Loss-Aversion with Kinked Linear Utility Functions

Prospect theory postulates that the utility function is characterized by a kink (a point of non-differentiability) that distinguishes gains from losses. In this paper we present an algorithm that efficiently solves the linear version of the kinked-utility problem. First, we transform the non-differentiable kinked linear-utility problem into a higher dimensional, differentiable, linear program. Second, we introduce an efficient algorithm that solves the higher dimensional linear program in a smaller dimensional space. Third, we employ a numerical example to show that solving the problem with our algorithm is 15 times faster than solving the higher dimensional linear program using the interior point method of Mosek. Finally, we provide a direct link between the piece-wise linear programming problem and conditional value-at-risk, a downside risk measure.     

Different Expression of Mitochondrial and Endoplasmic Reticulum Stress Genes in Epicardial Adipose Tissue Depends on Coronary Atherosclerosis

The aim of our study was to analyze mitochondrial and endoplasmic reticulum (ER) gene expression profiles in subcutaneous (SAT) and epicardial (EAT) adipose tissue, skeletal muscle, and myocardium in patients with and without CAD undergoing elective cardiac surgery. Thirty-eight patients, 27 with (CAD group) and 11 without CAD (noCAD group), undergoing coronary artery bypass grafting and/or valvular surgery were included in the study. EAT, SAT, intercostal skeletal muscle, and right atrium tissue and blood samples were collected at the start and end of surgery; mRNA expression of selected mitochondrial and ER stress genes was assessed using qRT-PCR. The presence of CAD was associated with decreased mRNA expression of most of the investigated mitochondrial respiratory chain genes in EAT, while no such changes were seen in SAT or other tissues. In contrast, the expression of ER stress genes did not differ between the CAD and noCAD groups in almost any tissue. Cardiac surgery further augmented mitochondrial dysfunction in EAT. In our study, CAD was associated with decreased expression of mitochondrial, but not endoplasmic reticulum stress genes in EAT. These changes may contribute to the acceleration of coronary atherosclerosis.     

Polymerization of lactams, 38. Copolymerization of 6-caprolactam with some of its non-homopolymerizing derivatives

It was demonstrated that non-homopolymerizing derivatives of 6-caprolactam: 7-cyclohexyl-1-aza-2-cycloheptanone (I) and 7-isopropyl-5-methyl-1-aza-2-cycloheptanone (II) were polymerizing with 6-caprolactam under conditions of the socalled hydrolytic polymerization. With its increasing content in the initial reaction mixture the copolymerization rate, the equilibrium content of the copolymer, and the reduced viscosity decreased. Lactam (I) was a more reactive comonomer in comparison with lactam (II).     

Determination of As(III) and As(V) in oilseeds by chronopotentiometric stripping analysis: development of a method

Chronopotentiometric stripping analysis (CSA) was used for selective determination of As(III) and As(V) in different oilseeds. After the optimization of experimental parameters an appropriate procedure for sample pretreatment was developed. A detection limit of 2 microg/dm3 for As(III) was obtained with an electrolysis time of 600 s. This method was used for arsenic determination in sunflower, pumpkin, and flax seed, as well as for soy flakes and almond.     

Robust portfolio optimization via solution to the Hamilton–Jacobi–Bellman equation

We consider a problem of dynamic stochastic portfolio optimization modelled by a fully non-linear Hamilton–Jacobi–Bellman (HJB) equation. Using the Riccati transformation, the HJB equation is transformed to a simpler quasi-linear partial differential equation. An auxiliary quadratic programming problem is obtained, which involves a vector of expected asset returns and a covariance matrix of the returns as input parameters. Since this problem can be sensitive to the input data, we modify the problem from fixed input parameters to worst-case optimization over convex or discrete uncertainty sets both for asset mean returns and their covariance matrix. Qualitative as well as quantitative properties of the value function are analysed along with providing illustrative numerical examples. We show application to robust portfolio optimization for the German DAX30 Index.     

