A backward dual representation for the quantile hedging of Bermudan options

Within a Markovian complete financial market, we consider the problem of hedging a Bermudan option with a given probability. Using stochastic target and duality arguments, we derive a backward numerical scheme for the Fenchel transform of the pricing function. This algorithm is similar to the usual American backward induction, except that it requires two additional Fenchel transformations at each exercise date. We provide numerical illustrations

Towards a model of how designers mentally categorise design information

This study aims to explore how designers mentally categorise design information during the early sketching performed in the generative phase. An action research approach is particularly appropriate for identifying the various sorts of design information and the cognitive operations involved in this phase. Thus, we conducted a protocol study with eight product designers based on a descriptive model derived from cognitive psychological memory theories. Subsequent protocol analysis yielded a cognitive model depicting the mental categorisation of design information processing performed by designers. This cognitive model included a structure for design information (high, middle, and low levels) and linked cognitive operations (association and transformation). Finally, this paper concludes by discussing directions for future research on the development of new computational tools for designers

Estudio arqueológico del sitio El Morro: un puerto prehispánico en la costa del Pacifico nor-ecuatorial (departamento de Nariño, Colombia)

The archaeological research in El Morro site (Tumaco, Colombia) brought to light two prehispanic occupations. The first one belongs to Tumaco-La Tolita cultural phase. The second one, properly el Morro, more recent (between 4th and 5th centuries AD) with a very different pottery, is considered an occupation by fishermen and/or maritime traders

Désinstitutionnalisation, «communautarisation» des services et formation des intervenants

La désinstitutionnalisation et la «communautarisation» des services impliquent des changements importants dans nos pratiques professionnelles. Le citoyen, Ie parent et les ressources de la communauté deviennent des partenaires nécessaires dans le maintien de Ia personne en difficulté d'adaptation dans son milieu familial et communautaire. Ce changement correspond à des modifications importantes de nos valeurs de société où l'on reconnaît aux parents et aux citoyens des habiletés et des ressources pour seconder l'action des réseaux de services professionnels. Nous devons nous questionner sur la nature des habiletés professionnelles à développer pour respecter et valoriser ces nouvelles ressources de l'écologie humaine et sociale des différents milieux communautaires. Il faut donc penser à une pédagogie de services qui visent à outiller le parent et Ie citoyen dans la prise en charge de certains besoins de la famille et de la collectivité. La formation et le perfectionnement du personnel requièrent des stratégies pédagogiques qui débordent Ie savoir théorique et associent le savoir-faire du milieu; en d'autres mots, qui intègrent le savoir théorique et Ie savoir empirique.Deux expériences de formation sont présentées dont l'une implique la formation initiale (Projet de recherche et d'intervention à la maison) et l'autre le perfectionnement d'intervenants des réseaux (Services intégrés à Ia communauté). Ces expériences sont deux exemples parmi d'autres qui illustrent le besoin de redéfinir son rapport au savoir et au pouvoir afin de favoriser l'émergence de véritables alternatives institutionnelles en éducation, en psychiatrie, en service social... Enfin, on doit se demander quel modèle de société facilite le plus la concertation entre les ressources professionnelles alternatives et d'entraide?The "deinstitutionalization" of services and their community uses imply important modifications in our professional practices. The citizen, the parent and the community resources become necessary partners in the care of the person maladjusted to his family and community environment. This change means that our social values have to undergo important modifications so that parents and citizens are recognized the abilities and resources to assist the actions of the professional services'networks. We have to study what professional abilities need to be developed in the different community environment to respect and give value to these new resources of the human and social ecology. A pedagogy of services has to be thought of in order to prepare both parent and citizen to be responsible for certain needs in the family and community. The training and the specialization of the personnel is in need of pedagogical strategies that will trancend the theoretical knowledge and will take account the environment's know how. In other words, strategies that will blend the theoretical knowledge with the Empirical one.Two training experiences are presented: one implies the initial training (Research project and in the house intervention) and the other is involved with the training of network's helpers (Community integrated services). Those experiences are two among others which illustrate the need to define the relationship between power and knowledge in order to help the growth of true institutional alternatives in education, psychiatry, social work. Finally, we should ask what type of society facilitates the collaboration between alternative professional resources and mutual aid

Morphological operators for very low bit rate video coding

This paper deals with the use of some morphological tools for video coding at very low bit rates. Rather than describing a complete coding algorithm, the purpose of this paper is to focus on morphological connected operators and segmentation tools that have proved to be attractive for compression.Peer ReviewedPostprint (published version

Biodiversity in salt marshes: from the patrimonial value to the ecosystem functioning. The case study of the Mont Saint-Michel bay.

Until 1979, European salt marshes were known only through the inventories of fauna and especially of flora. On such criteria, the salt marshes of the Mont-Saint-Michel bay (France) were regarded as most significant of the French coasts. However, it took 20 years of research on the role of these wetlands of the estuaries-salt marsh systems to highlight the ecological, social and economic interest of this ecotone, between continental and marine systems, a long time considered as territory “without value”, except for stock breeders or hunters

Alien Registration- Bouchard, Jean J B. (Caribou, Aroostook County)

https://digitalmaine.com/alien_docs/25988/thumbnail.jp

European salt marshes diversity and functioning: the case study of the Mont Saint-Michel bay, France

The macrotidal Mont Saint-Michel bay has been studied intensively since 1990. The objectives of this study, supported by the European Union, was to understand various processes underlying the functioning of this hydrosystem with a special focus on organic matter and nutrient fluxes between saltmarshes and marine waters. This paper presents a synopsis of these studies. The tidal flats are unvegetated and primary production is exclusively due to microphytobenthos communities dominated by diatoms. Halophile plant communities colonize the top parts of the tidal flats. Their composition and production vary according to a maturity gradient and sheep grazing. In ungrazed saltmashes, production ranged from 1080 gDW m−2yr−1 in the lower marsh to 1990 gDW m−2yr−1 in the upper marsh whereas it was only 200 to 500 gDW m−2yr−1 in Salicornia spp. dominated pioneer zones and sheep grazed areas. Most of this organic matter (OM) was trapped in situ, processed by fungi and bacteria, and then released seaward via tidal fluxes, groundwater and runoff as particulate OM and nutrients: –497 kg N, –1200/–1000 kg P-PO4 and –9900/–4200 kg inorganic carbon). A small amount of OM was exported to the bay as macrodetritus. Fatty acids and stable isotopes, used as markers, showed that OM produced by the marsh halophytes contributed to the diet of all the tidal flats invertebrates that were studied. Transient fish species were shown to colonize the saltmarshes to forage or graze, exporting about 50 tons POM (DW)y−1. Therefore, it is assumed that the saltmarsh production enhances the production of the whole bay. But the functioning is still poorly known because the nutrient sinks have not all been identified. Part of the nutrients input was provided by precipitation (+327 kg y−1), but the contribution of the catchments was not quantified despite the fact that their influence was shown by the presence of lindane in all the compartments of the system. Dynamics of saltmarshes are mainly influenced by natural sedimentation (1.5 million m3y−1 in the bay), plant community succession, and management (i.e., reclamation and agricultural activities)