Optimal Management of DC Pension Plan with Inflation Risk and Tail VaR Constraint

This paper investigates an optimal investment problem under the tail Value at Risk (tail VaR, also known as expected shortfall, conditional VaR, average VaR) and portfolio insurance constraints confronted by a defined-contribution pension member. The member's aim is to maximize the expected utility from the terminal wealth exceeding the minimum guarantee by investing his wealth in a cash bond, an inflation-linked bond and a stock. Due to the presence of the tail VaR constraint, the problem cannot be tackled by standard control tools. We apply the Lagrange method along with quantile optimization techniques to solve the problem. Through delicate analysis, the optimal investment output in closed-form and optimal investment strategy are derived. A numerical analysis is also provided to show how the constraints impact the optimal investment output and strategy

Geometric accounts of consonant-vowel interactions in developing systems

Phenomena associated with consonant-vowel interactions are examined relative to three general models of feature geometry which differ in the planar relationship of consonants and vowels. The data come from reports of developing phonological systems, both normal and disordered. Geometric analyses reveal that consonants and vowels are fully integrated in the earliest stages of development such that the place specification of consonants is primarily derived from the vowel. However, change through development requires modifications either in the principles of place association, the degree of feature specification, or the planar representation of consonants and vowels.National Institutes of Health DC00433, RR7031K, DC00076, DC001694 (PI: Gierut)This is an Accepted Manuscript of an article published by Taylor & Francis in Clinical Linguistics & Phonetics on January 1993, available online: http://wwww.tandfonline.com/10.3109/02699209308985559

Emergent order in the spin-frustrated system DyxTb2-xTi2O7 studied by ac susceptibility measurements

We report the a.c. susceptibility study of Dy_xTb_{2-x}Ti_2O_7 with x in [0, 2]. In addition to the single-ion effect at Ts (single-ion effect peak temperature) corresponding to the Dy3+ spins as that in spin ice Dy_2Ti_2O_7 and a possible spin freezing peak at Tf (Tf < 3 K), a new peak associated with Tb^{3+} is observed in $\chi_{ac}(T)$ at nonzero magnetic field with a characteristic temperature T^* (Tf < T^* < Ts). T^* increases linearly with x in a wide composition range (0 < x < 1.5 at 5 kOe). Both application of a magnetic field and increasing doping with Dy3+ enhance T^*. The T^* peak is found to be thermally driven with an unusually large energy barrier as indicated from its frequency dependence. These effects are closely related to the crystal field levels, and the underlying mechanism remains to be understood.Comment: 7 pages, 5 figure