Portfolio Optimization in a Semi-Markov Modulated Market

We address a portfolio optimization problem in a semi-Markov modulated market. We study both the terminal expected utility optimization on finite time horizon and the risk-sensitive portfolio optimization on finite and infinite time horizon. We obtain optimal portfolios in relevant cases. A numerical procedure is also developed to compute the optimal expected terminal utility for finite horizon problem.

Assessing Degree of Novelty of Products to Ascertain Innovative Products

Substantial increase in competition compels design firms to develop new products at an increasingly rapid pace. This situation pressurizes engineering teams to develop better products and at the same time develop products faster [1]. Continuous innovation is a key factor to enable a company to generate profit on a continued basis, through the introduction of new products in the market – a prime intention for Product Lifecycle Management. Creativity, affecting a wide spectrum of business portfolios, is regarded as the crucial factor for designing products. A central goal of product development is to create products that are sufficiently novel and useful. This research focuses on the determination of novelty of engineering products. Determination of novelty is important for ascertaining the newness of a product, to decide on the patentability of the design, to compare designers' capability of solving problems and to ascertain the potential market of a product. Few attempts at measuring novelty is available in literature [2, 3, 4], but more in-depth research is required for assessing degree of novelty of products. This research aims to determine the novelty of a product by enabling a person to determine the degree of novelty in a product. A measure of novelty has been developed by which the degree of ''novelty'' of products can be ascertained. An empirical study has been conducted to determine the validity of this method for determining the 'novelty' of the products.

Diverse functions of restriction-modification systems in addition to cellular defense

Restriction-modification (R-M) systems are ubiquitous and are often considered primitive immune systems in bacteria. Their diversity and prevalence across the prokaryotic kingdom are an indication of their success as a defense mechanism against invading genomes. However, their cellular defense function does not adequately explain the basis for their immaculate specificity in sequence recognition and nonuniform distribution, ranging from none to too many, in diverse species. The present review deals with new developments which provide insights into the roles of these enzymes in other aspects of cellular function. In this review, emphasis is placed on novel hypotheses and various findings that have not yet been dealt with in a critical review. Emerging studies indicate their role in various cellular processes other than host defense, virulence, and even controlling the rate of evolution of the organism. We also discuss how R-M systems could have successfully evolved and be involved in additional cellular portfolios, thereby increasing the relative fitness of their hosts in the population.