A note on super-hedging for investor-producers

We study the situation of an agent who can trade on a financial market and can also transform some assets into others by means of a production system, in order to price and hedge derivatives on produced goods. This framework is motivated by the case of an electricity producer who wants to hedge a position on the electricity spot price and can trade commodities which are inputs for his system. This extends the essential results of Bouchard & Nguyen Huu (2011) to continuous time markets. We introduce the generic concept of conditional sure profit along the idea of the no sure profit condition of R\`asonyi (2009). The condition allows one to provide a closedness property for the set of super-hedgeable claims in a very general financial setting. Using standard separation arguments, we then deduce a dual characterization of the latter and provide an application to power futures pricing

Uniform rationality of Poincar\'e series of p-adic equivalence relations and Igusa's conjecture on exponential sums

This thesis contains some new results on the uniform rationality of Poincar\'e series of p-adic equivalence relations and Igusa's conjecture on exponential sumsComment: Doctoral thesis, University of Lill

Investment under uncertainty, competition and regulation

We investigate a randomization procedure undertaken in real option games which can serve as a basic model of regulation in a duopoly model of preemptive investment. We recall the rigorous framework of [M. Grasselli, V. Lecl\`ere and M. Ludkovsky, Priority Option: the value of being a leader, International Journal of Theoretical and Applied Finance, 16, 2013], and extend it to a random regulator. This model generalizes and unifies the different competitive frameworks proposed in the literature, and creates a new one similar to a Stackelberg leadership. We fully characterize strategic interactions in the several situations following from the parametrization of the regulator. Finally, we study the effect of the coordination game and uncertainty of outcome when agents are risk-averse, providing new intuitions for the standard case

Flooding in Mekong River Delta, Viet Nam

human development, climate change

Vibration and buckling of composite beams using refined shear deformation theory

Vibration and buckling analysis of composite beams with arbitrary lay-ups using refined shear deformation theory is presented. The theory accounts for the parabolical variation of shear strains through the depth of beam. Three governing equations of motion are derived from Hamilton's principle. The resulting coupling is referred to as triply coupled vibration and buckling. A two-noded C1 beam element with five degree-of-freedom per node which accounts for shear deformation effects and all coupling coming from the material anisotropy is developed to solve the problem. Numerical results are obtained for composite beams to investigate effects of fibre orientation and modulus ratio on the natural frequencies, critical buckling loads and corresponding mode shapes

Static behavior of composite beams using various refined shear deformation theories

Static behavior of composite beams with arbitrary lay-ups using various refined shear deformation theories is presented. The developed theories, which do not require shear correction factor, account for parabolical variation of shear strains and consequently shear stresses through the depth of the beam. In addition, they have strong similarity with Euler–Bernoulli beam theory in some aspects such as governing equations, boundary conditions, and stress resultant expressions. A two-noded C1 finite element with six degree-of-freedom per node which accounts for shear deformation effects and all coupling coming from the material anisotropy is developed to solve the problem. Numerical results are performed for symmetric and anti-symmetric cross-ply composite beams under the uniformly distributed load and concentrated load. The effects of fiber angle and lay-ups on the shear deformation parameter and extension-bending-shear-torsion response are investigated