Analysis of the institutional frame regarding the bear management in Romanian conditions

In contrast to the situation at European level, the policies of nature conservation in Romania often occupy, on national scale, only the last places in the agenda of the Romanian legislative and executive bodies. In this context, local and regional initiatives may play an important role in the conservation of nature. The Transilvania University from Brasov, along with partners from Italy, Bulgaria and Greece are implementing a LIFE+ project that work for improvement the conditions for large carnivore conservation and transfer of best practices

Towards an ecological network for the Carpathians

The Carpathian Biodiversity Information System (CBIS) and the proposal for an ecological network for the eastern part of the Carpathians are the two main outcomes of the project funded by the BBI Matra program of the Dutch government. This brochure presents information on how the CBIS was designed, and how the data stored can be retrieved and used. It also clarifies how the CBIS data were used to design the ecological network and, last but not least, it offers recommendations for the use of the proposed ecological network in supporting sustainable developmentin the Carpathians. Due to funding restrictions, the project focused on three east Carpathian countries: Romania, Serbia and Ukraine, which together host the largest area of the Carpathians (Fig. 2). Geographically, the Eastern Carpathians also include parts of the Carpathians located in Poland and Slovakia. Data collection in the Western Carpathians (Czech Republic, Poland, Slovakia and Hungary) will be completed by 2010 and is funded by a parallel project

Drift dependence of optimal trade execution strategies under transient price impact

We give a complete solution to the problem of minimizing the expected liquidity costs in presence of a general drift when the underlying market impact model has linear transient price impact with exponential resilience. It turns out that this problem is well-posed only if the drift is absolutely continuous. Optimal strategies often do not exist, and when they do, they depend strongly on the derivative of the drift. Our approach uses elements from singular stochastic control, even though the problem is essentially non-Markovian due to the transience of price impact and the lack in Markovian structure of the underlying price process. As a corollary, we give a complete solution to the minimization of a certain cost-risk criterion in our setting

An Optimal Execution Problem with Market Impact

We study an optimal execution problem in a continuous-time market model that considers market impact. We formulate the problem as a stochastic control problem and investigate properties of the corresponding value function. We find that right-continuity at the time origin is associated with the strength of market impact for large sales, otherwise the value function is continuous. Moreover, we show the semi-group property (Bellman principle) and characterise the value function as a viscosity solution of the corresponding Hamilton-Jacobi-Bellman equation. We introduce some examples where the forms of the optimal strategies change completely, depending on the amount of the trader's security holdings and where optimal strategies in the Black-Scholes type market with nonlinear market impact are not block liquidation but gradual liquidation, even when the trader is risk-neutral.Comment: 36 pages, 8 figures, a modified version of the article "An optimal execution problem with market impact" in Finance and Stochastics (2014

Optimal execution in a general one-sided limit-order book

We construct an optimal execution strategy for the purchase of a large number of shares of a financial asset over a fixed interval of time. Purchases of the asset have a nonlinear impact on price, and this is moderated over time by resilience in the limit-order book that determines the price. The limit-order book is permitted to have arbitrary shape. The form of the optimal execution strategy is to make an initial lump purchase and then purchase continuously for some period of time during which the rate of purchase is set to match the order book resiliency. At the end of this period, another lump purchase is made, and following that there is again a period of purchasing continuously at a rate set to match the order book resiliency. At the end of this second period, there is a final lump purchase. Any of the lump purchases could be of size zero. A simple condition is provided that guarantees that the intermediate lump purchase is of size zero

Tightly Integrated Probabilistic Description Logic Programs for Representing Ontology Mappings.

Creating mappings between ontologies is a common way of approaching the semantic heterogeneity problem on the Semantic Web. To fit into the landscape of semantic web languages, a suitable, logic-based representation formalism for mappings is needed. We argue that such a formalism has to be able to deal with uncertainty and inconsistencies in automatically created mappings. We analyze the requirements for such a formalism, and we propose a novel approach to probabilistic description logic programs as such a formalism, which tightly combines disjunctive logic programs under the answer set semantics with both description logics and Bayesian probabilities. We define the language, and we show that it can be used to resolve inconsistencies and merge mappings from different matchers based on the level of confidence assigned to different rules. Furthermore, we explore the computational aspects of consistency checking and query processing in tightly integrated probabilistic description logic programs. We show that these problems are decidable and computable, respectively, and that they can be reduced to consistency checking and cautious/brave reasoning, respectively, in tightly integrated disjunctive description logic programs. We also analyze the complexity of consistency checking and query processing in the new probabilistic description logic programs in special cases. In particular, we present a special case of these problems with polynomial data complexity. © 2008 Springer-Verlag Berlin Heidelberg