ASSET-LIABILITY MANAGEMENT UNDER BENCHMARK AND MEAN-VARIANCE CRITERIA IN A JUMP DIFFUSION MARKET

This paper investigates continuous-time asset-liability management under benchmark and mean-variance criteria in a jump diffusion market. Specifically, the authors consider one risk-free asset, one risky asset and one liability, where the risky asset＇s price is governed by an exponential Levy process, the liability evolves according to a Levy process, and there exists a correlation between the risky asset and the liability. Two models are established. One is the benchmark model and the other is the mean-variance model. The benchmark model is solved by employing the stochastic dynamic programming and its results are extended to the mean-variance model by adopting the duality theory. Closed-form solutions of the two models are derived.

Optimal Reinsurance and Investment Strategies Under Mean-Variance Criteria:Partial and Full Information

This paper is concerned with an optimal reinsurance and investment problem for an insurance firm under the criterion of mean-variance. The driving Brownian motion and the rate in return of the risky asset price dynamic equation cannot be directly observed. And the short-selling of stocks is prohibited. The problem is formulated as a stochastic linear-quadratic control problem where the control variables are constrained. Based on the separation principle and stochastic filtering theory, the partial information problem is solved. Efficient strategies and efficient frontier are presented in closed forms via solutions to two extended stochastic Riccati equations. As a comparison, the efficient strategies and efficient frontier are given by the viscosity solution to the HJB equation in the full information case. Some numerical illustrations are also provided.

Multi-Model Approach for Assessing the Influence of Calibration Criteria on the Water Balance in Ouémé Basin

Hydrological models are very useful tools for evaluating water resources, and the hydroclimatic hazards associated with the water cycle. However, their calibration and validation require the use of performance criteria which choice is not straightforward. This paper aims to evaluate the influence of the performance criteria on water balance components and water extremes using two global rainfall-runoff models (HBV and GR4J) over the Ouémé watershed at the Bonou and Savè outlets. Three (3) Efficacy criteria (Nash, coefficient of determination, and KGE) were considered for calibration and validation. The results show that the Nash criterion provides a good assessment of the simulation of the different parts of the hydrograph. KGE is better for simulating peak flows and water balance elements than other efficiency criteria. This study could serve as a basis for the choice of performance criteria in hydrological modelling.

Unequal Distribution of Innovation Efforts for Neglected Tropical Diseases: The Role of Funding Evaluation Criteria

Background: International research and innovation efforts for neglected tropical diseases have increased in recent decades due to disparities in overall health research funding in relation to global burden of disease. However, within the field of neglected tropical diseases some seem far more neglected than others. In this research the aim is to investigate the distribution of resources and efforts, as well as the mechanisms that underpin funding allocation for neglected tropical diseases. Methodology: A systematic literature review was conducted to establish a comprehensive overview of known indicators for innovation efforts related to a wide range of neglected tropical diseases. Articles were selected based on a subjective evaluation of their relevance, the presence of original data, and the breadth of their scope. This was followed by thirteen in-depth open-ended interviews with representatives of private, public and philanthropic funding organizations, concerning evaluation criteria for funding research proposals. Results: The findings reveal a large difference in the extent to which the individual diseases are neglected with notable differences between absolute and relative efforts. Criteria used in the evaluation of research proposals relate to potential impact, the probability of success and strategic fit. Private organizations prioritize strategic fit and economic impact;philanthropic organizations prioritize short-term societal impact;and public generally prioritize the probability of success by accounting for follow-up funding and involvement of industry. Funding decisions of different types of organizations are highly interrelated. Conclusions: This study shows that the evaluation of funding proposals introduces and retains unequal funding distribution, reinforcing the relative neglect of diseases. Societal impact is the primary rationale for funding but application of it as a funding criterion is associated with significant challenges. Furthermore, current application of evaluation criteria leads to a primary focus on short-term impact. Through current practice, the relatively most neglected diseases will remain so, and a long-term strategy is needed to resolve this.

