Informational efficiency and welfare

In a continuous-time market with a safe rate and a risky asset that pays a dividend stream depending on a latent state of the economy, several agents make consumption and investment decisions based on public information–prices and dividends–and private signals. If each investor has constant absolute risk aversion, equilibrium prices do not reveal all the private signals, but lead to the same estimate of the state of the economy that one would hypothetically obtain from the knowledge of all private signals. Accurate information leads to low volatility, ostensibly improving market efficiency, but also reduces each agent’s consumption through a decrease in the price of risk. Thus, informational efficiency is reached at the expense of agents’ welfare

Wave equations on space-times of low regularity: Existence results and regularity theory in the framework of generalized function algebras

We present recent developments concerning Lorentzian geometry in algebras of generalized functions. These have, in particular, raised a new interest in refined regularity theory for the wave equation on singular space-times.Comment: 5 pages, presented at the International Conference on Generalized Functions, GF07, September 2007, Bedlewo, Polan

Testosterone induction of prostaglandin-endoperoxide synthase 2 expression and prostaglandin F 2α production in hamster Leydig cells

We have previously observed expression of prostaglandin-endoperoxide synthase 2 (PTGS2), the key enzyme in the biosynthesis of prostaglandins (PGs), in reproductively active Syrian hamster Leydig cells, and reported an inhibitory role of PGF 2α on hamster testicular steroidogenesis. In this study, we further investigated PTGS2 expression in hamster Leydig cells during sexual development and photoperiodic gonadal regression. Since PTGS2 is mostly expressed in pubertal and reproductively active adult hamsters with high circulating levels of LH and androgens, we studied the role of these hormones in the regulation/maintenance of testicular PTGS2/PGF 2α. In active hamster Leydig cells, LH/hCG and testosterone induced PTGS2 and PGF 2α production, and their actions were abolished by the antiandrogen bicalutamide (Bi). These results indicate that LH does not exert a direct effect on PG synthesis. Testosterone also stimulated phosphorylation of the mitogen-activated protein kinase isoforms 3/1 (MAPK3/1) within minutes and hours, but the testosterone metabolite dihydrotestosterone had no effect on PTGS2 and MAPK3/1. Because Bi and U0126, an inhibitor of the MAP kinase kinases 1 and 2 (MAP2K1/2), abolished testosterone actions on MAPK3/1 and PTGS2, our studies suggest that testosterone directly induces PTGS2/PGF 2α in hamster Leydig cells via androgen receptors and a non-classical mechanism that involves MAPK3/1 activation. Since PGF 2α inhibits testosterone production, it might imply the existence of a regulatory loop that is setting a brake on steroidogenesis. Thus, the androgen environment might be crucial for the regulation of testicular PG production at least during sexual development and photoperiodic variations in hamsters.Instituto Multidisciplinario de Biología Celula

Testosterone induction of prostaglandin-endoperoxide synthase 2 expression and prostaglandin F 2α production in hamster Leydig cells

We have previously observed expression of prostaglandin-endoperoxide synthase 2 (PTGS2), the key enzyme in the biosynthesis of prostaglandins (PGs), in reproductively active Syrian hamster Leydig cells, and reported an inhibitory role of PGF 2α on hamster testicular steroidogenesis. In this study, we further investigated PTGS2 expression in hamster Leydig cells during sexual development and photoperiodic gonadal regression. Since PTGS2 is mostly expressed in pubertal and reproductively active adult hamsters with high circulating levels of LH and androgens, we studied the role of these hormones in the regulation/maintenance of testicular PTGS2/PGF 2α. In active hamster Leydig cells, LH/hCG and testosterone induced PTGS2 and PGF 2α production, and their actions were abolished by the antiandrogen bicalutamide (Bi). These results indicate that LH does not exert a direct effect on PG synthesis. Testosterone also stimulated phosphorylation of the mitogen-activated protein kinase isoforms 3/1 (MAPK3/1) within minutes and hours, but the testosterone metabolite dihydrotestosterone had no effect on PTGS2 and MAPK3/1. Because Bi and U0126, an inhibitor of the MAP kinase kinases 1 and 2 (MAP2K1/2), abolished testosterone actions on MAPK3/1 and PTGS2, our studies suggest that testosterone directly induces PTGS2/PGF 2α in hamster Leydig cells via androgen receptors and a non-classical mechanism that involves MAPK3/1 activation. Since PGF 2α inhibits testosterone production, it might imply the existence of a regulatory loop that is setting a brake on steroidogenesis. Thus, the androgen environment might be crucial for the regulation of testicular PG production at least during sexual development and photoperiodic variations in hamsters.Instituto Multidisciplinario de Biología Celula

Continuous Equilibrium in Affine and Information-Based Capital Asset Pricing Models

We consider a class of generalized capital asset pricing models in continuous time with a finite number of agents and tradable securities. The securities may not be sufficient to span all sources of uncertainty. If the agents have exponential utility functions and the individual endowments are spanned by the securities, an equilibrium exists and the agents' optimal trading strategies are constant. Affine processes, and the theory of information-based asset pricing are used to model the endogenous asset price dynamics and the terminal payoff. The derived semi-explicit pricing formulae are applied to numerically analyze the impact of the agents' risk aversion on the implied volatility of simultaneously-traded European-style options.Comment: 24 pages, 4 figure

