On the suboptimality of path-dependent pay-offs in Lévy markets.

Cox & Leland (2000) use techniques from the field of stochastic control theory to show that in the particular case of a Brownian motion for the asset returns all risk averse decisionmakers with a fixed investment horizon prefer path-independent payoffs over path-dependent ones. We will provide a novel and simple proof for the Cox&Leland result and we will extend it to general, not necessarily complete, Lévymarkets. It is also shown that in these markets optimal path-independent pay-offs have final values increasing with the underlying asset value. Our results imply that path-dependent investment payoffs, the use of which is widespread in financial markets, do not appear to offer good value for risk averse decisionmakers with a fixed investment horizonResearch; Approximation; Distribution; Risk; Risk measure; Lognormal; Random variables; Variables; Lower bounds; Choice; Variance; Goodness of fit; Actuarial; Problems; Framework; Requirements; Credit; Portfolio; Impact; Software; Value; Data; Markets; Market; Field; Control; Control theory; Theory; Brownian motion; Investment; IT; Optimal;

Functional MRI of Awake Behaving Macaques Using Standard Equipment

status: publishe

A practical application of text mining to literature on cognitive rehabilitation and enhancement through neurostimulation

The exponential growth in publications represents a major challenge for researchers. Many scientific domains, including neuroscience, are not yet fully engaged in exploiting large bodies of publications. In this paper, we promote the idea to partially automate the processing of scientific documents, specifically using text mining (TM), to efficiently review big corpora of publications. The “cognitive advantage” given by TM is mainly related to the automatic extraction of relevant trends from corpora of literature, otherwise impossible to analyze in short periods of time. Specifically, the benefits of TM are increased speed, quality and reproducibility of text processing, boosted by rapid updates of the results. First, we selected a set of TM-tools that allow user-friendly approaches of the scientific literature, and which could serve as a guide for researchers willing to incorporate TM in their work. Second, we used these TM-tools to obtain basic insights into the relevant literature on cognitive rehabilitation (CR) and cognitive enhancement (CE) using transcranial magnetic stimulation (TMS). TM readily extracted the diversity of TMS applications in CR and CE from vast corpora of publications, automatically retrieving trends already described in published reviews. TMS emerged as one of the important non-invasive tools that can both improve cognitive and motor functions in numerous neurological diseases and induce modulations/enhancements of many fundamental brain functions. TM also revealed trends in big corpora of publications by extracting occurrence frequency and relationships of particular subtopics. Moreover, we showed that CR and CE share research topics, both aiming to increase the brain's capacity to process information, thus supporting their integration in a larger perspective. Methodologically, despite limitations of a simple user-friendly approach, TM served well the reviewing process

Neuroimaging Weighs In: Humans Meet Macaques in “Primate” Visual Cortex

It has been only a decade since functional magnetic resonance imaging (fMRI) was introduced, but approximately four fMRI papers are now published every working day. Here we review this progress in a well studied system: primate visual cortex

Action Categorization in Rhesus Monkeys: discrimination of grasping from non-grasping manual motor acts

The ability to recognize others’ actions is an important aspect of social behavior. While neurophysiological and behavioral research in monkeys has offered a better understanding of how the primate brain processes this type of information, further insight with respect to the neural correlates of action recognition requires tasks that allow recording of brain activity or perturbing brain regions while monkeys simultaneously make behavioral judgements about certain aspects of observed actions. Here we investigated whether rhesus monkeys could actively discriminate videos showing grasping or non-grasping manual motor acts in a two-alternative categorization task. After monkeys became proficient in this task, we tested their ability to generalize to a number of untrained, novel videos depicting grasps or other manual motor acts. Monkeys generalized to a wide range of novel human or conspecific grasping and non-grasping motor acts. They failed, however, for videos showing unfamiliar actions such as a non-biological effector performing a grasp, or a human hand touching an object with the back of the hand. This study shows the feasibility of training monkeys to perform active judgements about certain aspects of observed actions, instrumental for causal investigations into the neural correlates of action recognition

Homology and Specificity of Natural Sound-Encoding in Human and Monkey Auditory Cortex

Understanding homologies and differences in auditory cortical processing in human and nonhuman primates is an essential step in elucidating the neurobiology of speech and language. Using fMRI responses to natural sounds, we investigated the representation of multiple acoustic features in auditory cortex of awake macaques and humans. Comparative analyses revealed homologous large-scale topographies not only for frequency but also for temporal and spectral modulations. In both species, posterior regions preferably encoded relatively fast temporal and coarse spectral information, whereas anterior regions encoded slow temporal and fine spectral modulations. Conversely, we observed a striking interspecies difference in cortical sensitivity to temporal modulations: While decoding from macaque auditory cortex was most accurate at fast rates (> 30 Hz), humans had highest sensitivity to ~3 Hz, a relevant rate for speech analysis. These findings suggest that characteristic tuning of human auditory cortex to slow temporal modulations is unique and may have emerged as a critical step in the evolution of speech and language

Areal differences in depth cue integration between monkey and human.

Electrophysiological evidence suggested primarily the involvement of the middle temporal (MT) area in depth cue integration in macaques, as opposed to human imaging data pinpointing area V3B/kinetic occipital area (V3B/KO). To clarify this conundrum, we decoded monkey functional MRI (fMRI) responses evoked by stimuli signaling near or far depths defined by binocular disparity, relative motion, and their combination, and we compared results with those from an identical experiment previously performed in humans. Responses in macaque area MT are more discriminable when two cues concurrently signal depth, and information provided by one cue is diagnostic of depth indicated by the other. This suggests that monkey area MT computes fusion of disparity and motion depth signals, exactly as shown for human area V3B/KO. Hence, these data reconcile previously reported discrepancies between depth processing in human and monkey by showing the involvement of the dorsal stream in depth cue integration using the same technique, despite the engagement of different regions

The Radial Bias: A Different Slant on Visual Orientation Sensitivity in Human and Nonhuman Primates

SummaryIt is generally assumed that sensitivity to different stimulus orientations is mapped in a globally equivalent fashion across primate visual cortex, at a spatial scale larger than that of orientation columns. However, some evidence predicts instead that radial orientations should produce higher activity than other orientations, throughout visual cortex. Here, this radial orientation bias was robustly confirmed using (1) human psychophysics, plus fMRI in (2) humans and (3) behaving monkeys. In visual cortex, fMRI activity was at least 20% higher in the retinotopic representations of polar angle which corresponded to the radial stimulus orientations (relative to tangential). In a global demonstration of this, we activated complementary retinotopic quadrants of visual cortex by simply changing stimulus orientation, without changing stimulus location in the visual field. This evidence reveals a neural link between orientation sensitivity and the cortical retinotopy, which have previously been considered independent