The role of research in higher education: implications and challenges for an active future contribution to human and social development

Mankind is on the brink of a tragic era, in which the anarchic forces of the market and the incessant pressures upon natural resources on the verge of exhaustion will push sovereign states to increasingly dangerous rivalries. What will the role of research in higher education be, in response to the challenge of an active future contribution to human and social development? A good balance must be reached in the basic functions of research in order to avoid governance risks. While focusing only on the transformative function of research may pose dangers to the human dimension and development, unilateral concentration on responsible development aspects may generate reactive approaches and delay economic benefits. Disregarding the inclusiveness function may lead to slower development and even isolationism, and focusing on short-term issues is not good for long-term goals and future generations. We must reinforce research networks between ‘Southern’ and ‘Northern’, rich and poor, and developed and developing countries and institutions in order to bridge the gap between knowledge consumers and producers. This paper reviews aspects such as development, globalization and the inequality of nations; constraints and choices of the orthodox views of research; rethinking research and higher education to contribute to a better future; and knowledge integration for effective action.Peer Reviewe

Optimal Investment in the Development of Oil and Gas Field

Let an oil and gas field consists of clusters in each of which an investor can launch at most one project. During the implementation of a particular project, all characteristics are known, including annual production volumes, necessary investment volumes, and profit. The total amount of investments that the investor spends on developing the field during the entire planning period we know. It is required to determine which projects to implement in each cluster so that, within the total amount of investments, the profit for the entire planning period is maximum. The problem under consideration is NP-hard. However, it is solved by dynamic programming with pseudopolynomial time complexity. Nevertheless, in practice, there are additional constraints that do not allow solving the problem with acceptable accuracy at a reasonable time. Such restrictions, in particular, are annual production volumes. In this paper, we considered only the upper constraints that are dictated by the pipeline capacity. For the investment optimization problem with such additional restrictions, we obtain qualitative results, propose an approximate algorithm, and investigate its properties. Based on the results of a numerical experiment, we conclude that the developed algorithm builds a solution close (in terms of the objective function) to the optimal one

Towards a middle-range theory of mental health and well-being effects of employment transitions: Findings from a qualitative study on unemployment during the 2009-2010 economic recession.

This article builds upon previous theoretical work on job loss as a status passage to help explain how people's experiences of involuntary unemployment affected their mental well-being during the 2009-2010 economic recession. It proposes a middle-range theory that interprets employment transitions as status passages and suggests that their health and well-being effects depend on the personal and social meanings that people give to them, which are called properties of the transitions. The analyses, which used a thematic approach, are based on the findings of a qualitative study undertaken in Bradford (North England) consisting of 73 people interviewed in 16 focus groups. The study found that the participants experienced their job losses as divestment passages characterised by three main properties: experiences of reduced agency, disruption of role-based identities, for example, personal identity crises, and experiences of 'spoiled identities', for example, experiences of stigma. The proposed middle-range theory allows us to federate these findings together in a coherent framework which makes a contribution to illuminating not just the intra-personal consequences of unemployment, that is, its impact on subjective well-being and common mental health problems, but also its inter-personal consequences, that is, the hidden and often overlooked social processes that affect unemployed people's social well-being. This article discusses how the study findings and the proposed middle-range theory can help to address the theoretical weaknesses and often contradictory empirical findings from studies that use alternative frameworks, for example, deprivation models and 'incentive theory' of unemployment

Risk-Seeking versus Risk-Avoiding Investments in Noisy Periodic Environments

We study the performance of various agent strategies in an artificial investment scenario. Agents are equipped with a budget, $x(t)$, and at each time step invest a particular fraction, $q(t)$, of their budget. The return on investment (RoI), $r(t)$, is characterized by a periodic function with different types and levels of noise. Risk-avoiding agents choose their fraction $q(t)$ proportional to the expected positive RoI, while risk-seeking agents always choose a maximum value $q_{max}$ if they predict the RoI to be positive ("everything on red"). In addition to these different strategies, agents have different capabilities to predict the future $r(t)$, dependent on their internal complexity. Here, we compare 'zero-intelligent' agents using technical analysis (such as moving least squares) with agents using reinforcement learning or genetic algorithms to predict $r(t)$. The performance of agents is measured by their average budget growth after a certain number of time steps. We present results of extensive computer simulations, which show that, for our given artificial environment, (i) the risk-seeking strategy outperforms the risk-avoiding one, and (ii) the genetic algorithm was able to find this optimal strategy itself, and thus outperforms other prediction approaches considered.Comment: 27 pp. v2 with minor corrections. See http://www.sg.ethz.ch for more inf

Evolutionary estimation of a Coupled Markov Chain credit risk model

There exists a range of different models for estimating and simulating credit risk transitions to optimally manage credit risk portfolios and products. In this chapter we present a Coupled Markov Chain approach to model rating transitions and thereby default probabilities of companies. As the likelihood of the model turns out to be a non-convex function of the parameters to be estimated, we apply heuristics to find the ML estimators. To this extent, we outline the model and its likelihood function, and present both a Particle Swarm Optimization algorithm, as well as an Evolutionary Optimization algorithm to maximize the likelihood function. Numerical results are shown which suggest a further application of evolutionary optimization techniques for credit risk management

Life, Death and Preferential Attachment

Scientific communities are characterized by strong stratification. The highly skewed frequency distribution of citations of published scientific papers suggests a relatively small number of active, cited papers embedded in a sea of inactive and uncited papers. We propose an analytically soluble model which allows for the death of nodes. This model provides an excellent description of the citation distributions for live and dead papers in the SPIRES database. Further, this model suggests a novel and general mechanism for the generation of power law distributions in networks whenever the fraction of active nodes is small.Comment: 5 pages, 2 figure

The mathematical review system: does reviewer status play a role in the citation process?

This paper revisits an aspect of citation theory (i.e., citer motivation) with respect to the Mathematical Review system and the reviewer’s role in mathematics. We focus on a set of journal articles (369) published in Singularity Theory (1974–2003), the mathematicians who wrote editorial reviews for these articles, and the number of citations each reviewed article received within a 5 year period. Our research hypothesis is that the cognitive authority of a high status reviewer plays a positive role in how well a new article is received and cited by others. Bibliometric evidence points to the contrary: Singularity Theorists of lower status (junior researchers) have reviewed slightly more well-cited articles (2–5 citations, excluding author self-citations) than their higher status counterparts (senior researchers). One explanation for this result is that lower status researchers may have been asked to review ‘trendy’ or more accessible parts of mathematics, which are easier to use and cite. We offer further explanations and discuss a number of implications for a theory of citation in mathematics. This research opens the door for comparisons to other editorial review systems, such as book reviews written in the social sciences or humanities

Generalized pricing formulas for stochastic volatility jump diffusion models applied to the exponential Vasicek model

Path integral techniques for the pricing of financial options are mostly based on models that can be recast in terms of a Fokker-Planck differential equation and that, consequently, neglect jumps and only describe drift and diffusion. We present a method to adapt formulas for both the path-integral propagators and the option prices themselves, so that jump processes are taken into account in conjunction with the usual drift and diffusion terms. In particular, we focus on stochastic volatility models, such as the exponential Vasicek model, and extend the pricing formulas and propagator of this model to incorporate jump diffusion with a given jump size distribution. This model is of importance to include non-Gaussian fluctuations beyond the Black-Scholes model, and moreover yields a lognormal distribution of the volatilities, in agreement with results from superstatistical analysis. The results obtained in the present formalism are checked with Monte Carlo simulations.Comment: 9 pages, 2 figures, 1 tabl