Self-selection and risk sharing in a modern world of lifelong annuities - Abstract of the London Discussion

This abstract relates to the following paper: Gerrard, R., Hiabu, M., Kyriakou, I. and Nielsen, J. P. (2018) Self-selection and risk sharing in a modern world of lifelong annuities ‐ Abstract of the London Discussion. British Actuarial Journal. Cambridge University Press, 23. doi: 10.1017/S135732171800020X

Self-selection and risk sharing in a modern world of life-long annuities

Communicating a pension product well is as important as optimising the financial value. In a recent study, we showed that up to 80% of the value of a pension lump sum could be lost if customer communication failed. In this paper, we extend the simple customer interaction of the earlier contribution to the more challenging lifetime annuity case. Using a simple mobile phone device, the pension customer can select the life-long optimal investment strategy within minutes. The financial risk trade-off is presented as a trade-off between the pension paid and the number of years the life-long annuity is guaranteed. The pension payment decreases when investment security increases. The necessary underlying mathematical financial hedging theory is included in the stud

Protecting, Enhancing and Reviving Entanglement

We propose a strategies not only to protect but also to enhance and revive the entanglement in a double Jaynes-Cummings model. We show that such surprising features arises when Zeno-like measurements are performed during the dynamical process

Quantum Operation Time Reversal

The dynamics of an open quantum system can be described by a quantum operation, a linear, complete positive map of operators. Here, I exhibit a compact expression for the time reversal of a quantum operation, which is closely analogous to the time reversal of a classical Markov transition matrix. Since open quantum dynamics are stochastic, and not, in general, deterministic, the time reversal is not, in general, an inversion of the dynamics. Rather, the system relaxes towards equilibrium in both the forward and reverse time directions. The probability of a quantum trajectory and the conjugate, time reversed trajectory are related by the heat exchanged with the environment.Comment: 4 page

Quantum Phase Transitions in Anti-ferromagnetic Planar Cubic Lattices

Motivated by its relation to an $\cal{NP}$-hard problem, we analyze the ground state properties of anti-ferromagnetic Ising-spin networks embedded on planar cubic lattices, under the action of homogeneous transverse and longitudinal magnetic fields. This model exhibits a quantum phase transition at critical values of the magnetic field, which can be identified by the entanglement behavior, as well as by a Majorization analysis. The scaling of the entanglement in the critical region is in agreement with the area law, indicating that even simple systems can support large amounts of quantum correlations. We study the scaling behavior of low-lying energy gaps for a restricted set of geometries, and find that even in this simplified case, it is impossible to predict the asymptotic behavior, with the data allowing equally good fits to exponential and power law decays. We can therefore, draw no conclusion as to the algorithmic complexity of a quantum adiabatic ground-state search for the system.Comment: 7 pages, 13 figures, final version (accepted for publication in PRA

Rolling moments in a trailing vortex flow field

Pressure distributions are presented which were measured on a wing in close proximity to a tip vortex of known structure generated by a larger, upstream semispan wing. Overall loads calculated by integration of these pressures are checked by independent measurements made with an identical model mounted on a force balance. Several conventional methods of wing analysis are used to predict the loads on the following wing. Strip theory is shown to give uniformly poor results for loading distribution, although predictions of overall lift and rolling moment are sometimes acceptable. Good results are obtained for overall coefficients and loading distribution by using linearized pressures in vortex-lattice theory in conjunction with a rectilinear vortex. The equivalent relation from reverse-flow theory that can be used to give economic predictions for overall loads is presented

Computing the entropy of user navigation in the web

Navigation through the web, colloquially known as "surfing", is one of the main activities of users during web interaction. When users follow a navigation trail they often tend to get disoriented in terms of the goals of their original query and thus the discovery of typical user trails could be useful in providing navigation assistance. Herein, we give a theoretical underpinning of user navigation in terms of the entropy of an underlying Markov chain modelling the web topology. We present a novel method for online incremental computation of the entropy and a large deviation result regarding the length of a trail to realize the said entropy. We provide an error analysis for our estimation of the entropy in terms of the divergence between the empirical and actual probabilities. We then indicate applications of our algorithm in the area of web data mining. Finally, we present an extension of our technique to higher-order Markov chains by a suitable reduction of a higher-order Markov chain model to a first-order one

Polarons in semiconductor quantum-dots and their role in the quantum kinetics of carrier relaxation

While time-dependent perturbation theory shows inefficient carrier-phonon scattering in semiconductor quantum dots, we demonstrate that a quantum kinetic description of carrier-phonon interaction predicts fast carrier capture and relaxation. The considered processes do not fulfill energy conservation in terms of free-carrier energies because polar coupling of localized quantum-dot states strongly modifies this picture.Comment: 6 pages, 6 figures, accepted for publication in Phys.Rev.

Basic Logic and Quantum Entanglement

As it is well known, quantum entanglement is one of the most important features of quantum computing, as it leads to massive quantum parallelism, hence to exponential computational speed-up. In a sense, quantum entanglement is considered as an implicit property of quantum computation itself. But...can it be made explicit? In other words, is it possible to find the connective "entanglement" in a logical sequent calculus for the machine language? And also, is it possible to "teach" the quantum computer to "mimic" the EPR "paradox"? The answer is in the affirmative, if the logical sequent calculus is that of the weakest possible logic, namely Basic logic. A weak logic has few structural rules. But in logic, a weak structure leaves more room for connectives (for example the connective "entanglement"). Furthermore, the absence in Basic logic of the two structural rules of contraction and weakening corresponds to the validity of the no-cloning and no-erase theorems, respectively, in quantum computing.Comment: 10 pages, 1 figure,LaTeX. Shorter version for proceedings requirements. Contributed paper at DICE2006, Piombino, Ital