Stochastic analysis in life office management: applications to large annuity portfolios

The paper deals with the riskiness analysis for a large portfolio of life annuities. By means of the limiting distribution of the present value of the portfolio, in the first part of the paper a model for evaluating the investment and the projection risks is presented. In the second part, with regard to the investment risk's effects, the insolvency risk is measured considering the cumulative probability distribution function of the discounted average cost per policy. Copyright © 2003 John Wiley & Sons, Ltd.     

Factor probabilistic distance clustering (FPDC): a new clustering method

Factor clustering methods have been developed in recent years thanks to improvements in computational power. These methods perform a linear transformation of data and a clustering of the transformed data, optimizing a common criterion. Probabilistic distance (PD)-clustering is an iterative, distribution free, probabilistic clustering method. Factor PD-clustering (FPDC) is based on PD-clustering and involves a linear transformation of the original variables into a reduced number of orthogonal ones using a common criterion with PD-clustering. This paper demonstrates that Tucker3 decomposition can be used to accomplish this transformation. Factor PD-clustering alternatingly exploits Tucker3 decomposition and PD-clustering on transformed data until convergence is achieved. This method can significantly improve the PD-clustering algorithm performance; large data sets can thus be partitioned into clusters with increasing stability and robustness of the results. Real and simulated data sets are used to compare FPDC with its main competitors, where it performs equally well when clusters are elliptically shaped but outperforms its competitors with non-Gaussian shaped clusters or noisy data.     

Driving Organic Nanocrystals Dissolution Through Electrochemistry

We have recently discussed how organic nanocrystal dissolution appears in different morphologies and the role of the solution pH in the crystal detriment process. We also highlighted the role of the local molecular chemistry in porphyrin nanocrystals having comparable structures: in water-based acid solutions, protonation of free-base porphyrin molecules is the driving force for crystal dissolution, whereas metal (Zn^II) porphyrin nanocrystals remain unperturbed. However, all porphyrin types, having an electron rich π-structure, can be electrochemically oxidized. In this scenario, a key question is: does electrochemistry represent a viable strategy to drive the dissolution of both free-base and metal porphyrin nanocrystals? In this work, by exploiting electrochemical atomic force microscopy (EC-AFM), we monitor in situ and in real time the dissolution of both free-base and metal porphyrin nanocrystals, as soon as molecules reach the oxidation potential, showing different regimes according to the applied EC potential.     

A multi-technique nondestructive approach for characterizing the state of conservation of ancient bookbindings

Journal of Thermal Analysis and Calorimetry - The aim of this work is to evaluate the potentiality of a multi-technique nondestructive approach for characterizing the state of conservation of...     

Steady flows of compressible fluids in a rigid container with upper free boundary

We consider fluid in a smooth rigid container whose lateral boundary is a piece of vertical cylinder, bounded above by a free upper surface. As basic flow we consider the non homogeneous rest state in the presence of gravity, and of a surface tension. Under these assumptions, we study the existence of a steady free boundary and a steady motion in of an isothermal viscous gas, resulting as perturbation to the rest state in correspondence of small non potential perturbations to the (large potential) gravitational force. We linearize the problem by prescribing the unknown domain , then we make use of the iterative scheme introduced by Heywood and Padula. Our method is based on an iteration between the Neumann problem for a non homogeneous Stokes system for the velocity, the Neumann problem for an elliptic problem on for height, and a steady transport equation for the perturbation to the density. The difference of boundary condition between lateral boundary and free upper surfaces causes a singularity at the intersection (contact line). To avoid singularities on the contact line, we adopt weighted Sobolev spaces.     

A simple proof of the linear instability of rotating liquid drops

We give a simplified proof of the linear instability of equilibrium figures of rotating liquid based on energy estimates.      

Experimental results on neutrino-electron scattering

A determination of sin² θ _w based on measurements of elastic scattering of muon-neutrinos and muon-anti-neutrinos on atomic electrons is described. These purely leptonic processes were studied using the CHARM calorimeter exposed to neutrino and antineutrino wide-band beams at the CERN super proton synchrotron. A total of 83±16 neutrino-electron and 112±21 antineutrino-electron events have been detected. From the measurement of the ratio of muon-neutrino and muon-antineutrino cross-sections a value of sin² θ _w =0.211±0.037 was obtained.     

The additive multiboxes

We introduce the new notion of additive “multibox” for linear logic proof-nets. Thanks to this notion, we define a cut-elimination procedure which associates with every proof-net of multiplicative and additive linear logic a unique cut-free one.