On the Lack of Participating Policy Usage by Stock Insurance Companies

Stock insurers can reduce or eliminate agency conflicts between policyholders and stockholders by issuing participating insurance. Despite this benefit, most stock companies don’t offer participating contracts. This study explains why. We study an equilibrium with both stock and mutual insurers in which stockholders set premiums to provide a fair expected return on their investment, and with a policyholder who chooses the insurance contract that maximizes her expected utility. We demonstrate that stockholders cannot profitably offer fully participating contracts, but can profitably offer partially participating insurance. However, when the policyholder participation fraction is high, the fair-return premium is so large that the policyholder always prefers fully participating insurance from the mutual company. Policies with lower levels of policyholder participation are optimal for policyholders with relatively high risk aversion, though such policies are usually prohibited by insurance legislation. Thus, the reason stock insurers rarely issue participating contracts isn’t because the potential benefits are small or unimportant. Rather, profitability or regulatory constraints simply prevent stock insurers from exercising those benefits in equilibrium

Efficient multiqubit entanglement via a spin-bus

We propose an experimentally feasible architecture with controllable long-range couplings built up from local exchange interactions. The scheme consists of a spin-bus, with strong, always-on interactions, coupled dynamically to external qubits of the Loss and DiVincenzo type. Long-range correlations are enabled by a spectral gap occurring in a finite-size chain. The bus can also form a hub for multiqubit entangling operations. We show how multiqubit gates may be used to efficiently generate $W$-states (an important entanglement resource). The spin-bus therefore provides a route for scalable solid-state quantum computation, using currently available experimental resources.Comment: Published versio

First Results from a 1.3 cm EVLA Survey of Massive Protostellar Objects: G35.03+0.35

We have performed a 1.3 centimeter survey of 24 massive young stellar objects (MYSOs) using the Expanded Very Large Array (EVLA). The sources in the sample exhibit a broad range of massive star formation signposts including Infrared Dark Clouds (IRDCs), UCHII regions, and extended 4.5 micron emission in the form of Extended Green Objects (EGOs). In this work, we present results for G35.03+0.35 which exhibits all of these phenomena. We simultaneously image the 1.3 cm ammonia (1,1) through (6,6) inversion lines, four methanol transitions, two H recombination lines, plus continuum at 0.05 pc resolution. We find three areas of thermal ammonia emission, two within the EGO (designated the NE and SW cores) and one toward an adjacent IRDC. The NE core contains an UCHII region (CM1) and a candidate HCHII region (CM2). A region of non-thermal, likely masing ammonia (3,3) and (6,6) emission is coincident with an arc of 44 GHz methanol masers. We also detect two new 25 GHz Class I methanol masers. A complementary Submillimeter Array 1.3 mm continuum image shows that the distribution of dust emission is similar to the lower-lying ammonia lines, all peaking to the NW of CM2, indicating the likely presence of an additional MYSO in this protocluster. By modeling the ammonia and 1.3 mm continuum data, we obtain gas temperatures of 20-220 K and masses of 20-130 solar. The diversity of continuum emission properties and gas temperatures suggest that objects in a range of evolutionary states exist concurrently in this protocluster.Comment: To appear in Astrophysical Journal Letters Special Issue on the EVLA. 16 pages, 3 figures. Includes the complete version of Figure 3, which was unable to fit into the journal article due to the number of panel

The Protocluster G18.67+0.03: A Test Case for Class I Methanol Masers as Evolutionary Indicators for Massive Star Formation

We present high angular resolution Submillimeter Array (SMA) and Karl G. Jansky Very Large Array (VLA) observations of the massive protocluster G18.67+0.03. Previously targeted in maser surveys of GLIMPSE Extended Green Objects (EGOs), this cluster contains three Class I methanol maser sources, providing a unique opportunity to test the proposed role of Class I masers as evolutionary indicators for massive star formation. The millimeter observations reveal bipolar molecular outflows, traced by 13CO(2-1) emission, associated with all three Class I maser sources. Two of these sources (including the EGO) are also associated with 6.7 GHz Class II methanol masers; the Class II masers are coincident with millimeter continuum cores that exhibit hot core line emission and drive active outflows, as indicated by the detection of SiO(5-4). In these cases, the Class I masers are coincident with outflow lobes, and appear as clear cases of excitation by active outflows. In contrast, the third Class I source is associated with an ultracompact HII region, and not with Class II masers. The lack of SiO emission suggests the 13CO outflow is a relic, consistent with its longer dynamical timescale. Our data show that massive young stellar objects associated only with Class I masers are not necessarily young, and provide the first unambiguous evidence that Class I masers may be excited by both young (hot core) and older (UC HII) MYSOs within the same protocluster.Comment: Astrophysical Journal Letters, accepted. emulateapj, 7 pages including 4 figures and 1 table. Figures compressed. v2: coauthor affiliation updated, emulateapj versio

Building a Better Mousetrap: Enhanced Dollar Cost Averaging

This paper presents a simple, intuitive investment strategy that improves upon the popular dollarcost- averaging (DCA) approach. The investment strategy, which we call enhanced dollar-costaveraging (EDCA), is a simple, rule-based strategy that retains most of the attributes of traditional DCA that are appealing to most investors but yet adjusts to new information, which traditional DCA does not. Simulation results show that the EDCA strategy reliably outperforms the DCA strategy in terms of higher dollar-weighted returns about 90% of the time and nearly always delivers greater terminal wealth for reasonable values of the risk premium. EDCA is most effective when applied to high volatility assets, when cash flows are highly sensitive to past returns, and during secular bear markets. Historical back-testing on equity indexes and mutual funds indicates that investor dollar-weighted returns can be enhanced by between 30 and 70 basis points per year simply by switching from DCA to EDCA

Local adaptation drives the diversification of effectors in the fungal wheat pathogen Parastagonospora nodorum in the United States

Filamentous fungi rapidly evolve in response to environmental selection pressures in part due to their genomic plasticity. Parastagonospora nodorum, a fungal pathogen of wheat and causal agent of septoria nodorum blotch, responds to selection pressure exerted by its host, influencing the gain, loss, or functional diversification of virulence determinants, known as effector genes. Whole genome resequencing of 197 P. nodorum isolates collected from spring, durum, and winter wheat production regions of the United States enabled the examination of effector diversity and genomic regions under selection specific to geographically discrete populations. 1,026,859 SNPs/InDels were used to identify novel loci, as well as SnToxA and SnTox3 as factors in disease. Genes displaying presence/absence variation, predicted effector genes, and genes localized on an accessory chromosome had significantly higher pN/pS ratios, indicating a higher rate of sequence evolution. Population structure analyses indicated two P. nodorum populations corresponding to the Upper Midwest (Population 1) and Southern/Eastern United States (Population 2). Prevalence of SnToxA varied greatly between the two populations which correlated with presence of the host sensitivity gene Tsn1 in the most prevalent cultivars in the corresponding regions. Additionally, 12 and 5 candidate effector genes were observed to be under diversifying selection among isolates from Population 1 and 2, respectively, but under purifying selection or neutrally evolving in the opposite population. Selective sweep analysis revealed 10 and 19 regions that had recently undergone positive selection in Population 1 and 2, respectively, involving 92 genes in total. When comparing genes with and without presence/absence variation, those genes exhibiting this variation were significantly closer to transposable elements. Taken together, these results indicate that P. nodorum is rapidly adapting to distinct selection pressures unique to spring and winter wheat production regions by rapid adaptive evolution and various routes of genomic diversification, potentially facilitated through transposable element activity