Optimal funding and investment strategies in defined contribution pension plans under Epstein-Zin utility

A defined contribution pension plan allows consumption to be redistributed from the plan member’s working life to retirement in a manner that is consistent with the member’s personal preferences. The plan’s optimal funding and investment strategies therefore depend on the desired pattern of consumption over the lifetime of the member. We investigate these strategies under the assumption that the member has an Epstein-Zin utility function, which allows a separation between risk aversion and the elasticity of intertemporal substitution, and we also take into account the member’s human capital. We show that a stochastic lifestyling approach, with an initial high weight in equity-type investments and a gradual switch into bond-type investments as the retirement date approaches is an optimal investment strategy. In addition, the optimal contribution rate each year is not constant over the life of the plan but reflects trade-offs between the desire for current consumption, bequest and retirement savings motives at different stages in the life cycle, changes in human capital over the life cycle, and attitude to risk

Yang-Mills condensate dark energy coupled with matter and radiation

The coincidence problem is studied for the dark energy model of effective Yang-Mills condensate in a flat expanding universe during the matter-dominated stage. The YMC energy $\rho_y(t)$ is taken to represent the dark energy, which is coupled either with the matter, or with both the matter and the radiation components. The effective YM Lagrangian is completely determined by quantum field theory up to 1-loop order. It is found that under very generic initial conditions and for a variety of forms of coupling, the existence of the scaling solution during the early stages and the subsequent exit from the scaling regime are inevitable. The transition to the accelerating stage always occurs around a redshift $z\simeq (0.3\sim 0.5)$. Moreover, when the Yang-Mills condensate transfers energy into matter or into both matter and radiation, the equation of state $w_y$ of the Yang-Mills condensate can cross over -1 around $z\sim 2$, and takes on a current value $\simeq -1.1$. This is consistent with the recent preliminary observations on supernovae Ia. Therefore, the coincidence problem can be naturally solved in the effective YMC dark energy models.Comment: 24 pages, 18 figure

On the Impact of Entity Linking in Microblog Real-Time Filtering

Microblogging is a model of content sharing in which the temporal locality of posts with respect to important events, either of foreseeable or unforeseeable nature, makes applica- tions of real-time filtering of great practical interest. We propose the use of Entity Linking (EL) in order to improve the retrieval effectiveness, by enriching the representation of microblog posts and filtering queries. EL is the process of recognizing in an unstructured text the mention of relevant entities described in a knowledge base. EL of short pieces of text is a difficult task, but it is also a scenario in which the information EL adds to the text can have a substantial impact on the retrieval process. We implement a start-of-the-art filtering method, based on the best systems from the TREC Microblog track realtime adhoc retrieval and filtering tasks , and extend it with a Wikipedia-based EL method. Results show that the use of EL significantly improves over non-EL based versions of the filtering methods.Comment: 6 pages, 1 figure, 1 table. SAC 2015, Salamanca, Spain - April 13 - 17, 201

Stable Heteronuclear Few-Atom Bound States in Mixed Dimensions

We study few-body problems in mixed dimensions with $N \ge 2$ heavy atoms trapped individually in parallel one-dimensional tubes or two-dimensional disks, and a single light atom travels freely in three dimensions. By using the Born-Oppenheimer approximation, we find three- and four-body bound states for a broad region of heavy-light atom scattering length combinations. Specifically, the existence of trimer and tetramer states persist to negative scattering lengths regime, where no two-body bound state is present. These few-body bound states are analogous to the Efimov states in three dimensions, but are stable against three-body recombination due to geometric separation. In addition, we find that the binding energy of the ground trimer and tetramer state reaches its maximum value when the scattering lengths are comparable to the separation between the low-dimensional traps. This resonant behavior is a unique feature for the few-body bound states in mixed dimensions.Comment: Extended version with 14 pages and 14 figure

Spin relaxation in nn-type (111) GaAs quantum wells

We investigate the spin relaxation limited by the D'yakonov-Perel' mechanism in $n$-type (111) GaAs quantum wells, by means of the kinetic spin Bloch equation approach. In (111) GaAs quantum wells, the in-plane effective magnetic field from the D'yakonov-Perel' term can be suppressed to zero on a special momentum circle under the proper gate voltage, by the cancellation between the Dresselhaus and Rashba spin-orbit coupling terms. When the spin-polarized electrons mainly distribute around this special circle, the in-plane inhomogeneous broadening is small and the spin relaxation can be suppressed, especially for that along the growth direction of quantum well. This cancellation effect may cause a peak (the cancellation peak) in the density or temperature dependence of the spin relaxation time. In the density (temperature) dependence, the interplay between the cancellation peak and the ordinary density (Coulomb) peak leads to rich features of the density (temperature) dependence of the spin relaxation time. The effect of impurities, with its different weights on the cancellation peak and the Coulomb peak in the temperature dependence of the spin relaxation, is revealed. We also show the anisotropy of the spin relaxation with respect to the spin-polarization direction.Comment: 8 pages, 6 figure

A High Reliability Asymptotic Approach for Packet Inter-Delivery Time Optimization in Cyber-Physical Systems

In cyber-physical systems such as automobiles, measurement data from sensor nodes should be delivered to other consumer nodes such as actuators in a regular fashion. But, in practical systems over unreliable media such as wireless, it is a significant challenge to guarantee small enough inter-delivery times for different clients with heterogeneous channel conditions and inter-delivery requirements. In this paper, we design scheduling policies aiming at satisfying the inter-delivery requirements of such clients. We formulate the problem as a risk-sensitive Markov Decision Process (MDP). Although the resulting problem involves an infinite state space, we first prove that there is an equivalent MDP involving only a finite number of states. Then we prove the existence of a stationary optimal policy and establish an algorithm to compute it in a finite number of steps. However, the bane of this and many similar problems is the resulting complexity, and, in an attempt to make fundamental progress, we further propose a new high reliability asymptotic approach. In essence, this approach considers the scenario when the channel failure probabilities for different clients are of the same order, and asymptotically approach zero. We thus proceed to determine the asymptotically optimal policy: in a two-client scenario, we show that the asymptotically optimal policy is a "modified least time-to-go" policy, which is intuitively appealing and easily implementable; in the general multi-client scenario, we are led to an SN policy, and we develop an algorithm of low computational complexity to obtain it. Simulation results show that the resulting policies perform well even in the pre-asymptotic regime with moderate failure probabilities

Toward precision mass measurements of neutron-rich nuclei relevant to rr-process nucleosynthesis

The open question of where, when, and how the heavy elements beyond iron enrich our Universe has triggered a new era in nuclear physics studies.\ Of all the relevant nuclear physics inputs, the mass of very neutron-rich nuclides is a key quantity for revealing the origin of heavy elements beyond iron.\ Although the precise determination of this property is a great challenge, enormous progress has been made in recent decades, and it has contributed significantly to both nuclear structure and astrophysical nucleosynthesis studies.\ In this review, we first survey our present knowledge of the nuclear mass surface, emphasizing the importance of nuclear mass precision in $r$-process calculations.\ We then discuss recent progress in various methods of nuclear mass measurement with a few selected examples.\ For each method, we focus on recent breakthroughs and discuss possible ways of improving the weighing of $r$-process nuclides.Comment: 10 figures, review articles in Frontiers of Physic