Fundamental Theorem of Asset Pricing under fixed and proportional transaction costs

We show that the lack of arbitrage in a model with both fixed and proportional transaction costs is equivalent to the existence of a family of absolutely continuous single-step probability measures, together with an adapted process with values between the bid-ask spreads that satisfies the martingale property with respect to each of the measures. This extends Harrison and Pliska's classical Fundamental Theorem of Asset Pricing to the case of combined fixed and proportional transaction costs

Effects of the MY34/2018 Global Dust Storm as Measured by MSL REMS in Gale Crater

The Rover Environmental Monitoring Station (REMS) instrument is on board NASA’s Mars Science Laboratory (MSL) Curiosity rover. REMS has been measuring surface pressure, air, and ground brightness temperature, relative humidity, and ultraviolet (UV) irradiance since MSL’s landing in 2012. In Mars Year (MY) 34 (2018) a global dust storm reached Gale Crater at Ls ~ 190°. REMS offers a unique opportunity to better understand the impact of a global dust storm on local environmental conditions, which complements previous observations by the Viking landers and Mars Exploration Rovers. All atmospheric variables measured by REMS are strongly affected albeit at different times. During the onset phase, the daily maximum UV radiation decreased by 90% between sols 2075 (opacity ~1) and 2085 (opacity ~8.5). The diurnal range in ground and air temperatures decreased by 35 and 56 K, respectively, with also a diurnal-average decrease of ~2 and 4 K respectively. The maximum relative humidity, which occurs right before sunrise, decreased to below 5%, compared with prestorm values of up to 29%, due to the warmer air temperatures at night, while the inferred water vapor abundance suggests an increase during the storm. Between sols 2085 and 2130, the typical nighttime stable inversion layer was absent near the surface as ground temperatures remained warmer than near-surface air temperatures. Finally, the frequency domain behavior of the diurnal pressure cycle shows a strong increase in the strength of the semidiurnal and terdiurnal modes peaking after the local opacity maximum, also suggesting differences in the dust abundance inside and outside Gale.Key PointsAtmospheric opacity over Gale Crater was increased by more than 8 times and disturbed all the atmospheric variables measured by REMSREMS data suggest that the nighttime near-surface atmosphere stability was reduced and its water abundance increased during the GDSThe semidiurnal mode peaked after the local opacity maximum, suggesting different dust abundance inside and outside GalePeer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/151294/1/jgre21177_am.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/151294/2/jgre21177.pd

The Mars Environmental Dynamics Analyzer, MEDA. A Suite of Environmental Sensors for the Mars 2020 Mission

86 pags., 49 figs., 24 tabs.NASA’s Mars 2020 (M2020) rover mission includes a suite of sensors to monitor current environmental conditions near the surface of Mars and to constrain bulk aerosol properties from changes in atmospheric radiation at the surface. The Mars Environmental Dynamics Analyzer (MEDA) consists of a set of meteorological sensors including wind sensor, a barometer, a relative humidity sensor, a set of 5 thermocouples to measure atmospheric temperature at ∼1.5 m and ∼0.5 m above the surface, a set of thermopiles to characterize the thermal IR brightness temperatures of the surface and the lower atmosphere. MEDA adds a radiation and dust sensor to monitor the optical atmospheric properties that can be used to infer bulk aerosol physical properties such as particle size distribution, non-sphericity, and concentration. The MEDA package and its scientific purpose are described in this document as well as how it responded to the calibration tests and how it helps prepare for the human exploration of Mars. A comparison is also presented to previous environmental monitoring payloads landed on Mars on the Viking, Pathfinder, Phoenix, MSL, and InSight spacecraft.This work has been funded by the Spanish Ministry of Economy and Competitiveness, through the projects No. ESP2014-54256-C4-1-R (also -2-R, -3-R and -4-R) and AYA2015-65041-P; Ministry of Science, Innovation and Universities, projects No. ESP2016-79612-C3-1-R (also -2-R and -3-R), ESP2016-80320-C2-1-R, RTI2018-098728-B-C31 (also -C32 and -C33) and RTI2018-099825-B-C31; Instituto Nacional de Técnica Aeroespacial; Ministry of Science and Innovation’s Centre for the Development of Industrial Technology; Grupos Gobierno Vasco IT1366-19; and European Research Council Consolidator Grant no 818602. The US co-authors performed their work under sponsorship from NASA’s Mars 2020 project, from the Game Changing Development program within the Space Technology Mission Directorate and from the Human Exploration and Operations Directorate

The diverse meteorology of Jezero crater over the first 250 sols of Perseverance on Mars

