Constructing good deals in discrete time arbitrage-free dynamic pricing models

Recent literature has proved that many classical pricing models (Black and Scholes, Heston, etc.) and risk measures (V aR, CV aR, etc.) may lead to “pathological meaningless situations”, since traders can build sequences of portfolios whose risk leveltends to −infinity and whose expected return tends to +infinity, i.e., (risk = −infinity, return = +infinity). Such a sequence of strategies may be called “good deal”. This paper focuses on the risk measures V aR and CV aR and analyzes this caveat in a discrete time complete pricing model. Under quite general conditions the explicit expression of a good deal is given, and its sensitivity with respect to some possible measurement errors is provided too. We point out that a critical property is the absence of short sales. In such a case we first construct a “shadow riskless asset” (SRA) without short sales and then the good deal is given by borrowing more and more money so as to invest in the SRA. It is also shown that the SRA is interested by itself, even if there are short selling restrictions.

Cyclic deformation of bidisperse two-dimensional foams

In-plane deformation of foams was studied experimentally by subjecting bidisperse foams to cycles of traction and compression at a prescribed rate. Each foam contained bubbles of two sizes with given area ratio and one of three initial arrangements: sorted perpendicular to the axis of deformation (iso-strain), sorted parallel to the axis of deformation (iso-stress), or randomly mixed. Image analysis was used to measure the characteristics of the foams, including the number of edges separating small from large bubbles N-sl, the perimeter (surface energy), the distribution of the number of sides of the bubbles, and the topological disorder mu(2)(N). Foams that were initially mixed were found to remain mixed after the deformation. The response of sorted foams, however, depended on the initial geometry, including the area fraction of small bubbles and the total number of bubbles. For a given experiment we found that (i) the perimeter of a sorted foam varied little; (ii) each foam tended towards a mixed state, measured through the saturation of N-sl; and (iii) the topological disorder mu(2)(N) increased up to an "equilibrium" value. The results of different experiments showed that (i) the change in disorder, Delta mu(2)(N), decreased with the area fraction of small bubbles under iso-strain, but was independent of it under iso-stress; and (ii) Delta mu(2)(N) increased with Delta N-sl under iso-strain, but was again independent of it under iso-stress. We offer explanations for these effects in terms of elementary topological processes induced by the deformations that occur at the bubble scale.

Visual Screening Competencies Questionnaire (VSCQ) and orthoptic practice

The identification of core competencies which are important for undertaking accurate visual screening by orthoptists is considered in this study. The aim was to construct and validate a questionnaire for orthoptists to assess visual screening competency. This study comprised three steps. The first step involved a 69-item self-assessment questionnaire constructed to assess orthoptists' perception of their competencies in visual screening programs for children. This questionnaire was constructed with statements from the Orthoptic Benchmark Statement for Health Care Programmes (Quality Assurance Agency for Higher Education, UK) and included three competency dimensions: interpersonal (IP), instrumental (IT) and systemic (ST). The second step involved questionnaire translation.

Positive Solutions of the Dirichlet Problem for the One-dimensional Minkowski-Curvature Equation

We discuss existence and multiplicity of positive solutions of the Dirichlet problem for the quasilinear ordinary differential equation-(u' / root 1 - u'(2))' = f(t, u). Depending on the behaviour of f = f(t, s) near s = 0, we prove the existence of either one, or two, or three, or infinitely many positive solutions. In general, the positivity of f is not required. All results are obtained by reduction to an equivalent non-singular problem to which variational or topological methods apply in a classical fashion.

Genus and Braid Index Associated to Sequences of Renormalizable Lorenz Maps

We describe the Lorenz links generated by renormalizable Lorenz maps with reducible kneading invariant (K(f)(-), = K(f)(+)) = (X, Y) * (S, W) in terms of the links corresponding to each factor. This gives one new kind of operation that permits us to generate new knots and links from the ones corresponding to the factors of the *-product. Using this result we obtain explicit formulas for the genus and the braid index of this renormalizable Lorenz knots and links. Then we obtain explicit formulas for sequences of these invariants, associated to sequences of renormalizable Lorenz maps with kneading invariant (X, Y) * (S,W)*(n), concluding that both grow exponentially. This is specially relevant, since it is known that topological entropy is constant on the archipelagoes of renormalization.

