Ancient watercourses and biogeography of the Sahara explain the peopling of the desert

Evidence increasingly suggests that sub-Saharan Africa is at the center of human evolution and understanding routes of dispersal “out of Africa” is thus becoming increasingly important. The Sahara Desert is considered by many to be an obstacle to these dispersals and a Nile corridor route has been proposed to cross it. Here we provide evidence that the Sahara was not an effective barrier and indicate how both animals and humans populated it during past humid phases. Analysis of the zoogeography of the Sahara shows that more animals crossed via this route than used the Nile corridor. Furthermore, many of these species are aquatic. This dispersal was possible because during the Holocene humid period the region contained a series of linked lakes, rivers, and inland deltas comprising a large interlinked waterway, channeling water and animals into and across the Sahara, thus facilitating these dispersals. This system was last active in the early Holocene when many species appear to have occupied the entire Sahara. However, species that require deep water did not reach northern regions because of weak hydrological connections. Human dispersals were influenced by this distribution; Nilo-Saharan speakers hunting aquatic fauna with barbed bone points occupied the southern Sahara, while people hunting Savannah fauna with the bow and arrow spread southward. The dating of lacustrine sediments show that the “green Sahara” also existed during the last interglacial (∼125 ka) and provided green corridors that could have formed dispersal routes at a likely time for the migration of modern humans out of Africa.

Analytic approximations for multi-asset option pricing

We derive general analytic approximations for pricing European basket and rainbow options on N assets. The key idea is to express the option’s price as a sum of prices of various compound exchange options, each with different pairs of subordinate multi- or single-asset options. The underlying asset prices are assumed to follow lognormal processes, although our results can be extended to certain other price processes for the underlying. For some multi-asset options a strong condition holds, whereby each compound exchange option is equivalent to a standard single-asset option under a modified measure, and in such cases an almost exact analytic price exists. More generally, approximate analytic prices for multi-asset options are derived using a weak lognormality condition, where the approximation stems from making constant volatility assumptions on the price processes that drive the prices of the subordinate basket options. The analytic formulae for multi-asset option prices, and their Greeks, are defined in a recursive framework. For instance, the option delta is defined in terms of the delta relative to subordinate multi-asset options, and the deltas of these subordinate options with respect to the underlying assets. Simulations test the accuracy of our approximations, given some assumed values for the asset volatilities and correlations. Finally, a calibration algorithm is proposed and illustrated.

Climate change projections and selected impacts for Vietnam

In September 2013, the 5th Assessment Report (5AR) of the International Panel on Climate Change (IPCC) has been released. Taking the 5AR cli-mate change scenarios into account, the World Bank published an earli-er report on climate change and its impacts on selected hot spot re-gions, including Southeast Asia. Currently, dynamical and statistical-dynamical downscaling efforts are underway to obtain higher resolution and more robust regional climate change projections for tropical South-east Asia, including Vietnam. Such initiatives are formalized under the World Meteorological Organization (WMO) Coordinated Regional Dynamic Downscaling Experiment (CORDEX) East Asia and Southeast Asia and also take place in climate change impact projects such as the joint Vietnam-ese-German project “Environmental and Water Protection Technologies of Coastal Zones in Vietnam (EWATEC-COAST)”. In this contribution, the lat-est assessments for changes in temperature, precipitation, sea level, and tropical cyclones (TCs) under the 5AR Representative Concentration Pathway (RCP) scenarios 4.5 and 8.5 are reviewed. Special emphasis is put on changes in extreme events like heat waves and/or heavy precipita-tion. A regional focus is Vietnam south of 16°N. A continued increase in mean near surface temperature is projected, reaching up to 5°C at the end of this century in northern Vietnam un-der the high greenhouse-gas forcing scenario RCP8.5. Overall, project-ed changes in annual precipitation are small, but there is a tendency of more rainfall in the boreal winter dry season. Unprecedented heat waves and an increase in extreme precipitation events are projected by both global and regional climate models. Globally, TCs are projected to decrease in number, but an increase in intensity of peak winds and rain-fall in the inner core region is estimated. Though an assessment of changes in land-falling frequency in Vietnam is uncertain due to difficul-ties in assessing changes in TC tracks, some work indicates a reduction in the number of land-falling TCs in Vietnam. Sea level may rise by 75-100 cm until the end of the century with the Vietnamese coastline experienc-ing 10-15% higher rise than on global average. Given the large rice and aquaculture production in the Mekong and Red River Deltas, that are both prone to TC-related storm surges and flooding, this poses a challenge to foodsecurity and protection of coastal population and assets.