Optimal life insurance purchase, consumption and investment on a financial market with multi-dimensional diffusive terms

We introduce an extension to Merton’s famous continuous time model of optimal consumption and investment, in the spirit of previous works by Pliska and Ye, to allow for a wage earner to have a random lifetime and to use a portion of the income to purchase life insurance in order to provide for his estate, while investing his savings in a financial market comprised of one risk-free security and an arbitrary number of risky securities driven by multidimensional Brownian motion. We then provide a detailed analysis of the optimal consumption, investment, and insurance purchase strategies for the wage earner whose goal is to maximize the expected utility obtained from his family consumption, from the size of the estate in the event of premature death, and from the size of the estate at the time of retirement. We use dynamic programming methods to obtain explicit solutions for the case of discounted constant relative risk aversion utility functions and describe new analytical results which are presented together with the corresponding economic interpretations.We thank the Calouste Gulbenkian Foundation, PRODYN-ESF, POCTI and POSI by FCT and Ministerio da Ciencia, Tecnologia e Ensino Superior, CEMAPRE, LIAAD-INESC Porto LA, Centro de Matematica da Universidade do Minho and Centro de Matematica da Universidade do Porto for their financial support. D. Pinheiro's research was supported by FCT - Fundacao para a Ciencia e Tecnologia program 'Ciencia 2007' and project 'Randomness in Deterministic Dynamical Systems and Applications' (PTDC/MAT/105448/2008). I. Duarte's research was supported by FCT - Fundacao para a Ciencia e Tecnologia grant with reference SFRH/BD/33502/2008

The Tourism Industry and Plastic Waste Policies - Comparative Perspectives from the Portuguese Experience

This paper investigates the correlations between the tourism industry and plastic waste. It starts by evidencing that increase in tourism is likely to enhance the volume and improper destination of waste, including plastic, which has become a major environmental concern in touristic cities. The paper suggests that, on the other hand, negative environmental impact caused by plastic may disincentivize tourism, due to pollution in beaches and seas. As tourism grew in Portugal, the country experienced an increase in plastic waste and has taken measures to deal with the problem. Portugal passed federal legislation to ban single-use plastic tableware as of 2020. Companies, NGOs, and the government are also joining forces to reduce plastic waste and increase recycling initiatives. These are examples to follow as the European Union and internationally-recognized NGOs, such as WWF, put fighting plastic waste as one of the main goals to cities’ environmental sustainability in the forthcoming decades

Impact of predicted precipitation scenarios on multitrophic interactions

1. Predicted changes in the frequency and intensity of extreme rainfall events in the UK have the potential to disrupt terrestrial ecosystem function. However, responses of different trophic levels to these changes in rainfall patterns, and the underlying mechanisms, are not well characterised. 2. This study aimed to investigate how changes in both the quantity and frequency of rainfall events will affect the outcome of interactions between plants, insect herbivores (above- and below- ground) and natural enemies. 3. Hordeum vulgare L. plants were grown in controlled conditions and in the field, and subjected to three precipitation scenarios: ambient (based on a local 10 year average rainfall); continuous drought (40% reduction compared to ambient); drought/ deluge (40% reduction compared to ambient at a reduced frequency). The effects of these watering regimes and wireworm (Agriotes species) root herbivory on the performance of the plants, aphid herbivores above-ground (Sitobion avenae, Metapolophium dirhodum and Rhopalosiphum padi), and natural enemies of aphids including ladybirds (Harmonia axyridis) were assessed from measurements of plant growth, insect abundance and mass, and assays of feeding behaviour. 4. Continuous drought decreased plant biomass, whereas reducing the frequency of watering events did not affect plant biomass but did alter plant chemical composition. In controlled conditions, continuous drought ameliorated the negative impact of wireworms on plant biomass. 5. Compared to the ambient treatment, aphid mass was increased by 15% when feeding on plants subjected to drought/ deluge; and ladybirds were 66% heavier when feeding on these aphids but this did not affect ladybird prey choice. In field conditions, wireworms feeding below-ground reduced the number of shoot-feeding aphids under ambient and continuous drought conditions but not under drought/ deluge. 6. Predicted changes in both the frequency and intensity of precipitation events under climate change have the potential to limit plant growth, but reduce wireworm herbivory, while simultaneously promoting above-ground aphid numbers and mass, with these effects transferring to the third trophic level. Understanding the effect of future changes in precipitation on species interactions is critical for determining their potential impact on ecosystem functioning and constructing accurate predictions under global change scenarios

