A short note on super-hedging an arbitrary number of European options with integer-valued strategies

The usual theory of asset pricing in finance assumes that the financial strategies, i.e. the quantity of risky assets to invest, are real-valued so that they are not integer-valued in general, see the Black and Scholes model for instance. This is clearly contrary to what it is possible to do in the real world. Surprisingly, it seems that there is no many contributions in that direction in the literature, except for a finite number of states. In this paper, for arbitrary {\Omega}, we show that, in discrete-time, it is possible to evaluate the minimal super-hedging price when we restrict ourselves to integer-valued strategies. To do so, we only consider terminal claims that are continuous piecewise affine functions of the underlying asset. We formulate a dynamic programming principle that can be directly implemented on an historical data and which also provides the optimal integer-valued strategy. The problem with general payoffs remains open but should be solved with the same approach

Mineralization of synthetic and industrial pharmaceutical effluent containing trimethoprim by combining electro-Fenton and activated sludge treatment

International audienceA combined process coupling of an electro-Fenton and a biological degradation was investigated in order to mineralize synthetic and industrial pharmaceutical effluent containing trimethoprim, a bacteriostatic antibiotic. Electro-Fenton degradation of trimethoprim was optimized by means of a Doehlert experimental design, showing that 0.69 mM Fe2+, 466 mA and 30 min electrolysis time were optimal, leading to total trimethoprim removal, while mineralization remained limited, 12% for 30 min electrolysis times. The aromatic and aliphatic by-products were identified and a plausible degradation pathway was proposed. Biodegradability was improved, since the BOD5/COD ratio increased from 0.11 initially to 0.32 and 0.52 after 30 and 60 min electrolysis times respectively, confirmed by activated sludge culture, 47 and 59% mineralization of the byproducts from electrolysis.The relevance of the proposed combined process was then confirmed on an industrial pharmaceutical effluent. Its electrolysis under the above conditions showed an almost total removal of trimethoprim after 180 min of electrolysis, while TOC removal remained low, 14 and 16% for 180 and 300 min reaction times, respectively. Overall removal yields of the industrial effluent during the combined process were therefore 80 and 89% for 180 and 300 min of effluent pretreatment followed by 15 days activated sludge culture, respectively

Improvement of the activated sludge treatment by its combination with electro Fenton for the mineralization of sulfamethazine

International audienceA combined process coupling an electro-Fenton pretreatment and a biological degradation in order to mineralize sulfamethazine (SMT) was investigated. The electro-Fenton pretreatment of SMT was first examined and the intermediates products were identified for an initial SMT amount of 0.36 mM, after 1 h electrolysis at pH 3, 18 °C, 200 mA. 94.2% SMT was degraded but the level of mineralization remained low (6.5%), ensuring significant residual organic content for a subsequent biological treatment. Two possible degradation reaction pathways involving all the identified and quantified intermediates are proposed. In a second part, biological treatments with fresh activated sludge were performed to complete the mineralization of the electrolyzed solution of SMT, showing an increase of the mineralization yield with time duration of the pretreatment. For an initial SMT concentration of 0.2 mM, a ferrous ions concentration of 0.5 mM, at pH 3, 18 °C and 500 mA, the mineralization yield during the biological treatment increased as follows: 61.4, 78.8 and 93.9% for 0.5, 1 and 4 h pretreatment, confirming the relevance of the proposed combined process

Biomass Mediated Synthesis of ZnO and ZnO/GO for the Decolorization of Methylene Blue under Visible Light Source

: In this study, zinc oxide (ZnO) as well as ZnO/GO (zinc oxide/graphene oxide) were successfully synthesized. The Carica papaya leaf extract was used to synthesize ZnO and oil palm empty fruit bunch biomass to obtain graphene, which was further used to obtain graphene oxide. The samples were characterized through a variety of analytical methods such as scanning electron microscopy, transmission electron microscopy, X-ray diffraction analysis, Fourier transform infrared spectroscopy and UV–Visible spectroscopy in order to understand their morphology, size, structural phase purity, functional groups and optical properties. Various peaks such as O-H, Zn-OH and Zn-O were found in the case of ZnO. Some additional peaks, such as C-C and C=C, were also been detected while analyzing the sample by Fourier-transform infrared spectroscopy. The results of the XRD and SEM studies demonstrated that the synthesized material shows the crystalline nature of the substance in the case of ZnO, and the crystallinity decreases for ZnO/GO. The average crystallite size was found to 80.0 nm for ZnO and 74.0 nm for ZnO/GO. Further, a red shift was shown in the case of ZnO/GO, which was indicated by the UV–Vis absorption spectrum. In the TEM analysis, the particles were shown to be nanosized. For instance, the highest number of particles was found in the range of 100 to 120 nm in the case of ZnO, while 80–100 nm sized particles were found for ZnO/GO. Using synthesized ZnO and ZnO/GO, the decolorization of methylene blue was found to be 64% and 91%, respectively

