This covariance function is valid for dimension $d$ if
$\alpha \ge (d+1)/2$.
For $\alpha=1$ we get the well-known triangle (or tent)
model, which is valid on the real line, only.
References
Askey, R. (1973)Radial characteristic functions.Technical report, Research Center, University of Wisconsin-Madison.
Golubov, B. I. (1981) On Abel-Poisson type and Riesz means,Anal. Math.7, 161-184.
Applications can be found in
Gneiting, T. (1999) Correlation functions for atmospheric data
analysis.Quart. J. Roy. Meteor. Soc., 125:2449-2464.
Gneiting, T. (2002) Compactly supported correlation functions.J. Multivar. Anal., 83:493-508.
Strokorb, K., Ballani, F., and Schlather, M. (2014)
In Preparation.
Wendland, H. (1994)Ein Beitrag zur Interpolation mit radialen
Basisfunktionen.Diplomarbeit, Goettingen.
Wendland, H.
Piecewise polynomial, positive definite and compactly supported radial
functions of minimal degree. Adv. Comput. Math., 4:389-396, 1995.