"Human Capital as an Asset Mix and Optimal Life-Cycle Portfolio: An Analytical Solution"

This study examines life-cycle optimal consumption and asset allocation in the presence of human capital. Labor income seems like a "money market mutual fund" whose balance in one or two years is predictable but a wide dispersion results after many years, reflecting fluctuations in economic conditions. We use the Martingale method to derive an analytical solution, finding that Merton's well-known " constant-mix strategy" is still true after incorporating human capital from the perspective of "total wealth" management. Moreover, the proportion in risky assets implicit in the agent's human capital is the main factor determining the optimal investment strategy. The numerical examples suggest that young investors should short stocks because their human capital has large market exposure. As they age, however, their human capital becomes "bond-like", and thus they have to hold stocks to achieve optimal overall risk exposure.

Human Capital as an Asset Mix and Optimal Life-Cycle Portfolio: An Analytical Solution

This study examines life-cycle optimal consumption and asset allocation in the presence of human capital. Labor income seems like a "money market mutual fund" whose balance in one or two years is predictable but a wide dispersion results after many years, reflecting fluctuations in economic conditions. We use the Martingale method to derive an analytical solution, finding that Mertons well- known "constant-mix strategy" is still true after incorporating human capital from the perspective of "total wealth" management. Moreover, the proportion in risky assets implicit in the agent's human capital is the main factor determining the optimal investment strategy. The numerical examples suggest that young investors should short stocks because their human capital has large market exposure. As they age, however, their human capital becomes "bond-like", and thus they have to hold stocks to achieve optimal overall risk exposure.

A Delivery Method for Compound Video Playback in Wireless Network

ISPA2006 : International Symposium on Parallel and Distributed Processing and Applications , Dec 4-7, 2006 , Sorrento, ItalyIn this paper, we propose a method to realize compound video (multiple videos on a layout)delivery service for mobile terminals. In the proposed method, we introduce proxies which receive multiple videos from corresponding servers and produce a composite video from the received videos in real-time according to the layouts which users specify. However, if users require sets of videos with slightly different layouts, multiple similar composite videos will be generated and the wireless bandwidth will be suppressed to transfer them. So, the proposed method identifies the common part in layouts of user requirements, and transmits to each user a composite video corresponding to the common part and remaining videos. We have developed a greedy algorithm which calculates the set of videos to be transmitted within the available bandwidth, so that the sum of satisfaction degrees of all users is maximized. Through experiments, we confirmed that our method can achieve much higher user satisfaction degrees compared to the case that each user terminal receives multiple videos separately and plays them back in parallel

Synthesis of self-aggregative zinc chlorophylls possessing polymerizable esters as a atable model compound for main light-harvesting antennas of green photosynthetic bacteria

Zinc bacteriochlorophyll-d derivatives possessing a polymerizable moiety at the 17-propionate were prepared as model compounds of natural occurring chlorophylls in the main peripheral antennas of green photosynthetic bacteria (chlorosomes). The synthetic compounds self-aggregated in nonpolar organic solvents as well as in the solid state to give large oligomers similar to chlorosomal J-aggregates. Such introduction of the polymerizable groups in the ester did not suppress the ability of self-aggregation

Does respiratory drive modify the cerebral vascular response to changes in end‐tidal carbon dioxide?

What is the central question of this study? An interaction exists between the regulatory systems of respiration and cerebral blood flow (CBF), because of the same mediator (carbon dioxide, CO ) for both physiological systems. The present study examined whether the traditional method for determining cerebrovascular reactivity to CO (cerebrovascular reactivity; CVR) is modified by changes in respiration. What is the main finding and its importance? CVR was modified by voluntary changes in respiration during hypercapnia. This finding suggests that an alteration in the respiratory system may under- or over-estimate CVR determined by traditional methods in healthy adults.The cerebral vasculature is sensitive to changes in the arterial partial pressure of carbon dioxide (CO ). This physiological mechanism has been well established as a cerebrovascular reactivity to CO (CVR). However, arterial CO may not be an independent variable in the traditional method to assess CVR since the cerebral blood flow (CBF) response is partly affected by the activation of respiratory drive or higher centers in the brain. We hypothesized that CVR is modified by changes in respiration. To test our hypothesis, in the present study, ten young healthy subjects performed hyper- or hypo-ventilation to change end-tidal CO (P CO ) under different concentrations of CO gas inhalation (0, 2.0, 3.5%). We measured middle cerebral artery mean blood flow velocity (MCAVm) by transcranial Doppler to identify the CBF response to change in P CO during each condition. At each F CO condition, P CO was significantly altered by changes in ventilation, and MCA Vm changed accordingly. However, the relationship between changes in MCV Vm and P CO as a response curve of CVR was reset upwards and downwards by hypo- and hyper-ventilation, respectively, compared with CVR during normal-ventilation. The findings of the present study may provide the possibility that an alteration in respiration under- or over-estimates CVR determined by the traditional methods

Effective and convenient treatment of Xultophy with lower doses for elderly diabetic patient

The case is an 82-year-old female patient with Type 2 Diabetes Mellitus (T2DM) for 22 years. She developed right empyema in early January, 2021 and was treated by antibiotics and CT-guided drainage. After improving the status, she was transferred to Hayashi hospital, Tokushima, Japan. Treatment for T2DM was initially multiple daily insulin injection (MDI), but it could not continue because of injection several times a day by the family. Then, Xultophy was started once a day, which brought satisfactory glucose variability with lower doses. Consequently, Xultophy would be effective and useful agent from bio-psycho-social points of view