Repeated games with asymmetric information and random price fluctuations at finance markets : the case of countable state space

This paper is concerned with multistage bidding models introduced by De Meyer and Moussa Saley (2002) to analyze the evolution of the price system at finance markets with asymmetric information. The zero-sum repeated games with incomplete information are considered modeling the bidding with countable sets of possible prices and admissible bids. It is shown that, if the liquidation price of a share has a finite variance, then the sequence of values of n-step games is bounded and converges to the value of the game with infinite number of steps. We construct explicitly the optimal strategies for this game. The optimal strategy of Player 1 (the insider) generates a symmetric random walk of posterior mathematical expectations of liquidation price with absorption. The expected duration of this random walk is equal to the initial variance of liquidation price. The guaranteed total gain of Player 1 (the value of the game) is equal to this expected duration multiplied with the fixed gain per step.Multistage bidding, asymmetric information, repeated games, optimal strategy.

Car industry enterprises in Poland : strategic priorities in the circumstances of depression on the market

It is in the recent years that the automotive branch was remarkably affected by the global economic crisis. The companies that are located in Poland make up a significant element of the global system. The present paper analyses the most important data that describe the activities of these companies in the years of crisis (the research covered the period from 2005 through 2012). It is possible to formulate the thesis that this is the group of entities that relatively well coped with the difficult situation encountered in the environment. Thanks to the analysis that was made it was possible to point to the regularities that increased the possibility of making a success in this kind of circumstances

Mapping of mobile charges on insulator surfaces with the electrostatic force microscope

Journal ArticleMigration of surface ions in lateral fields on insulator surfaces may modify the electrical characteristics of underlying semiconductor structures causing device instabilities. A high sensitivity electrostatic force microscope is used to image the movement and spatial distribution of surface ions on Si3N4. Mobile surface ions are distributed by the fringing fields of a p-n junction and an open-gate field-effect transistor. The surface charge distribution and topography are imaged simultaneously on a micrometer scale

Transgenic plants as edible vaccines — reality and future prospects

This review describes the recent progress in the construction of transgenic plants for vaccine production Transgenic plants are an attractive and cost-effective alternative to microbial systems for the production of proteins with pharmaceutical value. Advances in biotechnology are enabling plants to be exploited the expression of candidate vaccine antigens with the goal of using the edible plant organs for economical delivery of oral vaccines. It has recently been shown that genes encoding antigens of bacterial and viral pathogens can be expressed in plants in a form in which they retain native immunogenic properties. Transgenic potato tubers expressing bacterial antigens stimulated humoral and mucosal immune response; when they were provided as a food. Although the utility of «edible vaccines» to prevent disease remains to be established, the successful implementation of this strategy can be the first step on the way to modern vaccines of new generation.Огляд сучасних літературних даних про створення трансген­них рослин для виробництва вакцин. Трансгенні рослини ни є дуже привабливою та дешевою альтернативою існуючим мікро­біологічним системам виробництва білків для фармацевтики. Успіхи сучасної біотехнології відкрили можливість експерсувати у рослинах різні антигени, що використовуються для вакцинації, з метою використання їстівних частин рослий длятранспорту оральних вакцин. Було продемонстровано, що гени, котрі кодують антигени бактеріальних та вірусні – патогенів, можуть бути експресовані у рослинах із збереженням їхніх природних імунологічних властивостей. Гак, бульби трансгенної картоплі, що експресували бактеріальні антиге­ни, стимулювали гуморальну та мукозну імунні відповіді при використанні їх у їжу. Хоча використання їстівних вакцин для запобігання хвороб ще не доведене, подальшій розробок цього напряму може стати першим кроком на шляху до вакцин нової генераціїОбзор современных литературных данных о создание трансгенных растений для производства вакцин. Трансгенные растения являются весьма привлекательной и дешевой альтернативой существующим микробиологическим системам произ­водства белков для фармацевтики. Успехи современной био­технологии открыли возможность экспрессировать в расте­ниях различные антигены, используемые при вакцинации, для применения съедобных частей растений при транспорте ора­льных вакцин. Было продемонстрировано, что гены, кодирую­щие антигены бактериальных и вирусных патогенов, могут быть эспрессированы в растениях с сохранением их природ­ных иммунологических свойств. Так, клубни трансгенного картофеля, экспрессировавшие бактериальные антигены, сти­мулировали гуморальный и мукозный иммунные ответы при употреблении их в пищу. Хотя использование съедобных вак­цин для предотвращения болезней еще не доказано, дальнейшее развитие этого направления может стать первым шагом на пути к созданию вакцин нового поколения

