The effects of periodic and continuous market environments on the performance of trading agents

Simulation experiments are conducted on simple continuous double auction (CDA) markets based on the experimental economics work of Vernon Smith. CDA models within experimental economics usually consist of a sequence of discrete trading periods or “days”, with allocations of stock and currency replenished at the start of each day, a situation we call “periodic” replenishment. In our experiments we look at both periodic and continuous-replenishment versions of the CDA. In this we build on the work of Cliff and Preist (2001) with human subjects, but we replace human traders with Zero Intelligence Plus (ZIP) trading agents, a minimal algorithm that can produce equilibrating market behaviour in CDA models. Our results indicate that continuous-replenishment (CR) CDA markets are similar to conventional periodic CDA markets in their ability to show equilibration dynamics. Secondly we show that although both models produce the same behaviour of price formation, they are different playing fields, as periodic markets are more efficient over time than their continuous counterparts. We also find, however, that the volume of trade in periodic CDA markets is concentrated in the early period of each trading day, and the market is in this sense inefficient. We look at whether ZIP agents require different parameters for optimal behaviour in each market type, and find that this is indeed the case. Overall, our conclusions mirror earlier findings on the robustness of the CDA, but we stress that a CR-CDA marketplace equilibrates in a different way to a periodic one

The eight Cayley-Dickson doubling product

The purpose of this paper is to identify all eight of the basic Cayley-Dickson doubling products. A Cayley-Dickson algebra \cda{N+1} of dimension $2^{N+1}$ consists of all ordered pairs of elements of a Cayley-Dickson algebra \cda{N} of dimension $2^N$ where the product $(a,b)(c,d)$ of elements of \cda{N+1} is defined in terms of a pair of second degree binomials $\left(f(a,b,c,d),g(a,b,c,d)\right)$ satisfying certain properties. The polynomial pair$(f,g)$ is called a `doubling product.' While \cda{0} may denote any ring, here it is taken to be the set $\mathbb{R}$ of real numbers. The binomials $f$ and $g$ should be devised such that \cda{1}=\mathbb{C} the complex numbers, \cda{2}=\mathbb{H} the quaternions, and \cda{3}=\mathbb{O} the octonions. Historically, various researchers have used different yet equivalent doubling products.Comment: 32 candidates for alternate Cayley-Dickson doubling products are winnowed down to 8 products. Author now finds that 4 of those 8 should also be discarded: each allows zero divisors at the eight dimensional stage. The 4 remaining products are denoted in the paper as P0,P3(the standard doubling product),P4,P7. Those four produce algebras isomorphic to the standard Cayley-Dickson algebra

Gender effects on cytidine analogue metabolism and myelodysplastic syndrome treatment outcomes

In vivo, half-lives of cytidine analogues such as 5-azacytidine and decitabine, used to treat myelodysplastic syndromes (MDS), are determined largely by cytidine deaminase (CDA), an enzyme that rapidly metabolizes these drugs into inactive uridine counterparts. Genetic factors influence CDA activity, and hence, could impact 5-azacytidine/decitabine levels and efficacy, a possibility requiring evaluation. Using an HPLC assay, plasma CDA activity was confirmed to be decreased in individuals with the CDA SNP A79C. More interestingly, there was an even larger decrease in females. Explaining the decrease in enzyme activity, liver CDA expression was significantly lower in female versus male mice. As expected, decitabine plasma levels, measured by mass-spectrometry, were significantly higher in females. In mathematical modeling, the detrimental effect of shortening half-life of S-phase specific therapy was amplified in low S-phase fraction disease (e.g., MDS). Accordingly, in multivariate analysis of MDS patients treated with 5-azacytidine/decitabine, overall survival was significantly worse in males

The Relationship of the Clinical Disc Margin and Bruch's Membrane Opening in Normal and Glaucoma Subjects.

