Transforming Financialization and Inequality in a Post-Covid World

During the past decade income and wealth inequality reached peak levels not witnessed since the eve of the Great Depression in 1928 Much of the blame for this two-tier society is placed at the feet of technological change and globalization However two important contributors are often ignored first the financialization of the U S economy which has heightened the role of speculative trading and capital gains which primarily benefit the top 10 of U S households and second the suppression of wages It is troubling that in a country as wealthy as the United States even before the pandemic nearly 40 of all U S households could not handle a one-time expense of 400 without either selling something or borrowing The Biden administration has been doing an admirable job at elevating awareness of these issues however reversing them will require long-term structural changes that will require broad participation of civil society to enhance productive activity and the creation of value Given the enormity of current challenges policies that were adopted during the Great Depression provide a helpful historical reference point One important feature of the New Deal was the focus on job creation productivity growth and wage

Primal-dual linear Monte Carlo algorithm for multiple stopping --- An application to flexible caps

In this paper we consider the valuation of Bermudan callable derivatives with multiple exercise rights. We present in this context a new primal-dual linear Monte Carlo algorithm that allows for efficient simulation of lower and upper price bounds without using nested simulations (hence the terminology). The algorithm is essentially an extension of a primal-dual Monte Carlo algorithm for standard Bermudan options proposed in Schoenmakers et al (2011), to the case of multiple exercise rights. In particular, the algorithm constructs upwardly a system of dual martingales to be plugged into the dual representation of Schoenmakers (2010). At each level the respective martingale is constructed via a backward regression procedure starting at the last exercise date. The thus constructed martingales are finally used to compute an upper price bound. At the same time, the algorithm also provides approximate continuation functions which may be used to construct a price lower bound. The algorithm is applied to the pricing of flexible caps in a Hull White (1990) model setup. The simple model choice allows for comparison of the computed price bounds with the exact price which is obtained by means of a trinomial tree implementation. As a result, we obtain tight price bounds for the considered application. Moreover, the algorithm is generically designed for multi-dimensional problems and is tractable to implement

Identification of Burkholderia mallei and Burkholderia pseudomallei adhesins for human respiratory epithelial cells

<p>Abstract</p> <p>Background</p> <p><it>Burkholderia pseudomallei </it>and <it>Burkholderia mallei </it>cause the diseases melioidosis and glanders, respectively. A well-studied aspect of pathogenesis by these closely-related bacteria is their ability to invade and multiply within eukaryotic cells. In contrast, the means by which <it>B. pseudomallei </it>and <it>B. mallei </it>adhere to cells are poorly defined. The purpose of this study was to identify adherence factors expressed by these organisms.</p> <p>Results</p> <p>Comparative sequence analyses identified a gene product in the published genome of <it>B. mallei </it>strain ATCC23344 (locus # BMAA0649) that resembles the well-characterized <it>Yersinia enterocolitica </it>autotransporter adhesin YadA. The gene encoding this <it>B. mallei </it>protein, designated <it>boaA</it>, was expressed in <it>Escherichia coli </it>and shown to significantly increase adherence to human epithelial cell lines, specifically HEp2 (laryngeal cells) and A549 (type II pneumocytes), as well as to cultures of normal human bronchial epithelium (NHBE). Consistent with these findings, disruption of the <it>boaA </it>gene in <it>B. mallei </it>ATCC23344 reduced adherence to all three cell types by ~50%. The genomes of the <it>B. pseudomallei </it>strains K96243 and DD503 were also found to contain <it>boaA </it>and inactivation of the gene in DD503 considerably decreased binding to monolayers of HEp2 and A549 cells and to NHBE cultures.</p> <p>A second YadA-like gene product highly similar to BoaA (65% identity) was identified in the published genomic sequence of <it>B. pseudomallei </it>strain K96243 (locus # BPSL1705). The gene specifying this protein, termed <it>boaB</it>, appears to be <it>B. pseudomallei</it>-specific. Quantitative attachment assays demonstrated that recombinant <it>E. coli </it>expressing BoaB displayed greater binding to A549 pneumocytes, HEp2 cells and NHBE cultures. Moreover, a <it>boaB </it>mutant of <it>B. pseudomallei </it>DD503 showed decreased adherence to these respiratory cells. Additionally, a <it>B. pseudomallei </it>strain lacking expression of both <it>boaA </it>and <it>boaB </it>was impaired in its ability to thrive inside J774A.1 murine macrophages, suggesting a possible role for these proteins in survival within professional phagocytic cells.</p> <p>Conclusions</p> <p>The <it>boaA </it>and <it>boaB </it>genes specify adhesins that mediate adherence to epithelial cells of the human respiratory tract. The <it>boaA </it>gene product is shared by <it>B. pseudomallei </it>and <it>B. mallei </it>whereas BoaB appears to be a <it>B. pseudomallei</it>-specific adherence factor.</p

