Optimal Stopping Under Ambiguity in Continuous Time

We develop a theory of optimal stopping problems under ambiguity in continuous time. Using results from (backward) stochastic calculus, we characterize the value function as the smallest (nonlinear) supermartingale dominating the payoff process. For Markovian models, we derive an adjusted Hamilton-Jacobi-Bellman equation involving a nonlinear drift term that stems from the agent's ambiguity aversion. We show how to use these general results for search problems and American Options.Optimal Stopping, Ambiguity, Uncertainty Aversion, Robustness, Continuous-Time, Optimal Control

The Happer's puzzle degeneracies and Yangian

We find operators distinguishing the degenerate states for the Hamiltonian $H= x(K+{1/2})S_z +{\bf K}\cdot {\bf S}$ at $x=\pm 1$ that was given by Happer et al$^{[1,2]}$ to interpret the curious degeneracies of the Zeeman effect for condensed vapor of $^{87}$Rb. The operators obey Yangian commutation relations. We show that the curious degeneracies seem to verify the Yangian algebraic structure for quantum tensor space and are consistent with the representation theory of $Y(sl(2))$.Comment: 8 pages, Latex fil