Local Criteria Used by Farmers to Evaluate the Agronomic Performance and the Fertilizing Capacity of Cowpea Varieties: Diversity, Variability and Proximal Relation with Agronomic Measurements in Contrasted Sahelian Locations

When contributing to participatory research, farmers usually appreciate the performance of cowpea varieties using qualitative scores. The score they attribute to each variety are based on local knowledge. The specific criteria they individually use to attribute a score are not well described. The objectives of this work were to: 1) identify and describe exhaustively the local criteria used by farmers to measure the agronomic performance of cowpea;2) assess the variability and statistical structure of these farmer criteria across local contexts;3) and analyze the association between these farmer criteria and the classical agronomic measurement. To achieve these objectives, an augmented block design was implemented across fifteen locations in the regions of Maradi, Dosso and Tillabéri, representing a diversity of local contexts. From a set of 36 cowpea varieties, fifteen varieties were sown per location, including five varieties (controls) common to all locations. In each location, two replicates were sown in randomized Fisher’s blocks. After agronomic measurement and participatory evaluation (scoring of varieties by farmers), a group survey (focus group) was conducted in each location to identify the criteria considered by farmers to found their discretional scoring of varieties during the participatory evaluation. The analysis of the data identified, across locations, thirteen criteria defined by farmers to characterize the agronomic performance of cowpea. Some of these criteria were different according to location. Farmers ranked the three varieties with the best performance for each agronomical trait (Top 3 varieties). A comparison of the farmer ranking with the ranking based on agronomic measurements revealed similarity and complementary between both methods. This study highlighted the importance of considering both local and scientific knowledge in local varietal evaluations.

Coal-rock gas:Concept,connotation and classification criteria

In recent years,great breakthroughs have been made in the exploration and development of natural gas in deep coal-rock reservoirs in Junggar,Ordos and other basins in China.In view of the inconsistency between the industrial and academic circles on this new type of unconventional natural gas,this paper defines the concept of"coal-rock gas"on the basis of previous studies,and systematically analyzes its characteristics of occurrence state,transport and storage form,differential accumulation,and development law.Coal-rock gas,geologically unlike coalbed methane in the traditional sense,occurs in both free and adsorbed states,with free state in abundance.It is generated and stored in the same set of rocks through short distance migration,occasionally with the accumulation from other sources.Moreover,coal rock develops cleat fractures,and the free gas accumulates differentially.The coal-rock gas reservoirs deeper than 2000 m are high in pressure,temperature,gas content,gas saturation,and free-gas content.In terms of development,similar to shale gas and tight gas,coal-rock gas can be exploited by natural formation energy after the reservoirs connectivity is improved artificially,that is,the adsorbed gas is desorbed due to pressure drop after the high-potential free gas is recovered,so that the free gas and adsorbed gas are produced in succession for a long term without water drainage for pressure drop.According to buried depth,coal rank,pressure coefficient,reserves scale,reserves abundance and gas well production,the classification criteria and reserves/resources estimation method of coal-rock gas are presented.It is preliminarily estimated that the coal-rock gas in place deeper than 2000 m in China exceeds 30×10^(12)m^(3),indicating an important strategic resource for the country.The Ordos,Sichuan,Junggar and Bohai Bay basins are favorable areas for large-scale enrichment of coal-rock gas.The paper summarizes the technical and management challenges and points out the research directions,laying a foundation for the management,exploration,and development of coal-rock gas in China.

Evaluation of AVNRT & AVRT by Different Criteria: Old & New

The two most frequent causes of paroxysmal SVT are atrioventricular tachycardia (AVRT) and atrioventricular nodal re-entrant tachycardia (AVNRT). The purpose of this study was to assess the diagnostic efficacy of traditional and newly proposed ECG criteria in the identification of Avnrt and Avrt. Aim of the Study: The aim of this study was to evaluate Atrioventricular Nodal Reentrant Tachycardia (AVNRT) and Atrioventricular Re-entrant Tachycardia (AVRT) using both traditional and novel criteria. Methods: This prospective observational study was conducted at the Electrophysiology Unit, Department of Cardiology, National Institute of Cardiovascular Diseases (NICVD) in Dhaka, from February 2019 to January 2020. A total of 62 patients with Supraventricular Tachycardia (SVT) undergoing electrophysiology study (EPS) were included. Standard ECG criteria were applied for the differential diagnosis, and electrophysiological diagnoses were made using established criteria. Statistical analysis, including descriptive statistics and appropriate tests, was performed using SPSS 23.0. Result: In our study of 62 patients with Supraventricular Tachycardia (SVT), we found that 66.1% had AVNRT and 33.9% had AVRT. The mean age in AVNRT was higher than AVRT (41.3 ± 9.7 vs. 38.5 ± 14.3, p = 0.36) with statistically no significant difference, with similar gender distribution between AVNRT and AVRT groups. Classical AVNRT criteria were present in 30.6% of patients, and 45.2% showed a Pseudo R' wave in aVR. Additionally, 30.6% had an RP interval ≥100ms, more prevalent in AVRT patients (66.7%). Conclusion: Integrating traditional and novel criteria, including lead aVR analysis, enhances the electrocardiographic diagnosis of AVNRT and AVRT, offering a pathway to refined patient care.

