A Penalty Method for the Numerical Solution of Hamilton-Jacobi-Bellman (HJB) Equations in Finance

We present a simple and easy to implement method for the numerical solution of a rather general class of Hamilton-Jacobi-Bellman (HJB) equations. In many cases, the considered problems have only a viscosity solution, to which, fortunately, many intuitive (e.g. finite difference based) discretisations can be shown to converge. However, especially when using fully implicit time stepping schemes with their desirable stability properties, one is still faced with the considerable task of solving the resulting nonlinear discrete system. In this paper, we introduce a penalty method which approximates the nonlinear discrete system to first order in the penalty parameter, and we show that an iterative scheme can be used to solve the penalised discrete problem in finitely many steps. We include a number of examples from mathematical finance for which the described approach yields a rigorous numerical scheme and present numerical results.Comment: 18 Pages, 4 Figures. This updated version has a slightly more detailed introduction. In the current form, the paper will appear in SIAM Journal on Numerical Analysi

Older and wiser? Men’s and women’s accounts of drinking in early mid-life

Most qualitative research on alcohol focuses on younger rather than older adults. To explore older people’s relationship with alcohol, we conducted eight focus groups with 36 men and women aged 35 to 50 years in Scotland, UK. Initially, respondents suggested that older drinkers consume less alcohol, no longer drink to become drunk and are sociable drinkers more interested in the taste than the effects of alcohol. However, as discussions progressed, respondents collectively recounted recent drunken escapades, challenged accounts of moderate drinking, and suggested there was still peer pressure to drink. Some described how their drinking had increased in mid-life but worked hard discursively to emphasise that it was age and stage appropriate (i.e. they still met their responsibilities as workers and parents). Women presented themselves as staying in control of their drinking while men described going out with the intention of getting drunk (although still claiming to meet their responsibilities). While women experienced peer pressure to drink, they seemed to have more options for socialising without alcohol than did men. Choosing not to drink alcohol is a behaviour that still requires explanation in early mid-life. Harm reduction strategies should pay more attention to drinking in this age group

Identification and full genomic sequence of nerine yellow strip virus

This study reports the first complete genome sequence of nerine yellow stripe virus (NeYSV, GenBank MT396083). The genome consists of 10165 nucleotides, excluding the 3’ terminal poly(A) tail. A single open reading frame encodes a large polyprotein of 3294 amino acids with typical potyvirus features. The nuclear inclusion b and coat protein region shares 95% identity with previously reported NeYSV partial sequence (NC_043153.1). Phylogenetic analysis of polyprotein amino acid sequence showed that NeYSV clustered with hippeastrum mosaic virus (YP_006382256.1)

Pharmacist intervention in primary care to improve outcomes in patients with left ventricular systolic dysfunction

<b>Background</b> Meta-analysis of small trials suggests that pharmacist-led collaborative review and revision of medical treatment may improve outcomes in heart failure.<p></p> <b>Methods and results</b> We studied patients with left ventricular systolic dysfunction in a cluster-randomized controlled, event driven, trial in primary care. We allocated 87 practices (1090 patients) to pharmacist intervention and 87 practices (1074 patients) to usual care. The intervention was delivered by non-specialist pharmacists working with family doctors to optimize medical treatment. The primary outcome was a composite of death or hospital admission for worsening heart failure. This trial is registered, number ISRCTN70118765. The median follow-up was 4.7 years. At baseline, 86% of patients in both groups were treated with an angiotensin-converting enzyme inhibitor or an angiotensin receptor blocker. In patients not receiving one or other of these medications, or receiving less than the recommended dose, treatment was started, or the dose increased, in 33.1% of patients in the intervention group and in 18.5% of the usual care group [odds ratio (OR) 2.26, 95% CI 1.64–3.10; P< 0.001]. At baseline, 62% of each group were treated with a β-blocker and the proportions starting or having an increase in the dose were 17.9% in the intervention group and 11.1% in the usual care group (OR 1.76, 95% CI 1.31–2.35; P< 0.001). The primary outcome occurred in 35.8% of patients in the intervention group and 35.4% in the usual care group (hazard ratio 0.97, 95% CI 0.83–1.14; P = 0.72). There was no difference in any secondary outcome.<p></p> <b>Conclusion</b> A low-intensity, pharmacist-led collaborative intervention in primary care resulted in modest improvements in prescribing of disease-modifying medications but did not improve clinical outcomes in a population that was relatively well treated at baseline

