Elimination of Arbitrage States in Asymmetric Information Models

In a financial economy with asymmetric information and incomplete markets, we study how agents, having no model of how equilibrium prices are determined, may still refine their information by eliminating sequentially "arbitrage state(s)", namely, the state(s) which would grant the agent an arbitrage, if realizable.Arbitrage, Incomplete markets, Asymmetric information, Information revealed by prices

Improving Rural Educational Attainment

More often than not, policymakers focus on school-based strategies to spur improvements in the educational progress of students. The 2002 No Child Left Behind Act, which demands greater school accountability for student performance, is a case in point. Yet, what happens in the classroom is only part of the story.In fact, as Lionel J. Beaulieu, Glenn D. Israel and Ronald C. Wimberley show in their chapter in "Challenges for Rural America in the Twenty-First Century", family characteristics have from 5 to 10 times as much impact as school characteristics on reading and math scores of rural U.S. eighth graders.In addition, community characteristics have as much impact as school characteristics on test scores, although both community and chool characteristics tend to be more important in geographically isolated rural areas than those adjacent to metropolitan areas. Clearly, helping rural youth succeed academically is the collective responsibility of families, schools, and communities.This issue brief is a joint product of the Rural Sociological Society and the National Coalition for Rural Entrepreneurship, a collaboration of four Regional Rural Development Centers: The Northeast Regional Center for Rural Development, the Southern Rural Development Center, the North Central Regional Center for Rural Development, and the Western Rural Development Center. Funding was also made available from the Ford Foundation.This brief is part of a policy brief series by the Rural Sociological Society and the Regional Rural Development Centers that stresses the importance of community collective action and developing the capacity of people and organizations to meet the community's needsThe Rural Sociological Society and the Regional Rural Development Centers creates new Public Policy Issue Brief series based on its recent book, "Challenges for Rural America in the Twenty-First Century".The briefs synthesize the context and substance of important issues raised in the book and address alternative policy options, with the goal of bringing important research to the policy community

Matériaux & Techniques Editorial - Matériaux désordonnés , verres et leur fonctionnalisation

International audienceDisordered materials, glasses and their functionalization. This Topical Issue presents articles which illustrate the diversity of the activities of research and development led on glasses in France, and reflects the way in which the GDR “Glass” and the Union for Glass Science and Technology (USTV)act to federate the scientific actions on glasses for the GDR and to insure the link between the academic and industrial communities.Ce numéro thématique présente des articles qui illustrent la diversité des activités de recherche et développement menées sur les verres en France , et refì etent bien l ' esprit avec lequel le GDR ((Verres)) et l ' Union pour la Science et la Technologie Verrì eres (USTV) agissent pour fédérer les actions scientifiques sur les verres pour le GDR et pour et assurer un lien entre les communautés académiques et industrielles

Realizing a complex of unstable modules

6 pagesIn a preceding article the authors and Tran Ngoc Nam constructed a minimal injective resolution of the mod 2 cohomology of a Thom spectrum. A Segal conjecture type theorem for this spectrum was proved. In this paper one shows that the above mentioned resolutions can be realized topologically. In fact there exists a family of cofibrations inducing short exact sequences in mod 2 cohomology. The resolutions above are obtained by splicing together these short exact sequences. Thus the injective resolutions are realizable in the best possible sense. In fact our construction appears to be in some sense an injective closure of one of Takayasu. It strongly suggests that one can construct geometrically (not only homotopically) certain dual Brown-Gitler spectra. Content

Variations in type III effector repertoires do not correlate with differences in pathological phenotypes and host range observed for Xanthomonas citri pv. citri pathotypes

Xanthomonas citri pv. citri (Xac) is a quarantine bacterium causing Asiatic citrus canker. Strains of Xac are classified as pathogenic variants i.e. pathotypes, according to their host range: strains of pathotype A infect a wide range of rutaceous species, whereas strains of pathotype A*/Aw infect a restricted host range consisting of Mexican lime (C. aurantifolia) and alemow (C. macrophylla). Based on a collection of 55 strains we investigated the role of type III effectors (T3E) in host specialization. By PCR we screened 56 Xanthomonas T3Es and showed that Xac possesses a repertoire of 28 effectors, 24 of which are shared by all strains, while 4 (xopAI, xopAD, xopAG and xopC1) are present only in some A*/ Aw strains. However, their distribution could not account for host specialization. XopAG is present in all Aw strains, but also in three A* strains genetically distant from Aw , and all xopAG-containing strains induced HR-like reactions on grapefruit and sweet orange. A strains are genetically less diverse, induce identical phenotypic responses, and share exactly the same T3Es. Conversely, A*/ Aw strains exhibited a wider genetic diversity in which clades correlated to geographical origin and T3Es repertoire but not to pathogenicity. A*/Aw strains showed a broad range of reactions on several Citrus, but genetically related strains did not share phenotypic responses. Our results showed that A*/Aw strains are more variable (genetically and pathogenetically) than initially expected and that this variability should not be ignored when trying to describe mechanisms involved in the pathogen evolution and host specialization. (Texte intégral

Transfer Entropy as a Log-likelihood Ratio

Transfer entropy, an information-theoretic measure of time-directed information transfer between joint processes, has steadily gained popularity in the analysis of complex stochastic dynamics in diverse fields, including the neurosciences, ecology, climatology and econometrics. We show that for a broad class of predictive models, the log-likelihood ratio test statistic for the null hypothesis of zero transfer entropy is a consistent estimator for the transfer entropy itself. For finite Markov chains, furthermore, no explicit model is required. In the general case, an asymptotic chi-squared distribution is established for the transfer entropy estimator. The result generalises the equivalence in the Gaussian case of transfer entropy and Granger causality, a statistical notion of causal influence based on prediction via vector autoregression, and establishes a fundamental connection between directed information transfer and causality in the Wiener-Granger sense

Completeness of algebraic CPS simulations

The algebraic lambda calculus and the linear algebraic lambda calculus are two extensions of the classical lambda calculus with linear combinations of terms. They arise independently in distinct contexts: the former is a fragment of the differential lambda calculus, the latter is a candidate lambda calculus for quantum computation. They differ in the handling of application arguments and algebraic rules. The two languages can simulate each other using an algebraic extension of the well-known call-by-value and call-by-name CPS translations. These simulations are sound, in that they preserve reductions. In this paper, we prove that the simulations are actually complete, strengthening the connection between the two languages.Comment: In Proceedings DCM 2011, arXiv:1207.682