A note on super-hedging for investor-producers

We study the situation of an agent who can trade on a financial market and can also transform some assets into others by means of a production system, in order to price and hedge derivatives on produced goods. This framework is motivated by the case of an electricity producer who wants to hedge a position on the electricity spot price and can trade commodities which are inputs for his system. This extends the essential results of Bouchard & Nguyen Huu (2011) to continuous time markets. We introduce the generic concept of conditional sure profit along the idea of the no sure profit condition of R\`asonyi (2009). The condition allows one to provide a closedness property for the set of super-hedgeable claims in a very general financial setting. Using standard separation arguments, we then deduce a dual characterization of the latter and provide an application to power futures pricing

Uniform rationality of Poincar\'e series of p-adic equivalence relations and Igusa's conjecture on exponential sums

This thesis contains some new results on the uniform rationality of Poincar\'e series of p-adic equivalence relations and Igusa's conjecture on exponential sumsComment: Doctoral thesis, University of Lill

Flooding in Mekong River Delta, Viet Nam

human development, climate change