Testosterone induction of prostaglandin-endoperoxide synthase 2 expression and prostaglandin F 2α production in hamster Leydig cells

We have previously observed expression of prostaglandin-endoperoxide synthase 2 (PTGS2), the key enzyme in the biosynthesis of prostaglandins (PGs), in reproductively active Syrian hamster Leydig cells, and reported an inhibitory role of PGF 2α on hamster testicular steroidogenesis. In this study, we further investigated PTGS2 expression in hamster Leydig cells during sexual development and photoperiodic gonadal regression. Since PTGS2 is mostly expressed in pubertal and reproductively active adult hamsters with high circulating levels of LH and androgens, we studied the role of these hormones in the regulation/maintenance of testicular PTGS2/PGF 2α. In active hamster Leydig cells, LH/hCG and testosterone induced PTGS2 and PGF 2α production, and their actions were abolished by the antiandrogen bicalutamide (Bi). These results indicate that LH does not exert a direct effect on PG synthesis. Testosterone also stimulated phosphorylation of the mitogen-activated protein kinase isoforms 3/1 (MAPK3/1) within minutes and hours, but the testosterone metabolite dihydrotestosterone had no effect on PTGS2 and MAPK3/1. Because Bi and U0126, an inhibitor of the MAP kinase kinases 1 and 2 (MAP2K1/2), abolished testosterone actions on MAPK3/1 and PTGS2, our studies suggest that testosterone directly induces PTGS2/PGF 2α in hamster Leydig cells via androgen receptors and a non-classical mechanism that involves MAPK3/1 activation. Since PGF 2α inhibits testosterone production, it might imply the existence of a regulatory loop that is setting a brake on steroidogenesis. Thus, the androgen environment might be crucial for the regulation of testicular PG production at least during sexual development and photoperiodic variations in hamsters.Instituto Multidisciplinario de Biología Celula

Weaving Concurrency in eXecutable Domain-Specific Modeling Languages

International audienceThe emergence of modern concurrent systems (e.g., Cyber-Physical Systems or the Internet of Things) and highly-parallel platforms (e.g., many-core, GPGPU pipelines, and distributed platforms) calls for Domain-Specific Modeling Languages (DSMLs) where concurrency is of paramount importance. Such DSMLs are intended to propose constructs with rich concurrency semantics, which allow system designers to precisely define and analyze system behaviors. However , specifying and implementing the execution semantics of such DSMLs can be a difficult, costly and error-prone task. Most of the time the concurrency model remains implicit and ad-hoc, embedded in the underlying execution environment. The lack of an explicit concurrency model prevents: the precise definition, the variation and the complete understanding of the semantics of the DSML, the effective usage of concurrency-aware analysis techniques, and the exploitation of the concurrency model during the system refinement (e.g., during its allocation on a specific platform). In this paper, we introduce a concurrent executable metamodeling approach, which supports a modular definition of the execution semantics , including the concurrency model, the semantic rules, and a well-defined and expressive communication protocol between them. Our approach comes with a dedicated metalanguage to specify the communication protocol, and with an execution environment to simulate executable models. We illustrate and validate our approach with an implementation of fUML, and discuss the modularity and applicability of our approach

Media ethnography

Contents Editorial Thematic Focus: Media Ethnography Media Ethnography and Participation in Online Practices / David Waldecker, Kathrin Englert, Wolfgang Ludwig-Mayerhofer, Oliver Schmidtke The Story is Everywhere. Dispersed Situations in a Literary Role Play Game / Wolfgang Reißmann Co-operation and/as Participant Observation: Reflections on Ethnographic Fieldwork in Morocco / Simon Holdermann Ethnomethodological Media Ethnography: Exploring Everyday Digital Practices in Families with Young Children / Clemens Eisenmann, Jan Peter, Erik Wittbusch Cooperation and Difference. Camera Ethnography in the Research Project ‘Early Childhood and Smartphone’ / Bina E. Mohn, Pip Hare, Astrid Vogelpohl, Jutta Wiesemann Reports Coordinations, or Computing is Work / Sebastian Gießman

Folding-competent and folding-defective forms of Ricin A chain have different fates following retrotranslocation from the endoplasmic reticulum

We report that a toxic polypeptide retaining the potential to refold upon dislocation from the endoplasmic reticulum (ER) to the cytosol (ricin A chain; RTA) and a misfolded version that cannot (termed RTAΔ), follow ER-associated degradation (ERAD) pathways in Saccharomyces cerevisiae that substantially diverge in the cytosol. Both polypeptides are dislocated in a step mediated by the transmembrane Hrd1p ubiquitin ligase complex and subsequently degraded. Canonical polyubiquitylation is not a prerequisite for this interaction because a catalytically inactive Hrd1p E3 ubiquitin ligase retains the ability to retrotranslocate RTA, and variants lacking one or both endogenous lysyl residues also require the Hrd1p complex. In the case of native RTA, we established that dislocation also depends on other components of the classical ERAD-L pathway as well as an ongoing ER–Golgi transport. However, the dislocation pathways deviate strikingly upon entry into the cytosol. Here, the CDC48 complex is required only for RTAΔ, although the involvement of individual ATPases (Rpt proteins) in the 19S regulatory particle (RP) of the proteasome, and the 20S catalytic chamber itself, is very different for the two RTA variants. We conclude that cytosolic ERAD components, particularly the proteasome RP, can discriminate between structural features of the same substrate