Space-time inhomogeneity, anisotropy and gravitational collapse

We investigate the evolution of non-adiabatic collapse of a shear-free spherically symmetric stellar configuration with anisotropic stresses accompanied with radial heat flux. The collapse begins from a curvature singularity with infinite mass and size on an inhomogeneous space-time background. The collapse is found to proceed without formation of an even horizon to singularity when the collapsing configuration radiates all its mass energy. The impact of inhomogeneity on various parameters of the collapsing stellar configuration is examined in some specific space-time backgrounds.Comment: To appear in Gen. Relativ. Gra

Stationary solutions for the parity-even sector of the CPT-even and Lorentz-covariance-violating term of the standard model extension

In this work, we focus on some properties of the parity-even sector of the CPT-even electrodynamics of the standard model extension. We analyze how the six non-birefringent terms belonging to this sector modify the static and stationary classical solutions of the usual Maxwell theory. We observe that the parity-even terms do not couple the electric and magnetic sectors (at least in the stationary regime). The Green's method is used to obtain solutions for the field strengths E and B at first order in the Lorentz- covariance-violating parameters. Explicit solutions are attained for point-like and spatially extended sources, for which a dipolar expansion is achieved. Finally, it is presented an Earth-based experiment that can lead (in principle) to an upper bound on the anisotropic coefficients as stringent as $(\widetilde{\kappa}_{e-}) ^{ij}<2.9\times10^{-20}.$Comment: 8 pages, revtex style, revised published version, to appear in EPJC (2009

Avaliação de biofertilizantes, extratos vegetais e diferentes substâncias alternativas no manejo de tripes em cebola em sistema orgânico.

Avaliou-se substâncias alternativas no manejo de tripes (Thrips tabaci Lind.), em cebola, cv, Crioula, no sistema orgânico. Os experimentos foram conduzidos na EPAGRI, Ituporanga (SC). Os períodos entre transplante e colheita foram de 11/09/1996 a 10/01/1997 e 13/08/1997 a 11/12/1997. O delineamento foi de blocos ao acaso com 8 tratamentos em 1996 e 12 tratamentos em 1997 e quatro repetições. Em 1996 os tratamentos incluíram o biofertilizante anaeróbico 50%, biofertilizante aeróbico 5%, sulfato de manganês 1%, extrato hidroalcoólico de própolis 0,2%, macerado de ervas (“fersoral”) 2% e 4%, extrato de fumo (Nicotiana tabacum) 2 L ha-1 + 1% detergente neutro, testemunha sem aplicação. Em 1997 os tratamentos incluíram o macerado de ervas (“fersoral”) 5% 10%, enxofre pó molhável 0,25% + extrato hidroalcoólico de própolis 0,2% + extrato de samambaia 3%, biofertilizante anaeróbico 50%, biofertilizante aeróbico 5%, extrato de losna (Artemisia verlotorum) 3%, extrato de timbó (Ateleia glazioviana) 0,5%, extrato de samambaia (Pteridium aquilinum) 10%, extrato de erva-de-santa-maria (Chenopodium ambrosioides) 10%, extrato de cinamomo (Melia azedarach) 10%,extrato de camomila (Matricaria chamomilla) 5%, testemunha sem aplicação. Para aplicação dos produtos empregou-se pulverizador de pressão constante a base de CO2. Os tratamentos não causaram redução significativa na incidência de tripes e aumentos significativos na produtividade