Mineralization of antibiotics by electro-Fenton process and by combined process electro-Fenton : biological treatment : application to the elimination of the industrial effluents' pollution

La présence des antibiotiques à usage humain et vétérinaire dans l’écosystème aquatique, est devenue un problème écologique sérieux. En effet, ces substances résistent aux traitements des stations d’épuration, ce qui engendre leur introduction et accumulation dans l’environnement. Par conséquent, le développement de méthodes efficaces pour le traitement de ces polluants est nécessaire. La première partie de ce travail de thèse s’inscrit dans le cadre de la dégradation des antibiotiques par procédé électro-Fenton. Ce procédé consiste à produire in situ des espèces fortement oxydantes, les radicaux hydroxyle, permettant la dégradation totale des composés organiques persistants. La sulfaméthazine (SMT) et le triméthoprime (TMP) ont été choisis comme composés modèles, en raison de leur détection régulière dans les effluents des stations d’épuration, les eaux de surface et les eaux souterraines. Dans cette première partie, nous avons examiné l’influence de différents paramètres expérimentaux, sur l’efficacité du procédé électro-Fenton. Les conditions opératoires optimales nécessaires pour la dégradation totale des deux antibiotiques étudiés, ont été également déterminées. En outre, les produits intermédiaires aromatiques générés lors de la dégradation des deux antibiotiques, ont été identifiés. Leur évolution durant l’électrolyse a été également suivie. La deuxième partie est consacrée à l’étude de la minéralisation de la SMT et du TMP par procédé électro-Fenton. Les résultats obtenus indiquent que les taux de minéralisation de la SMT et du TMP sont respectivement de 91 et 85% après dix-huit heures de traitement. Les acides carboxyliques formés, ainsi que les ions inorganiques libérés ont été identifiés, leur évolution a été suivie au cours du traitement. De plus, en se basant sur les différents sous-produits générés, nous avons proposé des mécanismes réactionnels pour la minéralisation de la SMT et du TMP par procédé électro-Fenton. La troisième partie de ce travail porte sur l’étude de la minéralisation des deux antibiotiques considérés par couplage du procédé électro-Fenton et d’un traitement biologique. La SMT et le TMP, ont été prétraités par procédé électro-Fenton, ce qui a conduit à leur dégradation totale, avec des taux de minéralisation faibles. Par la suite, un traitement biologique a été effectué durant 20 jours, les taux globaux de minéralisation ont alors augmenté pour atteindre 81 et 68% pour respectivement la SMT et le TMP. Dans une dernière partie, nous avons procédé à la minéralisation de deux effluents industriels, contenant les antibiotiques étudiés, par couplage du procédé électro-Fenton et d’un traitement biologique. Les taux de minéralisation globaux obtenus sont de 81 et 89% pour respectivement l’effluent SMT et l’effluent TMP. Ce qui prouve la pertinence du procédé combiné, pour le traitement des effluents industriels.The occurrence of human and veterinary antibiotics in the aquatic ecosystem becomes a serious environmental problem. These compounds cannot be treated by wastewater treatment plants, resulting in their entry and accumulation to measurable levels in the environment. Over the last decade, the conventional biological processes were used for wastewater treatment, but did not appear to be enough effective when dealing with wastes containing antibiotics, owing to the important recalcitrance of these compounds. Therefore, the development of efficient methods to treat antibiotics is needed. The first part of this thesis is focused on the degradation of antibiotics by electro-Fenton process. This process consists in producing in situ strongly oxidizing species, hydroxyl radicals, allowing the total degradation of persistent and toxic organic compounds. Sulfamethazine (SMT) and trimethoprim (TMP) were selected as model compounds, because of their regular detection in the effluents of sewage plants, surface water and groundwater. In this first part, we examined the influence of various operating parameters, on the efficiency of electro-Fenton process. The optimal operating conditions necessary for the removal of the studied antibiotics, were also determined. Moreover, the aromatic intermediate products, generated during antibiotics degradation, were identified. Their evolution during electrolysis was also followed. The second part is devoted to the study of mineralization, of SMT and TMP, by the electro-Fenton process. The obtained results indicate that the yields of SMT and TMP mineralization were 91 and 85%, respectively after eighteen hours of treatment. The identification and monitoring of short chain carboxylic acids and released inorganic ions during the treatment, were carried out. Furthermore, based on the identified by-products, we proposed a plausible mineralization reaction pathway for SMT and TMP. The third part of this work concerns the study of the mineralization of considered antibiotics by a combined process coupling an electro-Fenton pretreatment and a biological degradation. SMT and TMP were pretreated by the electro-Fenton process, which led to their total degradation, with low levels of mineralization, ensuring significant residual organic content for a subsequent biological treatment. Afterwards, biological treatment was performed during 20 days and showed that the level of overall mineralization increased to reach 81 and 68% for SMT and TMP, respectively. In a last part, we carried out the mineralization of two industrial effluents containing SMT and TMP, by combining electro-Fenton and activated sludge treatment. Overall mineralization yields of the combined process of 81 and 89% were obtained for SMT effluent and TMP effluent, respectively. This result confirms the relevance of combined process, even for the treatment of industrial effluents

