For portfolio choice problems with proportional transaction costs, we discuss whether or not there exists a shadow price, i.e., a least favorable frictionless market extension leading to the same optimal strategy and utility. By means of an explicit counter-example, we show that shadow prices may fail to exist even in seemingly perfectly benign situations, i.e., for a log-investor trading in an...

Wide band code division multiple access (WCDMA) signals, transmitted by the base station high power amplifiers (HPAs), show high peak to average power ratios (PAPR), which results in nonlinear distortions. In this paper, using computer simulations effect of using a predistorted HPA on the symbol error rate (SER) of multi-user detectors in terms of output back-off (OBO) in the transmit power...

Investors or parties who invest in shares, so far have faced obstacles assessing the fair price of stock to be purchased. The main cause lies limited knowledge insight conducting basic fundamental analysis stocks consequences that are often experienced investing overvalued, distortions, rushing sell back shares investment does not get optimal results. objective this paper contributes analyze fa...

This paper investigates the efficiency of monetary and fiscal policy in a twocountry general equilibrium model with monopolistic competition and wage stickiness. When monopoly distortions are completely eliminated, we find that under some conditions, stochastic government spending can affect the efficiency of global monetary policy rules that replicate the real allocations under flexible wages....

Short-term variations in fertility and seasonal patterns of childbearing have been of interest to demographers for a long time. Presenting our detailed study of period fertility in Austria since 1984, we discuss the problems and advantages of constructing and analysing various period fertility indicators that reflect real exposure and potentially minimise the distortions caused by changes in fe...

This paper investigates the self-improving integrability properties of the so-called mappings of finite distortion. Let K(x) ≥ 1 be a measurable function defined on a domain Ω ⊂ R, n ≥ 2, and such that exp(βK(x)) ∈ Lloc(Ω), β > 0. We show that there exist two universal constants c1(n), c2(n) with the following property: Let f be a mapping in W 1,1 loc (Ω,R ) with |Df(x)| ≤ K(x)J(x, f) for a.e. ...

PURPOSE Blood flow causes induced voltages via the magnetohydrodynamic (MHD) effect distorting electrograms (EGMs) made during magnetic resonance imaging. To investigate the MHD effect in this context MHD voltages occurring inside the human heart were simulated in an in vitro model system inside a 1.5 T MR system. METHODS The model was developed to produce MHD signals similar to those produce...

A new method for the correction of wavefront distortions in laser interferometers is proposed. In contrast to the usual adaptive correction, by means of piezoelectric actuators, a high power laser beam is used to control the thermal expansion of the optical elements. Since the correction is performed without mechanically contacting the element, no additional mechanical noise is introduced. Init...

Fragmenting clearing across multiple central counter-parties (CCPs) is costly. This because dealers providing liquidity globally, cannot net trades cleared in different CCPs and this increases their collateral costs. These costs are then passed on to clients through price distortions which take the form of a differential (basis) when same products CCPs. Using proprietary data, we document an ec...