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Optimal dividend strategies for a compound Poisson risk process under transaction costs and power utility

We characterize the value function of maximizing the total discounted utility of dividend payments for a compound Poisson insurance risk model when strictly positive transaction costs are included, leading to an impulse control problem. We illustrate that well known simple strategies can be optimal in the case of exponential claim amounts. Finally we develop a numerical procedure to deal with general claim amount distributions.

Citizen participation and the Lisbon Treaty : A legal perspective

How to "bring the [European] Union closer to its citizens" is a vexed and vital problem of European integration. Article 11 TEU on participatory democracy, recently introduced by the Lisbon Treaty, is meant to be part of the solution. The EU Economic and Social Committee has gone so far as to define this provision "a milestone on the road to a people's Europe that is real and feasible". This appears to be an overly optimistic assessment - partly because art. 11 relies heavily on the involvement of civil society organisations, which political science literature suggests is conceptually and/or practically irrelevant to citizen involvement; partly because it largely formalizes participatory practices that have been in existence for years without cognizable effects on citizen participation; and partly because even its most innovative element - the European citizens' initiative (ECI) - does not bring significant changes to the Union's constitutional arrangements in terms of redistributing decision-making power. In addition to that, secondary legislation places significant hurdles on the submission of ECIs and might prevent or delay their becoming a standard democratic practice. This is not to say that art. 11 TEU has no potential at all. Its insertion in the Treaty might provide impetus to rethink and develop past participatory practices, such as horizontal civil dialogue. Moreover, the effects of "popular input" in the form of ECIs on EU institutional dynamics is as yet unknown - and perhaps not negligible, to judge from the keen interest that the European Parliament and other bodies have demonstrated in "appropriating" it as a political asset. Finally, art. 11 raises the stakes of the Union's democratic challenge and might pressure EU institutions to make full use of its potential. Or, if eventually proved inadequate, art. 11 might constitute a constitutional experiment on the way to meaningful forms of direct democracy at EU level.

Comparison of the power spectral changes of the voluntary surface electromyogram and M wave during intermittent maximal voluntary contractions.

INTRODUCTION: To compare the power spectral changes of the voluntary surface electromyogram (sEMG) and of the compound action potential (M wave) in the vastus medialis and vastus lateralis muscles during fatiguing contractions. METHODS: Interference sEMG and force were recorded during 48 intermittent 3-s isometric maximal voluntary contractions (MVC) from 13 young, healthy subjects. M waves and twitches were evoked using supramaximal femoral nerve stimulation between the successive MVCs. Mean frequency (F mean), and median frequency were calculated from the sEMG and M waves. Muscle fiber conduction velocity (MFCV) was computed by cross-correlation. RESULTS: The power spectral shift to lower frequencies was significantly greater for the voluntary sEMG than for the M waves (P < 0.05). Over the fatiguing protocol, the overall average decrease in MFCV (~25 %) was comparable to that of sEMG F mean (~22 %), but significantly greater than that of M-wave F mean (~9 %) (P < 0.001). The mean decline in MFCV was highly correlated with the mean decreases in both sEMG and M-wave F mean. CONCLUSIONS: The present findings indicated that, as fatigue progressed, central mechanisms could enhance the relative weight of the low-frequency components of the voluntary sEMG power spectrum, and/or the end-of-fiber (non-propagating) components could reduce the sensitivity of the M-wave spectrum to changes in conduction velocity.

International union of basic and clinical pharmacology. XCI. structure, function, and pharmacology of acid-sensing ion channels and the epithelial Na+ channel.

The epithelial Na(+) channel (ENaC) and the acid-sensing ion channels (ASICs) form subfamilies within the ENaC/degenerin family of Na(+) channels. ENaC mediates transepithelial Na(+) transport, thereby contributing to Na(+) homeostasis and the maintenance of blood pressure and the airway surface liquid level. ASICs are H(+)-activated channels found in central and peripheral neurons, where their activation induces neuronal depolarization. ASICs are involved in pain sensation, the expression of fear, and neurodegeneration after ischemia, making them potentially interesting drug targets. This review summarizes the biophysical properties, cellular functions, and physiologic and pathologic roles of the ASIC and ENaC subfamilies. The analysis of the homologies between ENaC and ASICs and the relation between functional and structural information shows many parallels between these channels, suggesting that some mechanisms that control channel activity are shared between ASICs and ENaC. The available crystal structures and the discovery of animal toxins acting on ASICs provide a unique opportunity to address the molecular mechanisms of ENaC and ASIC function to identify novel strategies for the modulation of these channels by pharmacologic ligands.