Towards a formalization of a two traders market with information exchange

This paper shows that Hamiltonians and operators can also be put to good use even in contexts which are not purely physics based. Consider the world of finance. The work presented here {models a two traders system with information exchange with the help of four fundamental operators: cash and share operators; a portfolio operator and an operator reflecting the loss of information. An information Hamiltonian is considered and an additional Hamiltonian is presented which reflects the dynamics of selling/buying shares between traders. An important result of the paper is that when the information Hamiltonian is zero, portfolio operators commute with the Hamiltonian and this suggests that the dynamics are really due to the information. Under the assumption that the interaction and information terms in the Hamiltonian have similar strength, a perturbation scheme is considered on the interaction parameter. Contrary to intuition, the paper shows that up to a second order in the interaction parameter, a key factor in the computation of the portfolios of traders will be the initial values of the loss of information (rather than the initial conditions on the cash and shares). Finally, the paper shows that a natural outcome from the inequality of the variation of the portfolio of trader one versus the variation of the portfolio of trader two, begs for the introduction of `good' and `bad' information. It is shown that `good' information is related to the reservoirs (where an infinite set of bosonic operators are used) which model rumors/news and external facts, whilst `bad' information is associated with a set of two modes bosonic operators.Comment: In press in Physica Script

The role of information in a two-traders market

In a very simple stock market, made by only two \emph{initially equivalent} traders, we discuss how the information can affect the performance of the traders. More in detail, we first consider how the portfolios of the traders evolve in time when the market is \emph{closed}. After that, we discuss two models in which an interaction with the outer world is allowed. We show that, in this case, the two traders behave differently, depending on \textbf{i)} the amount of information which they receive from outside; and \textbf{ii)}the quality of this information.Comment: in press in Physica

1862-09-04 Captain Haven sends a muster out roll of the regimental band

https://digitalmaine.com/cw_me_1st_cav/1362/thumbnail.jp

Can moral case deliberation in research groups help to navigate research integrity dilemmas? A pilot study

There is an increased focus on fostering integrity in research by through creating an open culture where research integrity dilemmas can be discussed. We describe a pilot intervention study that used Moral Case Deliberation (MCD), a method that originated in clinical ethics support, to discuss research integrity dilemmas with researchers. Our research question was: can moral case deliberation in research groups help to navigate research integrity dilemmas? We performed 10 MCDs with 19 researchers who worked in three different research groups from three different disciplinary fields at a university in the Netherlands. We analyzed the dilemmas and values discussed, sent out a survey questionnaire to assess self-perceived moral competencies, and conducted in-depth interviews. We found research integrity dilemmas pertained to authorship disputes, supervision of junior co-workers, and questionable handling of data. Participants perceived the majority of moral competencies to a higher degree during the MCD when compared to perceiving them in daily practice afterward. Interviewees told us that they felt most comfortable discussing dilemmas among peers with whom they were not closely affiliated. We conclude that MCD sessions could be relevant in navigating research integrity dilemmas, but that revisions to ensure commitment and safety are required.</p

Marine kelp: energy resource in the coastal zone

An ocean farm system is described. The analysis of the ocean farm system includes a description of the types of impacts that might occur if large scale operations become available, such as the production of environmental residuals, conflicts with the fishing and shipping industries, and other legal/institutional impacts. A discussion is given of the relationship of the marine biomass concept and coastal zone management plans

Environmental effects of James River sewage treatment plant outfall construction

In the spring of 1975 the Institute began a program to determine whether significant environmental changes would occur in the area of the new James River Plant outfall that might be related to its construction and/or initial operation. Parameters measured in the study were benthic animal and oyster populations, coliform levels and chlorine residuals. The primary emphasis of the study centered on the estimation of the impact of the construction activity on shellfish beds in the area. The results of the investigation are presented in three segments, the first dealing with shellfish populations, the second with other benthic animals and the third with coliforms and chlorine. Section I. Environmental Effects of James River Sewage Treatment Plant Outfall Construction on Oyster Beds in the James River by Dexter S. Haven and Paul C . Kendall Section II. Environmental Effects of the James River Sewage Treatment Plant Outfall Construction: Soft Bottom Macrobenthos by Robert J. Diaz and Donald F. Boesch Section III. Water Quality in the Vicinity of James River Sewage Treatment Plant Outfall by Michael E. Bende

Bostonia. Volume 3

Founded in 1900, Bostonia magazine is Boston University's main alumni publication, which covers alumni and student life, as well as university activities, events, and programs

Local population impacts of geothermal energy development in the Geysers: Calistoga region

The country-level population increase implications of two long-term geothermal development scenarios for the Geysers region in California are addressed. This region is defined to include the counties of Lake, Sonoma, Mendocino and Napa, all four in northern California. The development scenarios include two components: development for electrical energy production and direct use applications. Electrical production scenarios are derived by incorporating current development patterns into previous development scenarios by both industry and research organizations. The scenarios are made county-specific, specific to the type of geothermal system constructed, and are projected through the year 2000. Separate high growth rate and low growth rate scenarios are developed, based on a set of specified assumptions. Direct use scenarios are estimated from the nature of the available resource, existing local economic and demographic patterns, and available experience with various separate direct use options. From the composite development scenarios, required numbers of direct and indirect employees and the resultant in-migration patterns are estimated. In-migration patterns are compared to current county level population and ongoing trends in the county population change for each of the four counties. From this comparison, conclusions are drawn concerning the contributions of geothermal resource development to future population levels and the significance of geothermally induced population increase from a county planning perspective

Continuous recycling of enzymes during production of lignocellulosic bioethanol in demonstration scale

Recycling of enzymes in production of lignocellulosic bioethanol has been tried for more than 30 years. So far, the successes have been few and the experiments have been carried out at conditions far from those in an industrially feasible process. Here we have tested continuous enzyme recycling at demonstration scale using industrial process conditions (high dry matter content and low enzyme dosage) for a period of eight days. The experiment was performed at the Inbicon demonstration plant (Kalundborg, Denmark) capable of converting four tonnes of wheat straw per hour. 20% of the fermentation broth was recycled to the hydrolysis reactor while enzyme dosage was reduced by 5%. The results demonstrate that recycling enzymes by this method can reduce overall enzyme consumption and may also increase the ethanol concentrations in the fermentation broth. Our results further show that recycling fermentation broth also opens up the possibility of lowering the dry matter content in hydrolysis and fermentation while still maintaining high ethanol concentrations.M.O. Haven wishes to thank the Danish Agency for Science, Technology, and Innovation, grant no. 09-053694 for financial support. The other authors wish to thank the European Seventh Framework Program, grant no. 239379 (the KACELLE project) for financial support

Unexpected pyomyositis of right buttock

A 11-year-old boy was admitted to the emergency department complaining of pain in the right hip, fever and had developed a noticeable limp sinds one week. He had fallen on his buttock in the swimming pool a few weeks before. Physical examination revealed pain at the mobilisation of the right hip, without limitation of movement. The laboratory data showed increased value CRP (154 mg/l) and leukocytosis at 11300 WBC/µl