Default-risky Sovereign Debt

Not only corporate but also sovereign debtors, in particular developing countries, may get into financial difficulties. Contrary to corporate issuers, they decide themselves if they continue to fulfill their debt obligations or convert their debt. I analyze the value of a default-risky sovereign bond in a setting in which foreign trade is reduced in case the country does not fulfill its obligations. Comparing the costs of debt service with the value of the punishment via foreign trade, the country voluntarily decides when to reorganize its debt. Knowing this threshold the value of a sovereign coupon-bond can be calculated.Credit risk, sovereign debt, endogenous default

Normalisation of shear test data for rate-independent compressible fabrics

This article describes a method of using both picture frame (PF) and bias extension (BE) tests together to characterize accurately the trellis shearing resistance of engineering fabrics under low in-plane tension conditions. Automated image analysis software has been developed to reduce the amount of laborious manual analysis required to interpret BE data accurately. Normalization methods for both PF and BE tests on rate-independent compressible fabrics are presented. Normalization of PF test results is relatively straightforward while normalization of BE test results for direct comparison with PF data is more complicated. The normalization method uses a number of simple assumptions to account for the nonuniform shear strain field induced across BE samples during testing. Normalized results from BE tests on samples of different aspect ratios are compared and provide validation of the theory

The earlier the better: a theory of timed actor interfaces

Programming embedded and cyber-physical systems requires attention not only to functional behavior and correctness, but also to non-functional aspects and specifically timing and performance constraints. A structured, compositional, model-based approach based on stepwise refinement and abstraction techniques can support the development process, increase its quality and reduce development time through automation of synthesis, analysis or verification. For this purpose, we introduce in this paper a general theory of timed actor interfaces. Our theory supports a notion of refinement that is based on the principle of worst-case design that permeates the world of performance-critical systems. This is in contrast with the classical behavioral and functional refinements based on restricting or enlarging sets of behaviors. An important feature of our refinement is that it allows time-deterministic abstractions to be made of time-non-deterministic systems, improving efficiency and reducing complexity of formal analysis. We also show how our theory relates to, and can be used to reconcile a number of existing time and performance models and how their established theories can be exploited to represent and analyze interface specifications and refinement steps.\u

The earlier the better: a theory of timed actor interfaces

Programming embedded and cyber-physical systems requires attention not only to functional behavior and correctness, but also to non-functional aspects and specifically timing and performance. A structured, compositional, model-based approach based on stepwise refinement and abstraction techniques can support the development process, increase its quality and reduce development time through automation of synthesis, analysis or verification. Toward this, we introduce a theory of timed actors whose notion of refinement is based on the principle of worst-case design that permeates the world of performance-critical systems. This is in contrast with the classical behavioral and functional refinements based on restricting sets of behaviors. Our refinement allows time-deterministic abstractions to be made of time-non-deterministic systems, improving efficiency and reducing complexity of formal analysis. We show how our theory relates to, and can be used to reconcile existing time and performance models and their established theories

Description of economic data collected with a random sample of commercial reef fish boats in the Florida Keys

This study summarizes the results of a survey designed to provide economic information about the financial status of commercial reef fish boats with homeports in the Florida Keys. A survey questionnaire was administered in the summer and fall of 1994 by interviewers in face-to-face meetings with owners or operators of randomly selected boats. Fishermen were asked for background information about themselves and their boats, their capital investments in boats and equipment, and about their average catches, revenues, and costs per trip for their two most important kinds of fishing trips during 1993 for species in the reef fish fishery. Respondents were characterized with regard to their dependence on the reef fish fishery as a source of household income. Boats were described in terms of their physical and financial characteristics. Different kinds of fishing trips were identified by the species that generated the greatest revenue. Trips were grouped into the following categories: yellowtail snapper (Ocyurus chrysurus); mutton snapper (Lutjanus analis), black grouper (Mycteroperca bonaci), or red grouper (Epinephelus morio); gray snapper (Lutjanus griseus); deeper water groupers and tilefishes; greater amberjack (Seriola dumerili); spiny lobster (Panulirus argus); king mackerel (Scomberomorus cavalla); and dolphin (Coryphaena hippurus). Average catches, revenues, routine trip costs, and net operating revenues per boat per trip and per boat per year were estimated for each category of fishing trips. In addition to its descriptive value, data collected during this study will aid in future examinations of the economic effects of various regulations on commercial reef fish fishermen.(PDF file contains 48 pages.

Implementing the conjugate gradient algorithm on multi-core systems

In linear solvers, like the conjugate gradient algorithm, sparse-matrix vector multiplication is an important kernel. Due to the sparseness of the matrices, the solver runs relatively slow. For digital optical tomography (DOT), a large set of linear equations have to be solved which currently takes in the order of hours on desktop computers. Our goal was to speed up the conjugate gradient solver. In this paper we present the results of applying multiple optimization techniques and exploiting multi-core solutions offered by two recently introduced architectures: Intel’s Woodcrest\ud general purpose processor and NVIDIA’s G80 graphical processing unit. Using these techniques for these architectures, a speedup of a factor three\ud has been achieved

Structure in the Value Function of Two-Player Zero-Sum Games of Incomplete Information

Zero-sum stochastic games provide a rich model for competitive decision making. However, under general forms of state uncertainty as considered in the Partially Observable Stochastic Game (POSG), such decision making problems are still not very well understood. This paper makes a contribution to the theory of zero-sum POSGs by characterizing structure in their value function. In particular, we introduce a new formulation of the value function for zs-POSGs as a function of the "plan-time sufficient statistics" (roughly speaking the information distribution in the POSG), which has the potential to enable generalization over such information distributions. We further delineate this generalization capability by proving a structural result on the shape of value function: it exhibits concavity and convexity with respect to appropriately chosen marginals of the statistic space. This result is a key pre-cursor for developing solution methods that may be able to exploit such structure. Finally, we show how these results allow us to reduce a zs-POSG to a "centralized" model with shared observations, thereby transferring results for the latter, narrower class, to games with individual (private) observations