Portfolio optimization in the energy market

Let’s put ourselves in the shoes of an energy company. Our fleet of electricity production plants mainly includes gas, hydroelectric and waste-to-energy plants. We also sold contracts for the supply of gas and electricity. For each year we have to plan the trading of the volumes needed by the plants and customers: better to fix the price of these volumes in advance with the so-called forward contracts, instead of waiting for the delivery months, exposing ourselves to price uncertainty. Here’s the thing: trying to keep uncertainty under control in a market that has never shown such extreme scenarios as in recent years: a pandemic, a worsening climate crisis and a war that is affecting economies around the world have made the energy market more volatile than ever. How to make decisions in such uncertain contexts? There is an optimization problem: given a year, we need to choose the optimal planning of volume trading times, to meet the needs of our portfolio at the best prices, taking into account the liquidity constraints given by the market and the risk constraints imposed by the company. Algorithms are needed for the generation of market scenarios over a finite time horizon, that is, a probabilistic distribution that allows a view of all the dates between now and the end of the year of interest. Algorithms are needed to solve the optimization problem: we have proposed more than one and compared them; a very simple one, which avoids considering part of the complexity, moving on to a scenario approach and finally a reinforcement learning approach.

Data and behavioral contracts for web services

The recent trend in Web services is fostering a computing scenario where loosely coupled parties interact in a distributed and dynamic environment. Such interactions are sequences of xml messages and in order to assemble parties – either statically or dynamically – it is important to verify that the “contracts” of the parties are “compatible”. The Web Service Description Language (wsdl) is a standard used for describing one-way (asynchronous) and request/response (synchronous) interactions. Web Service Conversation Language extends wscl contracts by allowing the description of arbitrary, possibly cyclic sequences of exchanged messages between communicating parties. Unfortunately, neither wsdl nor wscl can effectively define a notion of compatibility, for the very simple reason that they do not provide any formal characterization of their contract languages. We define two contract languages for Web services. The first one is a data contract language and allow us to describe a Web service in terms of messages (xml documents) that can be sent or received. The second one is a behavioral contract language and allow us to give an abstract definition of the Web service conversation protocol. Both these languages are equipped with a sort of “sub-typing” relation and, therefore, they are suitable to be used for querying Web services repositories. In particular a query for a service compatible with a given contract may safely return services with “greater” contract.

Study of the forward photons productions in pp collisions at sqrt{s} = 7 TeV with the ZDC detector of the ATLAS experiment

The Zero Degree Calorimeter (ZDC) of the ATLAS experiment at CERN is placed in the TAN of the LHC collider, covering the pseudorapidity region higher than 8.3. It is composed by 2 calorimeters, each one longitudinally segmented in 4 modules, located at 140 m from the IP exactly on the beam axis. The ZDC can detect neutral particles during pp collisions and it is a tool for diffractive physics. Here we present results on the forward photon energy distribution obtained using p-p collision data at sqrt{s} = 7 TeV. First the pi0 reconstruction will be used for the detector calibration with photons, then we will show results on the forward photon energy distribution in p-p collisions and the same distribution, but obtained using MC generators. Finally a comparison between data and MC will be shown.

Implications of Blockchain-Based Smart Contracts on Contract Law

Smart contracts are the most advanced blockchain applications. They can also be used in the contractual domain for the encoding and automatic execution of contract terms. Smart contracts already existed before the blockchain, but they take advantage of the characteristics of that technology. Namely, the decentralised and immutable characters of the blockchain determine that no single contracting party can control, modify, or interrupt the execution of smart contracts. As every new phenomenon, blockchain-based smart contracts have attracted the attention of institutions. For example, in its Resolution of 3 October 2018 on distributed ledger technologies and blockchain, the European Parliament has stressed the need to undertake an in-depth assessment of the legal implications,starting from the analysis of existing legal frameworks. Indeed, the present research thesis aims to verify how blockchain-based smart contracts fit into contract law. To this end, the analysis starts from the most discussed and relevant aspects and develops further considerations. Before that, it provides a detailed description and clarifications about the characteristics, the functioning, and the development of the technology, which is an essential starting point for a high-level quality legal analysis. It takes into considerations already existing rules concerning the use of technology in the life cycle of contracts, from vending machines to computable contracts, and verifies its applicability to blockchain-based smart contracts. The work does not limit to consider the mere technology, but some concrete scenarios of adoption of blockchain-based smart contracts in the contractual domain. Starting from the latter, it focuses on the implications of blockchain-based smart contracts on contract formation, contract performance, and applicable law and jurisdiction.

