Stability of exponential utility maximization with respect to market perturbations

We investigate the continuity of expected exponential utility maximization with respect to perturbation of the Sharpe ratio of markets. By focusing only on continuity, we impose weaker regularity conditions than those found in the literature. Specifically, we require, in addition to the V$V$-compactness hypothesis of Larsen and ?itkovi? (2007) [13], a local bmo$bmo$ hypothesis, a condition which is essentially implicit in the setting of [13]. For markets of the form S=M+∫λd〈M〉$S=M+\int \lambda d〈M〉$, these conditions are simultaneously implied by the existence of a uniform bound on the norm of λ⋅M$\lambda \cdot M$ in a suitable bmo$bmo$ space.     

Estimation in the presence of many nuisance parameters: Composite likelihood and plug-in likelihood

We consider the incidental parameters problem in this paper, i.e. the estimation for a small number of parameters of interest in the presence of a large number of nuisance parameters. By assuming that the observations are taken from a multiple strictly stationary process, the two estimation methods, namely the maximum composite quasi-likelihood estimation (MCQLE) and the maximum plug-in quasi-likelihood estimation (MPQLE) are considered. For the MCQLE, we profile out nuisance parameters based on lower-dimensional marginal likelihoods, while the MPQLE is based on some initial estimators for nuisance parameters. The asymptotic normality for both the MCQLE and the MPQLE is established under the assumption that the number of nuisance parameters and the number of observations go to infinity together, and both the estimators for the parameters of interest enjoy the standard root-n$n$ convergence rate. Simulation with a spatial–temporal model illustrates the finite sample properties of the two estimation methods.     

Vanadium carbide coatings on die steel deposited by the thermo-reactive diffusion technique

Thermal reactive diffusion coating of vanadium carbide on DIN 1.2367 die steel substrate was performed in a powder mixture consisting of ferro-vanadium, ammonium chloride, alumina and naphthalene at 950, 1050 and 1150 °C for 1-5 h. The carbide layers were characterized by means of microstructure, microhardness, X-ray diffraction and chemical analysis. Depending on the coating process time and temperature, the thickness of the vanadium carbide layer formed on the substrate ranged from 2.3 to 23.2 μm. The hardness of vanadium carbide layers was about 2487 HV. Dry wear tests for uncoated and coated DIN 1.2367 die steel were carried out on pin-on-disk configuration and at a sliding speed of 0.13 m/s. The results showed superior wear properties of the coated samples. The kinetics of vanadium carbide coating by the pack method was also studied and the activation energy for the thermo-reactive diffusion process was estimated to be 173.2 kJ/mol.     

Thermodynamics of the small clusters: The Gibbs free-energy derivation for the Honmura–Kaneyoshi method

A cluster density matrix is proposed for calculation of the thermodynamic averages in the effective field theory with correlations. On this basis, derivation of the Gibbs free-energy for the Honmura–Kaneyoshi method is made.     

Magnetism of Fe,Co, and Ni nanowires encapsulated in carbon nanotubes

We have investigated the electronic and magnetic properties of Fe, Co, and Ni nanowires encapsulated in carbon nanotubes (CNTs) using spin polarized ab initio calculation. The incorporated systems with hollow region between the nanowire and the C shell have the enhanced magnetic moments compared to the ferromagnetic nanowires tightly wrapped by CNTs. The Co nanowire encapsulated in CNTs is a strong ferromagnet and has high spin polarization regardless of the distance between the nanowire and the C shell. The results show that the Co-filled CNTs are useful for spin polarized transport nanodevice.     

On the Riemannian geometry of Seiberg–Witten moduli spaces

We construct a natural L²$L^2$-metric on the perturbed Seiberg–Witten moduli spaces _Mμ+${\mathfrak{M}}_{{\mu }^{+}}$ of a compact 4-manifold M$M$, and we study the resulting Riemannian geometry of _Mμ+${\mathfrak{M}}_{{\mu }^{+}}$. We derive a formula which expresses the sectional curvature of _Mμ+${\mathfrak{M}}_{{\mu }^{+}}$ in terms of the Green operators of the deformation complex of the Seiberg–Witten equations. In case M$M$ is simply connected, we construct a Riemannian metric on the Seiberg–Witten principal U(1)$U\left(1\right)$ bundle P→_Mμ+$\mathfrak{P}\to {\mathfrak{M}}_{{\mu }^{+}}$ such that the bundle projection becomes a Riemannian submersion. On a Kähler surface M$M$, the L²$L^2$-metric on _Mμ+${\mathfrak{M}}_{{\mu }^{+}}$ coincides with the natural Kähler metric on moduli spaces of vortices.     

蒸汽喷射器变工况性能的CFD探讨

利用二维轴对称,真实气体模型对喷射式制冷空调系统的喷射器进行CFD计算。真实气体模型占用较多的计算机资源,但它的计算结果更加真实。计算的目的在于得到在变工况条件下喷射器性能的变化和制冷系统性能的变化情况。在计算范围中,存在一最优的发生压力Pg*(3.973568bar),使得此时的喷射系数和系统COP最大。当Pg>Pg*时,喷射系数和COP随着发生压力的增加而减少;当Pg相似文献   

新型低温气液相平衡实验系统调试与验证

介绍了一套新型低温气液(VLE)相平衡实验系统的结构和原理,进行了初步调试并验证其性能指标,该系统具有测试温区大(108.15 K相似文献