Multivariate risks and depth-trimmed regions

We describe a general framework for measuring risks, where the risk measure takes values in an abstract cone. It is shown that this approach naturally includes the classical risk measures and set-valued risk measures and yields a natural definition of vector-valued risk measures. Several main constructions of risk measures are described in this abstract axiomatic framework. It is shown that the concept of depth-trimmed (or central) regions from the multivariate statistics is closely related to the definition of risk measures. In particular, the halfspace trimming corresponds to the Value-at-Risk, while the zonoid trimming yields the expected shortfall. In the abstract framework, it is shown how to establish a both-ways correspondence between risk measures and depth-trimmed regions. It is also demonstrated how the lattice structure of the space of risk values influences this relationship.Comment: 26 pages. Substantially revised version with a number of new results adde

Set optimization - a rather short introduction

Recent developments in set optimization are surveyed and extended including various set relations as well as fundamental constructions of a convex analysis for set- and vector-valued functions, and duality for set optimization problems. Extensive sections with bibliographical comments summarize the state of the art. Applications to vector optimization and financial risk measures are discussed along with algorithmic approaches to set optimization problems

Seasonal and regional occurrence of heat-resistant spore-forming bacteria in the course of ultra-high temperature milk production in Tunisia

International audienceSpore-forming bacteria, principally Bacillus species, are important contaminants of milk. Because of their high heat resistance, Bacillus species spores are capable of surviving the heat treatment process of milk and lead to spoilage of the final product. To determine the factors influencing the contamination of milk, spore-forming bacteria occurrence throughout the UHT milk production line during winter, spring, and summer was studied. The obtained results confirm that the total viable rate decreases rapidly throughout the production line of UHT milk showing the efficiency of thermal treatments used. However, the persistent high rate of spore-forming bacteria indicates their high heat resistance , especially in spring and summer. In addition, a significant variation of the quality of raw milk according to the location of the collecting centers was revealed. The molecular identification showed a high degree of diversity of heat-resistant Bacillus species, which are isolated from different milk samples. The distribution of Bacillus species in raw milk, stored milk, bactofuged milk, pasteurized milk, and UHT milk were 28, 10, 16, 13, and 33%, respectively. Six Bacillus spp. including Bacillus licheniformis (52.38%), Bacillus pumilus (9.52%), Bacillus sp. (4.76%), Bacillus sporothermodurans (4.76%), Terribacillus aidingensis (4.76%), and Paenibacillus sp. (4.76%) were identified in different milk samples

Investigation of fractured carbonate reservoirs by applying shear-wave splitting concept

In this study, fracture orientations in carbonate reservoirs were determined using a multicomponent velocity analysis based on shear wave splitting. The analysis is based on the estimated velocities of large seismic events with different polarizations. In a fractured zone with a dominant orientation, weak amplitude split shear events, including shear noise, result in shear waves that are polarized toward the symmetry and anisotropy axes and propagate with a common fast and slow velocity, respectively. Thus, a velocity stack should show high coherency anomalies in directions parallel and orthogonal to the fracture strike. Furthermore, because the analysis is applied locally at a specific depth range, it is less susceptible to the effects of overburden anisotropy and noise. The dominant fracture orientations from carbonate reservoirs of four oilfields were compared to those interpreted from fullbore microimager and core data. Fractures in two offshore reservoirs strike NNE-SSW and NW-SE, which are related to Zagros stress. Fractures in two onshore reservoir strikes NE-SW, while in deeper onshore reservoir fractures are aligned with N-S direction. The findings of this study are promising, particularly for the fractured reservoirs especially those located in Abu Dhabi, which are characterized by high heterogeneity and complex fracture network related to complex tectonic history. In order to obtain geometrical parameters of fractures at seismic scale, it is recommended to implement the analysis adapted in this study after acquiring three component zero-offset vertical seismic profiling.Cited as: Diaz-Acosta, A., Bouchaala, F., Kishida, T., Jouini, M. S., Ali, M. Y. Investigation of fractured carbonate reservoirs by applying shear-wave splitting concept. Advances in Geo-Energy Research, 2023, 7(2): 99-110. https://doi.org/10.46690/ager.2023.02.0

Call centers with a postponed callback offer

We study a call center model with a postponed callback option. A customer at the head of the queue whose elapsed waiting time achieves a given threshold receives a voice message mentioning the option to be called back later. This callback option differs from the traditional ones found in the literature where the callback offer is given at customer’s arrival. We approximate this system by a two-dimensional Markov chain, with one dimension being a unit of a discretization of the waiting time. We next show that this approximation model converges to the exact one. This allows us to obtain explicitly the performance measures without abandonment and to compute them numerically otherwise. From the performance analysis, we derive a series of practical insights and recommendations for a clever use of the callback offer. In particular, we show that this time-based offer outperforms traditional ones when considering the waiting time of inbound calls