Dispositional optimism is unidimensional or bidimensional? The Portuguese Revised Life Orientation Test

The aim of the study is to adapt and then discuss the appropriateness of the Life Orientation Test as a one or two dimension scale. The research includes two studies; one is composed of a sequential sample of 280 people with multiple sclerosis, 71% female, and another includes a convenience sample of 615 individuals from the community, 51.1% female. Because the construct is built upon a theoretical assumption that has one dimension, we examine the hypothesis of one or two factor solutions through confirmatory factor analysis, and the two-dimension solution premise demonstrates better adjustment for both samples. The other psychometric properties explored show appropriate results for the Portuguese sample, and similar to the original ones; the Test therefore seems appropriate for use in cross cultural studies. Based on our results, we discuss whether the questionnaire is a one or two dimension instrument, concluding that it appears appropriate to accept the recommendations of the original authors to use it as a one-dimensional tool and, when necessary, to use both dimensions. - RESUMO: El objetivo del estudio es adaptar y discutir la adecuación de la prueba de Orientación de la Vida en una o dos escalas de dimensión. La investigación engloba dos estudios, uno constituido por una muestra secuencial de 280 personas con esclerosis múltiple, 71% mujeres y otro con una muestra de conveniencia de la comunidad de 615 individuos, 51,1% del sexo femenino. Como el constructo se asienta sobre la presunción teórica de que tiene una dimensión, inspeccionamos la hipótesis de una o dos soluciones de factor a través del análisis factorial confirmatorio y la hipótesis de dos dimensiones manifiesta un mejor ajuste para ambas muestras. Las otras propiedades psicométricas exploradas muestran los resultados apropiados para la muestra portuguesa, y semejantes a los originales. Parece apropiado para los estudios culturales transversales. Basándonos en nuestros resultados, discutimos si el cuestionario es un instrumento de una o dos dimensiones, concluyéndose que parece conveniente seguir las recomendaciones de los autores originales, para utilizarlo como un instrumento unidimensional y, si fuera necesario necesario, utilizar cada una de las dimensiones.

On the monoids of transformations that preserve the order and a uniform partition

In this article we consider the monoid O(mxn) of all order-preserving full transformations on a chain with mn elements that preserve a uniformm-partition and its submonoids O(mxn)(+) and O(mxn)(-) of all extensive transformations and of all co-extensive transformations, respectively. We determine their ranks and construct a bilateral semidirect product decomposition of O(mxn) in terms of O(mxn)(-) and O(mxn)(+).

Re-entrant phase behaviour of network fluids: A patchy particle model with temperature-dependent valence

We study a model consisting of particles with dissimilar bonding sites ("patches"), which exhibits self-assembly into chains connected by Y-junctions, and investigate its phase behaviour by both simulations and theory. We show that, as the energy cost epsilon(j) of forming Y-junctions increases, the extent of the liquid-vapour coexistence region at lower temperatures and densities is reduced. The phase diagram thus acquires a characteristic "pinched" shape in which the liquid branch density decreases as the temperature is lowered. To our knowledge, this is the first model in which the predicted topological phase transition between a fluid composed of short chains and a fluid rich in Y-junctions is actually observed. Above a certain threshold for epsilon(j), condensation ceases to exist because the entropy gain of forming Y-junctions can no longer offset their energy cost. We also show that the properties of these phase diagrams can be understood in terms of a temperature-dependent effective valence of the patchy particles. (C) 2011 American Institute of Physics. [doi: 10.1063/1.3605703]

Programa de manutenção de aeronaves das companhias de aviação de baixo custo

Este trabalho aborda o Programa de Manutenção de Aeronaves das companhias de aviação de baixo custo, tendo como foco a análise e identificação dos requisitos legais e das metodologias de desenvolvimento de um Programa de Manutenção de uma aeronave e a comparação dos custos de manutenção de companhias de baixo custo com as companhias regulares. A aplicação eficaz de um programa de manutenção, para além de reduzir os seus custos, tem um impacto positivo na segurança, economia da manutenção e na fiabilidade de despacho. A metodologia utilizada foi a análise de informação de publicações e artigos. Com base na revisão de literaturas especializadas, fez-se uma selecção dos diversos aspectos necessários para se obter um Programa de Manutenção, o que permitiu construir o caso de estudo e efectuar a análise dos custos inerentes de manutenção de um operador aéreo de baixo custo e de um operador aéreo regular. Os resultados da análise permitiram chegar a veracidade da hipótese de que do ponto de vista de manutenção é igualmente seguro ou não seguro voar numa companhia de baixo custo e numa companhia regular, assim independentemente do tipo de companhia, ambas devem cumprir os requisitos para aprovação do PMA imposto pela autoridade aeronáutica, para garantir a aeronavegabilidade das aeronaves, ou seja, a sua segurança para a condição de voo, sem pôr em causa o carimbo baixo custo ou regular da companhia.

