An option on the average European futures prices for an efficient hog producer risk management

The volatility of hog prices is high compared to most agricultural commodities. However, European hog producers do not benefit from any agricultural policy support. Through the continuous production process and induced selling activity on spot markets, producers benefit from a natural moving average product pricing. In addition, asymmetric price risk management is able to increase the expected utility of risk adverse hog producers. But, if there is a futures contract at the European Exchange (EUREX), there is no option market and as a consequence no derivative contracts on the European hog market. The article is presenting how financial intermediaries could offer an innovative derivative contract to complement the “naturall ” steady price of the French hog producers.price risk, margin risk, hog, futures market, replication portfolio, hedging

Detection of multiplicative noise in stationary random processes using second- and higher order statistics

This paper addresses the problem of detecting the presence of colored multiplicative noise, when the information process can be modeled as a parametric ARMA process. For the case of zero-mean multiplicative noise, a cumulant based suboptimal detector is studied. This detector tests the nullity of a specific cumulant slice. A second detector is developed when the multiplicative noise is nonzero mean. This detector consists of filtering the data by an estimated AR filter. Cumulants of the residual data are then shown to be well suited to the detection problem. Theoretical expressions for the asymptotic probability of detection are given. Simulation-derived finite-sample ROC curves are shown for different sets of model parameters

Lorentz Force Electrical Impedance Tomography

This article describes a method called Lorentz Force Electrical Impedance Tomography. The electrical conductivity of biological tissues can be measured through their sonication in a magnetic field: the vibration of the tissues inside the field induces an electrical current by Lorentz force. This current, detected by electrodes placed around the sample, is proportional to the ultrasonic pressure, to the strength of the magnetic field and to the electrical conductivity gradient along the acoustic axis. By focusing at different places inside the sample, a map of the electrical conductivity gradient can be established. In this study experiments were conducted on a gelatin phantom and on a beef sample, successively placed in a 300 mT magnetic field and sonicated with an ultrasonic transducer focused at 21 cm emitting 500 kHz bursts. Although all interfaces are not visible, in this exploratory study a good correlation is observed between the electrical conductivity image and the ultrasonic image. This method offers an alternative to detecting pathologies invisible to standard ultrasonography

Hommage à Bastien Irondelle, 1973-2013

Les témoignages qui affluent depuis la disparition de Bastien Irondelle soulignent la générosité, l’intégrité et l’engagement intellectuel du jeune professeur de Sciences Po Paris. Ces qualités, reconnues de tous ne doivent pas nous faire oublier qu’il a aussi été un chercheur prolifique au CERI. En une décennie, Bastien Irondelle a publié pas moins de 4 ouvrages, 17 chapitres de livres, 21 articles scientifiques, 12 recensions ou lectures critiques et 11 rapports de recherche mandatés. Ce court texte résume les principales contributions de notre collègue et ami, décédé au Mans le 27 septembre 2013 [Premier paragraphe]

Joint Bayesian endmember extraction and linear unmixing for hyperspectral imagery

This paper studies a fully Bayesian algorithm for endmember extraction and abundance estimation for hyperspectral imagery. Each pixel of the hyperspectral image is decomposed as a linear combination of pure endmember spectra following the linear mixing model. The estimation of the unknown endmember spectra is conducted in a unified manner by generating the posterior distribution of abundances and endmember parameters under a hierarchical Bayesian model. This model assumes conjugate prior distributions for these parameters, accounts for non-negativity and full-additivity constraints, and exploits the fact that the endmember proportions lie on a lower dimensional simplex. A Gibbs sampler is proposed to overcome the complexity of evaluating the resulting posterior distribution. This sampler generates samples distributed according to the posterior distribution and estimates the unknown parameters using these generated samples. The accuracy of the joint Bayesian estimator is illustrated by simulations conducted on synthetic and real AVIRIS images

Acousto-electrical speckle pattern in Lorentz force electrical impedance tomography

Ultrasound speckle is a granular texture pattern appearing in ultrasound imaging. It can be used to distinguish tissues and identify pathologies. Lorentz force electrical impedance tomography is an ultrasound-based medical imaging technique of the tissue electrical conductivity. It is based on the application of an ultrasound wave in a medium placed in a magnetic field and on the measurement of the induced electric current due to Lorentz force. Similarly to ultrasound imaging, we hypothesized that a speckle could be observed with Lorentz force electrical impedance tomography imaging. In this study, we first assessed the theoretical similarity between the measured signals in Lorentz force electrical impedance tomography and in ultrasound imaging modalities. We then compared experimentally the signal measured in both methods using an acoustic and electrical impedance interface. Finally, a bovine muscle sample was imaged using the two methods. Similar speckle patterns were observed. This indicates the existence of an "acousto-electrical speckle" in the Lorentz force electrical impedance tomography with spatial characteristics driven by the acoustic parameters but due to electrical impedance inhomogeneities instead of acoustic ones as is the case of ultrasound imaging

Economie politique de la réforme de transition fiscale : le cas du Maroc

L'objet de cet article est de mettre en évidence le rôle crucial dans les réformes des facteurs d'économie politique très souvent négligés dans les pays en développement mais qui, ces dernières années, ont constitué un obstacle très important aux réformes de transition fiscale. Les auteurs ont considéré le cas du Maroc. Dans ce pays, les autorités utilisent de nombreux instruments pour agir sur des facteurs d'économie politique et créer un climat favorable à un programme ambitieux de réforme fiscale. Des constats de cette analyse peuvent certainement être tirées des leçons utiles pour les nombreux pays en développement s'engageant dans des réformes similaires

Marketing Management and Communications in the Public Sector

This updated edition of Marketing Management and Communications in the Public Sector provides a thorough overview of the major concepts in public sector marketing and communications, two fields that have continued to grow in importance for modern public administrations. With extended coverage of topics such as social marketing and institutional communication, the authors skilfully build on the solid foundations laid down in the previous edition. Replete with real-world case studies and examples, including new material from the USA, Australia, and Asia, this book gives students a truly international outlook. Additional features include exercises and discussion questions in each chapter and an illustrative extended case study. This refreshed text is essential reading for postgraduate students on public management degrees, and aspiring or current public managers. The Open Access version of this book, available at http://www.taylorfrancis.com/books/e/9781315622309, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license

Modal Decomposition in Goalpost Micro/nano Electro-mechanical Devices

We have studied the first three symmetric out-of-plane flexural resonance modes of a goalpost silicon micro-mechanical device. Measurements have been performed at 4.2K in vacuum, demonstrating high Qs and good linear properties. Numerical simulations have been realized to fit the resonance frequencies and produce the mode shapes. These mode shapes are complex, since they involve distortions of two coupled orthogonal bars. Nonetheless, analytic expressions have been developed to reproduce these numerical results, with no free parameters. Owing to their generality they are extremely helpful, in particular to identify the parameters which may limit the performances of the device. The overall agreement is very good, and has been verified on our nano-mechanical version of the device.Comment: Journal of Low Temperature Physics (2013