1,833 research outputs found

    Fighting Novel Diseases amidst Humanitarian Crises

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    Humanitarian crises are becoming more prevalent and, frequently, more complex, in zones of mis-governance, lack of government presence, and even active conflict, marked by public mistrust and insecurity. The WHO and other health emergency responders lack the capacities and mandate to adequately respond. The current Ebola outbreak in an area of an active insurgency in the Democratic Republic of the Congo is just such a crisis. The State Department has banned U.S. personnel from the outbreak zone due to safety concerns, leaving the population feeling abandoned, potentially increasing the threat to the few brave health workers who remain. We need is to rethink health emergency response during complex crises and devise new strategies. We offer a blueprint for responding to health emergencies amidst complex humanitarian crises. This blueprint includes peacekeepers who have the mandate and modalities fit for the purpose of quelling a health emergency; “smart” diplomacy to negotiate with belligerents and community members to ensure health and humanitarian worker safety; and deploying all needed health, security, and diplomatic assets. We also call for international development assistance for health, including to support states in developing core public health capacities, creating inclusive health systems, and meeting other need like clean water and nutritious food. Political actors will need to assume their responsibilities if humanitarians and health workers are to carry out theirs

    Clustering in a precipitate free GeMn magnetic semiconductor

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    We present the first study relating structural parameters of precipitate free Ge0.95Mn0.05 films to magnetisation data. Nanometer sized clusters - areas with increased Mn content on substitutional lattice sites compared to the host matrix - are detected in transmission electron microscopy (TEM) analysis. The films show no overall spontaneous magnetisation at all down to 2K. The TEM and magnetisation results are interpreted in terms of an assembly of superparamagnetic moments developing in the dense distribution of clusters. Each cluster individually turns ferromagnetic below an ordering temperature which depends on its volume and Mn content.Comment: accepted for publication in Phys. Rev. Lett. (2006). High resolution images ibide

    Magnetic and structural properties of GeMn films: precipitation of intermetallic nanomagnets

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    We present a comprehensive study relating the nanostructure of Ge_0.95Mn_0.05 films to their magnetic properties. The formation of ferromagnetic nanometer sized inclusions in a defect free Ge matrix fabricated by low temperature molecular beam epitaxy is observed down to substrate temperatures T_S as low as 70 deg. Celsius. A combined transmission electron microscopy (TEM) and electron energy-loss spectroscopy (EELS) analysis of the films identifies the inclusions as precipitates of the ferromagnetic compound Mn_5Ge_3. The volume and amount of these precipitates decreases with decreasing T_S. Magnetometry of the films containing precipitates reveals distinct temperature ranges: Between the characteristic ferromagnetic transition temperature of Mn_5Ge_3 at approximately room temperature and a lower, T_S dependent blocking temperature T_B the magnetic properties are dominated by superparamagnetism of the Mn_5Ge_3 precipitates. Below T_B, the magnetic signature of ferromagnetic precipitates with blocked magnetic moments is observed. At the lowest temperatures, the films show features characteristic for a metastable state.Comment: accepted for publication in Phys. Rev. B 74 (01.12.2006). High resolution images ibide

    Pricing Options in Incomplete Equity Markets via the Instantaneous Sharpe Ratio

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    We use a continuous version of the standard deviation premium principle for pricing in incomplete equity markets by assuming that the investor issuing an unhedgeable derivative security requires compensation for this risk in the form of a pre-specified instantaneous Sharpe ratio. First, we apply our method to price options on non-traded assets for which there is a traded asset that is correlated to the non-traded asset. Our main contribution to this particular problem is to show that our seller/buyer prices are the upper/lower good deal bounds of Cochrane and Sa\'{a}-Requejo (2000) and of Bj\"{o}rk and Slinko (2006) and to determine the analytical properties of these prices. Second, we apply our method to price options in the presence of stochastic volatility. Our main contribution to this problem is to show that the instantaneous Sharpe ratio, an integral ingredient in our methodology, is the negative of the market price of volatility risk, as defined in Fouque, Papanicolaou, and Sircar (2000).Comment: Keywords: Pricing derivative securities, incomplete markets, Sharpe ratio, correlated assets, stochastic volatility, non-linear partial differential equations, good deal bound

    Eroding market stability by proliferation of financial instruments

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    We contrast Arbitrage Pricing Theory (APT), the theoretical basis for the development of financial instruments, with a dynamical picture of an interacting market, in a simple setting. The proliferation of financial instruments apparently provides more means for risk diversification, making the market more efficient and complete. In the simple market of interacting traders discussed here, the proliferation of financial instruments erodes systemic stability and it drives the market to a critical state characterized by large susceptibility, strong fluctuations and enhanced correlations among risks. This suggests that the hypothesis of APT may not be compatible with a stable market dynamics. In this perspective, market stability acquires the properties of a common good, which suggests that appropriate measures should be introduced in derivative markets, to preserve stability.Comment: 26 pages, 8 figure

    Non-relativistic metrics from back-reacting fermions

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    It has recently been pointed out that under certain circumstances the back-reaction of charged, massive Dirac fermions causes important modifications to AdS_2 spacetimes arising as the near horizon geometry of extremal black holes. In a WKB approximation, the modified geometry becomes a non-relativistic Lifshitz spacetime. In three dimensions, it is known that integrating out charged, massive fermions gives rise to gravitational and Maxwell Chern-Simons terms. We show that Schrodinger (warped AdS_3) spacetimes exist as solutions to a gravitational and Maxwell Chern-Simons theory with a cosmological constant. Motivated by this, we look for warped AdS_3 or Schrodinger metrics as exact solutions to a fully back-reacted theory containing Dirac fermions in three and four dimensions. We work out the dynamical exponent in terms of the fermion mass and generalize this result to arbitrary dimensions.Comment: 26 pages, v2: typos corrected, references added, minor change
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