PurposeWe tested the hypotheses that the mismatch between the clinical disc margin (CDM) and Bruch's membrane opening (BMO) is a function of BMO area (BMOA) and is affected by the presence of glaucoma.MethodsA total of 45 normal eyes (45 subjects) and 53 glaucomatous eyes (53 patients) were enrolled and underwent radial optic nerve head (ONH) imaging with spectral domain optical coherence tomography. The inner tip of the Bruch's membrane (BM) and the clinical disc margin were marked on radial scans and optic disc photographs, and were coregistered with custom software. The main outcome measure was the difference between the clinical disc area (CDA) and BMOA, or CDA-BMOA mismatch, as a function of BMOA and diagnosis. Multivariate regression analyses were used to explore the influence of glaucoma and BMOA on the mismatch.ResultsGlobal CDA was larger than BMOA in both groups but the difference was statistically significant only in the normal group (1.98 ± 0.37 vs. 1.85 ± 0.45 mm2, P = 0.02 in the normal group; 1.96 ± 0.38 vs. 1.89 ± 0.56 mm2, P = 0.08 in the glaucoma group). The sectoral CDA-BMOA mismatch was smaller in superotemporal (P = 0.04) and superonasal (P = 0.05) sectors in the glaucoma group. The normalized CDA-BMOA difference decreased with increasing BMOA in both groups (P < 0.001). Presence or severity of glaucoma did not affect the CDA-BMOA difference (P > 0.14).ConclusionsClinical disc area was larger than BMOA in normal and glaucoma eyes but reached statistical significance only in the former group. The CDA-BMOA mismatch diminished with increasing BMOA but was not affected by presence of glaucoma. These findings have important clinical implications regarding clinical evaluation of the ONH

Efficient dynamical downscaling of general circulation models using continuous data assimilation

Continuous data assimilation (CDA) is successfully implemented for the first time for efficient dynamical downscaling of a global atmospheric reanalysis. A comparison of the performance of CDA with the standard grid and spectral nudging techniques for representing long- and short-scale features in the downscaled fields using the Weather Research and Forecast (WRF) model is further presented and analyzed. The WRF model is configured at 25km horizontal resolution and is driven by 250km initial and boundary conditions from NCEP/NCAR reanalysis fields. Downscaling experiments are performed over a one-month period in January, 2016. The similarity metric is used to evaluate the performance of the downscaling methods for large and small scales. Similarity results are compared for the outputs of the WRF model with different downscaling techniques, NCEP reanalysis, and Final Analysis. Both spectral nudging and CDA describe better the small-scale features compared to grid nudging. The choice of the wave number is critical in spectral nudging; increasing the number of retained frequencies generally produced better small-scale features, but only up to a certain threshold after which its solution gradually became closer to grid nudging. CDA maintains the balance of the large- and small-scale features similar to that of the best simulation achieved by the best spectral nudging configuration, without the need of a spectral decomposition. The different downscaled atmospheric variables, including rainfall distribution, with CDA is most consistent with the observations. The Brier skill score values further indicate that the added value of CDA is distributed over the entire model domain. The overall results clearly suggest that CDA provides an efficient new approach for dynamical downscaling by maintaining better balance between the global model and the downscaled fields

An algorithm for correcting CoRoT raw light curves

We introduce the CoRoT detrend algorithm (CDA) for detrending CoRoT stellar light curves. The algorithm CDA has the capability to remove random jumps and systematic trends encountered in typical CoRoT data in a fully automatic fashion. Since enormous jumps in flux can destroy the information content of a light curve, such an algorithm is essential. From a study of 1030 light curves in the CoRoT IRa01 field, we developed three simple assumptions which upon CDA is based. We describe the algorithm analytically and provide some examples of how it works. We demonstrate the functionality of the algorithm in the cases of CoRoT0102702789, CoRoT0102874481, CoRoT0102741994, and CoRoT0102729260. Using CDA in the specific case of CoRoT0102729260, we detect a candidate exoplanet around the host star of spectral type G5, which remains undetected in the raw light curve, and estimate the planetary parameters to be Rp=6.27Re and P=1.6986 days.Comment: 8 pages, 13 figure

Structured Dispersion Matrices From Division Algebra Codes for Space-Time Shift Keying

We propose a novel method of constructing Dispersion Matrices (DM) for Coherent Space-Time Shift Keying (CSTSK) relying on arbitrary PSK signal sets by exploiting codes from division algebras. We show that classic codes from Cyclic Division Algebras (CDA) may be interpreted as DMs conceived for PSK signal sets. Hence various benefits of CDA codes such as their ability to achieve full diversity are inherited by CSTSK. We demonstrate that the proposed CDA based DMs are capable of achieving a lower symbol error ratio than the existing DMs generated using the capacity as their optimization objective function for both perfect and imperfect channel estimation

The Regulation of Deposit-Taking Cooperatives

Through RA 6839, the Cooperative Development Authority (CDA) has been created to promote, develop and regulate cooperatives. As mandated by the government, it discharges its developmental role and regulatory functions. However, it focuses more on the former causing the neglect of monitoring the financial health of thousands of cooperatives. This issue offers various ways with which CDA can deal with two different and inconsistent responsibilities. It also cites various measures to reinforce the market.regulation and control, deposit-taking cooperatives, Cooperative Development Authority (CDA)