ASA’s Perseverance rover’s Mars Environmental Dynamics Analyzer is collecting data at Jezero crater, characterizing the physical processes in the lowest layer of the Martian atmosphere. Here we present measurements from the instrument’s first 250 sols of operation, revealing a spatially and temporally variable meteorology at Jezero. We find that temperature measurements at four heights capture the response of the atmospheric surface layer to multiple phenomena. We observe the transition from a stable night-time thermal inversion to a daytime, highly turbulent convective regime, with large vertical thermal gradients. Measurement of multiple daily optical depths suggests aerosol concentrations are higher in the morning than in the afternoon. Measured wind patterns are driven mainly by local topography, with a small contribution from regional winds. Daily and seasonal variability of relative humidity shows a complex hydrologic cycle. These observations suggest that changes in some local surface properties, such as surface albedo and thermal inertia, play an influential role. On a larger scale, surface pressure measurements show typical signatures of gravity waves and baroclinic eddies in a part of the seasonal cycle previously characterized as low wave activity. These observations, both combined and simultaneous, unveil the diversity of processes driving change on today’s Martian surface at Jezero crater

The Mars Environmental Dynamics Analyzer, MEDA. A Suite of Environmental Sensors for the Mars 2020 Mission

86 pags, 49 figs, 24 tabsNASA's Mars 2020 (M2020) rover mission includes a suite of sensors to monitor current environmental conditions near the surface of Mars and to constrain bulk aerosol properties from changes in atmospheric radiation at the surface. The Mars Environmental Dynamics Analyzer (MEDA) consists of a set of meteorological sensors including wind sensor, a barometer, a relative humidity sensor, a set of 5 thermocouples to measure atmospheric temperature at ∼1.5 m and ∼0.5 m above the surface, a set of thermopiles to characterize the thermal IR brightness temperatures of the surface and the lower atmosphere. MEDA adds a radiation and dust sensor to monitor the optical atmospheric properties that can be used to infer bulk aerosol physical properties such as particle size distribution, non-sphericity, and concentration. The MEDA package and its scientific purpose are described in this document as well as how it responded to the calibration tests and how it helps prepare for the human exploration of Mars. A comparison is also presented to previous environmental monitoring payloads landed on Mars on the Viking, Pathfinder, Phoenix, MSL, and InSight spacecraft.This work has been funded by the Spanish Ministry of Economy and Competitiveness, through the projects No. ESP2014-54256-C4-1-R (also -2-R, -3-R and -4-R) and AYA2015-65041-P; Ministry of Science, Innovation and Universities, projects No. ESP2016-79612-C3-1-R (also -2-R and -3-R), ESP2016-80320-C2-1-R, RTI2018-098728-B-C31 (also -C32 and -C33) and RTI2018-099825-B-C31; Instituto Nacional de Tecnica Aeroespacial; Ministry of Science and Innovation's Centre for the Development of Industrial Technology; Grupos Gobierno Vasco IT1366-19; and European Research Council Consolidator Grant no 818602.Peer reviewe

Marine-target craters on Mars? An assessment study

From the proceedings of the Workshop on Impact Cratering: Bridging the Gap between Modeling and Observations held in February 2003 at the Lunar and Planetary Institute in Houston, Texas.Observations of impact craters on Earth show that a water column at the target strongly influences lithology and morphology of the resultant crater. The degree of influence varies with the target water depth and impactor diameter. Morphological features detectable in satellite imagery include a concentric shape with an inner crater inset within a shallower outer crater, which is cut by gullies excavated by the resurge of water. In this study, we show that if oceans, large seas, and lakes existed on Mars for periods of time, marine-target craters must have formed. We make an assessment of the minimum and maximum amounts of such craters based on published data on water depths, extent, and duration of putative oceans within contacts "1 and 2," cratering rate during the different oceanic phases, and computer modeling of minimum impactor diameters required to form longlasting craters in the seafloor of the oceans. We also discuss the influence of erosion and sedimentation on the preservation and exposure of the craters. For an ocean within the smaller "contact 2" with a duration of 100,000 yr and the low present crater formation rate, only ~12 detectable marine-target craters would have formed. In a maximum estimate with a duration of 0.8 Gyr, as many as 1400 craters may have formed. An ocean within the larger "contact 1-Meridiani," with a duration of 100,000 yr, would not have received any seafloor craters despite the higher crater formation rate estimated before 3.5 Gyr. On the other hand, with a maximum duration of 0.8 Gyr, about 160 seafloor craters may have formed. However, terrestrial examples show that most marinetarget craters may be covered by thick sediments. Ground penetrating radar surveys planned for the ESA Mars Express and NASA 2005 missions may reveal buried craters, though it is uncertain if the resolution will allow the detection of diagnostic features of marine-target craters. The implications regarding the discovery of marine-target craters on Mars is not without significance, as such discoveries would help address the ongoing debate of whether large water bodies occupied the northern plains of Mars and would help constrain future paleoclimatic reconstructions.The Meteoritics & Planetary Science archives are made available by the Meteoritical Society and the University of Arizona Libraries. Contact [email protected] for further information.Migrated from OJS platform February 202