Reciprocity as a foundation of financial economics

This paper argues that the subsistence of the fundamental theorem of contemporary financial mathematics is the ethical concept ‘reciprocity’. The argument is based on identifying an equivalence between the contemporary, and ostensibly ‘value neutral’, Fundamental Theory of Asset Pricing with theories of mathematical probability that emerged in the seventeenth century in the context of the ethical assessment of commercial contracts in a framework of Aristotelian ethics. This observation, the main claim of the paper, is justified on the basis of results from the Ultimatum Game and is analysed within a framework of Pragmatic philosophy. The analysis leads to the explanatory hypothesis that markets are centres of communicative action with reciprocity as a rule of discourse. The purpose of the paper is to reorientate financial economics to emphasise the objectives of cooperation and social cohesion and to this end, we offer specific policy advice

Production of Embryonic and Fetal-Like Red Blood Cells from Human Induced Pluripotent Stem Cells

We have previously shown that human embryonic stem cells can be differentiated into embryonic and fetal type of red blood cells that sequentially express three types of hemoglobins recapitulating early human erythropoiesis. We report here that we have produced iPS from three somatic cell types: adult skin fibroblasts as well as embryonic and fetal mesenchymal stem cells. We show that regardless of the age of the donor cells, the iPS produced are fully reprogrammed into a pluripotent state that is undistinguishable from that of hESCs by low and high-throughput expression and detailed analysis of globin expression patterns by HPLC. This suggests that reprogramming with the four original Yamanaka pluripotency factors leads to complete erasure of all functionally important epigenetic marks associated with erythroid differentiation regardless of the age or the tissue type of the donor cells, at least as detected in these assays. The ability to produce large number of erythroid cells with embryonic and fetal-like characteristics is likely to have many translational applications

Whiting–related sediment export along the Middle Miocene carbonate ramp of Great Bahama Bank.

International audienc

Simulation studies of monodisperse self-assembly

The processes by which anisotropic colloidal and nanoscale particles may come together to form ordered monodisperse structures are not well understood. The canonical example of such a system is provided by the assembly of virus capsids, in which tens to thousands of particles of one or a few types assemble efficiently into ordered, highly symmetrical shells. Other examples include a wide variety of protein oligomers, and there is interest in producing analogous systems of synthetic particles. In this thesis I study the self-assembly of simple model particles, consisting of spheres decorated with attractive patches. I consider in detail the assembly of clusters of particles corresponding to the Platonic solids. For the majority of these structures assembly is found to be efficient over a wide range of parameter space. The optimal conditions represent a compromise between thermodynamic stability and kinetic accessibility. We consider two versions of the model, with and without constraints on the torsion angle of bound particles. In both cases the structures with triangular faces are found to assemble most easily. In the absence of torsional constraints dodecahedra will not assemble under any set of parameters as a result of the preferential formation of disordered aggregates. With torsional constraints included all of the Platonic solids assemble successfully and the behaviour of the model is considerably changed. In particular disordered aggregates become far less favourable. I explore possible methods of assembling larger structures, either via “hierarchical” assembly where small clusters are first assembled and then used as building blocks in another stage of assembly, or by a templating method in which an inner cluster acts as a template for a larger outer cluster. These approaches are studied using the “Virtual Move Monte Carlo” cluster move algorithm, the behaviour of which we examine in some detail.</p

Self-assembly of monodisperse clusters: Dependence on target geometry.

We apply a simple model system of patchy particles to study monodisperse self-assembly using the Platonic solids as target structures. We find marked differences between the assembly behaviors of the different systems. Tetrahedra, octahedral, and icosahedra assemble easily, while cubes are more challenging and dodecahedra do not assemble. We relate these differences to the kinetics and thermodynamics of assembly, with the formation of large disordered aggregates a particular important competitor to correct assembly. In particular, the free energy landscapes of those targets that are easy to assemble are funnel-like, whereas for the dodecahedral system the landscape is relatively flat with little driving force to facilitate escape from disordered aggregates

Templated self-assembly of patchy particles

We explore the use of templated self-assembly to facilitate the formation of complex target structures made from patchy particles. First, we consider the templating of high-symmetry shell structures around a spherical core particle. We find that nucleation around the core particle can inhibit aggregate formation, a process which often hinders self-assembly. In particular, this new assembly pathway allows dodecahedral shells to form readily, whereas these structures never form in the absence of the template. Secondly, we consider the self-assembly of multi-shell structures, where the central icosahedral core is known to form readily on its own, and which could then template the growth of further layers. We are able to find conditions under which two- and three-shell structures successfully assemble, illustrating the power of the templating approach

Compositional variations in calciturbidites and calcidebrites in response to sea-level fluctuations (Exuma Sound, Bahamas)

compositional variation of Pleistocene carbonate gravity deposits from the Exuma Sound Basin, Bahamas, was determined. Two types of gravity deposit were present in the cores of ODP Leg 101, Site 632A, i.e., calciturbidites and calcidebrites. In analogy with earlier studies, the compositional variations in the calciturbidites could be linked to different sources on the carbonate margin, i.e., platform interior, platform edge, and platform slope. Calciturbidites deposited during interglacial, sea-level highstands show a dominance of non-skeletal grains, largely derived from the platform interior, while calciturbidites of glacial, sea-level lowstands, show a dominance of skeletal platform-edge to platform-slope-derived grains. Thus, the calciturbidite composition can be used to reconstruct the position of absolute sea level. In addition, the mud content of the calciturbidites increased after Marine Isotope Stage 11. In contrast, the composition of the calcidebrites remained unaltered through time and showed a clear dominance of platform-edge-derived sediments during varying sea-level positions. The Bahamian carbonate platform is located in a tectonically stable passive-margin setting and the gravity-flow deposits were laid down in an environment exclusively controlled by eustatic sea-level fluctuations. This study shows that all types of gravity-induced carbonate deposits, calciturbidites, and calcidebrites, were deposited in response to global eustatic sea-level variations. The sediment composition could be linked directly to sediment input from specific facies realms along the carbonate platform margin. Hence, sediment composition analysis is a strong tool that may be used to discriminate between gravity-induced deposition triggered by eustatic sea-level changes and that related to tectonic events, when analyzing resedimentation processes in sedimentary basins.Geoscience & EngineeringCivil Engineering and Geoscience