Synthesis and X-ray structure of the dysprosium(III) complex derived from the ligand 5-chloro-1,3-diformyl-2-hydroxybenzene-bis-(2-hydroxybenzoylhydrazone) [Dy2(C22H16ClN4O5)3]

The title compound [Dy2(C22H16ClN4O5)3](SCN)3(H2O)(CH3OH) has been synthesized and its crystal structure determined by single X-ray diffraction at room temperature. The two nine coordinated Dy(III) are bound to three macromolecules ligand through the phenolic oxygens of the p-chlorophenol moieties, the nitrogen atoms and the carbonyl functions of the hydrazonic moieties. The phenolic oxygen atoms of the 2-hydroxybenzoyl groups are not bonded to the metal ions. In the bases of the coordination polyhedra the six Dy-N bonds are in the range 2.563(13)-2.656(13) Å and the twelve Dy-O bonds are in the range 2.281(10)-2.406(10) Å. KEY WORDS: Dysprosium(III) complex, 5-Chloro-1,3-diformyl-2-hydroxybenzene-bis-(2-hydroxybenzoylhydrazone), Crystal structure  Bull. Chem. Soc. Ethiop. 2003, 17(2), 167-172

Multiscale characterization of pore spaces using multifractals analysis of scanning electronic microscopy images of carbonates

Pore spaces heterogeneity in carbonates rocks has long been identified as an important factor impacting reservoir productivity. In this paper, we study the heterogeneity of carbonate rocks pore spaces based on the image analysis of scanning electron microscopy (SEM) data acquired at various magnifications. Sixty images of twelve carbonate samples from a reservoir in the Middle East were analyzed. First, pore spaces were extracted from SEM images using a segmentation technique based on watershed algorithm. Pores geometries revealed a multifractal behavior at various magnifications from 800x to 12 000x. In addition, the singularity spectrum provided quantitative values that describe the degree of heterogeneity in the carbonates samples. Moreover, for the majority of the analyzed samples, we found low variations (around 5%) in the multifractal dimensions for magnifications between 1700x and 12 000x. Finally, these results demonstrate that multifractal analysis could be an appropriate tool for characterizing quantitatively the heterogeneity of carbonate pore spaces geometries. However, our findings show that magnification has an impact on multifractal dimensions, revealing the limit of applicability of multifractal descriptions for these natural structures

Using equity premium survey data to estimate future wealth

We present the first systematic methods for combining different experts' responses to equity premium surveys. These techniques are based on the observation that the survey data are approximately gamma distributed. This distribution has convenient analytical properties that enable us to address three important problems that investment managers must face. First, we construct probability density functions for the future values of equity index tracker funds. Second, we calculate unbiased and minimum least square error estimators of the future value of these funds. Third, we derive optimal asset allocation weights between equities and the risk-free asset for risk-averse investors. Our analysis allows for both herding and biasedness in expert responses. We show that, unless investors are highly uncertain about expert biases or forecasts are very highly correlated, many investment decisions can be based solely on the mean of the survey data minus any expected bias. We also make recommendations for the design of future equity premium surveys

Identification and management of chronic pain in primary care:a review

Chronic pain is a common, complex, and challenging condition, where understanding the biological, social, physical and psychological contexts is vital to successful outcomes in primary care. In managing chronic pain the focus is often on promoting rehabilitation and maximizing quality of life rather than achieving cure. Recent screening tools and brief intervention techniques can be effective in helping clinicians identify, stratify and manage both patients already living with chronic pain and those who are at risk of developing chronic pain from acute pain. Frequent assessment and reassessment are key to ensuring treatment is appropriate and safe, as well as minimizing and addressing side effects. Primary care management should be holistic and evidence-based (where possible) and incorporates both pharmacological and non-pharmacological approaches, including psychology, self-management, physiotherapy, peripheral nervous system stimulation, complementary therapies and comprehensive pain-management programmes. These may either be based wholly in primary care or supported by appropriate specialist referral

Fundamental Theorem of Asset Pricing under fixed and proportional transaction costs

We show that the lack of arbitrage in a model with both fixed and proportional transaction costs is equivalent to the existence of a family of absolutely continuous single-step probability measures, together with an adapted process with values between the bid-ask spreads that satisfies the martingale property with respect to each of the measures. This extends Harrison and Pliska's classical Fundamental Theorem of Asset Pricing to the case of combined fixed and proportional transaction costs