The Affective Impact of Financial Skewness on Neural Activity and Choice

Few finance theories consider the influence of “skewness” (or large and asymmetric but unlikely outcomes) on financial choice. We investigated the impact of skewed gambles on subjects' neural activity, self-reported affective responses, and subsequent preferences using functional magnetic resonance imaging (FMRI). Neurally, skewed gambles elicited more anterior insula activation than symmetric gambles equated for expected value and variance, and positively skewed gambles also specifically elicited more nucleus accumbens (NAcc) activation than negatively skewed gambles. Affectively, positively skewed gambles elicited more positive arousal and negatively skewed gambles elicited more negative arousal than symmetric gambles equated for expected value and variance. Subjects also preferred positively skewed gambles more, but negatively skewed gambles less than symmetric gambles of equal expected value. Individual differences in both NAcc activity and positive arousal predicted preferences for positively skewed gambles. These findings support an anticipatory affect account in which statistical properties of gambles—including skewness—can influence neural activity, affective responses, and ultimately, choice

XMM-Newton observations of HD189733 during planetary transits

We report on two XMM-Newton observations of the planetary host star HD189733. The system has a close in planet and it can potentially affect the coronal structure via interactions with the magnetosphere. We have obtained X-ray spectra and light curves from EPIC and RGS on board XMM-Newton which we have analyzed and interpreted. We reduced X-ray data from primary transit and secondary eclipse occurred in April 17th 2007 and May 18th 2009, respectively. In the April 2007 observation only variability due to weak flares is recognized. In 2009 HD189733 exhibited a X-ray flux always larger than in the 2007 observation. The average flux in 2009 was higher than in 2007 observation by a factor of 45%. During the 2009 secondary eclipse we observed a softening of the X-ray spectrum significant at level of ~3 sigma. Further, we observed the most intense flare recorded at either epochs. This flare occurred 3 ks after the end of the eclipse.The flare decay shows several minor ignitions perhaps linked to the main event and hinting for secondary loops that emit triggered by the main loop. Magneto-Hydro-Dynamical (MHD) simulations show that the magnetic interaction between planet and star enhances the density and the magnetic field in a region comprised between the planet and the star because of their relative orbital/rotation motion. X-ray observations and model predictions are globally found in agreement, despite the quite simple MHD model and the lack of precise estimate of parameters including the alignment and the intensity of stellar and planetary magnetic fields. Future observations should confirm or disprove this hypothesis, by determining whether flares are systematically recurring in the light curve at the same planetary phase.Comment: Accepted for publication on The Astrophysical Journa

Normality and smoothness of simple linear group compactifications

If G is a complex semisimple algebraic group, we characterize the normality and the smoothness of its simple linear compactifications, namely those equivariant GxG-compactifications which possess a unique closed orbit and which arise in a projective space of the shape P(End(V)), where V is finite dimensional rational G-module. Both the characterizations are purely combinatorial and are expressed in terms of the highest weights of V. In particular, we show that Sp(2r) (with r > 0) is the unique non-adjoint simple group which admits a simple smooth compactification.Comment: v2: minor changes, final version. To appear in Math.

Economic Impacts of Farm Program Payment Limits

The high levels of government payments to farmers resulting from the 1985 farm bill have once again led the Congress to examine the payment limit issue. Payment limits were initially established in 1970 and have since been revised several times. In this report, policy and farm management economists analyze the consequences of alternative payment limits on economic efficiency, economic viability of family-size farms, international competitiveness, and consumer food costs. Effective payment limits encourage reduced farm size and in the presence of economies of size, tend to increase production costs for program crops. The Agricultural and Food Policy Center is charged with evaluating economic impacts of policy alternatives -- not recommending, advocating, or opposing particular policies. The Center's orientation is toward Texas agriculture -- evaluating policy impacts on its producers and consumers. Farm prices and income, however, are determined in world markets that are influenced by national economic policy and farm programs. Texas impacts, therefore, must be evaluated in a much broader national and international market and policy context.Agricultural and Food Policy,

