A stochastic control approach to public debt management

We discuss a class of debt management problems in a stochastic environment model. We propose a model for the debt-to-GDP (Gross Domestic Product) ratio where the government interventions via fiscal policies affect the public debt and the GDP growth rate at the same time.We allow for stochastic interest rate and possible correlation with the GDP growth rate through the dependence of both the processes (interest rate and GDP growth rate) on a stochastic factor which may represent any relevant macroeconomic variable, such as the state of economy. We tackle the problem of a government whose goal is to determine the fiscal policy in order to minimize a general functional cost. We prove that the value function is a viscosity solution to the Hamilton-Jacobi-Bellman equation and provide a Verification Theorem based on classical solutions. We investigate the form of the candidate optimal fiscal policy in many cases of interest, providing interesting policy insights. Finally, we discuss two applications to the debt reduction problem and debt smoothing, providing explicit expressions of the value function and the optimal policy in some special cases

Closed sequential pattern mining for sitemap generation

A sitemap represents an explicit specification of the design concept and knowledge organization of a website and is therefore considered as the website’s basic ontology. It not only presents the main usage flows for users, but also hierarchically organizes concepts of the website. Typically, sitemaps are defined by webmasters in the very early stages of the website design. However, during their life websites significantly change their structure, their content and their possible navigation paths. Even if this is not the case, webmasters can fail to either define sitemaps that reflect the actual website content or, vice versa, to define the actual organization of pages and links which do not reflect the intended organization of the content coded in the sitemaps. In this paper we propose an approach which automatically generates sitemaps. Contrary to other approaches proposed in the literature, which mainly generate sitemaps from the textual content of the pages, in this work sitemaps are generated by analyzing the Web graph of a website. This allows us to: i) automatically generate a sitemap on the basis of possible navigation paths, ii) compare the generated sitemaps with either the sitemap provided by the Web designer or with the intended sitemap of the website and, consequently, iii) plan possible website re-organization. The solution we propose is based on closed frequent sequence extraction and only concentrates on hyperlinks organized in “Web lists”, which are logical lists embedded in the pages. These “Web lists” are typically used for supporting users in Web site navigation and they include menus, navbars and content tables. Experiments performed on three real datasets show that the extracted sitemaps are much more similar to those defined by website curators than those obtained by competitor algorithms

The detailed mechanism of the eta production in pp scattering up to the Tlab = 4.5 GeV

Contrary to very early beliefs, the experimental cross section data for the eta production in proton-proton scattering are well described if pi and only eta meson exchange diagrams are used to calculate the Born term. The inclusion of initial and final state interactions is done in the factorization approximation by using the inverse square of the Jost function. The two body Jost functions are obtained from the S matrices in the low energy effective range approximation. The danger of double counting in the p-eta final state interaction is discussed. It is shown that higher partial waves in meson-nucleon amplitudes do not contribute significantly bellow excess energy of Q=100 MeV. Known difficulties of reducing the multi resonance model to a single resonance one are illustrated.Comment: 10 pages, 5 figures, corrected typos in relation (3), changed content (added section with differential cross sections

BROCCOLI: overlapping and outlier-robust biclustering through proximal stochastic gradient descent

Matrix tri-factorization subject to binary constraints is a versatile and powerful framework for the simultaneous clustering of observations and features, also known as biclustering. Applications for biclustering encompass the clustering of high-dimensional data and explorative data mining, where the selection of the most important features is relevant. Unfortunately, due to the lack of suitable methods for the optimization subject to binary constraints, the powerful framework of biclustering is typically constrained to clusterings which partition the set of observations or features. As a result, overlap between clusters cannot be modelled and every item, even outliers in the data, have to be assigned to exactly one cluster. In this paper we propose Broccoli, an optimization scheme for matrix factorization subject to binary constraints, which is based on the theoretically well-founded optimization scheme of proximal stochastic gradient descent. Thereby, we do not impose any restrictions on the obtained clusters. Our experimental evaluation, performed on both synthetic and real-world data, and against 6 competitor algorithms, show reliable and competitive performance, even in presence of a high amount of noise in the data. Moreover, a qualitative analysis of the identified clusters shows that Broccoli may provide meaningful and interpretable clustering structures

Migration on request, a practical technique for preservation

Maintaining a digital object in a usable state over time is a crucial aspect of digital preservation. Existing methods of preserving have many drawbacks. This paper describes advanced techniques of data migration which can be used to support preservation more accurately and cost effectively. To ensure that preserved works can be rendered on current computer systems over time, “traditional migration” has been used to convert data into current formats. As the new format becomes obsolete another conversion is performed, etcetera. Traditional migration has many inherent problems as errors during transformation propagate throughout future transformations. CAMiLEON’s software longevity principles can be applied to a migration strategy, offering improvements over traditional migration. This new approach is named “Migration on Request.” Migration on Request shifts the burden of preservation onto a single tool, which is maintained over time. Always returning to the original format enables potential errors to be significantly reduced

JKarma: A Highly-Modular Framework for Pattern-Based Change Detection on Evolving Data

Pattern-based change detection (PBCD) describes a class of change detection algorithms for evolving data. Contrary to conventional solutions, PBCD seeks changes exhibited by the patterns over time and therefore works on an abstract form of the data, which prevents the search for changes on the raw data. Moreover, PBCD provides arguments on the validity of the results because patterns mirror changes occurred with any form of evidence. However, the existing solutions differ on data representation, mining algorithm and change identification strategy, which we can deem as main modules of a general architecture, so that any PBCD task could be designed by accommodating custom implementations for those modules. This is what we propose in this paper through jKarma, a highly-modular framework for designing and performing PBCD

Targeting tumor-associated macrophages to increase the efficacy of immune checkpoint inhibitors: a glimpse into novel therapeutic approaches for metastatic melanoma

Immune checkpoint inhibitors (ICIs) represent a promising therapeutic intervention for a variety of advanced/metastatic solid tumors, including melanoma, but in a large number of cases, patients fail to establish a sustained anti-tumor immunity and to achieve a long-lasting clinical benefit. Cells of the tumor micro-environment such as tumor-associated M2 macrophages (M2-TAMs) have been reported to limit the efficacy of immunotherapy, promoting tumor immune evasion and progression. Thus, strategies targeting M2-TAMs have been suggested to synergize with immune checkpoint blockade. This review recapitulates the molecular mechanisms by which M2-TAMs promote cancer immune evasion, with focus on the potential cross-talk between pharmacological interventions targeting M2-TAMs and ICIs for melanoma treatment