Children's metalinguistic activity in the construction of linguistic existence

In this paper we examine the construction of first entities in narratives produced by children of 5, 7, 10 years and adults1 . The study demonstrates that when children reformulate they try to construct entities detached from the situation of enunciation, which means that they construct a detached or a translated plane and they construct linguistic existence of entities. Entities must first be introduced into the enunciative space and then comments will be made in subsequent utterances. Constructing existence supposes extraction. This consists of “singling out an occurrence, that is, isolating and drawing its spatiotemporal boundaries” (Culioli, 1990, p. 182) . Once the occurrence of the notion is constructed (which means it has become a separate occurrence with situational properties), children can predicate about it. However, there are children who do not construct the linguistic existence of entities. I hypothesize that the mode of task presentation influences the success of constructing linguistic existence. Sharing the investigator’s knowledge about the stimulus images, children do not ascribe an existential status to the occurrence of the notional domain.

Dynamical analysis in growth models: Blumberg’s equation

We present a new dynamical approach to the Blumberg's equation, a family of unimodal maps. These maps are proportional to Beta(p, q) probability densities functions. Using the symmetry of the Beta(p, q) distribution and symbolic dynamics techniques, a new concept of mirror symmetry is defined for this family of maps. The kneading theory is used to analyze the effect of such symmetry in the presented models. The main result proves that two mirror symmetric unimodal maps have the same topological entropy. Different population dynamics regimes are identified, when the intrinsic growth rate is modified: extinctions, stabilities, bifurcations, chaos and Allee effect. To illustrate our results, we present a numerical analysis, where are demonstrated: monotonicity of the topological entropy with the variation of the intrinsic growth rate, existence of isentropic sets in the parameters space and mirror symmetry.

Liquid crystal necklaces: cholesteric drops threaded by thin cellulose fibres

Liquid crystals in confined geometries exhibit numerous complex structures often including topological defects that are controlled by the nematic elasticity, chirality and surface anchoring. In this work, we study the structures of cholesteric droplets pierced by cellulose fibres with planar anchoring at droplet and fibre surfaces. By varying the temperature we demonstrate the role of twisting power and droplet diameter on the equilibrium structures. The observed structures are complemented by detailed numerical simulations of possible director fields decorated by defects. Three distinct structures, a bipolar and two ring configurations, are identified experimentally and numerically. Designing cholesteric liquid crystal microdroplets on thin long threads opens new routes to produce fibre waveguides decorated with complex microresonators.

An Extension of Gompertzian Growth Dynamics Weibull and Frechet Models

In this work a new probabilistic and dynamical approach to an extension of the Gompertz law is proposed. A generalized family of probability density functions, designated by Beta* (p, q), which is proportional to the right hand side of the Tsoularis-Wallace model, is studied. In particular, for p = 2, the investigation is extended to the extreme value models of Weibull and Frechet type. These models, described by differential equations, are proportional to the hyper-Gompertz growth model. It is proved that the Beta* (2, q) densities are a power of betas mixture, and that its dynamics are determined by a non-linear coupling of probabilities. The dynamical analysis is performed using techniques of symbolic dynamics and the system complexity is measured using topological entropy. Generally, the natural history of a malignant tumour is reflected through bifurcation diagrams, in which are identified regions of regression, stability, bifurcation, chaos and terminus.

Natureza, princípios e fundamentos das práticas e relações profissionais-doentes no contexto do Gabinete de Sub-visão do Instituto Dr. Gama Pinto

A institucionalização do direito à saúde, na constituição de 1976, como direito social e humano não parece ter conseguido, na prática dos profissionais de saúde, abalar a relação paternalista que coloca o doente numa situação de submissão face à dominância do poder/saber médico central ou periférico que o doente, nos termos de Parsons, deve acatar humildemente como “um bom doente”. É este papel de passividade e submissão do doente que nos propomos problematizar nos meandros dos direitos humanos/direitos sociais de cidadania como campo de construção social assente em práticas norteadas por direitos e deveres que, nos termos de Foucault, submetem os cidadãos a constrangimentos inerentes às relações de poder.

Os (in)sofismáveis caminhos do storytelling : Woody Allen e o documentário ficcionado

ABSTRACT: Between pure documentary and pure fiction there are, more and more, a reasonable number of cinematic alternatives that convey a dimension of non-reality. Between the pointedly factual discourse and the irrational belief in an entirely narrative world, there intervenes an informed conviction in a truthful but nonexistent universe, in which the formal enunciation sells an image of objectivity. In a path that leads us from the forms and contents of reflexive and performative documentaries, according to Bill Nichols, and ends up in fake documentary itself, we will have the opportunity to stress the filmic construction and its inherent narrative purpose, be it a fictional story or the creator himself as character (others would say subject) of the cinematic construct. In a boomerang kind of logic, the more the objects direct us to a referent, the more they restore us a creative/authorial reference and, along with it, the narrative idea that instills it. In Woody Allen’s case, this storytelling manifests itself in the fake documentary genre, which works as if it is the reality, only to better manifest the sole reality that interests the director: that of the metacinema, or the cinema as self-referencial reality. The practical examples will be derived from the following films: Take the Money and Run (1969) e Husbands and Wives (1992).