9,078 research outputs found

    The 2011 European short sale ban on financial stocks: a cure or a curse? : [version 31 july 2013]

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    Did the August 2011 European short sale bans on financial stocks accomplish their goals? In order to answer this question, we use stock options’ implied volatility skews to proxy for investors’ risk aversion. We find that on ban announcement day, risk aversion levels rose for all stocks but more so for the banned financial stocks. The banned stocks’ volatility skews remained elevated during the ban but dropped for the other unbanned stocks. We show that it is the imposition of the ban itself that led to the increase in risk aversion rather than other causes such as information flow, options trading volumes, or stock specific factors. Substitution effects were minimal, as banned stocks’ put trading volumes and put-call ratios declined during the ban. We argue that although the ban succeeded in curbing further selling pressure on financial stocks by redirecting trading activity towards index options, this result came at the cost of increased risk aversion and some degree of market failure

    VPE: Variational Policy Embedding for Transfer Reinforcement Learning

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    Reinforcement Learning methods are capable of solving complex problems, but resulting policies might perform poorly in environments that are even slightly different. In robotics especially, training and deployment conditions often vary and data collection is expensive, making retraining undesirable. Simulation training allows for feasible training times, but on the other hand suffers from a reality-gap when applied in real-world settings. This raises the need of efficient adaptation of policies acting in new environments. We consider this as a problem of transferring knowledge within a family of similar Markov decision processes. For this purpose we assume that Q-functions are generated by some low-dimensional latent variable. Given such a Q-function, we can find a master policy that can adapt given different values of this latent variable. Our method learns both the generative mapping and an approximate posterior of the latent variables, enabling identification of policies for new tasks by searching only in the latent space, rather than the space of all policies. The low-dimensional space, and master policy found by our method enables policies to quickly adapt to new environments. We demonstrate the method on both a pendulum swing-up task in simulation, and for simulation-to-real transfer on a pushing task

    Power Balance in the ITER Plasma and Divertor

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    It is planned to use atomic processes to spread out most of the heating power over the first wall and side walls to reduce the heat loads on the plasma facing components in ITER to ~ 50 MW. Calculations indicate that there will be 100 MW in bremstrahlung radiation from the plasma center, 50 MW of radiation from the plasma edge inside the separatrix and 100 MW of radiation from the scrape-off layer and divertor plasma, leaving 50 MW of power to be deposited on the divertor plates. The radiation losses are enhanced by the injection of impurities such as Neon or Argon at acceptably low levels (~0.1 % Argon, etc.)Comment: Preprint for the Plasma Edge Theory Conference, Monterey, Dec.4-6, 1995, 5 pages, gzipped postscrip

    Economic Development Potential through IP Telephony for Namibia

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    IP telephony, economic growth, telecommunications, ICT, Granger causality, Namibia

    Global Search with Bernoulli Alternation Kernel for Task-oriented Grasping Informed by Simulation

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    We develop an approach that benefits from large simulated datasets and takes full advantage of the limited online data that is most relevant. We propose a variant of Bayesian optimization that alternates between using informed and uninformed kernels. With this Bernoulli Alternation Kernel we ensure that discrepancies between simulation and reality do not hinder adapting robot control policies online. The proposed approach is applied to a challenging real-world problem of task-oriented grasping with novel objects. Our further contribution is a neural network architecture and training pipeline that use experience from grasping objects in simulation to learn grasp stability scores. We learn task scores from a labeled dataset with a convolutional network, which is used to construct an informed kernel for our variant of Bayesian optimization. Experiments on an ABB Yumi robot with real sensor data demonstrate success of our approach, despite the challenge of fulfilling task requirements and high uncertainty over physical properties of objects.Comment: To appear in 2nd Conference on Robot Learning (CoRL) 201
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