The opportunity cost of mean–variance choice under estimation risk

Mean–variance portfolio choice is often criticized as sub-optimal in the more general expected utility framework. It is argued that the expected utility framework takes into consideration higher moments ignored by mean variance analysis. A body of research suggests that mean–variance choice, though arguably sub-optimal, provides very close-to-expected utility maximizing portfolios and their expected utilities, basing its evaluation on in-sample analysis where mean–variance choice is sub-optimal by definition. In order to clarify this existing research, this study provides a framework that allows comparing in-sample and out-of-sample performance of the mean variance portfolios against expected utility maximizing portfolios. Our in-sample results confirm the results of earlier studies. On the other hand, our out-of-sample results show that the expected utility model performs worse. The out-of-sample inferiority of the expected utility model is more pronounced for preferences and constraints under which in-sample mean variance approximations are weakest. We argue that, in addition to its elegance and simplicity, the mean–variance model extracts more information from sample data because it uses the covariance matrix of returns. The expected utility model may reach its optimal solution without using information from the covariance matrix.     

An economic¯X-chart approach to the joint control of the means of independent quality characteristics

Summary In controlling the mean of a multivariate normally distributed quality characteristic the main disadvantage of the globalT ²-control charts is that they don't indicate the component of the quality characteristic which gives rise to an alarm. To avoid this disadvantage the joint use of¯x-charts is proposed in this paper, where — for the sake of simplicity — the investigations are restricted to the case of independent components and to one-sided¯x-charts. On the basis of an economic objective function an approximation to the optimal design of the¯x-charts procedure is derived and discussed. It turns out that at least in the bivariate case the nearly optimal economic design is very close to the exact solution.Supported by the Deutsche Forschungsgemeinschaft (DFG).     

A two-level hedging point policy for controlling a manufacturing system with time-delay,demand uncertainty and extra capacity

This paper focuses on the production control of a manufacturing system with time-delay, demand uncertainty and extra capacity. Time-delay is a typical feature of networked manufacturing systems (NMS), because an NMS is composed of many manufacturing systems with transportation channels among them and the transportation of materials needs time. Besides this, for a manufacturing system in an NMS, the uncertainty of the demand from its downstream manufacturing system is considered; and it is assumed that there exist two-levels of demand rates, i.e., the normal one and the higher one, and that the time between the switching of demand rates are exponentially distributed. To avoid the backlog of demands, it is also assumed that extra production capacity can be used when the work-in-process (WIP) cannot buffer the high-level demands rate. For such a manufacturing system with time-delay, demand uncertainty and extra capacity, the mathematical model for its production control problem is established, with the objective of minimizing the mean costs for WIP inventory and occupation of extra production capacity. To solve the problem, a two-level hedging point policy is proposed. By analyzing the probability distribution of system states, optimal values of the two hedging levels are obtained. Finally, numerical experiments are done to verify the effectiveness of the control policy and the optimality of the hedging levels.     

Towards dynamic control of magnetic fields to focus magnetic carriers to targets deep inside the body

Magnetic drug delivery has the potential to target therapy to specific regions in the body, improving efficacy and reducing side effects for treatment of cancer, stroke, infection, and other diseases. Using stationary external magnets, which attract the magnetic drug carriers, this treatment is limited to shallow targets (<5 cm below skin depth using the strongest possible, still safe, practical magnetic fields). We consider dynamic magnetic actuation and present initial results that show it is possible to vary magnets one against the other to focus carriers between them on average. The many remaining tasks for deep targeting in-vivo are then briefly noted.     

Modeling,analysis and performance evaluation for fault diagnosis and Fault Tolerant Control in bottle-filling plant modeled using Hybrid Petri nets

In this paper, an approach to achieve fault diagnosis and Fault Tolerant Control in a typical bottle-filling plant using event based techniques is discussed. For this purpose, the plant is modeled using Hybrid Petri nets which enable study and analysis with regard to the working of the plant. Once effective modeling is done based on two different case studies considered, new algorithms are proposed to achieve fault diagnosis and Fault Tolerant Control on the models developed. Finally, performance measures with regard to the models proposed are evaluated to check the correctness of the models developed. Both analytical and numerical results are obtained which are highly useful to understand plant behavior.     

