Average Continuous Control of Piecewise Deterministic Markov Processes

This paper deals with the long run average continuous control problem of piecewise deterministic Markov processes (PDMP's) taking values in a general Borel space and with compact action space depending on the state variable. The control variable acts on the jump rate and transition measure of the PDMP, and the running and boundary costs are assumed to be positive but not necessarily bounded. Our first main result is to obtain an optimality equation for the long run average cost in terms of a discrete-time optimality equation related to the embedded Markov chain given by the post-jump location of the PDMP. Our second main result guarantees the existence of a feedback measurable selector for the discrete-time optimality equation by establishing a connection between this equation and an integro-differential equation. Our final main result is to obtain some sufficient conditions for the existence of a solution for a discrete-time optimality inequality and an ordinary optimal feedback control for the long run average cost using the so-called vanishing discount approach.Comment: 34 page

The ACD Model: Predictability of the Time Between Concecutive Trades

Forecasting ability of several parameterizations of ACD models are compared to benchmark linear autoregressions for inter-trade durations. The estimation of parametric ACD models requires both the choice of a conditional density for durations and the specification of a functional form for the conditional mean duration. Our results provide guidance for choosing among different parameterizations and for developing better forecasting models to predict one-step-ahead, multi-step-ahead, and the whole density of time durations. For evaluating density forecasts, we propose a new constructive test, which is based on the series of probability integral transforms. The choice of the conditional distribution for inter-trade durations does not seem to affect the out-of sample performances of the ACD at short, as well as longer, horizons. Yet, this choice becomes critical when forecasting the density.

Satisfaction not Guaranteed - Institutions and Satisfaction with Democracy in Western Europe

What determines citizens’ satisfaction with the “constitution in operation”? We make two contributions towards an answer to this important policy question. First, we place stronger emphasis than existing studies on quantitative interpretations of the importance of different factors. We use scenario analysis to show that a consensual system generally promotes satisfaction, but affects different types of citizens differently. Second, we focus on informal institutions and rules of the game in European societies. Corporatism and group membership as a measure of social capital are good for satisfaction, and people who live in countries with a high degree of income inequality tend to be less satisfied. The findings for trust and for the rule of law are ambiguous.satisfaction with democracy, political economy, institutions

A Comprehensive Spectroscopic Analysis of DB White Dwarfs

We present a detailed analysis of 108 helium-line (DB) white dwarfs based on model atmosphere fits to high signal-to-noise optical spectroscopy. We derive a mean mass of 0.67 Mo for our sample, with a dispersion of only 0.09 Mo. White dwarfs also showing hydrogen lines, the DBA stars, comprise 44% of our sample, and their mass distribution appears similar to that of DB stars. As in our previous investigation, we find no evidence for the existence of low-mass (M < 0.5 Mo) DB white dwarfs. We derive a luminosity function based on a subset of DB white dwarfs identified in the Palomar-Green survey. We show that 20% of all white dwarfs in the temperature range of interest are DB stars, although the fraction drops to half this value above Teff ~ 20,000 K. We also show that the persistence of DB stars with no hydrogen features at low temperatures is difficult to reconcile with a scenario involving accretion from the interstellar medium, often invoked to account for the observed hydrogen abundances in DBA stars. We present evidence for the existence of two different evolutionary channels that produce DB white dwarfs: the standard model where DA stars are transformed into DB stars through the convective dilution of a thin hydrogen layer, and a second channel where DB stars retain a helium-atmosphere throughout their evolution. We finally demonstrate that the instability strip of pulsating V777 Her white dwarfs contains no nonvariables, if the hydrogen content of these stars is properly accounted for.Comment: 74 pages including 30 figures, accepted for publication in the Astrophysical Journa

Unconventional Uses of Microcantilevers as Chemical Sensors in Gas and Liquid Media

The use of microcantilevers as (bio)chemical sensors usually involves the application of a chemically sensitive layer. The coated device operates either in a static bending regime or in a dynamic flexural mode. While some of these coated devices may be operated successfully in both the static and the dynamic modes, others may suffer from certain shortcomings depending on the type of coating, the medium of operation and the sensing application. Such shortcomings include lack of selectivity and reversibility of the sensitive coating and a reduced quality factor due to the surrounding medium. In particular, the performance of microcantilevers excited in their standard out-of-plane dynamic mode drastically decreases in viscous liquid media. Moreover, the responses of coated cantilevers operating in the static bending mode are often difficult to interpret. To resolve these performance issues, the following emerging unconventional uses of microcantilevers are reviewed in this paper: (1) dynamic-mode operation without using a sensitive coating, (2) the use of in-plane vibration modes (both flexural and longitudinal) in liquid media, and (3) incorporation of viscoelastic effects in the coatings in the static mode of operation. The advantages and drawbacks of these atypical uses of microcantilevers for chemical sensing in gas and liquid environments are discussed