A Search for Fast Optical Transients in the Pan-STARRS1 Medium-Deep Survey: M Dwarf Flares, Asteroids, Limits on Extragalactic Rates, and Implications for LSST
E. Berger, C. N. Leibler, R. Chornock, A. Rest, R. J. Foley, A. M., Soderberg, P. A. Price, W. S. Burgett, K. C. Chambers, H. Flewelling, M. E., Huber, E. A. Magnier, N. Metcalfe, C. W. Stubbs, J. L. Tonry

TL;DR
This study searches for fast optical transients using Pan-STARRS1 data, identifying various sources including M dwarf flares and asteroids, and sets new upper limits on the rates of extragalactic fast transients, informing future survey strategies.
Contribution
The paper provides the first constraints on the rates of extragalactic fast optical transients at various timescales using Pan-STARRS1 data, and discusses implications for LSST survey strategies.
Findings
Identified 19 transients, including M dwarf flares and asteroids.
Set upper limits on extragalactic transient rates, much lower than previous estimates.
Discussed survey strategies for LSST to detect fast transients.
Abstract
[Abridged] We present a search for fast optical transients (~0.5 hr-1 day) using repeated observations of the Pan-STARRS1 Medium-Deep Survey (PS1/MDS) fields. Our search takes advantage of the consecutive g/r-band observations (16.5 min in each filter), by requiring detections in both bands, with non-detections on preceding and subsequent nights. We identify 19 transients brighter than 22.5 AB mag (S/N>10). Of these, 11 events exhibit quiescent counterparts in the deep PS1/MDS templates that we identify as M4-M9 dwarfs. The remaining 8 transients exhibit a range of properties indicative of main-belt asteroids near the stationary point of their orbits. With identifications for all 19 transients, we place an upper limit of R_FOT(0.5hr)<0.12 deg^-2 d^-1 (95% confidence level) on the sky-projected rate of extragalactic fast transients at <22.5 mag, a factor of 30-50 times lower than…
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