A Note on the Mean-Variance Criteria for Discrete Time Financial Markets

It was shown in Xia that for incomplete markets with continuous assets＇ price processes and for complete markets the mean-variance portfolio selection can be viewed as expected utility maximization with non-negative marginal utility. In this paper we show that for discrete time incomplete markets this result is not true.

基于Beers Criteria 2023 评估我院门诊老年患者潜在不适当用药现状

目的评估我院门诊老年患者潜在不适当用药(PIM)的发生情况,分析影响因素,探讨如何促进老年合理用药。方法收集常州市第一人民医院2023年5月~2023年7月,年龄65~99岁门诊患者处方,按照Beers Criteria 2023对患者的用药进行分析,采用二元logistic回归模型分析发生PIM的影响因素。结果最终筛选出24217例患者,男11823例,占比48.8%,女12394例,占比51.2%。疾病数量、用药种类、年龄为PIM发生的危险因素,就诊科室数为保护因素(P<0.05)。结论Beers Criteria 2023检出PIM率为20.37%,临床药师应结合临床,减少用药种类以减少老年患者PIM的发生率,对必需使用导致PIM药物治疗的老年患者应加强监测并个体化用药,保证老年患者用药安全。

GIS-Based Multi-Criteria Decision Analysis (MCDA) and Analytical Hierarchy Process (AHP) Techniques to Derive Flood Risks Management on Rice Productivity in Gishari Marshland

Floods are phenomenon with significant socio-economic implications mainly for human loss, agriculture, livestock, soil loss and land degradation, for which many researchers try to identify the most appropriate methodologies by analyzing their temporal and spatial development. This study therefore attempts to employ the GIS-based multi-criteria decision analysis and analytical hierarchy process techniques to derive the flood risks management on rice productivity in the Gishari Agricultural Marshland in Rwamagana district, Rwanda. Here, six influencing potential factors to flooding, including river slope, soil texture, Land Use Land Cover through Land Sat 8, rainfall, river distance and Digital Elevation Model are considered for the delineation of flood risk zones. Data acquisition like Landsat 8 images, DEM, land use land cover, slope, and soil class in the study area were considered. Results showed that if the DEM is outdated or inaccurate due to changes in the terrain, such as construction, excavation, or erosion, the predicted flood patterns might not reflect the actual water flow. This could result unexpected flood extents and depths, potentially inundating rice fields that were not previously at risk and this, expectedly explained that the increase 1 m in elevation would reduce the rice productivity by 0.17% due to unplanned flood risks in marshland. It was found that the change in rainfall distribution in Gishari agricultural marshland would also decrease the rice productivity by 0.0018%, which is a sign that rainfall is a major factor of flooding in rice scheme. Rainfall distribution plays a crucial role in flooding analysis and can directly impact rice productivity. Oppositely, another causal factor was Land Use Land Cover (LULC), where the Multivariate Logistic Regression Model Analysis findings showed that the increase of one unit in Land Use Land Cover would increase rice productivity by 0.17% of the total rice productivity from the Gishari Agricultural Marshland. Based on findings from these techniques, the Gishari Agricultural Marshlands having steeped land with grassland is classified into five classes of flooding namely very low, low, moderate, high, and very high which include 430%, 361%, 292%, 223%, and 154%. Government of Rwanda and other implementing agencies and major key actors have to contribute on soil and water conservation strategies to reduce the runoff and soil erosion as major contributors of flooding.