Tracking and controlling unstable steady states of dynamical systems

An adaptive controller for stabilization of unknown unstable steady states (spirals, nodes and saddles) of nonlinear dynamical systems is considered and its robustness under the changes of the location of the fixed point in the phase space is demonstrated. An analog electronic controller, based on a low-pass filter technique, is described. It can be easily switched between a stable and an unstable mode of operation for stabilizing either spirals/nodes or saddles, respectively. Numerical and experimental results for two autonomous systems, the damped Duffing–Holmes oscillator and the chaotic Lorenz system, are presented.     

丙烯酸水溶液聚合法制备PTFE/PAA/Nafion膜及其性能

采用廉价的多孔聚四氟乙烯(PTFE)膜作为基底, 用少量的Nafion与PTFE膜复合可制备低成本的质子膜. 但疏水性的PTFE膜与亲水性的Nafion膜结合性不佳. 基于此, 本文对疏水性的PTFE膜材料表面进行设计, 先采用丙烯酸对疏水性的PTFE膜表面进行亲水性改性, 再喷涂亲水性Nafion膜, 完成低成本PTFE/PAA/Nafion膜的制备. 实验结果表明, 改性前的PTFE膜材料水接触角为150°, 改性后的膜接触角变为55.6°, 亲水性大幅上升, 膜的机械强度和尺寸稳定性(断裂强度为25.2 MPa, 80 ℃下的溶胀率为11.9%)均优于Nafion117膜, 而 Nafion用量则节省了60%. PTFE/PAA/Nafion膜具有高质子导通率(80 ℃下达到131.9 mS/cm), 接近于Nafion117膜, 最大功率密度可以达到404.2 mW/cm².     

Expanding Linker Dimensionality in Metal-organic Frameworks for sub-Ångstrom Pore Control for Separation Applications

Metal-organic frameworks (MOFs) are a class of porous materials with high surface areas, which are acquiring rapid attention on an exponential basis. A significant characteristic of MOFs is their ability to act as adsorbents to selectively separate component mixtures of similar size, thereby addressing the technological need for an alternative approach to conventional distillation methods. Recently, MOFs comprising a 3-Dimensional (3D) linker have shown outstanding capabilities for difficult separations compared to the parent 2-Dimensional (2D) analogue. 3D-linkers with a polycyclic core are underrepresented in the MOF database due to the widespread preferred use of 2D-linkers and the misconceived high-cost of 3D linkers. We summarize the recent research of 3D-linker MOFs and highlight their beneficial employment for selective gas and hydrocarbon adsorption and separation. Furthermore, we outline forecasts in this area to create a platform for widespread adoption of 3D-linkers in MOF synthesis.     

Directing the Selectivity of CO Electrolysis to Acetate by Constructing Metal-Organic Interfaces

Electrochemically converting CO₂ to valuable chemicals holds great promise for closing the anthropogenic carbon cycle. Owing to complex reaction pathways and shared rate-determining steps, directing the selectivity of CO₂/CO electrolysis to a specific multicarbon product is very challenging. We report here a strategy for highly selective production of acetate from CO electrolysis by constructing metal-organic interfaces. We demonstrate that the Cu-organic interfaces constructed by in situ reconstruction of Cu complexes show very impressive acetate selectivity, with a high Faradaic efficiency of 84.2 % and a carbon selectivity of 92.1 % for acetate production, in an alkaline membrane electrode assembly electrolyzer. The maximum acetate partial current density and acetate yield reach as high as 605 mA cm⁻² and 63.4 %, respectively. Thorough structural characterizations, control experiments, operando Raman spectroscopy measurements, and density functional theory calculation results indicate that the Cu-organic interface creates a favorable reaction microenvironment that enhances *CO adsorption, lowers the energy barrier for C−C coupling, and facilitates the formation of CH₃COOH over other multicarbon products, thus rationalizing the selective acetate production.