ ✹ ✺

t✐♠❡

❜❛✉ ✸ ◦❈ ✷ ◦❈ ✷✸ ✴ ✼✶

SLIDE 24

P❛r❛♠❡t❡rs

♣❛r❛♠❡t❡r ❞❡s❝r✐♣t✐♦♥ ✈❛❧✉❡ η ✐♥❡q✉❛❧✐t② ❛✈❡rs✐♦♥ ♣❛r❛♠❡t❡r ❜❡t✇❡❡♥ ✵✳✺ ❛♥❞ ✺✳✵ β ♣♦♣✉❧❛t✐♦♥ ♣❛r❛♠❡t❡r ❜❡t✇❡❡♥ ✵ ❛♥❞ ✶ b ♠❛r❣✐♥❛❧ ❤❛③❛r❞ r❛t❡ ❜❡t✇❡❡♥ ✵ ❛♥❞ ✶✵−✷ ♣❡r ◦❈ c t❤r❡s❤♦❧❞ ♣❛r❛♠❡t❡rs ✷✳✼ ❯❙❉ ♣❡r ❞❛② ♣❡r ❝❛♣✐t❛ ✷✵✶✵ ✷✵✺✵ ✷✶✵✵ ✷✶✺✵ ✵ ✵.✷ ✵.✹

t✐♠❡ ❤❛③❛r❞ r❛t❡ ✭♣❡r ❛♥♥✉♠✮

❜❛✉ ✸ ◦❈ ✷ ◦❈

b = ✶✵−✹ ♣❡r ◦❈

✷✵✶✵ ✷✵✺✵ ✷✶✵✵ ✷✶✺✵ ✵ ✵.✷ ✵.✹

t✐♠❡ ❤❛③❛r❞ r❛t❡ ✭♣❡r ❛♥♥✉♠✮

❜❛✉ ✸ ◦❈ ✷ ◦❈

b = ✶✵−✷ ♣❡r ◦❈

✷✹ ✴ ✼✶

SLIDE 25

❍❛③❛r❞ r❛t❡ ❛♥❞ ♣r♦❜❛❜✐❧✐t② ♦❢ s✉r✈✐✈❛❧

◮ p✵ = ✶✵−✸ ♣❡r ❛♥♥✉♠✿ ✇✐t❤ ❛ ♣✉r❡❧② ❡①♦❣❡♥♦✉s r✐s❦ ♦❢ ❡①t✐♥❝t✐♦♥✱ t❤❡

♣r♦❜❛❜✐❧✐t② ♦❢ s✉r✈✐✈❛❧ ❛❢t❡r ❛ ❤✉♥❞r❡❞ ②❡❛rs ✐s ✾✵✪

◮ ❛ss✉♠✐♥❣ ❝♦♥st❛♥t ❚ ❛t ✷ ◦❈ ✭✐✳❡✳ ✶ ◦❈ ❛❜♦✈❡ t❤❡ t❤r❡s❤♦❧❞✮✱ t❤❡

♣r♦❜❛❜✐❧✐t② ♦❢ s✉r✈✐✈❛❧ ❛❢t❡r ❛ ❤✉♥❞r❡❞ ②❡❛rs ✇♦✉❧❞ ❜❡✿

◮ ✽✾✪ ❢♦r b = ✶✵−✹ ♣❡r ◦❈ ◮ ✽✷✪ ❢♦r b = ✶✵−✸ ♣❡r ◦❈ ◮ ✸✵✪ ❢♦r b = ✶✵−✷ ♣❡r ◦❈ ✷✺ ✴ ✼✶

SLIDE 26

❊✛❡❝ts ❛t ♣❧❛②

◮ ✐♥t❡rt❡♠♣♦r❛❧ ❝♦♥s✉♠♣t✐♦♥ tr❛❞❡✲♦✛

◮ ❛s ❢✉t✉r❡ ❣❡♥❡r❛t✐♦♥s ❛r❡ ❛ss✉♠❡❞ t♦ ❜❡ r✐❝❤❡r✱ ❛ ❤✐❣❤ η ❣✐✈❡s

♣r❡❢❡r❡♥❝❡ t♦ ♣r❡s❡♥t ❝♦♥s✉♠♣t✐♦♥✳ ❚❤✐s ❝♦✉❧❞ ❧❡❛❞ t♦ ❢❛✈♦✉r ♥♦ ❛❜❛t❡♠❡♥t ✐♥ ♦r❞❡r t♦ ♣r❡s❡r✈❡ t❤❡ ❝♦♥s✉♠♣t✐♦♥ ♦❢ t❤❡ ♣r❡s❡♥t✱ ♣♦♦r❡r ❣❡♥❡r❛t✐♦♥✳

◮ tr❛❞❡✲♦✛ ❜❡t✇❡❡♥ ❝♦♥s✉♠♣t✐♦♥ t♦❞❛② ❛♥❞ t❤❡ ❡①✐st❡♥❝❡ ♦❢ ❢✉t✉r❡

❣❡♥❡r❛t✐♦♥s

◮ ❝❧✐♠❛t❡ ♣♦❧✐❝② ❝❛♥ ❞❡❧❛② ❡①t✐♥❝t✐♦♥ ❞✉❡ t♦ ❝❧✐♠❛t❡ ❝❤❛♥❣❡✱

s❤♦rt✲t❡r♠ ❛❜❛t❡♠❡♥t ❝❛♥ ❜❡ ❢❛✈♦✉r❡❞✱ tr❛♥s❧❛t✐♥❣ ✐♥t♦ ❧♦✇❡r ❝♦♥s✉♠♣t✐♦♥ ♦❢ t❤❡ ♣r❡s❡♥t ❣❡♥❡r❛t✐♦♥✱ ❛s ❛❜❛t❡♠❡♥t ✐s ❝♦st❧②✳

