Following the rules: Integrating asset allocation and annuitization in retirement portfolios

Financial advisers have developed standardized payout strategies to help Baby Boomers manage their money in their golden years. Prominent among these are phased withdrawal plans offered by mutual funds including the “self-annuitization” or default rules encouraged under US tax law, and fixed payout annuities offered by insurers. Using a utility-based framework, and taking account of stochastic capital markets and uncertain lifetimes, we first evaluate these rules on a stand-alone basis for a wide range of risk aversion. Next, we permit the consumer to integrate these standardized payout strategies at retirement and compare the results. We show that integrated strategies can enhance retirees’ well-being by 25%-50% for low/moderate levels of risk aversion when compared to full annuitization at retirement. Finally, we examine how welfare changes if the consumer is permitted to switch to a fixed annuity at an optimal point after retirement. This affords the retiree the chance to benefit from the equity premium when younger, and exploit the mortality credit in later life. For moderately risk-averse retirees, the optimal switching age lies between 80 and 85.     

Ueber die Mittelwerthe der Functionen einer reellen Variabeln

Ohne Zusammenfassung     

Thermodynamics of phase equilibrium for systems containing N-isopropyl acrylamide hydrogels

Hydrogels are crosslinked polymers of hydrophilic monomers. Hydrogels can swell and shrink in aqueous solutions. The swelling behavior of hydrogels and the encountered phase behavior are of interest in many areas, e.g., in biotechnology, membrane science and controlled drug release. This contribution presents the criteria for such phase equilibria and a previously developed thermodynamic model for correlating/predicting the swelling and shrinking of hydrogels. The application of the method is demonstrated by describing the swelling equilibrium of some synthetic, non-ionic N-isopropyl acrylamide (N-IPAAm) hydrogels in aqueous solutions of sodium chloride at 298 K. Furthermore, new experimental results are presented for the degree of swelling of synthetic hydrogels that contain – besides the non-ionic monomer N-IPAAm – either a combination of a cationic comonomer (here, N-[3-(dimethylamino)propyl]methacrylamide (DMAPMA)) and an anionic comonomer (here, 2-acrylamido-2-methyl-1-propanesulfonic acid (AMPS)) or a zwitterionic comonomer (here, [3-(methacryloylamino)propyl]dimethyl(3-sulfopropyl)ammonium hydroxide inner salt (MPSA)). These gels were equilibrated with aqueous solutions of sodium chloride at 298 K.     

Rationalizing perhydrolase activity of aryl-esterase and subtilisin Carlsberg mutants by molecular dynamics simulations of the second tetrahedral intermediate state

The perhydrolysis reaction in hydrolases is an important example of catalytic promiscuity and has many potential industrial applications. The mechanisms of perhydrolase activity of a subtilisin Carlsberg mutant and of an aryl-esterase mutant have been investigated using classical molecular dynamics simulations of the second tetrahedral intermediate (TI) state. The simulations demonstrated that hydrogen bonding between the second TI of the perhydrolysis reaction is possible in the mutants but not wild type. The stabilization by hydrogen bonds was specific for the perhydrolysis intermediate and either no hydrogen bonding or only weakened hydrogen bonding to the second TI state of the hydrolysis reaction was observed. Furthermore, a significant hindrance to the formation of the catalytically important hydrogen bond between His64 and Ser221 in the catalytic triad by competing hydrogen bonds was found for the subtilisin mutant but not wild type enzyme in case of the hydrolysis intermediate. The opposite was observed in case of the perhydrolysis intermediate. The result offers a qualitative explanation for the overall reduced hydrolysis activity of the subtilisin mutant. In addition, the simulations also explain qualitatively the perhydrolysis activity of the enzyme variants and may be helpful for designing enzyme mutants with further improved perhydrolysis activity.     

Beta-keto amphetamines: studies on the metabolism of the designer drug mephedrone and toxicological detection of mephedrone, butylone, and methylone in urine using gas chromatography–mass spectrometry

In recent years, a new class of designer drugs has appeared on the drugs of abuse market in many countries, namely, the so-called beta-keto (bk) designer drugs such as mephedrone (bk-4-methylmethamphetamine), butylone (bk-MBDB), and methylone (bk-MDMA). The aim of the present study was to identify the metabolites of mephedrone in rat and human urine using GC-MS techniques and to include mephedrone, butylone, and methylone within the authors’ systematic toxicological analysis (STA) procedure. Six phase I metabolites of mephedrone were detected in rat urine and seven in human urine suggesting the following metabolic steps: N-demethylation to the primary amine, reduction of the keto moiety to the respective alcohol, and oxidation of the tolyl moiety to the corresponding alcohols and carboxylic acid. The STA procedure allowed the detection of mephedrone, butylone, methylone, and their metabolites in urine of rats treated with doses corresponding to those reported for abuse of amphetamines. Besides macro-based data evaluation, an automated evaluation using the automated mass spectral deconvolution and identification system was performed. Mephedrone and butylone could be detected also in human urine samples submitted for drug testing. Assuming similar kinetics in humans, the described STA procedure should be suitable for proof of an intake of the bk-designer drugs in human urine.     

Phase I and II metabolites of speciogynine, a diastereomer of the main Kratom alkaloid mitragynine, identified in rat and human urine by liquid chromatography coupled to low- and high-resolution linear ion trap mass spectrometry

Mitragyna speciosa (Kratom in Thai), a Thai medical plant, is misused as herbal drug of abuse. Besides the most abundant alkaloids mitragynine (MG) and paynantheine (PAY), several other alkaloids were isolated from Kratom leaves, among them the third abundant alkaloid is speciogynine (SG), a diastereomer of MG. The aim of this present study was to identify the phase I and II metabolites of SG in rat urine after the administration of a rather high dose of the pure alkaloid and then to confirm these findings using human urine samples after Kratom use. The applied liquid chromatography coupled to low- and high-resolution mass spectrometry (LC-HRMS-MS) provided detailed information on the structure in the MS(n) mode particularly with high resolution. For the analysis of the human samples, the LC separation had to be improved markedly allowing the separation of SG and its metabolites from its diastereomer MG and its metabolites. In analogy to MG, besides SG, nine phase I and eight phase II metabolites could be identified in rat urine, but only three phase I and five phase II metabolites in human urine. These differences may be caused by the lower SG dose applied by the user of Kratom preparations. SG and its metabolites could be differentiated in the human samples from the diastereomeric MG and its metabolites comparing the different retention times determined after application of the single alkaloids to rats. In addition, some differences in MS(2) and/or MS(3) spectra of the corresponding diastereomers were observed.     

Effective Polytropic Indices of Anisotropic Planetary Magnetosheath Plasmas with Magnetoacoustic Waves

Magnetosheath models for the planets Earth, Jupiter and Saturn are developed within the frame of the double‐adiabatic Chew‐Goldberger‐Low approximation. It is shown that in all three magnetosheaths slow and fast magnetoacoustic waves are generated, the dispersions of which considerably differ from that of isotropic systems. If slow magnetoacoustic waves exist in the magnetosheaths, then the effective polytropic coefficient of the plasma may be smaller than unity ‐ that means compression of the plasma is accompanied, in the average, by cooling. Such polytropic coefficients are not obtained when fast magnetoacoustic waves are excited (© 2011 WILEY‐VCH Verlag GmbH & Co. KGaA, Weinheim)