The Risk Management of Minimum Return Guarantees

Contracts paying a guaranteed minimum rate of return and a fraction of a positive excess rate, which is specified relative to a benchmark portfolio, are closely related to unit-linked life-insurance products and can be considered as alternatives to direct investment in the underlying benchmark. They contain an embedded power option, and the key issue is the tractable and realistic hedging of this option, in order to rigorously justify valuation by arbitrage arguments and prevent the guarantees from becoming uncontrollable liabilities to the issuer. We show how to determine the contract parameters conservatively and implement robust risk-management strategies.

Minimum count sums for charcoalconcentration estimates in pollen slides: accuracy and potential errors

Charcoal particles in pollen slides are often abundant, and thus analysts are faced with the problem of setting the minimum counting sum as small as possible in order to save time. We analysed the reliability of charcoal-concentration estimates based on different counting sums, using simulated low-to high-count samples. Bootstrap simulations indicate that the variability of inferred charcoal concentrations increases progressively with decreasing sums. Below 200 items (i.e., the sum of charcoal particles and exotic marker grains), reconstructed fire incidence is either too high or too low. Statistical comparisons show that the means of bootstrap simulations stabilize after 200 counts. Moreover, a count of 200-300 items is sufficient to produce a charcoal-concentration estimate with less than+5% error if compared with high-count samples of 1000 items for charcoal/marker grain ratios 0.1-0.91. If, however, this ratio is extremely high or low (> 0.91 or < 0.1) and if such samples are frequent, we suggest that marker grains are reduced or added prior to new sample processing.

The Early Spörer Minimum – A Period of Extraordinary Climate and Socio-economic Changes in Western and Central Europe

Throughout the last millennium, mankind was affected by prolonged deviations from the climate mean state. While periods like the Maunder Minimum in the 17th century have been assessed in greater detail, earlier cold periods such as the 15th century received much less attention due to the sparse information available. Based on new evidence from different sources ranging from proxy archives to model simulations, it is now possible to provide an end-to-end assessment about the climate state during an exceptionally cold period in the 15th century, the role of internal, unforced climate variability and external forcing in shaping these extreme climatic conditions, and the impacts on and responses of the medieval society in Central Europe. Climate reconstructions from a multitude of natural and human archives indicate that, during winter, the period of the early Spörer Minimum (1431–1440 CE) was the coldest decade in Central Europe in the 15th century. The particularly cold winters and normal but wet summers resulted in a strong seasonal cycle that challenged food production and led to increasing food prices, a subsistence crisis, and a famine in parts of Europe. As a consequence, authorities implemented adaptation measures, such as the installation of grain storage capacities, in order to be prepared for future events. The 15th century is characterised by a grand solar minimum and enhanced volcanic activity, which both imply a reduction of seasonality. Climate model simulations show that periods with cold winters and strong seasonality are associated with internal climate variability rather than external forcing. Accordingly, it is hypothesised that the reconstructed extreme climatic conditions during this decade occurred by chance and in relation to the partly chaotic, internal variability within the climate system.

Analysis of Recent benthic foraminiferal assemblages from the oxygen minimum zone of the Pakistan continental margin

Live (Rose Bengal stained) and dead benthic foraminiferal communities (hard-shelled species only) from the Pakistan continental margin oxygen minimum zone (OMZ) have been studied in order to determine the relation between faunal composition and the oxygenation of bottom waters. During R.R.S. Charles Darwin Cruises 145 and 146 (12 March to May 28 2003), 11 multicores were taken on the continental margin off Karachi, Pakistan. Two transects were sampled, constituting a composite bathymetric profile from 136 m (above the OMZ in spring 2003) down to 1870 m water depth. Cores (surface area 25.5 cm2) were processed as follows: for stations situated above, and in the upper part of the OMZ, sediment slices were taken for the 0-0.5 and 0.5-1 cm intervals, and then in 1 cm intervals down to 10 cm. For the lower part of the OMZ, the second centimetre was also sliced in half-centimetre intervals. Each sample was stored in 10 % borax-buffered formalin for further processing. Onshore, the samples were wet sieved over 63 µm, 150 µm and 300 µm sieves and the residues were stained for one week in ethanol with Rose Bengal. After staining, the residue was washed again. The stained faunas were picked wet in three granulometric fractions (63-150 µm, 150-300 µm and >300 µm), down to 10 cm depth. To gain more insight into the population dynamics we investigated the dead (unstained) foraminifera in the 2-3 cm level for the fractions 150-300 µm and >300 µm. The fractions >300 µm and 150-300 µm show nearly the same faunal distribution and therefore the results are presented here for both fractions combined (i.e. the >150 µm fraction). Live foraminiferal densities show a clear maximum in the first half centimetre of the sediment; only few specimens are found down to 4 cm depth. The faunas exhibit a clear zonation across the Pakistan margin OMZ. Down to 500 m water depth, Uvigerina ex gr. U. semiornata and Bolivina aff. B. dilatata dominate the assemblages. These taxa are largely restricted to the upper cm of the sediment. They are adapted to the very low bottom-water oxygen values (ab. 0.1 ml/l in the OMZ core) and the extremely high input of organic carbon on the upper continental slope. The lower part of the OMZ is characterized by cosmopolitan faunas, containing also some taxa that in other areas have been described in deep infaunal microhabitats.

Multiphase Buck Converter with Minimum Time Control Strategy for RF Envelope Modulation

Power amplifier supplied with constant supply voltage has very low efficiency in the transmitter. A DC-DC converter in series with a linear regulator can be used to obtain voltage modulation. Since this converter should be able to change the output voltage very fast, a multiphase buck converter with a minimum time control strategy is proposed. To modulate supply voltage of the envelope amplifier, the multiphase converter works with some particular duty cycle (i/n, i=1, 2 ... n, n is the number of phase) to generate discrete output voltages, and in these duty cycles the output current ripple can be completely cancelled. The transition times for the minimum time are pre-calculated and inserted in a look-up table. The theoretical background, the system model that is necessary in order to calculate the transition times and the experimental results obtained with a 4-phase buck prototype are given

Approaching minimum area polygonization

The problem of finding a minimum area polygonization for a given set of points in the plane, Minimum Area Polygonization (MAP) is NP-hard. Due to the complexity of the problem we aim at the development of algorithms to obtain approximate solutions. In this work, we suggest di?erent strategies in order to minimize the polygonization area.We propose algorithms to search for approximate solutions for MAP problem. We present an experimental study for a set of instances for MAP problem.

Minimum time control for multiphase buck converter: analysis and application

The combination of minimum time control and multiphase converter is a favorable option for dc-dc converters in applications where output voltage variation is required, such as RF amplifiers and dynamic voltage scaling in microprocessors, due to their advantage of fast dynamic response. In this paper, an improved minimum time control approach for multiphase buck converter that is based on charge balance technique, aiming at fast output voltage transition is presented. Compared with the traditional method, the proposed control takes into account the phase delay and current ripple in each phase. Therefore, by investigating the behavior of multiphase converter during voltage transition, it resolves the problem of current unbalance after the transient, which can lead to long settling time of the output voltage. The restriction of this control is that the output voltage that the converter can provide is related to the number of the phases, because only the duty cycles at which the multiphase converter has total ripple cancellation are used in this approach. The model of the proposed control is introduced, and the design constraints of the buck converters filter for this control are discussed. In order to prove the concept, a four-phase buck converter is implemented and the experimental results that validate the proposed control method are presented. The application of this control to RF envelope tracking is also presented in this paper.

Cost analysis methodology and protocol estimates : OECD minimum pre-market data test protocols /

"EPA-560/4-81-002."