◮ t❤❡ r✐s❦ ♦❢ ❡①t✐♥❝t✐♦♥ ❞✐s❝♦✉♥ts ❢✉t✉r❡ ✇❡❧❢❛r❡

◮ t❤✐s ❤❛s ❛♥ ✐♠♣❛❝t ♦♥ t❤❡ ✐♥t❡rt❡♠♣♦r❛❧ ❝♦♥s✉♠♣t✐♦♥ tr❛❞❡✲♦✛

❛s t❤❡ ❝♦♥tr✐❜✉t✐♦♥ ♦❢ t❤❡ ✇❡❧❢❛r❡ ♦❢ ❢✉t✉r❡ ❣❡♥❡r❛t✐♦♥s ❝❛♥ ❜❡❝♦♠❡ ♥❡❣❧✐❣✐❜❧❡ ✇✐t❤ ❛ ❤✐❣❤ ❤❛③❛r❞ r❛t❡✳

✷✻ ✴ ✼✶

SLIDE 27

◆✉♠❡r✐❝❛❧ r❡s✉❧ts

✶✳ ❚❤❡ r♦❧❡ ♦❢ t❤❡ r✐s❦ ♦❢ ❡①t✐♥❝t✐♦♥ ✷✳ ❚❤❡ r♦❧❡ ♦❢ ♣♦♣✉❧❛t✐♦♥ ❡t❤✐❝s ✸✳ ❚❤❡ r♦❧❡ ♦❢ ✐♥❡q✉❛❧✐t② ❛✈❡rs✐♦♥ ✹✳ ❚❤❡ r♦❧❡ ♦❢ ❞❛♠❛❣❡s

✷✼ ✴ ✼✶

SLIDE 28

✶✳ ❚❤❡ r♦❧❡ ♦❢ t❤❡ r✐s❦ ♦❢ ❡①t✐♥❝t✐♦♥ ✭β = ✶✱ η = ✷✮

b (per ◦C) 10−7 10−6 10−5 10−4 10−3 10−2 bau 3°C 3°C 3°C 3°C 3°C 3°C

∆ct causes ∆W , ∆pt plays no role ∆pt causes ∆W , ∆ct counteracts

◮ ❜❛✉ ✐s ♣r❡❢❡rr❡❞ ❢♦r ❛ ♣✉r❡❧② ❡①♦❣❡♥♦✉s ❤❛③❛r❞ r❛t❡ ✭❡q✉✐✈❛❧❡♥t t♦ ♣✉r❡

t✐♠❡ ❞✐s❝♦✉♥t✐♥❣✮✿ t❤❡ s♦❝✐❛❧ ♦❜❥❡❝t✐✈❡ ❝❛♥ ❜❡ ✐♠♣r♦✈❡❞ ❜② ♠❛①✐♠✐s✐♥❣ ❡❛r❧② ❝♦♥s✉♠♣t✐♦♥✱ ✇❤❡♥ ❡①t✐♥❝t✐♦♥ ❤❛s ♥♦t ♦❝❝✉r❡❞ ②❡t

