A note on market completeness with American put options

We consider a non necessarily complete financial market with one bond and one risky asset, whose price process is modelled by a suitably integrable, strictly positive, càdlàg process $S$ over $[0, T]$. Every option price is defined as the conditional expectation under a given equivalent (true) martingale measure $\mathbb P$, the same for all options. We show that every positive contingent claim on $S$ can be approximately replicated (in $L^2$-sense) by investing dynamically in the underlying and statically in all American put options (of every strike price $k$ and with the same maturity $T$). We also provide a counter-example to static hedging with European call options of all strike prices and all maturities $t\leq T$.

Роль і використання математики в комп’ютерних іграх

За останні роки кіберспортивна дисципліна стрімко рвонула вперед. Тому зацікавленість у ній теж зросла. На сьогоднішній день молодь дуже стрімко розвивається й шукає для себе найбільш цікавий соціум, сферу, де вона буде почувати себе комфортно й отримувати задоволення. Однією з таких сфер є кіберспорт. Розглянемо дві досить відомі комп’ютерні ігри у світі : Dota 2 та Counter-Strike

Avoiding core's DUE & SDC via acoustic wave detectors and tailored error containment and recovery

The trend of downsizing transistors and operating voltage scaling has made the processor chip more sensitive against radiation phenomena making soft errors an important challenge. New reliability techniques for handling soft errors in the logic and memories that allow meeting the desired failures-in-time (FIT) target are key to keep harnessing the benefits of Moore's law. The failure to scale the soft error rate caused by particle strikes, may soon limit the total number of cores that one may have running at the same time. This paper proposes a light-weight and scalable architecture to eliminate silent data corruption errors (SDC) and detected unrecoverable errors (DUE) of a core. The architecture uses acoustic wave detectors for error detection. We propose to recover by confining the errors in the cache hierarchy, allowing us to deal with the relatively long detection latencies. Our results show that the proposed mechanism protects the whole core (logic, latches and memory arrays) incurring performance overhead as low as 0.60%. © 2014 IEEE.Peer ReviewedPostprint (author's final draft

The Central Intelligence Agency’s armed Remotely Piloted Vehicle-supported counter-insurgency campaign in Pakistan – a mission undermined by unintended consequences?

This paper views America's 'drones-first' counter-insurgency effort in Pakistan through the lens of Merton's theory of the unintended consequences of purposive action. It also references Beck’s Risk Society thesis, America’s Revolution in Military Affairs doctrine, Toft’s theory of isomorphic learning, Langer’s theory of mindfulness, Highly Reliable Organisations theory and the social construction of technology (SCOT) argument. With reference to Merton’s theory, the CIA-directed armed Remotely Piloted Vehicle (RPV) campaign has manifest functions, latent functions and latent dysfunctions. Measured against numbers of suspected insurgents killed, the campaign can be judged a success. Measured against the level of collateral damage or the state of US-Pakistan relations, the campaign can be judged a failure. Values determine the choice of metrics. Because RPV operations eliminate risk to American service personnel, and because this is popular with both US citizens and politicians, collateral damage (the killing of civilians) is not considered a policy-changing dysfunction. However, the latent dysfunctions of America's drones-first policy may be so great as to undermine that policy's intended manifest function – to make a net contribution to the War on Terror. In Vietnam the latent dysfunctions of Westmoreland’s attritional war undermined America’s policy of containment. Vietnam holds a lesson for the Obama administration.Publisher PD

Ultrasonic motion analysis system - measurement of temporal and spatial gait parameters

The duration of stance and swing phase and step and stride length are important parameters in human gait. In this technical note a low-cost ultrasonic motion analysis system is described that is capable of measuring these temporal and spatial parameters while subjects walk on the floor. By using the propagation delay of sound when transmitted in air, this system is able to record the position of the subjects' feet. A small ultrasonic receiver is attached to both shoes of the subject while a transmitter is placed stationary on the floor. Four healthy subjects were used to test the device. Subtracting positions of the foot with zero velocity yielded step and stride length. The duration of stance and swing phase was calculated from heel-strike and toe-off. Comparison with data obtained from foot contact switches showed that applying two relative thresholds to the speed graph of the foot could reliably generate heel-strike and toe-off. Although the device is tested on healthy subjects in this study, it promises to be extremely valuable in examining pathological gait. When gait is asymmetrical, walking speed is not constant or when patients do not completely lift their feet, most existing devices will fail to correctly assess the proper gait parameters. Our device does not have this shortcoming and it will accurately demonstrate asymmetries and variations in the patient's gait. As an example, the recording of a left hemiplegic patient is presented in the discussion. (C) 2002 Elsevier Science Ltd. All rights reserved

Memorandum on Preventing Needless Strikes, 1978

A memo sent to all consultants about how to prevent strikes, September 15, 197

Barnes Hospital Record

https://digitalcommons.wustl.edu/bjc_barnes_record/1077/thumbnail.jp

Rank-and-File Participation in Organizing at Home and Abroad

[Excerpt] We know that we need labor law reform. But it is also clear that this is not all we need; nor can we expect to achieve legal reform simply by electing Democrats. That strategy did not work in 1978-79 or in 1993-94, and it will not work in the future. In the face of inevitably powerful and well-organized business opposition, even the most well-financed and articulate lobbying campaign for labor law reform can fail. What was missing in 1978-79 and in 1993-94 and is urgently needed now is the pressure of a massive social movement, mobilized to transform and democratize the American workplace. The potential is there for such a movement, fueled by falling real wages, growing income polarization, and a widespread desire for expanded voice in the workplace (Appelbaum and Batt 1994; Commission on the Future of Worker-Management Relations 1994b; Kochan 1995; Levine 1995). But the potential will not be realized unless people are allowed and encouraged to participate fully in the building of their own union organizing drives, union mobilization efforts, including labor-community coalitions, and grassroots political campaigns. This chapter presents case studies of success and failure in union organizing campaigns in the United States and Germany to support the cross-national — and thus to some extent universal—validity of this argument. Comparative analysis is especially useful in developing and testing causal relationships. If, for example, rank-and-file participation can be shown to have similar effects in organizing efforts in contrasting institutional and cultural contexts, the explanatory power of the hypothesis suggested here may well be significant (thus meriting further and more extensive testing). Germany affords the context of a comparable advanced industrial society but one with very different traditions and institutions of industrial relations (such as codetermination and comprehensive collective bargaining) and historically strong unions facing a parallel need for contemporary revitalization

High resolution threshold photoelectron spectroscopy by electron attachment

A system is provided for determining the stable energy levels of a species ion, of an atomic, molecular, or radical type, by application of ionizing energy of a predetermined level, such as through photoionization. The system adds a trapping gas to the gaseous species to provide a technique for detection of the energy levels. The electrons emitted from ionized species are captured by the trapping gas, only if the electrons have substantially zero kinetic energy. If the electrons have nearly zero energy, they are absorbed by the trapping gas to produce negative ions of the trapping gas that can be detected by a mass spectrometer. The applied energies (i.e. light frequencies) at which large quantities of trapping gas ions are detected, are the stable energy levels of the positive ion of the species. SF6 and CFCl3 have the narrowest acceptance bands, so that when they are used as the trapping gas, they bind electrons only when the electrons have very close to zero kinetic energy