The management of de-cumulation risks in a defined contribution environment

The aim of the paper is to lay the theoretical foundations for the construction of a flexible tool that can be used by pensioners to find optimal investment and consumption choices in the distribution phase of a defined contribution pension scheme. The investment/consumption plan is adopted until the time of compulsory annuitization, taking into account the possibility of earlier death. The effect of the bequest motive and the desire to buy a higher annuity than the one purchasable at retirement are included in the objective function. The mathematical tools provided by dynamic programming techniques are applied to find closed form solutions: numer-ical examples are also presented. In the model, the trade-off between the different desires of the individual regarding consumption and final annuity can be dealt with by choosing appropriate weights for these factors in the setting of the problem. Conclusions are twofold. Firstly, we find that there is a natural time-varying target for the size of the fund, which acts as a sort of safety level for the needs of the pensioner. Secondly, the personal preferences of the pensioner can be translated into optimal choices, which in turn affect the distribution of the consumption path and of the final annuity

Self-selection and risk sharing in a modern world of lifelong annuities - Abstract of the London Discussion

This abstract relates to the following paper: Gerrard, R., Hiabu, M., Kyriakou, I. and Nielsen, J. P. (2018) Self-selection and risk sharing in a modern world of lifelong annuities ‐ Abstract of the London Discussion. British Actuarial Journal. Cambridge University Press, 23. doi: 10.1017/S135732171800020X

Self-selection and risk sharing in a modern world of life-long annuities

Communicating a pension product well is as important as optimising the financial value. In a recent study, we showed that up to 80% of the value of a pension lump sum could be lost if customer communication failed. In this paper, we extend the simple customer interaction of the earlier contribution to the more challenging lifetime annuity case. Using a simple mobile phone device, the pension customer can select the life-long optimal investment strategy within minutes. The financial risk trade-off is presented as a trade-off between the pension paid and the number of years the life-long annuity is guaranteed. The pension payment decreases when investment security increases. The necessary underlying mathematical financial hedging theory is included in the stud

The Politics of Post-Qualitative Inquiry: History and Power

In this article, we offer a critical reading of the increasingly popular “post-qualitative” approach to research. We draw on insights from postcolonial theory to offer some provocations about the methodological and conceptual claims made by post-qualitative inquiry. The article considers how post-qualitative inquiry opens up possibilities for post-humanist social research. But, our critical reading of these “new” approaches argues that such research needs to attend to political and historical relations of social power, both in the worlds it constitutes and in the processes of its knowledge production. Without explicit attention to power and history, the (non)representational logics of post-qualitative inquiry risk operating less as “new” mechanisms for generative and subversive post-humanist research and more as processes of closure and erasure: closed-off from the worlds and people being researched

Surface mechanomyography and electromyography provide non-invasive indices of inspiratory muscle force and activation in healthy subjects

The current gold standard assessment of human inspiratory muscle function involves using invasive measures of transdiaphragmatic pressure (Pdi) or crural diaphragm electromyography (oesEMGdi). Mechanomyography is a non-invasive measure of muscle vibration associated with muscle contraction. Surface electromyogram and mechanomyogram, recorded transcutaneously using sensors placed over the lower intercostal spaces (sEMGlic and sMMGlic respectively), have been proposed to provide non-invasive indices of inspiratory muscle activation, but have not been directly compared to gold standard Pdi and oesEMGdi measures during voluntary respiratory manoeuvres. To validate the non-invasive techniques, the relationships between Pdi and sMMGlic, and between oesEMGdi and sEMGlic were measured simultaneously in 12 healthy subjects during an incremental inspiratory threshold loading protocol. Myographic signals were analysed using fixed sample entropy (fSampEn), which is less influenced by cardiac artefacts than conventional root mean square. Strong correlations were observed between: mean Pdi and mean fSampEn |sMMGlic| (left, 0.76; right, 0.81), the time-integrals of the Pdi and fSampEn |sMMGlic| (left, 0.78; right, 0.83), and mean fSampEn oesEMGdi and mean fSampEn sEMGlic (left, 0.84; right, 0.83). These findings suggest that sMMGlic and sEMGlic could provide useful non-invasive alternatives to Pdi and oesEMGdi for the assessment of inspiratory muscle function in health and disease.Peer ReviewedPostprint (published version

