Functional co-monotony of processes with applications to peacocks and barrier options

We show that several general classes of stochastic processes satisfy a functional co-monotony principle, including processes with independent increments, Brownian diffusions, Liouville processes. As a first application, we recover some recent results about peacock processes obtained by Hirsch et al. which were themselves motivated by a former work of Carr et al. about the sensitivity of Asian Call options with respect to their volatility and residual maturity (seniority). We also derive semi-universal bounds for various barrier options.Comment: 27 page

Beyond capitalism and liberal democracy: on the relevance of GDH Cole’s sociological critique and alternative

This article argues for a return to the social thought of the often ignored early 20th-century English thinker GDH Cole. The authors contend that Cole combined a sociological critique of capitalism and liberal democracy with a well-developed alternative in his work on guild socialism bearing particular relevance to advanced capitalist societies. Both of these, with their focus on the limitations on ‘free communal service’ in associations and the inability of capitalism to yield emancipation in either production or consumption, are relevant to social theorists looking to understand, critique and contribute to the subversion of neoliberalism. Therefore, the authors suggest that Cole’s associational sociology, and the invitation it provides to think of formations beyond capitalism and liberal democracy, is a timely and valuable resource which should be returned to

The employee as 'Dish of the Day’:human resource management and the ethics of consumption

This article examines the ethical implications of the growing integration of consumption into the heart of the employment relationship. Human resource management (HRM) practices increasingly draw upon the values and practices of consumption, constructing employees as the ‘consumers’ of ‘cafeteria-style’ benefits and development opportunities. However, at the same time employees are expected to market themselves as items to be consumed on a corporate menu. In relation to this simultaneous position of consumer/consumed, the employee is expected to actively engage in the commodification of themselves, performing an appropriate organizational identity as a necessary part of being a successful employee. This article argues that the relationship between HRM and the simultaneously consuming/consumed employee affects the conditions of possibility for ethical relations within organizational life. It is argued that the underlying ‘ethos’ for the integration of consumption values into HRM practices encourages a self-reflecting, self-absorbed subject, drawing upon a narrow view of individualised autonomy and choice. Referring to Levinas’ perspective that the primary ethical relation is that of responsibility and openness to the Other, it is concluded that these HRM practices affect the possibility for ethical being

Moderate Resolution Spectroscopy For The Space Infrared Telescope Facility (SIRTF)

A conceptual design for an infrared spectrometer capable of both low resolution (λ/Δ-λ = 50; 2.5-200 microns) and moderate resolution (1000; 4-200 microns) and moderate resolution (1000; 4-200 microns) has been developed. This facility instrument will permit the spectroscopic study in the infrared of objects ranging from within the solar system to distant galaxies. The spectroscopic capability provided by this instrument for SIRTF will give astronomers orders of magnitude greater sensitivity for the study of faint objects than had been previously available. The low resolution mode will enable detailed studies of the continuum radiation. The moderate resolution mode of the instrument will permit studies of a wide range of problems, from the infrared spectral signatures of small outer solar system bodies such as Pluto and the satellites of the giant planets, to investigations of more luminous active galaxies and QS0s at substantially greater distances. A simple design concept has been developed for the spectrometer which supports the science investigation with practical cryogenic engineering. Operational flexibility is preserved with a minimum number of mechanisms. The five modules share a common aperture, and all gratings share a single scan mechanism. High reliability is achieved through use of flight-proven hardware concepts and redundancy. The design controls the heat load into the SIRTF cryogen, with all heat sources other than the detectors operating at 7K and isolated from the 4K cold station. Two-dimensional area detector arrays are used in the 2.5-120μm bands to simultaneously monitor adjacent regions in extended objects and to measure the background near point sources

Energy and eventhood: the infrastructural set piece

‘Energy and Eventhood’ considers the relationship between infrastructure and the cinematic set piece. It proposes a working definition of the set piece as a distinctly (and perhaps excessively) effortful passage or sequence, and reflects on the tendency for narrative films to incorporate infrastructural sites and structures—such as bridges, dams and pipelines—into such set pieces. A number of writers on infrastructure, as both a cultural phenomenon and a representational object, have noted the aesthetic challenge of rendering it as visible and locatable; this article examines how that difficulty becomes manifest in the infrastructural set piece. It takes as its case studies Unstoppable (2010) and Night Moves (2013), two films noted for their distinctive rhythmic expressiveness, and each one deploying the convention of the set piece in ways which exemplify and reflect on the resistance of infrastructure to narrative containment

The time of the Roma in times of crisis: Where has European neoliberal capitalism failed?

This paper argues that the economic and financial crisis that has ensnared Europe from the late 2000s has been instrumental in reshaping employment and social relations in a detrimental way for the majority of the European people. It argues that the crisis has exacerbated the socio-economic position of most Roma people, immigrants as well as of other vulnerable groups. This development is approached here as an outcome of the widening structural inequalities that underpin the crisis within an increasingly neoliberalised Europe. Through recent policy developments and public discourses from a number of European countries I show how rising inequalities nurture racialised social tensions. My account draws on classic and contemporary theoretical propositions that have been propounded about the nature of capitalism, its contemporary re-articulation as well as its ramification for the future of Europe

The concept of solidarity: emerging from the theoretical shadows?

The concept of solidarity has been relatively neglected by social scientists since Durkheim's pioneering work in the late 19th century. The discipline of politics has been guilty of overlooking this 'subjective' element of community life, but recent works by Stjernø and Brunkhorst reflect a growing awareness of the theoretical significance of the concept. Whereas early liberal attempts to theorise solidarity took the nation state to be the appropriate community for its realisation, the emergence of globalisation raises the possibility of human solidarity developing in the global community. Traditional forms of solidarity have been dissipated by the social changes accompanying globalisation, but they were often locked into the defence of particular interests. New forms may be emerging to rekindle the broader vision of human solidarity. Recent work by writers such as Habermas, Honneth, Rorty and Touraine focuses on widening and deepening democratic participation and/or the articulation of our ethical obligations in various ways. It is argued here that these perspectives need to be supplemented by a radical humanist approach grounded in a normative theory of human self-realisation

Preliminary evidence of neuropathology in nonhuman primates prenatally exposed to maternal immune activation

Maternal infection during pregnancy increases the risk for neurodevelopmental disorders in offspring. Rodent models have played a critical role in establishing maternal immune activation (MIA) as a causal factor for altered brain and behavioral development in offspring. We recently extended these findings to a species more closely related to humans by demonstrating that rhesus monkeys (Macaca mulatta) prenatally exposed to MIA also develop abnormal behaviors. Here, for the first time, we present initial evidence of underlying brain pathology in this novel nonhuman primate MIA model. Pregnant rhesus monkeys were injected with a modified form of the viral mimic polyI:C (poly ICLC) or saline at the end of the first trimester. Brain tissue was collected from the offspring at 3.5 years and blocks of dorsolateral prefrontal cortex (BA46) were used to analyze neuronal dendritic morphology and spine density using the Golgi-Cox impregnation method. For each case, 10 layer III pyramidal cells were traced in their entirety, including all apical, oblique and basal dendrites, and their spines. We further analyzed somal size and apical dendrite trunk morphology in 30 cells per case over a 30 μm section located 100 ± 10 μm from the soma. Compared to controls, apical dendrites of MIA-treated offspring were smaller in diameter and exhibited a greater number of oblique dendrites. These data provide the first evidence that prenatal exposure to MIA alters dendritic morphology in a nonhuman primate MIA model, which may have profound implications for revealing the underlying neuropathology of neurodevelopmental disorders related to maternal infection