Optimal life insurance purchase, consumption and investment on a financial market with multi-dimensional diffusive terms

We introduce an extension to Merton’s famous continuous time model of optimal consumption and investment, in the spirit of previous works by Pliska and Ye, to allow for a wage earner to have a random lifetime and to use a portion of the income to purchase life insurance in order to provide for his estate, while investing his savings in a financial market comprised of one risk-free security and an arbitrary number of risky securities driven by multidimensional Brownian motion. We then provide a detailed analysis of the optimal consumption, investment, and insurance purchase strategies for the wage earner whose goal is to maximize the expected utility obtained from his family consumption, from the size of the estate in the event of premature death, and from the size of the estate at the time of retirement. We use dynamic programming methods to obtain explicit solutions for the case of discounted constant relative risk aversion utility functions and describe new analytical results which are presented together with the corresponding economic interpretations.We thank the Calouste Gulbenkian Foundation, PRODYN-ESF, POCTI and POSI by FCT and Ministerio da Ciencia, Tecnologia e Ensino Superior, CEMAPRE, LIAAD-INESC Porto LA, Centro de Matematica da Universidade do Minho and Centro de Matematica da Universidade do Porto for their financial support. D. Pinheiro's research was supported by FCT - Fundacao para a Ciencia e Tecnologia program 'Ciencia 2007' and project 'Randomness in Deterministic Dynamical Systems and Applications' (PTDC/MAT/105448/2008). I. Duarte's research was supported by FCT - Fundacao para a Ciencia e Tecnologia grant with reference SFRH/BD/33502/2008

El pecado como esclavitud del hombre

En esta tesis se estudian los múltiples puntos de conexión que Sto. Tomás de Aquino ve entre la categoría de esclavitud y la de pecado, tanto actual como original. Tiene especial interés el análisis tomasiano sobre la génesis del pecado actual, ya que señala cómo la «esclavitud» no le adviene al hombre sólo como secuela del pecado original, ni tampoco sólo después de que el hombre cometa un pecado actual, sino que la «esclavitud» en diversas formas antecede y acompaña la comisión del pecado actual. La ofuscación de la razón, la vacilación de la voluntad, la influencia del diablo u otros seres humanos tentadores, la descompensación de la naturaleza humana derivada del pecado original... son todos factores que afectan las potencias humanas incluso antes de la comisión de un pecado actual y tienen un carácter esclavizador sobre las facultades humanas, empujando al sujeto a caer. Así que, en cierto sentido, la comisión del pecado actual sólo consuma esclavitudes previamente activadas en el hombre

Composição química e atividade antimicrobiana do óleo essencial de folhas e flores de Aloysia gratissima

Volatile oils from leaves and flowers of Aloysia gratissima were investigated for their chemical composition and antimicrobial activity against the bacteria Bacilus subtilis, Staphylococcus aureus, Salmonella choleraesuis, Pseudomonas aeruginosa, Streptococcus pneumoniae and the Candida albicans yeast. The minimum inhibitory concentrations (MIC) of the oils were determined by the micro-dilution method, while the chemical composition was determined by GC-MS (gas chromatography mass spectrometry). The fresh leaves and inflorescence were subjected to hydrodistillation for 120 min using a Clevenger-type apparatus, and the essential oil was tested against microorganisms. High concentrations of sesquiterpenes were observed for the inflorescence, and monoterpenes were observed for the leaves. The main compounds of the inflorescence essential oil were E-caryophyllene, germacrene B, guaiol and bulnesol, while in the leaves the main compounds were trans-pinocamphone, trans-pinocarveyl acetate, and guaiol. The essential oil from the leaves showed an effect against P. aeruginosa and S. pneumonia, and the essential oil of the inflorescence showed an effect against P. aeruginosa, S. pneumonia, and Candida albicans.O óleo essencial de folhas e de flores de Aloysia gratissima foi avaliado quanto à composição química e ação antimicrobiana contra as bactérias Bacilus subtilis, Staphylococcus aureus, Salmonella choleraesuis, Pseudomonas aeruginosa, Streptococcus pneumoniae, e a levedura Candida albicans. A concentração mínima inibitória (MIC) dos óleos essenciais foi determinada pelo método da microdiluição e a composição química determinada por CG-EM (Cromatografia Gasosa acoplada a Espectrômetro de Massas). Folhas e inflorescências frescas foram hidrodestiladas por 120 minutos em aparelho Clevenger sendo o óleo essencial testado contra microorganismos. Para as flores foi observada maior concentração de sesquiterpenos, enquanto que as folhas apresentaram maior concentração de monoterpenos. Os principais constituintes do óleo essencial da flor foram: E-cariofileno, germacreno B, guaiol e bulnesol; e das folhas foram: trans-pinocamfona, acetato de trans-pinocarveol e guaiol. O óleo essencial da folha mostrou atividade contra P. aeruginosa e S. pneumoniae, e o óleo essencial da flor mostrou atividade contra P. aeruginosa, S. pneumoniae e Candida albicans.583588Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES

Dynamic Vortex Phases and Pinning in Superconductors with Twin Boundaries

We investigate the pinning and driven dynamics of vortices interacting with twin boundaries using large scale molecular dynamics simulations on samples with near one million pinning sites. For low applied driving forces, the vortex lattice orients itself parallel to the twin boundary and we observe the creation of a flux gradient and vortex free region near the edges of the twin boundary. For increasing drive, we find evidence for several distinct dynamical flow phases which we characterize by the density of defects in the vortex lattice, the microscopic vortex flow patterns, and orientation of the vortex lattice. We show that these different dynamical phases can be directly related to microscopically measurable voltage - current V(I) curves and voltage noise. By conducting a series of simulations for various twin boundary parameters we derive several vortex dynamic phase diagrams.Comment: 5 figures, to appear in Phys. Rev.

