Set-valued shortfall and divergence risk measures

Risk measures for multivariate financial positions are studied in a utility-based framework. Under a certain incomplete preference relation, shortfall and divergence risk measures are defined as the optimal values of specific set minimization problems. The dual relationship between these two classes of multivariate risk measures is constructed via a recent Lagrange duality for set optimization. In particular, it is shown that a shortfall risk measure can be written as an intersection over a family of divergence risk measures indexed by a scalarization parameter. Examples include set-valued versions of the entropic risk measure and the average value at risk. As a second step, the minimization of these risk measures subject to trading opportunities is studied in a general convex market in discrete time. The optimal value of the minimization problem, called the market risk measure, is also a set-valued risk measure. A dual representation for the market risk measure that decomposes the effects of the original risk measure and the frictions of the market is proved

A Minty variational principle for set optimization

Extremal problems are studied involving an objective function with values in (order) complete lattices of sets generated by so called set relations. Contrary to the popular paradigm in vector optimization, the solution concept for such problems, introduced by F. Heyde and A. L\"ohne, comprises the attainment of the infimum as well as a minimality property. The main result is a Minty type variational inequality for set optimization problems which provides a sufficient optimality condition under lower semicontinuity assumptions and a necessary condition under appropriate generalized convexity assumptions. The variational inequality is based on a new Dini directional derivative for set-valued functions which is defined in terms of a "lattice difference quotient": A residual operation in a lattice of sets replaces the inverse addition in linear spaces. Relationships to families of scalar problems are pointed out and used for proofs: The appearance of improper scalarizations poses a major difficulty which is dealt with by extending known scalar results such as Diewert's theorem to improper functions

Panel Discussion - Management of Eurasian watermilfoil in the United States using native insects: State regulatory and management issues

While researchers have evaluated the potential of native insect herbivores to manage nonindigenous aquatic plant species such as Eurasian watermilfoil ( Myriophyllum spicatum L.), the practical matters of regulatory compliance and implementation have been neglected. A panel of aquatic nuisance species program managers from three state natural resource management agencies (Minnesota, Vermont and Washington) discussed their regulatory and policy concerns. In addition, one ecological consultant attempting to market one of the native insects to manage Eurasian watermilfoil added his perspective on the special challenges of distributing a native biological control agent for management of Eurasian watermilfoil

Localized and Expanding Entire Solutions of Reaction-Diffusion Equations

This paper is concerned with the spatio-temporal dynamics of nonnegative bounded entire solutions of some reaction-diffusion equations in R N in any space dimension N. The solutions are assumed to be localized in the past. Under certain conditions on the reaction term, the solutions are then proved to be time-independent or heteroclinic connections between different steady states. Furthermore, either they are localized uniformly in time, or they converge to a constant steady state and spread at large time. This result is then applied to some specific bistable-type reactions

Symmetry of Traveling Wave Solutions to the Allen-Cahn Equation in \Er^2

In this paper, we prove even symmetry of monotone traveling wave solutions to the balanced Allen-Cahn equation in the entire plane. Related results for the unbalanced Allen-Cahn equation are also discussed