The Orbit of WASP-12b Is Decaying

WASP-12b is a transiting hot Jupiter on a 1.09 day orbit around a late-F star. Since the planet's discovery in 2008, the time interval between transits has been decreasing by 29 ± 2 ms yr⁻¹. This is a possible sign of orbital decay, although the previously available data left open the possibility that the planet's orbit is slightly eccentric and is undergoing apsidal precession. Here, we present new transit and occultation observations that provide more decisive evidence for orbital decay, which is favored over apsidal precession by a ΔBIC of 22.3 or Bayes factor of 70,000. We also present new radial-velocity data that rule out the Rømer effect as the cause of the period change. This makes WASP-12 the first planetary system for which we can be confident that the orbit is decaying. The decay timescale for the orbit is P/P˙=3.25±0.23. Interpreting the decay as the result of tidal dissipation, the modified stellar tidal quality factor is Q′⋆=1.8×10⁵

An HST/STIS Optical Transmission Spectrum of Warm Neptune GJ 436b

GJ 436b is a prime target for understanding warm Neptune exoplanet atmospheres and a target for multiple JWST GTO programs. Here, we report the first space-based optical transmission spectrum of the planet using two HST/STIS transit observations from 0.53-1.03 microns. We find no evidence for alkali absorption features, nor evidence of a scattering slope longward of 0.53 microns. The spectrum is indicative of moderate to high metallicity (~100-1000x solar) while moderate metallicity scenarios (~100x solar) require aerosol opacity. The optical spectrum also rules out some highly scattering haze models. We find an increase in transit depth around 0.8 microns in the transmission spectra of 3 different sub-Jovian exoplanets (GJ 436b, HAT-P-26b, and GJ 1214b). While most of the data come from STIS, data from three other instruments may indicate this is not an instrumental effect. Only the transit spectrum of GJ 1214b is well fit by a model with stellar plages on the photosphere of the host star. Our photometric monitoring of the host star reveals a stellar rotation rate of 44.1 days and an activity cycle of 7.4 years. Intriguingly, GJ 436 does not become redder as it gets dimmer, which is expected if star spots were dominating the variability. These insights into the nature of the GJ 436 system help refine our expectations for future observations in the era of JWST, whose higher precision and broader wavelength coverage will shed light on the composition and structure of GJ 436b's atmosphere.Comment: 20 pages, 11 figures, 5 tables, Accepted to AJ. A full version of table 1 is included as table1_mrt.tx

Quantum Knizhnik-Zamolodchikov equation, generalized Razumov-Stroganov sum rules and extended Joseph polynomials

We prove higher rank analogues of the Razumov--Stroganov sum rule for the groundstate of the O(1) loop model on a semi-infinite cylinder: we show that a weighted sum of components of the groundstate of the A_{k-1} IRF model yields integers that generalize the numbers of alternating sign matrices. This is done by constructing minimal polynomial solutions of the level 1 U_q(\hat{sl(k)}) quantum Knizhnik--Zamolodchikov equations, which may also be interpreted as quantum incompressible q-deformations of fractional quantum Hall effect wave functions at filling fraction nu=1/k. In addition to the generalized Razumov--Stroganov point q=-e^{i pi/k+1}, another combinatorially interesting point is reached in the rational limit q -> -1, where we identify the solution with extended Joseph polynomials associated to the geometry of upper triangular matrices with vanishing k-th power.Comment: v3: misprint fixed in eq (2.1