Physical activity and osseointegration: "step forward" to improve the quality of life of a trans-femoral amputee person

Lower limb amputation is an event that inevitably changes the lifestyle of the person with a significant impact on quality of life. The socket-type prosthesis entails that the residual limb is in direct contact with the socket which often implies numerous disadvantages. Osseointegrated prosthesis is a solution that avoids skin problems because not include the presence of the socket. In this type of prosthesis, a stem is surgically inserted inside the medullary canal and connected with the external prosthetic limb. Therefore, this thesis aims to highlight and explore the main strengths and problems of osseointegrated prostheses and to examine the role of physical activity, with attention to functional capacity and bone quality. The objectives of the thesis will be developed through 5 studies: (I) A gait analysis of a 44 years-old male patient who underwent surgery for the implantation of an osseointegrated prosthesis; (II) A systematic review to investigate the state of stump bone quality in patients with limb amputations; (III) A systematic review of the technologies involved in such devices has been carried out to identify the most fruitful ones in improving bone quality; (IV) A systematic review investigating the topic of physical activity and bone turnover biomarkers; (V) A systematic review to investigate the effects of physical activity interventions combined with drug treatments on bone biomarkers in people with osteopenia and osteoporosis. The integrated prosthesis is a good solution for people with lower limb amputation who cannot use their traditional socket-type prosthesis. Although many objectives have already been achieved, there are still many aspects that we can improve. These include the creation of a multidisciplinary path that support patients along their path, with particular attention to the pre-surgery and the post-rehabilitation phase that is still lacking even if of fundamental impact in determining the quality of life.

Beyond pollinator reward: steps forward and knowledge gaps on the role of floral nectar in plant-animal interactions.

The work done within the framework of my PhD project has been carried out between November 2019 and January 2023 at the Department of Biological, Geological and Environmental Sciences of the University of Bologna, under the supervision of Prof. Marta Galloni and PhD Gherardo Bogo. A period of three months was spent at the Natural History Museum of Rijeka, under the supervision of Prof. Boštjan Surina. The main aim of the thesis was to investigate further the so-called pollinator manipulation hypothesis, which states that when a floral visitor gets in contact with a specific nectar chemistry, the latter affects its behavior of visit on flowers, with potential repercussions on the plant reproductive fitness. To the purpose, the topic was tackled by means of three main approaches: field studies, laboratory assessments, and bibliographic reviews. This research project contributes to two main aspects. First, when insects encounter nectar-like concentrations of a plethora of secondary metabolites in their food-environment, various aspects of their behavior relevant to flower visitation can be affected. In addition, the results I gained confirm that the combination of field studies and laboratory assessments allows to get more realistic pictures of a given phenomenon than the single approaches. Second, reviewing the existent literature in the field of nectar ecology has highlighted how crucial is to establish the origin of nectar biogenic amines to either confirm or reject the multiple speculations made on the role of nectar microbes in shaping plant-animal interactions.

Ex ante contracts to arbitrate tort claims - A law and economics perspective

This research addresses the use of ex ante contracts to arbitrate tort claims in domestic settings using law and economics research methodologies. Potential economic benefits from using arbitration, particularly between informed and knowledgeable parties and in international business transactions, are not guaranteed in domestic disputes. Arbitration can potentially be used to manipulate the adjudication process. This research has several findings. There is a lack of information available concerning the use of arbitration to adjudicate tort claims. Proxy measurements concerning the demand for third party adjudication and other legal indicators are a poor substitute for the information hidden behind the veil of arbitration. There is the potential for the strategic use of ex ante contracts to arbitrate tort claims by repeat player tortfeasors to domestic tort claims, both individually and in concert with other repeat player firms. These strategic efforts aim to: manipulate enforcement errors for tort claims, avoid procedural rules which have the effect of lowering enforcement errors, enable a unique type of domestic forum arbitrage, shirk from taking due care, capture the economic benefit of using arbitration, manipulate the stock of precedents and production of public goods from courts, collude in these underlying efforts, restrain competition, indirectly fix prices, and other aims which increase the repeat player tortfeasor’s or their industries economic gains related to their underlying contracts and tort disputes. This research also demonstrates how this subject is appropriate for further academic research and why states should be cautious of giving carte blanche to arbitrate all domestic tort claims.