◮ ✇❤❡♥ b = ✵✱ t❤❡ ✸ ◦❈ ♣♦❧✐❝② ✐s ♣r❡❢❡rr❡❞✿ ❝❧✐♠❛t❡ ❛❝t✐♦♥ ♠❛② ❛✈♦✐❞

❡①t✐♥❝t✐♦♥

◮ ♥♦t s❤♦✇♥ ❤❡r❡✿ ✈❡r② ❤✐❣❤ ♠❛r❣✐♥❛❧ ❤❛③❛r❞ r❛t❡ ✭b ≥ ✵.✺ ♣❡r ◦❈✮ ❢❛✈♦✉rs

t❤❡ ❜❛✉ ✭❞♦♦♠❡❞ s✐t✉❛t✐♦♥✮

✷✽ ✴ ✼✶

SLIDE 29

✶✳ ❚❤❡ r♦❧❡ ♦❢ t❤❡ r✐s❦ ♦❢ ❡①t✐♥❝t✐♦♥ ✭β = ✶✱ η = ✷✮

b (per ◦C) 10−7 10−6 10−5 10−4 10−3 10−2 bau 3°C 3°C 3°C 3°C 3°C 3°C

∆ct causes ∆W , ∆pt plays no role ∆pt causes ∆W , ∆ct counteracts

◮ ✸ ◦❈ ✐s ♣r❡❢❡rr❡❞ ❞✉❡ t♦ t❤❡ ✈❛r✐❛t✐♦♥ ✐♥ ❤❛③❛r❞ r❛t❡✱ ✇❤✐❧❡ ❝♦♥s✉♠♣t✐♦♥

❝♦✉♥t❡r❛❝ts

◮ ❜❛✉ ✐s ♣r❡❢❡rr❡❞ ❞✉❡ t♦ t❤❡ ✈❛r✐❛t✐♦♥ ✐♥ ❝♦♥s✉♠♣t✐♦♥✱ ✇❤✐❧❡ t❤❡ ❤❛③❛r❞

r❛t❡ ❝♦✉♥t❡r❛❝ts ♦r ♣❧❛②s ♥♦ r♦❧❡

◮ ✇✐t❤♦✉t ❝❧✐♠❛t❡ ❞❛♠❛❣❡s✱ ❡♠✐ss✐♦♥s r❡❞✉❝t✐♦♥s r❡❞✉❝❡ ❜♦t❤ t❤❡

❤❛③❛r❞ r❛t❡ ❛♥❞ ❝♦♥s✉♠♣t✐♦♥

✷✾ ✴ ✼✶

SLIDE 30

✶✳ ❚❤❡ r♦❧❡ ♦❢ t❤❡ r✐s❦ ♦❢ ❡①t✐♥❝t✐♦♥ ✭β = ✶✱ η = ✷✮

b (per ◦C) 10−7 10−6 10−5 10−4 10−3 10−2 3°C 3°C 2°C 2°C 2°C 2°C 2°C

∆ct causes ∆W , ∆pt plays no role ∆pt causes ∆W , ∆ct counteracts

◮ ❡✈❡♥ ❛ ✈❡r② s♠❛❧❧ ❡♥❞♦❣❡♥♦✉s r✐s❦ ♦❢ ❡①t✐♥❝t✐♦♥ ✭b ≥ ✶✵−✻✮ ❧❡❛❞s t♦ ❛❞♦♣t

❛ ♠♦r❡ ❛♠❜✐t✐♦✉s ❝❧✐♠❛t❡ ♣♦❧✐❝② ✭t❤❡ ✷ ◦❈ s❝❡♥❛r✐♦✮

✸✵ ✴ ✼✶

SLIDE 31

✷✳ ❚❤❡ r♦❧❡ ♦❢ ♣♦♣✉❧❛t✐♦♥ ❡t❤✐❝s ✭η = ✷✮

β b (per ◦C) 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C [10−5; 10−2] bau 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 10−6 bau bau bau 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 10−7 bau bau bau bau bau bau bau bau bau bau bau

∆ct causes ∆W , ∆pt counteracts (or plays no role) ∆pt causes ∆W , ∆ct counteracts (or plays no role)

◮ ❛ ❧❛r❣❡ ✇❡✐❣❤t ♦♥ ♣♦♣✉❧❛t✐♦♥ s✐③❡ ❢❛✈♦✉rs t❤❡ ✸ ◦❈ s❝❡♥❛r✐♦✿ ✐♥t✉✐t✐✈❡

r❡s✉❧t✱ ❛s ❝✉♠✉❧❛t✐✈❡ ♣♦♣✉❧❛t✐♦♥ ✐s ❧❛r❣❡r ✐❢ ❝❧✐♠❛t❡ ❝❤❛♥❣❡ ✐s ❞❡❧❛②❡❞

◮ β ♣❧❛②s ♥♦ r♦❧❡ ❢♦r b ≥ ✶✵−✺

✸✶ ✴ ✼✶

SLIDE 32

✷✳ ❚❤❡ r♦❧❡ ♦❢ ♣♦♣✉❧❛t✐♦♥ ❡t❤✐❝s ✭η = ✷✮

β b (per ◦C) 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 2°C 2°C 2°C 2°C 2°C 2°C 2°C 2°C 2°C 2°C 2°C [10−4; 10−2] 3°C 2°C 2°C 2°C 2°C 2°C 2°C 2°C 2°C 2°C 2°C 10−5 3°C 3°C 3°C 3°C 2°C 2°C 2°C 2°C 2°C 2°C 2°C 10−6 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 10−7 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C

∆ct causes ∆W , ∆pt counteracts (or plays no role) ∆pt causes ∆W , ∆ct counteracts (or plays no role)

◮ s✐♠✐❧❛r r❡s✉❧ts ✇❤❡♥ ❝♦♠♣❛r✐♥❣ ✸ ◦❈ ❛♥❞ ✷ ◦❈

✸✷ ✴ ✼✶

SLIDE 33

✸✳ ❚❤❡ r♦❧❡ ♦❢ ✐♥❡q✉❛❧✐t② ❛✈❡rs✐♦♥ ✭β = ✵✮

η b (per ◦C) 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C [4.10−6; 10−2] 3°C 3°C 3°C 3°C bau bau bau bau bau bau 3.10−6 3°C 3°C 3°C bau bau bau bau bau bau bau 2.10−6 3°C 3°C bau bau bau bau bau bau bau bau [10−7; 10−6] bau bau bau bau bau bau bau bau bau bau

∆ct causes ∆W , ∆pt counteracts (or plays no role) ∆pt causes ∆W , ∆ct counteracts (or plays no role)

◮ ❛ ❧♦✇ η ❢❛✈♦✉rs t❤❡ ♠♦st ❛♠❜✐t✐♦✉s ♣♦❧✐❝② ✭st❛♥❞❛r❞ r❡s✉❧t✮

✸✸ ✴ ✼✶

SLIDE 34

✸✳ ❚❤❡ r♦❧❡ ♦❢ ✐♥❡q✉❛❧✐t② ❛✈❡rs✐♦♥ ✭β = ✵✮

∆ct causes ∆W , ∆pt counteracts (or plays no role) ∆pt causes ∆W , ∆ct counteracts (or plays no role)

◮ ❢♦r b ≥ ✹.✶✵−✻ ♣❡r ◦❈✱ η ♣❧❛②s ♥♦ r♦❧❡ ✭✸ ◦❈ ✐s ❛❧✇❛②s ♣r❡❢❡rr❡❞✮✳

✸✹ ✴ ✼✶

SLIDE 35

✸✳ ❚❤❡ r♦❧❡ ♦❢ ✐♥❡q✉❛❧✐t② ❛✈❡rs✐♦♥ ✭β = ✵✮

∆ct causes ∆W , ∆pt counteracts (or plays no role) ∆pt causes ∆W , ∆ct counteracts (or plays no role)

◮ ❛s b ❞❡❝r❡❛s❡s✱ t❤❡ ♠✐♥✐♠✉♠ η t❤❛t ❥✉st✐✜❡s t❤❡ ❧❡❛st ❛♠❜✐t✐♦✉s ♣♦❧✐❝② ✐s

r❡❞✉❝❡❞

◮ r✐❝❤❡r ❣❡♥❡r❛t✐♦♥s ❛r❡ ❛❞❞❡❞✱ ✇❤✐❝❤ ❡♥❤❛♥❝❡s ✐♥❡q✉❛❧✐t✐❡s ❜❡t✇❡❡♥

❣❡♥❡r❛t✐♦♥s

◮ s✐♠✐❧❛r r❡s✉❧ts ✇❤❡♥ ❝♦♠♣❛r✐♥❣ ✸ ◦❈ ❛♥❞ ✷ ◦❈

✸✺ ✴ ✼✶

SLIDE 36

✸✳ ❚❤❡ r♦❧❡ ♦❢ ✐♥❡q✉❛❧✐t② ❛✈❡rs✐♦♥ ✭β = ✵.✶✮

η b (per ◦C) 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C [10−6; 10−2] 3°C 3°C bau bau bau 3°C 3°C 3°C 3°C 3°C 10−7 bau bau bau bau bau bau bau bau bau bau

