Watermark options

We consider a new family of derivatives whose payoffs become strictly positive when the price of their underlying asset falls relative to its historical maximum. We derive the solution to the discretionary stopping problems arising in the context of pricing their perpetual American versions by means of an explicit construction of their value functions. In particular, we fully characterise the free-boundary functions that provide the optimal stopping times of these genuinely two-dimensional problems as the unique solutions to highly non-linear first order ODEs that have the characteristics of a separatrix. The asymptotic growth of these free-boundary functions can take qualitatively different forms depending on parameter values, which is an interesting new feature

An investigation into the effect of particle platyness on the strength of granular materials using the discrete element method

It has long been recognised that the macroscopic mechanical behaviour of a granular material depends, to differing extents, on micro-mechanical properties such as the particle size distribution, the particle shape, the inter-particle friction angle and the particle strength. However, a systematic investigation of some of these effects is still lacking. In this paper we focus on particle shape, which is one of the fundamental characteristics of a granular material. We build on previous work that used the axes of an equivalent scalene ellipsoid to characterise particle form, one of the three aspects that define particle shape. (The other two being angularity and roughness.) We use DEM simulations to investigate the effect of particle form, and in particular of particle platyness, on the friction angle of a granular material at critical state. It is found that a deviation of particle shape from that of a sphere leads to higher angles of friction; quantities such as fabric, average rates of particle rotation and interparticle sliding are used to provide insights into the underlying micromechanics

What causes large submarine landslides on low gradient (

Submarine landslides can cause damaging tsunamis, the height of which scales up with the volume of the displaced mass. The largest underwater landslides are far bigger than any landslides on land, and these submarine mega-slides tend to occur on open continental slopes with remarkably low gradients of less than 2°. For geohazard assessments it is essential to understand what preconditions and triggers slope failure on such low gradients. Previous work has suggested that generation of high excess pore pressure due to rapid sediment deposition plays a key role in such failures. However, submarine slope failure also occurs where sedimentation rates are low (<0.15 m/ky), such as off north-west Africa. We use a fully coupled stress and fluid flow finite element model to test whether such low sedimentation rates can generate sufficient excess pore pressures to cause failure of a 2° slope. The sensitivity of overpressure generation and slope stability is assessed with respect to different sedimentation rates and patterns, sediment consolidation properties and stratigraphic layer configurations. The simulations show that in general it is difficult to generate significant excess pore pressure if sediment accumulation is slow and the only pressure source. However, we identify a sediment compression behavior that can lead to submarine landslides in locations worldwide. Our results imply that compressibility is an important factor for the stability of low gradient continental slopes

Minimally Invasive Techniques for Iliac Bolt Placement: 2-Dimensional Operative Video

As the popularity of minimally invasive surgery (MIS) continues to grow, novel techniques are needed to meet the demands of multi-segment fixation for advanced spinal diseases. In one such example, iliac bolts are often required to anchor large fusion constructs, but MIS technical notes are missing from the literature. A 67-yr-old female presented with a symptomatic coronal deformity: preoperative pelvic incidence = 47°, pelvic tilt = 19°, and lumbar lordosis = 29°, sagittal vertical axis = +5.4 cm with 30° of scoliosis. The operative plan included T10-ilium fusion with transforaminal interbody grafts at L2-3, L3-4, L4-5, and L5-S1. The intraoperative video is of minimally invasive placement of iliac bolts using the O-Arm Surgical Imaging System (Medtronic®). The patient consented to the procedure. A mini-open exposure that remains above the fascial planes allows for multilevel instrumentation with appropriate decompression at the interbody segments. After the placement of the pedicle screws under image-guidance, the direction is turned to the minimally invasive iliac bolts. Following the trajectory described in the standard open approach,1 the posterior superior iliac spine (PSIS) is identified with the navigation probe, which will guide the Bovie cautery through the fascia. This opening assists in the trajectory of the navigated-awl tap toward the anterior superior iliac spine (ASIS). Next, 8.5 mm x 90 mm iliac screws were placed in the cannulated bone under navigation. After intraoperative image confirmation of screw placement, the contoured rods are threaded under the fascia. The setscrews lock the rod in position. MIS approaches obviate cross-linking the rods, rendering pelvic fixation more facile. This technique allows for minimal dissection of the posterior pelvic soft tissue while maintaining adequate fixation

A Tale of Two Narrow-Line Regions: Ionization, Kinematics, and Spectral Energy Distributions for a Local Pair of Merging Obscured Active Galaxies

We explore the gas ionization and kinematics, as well as the optical--IR spectral energy distributions for UGC 11185, a nearby pair of merging galaxies hosting obscured active galactic nuclei (AGNs), also known as SDSS J181611.72+423941.6 and J181609.37+423923.0 (J1816NE and J1816SW, $z \approx 0.04$). Due to the wide separation between these interacting galaxies ($\sim 23$ kpc), observations of these objects provide a rare glimpse of the concurrent growth of supermassive black holes at an early merger stage. We use BPT line diagnostics to show that the full extent of the narrow line emission in both galaxies is photoionized by an AGN and confirm the existence of a 10-kpc-scale ionization cone in J1816NE, while in J1816SW the AGN narrow-line region is much more compact (1--2 kpc) and relatively undisturbed. Our observations also reveal the presence of ionized gas that nearly spans the entire distance between the galaxies which is likely in a merger-induced tidal stream. In addition, we carry out a spectral analysis of the X-ray emission using data from {\em XMM-Newton}. These galaxies represent a useful pair to explore how the [\ion{O}{3}] luminosity of an AGN is dependent on the size of the region used to explore the extended emission. Given the growing evidence for AGN "flickering" over short timescales, we speculate that the appearances and impact of these AGNs may change multiple times over the course of the galaxy merger, which is especially important given that these objects are likely the progenitors of the types of systems commonly classified as "dual AGNs."Comment: 15 pages, 10 figures, accepted by the Astrophysical Journa

Desalination using renewable energy sources on the arid islands of South Aegean Sea

Water and energy supply are strongly interrelated and their efficient management is crucial for a sustainable future. Water and energy systems on several Greek islands face a number of pressing issues. Water supply is problematic as regards both to the water quality and quantity. There is significant lack of water on several islands and this is mainly dealt with tanker vessels which transport vast amounts of water from the mainland. At the same time island energy systems are congested and rely predominanty on fossil fuels, despite the abundant renewable energy potential. These issues may be addressed by combining desalination and renewable energy technologies. It is essential to analyse the feasibility of this possibility. This study focuses on developing a tool capable of designing and optimally sizing desalination and renewable energy units. Several parameters regarding an island's water demandand the desalination's energy requirements are taken into account as well as input data which concern technological performance, resource availability and economic data. The tool is applied on three islands in the South Aegean Sea, Patmos (large), Lipsoi (medium) ad Thirasia (small). Results of the modelling exercise show that the water selling price ranges from 1.45 euro/m^3 for the large island, while the corresponding value is about 2.6 euro/m^3 for the small island, figures significantly lower than the current water cost (7-9 euro/m^3)