Classical Ergodicity and Modern Portfolio Theory

What role have theoretical methods initially developed in mathematics and physics played in the progress of financial economics? What is the relationship between financial economics and econophysics? What is the relevance of the “classical ergodicity hypothesis” to modern portfolio theory? This paper addresses these questions by reviewing the etymology and history of the classical ergodicity hypothesis in 19th century statistical mechanics. An explanation of classical ergodicity is provided that establishes a connection to the fundamental empirical problem of using nonexperimental data to verify theoretical propositions in modern portfolio theory. The role of the ergodicity assumption in the ex post/ex ante quandary confronting modern portfolio theory is also examined

Highly Selective Fluorimetric Turn-Off Detection of Copper (II) by Two Different Mechanisms in Calix[4]arene-Based Chemosensors and Chemodosimeters

Isoxazolo‐pyrene tethered calix[4]arenes selectively detect copper(II) ions without interference from related perchlorate ions. The fluorescence emission of the probes, synthesised by nitrile oxide alkyne cycloaddition, and characterised by spectroscopic and crystallographic data, is rapidly reduced by Cu(II) ions. Detection limits are in the micromolar or sub‐micromolar range (0.3–3.6 μM) based on a 1 : 1 sensor:analyte interaction. Voltammetric behaviour and 1H NMR data provide new insights into the sensing mechanism which is dependent on the calixarene substitution pattern. When the calixarene lower rim is fully substituted, Cu(II) detection occurs through a traditional chelation mechanism. In contrast, for calixarenes 1,3‐disubstituted on the lower rim, detection takes place through a chemodosimetric redox reaction. The isolation of a calix[4]diquinone from the reaction with excess Cu(ClO4)2 provides confirmation that the sensor–analyte interaction culminates in irreversible sensor oxidation

Causality in Political Networks

As the study of political networks becomes more common in political science, greater attention to questions of causality is warranted. This essay explores competing visions of causality in political networks. Independent essays address issues of statistical model specification, identification of multi-step personal influence, measurement error, causality in historical perspective, and the insights of field experiments. These essays do not agree entirely on the nature of causality in political networks, though they commonly take seriously concerns regarding homophily, time- consistency, and the uniqueness of political network data. Serious consideration of these methodological issues promises to enhance the value-added of network analysis in the study of politics

Serum free light chains are reduced in endurance trained older adults: Evidence that exercise training may reduce basal inflammation in older adults

Traditionally, free light chains (FLCs) are used as key serum biomarkers in the diagnosis and monitoring of plasma cell malignancies, but polyclonal FLCs can also be used as an accurate real-time indicator of immune-activation and inflammation. The primary aim of the present study was to assess the effects of exercise training status on serum FLCs in older adults, and secondly, to examine if training status moderated serum FLC responses to acute exercise. Kappa and lambda serum FLC levels were measured in 45 healthy older adults (aged ≥ 60 years) who were either sedentary, physically active or endurance trained. FLCs were measured at baseline and in response to an acute bout of submaximal exercise. The endurance trained group had significantly lower levels of kappa and lambda serum FLCs compared with physically active or sedentary elderly adults; these effects were independent of age, BMI and renal function. There was no significant difference in whole immunoglobulins between groups. Exercise training status had no effect on serum FLC responses to acute exercise, which were marginal. In conclusion, endurance training was associated with lower FLC levels compared with less physically active individuals. These findings suggest that long-term endurance training may be beneficial in reducing basal inflammation in older adults as well as elevated FLCs present in inflammatory and autoimmune conditions, often associated with ageing. FLCs may serve as a useful biomarker for monitoring the efficacy of exercise intervention studies in healthy and clinical populations

Intensified training increases salivary free light chains in trained cyclists:Indication that training volume increases oral inflammation

Periods of short-term intensified training (IT) are often used by athletes during training cycles over the season and undergoing phases of increased physical stress may impact upon the immune system. This study investigated the effects of a period of IT on free light chains (FLCs) in saliva - an emerging immune biomarker of oral inflammation - and matched serum samples in well-trained athletes. It also examined if IT influences basal FLC levels and FLC flux during acute exercise. Highly trained male cyclists (n = 10) underwent a 9-day period of IT; before and after IT participants performed a 1 h time trial (TT) on a cycle ergometer, with blood and saliva samples collected pre- and post-exercise. FLCs were assessed in serum and saliva, and IgG, IgA, IgM and creatinine were also measured in serum. Weekly training volume increased by 143% (95% CI 114–172%), p &lt; 0.001, during IT compared with pre-trial baseline training. Following IT, the cyclists demonstrated higher salivary FLC levels. Both salivary lambda FLC concentrations (p &lt; 0.05, η2 = 0.384) and secretion rates, and kappa FLC concentrations and secretion rates increased after IT. Salivary FLCs concentration and secretion rates decreased in response to the TT following IT (p &lt; 0.05, η2 = 0.387–0.428), but not in response to the TT prior to IT. No significant effects of IT on serum FLCs were observed. There were no significant changes in serum FLCs in response to the TT, before or after the IT period, nor did IT impact upon other serological responses to the TT. In conclusion, IT increased basal salivary FLC parameters and amplified decreases in salivary FLCs in response to acute exercise. Increases in salivary FLC concentration likely reflects alterations to oral inflammation during times of heavy training, and we show for the first time that FLCs may have utility as a marker of exercise stress and oral health status.</p

