Dual formulation of the utility maximization problem: the case of nonsmooth utility

We study the dual formulation of the utility maximization problem in incomplete markets when the utility function is finitely valued on the whole real line. We extend the existing results in this literature in two directions. First, we allow for nonsmooth utility functions, so as to include the shortfall minimization problems in our framework. Second, we allow for the presence of some given liability or a random endowment. In particular, these results provide a dual formulation of the utility indifference valuation rule

The Potential Role of Marine Fungi in Plastic Degradation – A Review

Plastic debris has been accumulating in the marine realm since the start of plastic mass production in the 1950s. Due to the adverse effects on ocean life, the fate of plastics in the marine environment is an increasingly important environmental issue. Microbial degradation, in addition to weathering, has been identified as a potentially relevant breakdown route for marine plastic debris. Although many studies have focused on microbial colonization and the potential role of microorganisms in breaking down marine plastic debris, little is known about fungi-plastic interactions. Marine fungi are a generally understudied group of microorganisms but the ability of terrestrial and lacustrine fungal taxa to metabolize recalcitrant compounds, pollutants, and some plastic types (e.g., lignin, solvents, pesticides, polyaromatic hydrocarbons, polyurethane, and polyethylene) indicates that marine fungi could be important degraders of complex organic matter in the marine realm, too. Indeed, recent studies demonstrated that some fungal strains from the ocean, such as Zalerion maritimum have the ability to degrade polyethylene. This mini-review summarizes the available information on plastic-fungi interactions in marine environments. We address (i) the currently known diversity of fungi colonizing marine plastic debris and provide (ii) an overview of methods applied to investigate the role of fungi in plastic degradation, highlighting their advantages and drawbacks. We also highlight (iii) the underestimated role of fungi as plastic degraders in marine habitats

Lung function profiles and aerobic capacity of adult cigarette and hookah smokers after 12 weeks intermittent training

Introduction: Pulmonary function is compromised in most smokers. Yet it is unknown whether exercise training improves pulmonary function and aerobic capacity in cigarette and hookah smokers and whether these smokers respond in a similar way as do non-smokers.Aim: To evaluate the effects of an interval exercise training program on pulmonary function and aerobic capacity in cigarette and hookah smokers.Methods: Twelve cigarette smokers, 10 hookah smokers, and 11 non-smokers participated in our exercise program. All subjects performed 30 min of interval exercise (2 min of work followed by 1 min of rest) three times a week for 12 weeks at an intensity estimated at 70% of the subject’s maximum aerobic capacity (VO2max). Pulmonary function was measured using spirometry, and maximum aerobic capacity was assessed by maximal exercise testing on a treadmill before the beginning and at the end of the exercise training program.Results: As expected, prior to the exercise intervention, the cigarette and hookah smokers had significantly lower pulmonary function than the non-smokers. The 12-week exercise training program did not significantly affect lung function as assessed by spirometry in the non-smoker group. However, it significantly increased both forced expiratory volume in 1 second and peak expiratory flow (PEF) in the cigarette smoker group, and PEF in the hookah smoker group. Our training program had its most notable impact on the cardiopulmonary system of smokers. In the non-smoker and cigarette smoker groups, the training program significantly improved VO2max (4.4 and 4.7%, respectively), v VO2max (6.7 and 5.6%, respectively), and the recovery index (7.9 and 10.5%, respectively).Conclusions: After 12 weeks of interval training program, the increase of VO2max and the decrease of recovery index and resting heart rate in the smoking subjects indicated better exercise tolerance. Although the intermittent training program altered pulmonary function only partially, both aerobic capacity and life quality were improved. Intermittent training should be advised in the clinical setting for subjects with adverse health behaviors.Keywords: cigarette smokers; hookah smokers; pulmonary function; aerobic capacity; interval trainin

Socio-economic voter profile and motives for Islamist support in Morocco

Based on an original dataset of merged electoral and census data, this article is a study of electoral support for the Islamist Party in Morocco in the 2002 and 2007 elections. It differentiates between the clientelistic, grievance and horizontal network type of supporters. We disentangle these profiles empirically on the basis of the role of education, wealth and exclusion for Islamist votes. We find no evidence of the clientelistic profile, but a shift from grievance in 2002 to a horizontal network profile in 2007. World Values Survey individual level data are used as a robustness check, yielding similar results. Qualitative evidence on a changing mobilization pattern of the party between 2002 and 2007 supports our conclusions

Neither participation nor revolution: the strategy of the Moroccan Jamiat al-Adl wal-Ihsan

Scholars and students of Islamist movements are divided over the issue of Islamists' commitment to democracy and a number of studies have attempted to discover the true nature of Islamist parties. This paper rejects this approach and argues that the behaviour of Islamist parties can be better understood through an analysis of the constraints and opportunities that their surrounding environment provides. Specifically, the paper aims at explaining the choice of the Moroccan Jamiat al-Adl wal-Ihsan neither to participate in institutional politics nor to undertake violent actions to transform the regime. This is done through an examination of its relations with the other political actors. The paper argues that Jamiat al-Adl wal-Ihsan's behaviour is as much the product of rational thinking as it is of ideology and provides evidence to support this claim. Such findings are important not only in the Moroccan context, but contribute to a growing literature claiming that Islamist movements should be treated as rational political actors operating under 'environmental' constraints and opportunities

Do dividends signal future earnings in the Nordic stock markets?

We study the informational content of dividends on three Nordic civil law markets, where other simultaneous but blurring motives for dividends may be weaker. Using aggregate data on real earnings per share and payout ratios, long time series from 1969 to 2010, and methodologies which address problems of endogeneity, non-stationarity and autocorrelation (including a Vector Error Correction Model approach), we find evidence on dividend signaling in Nordic markets. However, we also find heterogeneity in the relationship between dividends and earnings on markets similar in many respects, suggesting that even small variations in the institutional surroundings may be important for the results