Using Stellar Limb-Darkening to Refine the Properties of HD 209458b

We use multi-band photometry to refine estimates for the planetary radius and orbital inclination of the transiting planet system HD 209458. We gathered 1066 spectra over four distinct transits with the STIS spectrometer on the Hubble Space Telescope using two gratings with a resolution R=1500 and a combined wavelength range of 290-1030 nm. We divide the spectra into ten spectrophotometric bandpasses, five for each grating, of equal wavelength span within each grating, and fit a transit curve over all bandpasses simultaneously. In our fit we use theoretical values for the stellar limb-darkening to further constrain the planetary radius. We find that the radius of HD 209458b is 1.320 +/- 0.025 R_Jup, which is a factor of two more precise than current estimates. We also obtain improved estimates for the orbital period P and time of center of transit T_C. Although in principle the photon-limited precision of the STIS data should allow us to measure the timing of individual transits to a precision of 2-7 s, we find that systematic instrumental offsets in the measured flux from one orbit of the spacecraft to the next degrade these measurements to a typical precision of +/- 14 s. Within this level of error, we find no significant variations in the timing of the eight events examined in this work.Comment: final accepted version of pape

Hubble Space Telescope Near-IR Transmission Spectroscopy of the Super-Earth HD 97658b

Recent results from the Kepler mission indicate that super-Earths (planets with masses between 1-10 times that of the Earth) are the most common kind of planet around nearby Sun-like stars. These planets have no direct solar system analogue, and are currently one of the least well-understood classes of extrasolar planets. Many super-Earths have average densities that are consistent with a broad range of bulk compositions, including both water-dominated worlds and rocky planets covered by a thick hydrogen and helium atmosphere. Measurements of the transmission spectra of these planets offer the opportunity to resolve this degeneracy by directly constraining the scale heights and corresponding mean molecular weights of their atmospheres. We present Hubble Space Telescope near-infrared spectroscopy of two transits of the newly discovered transiting super-Earth HD 97658b. We use the Wide Field Camera 3's scanning mode to measure the wavelength-dependent transit depth in thirty individual bandpasses. Our averaged differential transmission spectrum has a median 1 sigma uncertainty of 23 ppm in individual bins, making this the most precise observation of an exoplanetary transmission spectrum obtained with WFC3 to date. Our data are inconsistent with a cloud-free solar metallicity atmosphere at the 10 sigma level. They are consistent at the 0.4 sigma level with a flat line model, as well as effectively flat models corresponding to a metal-rich atmosphere or a solar metallicity atmosphere with a cloud or haze layer located at pressures of 10 mbar or higher.Comment: ApJ in press; revised version includes an updated orbital ephemeris for the plane

Hubble Space Telescope Transmission Spectroscopy of the Exoplanet HD 189733b: High-altitude atmospheric haze in the optical and near-UV with STIS

We present Hubble Space Telescope optical and near-ultraviolet transmission spectra of the transiting hot-Jupiter HD189733b, taken with the repaired Space Telescope Imaging Spectrograph (STIS) instrument. The resulting spectra cover the range 2900-5700 Ang and reach per-exposure signal-to-noise levels greater than 11,000 within a 500 Ang bandwidth. We used time series spectra obtained during two transit events to determine the wavelength dependance of the planetary radius and measure the exoplanet's atmospheric transmission spectrum for the first time over this wavelength range. Our measurements, in conjunction with existing HST spectra, now provide a broadband transmission spectrum covering the full optical regime. The STIS data also shows unambiguous evidence of a large occulted stellar spot during one of our transit events, which we use to place constraints on the characteristics of the K dwarf's stellar spots, estimating spot temperatures around Teff~4250 K. With contemporaneous ground-based photometric monitoring of the stellar variability, we also measure the correlation between the stellar activity level and transit-measured planet-to-star radius contrast, which is in good agreement with predictions. We find a planetary transmission spectrum in good agreement with that of Rayleigh scattering from a high-altitude atmospheric haze as previously found from HST ACS camera. The high-altitude haze is now found to cover the entire optical regime and is well characterised by Rayleigh scattering. These findings suggest that haze may be a globally dominant atmospheric feature of the planet which would result in a high optical albedo at shorter optical wavelengths.Comment: 14 pages, 14 figures, 4 tables, accepted to MNRAS, revised version has minor change