Bio-folio: applying portfolio theory to biodiversity

Genes, species and ecosystems are often considered to be assets. The need to ensure a sufficient diversity of this asset is being increasingly recognised today. Asset managers in banks and insurance companies face a similar challenge. They are asked to manage the assets of their investors by constructing efficient portfolios. They deliberately make use of a phenomenon observed in the formation of portfolios: returns are additive, while risks diversify. This phenomenon and its implications are at the heart of portfolio theory. Portfolio theory, like few other economic theories, has dramatically transformed the practical work of banks and insurance companies. Before portfolio theory was developed about 50 years ago, asset managers were confronted with a situation similar to the situation the research on biodiversity faces today. While the need for diversification was generally accepted, a concept that linked risk and return on a portfolio level and showed the value of diversification was missing. Portfolio theory has closed this gap. This article first explains the fundamentals of portfolio theory and transfers it to biodiversity. A large part of this article is then dedicated to some of the implications portfolio theory has for the valuation and management of biodiversity. The last section introduces three development openings for further research.

Ionic liquids as solvent and solvent additives for the synthesis of sol-gel materials

The ionic liquid (IL) 1-butyl-3-methylimidazolium chloride was used as a drying control chemical additive in the synthesis of silica sol-gel materials with and without methanol as a co-solvent. The resulting gels were characterized by using thermogravimetric analysis, differential scanning calorimetry, infrared spectroscopy and water sorption kinetics. Calcined gels were analyzed using scanning electron microscopy and nitrogen adsorption isotherms for surface area and pore volume determination. Non-calcined gels were monolithic and showed general cloudiness with lesser degrees observed at higher IL volumes. Calcinations resulted in the formation of powders with increased available surface area as the amount of IL volume was increased. This is consistent with an increase in respective pore volume but a general decrease in average pore size. The resulting materials exhibited conventional structural microdomains, in contrast to periodicity reported when other ionic liquids were used as templates.

Two-dimensional Banach spaces with polynomial numerical index zero

We study two-dimensional Banach spaces with polynomial numerical indices equal to zero.

La visión artificial, un nuevo aliado para el análisis de imágenes artísticas

En este estudio se evalúa el rendimiento de los métodos de Bag-of-Visualterms (BOV) para la clasificación automática de imágenes digitales de la base de datos del artista Miquel Planas. Estas imágenes intervienen en la ideación y diseño de su producción escultórica. Constituye un interesante desafío dada la dificultad de la categorización de escenas cuando éstas difieren más por los contenidos semánticos que por los objetos que contienen. Hemos empleado un método de reconocimiento basado en Kernels introducido por Lazebnik, Schmid y Ponce en 2006. Los resultados son prometedores, en promedio, la puntuación del rendimiento es aproximadamente del 70%. Los experimentos sugieren que la categorización automática de imágenes basada en métodos de visión artificial puede proporcionar principios objetivos en la catalogación de imágenes y que los resultados obtenidos pueden ser aplicados en diferentes campos de la creación artística.

Optimization of Cement Grouts Containing Silica Fume and Viscosity Modifying Admixture

There is an increasing need to identify the effect of mix composition on the rheological properties of cementitious grouts using minislump, Marsh cone, cohesion plate, washout test, and cubes to determine the fluidity, the cohesion, and other mechanical properties of grouting applications. Mixture proportioning involves the tailoring of several parameters to achieve adequate fluidity, cohesion, washout resistance and compressive strength. This paper proposes a statistical design approach using a composite fractional factorial design which was carried out to model the influence of key parameters on the performance of cement grouts. The responses relate to performance included minislump, flow time using Marsh cone, cohesion measured by Lombardi plate meter, washout mass loss and compressive strength at 3, 7, and 28 days. The statistical models are valid for mixtures with water-to-binder ratio of 0.37–0.53, 0.4–1.8% addition of high-range water reducer (HRWR) by mass of binder, 4–12% additive of silica fume as replacement of cement by mass, and 0.02–0.8% addition of viscosity modifying admixture (VMA) by mass of binder. The models enable the identification of underlying factors and interactions that influence the modeled responses of cement grout. The comparison between the predicted and measured responses indicated good accuracy of the established models to describe the effect of the independent variables on the fluidity, cohesion, washout resistance and the compressive strength. This paper demonstrates the usefulness of the models to better understand trade-offs between parameters. The multiparametric optimization is used to establish isoresponses for a desirability function for cement grout. An increase of HRWR led to an increase of fluidity and washout, a reduction in plate cohesion value, and a reduction in the Marsh cone time. An increase of VMA demonstrated a reduction of fluidity and the washout mass loss, and an increase of Marsh cone time and plate cohesion. Results indicate that the use of silica fume increased the cohesion plate and Marsh cone, and reduced the minislump. Additionally, the silica fume improved the compressive strength and the washout resistance.

A bargaining set for monotonic simple games based on external and internal stability

A new bargaining set based on notions of both internal and external stability is developed in the context of endogenous coalition formation. It allows to make an explicit distinction between within-group and outside-group deviation options. This type of distinction is not present in current bargaining sets. For the class of monotonic proper simple games, the outcomes in the bargaining set are characterized. Furthermore, it is shown that the bargaining set of any homogeneous weighted majority game contains an outcome for which the underlying coalition structure consists of a minimal winning coalition and its complement.

Coalitional Games and Contracts Based on Individual Deviations

We study what coalitions form and how the members of each coalition split the coalition value in coalitional games in which only individual deviations are allowed. In this context we employ three stability notions: individual, contractual, and compensational stability. These notions differ in terms of the underlying contractual assumptions. We characterize the coalitional games in which individually stable outcomes exist by means of the top-partition property. Furthermore, we show that any coalition structure of maximum social worth is both contractually and compensationally stable.