Relevance of a combined process coupling electro-Fenton and biological treatment for the remediation of sulfamethazine solutions – Application to an industrial pharmaceutical effluent

International audienceA combined process coupling an electro-Fenton pretreatment and a biological degradation was implemented in order to mineralize synthetic and industrial pharmaceutical effluents, containing a veterinary antibiotic, sulfamethazine (SMT). The electro-Fenton pretreatment of SMT synthetic solution was first examined and the obtained results showed total SMT degradation after 30 min of electrolysis at pH 3, 18°C, 500 mA and an initial SMT concentration of 0.2 mM, while the level of mineralization remained low (2.1 and 18.1 % for 30 and 60 min electrolysis times), ensuring significant residual organic content for a subsequent biological treatment. In a second part, biological treatments were performed to complete the mineralization of the electrolyzed solutions of SMT, showing a significant level of mineralization after about 18 days of culture, 61.4% for 30 min pretreatment. The same electrolysis conditions were then applied to the pretreatment of an industrial pharmaceutical effluent, showing a total SMT removal in the effluent after 100 min of electrolysis, while mineralization yield remained also low (7.5%), showing the formation of organic intermediate products. Fortunately, the mineralization yield during the subsequent biological treatment increased to almost 80%, namely an overall yield of 81.4%. Consequently, the integrated electro-Fenton–biological treatment process proved to be an efficient technology to remediate industrial pharmaceutical effluents

Engineering effect of Pinna nobilis shells on benthic communities

Within the framework of the possibility of using the Mediterranean pen shell Pinna nobilis in restoration and conservation plans of benthic habitats, an in situ experiment was conducted using empty P. nobilis shells. The latter were transplanted in a bare soft-bottomed area and their associated fauna were followed along 120 days and compared at different temporal points and with the assemblages living in the surrounding soft-sediment area. Compared to soft-sediment communities, an evidently increasing succession of species richness, abundance, and diversity descriptors (Shannon-Wiener H′ and Pielou's evenness J′) was observed with the community inhabiting empty Pinna shells. Among the forty-five (45) species found in association with the transplanted empty shells, seventeen (17) were found constantly in the three temporal points; the other twenty-eight (28) species appeared in the samples collected in the second and/or third sampling time. While motile and sessile species associated to Pinna shells showed an increasing pattern of appearance and abundance along the experiment time, those of soft sediment remained almost constant. The comparison between Pinna shells and soft-sediment associated communities showed that the species richness was slightly different between the two different sample types (49 for soft sediment versus 45 for empty Pinna shells); however the total abundance was found more important with empty Pinna shells. The results obtained herein argue in favor of the important engineering effect of P. nobilis in soft benthic habitats and therefore for the necessity of its conservation

Biodegradability Improvement of Sulfamethazine Solutions by Means of an electro-Fenton Process

