On bending angles by gravitational lenses in motion

The bending of lightrays by the gravitational field of a ``lens'' that is moving relative to the observer is calculated within the approximation of weak fields, small angles and thin lenses. Up to first order in $v/c$ -- and assuming the acceleration to be much smaller than $v/c$ -- the bending angle, time delay and redshift of the images are found to be affected by the component of the speed of the deflector along the line of sight. The correction takes the form of an overall factor of $1+v/c$ accompanying the mass of the deflector, leading to an indeterminacy of the order of $v/c$ in the mass of the lens inferred on the basis of the separation of multiple images. The consequent correction to the microlensing lightcurve is pointed out, as well as scenarios where the correction is potentially relevant.Comment: 6 pages, to appear in MNRA

Dynamics of Fermat potentials in non-perturbative gravitational lensing

We present a framework, based on the null-surface formulation of general relativity, for discussing the dynamics of Fermat potentials for gravitational lensing in a generic situation without approximations of any kind. Additionally, we derive two lens equations: one for the case of thick compact lenses and the other one for lensing by gravitational waves. These equations in principle generalize the astrophysical scheme for lensing by removing the thin-lens approximation while retaining the weak fields.Comment: Accepted for publication in Phys. Rev.

On the super replication price of unbounded claims

In an incomplete market the price of a claim f in general cannot be uniquely identified by no arbitrage arguments. However, the ``classical'' super replication price is a sensible indicator of the (maximum selling) value of the claim. When f satisfies certain pointwise conditions (e.g., f is bounded from below), the super replication price is equal to sup_QE_Q[f], where Q varies on the whole set of pricing measures. Unfortunately, this price is often too high: a typical situation is here discussed in the examples. We thus define the less expensive weak super replication price and we relax the requirements on f by asking just for ``enough'' integrability conditions. By building up a proper duality theory, we show its economic meaning and its relation with the investor's preferences. Indeed, it turns out that the weak super replication price of f coincides with sup_{Q\in M_{\Phi}}E_Q[f], where M_{\Phi} is the class of pricing measures with finite generalized entropy (i.e., E[\Phi (\frac{dQ}{dP})]<\infty) and where \Phi is the convex conjugate of the utility function of the investor.Comment: Published at http://dx.doi.org/10.1214/105051604000000459 in the Annals of Applied Probability (http://www.imstat.org/aap/) by the Institute of Mathematical Statistics (http://www.imstat.org

Aberration by gravitational lenses in motion

It is known that a fully relativistic integration of the null geodesics of a weak perturbation of flat spacetime leads to a correction of order $v/c$ to the bending angle and time delay due to a gravitational lens in slow motion with small acceleration. The existence of the $v/c$ correction was verified by the VLBI experiment of the bending of light by Jupiter on September 8, 2002. Here the $v/c$ correction is interpreted by means of standard aberration of light in an optically active medium with an effective index of refraction induced by the gravitational field of a lens in motion.Comment: 3 page

The Theory of Caustics and Wavefront Singularities with Physical Applications

This is intended as an introduction to and review of the work of V, Arnold and his collaborators on the theory of Lagrangian and Legendrian submanifolds and their associated maps. The theory is illustrated by applications to Hamilton-Jacobi theory and the eikonal equation, with an emphasis on null surfaces and wavefronts and their associated caustics and singularities.Comment: Figs. not include

Status of Mexican Trucks in the United States: Frequently Asked Questions

In the North American Free Trade Agreement (NAFTA), which took effect in January 1994, the United States and Mexico agreed to allow each other’s trucks to carry goods across the border to make deliveries anywhere inside their respective countries. This provision was controversial in the United States, and a trial program begun in September 2007 by the George W. Bush Administration was defunded by Congress in March 2009. Mexico imposed tariffs on certain U.S. goods in response to the program’s termination, as permitted by NAFTA. After bilateral negotiations, the Obama Administration announced a new pilot program to allow long-haul Mexican trucks into the United States in April 2011. The first Mexican truck with long-haul operating authority crossed the border in October 2011. This report answers frequently asked questions about the pilot program permitting Mexican trucks into the United States

A unified framework for utility maximization problems: An Orlicz space approach

We consider a stochastic financial incomplete market where the price processes are described by a vector-valued semimartingale that is possibly nonlocally bounded. We face the classical problem of utility maximization from terminal wealth, with utility functions that are finite-valued over $(a,\infty)$, $a\in\lbrack-\infty,\infty)$, and satisfy weak regularity assumptions. We adopt a class of trading strategies that allows for stochastic integrals that are not necessarily bounded from below. The embedding of the utility maximization problem in Orlicz spaces permits us to formulate the problem in a unified way for both the cases $a\in\mathbb{R}$ and $a=-\infty$. By duality methods, we prove the existence of solutions to the primal and dual problems and show that a singular component in the pricing functionals may also occur with utility functions finite on the entire real line.Comment: Published in at http://dx.doi.org/10.1214/07-AAP469 the Annals of Applied Probability (http://www.imstat.org/aap/) by the Institute of Mathematical Statistics (http://www.imstat.org

Universal Arbitrage Aggregator in Discrete Time Markets under Uncertainty

In a model independent discrete time financial market, we discuss the richness of the family of martingale measures in relation to different notions of Arbitrage, generated by a class $\mathcal{S}$ of significant sets, which we call Arbitrage de la classe $\mathcal{S}$. The choice of $\mathcal{S}$ reflects into the intrinsic properties of the class of polar sets of martingale measures. In particular: for S=${\Omega}$ absence of Model Independent Arbitrage is equivalent to the existence of a martingale measure; for $\mathcal{S}$ being the open sets, absence of Open Arbitrage is equivalent to the existence of full support martingale measures. These results are obtained by adopting a technical filtration enlargement and by constructing a universal aggregator of all arbitrage opportunities. We further introduce the notion of market feasibility and provide its characterization via arbitrage conditions. We conclude providing a dual representation of Open Arbitrage in terms of weakly open sets of probability measures, which highlights the robust nature of this concept