Country-wise differences in perception of health-related messages in cereal-based food products

The objective of the present study was to explore the impact of health-related messages on the perceived overall healthiness and consumers' likelihood to buy cereal-based products or non-cereal products containing beneficial compounds from grains, across four European countries. The data were collected from a sample of 2392 members of the public in Finland, Germany, Italy and the UK. The results from a conjoint task with a main effects additive model were reported. In general, the presence of a verbal health claim on foods had positive influence on respondents perception of healthiness and on likelihood to buy the products, whereas the pictorial health claims were found to have a weak influence on the two dependent variables. However, the findings showed that health-related information on food labels differently influenced the healthiness perception and the likelihood to buy the product across the four countries, suggesting that different cultures, traditions, and eating habits have to be taken into account before positioning cereal-based products containing beneficial compounds from grains on the market. (C) 2009 Elsevier Ltd. All rights reserved.

Accelerated degradation behaviour of poly(epsilon-caprolactone) via melt blending with poly(aspartic acid-co-lactide) (PAL)

Poly(epsilon-caprolactone) (PCL) has many favourable attributes for tissue engineering scaffold applications. A major drawback, however, is its slow degradation rate, typically greater than 3 years. In this study PCL was melt blended with a small percentage of poly(aspartic acid-co-lactide) (PAL) and the degradation behaviour was evaluated in phosphate buffer solution (PBS) at 37 degrees C. The addition of PAL was found to significantly enhance the degradation profile of PCL. Subsequent degradation behaviour was investigated in terms of the polymer's mechanical properties, Molecular weight (M-w), mass changes and thermal characteristics. The results indicate that the addition of PAL accelerates the degradation of PCL, with 20% mass loss recorded after just 7 months in vitro for samples containing 8 wt% PAL. The corresponding pure PCL samples exhibited no mass loss over the same time period. In vitro assessment of PCL and PCL/PAL composites in tissue Culture medium in the absence of cells revealed stable pH readings with time. SEM studies of cell/biomaterial interactions demonstrated biocompatibility of C3H10T1/2 cells with PCL and PCL/PAL composites at all concentrations of PAL additive. (C) 2008 Elsevier Ltd. All rights reserved.

Simulated predator extinctions: Predator identity affects survival and recruitment of oysters

The rate of species loss is increasing at a global scale, and human-induced extinctions are biased toward predator species. We examined the effects of predator extinctions on a foundation species, the eastern oyster (Crassostrea virginica). We performed a factorial experiment manipulating the presence and abundance of three of the most common predatory crabs, the blue crab (Callinectes sapidus), stone crab (Menippe mercenaria), and mud crab (Panopeus herbstii) in estuaries in the eastern United States. We tested the effects of species richness and identity of predators on juvenile oyster survival, oyster recruitment, and organic matter content of sediment. We also manipulated the density of each of the predators and controlled for the loss of biomass of species by maintaining a constant mass of predators in one set of treatments and simultaneously using an additive design. This design allowed us to test the density dependence of our results and test for functional compensation by other species. The identity of predator species, but not richness, affected oyster populations. The loss of blue crabs, alone or in combination with either of the other species, affected the survival rate of juvenile oysters. Blue crabs and stone crabs both affected oyster recruitment and sediment organic matter negatively. Mud crabs at higher than ambient densities, however, could fulfill some of the functions of blue and stone crabs, suggesting a level of ecological redundancy. Importantly, the strong effects of blue crabs in all processes measured no longer occurred when individuals were present at higher-than-ambient densities. Their role as dominant predator is, therefore, dependent on their density within the system and the density of other species within their guild (e.g., mud crabs). Our findings support the hypothesis that the effects of species loss at higher trophic levels are determined by predator identity and are subject to complex intraguild interactions that are largely density dependent. Understanding the role of biodiversity in ecosystem functioning or addressing practical concerns, such as loss of predators owing to overharvesting, remains complicated because accurate predictions require detailed knowledge of the system and should be drawn from sound experimental evidence, not based on observations or generalized models.

Textural properties of whey based edible films

The objective of this work was to study the textural properties of edible films made from sour (acid) whey for food wrapping application. Acid whey is often regarded as a waste product, obtained as a watery effluent in the manufacturing of cottage cheese. In general, owing to its high nutritional value, whey has gained importance as an additive in food manufacturing processes and in health drink formulations. In this work, fresh sour whey was used to make edible films. The proteins in the whey were concentrated by ultrafiltration to reduce the water content. Only natural ingredients such as acid whey and agar were used to form the film under controlled heating (650 W) in a microwave oven. The structural and surface characteristics of the films were tested by a texture analyser and scanning electron micrographs.

Notes on the Asymmetric Hydrogenation of Methyl Acetoacetate in Neoteric Solvents

Asymmetric hydrogenation of methyl acetoacetate to methyl (R)-3-hydroxybutyrate by [(R)-RuCl(binap)( p-cymen)] Cl has been studied in methanol-ionic liquid and methanol-dense CO(2) solvent systems. The ionic pairs triethylhexylammonium and 1-methylimidazolium with bis(trifluoromethane sulfonyl) imide and hexafluorophosphates were used. The role of ionic pairs on the kinetic parameters and (enantio) selectivity has been demonstrated. Although the CO(2) expanded methanol system suffered from a reduction in both reaction rate and product selectivity, this changed in the presence of water. The high selectivity of the optimized methanol-CO(2)-water-halide system was designed as a consequence of observed additive effects.