Bisimilarity and refinement for hybrid(ised) logics

The complexity of modern software systems entails the need for reconfiguration mechanisms governing the dynamic evolution of their execution configurations in response to both external stimulus or internal performance measures. Formally, such systems may be represented by transition systems whose nodes correspond to the different configurations they may assume. Therefore, each node is endowed with, for example, an algebra, or a first-order structure, to precisely characterise the semantics of the services provided in the corresponding configuration. Hybrid logics, which add to the modal description of transition structures the ability to refer to specific states, offer a generic framework to approach the specification and design of this sort of systems. Therefore, the quest for suitable notions of equivalence and refinement between models of hybrid logic specifications becomes fundamental to any design discipline adopting this perspective. This paper contributes to this effort from a distinctive point of view: instead of focussing on a specific hybrid logic, the paper introduces notions of bisimilarity and refinement for hybridised logics, i.e. standard specification logics (e.g. propositional, equational, fuzzy, etc) to which modal and hybrid features were added in a systematic way.FC

Microalgal biorefineries

ABSTRACT: Microalgae-based bioproducts remain expensive mainly due to microalgae cultivation, harvesting, and downstream processing costs. Nonetheless, microalgae are a high potential source of several biofuels, biofertilizers, and bioproducts (e.g., carbohydrates, long-chain fatty acids, pigments, and proteins), which can provide important nutritional, cosmetical, pharmaceutical, and health benefits. In addition, they are able to perform wastewater bioremediation and carbon dioxide mitigation. This not only contributes to a more sustainable microalgae production, with environmental benefits, but also offers cost savings on the whole process. Hence, from these small cellular factories, a large source of compounds and products can be obtained, providing a real microalgal-based biorefinery. This type of approach is crucial for the full application and commercialization of microalgae in a large range of products and industries, with added benefits for bioeconomy and society in general. This chapter addresses the potential transformation of microalgal biomass into a wide range of marketable products, presenting examples of experimental microalgae-based biorefineries grown in an autotrophic mode at a laboratory scale.info:eu-repo/semantics/publishedVersio

Comparative analysis and supragenome modeling of twelve Moraxella catarrhalis clinical isolates

Contains fulltext : 97744.pdf (publisher's version ) (Open Access)BACKGROUND: M. catarrhalis is a gram-negative, gamma-proteobacterium and an opportunistic human pathogen associated with otitis media (OM) and exacerbations of chronic obstructive pulmonary disease (COPD). With direct and indirect costs for treating these conditions annually exceeding $33 billion in the United States alone, and nearly ubiquitous resistance to beta-lactam antibiotics among M. catarrhalis clinical isolates, a greater understanding of this pathogen's genome and its variability among isolates is needed. RESULTS: The genomic sequences of ten geographically and phenotypically diverse clinical isolates of M. catarrhalis were determined and analyzed together with two publicly available genomes. These twelve genomes were subjected to detailed comparative and predictive analyses aimed at characterizing the supragenome and understanding the metabolic and pathogenic potential of this species. A total of 2383 gene clusters were identified, of which 1755 are core with the remaining 628 clusters unevenly distributed among the twelve isolates. These findings are consistent with the distributed genome hypothesis (DGH), which posits that the species genome possesses a far greater number of genes than any single isolate. Multiple and pair-wise whole genome alignments highlight limited chromosomal re-arrangement. CONCLUSIONS: M. catarrhalis gene content and chromosomal organization data, although supportive of the DGH, show modest overall genic diversity. These findings are in stark contrast with the reported heterogeneity of the species as a whole, as wells as to other bacterial pathogens mediating OM and COPD, providing important insight into M. catarrhalis pathogenesis that will aid in the development of novel therapeutic regimens

(ML)²: A formal language for KADS models

. We present (ML) 2 , a formal language for the representation of KADS models of expertise. (ML) 2 is a combination of first order predicate logic (for the declarative representation of domain knowledge) , meta-logic (for the representation of how to use the domain knowledge) and dynamic logic (for the representation of control information). After a brief summary of KADS, we describe how each of the four KADS layers is represented in (ML) 2 , and we compare our formalism to other formalisms that have been proposed for the formalisation of KADS models. 1 Introduction One of the central concerns of &quot;knowledge engineering &quot; is the construction of a model of problem solving behaviour. One of the prominent approaches in recent years to this problem (at least in Europe) has been the KADS methodology for knowledge engineering [9]. KADS is centered around a so-called model of expertise which describes the problem solving expertise of the system to be modelled independent of a possi..

(ML)²: A formal language for KADS models of expertise

This paper reports on an investigation into a formal language for specifying kads models of expertise. After arguing the need for and the use of such formal representations, we discuss each of the layers of a kads model of expertise in the subsequent sections, and define the formal constructions that we use to represent the kads entities at every layer: order-sorted logic at the domain layer, meta-logic at the inference layer, and dynamic-logic at the task layer. All these constructions together make up (ml) 2 , the language that we use to represent models of expertise. We illustrate the use of (ml) 2 in a small example model. We conclude by describing our experience to date with constructing such formal models in (ml) 2 , and by discussing some open problems that remain for future work. 1 Introduction One of the central concerns of &quot;knowledge engineering&quot; is the construction of a model of some problem solving behaviour. This model should eventually lead to the construction of a..