Comparing adult mathematical literacy with PISA students: results of a pilot study

In Germany, very little empirical data about the mathematical competence of adults is available. The aim of this study is to test the level of mathematical competence in an adult sample. For this purpose, a mathematics test was constructed using the PISA mathematics framework as a guideline. The test consisted of fourteen public items from the mathematics test in PISA 2000. The study was implemented by carrying out house visits (Germany). The sample was comprised of 64 adults (90% women, age: 41 years). The test results were scaled in the metric of PISA 2000. Compared with the average German student competencies in PISA 2000, the average competency in the adult sample was on the same level as the fifteen-year-old comprehensive secondary school student (at a German Gymnasium). Further analysis shows that the mathematics competency level in the adult sample is positively connected to the individual vocational education degree.     

Square-planar coordinated polyanions of palladium, platinum, and gold stannaborate [SnB11H11]2- coordination chemistry

The tetrasubstituted polyanions of platinum, palladium, and gold [M(SnB(11)H(11))(4)](x-) (x=6, M=Pd, Pt; x=5, M=Au) have been prepared and characterized by single-crystal X-ray diffraction, elemental analysis, IR, Raman, (11)B, and (119)Sn heteronuclear NMR spectroscopy. In the case of the platinum derivative [Bu(3)MeN](6)[Pt(SnB(11)H(11))(4)] (2) (119)Sn M?ssbauer spectroscopy has been carried out. The isolated salts are stable towards moisture and air and the complexes 2 and 3 were treated with 1,3-bis(diphenylphosphino)propane (dppp) to give the respective substitution products [Bu(3)MeN](2)[(dppp)M(SnB(11)H(11))(2)] (M=Pd, Pt).     

Exact and heuristic approaches for the index tracking problem with UCITS constraints

Index tracking aims at determining an optimal portfolio that replicates the performance of an index or benchmark by investing in a smaller number of constituents or assets. The tracking portfolio should be cheap to maintain and update, i.e., invest in a smaller number of constituents than the index, have low turnover and low transaction costs, and should avoid large positions in few assets, as required by the European Union Directive UCITS (Undertaking for Collective Investments in Transferable Securities) rules. The UCITS rules make the problem hard to be satisfactorily modeled and solved to optimality: no exact methods but only heuristics have been proposed so far. The aim of this paper is twofold. First, we present the first Mixed Integer Quadratic Programming (MIQP) formulation for the constrained index tracking problem with the UCITS rules compliance. This allows us to obtain exact solutions for small- and medium-size problems based on real-world datasets. Second, we compare these solutions with the ones provided by the state-of-art heuristic Differential Evolution and Combinatorial Search for Index Tracking (DECS-IT), obtaining information about the heuristic performance and its reliability for the solution of large-size problems that cannot be solved with the exact approach. Empirical results show that DECS-IT is indeed appropriate to tackle the index tracking problem in such cases. Furthermore, we propose a method that combines the good characteristics of the exact and of the heuristic approaches.     

Differential evolution and combinatorial search for constrained index-tracking

Index-tracking is a low-cost alternative to active portfolio management. The implementation of a quantitative approach, however, is a major challenge from an optimization perspective. The optimal selection of a group of assets that can replicate the index of a much larger portfolio requires both to find the optimal subset of assets and to fine-tune their weights. The former is a combinatorial, the latter a continuous numerical problem. Both problems need to be addressed simultaneously, because whether or not a selection of assets is promising depends on the allocation weights and vice versa. Moreover, the problem is usually of high dimension. Typically, an optimal subset of 30–150 positions out of 100–600 need to be selected and their weights determined. Search heuristics can be a valuable alternative to traditional methods, which often cannot deal with the problem. In this paper, we propose a new optimization method, which is partly based on Differential Evolution (DE) and on combinatorial search. The main advantage of our method is that it can tackle the index-tracking problem as complex as it is, generating accurate and robust results.     

Multiobjective optimization using differential evolution for real-world portfolio optimization

Portfolio optimization is an important aspect of decision-support in investment management. Realistic portfolio optimization, in contrast to simplistic mean-variance optimization, is a challenging problem, because it requires to determine a set of optimal solutions with respect to multiple objectives, where the objective functions are often multimodal and non-smooth. Moreover, the objectives are subject to various constraints of which many are typically non-linear and discontinuous. Conventional optimization methods, such as quadratic programming, cannot cope with these realistic problem properties. A valuable alternative are stochastic search heuristics, such as simulated annealing or evolutionary algorithms. We propose a new multiobjective evolutionary algorithm for portfolio optimization, which we call DEMPO??Differential Evolution for Multiobjective Portfolio Optimization. In our experimentation, we compare DEMPO with quadratic programming and another well-known evolutionary algorithm for multiobjective optimization called NSGA-II. The main advantage of DEMPO is its ability to tackle a portfolio optimization task without simplifications, while obtaining very satisfying results in reasonable runtime.     

Coordination of a closo‐Cluster at Rhodium and Iridium

Stanna‐closo‐dodecaborate [Bu₃MeN]₂[SnB₁₁H₁₁] reacts as a nucleophile with the rhodium and iridium electrophiles of type [Cp*M(bipy′)Cl][BF₄] under formation of a transition metal tin bond. The zwitterionic molecules [Cp*M(bipy′)(SnB₁₁H₁₁)] (with M = Rh, Ir) were characterized by NMR spectroscopy, elemental analyses and X‐ray crystal structure analyses. A high dipole moment of 25.67 D was calculated by DFT methods in the case of the rhodium derivative.