International audienceThe main objective of this study was to examine the effect of an electro-Fenton pretreatment on the biodegradability of sulfamethazine-polluted solutions. The aim of the pretreatment was only to degrade this molecule in order to increase the biodegradability of the effluent and therefore allow a subsequent biological treatment. Preliminary tests showed the absence of biodegradability of the target compound. The degradation of sulfamethazine by electro-Fenton process was then examined using a carbon felt cathode and a platinum anode in an electrochemical reactor containing 1 L of solution. The influence of some experimental parameters such as initial concentration, temperature and current intensity on the degradation by electro-Fenton step has been investigated. In addition, the biodegradability of the solution after electrochemical pretreatment was examined and showed a Biological Oxygen Demand (BOD5) on Chemical Oxygen Demand (COD) ratio above the limit of biodegradability, namely 0.4, for several experimental conditions. The feasibility of coupling an electro-Fenton pretreatment with a biological degradation of by-products in order to mineralize polluted solutions of sulfamethazine was confirmed

Influence of Mo+2 ion concentration on crystallization, microstructure, crystal imperfection and morphology of WO3 sprayed thin films

Compositional dependence of microstructure and morphological properties of Mo _x W _1−x O _3 (0.2 ≥ x ≥ 0.0 at. %) thin films was studied. MoWO _3 films were deposited by chemical spray pyrolysis technique on pre-heated glass substrates at 400 °C and the sedimentation rate was kept constant at 70 ml min ^−1 with the deposition time fixed at 10 min to keep the film thickness constant at about 650 ± 5 nm. The prepared thin films were studied using x-ray diffraction (XRD), field emission scanning electron microscopy (FESEM), and energy dispersive x-ray analysis (EDAX) techniques. The nature of the as-deposited films displayed by XRD showed beyond a reasonable doubt that they are amorphous. After thermal annealing at 500 °C for 2 h, all samples will be transferred to a polycrystalline having a triclinic structure. The microstructural parameters of the pure and doped samples were measured, using different methods and a comparison between them to determine the accuracy percentage of the measurement of these methods. The results also showed that the average crystallite size of the films decreased from 24 to 12 nm, on the contrary the internal microstrain increased from 23 × 10 ^−3 to 30 × 10 ^−3 with the addition of Mo element in WO _3 . Field emission scanning electron microscopy (FE-SEM) analysis also revealed that Mo dopant caused significant changes in the surface morphology of the films as well as an increase in particle size with increasing molybdenum concentration. The EDX results exhibited that the percentages of the isotropic elements Mo _x W _1−x O _3 agree well with those determined by atomic weight. In general, the results obtained in this study confirm that Mo _x W _1−x O _3 with these properties, is suitable for photovoltaic and optoelectronic applications

Efficiency of Hydrogen Peroxide and Fenton Reagent for Polycyclic Aromatic Hydrocarbon Degradation in Contaminated Soil: Insights from Experimental and Predictive Modeling

International audienceThis study investigates the degradation kinetics of polycyclic aromatic hydrocarbons (PAHs) in contaminated soil using hydrogen peroxide (H2O2) and the Fenton process (H2O2/Fe2+). The effect of oxidant concentration and the Fenton molar ratio on PAH decomposition efficiency is examined. Results reveal that increasing H2O2 concentration above 25 mmol/samples leads to a slight increase in the rate constants for both first- and second-order reactions. The Fenton process demonstrates higher efficiency in PAH degradation compared to H2O2 alone, achieving decomposition yields ranging from 84.7% to 99.9%. pH evolution during the oxidation process influences PAH degradation, with alkaline conditions favoring lower elimination rates. Fourier-transform infrared (FTIR) spectroscopy analysis indicates significant elimination of PAHs after treatment, with both oxidants showing comparable efficacy in complete hydrocarbon degradation. The mechanisms of PAH degradation by H2O2 and the Fenton process involve hydroxyl radical formation, with the latter exhibiting greater efficiency due to Fe2+ catalysis. Gaussian process regression (GPR) modeling accurately predicts reduced concentration, with optimized ARD-Exponential kernel function demonstrating superior performance. The Improved Grey Wolf Optimizer algorithm facilitates optimization of reaction conditions, yielding a high degree of agreement between experimental and predicted values. A MATLAB 2022b interface is developed for efficient optimization and prediction of C/C0, a critical parameter in PAH degradation studies. This integrated approach offers insights into optimizing the efficiency of oxidant-based PAH remediation techniques, with potential applications in contaminated soil remediation