The first branch is along ocean surface, an isotherm with air moving inward; the second leg is an adiabatic expansion, with air first ascending and then flowing outward; the third is again an isotherm with air descending slowly; the fourth contributes little to the thermodinamic cycle.
You can find the original paper here (pdf, 950 kB), with a formal definition of the efficiency.
Hope it helps.
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Segnalibri