Overview of Game and Content Design for a Mobile Game that Will Prepare Students in Calculus and Physics Prerequisites to the Engineering Curriculum

As part of a research project which assists veterans as they exit the military, complete engineering degrees, and enter the workforce as engineering professionals, a range of serious games for Science, Technology, Engineering, and Mathematics (STEM) education is under development. The current focus of this development is CAPTIVATE, a serious game to assist student veterans in mastering the calculus and physics skills that are necessary prerequisites to the main engineering curriculum. Building on the development and lessons learned from MAVEN, a game developed previously to help student veterans master precalculus skills, the design and initial implementation for CAPTIVATE involves careful consideration regarding game and instructional design. Many of the positive aspects from the design of MAVEN will be implemented in CAPTIVATE. First, the overall framework developed for MAVEN will be reused in CAPTIVATE. This modular framework involves both a model and process that combine game, instructional, and software design in a way that supports adaptability throughout the design and development cycle. Additionally by embedding concepts in game play similar to well-known board games such as Battleship, computer games such as Minesweeper, and console or mobile games such as Guitar Hero, students will use their calculus and physics skills to complete tasks in a familiar environment. In addition, the game itself will consist of a series of sub-games each focusing on a topic that students traditionally struggle to understand. Furthermore, students will be offered access to learning resources and assessed regularly as they progress through the game. CAPTIVATE will also overcome some shortcomings from the previous development. While MAVEN was developed for desktop deployment, CAPTIVATE is targeted for deployment on a variety of mobile device including Apple and Android phones and tablets to engage students in interactive games that support their endeavor to build a solid foundation in mathematics and science topics. Additionally by creating games that are short and easily accessible, students will be able to engage with the material at a time and place convenient for them. The development of CAPTIVATE supports student veterans as they transition from the military to engineering degree programs and helps to accelerate them through their STEM prerequisite courses

Salivary free light chains as a new biomarker to measure psychological stress: the impact of a university exam period on salivary immunoglobulins, cortisol, DHEA and symptoms of infection:the impact of a university exam period on salivary immunoglobulins, cortisol, DHEA and symptoms of infection

Introduction: Measurement of immunoglobulin free light chains (FLCs) in saliva can serve as a non-invasive biomarker in health and behavioural research. FLCs have been explored in relation to physiological stress but FLC responses to psychological stress and their relationship with infections remain unknown. This study aimed to investigate the impact of exam period stress on salivary FLCs alongside other established biomarkers of stress and whether FLCs relate to symptoms of infection. Methods: 58 healthy adults studying at university completed saliva samples and questionnaires in a period without exams (baseline), and again prior to the start of an exam period. Saliva samples were assessed for FLCs, IgA, cortisol and dehydroepiandrosterone (DHEA). Measures of life events stress, perceived stress, anxiety and depression were completed. Students also reported incidence and severity of symptoms of infection and rated general well-being at baseline, prior to, during and after the exam period. Exercise, sleep and alcohol consumption were also assessed at both timepoints. Results: FLCs secretion rates were significantly lower at the exam period compared to baseline (p &lt;.01), with reductions of 26% and 25% for κ FLC and λ FLC, respectively. In agreement, salivary IgA secretion rate was lower at exams (non-significant trend, p =.07). Cortisol concentration significantly increased at exams (p &lt;.05) while DHEA did not change, leading to an increase in the cortisol:DHEA ratio (p =.06). Depression (p &lt;.05) and anxiety increased from baseline to exams and life stress reported in the build up to the exam period was higher compared with baseline (p &lt;.001). Well-being significantly decreased from baseline to exams (p &lt;.01). The proportion of participants reporting infection symptoms (70%) was unchanged between baseline and prior to exams. No significant relationships were found between FLCs or other saliva parameters and infection symptoms, well-being or stress/psychological measures. Changes in saliva parameters between timepoints were independent of health behaviours. Conclusions: Salivary FLCs are responsive to life events stress and corroborate with IgA. This preliminary study highlights the potential utility of FLCs as a new salivary biomarker in stress research.</p