Evaluating the Association between Human Papillomavirus and Vulvar Cancer:A Comprehensive Analysis Using Bradford Hill Criteria

Background:The role of human papillomavirus(HPV)in the development of vulvar cancer(VC)has been widely studied,but findings have been inconsistent.Despite numerous meta-analyses exploring the potential link between HPV and VC,the association remains controversial due to inherent limitations in meta-analytic methods.Objectives:To address this controversy,the study aims to investigate the potential link between HPV and VC using the Bradford Hill criteria,which offer a more comprehensive framework for establishing causation.Methodology:The study began by extracting all relevant studies on the association between HPV and VC from the PubMed database.The potential links were then assessed by examining the data using the major postulates of the Bradford Hill criteria.To ensure the reliability of the findings,the methodologies of the identified studies were critically evaluated to account for possible false-negative and false-positive results.Results:The assessment of previous studies against the Bradford Hill criteria revealed that the major postulates were not fulfilled.Conclusion:Based on the findings,it can concluded that there is no causal association between HPV and VC.

Contribution of GIS to Soil Landscape Mapping by Multi-Criteria Analysis Using Weighting: The Case of the Square Degrees of M’Bahiakro (Centre) and Daloa (Centre-West) in Ivory Coast

As part of the drive to improve coffee and cocoa production in Ivory Coast, studies are carried out to identify soils that are favourable for these crops. It is therefore necessary to orientate soil investigations based on reliable criteria that best discriminate soil cover. With this in mind, this study is being carried out to help improve survey methods by mapping soil landscapes. It uses GIS and weighted multicriteria analysis. To do this, satellite images were processed and the geological map of the square degrees of M’Bahiakro and Daloa was reclassified. The results show that relief is the main factor in soil landscape differentiation, with respective weights of 0.58 and 0.67 for the forest and pre-forest zones. In contrast, the weight of geological formation in soil landscape differentiation remains low (0.05 for the forest zone and 0.07 for the pre-forest zone). The criteria used on the base of aggregation sum methods have made it possible to formulate soil landscape mapping prediction functions according to agro-ecological environments in the humid intertropical zone. This is essential for the orientation of soil survey work. Nevertheless, other comparative methods, such as the coding mapping method, could provide elements for discussion to validate the models.

Multi-Criteria Wildfire Risk Hazard Assessment in GIS Environment: Projection for the Future and Impact on RES Projects Installation Planning

It is alarming for the fact that Wildfires number, severity and consequently impact have significantly increased during the last years, an aftermath of the Climate Change. One of the most affected areas worldwide is Mediterranean, due to the unique combination of its type of vegetation and demanding climatic conditions. This research is focused on the Region of Epirus in Greece, an area with significant natural vegetation and a range of geomorphological aspects. In order to estimate the Wildfire Risk Hazard, several factors have been used: geomorphological (slope, aspect, elevation, TWI, Hydrographic network), social (Settlements and landfils, roads, overhead lines and substations), environmental (land cover) and climatic (Fire Weather Index). Through a multi-criteria decision analysis (MCDA) and an analytic hierarchy process (AHP) in a GIS environment, the Wildfire Risk Hazard has been estimated not only for current conditions but also for future projections for the near future (2031-2060) and the far future (2071-2100). The selected case study includes the potential impact of the Wildfires to the installed (or targeted to be installed) RES projects in the studied region.

基于mean-variance的服务集群负载均衡方法

大量并发请求任务进行分配时,负载调度机制是通过最小化响应时间及最大化节点利用率实现网络中节点的负载均衡,在基于遗传算法的负载均衡算法中,适应度函数设计对服务集群负载均衡效率产生重要的影响。对此提出了一种基于mean-variance的服务集群负载均衡方法对适应度函数进行优化,采用投资组合选择模型mean-variance进行最小化响应时间,以得到每个服务器资源利用率的权重,从而获得最优的分配组合,进而提高适应度函数的准确性和有效性。在不同服务环境下与其他模型进行比较,仿真结果表明,本文的负载均衡算法在节点利用率和响应时间方面使服务集群得到了更好的均衡。

MARKOV-MODULATED MEAN-VARIANCE PROBLEM FOR AN INSURER

In this paper, we consider an insurance company which has the option of investing in a risky asset and a risk-free asset, whose price parameters are driven by a finite state Markov chain. The risk process of the insurance company is modeled as a diffusion process whose diffusion and drift parameters switch over time according to the same Markov chain. We study the Markov-modulated mean-variance problem for the insurer and derive explicitly the closed form of the efficient strategy and efficient frontier. In the case of no regime switching, we can see that the efficient frontier in our paper coincides with that of [10] when there is no pure jump.

