Exponential Utility Maximization under Partial Information

We consider the exponential utility maximization problem under partial information. The underlying asset price process follows a continuous semimartingale and strategies have to be constructed when only part of the information in the market is available. We show that this problem is equivalent to a new exponential optimization problem, which is formulated in terms of observable processes. We prove that the value process of the reduced problem is the unique solution of a backward stochastic differential equation (BSDE), which characterizes the optimal strategy. We examine two particular cases of diffusion market models, for which an explicit solution has been provided. Finally, we study the issue of suffciency of partial information.Backward stochastic differential equation; semimartingale market model; exponential utility maximization problem; partial information; suffcient filtration.

New results on mixture and exponential models by Orlicz spaces

New results and improvements in the study of nonparametric exponential and mixture models are proposed. In particular, different equivalent characterizations of maximal exponential models, in terms of open exponential arcs and Orlicz spaces, are given. Our theoretical results are supported by several examples and counterexamples and provide an answer to some open questions in the literature.Comment: Published at http://dx.doi.org/10.3150/15-BEJ698 in the Bernoulli (http://isi.cbs.nl/bernoulli/) by the International Statistical Institute/Bernoulli Society (http://isi.cbs.nl/BS/bshome.htm

Informatique, numérique et multimédia : quelques mythes récurrents en didactique des langues

Autorisation No.2099 : TIPA est la revue du Laboratoire Parole et LangageThis article intends to examine first of all the relations between learning and multimedia means through a brief historical view of the evolution of information and communication technologies; then it indirectly puts the question as to whether multimedia changes the opportunities of teaching and learning a living language drastically. Beyond the technical, scientific and didactic aspects, various problems - of a physiological, neurological and cognitive nature, for example, or even legal - are evoked in the course of the text, all in connection with the central question of multimedia applied to the teaching/ learning of French as a foreign language.Cet article se propose d'examiner tout d'abord les relations entre apprentissage et moyens multimédias à travers une vision historique succincte de l'évolution des technologies de l'information et de la communication puis pose de manière indirecte la question de savoir si le multimédia change d'une manière fondamentale les possibilités d'enseigner et d'apprendre une langue vivante. Au-delà des aspects techniques, scientifiques et didactiques, sont évoqués au fil du texte des problèmes très divers, d'ordre physiologique, neurologique et cognitif par exemple ou encore juridique, tous en relation avec la question centrale du multimédia appliqué à l'enseignement/apprentissage français langue étrangère

Human viruses, bacteria and cancers

Actually, several studies have established a relationship between microorganisms and chronic conditions such as atherosclerosis, neurologic disorders, cancer, and obesity. The link between microorganisms and increasing numbers of diseases never before envisioned as having microbial etiology opens fascinating scientific, medical, and public health perspectives. Apart from bacteria as Helicobacter pylori, experimental and epidemiologic data show a causative role for viruses, particularly in cervical and liver cancer, than viruses must be thought of as one of the most important risk factor for cancer development in humans. As a consequence, today we can be certain that many cancers have aetiologies with infectious agents as necessary factors. Several DNA tumor viruses encode viral oncoproteins that can directly transform the cells. In vitro tests (i.e., using the NIH/3T3 cell stocks) allowed to clarify that the nonviral tumors have endogenous activated oncogenes. Generally, tumor viruses, after the infection of their host, determine mild disease conditions or no, or cause non-neoplastic diseases (e.g., HBV). This natural condition is just one of the reasons why it is so difficult to identify the viral agents as causal factors for human cancers. HPV is one of the most recent virus focused as responsible for cancers other than cervical. The clinical scenarios of HPV infection depend from the site of the lesion and the virus serotype. In fact, HPV DNA was detected in 100% of cervical carcinomas, 40% in tumors of the penis, as well as vulvar and vaginal, in 90% in anal carcinomas, 12% in oropharyngeal carcinomas and 3% of cancers of the mouth. Viruses may contribute to the development of human tumors both indirectly, inducing immunosuppression or modifying the host cell genome without persistence of viral DNA, and directly inducing oncoproteins or by altering the expression of host cell proteins at the site of viral DNA integration

Walley School Community Arts Center Feasibility Study: Appendices

Having a large capacity (over 300 seats) in Walley School demands a major investment in space and cost. Taking this into consideration, the business planning team conducted research and spoke with several individuals in an attempt to inventory and assess the community’s auditorium capabilities. Our research on existing auditorium spaces uncovered many interesting things. We found that there are over 15 existing auditorium spaces available within a 17-mile radius from the Walley School building available for public use

THE PEN, THE SHIELD, OR THE SWORD? HOW THE UNITED STATES WINS THE HYPERSONIC ARMS RACE

In the past few years, China and Russia have developed offensive hypersonic missile capabilities that the United States currently can neither match nor successfully defend against. Such weapons are nuclear capable, have an unpredictable flight path, and significantly reduce reaction times for decision makers. This thesis analyzes the impact hypersonic missiles have on strategy and military combat systems to determine how the United States can best respond to China and Russia acquiring hypersonic weapons. It explores three main options: arms control negotiations, advancing the U.S. missile defense system, or the United States acquiring its own hypersonic weapons. The pros and cons of each option are weighed to determine the quickest, most affordable, and most effective approach to the hypersonic arms race.This thesis concludes that the United States should control only what it is capable of controlling: practicing transparency and confidence-building measures to set the international standard for conduct with hypersonic weapons, continuing to develop its missile defense system to keep pace with emerging threats, and acquiring hypersonic missiles to allow it the ability to operate forward-deployed forces without impediment is the best response to China and Russia.Lieutenant, United States NavyApproved for public release. Distribution is unlimited

Inhibition of N⁸-acetylspermidine deacetylation activity of rat liver

An enzyme activity located in the soluble fraction of rat liver which is known to deacetylate N8-acetylspermidine is studied. Using a crude cytosol preparation from rat liver, tritium-labelled N8-acetylspermidine [acetyl-3H] was shown to undergo deacetylation which was dependent upon both time of incubation and protein concentration. The Michalis constant for this deacetylation of N8-acetylspermidine is approximately 4.4 μM. N1-Acetylspermidine showed a competitive inhibition of this N8-acetylspermidine deacetylation activity, and was found to be the most potent inhibitor tested. Diamine and polyamine compounds were also shown to inhibit the deacetylation of N8-acetylspermidine. Spermidine was the most potent inhibitor of the naturally occurring polyamines tested, followed in order by spermine, putrescine, and cadaverine. Of numerous acetylated compounds studied, only acetylprocainamide showed any inhibition of this N8-acetylspermidine deacetylating activity at concentrations below 10.0 mM. The possible functions of the deacetylating activity are discussed along the speculatio of the role this enzyme activity may play in vivo

Learning to Trust: Thoughts from a Law Clinic

The State Bar Legal Education Committee is now the Legal Education and Professional Standards Committee. This marriage seems an apt occasion to raise, through the prism of students, the issue of trust in client relations, though not in the traditional sense of getting the client to trust me. Rather, the more ignored getting me to trust the client is the focus