Limit Behavior of Shortfall Risk in Incomplete Market with an Untradable Asset

In this paper we study the shortfall risk convergence for American options (more generally for vanilla options). The financial market is provided with a non-traded asset, hence it is incomplete. The geometric Brownian motions are approximated by binomial trees

Formal Verification of an SSA-based Middle-end for CompCert

CompCert is a formally verified compiler that generates compact and efficient PowerPC, ARM and x86 code for a large and realistic subset of the C language. However, CompCert foregoes using Static Single Assignment (SSA), an intermediate representation that allows for writing simpler and faster optimizers, and that is used by many compilers. In fact, it has remained an open problem to verify formally an SSA-based compiler middle-end. We report on a formally verified, SSA-based, middle-end for CompCert. Our middle-end performs conversion from CompCert intermediate form to SSA form, optimization of SSA programs, including Global Value Numbering, and transforming out of SSA to intermediate form. In addition to provide the first formally verified SSA-based middle-end, we address two problems raised by Leroy in 2009: giving a simple and intuitive formal semantics to SSA, and leveraging the global properties of SSA to reason locally about program optimizations

Magnetic Phase Transitions in NdCoAsO

Magnetization measurements reveal that NdCoAsO undergoes three magnetic phase transitions below room temperature. The crystal and magnetic structures of NdCoAsO have been determined by powder neutron diffraction, and the effects of the phase transitions on physical properties are reported. Near 69 K a ferromagnetic state emerges with a small saturation moment of about 0.2 Bohr magnetons, likely on Co atoms. At 14 K the material enters an antiferromagnetic state with propagation vector (0 0 1/2) and small ordered moments (~0.4 Bohr magnetons) on Co and Nd. Near 3.5 K a third transition is observed, and corresponds to the antiferromagnetic ordering, with the same propagation vector, of larger moments on Nd reaching 1.30(2) Bohr magnetons at 1.4 K. In addition, transport properties and heat capacity results are presented, and show anomalies at all three phase transitions.Comment: Some minor changes made, and lower temperature neutron diffraction results are included. Accepted for publication in Physical Review

How do we think machines think? An fMRI study of alleged competition with an artificial intelligence

Mentalizing is defined as the inference of mental states of fellow humans, and is a particularly important skill for social interactions. Here we assessed whether activity in brain areas involved in mentalizing is specific to the processing of mental states or can be generalized to the inference of non-mental states by comparing brain responses during the interaction with an intentional and an artificial agent. Participants were scanned using fMRI during interactive rock-paper-scissors games while believing their opponent was a fellow human (Intentional agent, Int), a humanoid robot endowed with an artificial intelligence (Artificial agent, Art), or a computer playing randomly (Random agent, Rnd). Participants' subjective reports indicated that they adopted different stances against the three agents. The contrast of brain activity during interaction with the artificial and the random agents didn't yield any cluster at the threshold used, suggesting the absence of a reproducible stance when interacting with an artificial intelligence. We probed response to the artificial agent in regions of interest corresponding to clusters found in the contrast between the intentional and the random agents. In the precuneus involved in working memory, the posterior intraparietal suclus, in the control of attention and the dorsolateral prefrontal cortex, in executive functions, brain activity for Art was larger than for Rnd but lower than for Int, supporting the intrinsically engaging nature of social interactions. A similar pattern in the left premotor cortex and anterior intraparietal sulcus involved in motor resonance suggested that participants simulated human, and to a lesser extend humanoid robot actions, when playing the game. Finally, mentalizing regions, the medial prefrontal cortex and right temporoparietal junction, responded to the human only, supporting the specificity of mentalizing areas for interactions with intentional agents