Poetic system interaction by yanka dyagileva and egor letov

This research is devoted to the problem of mutual influence among two representatives of Siberian punk rock: Yana Stanislavovna Dyaghileva (Yanka) and Yegor Letov. The main methods of the study were the comparative-typological method of literary text study, which makes it possible to detect similarities and differences between them, as well as historical and literary method that helps to identify the available influences of art systems and develop the corresponding chronological chains. In the course of the analysis, we came to the conclusion that Yegor Letov's influence on Yanka can be distinguished on several levels of a poetic text: ideological-thematic, syntactic and strophical. The interaction of the poetic systems of these authors on the ideological and thematic level consists in the appearance of social problems in Yanka's lyric texts, where the main opposition is the socially engaged opposition "we/them". The level of grammar allows you to discover the abundance of syntactic parallelisms in Yanka's texts. At the stropic level, Yegor Letov's influence is observed through the use of short vers libre by Yanka - one of the favorite Letov's forms. In his turn, Yegor Letov considers Yanka's creativity as a source of intertext: one can find references to the Yanka's poetic heritage in the compositions "Night", "Ophelia" and "Centennial Rain". Besides, Yegor Letov creates two dedications to Yanka: one lifetime ("About the Mishutka (The song for Yanka)") and one posthumous ("Ophelia"). The specificity of these texts lies in the fact that the image given in the title and somehow correlated with Yanka's life and work becomes the starting point for Letov's purely philosophical structures and reflections, not related to Yanka directly

Perfused multiwell plate for 3D liver tissue engineering

In vitro models that capture the complexity of in vivo tissue and organ behaviors in a scalable and easy-to-use format are desirable for drug discovery. To address this, we have developed a bioreactor that fosters maintenance of 3D tissue cultures under constant perfusion and we have integrated multiple bioreactors into an array in a multiwell plate format. All bioreactors are fluidically isolated from each other. Each bioreactor in the array contains a scaffold that supports formation of hundreds of 3D microscale tissue units. The tissue units are perfused with cell culture medium circulated within the bioreactor by integrated pneumatic diaphragm micropumps. Electronic controls for the pumps are kept outside the incubator and connected to the perfused multiwell by pneumatic lines. The docking design and open-well bioreactor layout make handling perfused multiwell plates similar to using standard multiwell tissue culture plates. A model of oxygen consumption and transport in the circulating culture medium was used to predict appropriate operating parameters for primary liver cultures. Oxygen concentrations at key locations in the system were then measured as a function of flow rate and time after initiation of culture to determine oxygen consumption rates. After seven days of culture, tissue formed from cells seeded in the perfused multiwell reactor remained functionally viable as assessed by immunostaining for hepatocyte and liver sinusoidal endothelial cell (LSEC) phenotypic markers.National Institute of Environmental Health Sciences (grant number 5P30ES002109-30)National Institutes of Health (U.S.) (NIH grant number 5R01ES015241)DuPont MIT AlliancePfizer Inc.National Science Foundation (U.S.) (NSF grant number EEC-9843342

Capacidade para o trabalho entre trabalhadores de higiene e limpeza de um hospital universitário público

A capacidade para o trabalho é a base do bem-estar para o ser humano e a sua manutenção envolve condições de saúde e trabalho adequadas. Com o objetivo de verificar a capacidade para o trabalho entre trabalhadores de higiene e limpeza,realizou-se uma pesquisa quantitativa, do tipo descritivo-exploratória, em um hospital universitário público do norte paranaense, de março a junho de 2008, por meio da aplicação de um questionário constituído por dados sócio-demográficos e ocupacionais, e pelo Índice de Capacidade para o Trabalho (ICT). Os dados foram analisados pelo programa Epi Info 2002. A população foi composta por 98 trabalhadores, sendo que 82,4% possuem mais de 41 anos e 96,9% são mulheres. Quanto à avaliação da capacidade para o trabalho, 45,9% dos entrevistados obtiveram um ICT bom, 23,5% ótimo, 22,4% moderado e 8,2% baixo, com escore mínimo de 16 e máximo de 49. As doenças músculo esqueléticas foram as mais referidas pelos entrevistados. Os fatores relacionados à capacidade para o trabalho são múltiplos, assim, as ações para a prevenção erecuperação desta capacidade devem ser discutidas e conciliadas entre empregados e empregadores, garantindo um espaço para contextualização e reflexão acerca do processo de trabalho

Description and Characterisation of a Large Array of Sensors Mimicking an Artifical Olfactory Epithelium

Biological olfactory systems show high sensitivity and exquisite discriminatory capacity to odorants. These characteristics are due to hierarchical signal processing of the large numbers of sensory inputs that occurs within the olfactory system. In testing realistic computational models of the olfactory system, large numbers of chemical sensor inputs are required. So far, sensory devices that may serve as model inputs to an artificial olfactory system do not exist. The development of a large scale array of chemical sensors able to mimic the olfactory receptor neurons is described, and these have been characterised in terms of their variability and degree of redundancy. Using this device it is possible to start testing computational hypotheses appropriate to biological chemosensory systems and adapt them to the artificial olfaction