Two complete syntheses of (S)-aspartate semi-aldehyde and demonstration that Delta(2)-tetrahydroisophthalic acid is a non-competitive inhibitor of dihydrodipicolinate synthase

The document attached has been archived with permission from the publisher.We report, in full, two 3-step syntheses of (S)-aspartate semi-aldehyde, an important synthetic and biosynthetic precursor, from diprotected aspartic acid. The first synthesis proceeds via a thioester, the second via a Weinreb amide. Each route yields pure (S)-aspartate semi-aldehyde in excellent yield. The utility of (S)-aspartate semi-aldehyde prepared in this manner was demonstrated with an inhibition study of dihydrodipicolinate synthase, wherein Δ2- tetrahydroisophthalic acid is shown to be a non-competitive inhibitor with respect to both substrates.Sarah J. Roberts, Jonathan C. Morris, Renwick C.J. Dobson, Chris L. Baxter, and Juliet A. Gerrar

Limaria hians (Mollusca : Limacea): a neglected reef-forming keystone species

1. A key component of physical habitat along braided river systems is the exposed riverine sediment within the active zone. The relatively unmanaged, gravel-bed Fiume Tagliamento, Italy, provides the focus for exploring two ecologically important properties of exposed riverine sediments: their within-patch and between-patch variability in calibre. 2. To characterize between-patch variation in exposed riverine sediments, replicate (within-patch) samples were obtained from three geomorphologically distinct locations along 130 km of the river: bar heads along the margin of the low-flow channel, the heads of major bars across the exposed surface of the active zone, and floodplain surfaces. A photographic technique enabled rapid and consistent field sampling of the coarse sediments at bar heads along the low-flow channel margin and on major bars across the dry bed. 3. A downstream decrease in particle size and an increase in within-patch heterogeneity in sediment size were observed within bar head sediments along the margin of the low-flow channel. Comparisons between major bar and low-flow channel samples revealed greatest within-patch variability in individual sediment size indices (D50, A- and B-axes of the larger particles) at headwater sites, greatest between-patch variability in the three measured indices in the central reaches, and lowest between-patch variability at downstream sites. However, there was a distinct increase in the overall heterogeneity in particle size, which was sustained across all patches, in a downstream direction. 4. There was a clear downstream decrease in the size of floodplain sediments in the headwaters, but thereafter there was no distinct downstream trend in any of the calculated particle size indices. 5. The geomorphological controls on the observed patterns and the potential ecological significance of the patterns, particularly for plant establishment, are discussed in relation to the relative relief of the active zone, and the highly variable hydrological and climatic regime along the river

Noninvasive assessment of inspiratory muscle neuromechanical coupling during inspiratory threshold loading

Diaphragm neuromechanical coupling (NMC), which reflects the efficiency of conversion of neural activation to transdiaphragmatic pressure (Pdi), is increasingly recognized to be a useful clinical index of diaphragm function and respiratory mechanics in neuromuscular weakness and cardiorespiratory disease. However, the current gold standard assessment of diaphragm NMC requires invasive measurements of Pdi and crural diaphragm electromyography (oesEMGdi), which complicates the measurement of diaphragm NMC in clinical practice. This is the first study to compare invasive measurements of diaphragm NMC (iNMC) using the relationship between Pdi and oesEMGdi, with noninvasive assessment of NMC (nNMC) using surface mechanomyography (sMMGlic) and electromyography (sEMGlic) of lower chest wall inspiratory muscles. Both invasive and noninvasive measurements were recorded in twelve healthy adult subjects during an inspiratory threshold loading protocol. A linear relationship between noninvasive sMMGlic and sEMGlic measurements was found, resulting in little change in nNMC with increasing inspiratory load. By contrast, a curvilinear relationship between invasive Pdi and oesEMGdi measurements was observed, such that there was a progressive increase in iNMC with increasing inspiratory threshold load. Progressive recruitment of lower ribcage muscles, serving to enhance the mechanical advantage of the diaphragm, may explain the more linear relationship between sMMGlic and sEMGlic (both representing lower intercostal plus costal diaphragm activity) than between Pdi and crural oesEMGdi. Noninvasive indices of NMC derived from sEMGlic and sMMGlic may prove to be useful indices of lower chest wall inspiratory muscle NMC, particularly in settings that do not have access to invasive measures of diaphragm function.Peer ReviewedPostprint (published version