Determination of histamine in cheese by chronopotentiometry on a thin film mercury electrode

Simple electroanalytical method for histamine determination based on its irreverse oxidation by a constant current on a thin film mercury electrode was developed in this work. Experimental parameters of chronopotentiometric analysis, such as concentration of the supporting electrolyte, initial potential and dissolution current were optimised. The optimal experimental parameters included an initial potential of −0.4 V and oxidation currents in the range from 3 to 30 μA in 0.02 mol/l sulphuric acid. After the optimisation of experimental parameters, the linear response was obtained in the range 2–90 mg/l of histamine with achieved detection limit of 1.31 mg/l of histamine. The method was applied for the determination of histamine in various types of cheese. Prior sample analysis the procedure for sample preparation was developed and included ultrasonically-assisted extraction and chromatographic separation on a thin layer. To our knowledge, histamine has never previously been determined on mercury electrodes nor by applying chronopotentiometric analysis, thus developed electroanalytical method represents an important contribution to electroanalytical practise. By applying the developed method it is possible to perform simple and fast cheese analysis. Furthermore, in comparison to competitive chromatographic techniques, chronopotentiometric method allows the analysis of foodstuffs under moderate price.     

The structure characterization of thermosensitive poly(N‐isopropylacrylamide‐co‐2‐hydroxypropyl methacrylate) hydrogel

The goal of this work was to investigate a possible way of crosslinking polymer chains and the potential formation of intramolecular hydrogen bonds in thermosensitive poly(N‐isopropylacrylamide‐co‐2‐hydroxypropyl methacrylate) (p(NIPAM‐HPMet)) hydrogels obtained by radical polymerization. The chemical structure of the synthesized hydrogels was investigated by Fourier transform infrared (FTIR) spectroscopy and XRD. The FTIR spectrum confirmed the presence of hydrogen bonds formed between the chains in the copolymer. XRD analysis confirmed the amorphous ? crystalline structure of the copolymer. A three‐glass transition and two melting temperatures were detected by DSC. It was found that the addition of HPMet increased the glass transition and melting temperatures of the p(NIPAM‐HPMet) copolymer. The swelling transport mechanism of p(NIPAM‐HPMet) changed from non‐Fickian at 20 °C to case III or zero‐order time‐independent kinetics characterized by a linear mass uptake with time with increasing temperature at 40 °C. © 2013 Society of Chemical Industry     

Kernel lot distribution assessment (KeLDA): a study on the distribution of GMO in large soybean shipments

The reliability of analytical testing is strongly affected by sampling uncertainty. Sampling is always a source of error and the aim of “good” sampling practice is to minimize this error. Generally the distribution of genetically modified (GM) material within lots is assumed to be random in order to use binomial distribution to make inferences. This assumption was never verified in practice and no experimental data investigating the distribution of genetically modified organisms (GMOs) exist. The objectives of the KeLDA project were: (1) to assess the distribution of GM material in soybean lots (2) to estimate the amount of variability of distribution patterns among lots. The GM content of 15 soybean lots imported into the EU was estimated (using real-time PCR methodology) analyzing 100 increment samples systematically sampled from each lot at predetermined time intervals during the whole period of off-loading. The distribution of GM material was inferred by the one-dimensional (temporal) distribution of contaminated increments. All the lots display significant spatial structuring, indicating that randomness cannot be assumed a priori. The evidence that the distribution of GM material is heterogeneous highlights the need to develop sampling protocols based on statistical models free of distribution requirements.     

The influence of isosorbide on thermal properties of poly(L‐lactide) synthesized by different methods

In this article, we analyzed the influence of isosorbide content on glass transition temperature and crystallinity of poly(L ‐lactide). Different synthesis methods were applied to determine optimal procedure for polymerization of L ‐lactide in the presence of isosorbide. Two procedures were performed with tin(II) 2‐ethylhexanoate as the catalyst: first, using the vacuum sealed vessel, and second, using microwave reactor bulk polymerizations. The solution polymerization (with trifluoromethanesulfonic acid as catalyst) was possible at the temperature of 40°C. Obtained polyesters had number average molecular weights ranging from 20,000 to 65,000 g mol^–1, according to the gel permeation chromatography measurements. The polymer structure was characterized by Fourier transform infrared spectroscopy and proton nuclear magnetic resonance spectroscopy. Thermal properties of the obtained polymers were analyzed using thermogravimetry (TG) and differential scanning calorimetry (DSC). According to DSC measurements, the addition of isosorbide in the polyesters influenced the increase in both glass transition temperature and degree of crystallization for all samples. The results obtained by thermogravimetric analysis confirmed the strong influence of polymerization mechanism on synthesized poly(L ‐lactides) thermal properties. POLYM. ENG. SCI., 2013. © 2012 Society of Plastics Engineers