On utility-based super-replication prices of contingent claims with unbounded payoffs

Consider a financial market in which an agent trades with utility-induced restrictions on wealth. For a utility function which satisfies the condition of reasonable asymptotic elasticity at $-\infty$ we prove that the utility-based super-replication price of an unbounded (but sufficiently integrable) contingent claim is equal to the supremum of its discounted expectations under pricing measures with finite {\it loss-entropy}. For an agent whose utility function is unbounded from above, the set of pricing measures with finite loss-entropy can be slightly larger than the set of pricing measures with finite entropy. Indeed, the former set is the closure of the latter under a suitable weak topology. Central to our proof is the representation of a cone $C_U$ of utility-based super-replicable contingent claims as the polar cone to the set of finite loss-entropy pricing measures. The cone $C_U$ is defined as the closure, under a relevant weak topology, of the cone of all (sufficiently integrable) contingent claims that can be dominated by a zero-financed terminal wealth. We investigate also the natural dual of this result and show that the polar cone to $C_U$ is generated by those separating measures with finite loss-entropy. The full two-sided polarity we achieve between measures and contingent claims yields an economic justification for the use of the cone $C_U$, and an open question

139 - Leveraging Third Generation DNA Sequencing Technology to Explore Role of Epigenetics in Round Scad Fish under Global Climate Stress

Global climate change has been a recent pressing issue that has been seen to have environmental impacts on various ecosystems. Such environmental changes induce stress-related heritable traits without changes to the genome’s coding, a concept known as epigenetics. DNA methylation plays a key role in these cellular responses to environmental stress. The Round Scad fish is an affordable source of protein for common citizens in the Philippines, but is currently facing rapid decline both in population and average body size. The purpose of our study is to explore the patterns of DNA methylation in wild Round Scad to determine whether these changes are associated with epigenetic response to stress due to global climate change. Samples of fish DNA from the Philippines were collected and isolated. Using nanopore MinION, a portable third generation DNA sequencing technology, we are able to obtain initial DNA sequences. This technology has the advantage of directly identifying methylated nucleotides using built in softwares. Here, we shall report on the initial data comparing it with DNA methylation patterns in stress response genes of the model organism, Zebrafish. We anticipate that long term findings from this project will provide information critical to managing Round Scad and other marine fish facing similar environmental stressors

Warming reduces the effects of enrichment on stability and functioning across levels of organisation in an aquatic microbial ecosystem

Warming and nutrient enrichment are major environmental factors shaping ecological dynamics. However, cross‐scale investigation of their combined effects by linking theory and experiments is lacking. We collected data from aquatic microbial ecosystems investigating the interactive effects of warming (constant and rising temperatures) and enrichment across levels of organisation and contrasted them with community models based on metabolic theory. We found high agreement between our observations and theoretical predictions: we observed in many cases the predicted antagonistic effects of high temperature and high enrichment across levels of organisation. Temporal stability of total biomass decreased with warming but did not differ across enrichment levels. Constant and rising temperature treatments with identical mean temperature did not show qualitative differences. Overall, we conclude that model and empirical results are in broad agreement due to robustness of the effects of temperature and enrichment, that the mitigating effects of temperature on effects of enrichment may be common, and that models based on metabolic theory provide qualitatively robust predictions of the combined ecological effects of enrichment and temperature

Determination of geographic origin of unprovenanced Aboriginal skeletal remains in South Australia employing stable carbon and nitrogen isotope analysis.

Bone collagen stable carbon and nitrogen isotope analysis of prehistoric human remains recovered from various known localities in southeastern South Australia provide isotopic signatures that distinguish the following geographic regions: the coastal Coorong, the coastal Murray River Mouth, Swanport (Lower Murray River), and Roonka (Upper Murray River). These regional isotopic signatures are employed to determine geographic origin of unprovenanced Aboriginal skeletal remains curated by the South Australian Museum. Nearly 85% of the unprovenanced sample (77/91) could be assigned to a particular geographic zone on the basis of isotopic values, and a further 13% (12/91) were assigned to areas intermediate between two geographic zones. Only two of the 91 individuals possessed anomalous isotopic values in relation to the standard values derived from known geographic localities. Isotopic analysis provides an independent means to address geographic origin of skeletal remains that can supplement other methods, e.g. metric, non-metric, and DNA analysis

Particle Acceleration and the Formation of Relativistic Outflows in Viscous Accretion Disks with Shocks

In this Letter, we present a new self-consistent theory for the production of the relativistic outflows observed from radio-loud black hole candidates and active galaxies as a result of particle acceleration in hot, viscous accretion disks containing standing, centrifugally-supported isothermal shocks. This is the first work to obtain the structure of such disks for a relatively large value of the Shakura-Sunyaev viscosity parameter ($\alpha=0.1$), and to consider the implications of the shock for the acceleration of relativistic particles in viscous disks. In our approach, the hydrodynamics and the particle acceleration are coupled and the solutions are obtained self-consistently based on a rigorous mathematical method. We find that particle acceleration in the vicinity of the shock can provide enough energy to power the observed relativistic jet in M87.Comment: published in ApJ

Damping rings for CLIC

The Compact Linear Colider (CLIC) is designed to operate at 3 TeV centre-of-mass energy with a total luminosity of 10^35 cm^-2 s^-1. The overall system design leads to extremely demanding requirements on the bunch trains injected into the main libac at frequency of 100 Hz. In particular, the emittances of the intense bunches have to be about an order of magnitude smaller than presently achieved. We describe our approach to finding a damping ring design capable of meeting these requirements. Besides lattice design, emittance and damping rate considerations, a number of scattering and instability effects have to be incorporated into the optimisation of parameters. Among these, intra-bem scattering and the electron cloud effect are two of the most significant

Search for Supersymmetry Using Boosted Higgs Bosons and Missing Transverse Momentum in Proton-Proton Collisions at 13 TeV

A search for physics beyond the Standard Model in events with one or more high-momentum Higgs bosons decaying to pairs of b quarks in association with missing transverse momentum is presented. The data, corresponding to an integrated luminosity of 35.9 fb-1, were collected with the CMS detector at the Large Hadron Collider in proton-proton collisions at the center-of-mass energy &radic;s = 13TeV. The analysis utilizes a new b quark tagging technique based on jet substructure to identify jets from Higgs ⟶ bb̅&nbsp;decays. Events are categorized by the number of bb̅-tagged jets, the mass of the jets, and the missing transverse momentum. No significant deviations from Standard Model expectations are observed. In the context of supersymmetry, limits on the cross sections of pair-produced gluinos are set, assuming that gluinos decay to quark pairs and a Higgs or Z boson, and the lightest supersymmetric particle. The decay chain proceeds through an intermediate particle assumed to be the second lightest in the theory. Assuming a large mass splitting between these two neutral particles, and 100% NLSP branching fraction to Higgs bosons, the lower limit on the gluino mass is found to be 2010 GeV.</p