∆ct causes ∆W , ∆pt counteracts (or plays no role) ∆pt causes ∆W , ∆ct counteracts (or plays no role)

◮ ✐♥❝r❡❛s✐♥❣ η st✐❧❧ ❢❛✈♦✉rs t❤❡ ❧❡❛st ❛♠❜✐t✐♦✉s ❝❧✐♠❛t❡ ♣♦❧✐❝② ❢♦r ❧♦✇ ✈❛❧✉❡s

♦❢ η ✭≤ ✶.✺✮

◮ ❤♦✇❡✈❡r✱ t❤❡ ❡✛❡❝t ✐s r❡✈❡rs❡❞ ❢♦r ❤✐❣❤❡r ✈❛❧✉❡s ♦❢ η ✭≥ ✷.✺✮ ◮ ❛s s❤♦✇♥ ✐♥ t❤❡ ❛♥❛❧②t✐❝❛❧ r❡s✉❧ts✿ ✐♥❝r❡❛s✐♥❣ η r❡❞✉❝❡s ❜♦t❤ t❤❡ ✇❡❧❢❛r❡

❧♦st ❞✉❡ t♦ ❛ ❧♦✇❡r ❝♦♥s✉♠♣t✐♦♥ str❡❛♠✱ ❛♥❞ t❤❡ ✇❡❧❢❛r❡ ❣❛✐♥❡❞ ❞✉❡ t♦ ❛ ❧♦✇❡r ❤❛③❛r❞ r❛t❡ ✭✐✳❡✳ t❤❡ ✈❛❧✉❡ ♦❢ ♣♦st♣♦♥✐♥❣ ❡①t✐♥❝t✐♦♥✮

✸✻ ✴ ✼✶

SLIDE 37

✹✳ ❚❤❡ r♦❧❡ ♦❢ ❞❛♠❛❣❡s ✭β = ✵✮

η b (per ◦C) 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 10−2 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 10−3 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C [4.10−6 ; 10−4] 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3.10−6 3°C 3°C 3°C 3°C 3°C 3°C 3°C bau bau bau 2.10−6 3°C 3°C 3°C 3°C 3°C bau bau bau bau bau [10−7 ; 10−6] 3°C 3°C 3°C 3°C 3°C bau bau bau bau bau

∆ct causes ∆W , ∆pt counteracts (or plays no role) ∆pt causes ∆W , ∆ct counteracts (or plays no role) ∆ct and ∆pt cause ∆W

◮ ✇✐t❤ ❝❧✐♠❛t❡ ❞❛♠❛❣❡s✱ t❤❡ ✸ ◦❈ ♣♦❧✐❝② ✐s ♣r❡❢❡rr❡❞ ❞✉❡ t♦ ❜♦t❤ r✐s❦ ❛♥❞

❝♦♥s✉♠♣t✐♦♥ ❢♦r ❧♦✇ η ✭≤ ✷.✺✮

◮ ✇✐t❤♦✉t ❝❧✐♠❛t❡ ❞❛♠❛❣❡s✱ t❤❡ ✸ ◦❈ ♣♦❧✐❝② ✇❛s ♣r❡❢❡rr❡❞ ❞✉❡ t♦ t❤❡

❞✐✛❡r❡♥❝❡ ✐♥ ❤❛③❛r❞ r❛t❡ ❛❧♦♥❡✱ ✇❤✐❧❡ ❝♦♥s✉♠♣t✐♦♥ ❝♦✉♥t❡r❛❝t❡❞

✸✼ ✴ ✼✶

SLIDE 38

✹✳ ❚❤❡ r♦❧❡ ♦❢ ❞❛♠❛❣❡s ✭β = ✵✮

∆ct causes ∆W , ∆pt counteracts (or plays no role) ∆pt causes ∆W , ∆ct counteracts (or plays no role) ∆ct and ∆pt cause ∆W

◮ ❢♦r ❛ ❣✐✈❡♥ η ✭❡✳❣✳ η = ✷.✺✮ ❛♥❞ ✐♥❝r❡❛s✐♥❣ b ✭❡✳❣✳ ✶✵−✹ t♦ ✶✵−✸✮✿

❝♦♥s✉♠♣t✐♦♥ ♥♦ ❧♦♥❣❡r ❝❛✉s❡s ∆W ✱ ❛s ❛ ❤✐❣❤❡r b ❞✐s❝♦✉♥ts t❤❡ ✐♠♣❛❝t ♦❢ ❞❛♠❛❣❡s ♦♥ ❢✉t✉r❡ ❝♦♥s✉♠♣t✐♦♥✱ ✐✳❡✳ t❤❡ ❜❡♥❡✜ts ✐♥ t❡r♠s ♦❢ ❧♦♥❣ t❡r♠ ❝♦♥s✉♠♣t✐♦♥ ♦❢ t❤❡ ✸ ◦❈ s❝❡♥❛r✐♦ ❤❛✈❡ ❧❡ss ✇❡✐❣❤t ✐♥ t♦t❛❧ ✇❡❧❢❛r❡ ❛s ❢✉t✉r❡ ❣❡♥❡r❛t✐♦♥s ❛r❡ ❧❡ss ❧✐❦❡❧② t♦ ❡①✐st

✸✽ ✴ ✼✶

SLIDE 39

✹✳ ❚❤❡ r♦❧❡ ♦❢ ❞❛♠❛❣❡s ✭β = ✵✮

∆ct causes ∆W , ∆pt counteracts (or plays no role) ∆pt causes ∆W , ∆ct counteracts (or plays no role) ∆ct and ∆pt cause ∆W

