Acquisition d’information dans un modèle intertemporel en temps continu

Cet article examine la demande d’information et la valeur de l’information dans un modèle intertemporel en temps continu. Le modèle étudié est un modèle à information incomplète où la technologie d’information est contrôlée par l’investisseur moyennant un coût. Le mécanisme bayésien continu de révision des croyances produit, pour cette structure, une distribution postérieure gaussienne à tout point du temps. Le contrôle de la technologie d’information est équivalent au contrôle de l’estimateur de la position de la variable d’état (espérance conditionnelle) ainsi que de la précision de cet estimateur (variance conditionnelle). La demande d’information, dans notre modèle, se compose de deux termes, qui résultent du conflit entre deux objets d’apprentissage. Sous l’hypothèse d’une offre de précision stochastique et inélastique, le prix d’équilibre de l’information est dérivé et sa structure analysée.In this paper we examine the demand for information and the value of information in an intertemporal continuous time model. The model analyzed is a model with incomplete information where the information technology is controlled by the investor at a cost. The continuous bayesian updating of beliefs yields, for the information structure postulated, a posterior conditional distribution that is Gaussian at any point in time. The control of the information technology is equivalent to the control of the estimator of the state variable (conditional mean) and of the precision of this estimator (conditional variance). The demand for information is composed of two terms which result from the conflict between two subjects of learning. Under an assumption on the supply of precision, we derive and analyze the equilibrium price of information

Detailed Measurements of the Flow Field in a Transonic Turbine Cascade,’’

ABSTRACT Systematic experimental investigations of the transonic flow through a plane cascade consisting of profiles designed for a highly loaded gas turbine rotor of a high pressure stage were performed. The experiments comprise side wall pressure distribution measurements in a blade passage and both profile pressure distribution and wake traverse measurements in various planes from midspan to the side wall. The parameters varied are the inlet flow angle and the downstream Mach number. Schlieren photopraphs and oil flow patterns on the blades and on the side wall are included. The experimental results are interpreted with respect to the existing flow models describing shock wave boundary layer interactions and secondary flow effects. The experimental data are compared with three-dimensional viscous numerical results

Ruddlesden-Popper faults in LaNiO3/LaAlO3 superlattices

Scanning transmission electron microscopy in combination with electron energy-loss spectroscopy is used to study LaNiO3/LaAlO3 superlattices grown on (La,Sr)AlO4 with varying single-layer thicknesses which are known to control their electronic properties. The microstructure of the films is investigated on the atomic level and the role of observed defects is discussed in the context of the different properties. Two types of Ruddlesden-Popper faults are found which are either two or three dimensional. The common planar Ruddlesden-Popper fault is induced by steps on the substrate surface. In contrast, the three-dimensionally arranged Ruddlesden-Popper fault, whose size is in the nanometer range, is caused by the formation of local stacking faults during film growth. Furthermore, the interfaces of the superlattices are found to show different sharpness, but the microstructure does not depend substantially on the single-layer thickness.Comment: 14 pages, 6 figure

Dimensionality Control of Electronic Phase Transitions in Nickel-Oxide Superlattices

The competition between collective quantum phases in materials with strongly correlated electrons depends sensitively on the dimensionality of the electron system, which is difficult to control by standard solid-state chemistry. We have fabricated superlattices of the paramagnetic metal LaNiO3 and the wide-gap insulator LaAlO3 with atomically precise layer sequences. Using optical ellipsometry and low-energy muon spin rotation, superlattices with LaNiO3 as thin as two unit cells are shown to undergo a sequence of collective metalinsulator and antiferromagnetic transitions as a function of decreasing temperature, whereas samples with thicker LaNiO3 layers remain metallic and paramagnetic at all temperatures. Metal-oxide superlattices thus allow control of the dimensionality and collective phase behavior of correlated-electron systems

Effect of quenching strategy and Nb-Mo sdditions on phase transformations and quenchability of high-strength boron steels

The application of direct quenching after hot rolling of plates is being employed in the production of ultra-high-strength hot rolled plates. When heavy gauge plates are produced, the complexity involve in achieving high cooling rates in the plate core is increased and the formation of undesirable soft phases within martensite is common. In the current paper, both direct quenching and conventional quenching (DQ and CQ) processing routes were reproduced by dilatometry tests and continuous cooling transformation (CCT) diagrams were built for four different high-strength boron steels. The results indicate that the addition of Mo and Nb-Mo suppresses the ferritic region and considerably shifts the CCT diagram to lower transformation temperatures. The combination of DQ strategy and the Mo-alloying concept provides the best option to ensure hardenability and the formation of a fully martensitic microstructure, and to avoid the presence of soft phases in the center of thick plates

Establishment of a guided, in vivo, multi-channel, abdominal, tissue imaging approach

Novel tools in humane animal research should benefit the animal as well as the experimentally obtained data. Imaging technologies have proven to be versatile and also in accordance with the demands of the 3 R principle. However, most imaging technologies are either limited by the target organs, number of repetitive imaging sessions, or the maximal resolution. We present a technique-, which enables multicolor abdominal imaging on a tissue level. It is based on a small imaging fiber endoscope, which is guided by a second commercial endoscope. The imaging fiber endoscope allows the distinction of four different fluorescence channels. It has a size of less than 1 mm and can approximately resolve single cells. The imaging fiber was successfully tested on cells in vitro, excised organ tissue, and in mice in vivo. Combined with neural networks for image restauration, high quality images from various abdominal organs of interest were realized. The second endoscope ensured a precise placement of the imaging fiber in vivo. Our approach of guided tissue imaging in vivo, combined with neuronal networks for image restauration, permits the acquisition of fluorescence-microscope like images with minimal invasive surgery in vivo. Therefore, it is possible to extend our approach to repetitive imaging sessions. The cost below 30 thousand euros allows an establishment of this approach in various scenarios. © 2020, The Author(s)

Employee stock options: much more valuable than you thought

Previous papers have argued that trading restrictions can result in a typical employee stock option having a subjective value (certainty equivalent value) that is substantially less than its Black-Scholes value. However, these analyses ignore the manager's ability to (at least partially) control the risk level within the firm. In this paper, we show how managerial control can lead to such options having much larger certainty equivalent values for employees who can exercise control. We also show that the potential for early exercise is substantially less valuable with managerial control. The certainty equivalent value for a European option with managerial control can easily exceed the Black-Scholes value for a comparable option without control. However, it is questionable whether Black-Scholes is an appropriate benchmark for an option where the underlying process exhibits controlled volatility. We show how to obtain a risk-neutral valuation for such an option. That risk-neutral value can be substantially greater or less than the Black- Scholes value. Furthermore, the option's certainty equivalent value can also be greater or less than its risk-neutral value