Isospin Splitting in the Baryon Octet and Decuplet

Baryon mass splittings are analyzed in terms of a simple model with general pairwise interactions. At present, the $\Delta$ masses are poorly known from experiments. Improvement of these data would provide an opportunity to make a significant test of our understanding of electromagnetic and quark-mass contributions to hadronic masses. The problem of determining resonance masses from scattering and production data is discussed.Comment: 9 pages, LATEX inc. 2 LATEX "pictures", CMU-HEP91-24-R9

Penalty Methods for the Solution of Discrete HJB Equations -- Continuous Control and Obstacle Problems

In this paper, we present a novel penalty approach for the numerical solution of continuously controlled HJB equations and HJB obstacle problems. Our results include estimates of the penalisation error for a class of penalty terms, and we show that variations of Newton's method can be used to obtain globally convergent iterative solvers for the penalised equations. Furthermore, we discuss under what conditions local quadratic convergence of the iterative solvers can be expected. We include numerical results demonstrating the competitiveness of our methods.Comment: 31 Pages, 7 Figure

Dawn–Dusk Asymmetries In The Coupled Solar Wind–Magnetosphere–Ionosphere System: A Review

Dawn–dusk asymmetries are ubiquitous features of the coupled solar-wind–magnetosphere–ionosphere system. During the last decades, increasing availability of satellite and ground-based measurements has made it possible to study these phenomena in more detail. Numerous publications have documented the existence of persistent asymmetries in processes, properties and topology of plasma structures in various regions of geospace. In this paper, we present a review of our present knowledge of some of the most pronounced dawn–dusk asymmetries. We focus on four key aspects: (1) the role of external influences such as the solar wind and its interaction with the Earth\u27s magnetosphere; (2) properties of the magnetosphere itself; (3) the role of the ionosphere and (4) feedback and coupling between regions. We have also identified potential inconsistencies and gaps in our understanding of dawn–dusk asymmetries in the Earth\u27s magnetosphere and ionosphere

The effect of (Ti + Al): V ratio on the structure and oxidation behaviour of TiAlN/VN nano-scale multilayer coatings

Nano-scaled multilayered TiAlN/VN coatings have been grown on stainless steel and M2 high speed steel substrates at U-B = - 85 V in an industrial, four target, Hauzer HTC 1000 coater using combined cathodic steered arc etching/unbalanced magnetron sputtering. X-ray diffraction (XRD) has been used to investigate the effects of process parameters (Target Power) on texture evolution (using texture parameter T*), development of residual stress (sin(2) psi method) and nano-scale multilayer period. The composition of the coating was determined using energy dispersive X-ray analysis. The thermal behaviour of the coatings in air was studied using thermo-gravimetric analysis, XRD and scanning electron microscopy. The bi-layer period varied between 2.8 and 3.1 nm and in all cases a {1 1 0} texture developed with a maximum value T* = 4.9. The residual stress varied between -5.2 and -7.4 GPa. The onset of rapid oxidation occurred between 628 and 645 degreesC depending on the (Ti+Al):V ratio. After oxidation in air at 550 degreesC AlVO4, TiO2 and V2O5 Phases were identified by XRD with the AlVO4, TiO2 being the major phases. The formation of AlVO4 appears to disrupt the formation of Al2O3 which imparts oxidation resistance to TiAlN based coatings. Increasing the temperature to 600 and 640 degreesC led to a dramatic increase in the formation of V2O5 which was highly oriented (0 0 1) with a plate-like morphology. At 640 degreesC there was no evidence of the coating on XRD. Increasing the temperature to 670 degreesC led to further formation of AlVO4 and a dramatic reduction in V2O5. (C) 2003 Elsevier B.V. All rights reserved

Measured Sensitivity of the First Mark II Phased Array Feed on an ASKAP Antenna

This paper presents the measured sensitivity of CSIRO's first Mk. II phased array feed (PAF) on an ASKAP antenna. The Mk. II achieves a minimum system-temperature-over-efficiency $T_\mathrm{sys}/\eta$ of 78 K at 1.23 GHz and is 95 K or better from 835 MHz to 1.8 GHz. This PAF was designed for the Australian SKA Pathfinder telescope to demonstrate fast astronomical surveys with a wide field of view for the Square Kilometre Array (SKA).Comment: 5 pages, 2 figures, accepted for publication in Electromagnetics in Advanced applications (ICEAA), 2015 International Conference o