The Unregulables? The Perilous Confluence of Hedge Funds and Credit Derivatives

This Note examines credit derivatives, hedge funds, and the increase in systemic risk that results from the combination of the two. The issues considered include what method of regulation--entity, transaction, or self-regulation--provides the form and amount of disclosure that best addresses the risk that the markets as a whole will be affected by a financial shock. Emphasizing the role of traders and efficient capital markets, this Note proposes that a system of disclosure for derivatives similar to the Trade Reporting and Compliance Engine, or TRACE, system for corporate bonds would prevent rapid repricings that have the potential to shock the financial system

The Unregulables? The Perilous Confluence of Hedge Funds and Credit Derivatives

This Note examines credit derivatives, hedge funds, and the increase in systemic risk that results from the combination of the two. The issues considered include what method of regulation--entity, transaction, or self-regulation--provides the form and amount of disclosure that best addresses the risk that the markets as a whole will be affected by a financial shock. Emphasizing the role of traders and efficient capital markets, this Note proposes that a system of disclosure for derivatives similar to the Trade Reporting and Compliance Engine, or TRACE, system for corporate bonds would prevent rapid repricings that have the potential to shock the financial system

The balanced tensor product of module categories

The balanced tensor product M (x)_A N of two modules over an algebra A is the vector space corepresenting A-balanced bilinear maps out of the product M x N. The balanced tensor product M [x]_C N of two module categories over a monoidal linear category C is the linear category corepresenting C-balanced right-exact bilinear functors out of the product category M x N. We show that the balanced tensor product can be realized as a category of bimodule objects in C, provided the monoidal linear category is finite and rigid.Comment: 19 pages; v3 is author-final versio

Generation of Coherent Structures After Cosmic Inflation

We investigate the nonlinear dynamics of hybrid inflation models, which are characterized by two real scalar fields interacting quadratically. We start by solving numerically the coupled Klein-Gordon equations in static Minkowski spacetime, searching for possible coherent structures. We find long-lived, localized configurations, which we identify as a new kind of oscillon. We demonstrate that these two-field oscillons allow for "excited" states with much longer lifetimes than those found in previous studies of single-field oscillons. We then solve the coupled field equations in an expanding Friedmann-Robertson-Walker spacetime, finding that as the field responsible for inflating the Universe rolls down to oscillate about its minimum, it triggers the formation of long-lived two-field oscillons, which can contribute up to 20% of the total energy density of the Universe. We show that these oscillons emerge for a wide range of parameters consistent with WMAP 7-year data. These objects contain total energy of about 25*10^20 GeV, localized in a region of approximate radius 6*10^-26 cm. We argue that these structures could have played a key role during the reheating of the Universe.Comment: 12 pages, 10 .pdf figures, uses RevTex4; v2: expanded discussion in section IV, accepted for publication in Phys.Rev. D. Results remain the sam

Impediments to Presence: Oblivious and Reactive Mindlessness

Mindfulness and mindlessness are often theoretically and psychometrically treated as opposing poles of a single dimension (e.g. Langer, 1989; Kabat-Zinn, 1990; Brown & Ryan, 2003). The present study examines the possibility of two differing styles of mindlessness, an oblivious form based upon defensive avoidance of experience and a reactive form based upon ruminative reaction to experience. These differing styles of mindless are theoretically similar to adult attachment status. The avoidant attachment style is conceptually related to an oblivious style of mindlessness in that both involve a defensive denial of certain aspects of experience, particularly those aspects that evoke feelings of vulnerability or emotional distress. The preoccupied adult attachment style is similar to the reactive style of mindlessness in that both involve a hyper-focus on emotionally distressing experiences and a subsequent affective destabilization. Given these similarities, the present study explored reactive and oblivious mindlessness by examining the interaction of mindfulness and adult attachment status. Adult attachment status is profoundly related to autobiographical narrative (e.g. Main, 1996; Mikulincer & Orbach, 1995). Accordingly, narrative measures were used to explore the relationship of attachment status and mindfulness. Among participants with a preoccupied attachment status, mindfulness predicted decreased emotional articulacy. Among avoidant participants mindfulness predicted decreased emotional articulacy and increased complexity of representations of self and others. In contrast, among secure participants mindfulness had no relationship to narrative measures. These results suggest that mindfulness functions as a protective factor against the distressing rumination associated with emotional articulacy among those with an insecure attachment status. They also provide preliminary support for a theory of reactive and oblivious mindlessness and highlight the value of further research examining the interaction of mindfulness and attachment status

Personality and Mood for Non-Player Characters: A Method for Behavior Simulation in a Maze Environment

When it comes to video games, immersion is key. All types of games aim to keep the player immersed in some form or another. A common aspect of the immersive world in most role-playing games -- but not exclusive to the genre -- is the non-playable character (NPC). At their best, NPCs play an integral role to the sense of immersion the player feels by behaving in a way that feels believable and fits within the world of the game. However, due to lack of innovation in this area of video games, at their worst NPCs can jar the player out of the immersive state of flow with unnatural behavior. In an effort towards making non-playable characters (NPCs) in games smarter, more believable, and more immersive, a method based in psychological theory for controlling the behavior of NPCs was developed. Based on a behavior model similar to most modern games, our behavior model for NPCs traverses a behavior tree. A novel method was introduced using the five-factor model of personality (also known as the big-five personality traits) and the circumplex model of affect (a model of emotion) to inform the traversal of the behavior tree of NPCs. This behavior model has two main beneficial outcomes. The first is emergent gameplay, resulting in unplanned, unpredictable experiences in games which feel closer to natural behavior, leading to an increase in immersion. This can be used for complex storytelling as well by offering information about an NPC\u27s personality to be used in the narrative of games. Secondly, the model is able to provide the emotional status of an NPC in real time. This capability allows developers to programmatically display facial and body expression, eschewing the current time-consuming approach of artist-choreographed animation. Finally, a maze simulation environment was constructed to test the results of our behavior model and procedural animation. The data collected from 100 iterations in our maze simulation environment about our behavior model found that a correlation can be observed between traits and actions, showing that emergent gameplay can be achieved by varying personality traits. Additionally, by incorporating a novel method for procedural animation based on real-time emotion data, a more realistic representation of human behavior is achieved