η b (per ◦C) 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 10−2 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 10−3 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C 3°C [4.10−6 ; 10−4] 3°C 3°C 3°C 3°C bau bau bau bau bau bau 3.10−6 3°C 3°C 3°C bau bau bau bau bau bau bau 2.10−6 3°C 3°C bau bau bau bau bau bau bau bau [10−7; 10−6] bau bau bau bau bau bau bau bau bau bau

◮ ❛❞❞✐♥❣ ❝❧✐♠❛t❡ ❞❛♠❛❣❡s ♠♦st❧② ❦❡❡♣s t❤❡ ♣r❡❢❡rr❡❞ ♣♦❧✐❝② ✉♥❝❤❛♥❣❡❞ ✭♥♦

❝❤❛♥❣❡ ❛t ❛❧❧ ❢♦r b ≥ ✹.✶✵−✻ ♣❡r ◦❈✮

✸✾ ✴ ✼✶

SLIDE 40

❈♦♥❝❧✉s✐♦♥✿ ❛♥❛❧②t✐❝❛❧ r❡s✉❧ts

◮ ❉✐s❝♦✉♥t✐♥❣ ❞❡♣❡♥❞s ♦♥ t❤❡ ❤❛③❛r❞ r❛t❡ ❛♥❞ ♦♥ t❤❡ ❛tt✐t✉❞❡s t♦✇❛r❞s

♣♦♣✉❧❛t✐♦♥ s✐③❡ ✭♣❛r❛♠❡t❡r β✮

◮ ❲❡ s❤♦✇ t❤❛t ✇❡ ❝❛♥♥♦t ♣r❡❞✐❝t t❤❡ ✐♠♣❛❝t ♦❢ ❝❤❛♥❣❡s ✐♥ η ❛♥❞ β ♦♥ t❤❡

♣r❡❢❡rr❡❞ ♣♦❧✐❝② ✭❝❛s❡ ✇✐t❤♦✉t ❞❛♠❛❣❡s✮

◮ ✐♥❝r❡❛s✐♥❣ η r❡❞✉❝❡s t❤❡ ✇❡❧❢❛r❡ ❧♦st ❞✉❡ t♦ ❛ ❧♦✇❡r ❝♦♥s✉♠♣t✐♦♥

str❡❛♠✱ ✐t ❛❧s♦ r❡❞✉❝❡s t❤❡ ✈❛❧✉❡ ♦❢ ♣♦st♣♦♥✐♥❣ ❡①t✐♥❝t✐♦♥ ✭✐✳❡ t❤❡ ✇❡❧❢❛r❡ ❣❛✐♥❡❞ ❛s t❤❡ s✐③❡ ♦❢ t❤❡ ❝✉♠✉❧❛t✐✈❡ ♣♦♣✉❧❛t✐♦♥ ✐♥❝r❡❛s❡s ❞✉❡ t♦ ❛ ❧♦✇❡r ❤❛③❛r❞ r❛t❡✮

◮ ✐♥❝r❡❛s✐♥❣ β ✐♥❝r❡❛s❡s t❤❡ ✇❡❧❢❛r❡ ❧♦st ❞✉❡ t♦ ❛ ❧♦✇❡r ❝♦♥s✉♠♣t✐♦♥

str❡❛♠✱ ✐t ❛❧s♦ ✐♥❝r❡❛s❡s t❤❡ ✈❛❧✉❡ ♦❢ ♣♦st♣♦♥✐♥❣ ❡①t✐♥❝t✐♦♥

✹✵ ✴ ✼✶

SLIDE 41

❈♦♥❝❧✉s✐♦♥✿ ♥✉♠❡r✐❝❛❧ r❡s✉❧ts

◮ ❊✈❡♥ ❛ ✈❡r② s♠❛❧❧ ❡♥❞♦❣❡♥♦✉s r✐s❦ ♦❢ ❡①t✐♥❝t✐♦♥ ✭b ≥ ✶✵−✻✮ ❧❡❛❞s t♦

❛❞♦♣t ❛ ♠♦r❡ ❛♠❜✐t✐♦✉s ❝❧✐♠❛t❡ ♣♦❧✐❝② ✭t❤❡ ✷ ◦❈ s❝❡♥❛r✐♦✮✱ ❛❧♠♦st ✐rr❡s♣❡❝t✐✈❡ ♦❢ t❤❡ ✈❛❧✉❡ ♦❢ t❤❡ ❡t❤✐❝❛❧ ♣❛r❛♠❡t❡rs

