Dual formulation of the utility maximization problem: the case of nonsmooth utility

We study the dual formulation of the utility maximization problem in incomplete markets when the utility function is finitely valued on the whole real line. We extend the existing results in this literature in two directions. First, we allow for nonsmooth utility functions, so as to include the shortfall minimization problems in our framework. Second, we allow for the presence of some given liability or a random endowment. In particular, these results provide a dual formulation of the utility indifference valuation rule

L’enveloppe et le quatrain

Parce qu'ils prennent en compte leur support, leur typographie, les Vers de circonstance ont sans doute joué un rôle à certains points de vue important dans l'évolution de l'oeuvre de Mallarmé vers le Coup de dés et dans l'abandon du vers au profit de la page.The « Occasionnal Verses » seern, to have some importance in the evolution of Mallarmé's works to the Coup de dés and to the « forsaking » of the verse for the page because these verses take into considerationtheir medium (paper size and texture) and their typography as textual elements for their production

No-arbitrage in discrete-time markets with proportional transaction costs and general information structure

We discuss the no-arbitrage conditions in a general framework for discrete-time models of financial markets with proportional transaction costs and general information structure. We extend the results of Kabanov and al. (2002), Kabanov and al. (2003) and Schachermayer (2004) to the case where bid-ask spreads are not known with certainty. In the "no-friction" case, we retrieve the result of Kabanov and Stricker (2003)

Deepest Near-IR Surface Photometry of Galaxies in the Local Sphere of Influence

We present near-IR, deep (4 mag deeper than 2MASS) imaging of 56 Local Volume galaxies. Global parameters such as total magnitudes and stellar masses have been derived and the new near-IR data combined with existing 21cm and optical B-band data. We present multiwavelength relations such as the HI mass-to-light ratio and investigate the maximum total baryonic mass a galaxy can have.Comment: 4 pages, 3 figures, To be published in the proceedings of "Galaxies in the Local Volume", ed. B. Koribalski, H. Jerje

Alien Registration- Bouchard, Jean J B. (Caribou, Aroostook County)

https://digitalmaine.com/alien_docs/25988/thumbnail.jp

Determining and Responding to Teacher Professional Development Needs

Though prior efforts described in the research base emphasized the importance of professional development for the purposes of elevating teacher knowledge and practice, the school improvement and leadership literature suggested that providing professional development for teachers was not the only necessary component for moving school organizations forward. As a result, the initial premise of the ALM project was based on the idea that revitalizing school mathematics programs required full, systemic change, including changes by administrators and parents, changes in teachers' beliefs and practices, and changes in learning and attitudes on the part of children (Senge, 1991). Although this paper focuses on determining and responding to the professional needs of teachers, it is important to situate this discussion within the context in which the work was conducted

Swing Options Valuation: a BSDE with Constrained Jumps Approach

We introduce a new probabilistic method for solving a class of impulse control problems based on their representations as Backward Stochastic Differential Equations (BSDEs for short) with constrained jumps. As an example, our method is used for pricing Swing options. We deal with the jump constraint by a penalization procedure and apply a discrete-time backward scheme to the resulting penalized BSDE with jumps. We study the convergence of this numerical method, with respect to the main approximation parameters: the jump intensity $\lambda$, the penalization parameter $p > 0$ and the time step. In particular, we obtain a convergence rate of the error due to penalization of order $(\lambda p)^{\alpha - \frac{1}{2}}, \forall \alpha \in \left(0, \frac{1}{2}\right)$. Combining this approach with Monte Carlo techniques, we then work out the valuation problem of (normalized) Swing options in the Black and Scholes framework. We present numerical tests and compare our results with a classical iteration method.Comment: 6 figure

Quantified Morphology of HI Disks in the Universe

he upcoming new perspective of the high redshift Universe in the 21 cm line of atomic hydrogen opens possibilities to explore topics of spiral disk evolution, hitherto reserved for the optical regime. The growth of spiral gas disks over Cosmic time can be explored with the new generation of radio telescopes, notably the SKA, and its precursors, as accurately as with the Hubble Space Telescope for stellar disks. Since the atomic hydrogen gas is the building block of these disks, it should trace their formation accurately. Morphology of HI disks can now equally be quantified over Cosmic time. In studies of HST deep fields, the optical or UV morphology of high-redshift galaxy disks have been characterized using a few quantities: concentration (C), asymmetry (A), smoothness (S), second-order-moment (M20), the GINI coefficient (G), and Ellipticity (E). We have applied these parameters across wavelengths and compared them to the HI morphology over the THINGS sample. NGC 3184, an unperturbed disk, and NGC 5194, the canonical 3:1 interaction, serve as examples for quantified morphology. We find that morphology parameters determined in HI are as good or better a tracer of interaction compared to those in any other wavelength, notably in Asymmetry, Gini and M20. This opens the possibility of using them in the parameterization pipeline for SKA precursor catalogues to select interacting or harassed galaxies from their HI morphology. Asymmetry, Gini and M20 may be redefined for use on data-cubes rather than HI column density image.Comment: 6 pages, 3 figures, proceeding of the conference "Panoramic Radio Astronomy: Wide-field 1-2 GHz research on galaxy evolution", June 02 - 05 2009, Groningen, update after small edit