A new median-based formula for the Black-Scholes-Merton Theory

The Black-Scholes-Merton (BSM) theory for price variation has been well established in mathematical financial engineering. However, it has been recognized that long-term outcomes in practice may divert from the Black-Scholes formula, which is the expected value of the stochastic process of price changes. While the expected value is expected for the long-run average of infinite realizations of the same stochastic process, it may give an erroneous picture of nearly every realization when the probability distribution is skewed, as is the case for prices. Here we propose a new formula of the BSM theory, which is based on the median of the stochastic process. This formula makes a more realistic prediction for the long-term outcomes than the current Black-Scholes formula

Fresh-marketable tomato yields enhanced by moderate weed control and suppressed fruit dehiscence with woodchip mulching

The use of plastic film imposes various environmental risks in agroecosystems. The replacement of plastics with organic materials for mulching has been suggested to enhance the sustainability of agroecosystems. However, whether woodchip mulch can be used for annual crops needs to be verified. We examined the effects of mulberry woodchip mulches on tomato-fruit yields over two successive years. Mulberry is the unique food plant of silkworms, and it will be better if its pruned shoots can be recycled rather than incinerated as waste. Setting three treatments, including woodchip mulch, weed-free and weedy (i.e., unweeded) treatments, we compared the amounts of fresh-marketable and unmarketable tomato fruits. The yields of fresh-marketable tomato fruits in the woodchip mulch treatment were significantly 16–57% higher than those in the weed-free treatment and comparable to those in the weedy treatment. The yields of unmarketable dehiscent tomato fruits in the weed-free treatment were significantly 46–86% higher than those of the other two treatments. The woodchip mulches extensively suppressed the weed density, while the grown weeds became large, preventing strong sunlight exposure and dehiscence of tomato fruits. Current results suggest that woodchips could be a possible alternative to plastics, facilitating climate change mitigation with agroforestry practices

Interplay between transport and quantum coherences in free fermionic systems

We study the quench dynamics in free fermionic systems in the prototypical bipartitioning protocol obtained by joining two semi-infinite subsystems prepared in different states, aiming at understanding the interplay between quantum coherences in space in the initial state and transport properties. Our findings reveal that, under reasonable assumptions, the more correlated the initial state, the slower the transport is. Such statement is first discussed at qualitative level, and then made quantitative by introducing proper measures of correlations and transport ``speed''. Moreover, it is supported for fermions on a lattice by an exact solution starting from specific initial conditions, and in the continuous case by the explicit solution for a wider class of physically relevant initial states. In particular, for this class of states, we identify a function, that we dub \emph{transition map}, which takes the value of the stationary current as input and gives the value of correlation as output, in a protocol-independent way. As an aside technical result, in the discrete case, we give an expression of the full counting statistics in terms of a continuous kernel for a general correlated domain wall initial state, thus extending the recent results in [Moriya, Nagao and Sasamoto, JSTAT 2019(6):063105] on the one-dimensional XX spin chain.Comment: 35 pages, 10 figure

Evolutionary loss of thermal acclimation accompanied by periodic monocarpic mass flowering in Strobilanthes flexicaulis

While life history, physiology and molecular phylogeny in plants have been widely studied, understanding how physiology changes with the evolution of life history change remains largely unknown. In two closely related understory Strobilanthes plants, the molecular phylogeny has previously shown that the monocarpic 6-year masting S. flexicaulis have evolved from a polycarpic perennial, represented by the basal clade S. tashiroi. The polycarpic S. tashiroi exhibited seasonal thermal acclimation with increased leaf respiratory and photosynthetic metabolism in winter, whereas the monocarpic S. flexicaulis showed no thermal acclimation. The monocarpic S. flexicaulis required rapid height growth after germination under high intraspecific competition, and the respiration and N allocation were biased toward nonphotosynthetic tissues. By contrast, in the long-lived polycarpic S. tashiroi, these allocations were biased toward photosynthetic tissues. The life-history differences between the monocarpic S. flexicaulis and the polycarpic S. tashiroi are represented by the “height growth” and “assimilation” paradigms, respectively, which are controlled by different patterns of respiration and nitrogen regulation in leaves. The obtained data indicate that the monocarpic S. flexicaulis with the evolutionary loss of thermal acclimation may exhibit increased vulnerability to global warming

Eight-year periodical outbreaks of the train millipede

Periodical cicadas are the only confirmed periodical animals with long life cycles. In Japan, however, 8-year periodicity had been suggested in a species of train millipedes that had frequently obstructed trains in the central mountainous region of Honshu, Japan. This species was identified as Parafontaria laminata armigera Verhoeff (Diplopoda: Xystodesmidae), which is endemic to Japan. We finally confirmed the 8-year periodicity of this millipede using detailed surveys of life histories over 8 years. Seven broods were recognized, with almost no overlaps in their distributions. We also report the historical outbreaks and train obstructions of this millipede during 1920–2016. This is the first confirmed case of periodical non-insect arthropods

Tree hazards compounded by successive climate extremes after masting in a small endemic tree, Distylium lepidotum , on subtropical islands in Japan

連続して生じる異常気象は樹木の衰退を加速させる --地球温暖化の森林への影響を高精度に予測する道を開く成果--. 京都大学プレスリリース. 2021-09-28.Ongoing global warming increases the frequency and severity of tropical typhoons and prolonged drought, leading to forest degradation. Simultaneous and/or successive masting events and climatic extremes may thus occur frequently in the near future. If these climatic extremes occur immediately after mass seed reproduction, their effects on individual trees are expected to be very severe because mass reproduction decreases carbohydrate reserves. While the effects of either a single climate extreme or masting alone on tree resilience/growth have received past research attention, understanding the cumulative effects of such multiple events remains challenging and is crucial for predicting future forest changes. Here, we report tree hazards compound by two successive climate extremes, a tropical typhoon and prolonged drought, after mass reproduction in an endemic tree species (Distylium lepidotum Nakai) on oceanic islands. Across individual trees, the starch stored within the sapwood of branchlets significantly decreased with reproductive efforts (fruit mass/shoot mass ratio). Typhoon damage significantly decreased not only the total leaf area of apical shoots but also the maximum photosynthetic rates. During the 5-month period after the typhoon, the mortality of large branchlets (8–10-mm diameter) increased with decreasing stored starch when the typhoon hit. During the prolonged summer drought in the next year, the recovery of total leaf area, stored starch, and hydraulic conductivity was negatively correlated with the stored starch at the typhoon. These data indicate that the level of stored starch within branchlets is the driving factor determining tree regrowth or dieback, and the restoration of carbohydrates after mass reproduction is synergistically delayed by such climate extremes. Stored carbohydrates are the major cumulative factor affecting individual tree resilience, resulting in their historical effects. Because of highly variable carbohydrate levels among individual trees, the resultant impacts of such successive events on forest dieback will be fundamentally different among trees