◮ ❆ ❧❛r❣❡ ♣♦♣✉❧❛t✐♦♥ ❡t❤✐❝s ♣❛r❛♠❡t❡r ✭β✮ ❛❧✇❛②s ❢❛✈♦✉rs t❤❡ ♠♦st

❛♠❜✐t✐♦✉s ♣♦❧✐❝②

◮ ❛ ❧❛r❣❡ β ❣✐✈❡s ❛s ❛ ❧❛r❣❡ ✇❡✐❣❤t t♦ t❤❡ ✇❡❧❢❛r❡ ♦❢ ❢✉t✉r❡ ❣❡♥❡r❛t✐♦♥s

◮ ■♥❡q✉❛❧✐t② ❛✈❡rs✐♦♥ ✭η✮ ❤❛s ❛ ♥♦♥✲♠♦♥♦t♦♥✐❝ ✐♠♣❛❝t ♦♥ t❤❡ ♣r❡❢❡rr❡❞

♣♦❧✐❝②

◮ ❆ s♠❛❧❧ η ❛❧✇❛②s ❢❛✈♦✉rs t❤❡ ♠♦st ❛♠❜✐t✐♦✉s ♣♦❧✐❝②

◮ ❝♦♥s✐st❡♥t ✇✐t❤ ✐♥t✉✐t✐♦♥✱ ❛s ❢✉t✉r❡ ❣❡♥❡r❛t✐♦♥ ❛r❡ ❛ss✉♠❡❞ t♦ ❜❡

r✐❝❤❡r

◮ ❍♦✇❡✈❡r✱ ✇❡ ✜♥❞ ❝❛s❡s ✇❤❡r❡ ✐♥❝r❡❛s✐♥❣ η ❢❛✈♦✉rs t❤❡ ♠♦st ❛♠❜✐t✐♦✉s

♣♦❧✐❝②

◮ t❤✐s ✐s ❞✉❡ t♦ t❤❡ r❡❧❛t✐✈❡ ❡✛❡❝t ♦❢ ✐♥❡q✉❛❧✐t② ❛✈❡rs✐♦♥ ♦♥ t❤❡ r✐s❦

❛♥❞ ❝♦♥s✉♠♣t✐♦♥ ❝♦♠♣♦♥❡♥ts ♦❢ t❤❡ ✇❡❧❢❛r❡ ❞✐✛❡r❡♥❝❡

◮ ❆❝❝♦✉♥t✐♥❣ ❢♦r ❝❧✐♠❛t❡ ❞❛♠❛❣❡s ✭✐♥ ❛❞❞✐t✐♦♥ t♦ t❤❡ r✐s❦ ♦❢ ❡①t✐♥❝t✐♦♥✮

❧❡❛✈❡s t❤❡ ♦r❞❡r ♦❢ ♣♦❧✐❝✐❡s ✉♥❝❤❛♥❣❡❞ ✭❡①❝❡♣t ❢♦r ✈❡r② ❧♦✇ ✈❛❧✉❡s ♦❢ b✮

✹✶ ✴ ✼✶

SLIDE 42

❋✉rt❤❡r ✇♦r❦

◮ ❚❤✐s ♣❛♣❡r ✐s ♣❛rt ♦❢ ❛ ❜r♦❛❞❡r ♣r♦❥❡❝t ♦♥ t❤❡ ❡✛❡❝ts ♦❢ ❝❧✐♠❛t❡ ❝❤❛♥❣❡ ♦♥

♣♦♣✉❧❛t✐♦♥

◮ ❲❡ ✇♦✉❧❞ ❧✐❦❡ t♦ ❝♦♥s✐❞❡r ❧❡ss ❡①tr❡♠❡ ♣♦♣✉❧❛t✐♦♥ ✐♠♣❛❝ts✿

◮ ❊♥❞♦❣❡♥♦✉s r✐s❦ ♠❛② ❝♦♥st❛♥t❧② r❡❞✉❝❡ ♣♦♣✉❧❛t✐♦♥ s✐③❡ ❜② s♦♠❡

❢❛❝t♦r

◮ ❊♥❞♦❣❡♥♦✉s r✐s❦ ♠❛② ❛✛❡❝t ❧✐❢❡ ❡①♣❡❝t❛♥❝② ❛♥❞ ♠♦rt❛❧✐t② r✐s❦ r❛t❤❡r

t❤❛♥ ♣♦♣✉❧❛t✐♦♥ s✐③❡

◮ ❲❡ ✇♦✉❧❞ ❧✐❦❡ t♦ ❝♦♥s✐❞❡r ♣♦♣✉❧❛t✐♦♥ ✐♠♣❛❝ts t❤❛t ♠❛② ❜❡ ❞✐✛❡r❡♥t ✐♥

❞✐✛❡r❡♥t ♣❛rts ♦❢ t❤❡ ✇♦r❧❞✳ ❚❤✐s ✇♦✉❧❞ r❛✐s❡ ♥❡✇ ❡q✉✐t②✴❢❛✐r♥❡ss ✐ss✉❡s✳

◮ ❲❡ ❤❛✈❡ ❡①♣❧♦r❡❞ ❛ s♣❡❝✐✜❝ ❝❧❛ss ♦❢ s♦❝✐❛❧ ✇❡❧❢❛r❡ ❢✉♥❝t✐♦♥s✳ ❲❡ ♣❧❛♥ t♦

❡①♣❧♦r❡ ♦t❤❡r ♣♦ss✐❜✐❧✐t✐❡s t♦ ❞✐s❡♥t❛♥❣❧❡ ✐♥❡q✉❛❧✐t② ❛✈❡rs✐♦♥ ❛♥❞ r✐s❦ ❛✈❡rs✐♦♥

✹✷ ✴ ✼✶

SLIDE 43

❚❤❛♥❦ ②♦✉✦

✹✸ ✴ ✼✶