Portfolio Choice under the Mean-Variance Model with Parameter Uncertainty

Assuming the investor is uncertainty-aversion,the multiprior approach is applied to studying the problem of portfolio choice under the uncertainty about the expected return of risky asset based on the mean-variance model. By introducing a set of constraint constants to measure uncertainty degree of the estimated expected return,it built the max-min model of multi-prior portfolio,and utilized the Lagrange method to obtain the closed-form solution of the model,which was compared with the mean-variance model and the minimum-variance model; then,an empirical study was done based on the monthly returns over the period June 2011 to May 2014 of eight kinds of stocks in Shanghai Exchange 50 Index. Results showed,the weight of multi-prior portfolio was a weighted average of the weight of mean-variance portfolio and that of minimumvariance portfolio; the steady of multi-prior portfolio was strengthened compared with the mean-variance portfolio; the performance of multi-prior portfolio was greater than that of minimum-variance portfolio. The study demonstrates that the investor can improve the steady of multi-prior portfolio as well as its performance for some appropriate constraint constants.

THE REGULARITY CRITERIA OF WEAK SOLUTIONS TO 3D AXISYMMETRIC INCOMPRESSIBLE BOUSSINESQ EQUATIONS

In this paper,we obtain new regularity criteria for the weak solutions to the three dimensional axisymmetric incompressible Boussinesq equations.To be more precise,under some conditions on the swirling component of vorticity,we can conclude that the weak solutions are regular.

Mean-Variance Hedging for General Claims in an Incomplete Market: Numeraire Method

This paper considered the problem of hedging a European call (put) option for a diffusion model where the asset price is influenced by n uncertain factors. The market is thus incomplete implying that perfect hedging is not possible. To derive a hedging strategy, it follows the approach based on the idea of hedging under a mean-variance criterion suggested by Schweizer. A very simple solution of this hedging problem by using the numeraire method was presented and some examples with explicit solutions were given.

Bounds for Goal Achieving Probabilities of Mean-Variance Strategies with a No Bankruptcy Constraint

We establish, through solving semi-infinite programming problems, bounds on the probability of safely reaching a desired level of wealth on a finite horizon, when an investor starts with an optimal mean-variance financial investment strategy under a non-negative wealth restriction.

Application of extended criteria donor grafts in liver transplantation for acute-on-chronic liver failure:A retrospective cohort study

BACKGROUND There is no consensus on the usage of extended criteria donor(ECD)grafts in liver transplantation(LT)for acute-on-chronic liver failure(ACLF)patients.AIM To summarize the experience of using ECD livers in ACLF-LT.METHODS A retrospective cohort study was conducted,enrolling patients who underwent LT at the First Affiliated Hospital of Sun Yat-Sen University from January 2015 to November 2021.The patients were divided into ECD and non-ECD groups for analysis.RESULTS A total of 145 recipients were enrolled in this study,of which ECD and non-ECD recipients accounted for 53.8%and 46.2%,respectively.Donation after cardiac death(DCD)recipients accounted for the minority compared with donation after brain death(DBD)recipients(16.6%vs 83.4%).Neither overall survival nor graft survival significantly differed between ECD and non-ECD and DCD and DBD recipients.ECD grafts were associated with a significantly higher incidence of early allograft dysfunction(EAD)than non-ECD grafts(67.9%vs 41.8%,P=0.002).Postoperative outcomes between DCD and DBD recipients were comparable(P>0.05).ECD graft(P=0.009),anhepatic phase(P=0.034)and recipient gamma glutamyltransferase(P=0.016)were independent risk factors for EAD.Recipient preoperative number of extrahepatic organ failures>2(P=0.015)and intraoperative blood loss(P=0.000)were independent predictors of poor post-LT survival.CONCLUSION Although related to a higher risk of EAD,ECD grafts can be safely used in ACLF-LT.The main factors affecting post-LT survival in ACLF patients are their own severe preoperative disease and intraoperative blood loss.