V-I characteristics in the vicinity of order-disorder transition in vortex matter

The shape of the V-I characteristics leading to a peak in the differential resistance r_d=dV/dI in the vicinity of the order-disorder transition in NbSe2 is investigated. r_d is large when measured by dc current. However, for a small Iac on a dc bias r_d decreases rapidly with frequency, even at a few Hz, and displays a large out-of-phase signal. In contrast, the ac response increases with frequency in the absence of dc bias. These surprisingly opposite phenomena and the peak in r_d are shown to result from a dynamic coexistence of two vortex matter phases rather than from the commonly assumed plastic depinning.Comment: 12 pages 4 figures. Accepted for publication in PRB rapi

Characterization of Dunaliella salina strains by flow cytometry: a new approach to select carotenoid hyperproducing strains

In the present work the characterization of different strains of Dunaliella salina from established cell culture collections and various isolates from solar saltworks located in the Canary Island, as well as one mutant, was carried out in order to assess the existence of intraspecific differences and to determine the potential productivity of each one. Morphological characteristics such as cellular size and cellular complexity and parameters linked to cellular physiology, such as pigment content or cellular growth rate, were determined by means of traditional techniques as well as flow cytometry. Results showed a high morphological and physiological intraspecific variability among the studied strains. Results suggest that the application of the lipidic dye Nile red allowed the development of a cytometric method faster than the traditional techniques to select carotenoid hyperproducing strains of microalgae

Balanço do nitrogênio e fósforo em solo com cultivo orgânico de hortaliças após a incorporação de biomassa de guandu.

Os objetivos deste trabalho foram avaliar os efeitos de faixas de guandu (Cajanus cajan) e da incorporação da biomassa proveniente de sua poda na fertilidade do solo e na produtividade de três hortaliças sob cultivo orgânico. O delineamento usado foi de blocos casualizados completos em esquema de parcelas subsubdivididas com três repetições. As produtividades de beterraba, cenoura e feijão-de-vagem não foram afetadas pelos tratamentos. Nas parcelas onde não houve incorporação da biomassa de guandu, o balanço de nitrogênio no sistema foi negativo, ao passo que com a incorporação, esse balanço foi positivo. Embora tenha ocorrido balanço positivo para o fósforo nas parcelas sem a incorporação de biomassa de guandu, houve um aumento significativo na absorção desse elemento pelas hortaliças quando o material foi incorporado. O sistema de cultivo em aléias de guandu pode representar uma prática vantajosa para os produtores orgânicos, por contribuir na manutenção da fertilidade do solo

Contribution of tissue inflammation and blood-brain barrier disruption to brain softening in a mouse model of multiple sclerosis

Neuroinflammatory processes occurring during multiple sclerosis cause disseminated softening of brain tissue, as quantified by in vivo magnetic resonance elastography (MRE). However, inflammation-mediated tissue alterations underlying the mechanical integrity of the brain remain unclear. We previously showed that blood-brain barrier (BBB) disruption visualized by MRI using gadolinium-based contrast agent (GBCA) does not correlate with tissue softening in active experimental autoimmune encephalomyelitis (EAE). However, it is unknown how confined BBB changes and other inflammatory processes may determine local elasticity changes. Therefore, we aim to elucidate which inflammatory hallmarks are determinant for local viscoelastic changes observed in EAE brains. Hence, novel multifrequency MRE was applied in combination with GBCA-based MRI or very small superparamagnetic iron oxide particles (VSOPs) in female SJL mice with induced adoptive transfer EAE (n = 21). VSOPs were doped with europium (Eu-VSOPs) to facilitate the post-mortem analysis. Accumulation of Eu-VSOPs, which was previously demonstrated to be sensitive to immune cell infiltration and ECM remodeling, was also found to be independent of GBCA enhancement. Following registration to a reference brain atlas, viscoelastic properties of the whole brain and areas visualized by either Gd or VSOP were quantified. MRE revealed marked disseminated softening across the whole brain in mice with established EAE (baseline: 3.1 ± 0.1 m/s vs. EAE: 2.9 ± 0.2 m/s, p < 0.0001). A similar degree of softening was observed in sites of GBCA enhancement i.e., mainly within cerebral cortex and brain stem (baseline: 3.3 ± 0.4 m/s vs. EAE: 3.0 ± 0.5 m/s, p = 0.018). However, locations in which only Eu-VSOP accumulated, mainly in fiber tracts (baseline: 3.0 ± 0.4 m/s vs. EAE: 2.6 ± 0.5 m/s, p = 0.023), softening was more pronounced when compared to non-hypointense areas (percent change of stiffness for Eu-VSOP accumulation: −16.81 ± 16.49% vs. for non-hypointense regions: −5.85 ± 3.81%, p = 0.048). Our findings suggest that multifrequency MRE is sensitive to differentiate between local inflammatory processes with a strong immune cell infiltrate that lead to VSOP accumulation, from disseminated inflammation and BBB leakage visualized by GBCA. These pathological events visualized by Eu-VSOP MRI and MRE may include gliosis, macrophage infiltration, alterations of endothelial matrix components, and/or extracellular matrix remodeling. MRE may therefore represent a promising imaging tool for non-invasive clinical assessment of different pathological aspects of neuroinflammation