SLIDE 44

❇✐❜❧✐♦❣r❛♣❤②

❇♦♠♠✐❡r✱ ❆✳✱ ▲❛♥③✱ ❇✳✱ ❛♥❞ ❩✉❜❡r✱ ❙✳ ✷✵✶✺✳ ▼♦❞❡❧s✲❛s✲✉s✉❛❧ ❢♦r ✉♥✉s✉❛❧ r✐s❦s❄ ❖♥ t❤❡ ✈❛❧✉❡ ♦❢ ❝❛t❛str♦♣❤✐❝ ❝❧✐♠❛t❡ ❝❤❛♥❣❡✳ ❏♦✉r♥❛❧ ♦❢ ❊♥✈✐r♦♥♠❡♥t❛❧ ❊❝♦♥♦♠✐❝s ❛♥❞ ▼❛♥❛❣❡♠❡♥t ✼✹✿✶✕✷✷✳ ❇r♦♦♠❡✱ ❏✳ ✷✵✶✷✳ ❈❧✐♠❛t❡ ♠❛tt❡rs✿ ❡t❤✐❝s ✐♥ ❛ ✇❛r♠✐♥❣ ✇♦r❧❞✳ ❆♠♥❡st② ■♥t❡r♥❛t✐♦♥❛❧ ❣❧♦❜❛❧ ❡t❤✐❝s s❡r✐❡s✳ ❲✳❲✳ ◆♦rt♦♥✱ ◆❡✇ ❨♦r❦✱ ✶st ❡❞✐t✐♦♥✳ ❈❧❛r❦❡✱ ❍✳ ❘✳ ❛♥❞ ❘❡❡❞✱ ❲✳ ❏✳ ✶✾✾✹✳ ❈♦♥s✉♠♣t✐♦♥✴♣♦❧❧✉t✐♦♥ tr❛❞❡♦✛s ✐♥ ❛♥ ❡♥✈✐r♦♥♠❡♥t ✈✉❧♥❡r❛❜❧❡ t♦ ♣♦❧❧✉t✐♦♥✲r❡❧❛t❡❞ ❝❛t❛str♦♣❤✐❝ ❝♦❧❧❛♣s❡✳ ❏♦✉r♥❛❧ ♦❢ ❊❝♦♥♦♠✐❝ ❉②♥❛♠✐❝s ❛♥❞ ❈♦♥tr♦❧ ✶✽✿✾✾✶✕✶✵✶✵✳ ❈❧✐♥❡✱ ❲✳ ❘✳ ✶✾✾✷✳ ❚❤❡ ❡❝♦♥♦♠✐❝s ♦❢ ●❧♦❜❛❧ ❲❛r♠✐♥❣✳ ■♥st✐t✉t❡ ❢♦r ■♥t❡r♥❛t✐♦♥❛❧ ❊❝♦♥♦♠✐❝s✱ ❲❛s❤✐♥❣t♦♥✳ ❈r♦♣♣❡r✱ ▼✳ ✶✾✼✻✳ ❘❡❣✉❧❛t✐♥❣ ❛❝t✐✈✐t✐❡s ✇✐t❤ ❝❛t❛str♦♣❤✐❝ ❡♥✈✐r♦♥♠❡♥t❛❧ ❡✛❡❝ts✳ ❏♦✉r♥❛❧ ♦❢ ❊♥✈✐r♦♥♠❡♥t❛❧ ❊❝♦♥♦♠✐❝s ❛♥❞ ▼❛♥❛❣❡♠❡♥t ✸✿✶✕✶✺✳ ❉❡♥♥✐❣✱ ❋✳✱ ❇✉❞♦❧❢s♦♥✱ ▼✳ ❇✳✱ ❋❧❡✉r❜❛❡②✱ ▼✳✱ ❙✐❡❜❡rt✱ ❆✳✱ ❛♥❞ ❙♦❝♦❧♦✇✱ ❘✳ ❍✳ ✷✵✶✺✳ ■♥❡q✉❛❧✐t②✱ ❝❧✐♠❛t❡ ✐♠♣❛❝ts ♦♥ t❤❡ ❢✉t✉r❡ ♣♦♦r✱ ❛♥❞ ❝❛r❜♦♥ ♣r✐❝❡s✳ Pr♦❝❡❡❞✐♥❣s ♦❢ t❤❡ ◆❛t✐♦♥❛❧ ❆❝❛❞❡♠② ♦❢ ❙❝✐❡♥❝❡s ✶✶✷✿✶✺✽✷✼✕✶✺✽✸✷✳ ❉✉♠❛s P✳✱ ❊s♣❛❣♥❡ ❊✳✱ P❡rr✐ss✐♥✲❋❛❜❡rt ❇✳✱ P♦tt✐❡r ❆✳✱ ✷✵✶✷✳ ❈♦♠♣r❡❤❡♥s✐✈❡ ❉❡s❝r✐♣t✐♦♥ ♦❢ t❤❡ ✐♥t❡❣r❛t❡❞ ❛ss❡ss♠❡♥t ♠♦❞❡❧ ❘❊❙P❖◆❙❊ ❲♦r❦✐♥❣ P❛♣❡r ❈■❘❊❉

✹✹ ✴ ✼✶

SLIDE 45

❇✐❜❧✐♦❣r❛♣❤②

❋❧❡✉r❜❛❡②✱ ▼✳✱ ❩✉❜❡r✱ ❙✳✱ ✷✵✶✹✳ ❉✐s❝♦✉♥t✐♥❣✱ ❜❡②♦♥❞ ❯t✐❧✐t❛r✐❛♥✐s♠ ✭❊❝♦♥♦♠✐❝s ❉✐s❝✉ss✐♦♥ P❛♣❡rs ◆♦✳ ✷✵✶✹✲✹✵✮✳ ❑✐❡❧ ■♥st✐t✉t❡ ❢♦r t❤❡ ❲♦r❧❞ ❊❝♦♥♦♠②✳

♦❧♦s♦✈✱ ▼✳✱ ❍❛ss❧❡r✱ ❏✳✱ ❑r✉s❡❧❧✱ P✳✱ ❛♥❞ ❚s②✈✐♥s❦✐✱ ❆✳ ✷✵✶✹✳ ❖♣t✐♠❛❧ ❚❛①❡s ♦♥ ❋♦ss✐❧

❋✉❡❧ ✐♥ ●❡♥❡r❛❧ ❊q✉✐❧✐❜r✐✉♠✳ ❊❝♦♥♦♠❡tr✐❝❛ ✽✷✿✹✶✕✽✽✳ ❍s✐❛♥❣✱ ❙✳ ▼✳✱ ❇✉r❦❡✱ ▼✳✱ ❛♥❞ ▼✐❣✉❡❧✱ ❊✳ ✷✵✶✸✳ ◗✉❛♥t✐❢②✐♥❣ t❤❡ ■♥✢✉❡♥❝❡ ♦❢ ❈❧✐♠❛t❡ ♦♥ ❍✉♠❛♥ ❈♦♥✢✐❝t✳ ❙❝✐❡♥❝❡ ✸✹✶✿✶✷✸✺✸✻✼✕✶✷✸✺✸✻✼✳ ▲❡♥t♦♥✱ ❚✳ ▼✳✱ ❍❡❧❞✱ ❍✳✱ ❑r✐❡❣❧❡r✱ ❊✳✱ ❍❛❧❧✱ ❏✳ ❲✳✱ ▲✉❝❤t✱ ❲✳✱ ❘❛❤♠st♦r❢✱ ❙✳✱ ❛♥❞ ❙❝❤❡❧❧♥❤✉❜❡r✱ ❍✳ ❏✳ ✷✵✵✽✳ ❚✐♣♣✐♥❣ ❡❧❡♠❡♥ts ✐♥ t❤❡ ❊❛rt❤✬s ❝❧✐♠❛t❡ s②st❡♠✳ Pr♦❝❡❡❞✐♥❣s ♦❢ t❤❡ ◆❛t✐♦♥❛❧ ❆❝❛❞❡♠② ♦❢ ❙❝✐❡♥❝❡s ✶✵✺✿✶✼✽✻✕✶✼✾✸✳ ▼❛rt✐♥✱ ■✳ ❛♥❞ P✐♥❞②❝❦✱ ❘✳ ✷✵✶✼✳ ❆✈❡rt✐♥❣ ❈❛t❛str♦♣❤❡s t❤❛t ❑✐❧❧✳ ❚❡❝❤♥✐❝❛❧ ❘❡♣♦rt ✇✷✸✸✹✻✱ ◆❛t✐♦♥❛❧ ❇✉r❡❛✉ ♦❢ ❊❝♦♥♦♠✐❝ ❘❡s❡❛r❝❤✱ ❈❛♠❜r✐❞❣❡✱ ▼❆✳ ❉❖■✿ ✶✵✳✸✸✽✻✴✇✷✸✸✹✻✳ ◆❣✱ ❨✳✲❑✳ ✶✾✽✾✳ ❲❤❛t s❤♦✉❧❞ ✇❡ ❞♦ ❛❜♦✉t ❢✉t✉r❡ ❣❡♥❡r❛t✐♦♥s❄ ✐♠♣♦ss✐❜✐❧✐t② ♦❢ ♣❛r✜t✬s t❤❡♦r②✳ ❊❝♦♥♦♠✐❝s ❛♥❞ P❤✐❧♦s♦♣❤② ✺✿✷✸✺✕✷✺✸✳ ◆♦r❞❤❛✉s✱ ❲✳ ❉✳ ✶✾✾✹✳ ▼❛♥❛❣✐♥❣ t❤❡ ❣❧♦❜❛❧ ❝♦♠♠♦♥s✿ t❤❡ ❡❝♦♥♦♠✐❝s ♦❢ ❝❧✐♠❛t❡ ❝❤❛♥❣❡✳ ▼■❚ Pr❡ss✱ ❈❛♠❜r✐❞❣❡✱ ▼❛ss✳

✹✺ ✴ ✼✶

SLIDE 46

❇✐❜❧✐♦❣r❛♣❤②

❘❛♠s❡②✱ ❋✳ ✶✾✷✽✳ ❆ ♠❛t❤❡♠❛t✐❝❛❧ t❤❡♦r② ♦❢ s❛✈✐♥❣✳ ❚❤❡ ❊❝♦♥♦♠✐❝ ❏♦✉r♥❛❧ ✸✽✿✺✹✸✕✺✺✾✳ ❘❡✉✈❡♥②✱ ❘✳ ✷✵✵✼✳ ❈❧✐♠❛t❡ ❝❤❛♥❣❡✲✐♥❞✉❝❡❞ ♠✐❣r❛t✐♦♥ ❛♥❞ ✈✐♦❧❡♥t ❝♦♥✢✐❝t✳ P♦❧✐t✐❝❛❧

❡♦❣r❛♣❤② ✷✻✿✻✺✻✕✻✼✸✳

❙❝❤❡✛❡r✱ ▼✳✱ ❈❛r♣❡♥t❡r✱ ❙✳✱ ❋♦❧❡②✱ ❏✳ ❆✳✱ ❋♦❧❦❡✱ ❈✳✱ ❛♥❞ ❲❛❧❦❡r✱ ❇✳ ✷✵✵✶✳ ❈❛t❛str♦♣❤✐❝ s❤✐❢ts ✐♥ ❡❝♦s②st❡♠s✳ ◆❛t✉r❡ ✹✶✸✿✺✾✶✕✺✾✻✳ ❙t❡r♥✱ ◆✳ ❍✳ ✷✵✵✼✳ ❚❤❡ ❡❝♦♥♦♠✐❝s ♦❢ ❝❧✐♠❛t❡ ❝❤❛♥❣❡✿ t❤❡ ❙t❡r♥ r❡✈✐❡✇✳ ❈❛♠❜r✐❞❣❡ ❯♥✐✈❡rs✐t② Pr❡ss✱ ❈❛♠❜r✐❞❣❡✱ ❯❑ ❀ ◆❡✇ ❨♦r❦ ❚s✉r✱ ❨✳ ❛♥❞ ❩❡♠❡❧✱ ❆✳ ✶✾✾✻✳ ❆❝❝♦✉♥t✐♥❣ ❢♦r ❣❧♦❜❛❧ ✇❛r♠✐♥❣ r✐s❦s✿ ❘❡s♦✉r❝❡ ♠❛♥❛❣❡♠❡♥t ✉♥❞❡r ❡✈❡♥t ✉♥❝❡rt❛✐♥t②✳ ❏♦✉r♥❛❧ ♦❢ ❊❝♦♥♦♠✐❝ ❉②♥❛♠✐❝s ❛♥❞ ❈♦♥tr♦❧ ✷✵✿✶✷✽✾✕✶✸✵✺✳ ❲❡✐t③♠❛♥✱ ▼✳ ▲✳ ✷✵✵✾✳ ❖♥ ▼♦❞❡❧✐♥❣ ❛♥❞ ■♥t❡r♣r❡t✐♥❣ t❤❡ ❊❝♦♥♦♠✐❝s ♦❢ ❈❛t❛str♦♣❤✐❝ ❈❧✐♠❛t❡ ❈❤❛♥❣❡✳ ❘❡✈✐❡✇ ♦❢ ❊❝♦♥♦♠✐❝s ❛♥❞ ❙t❛t✐st✐❝s ✾✶✿✶✕✶✾✳

✹✻ ✴ ✼✶