General introduction Light provides the most pertinent example of the dual nature of quantum objects; its oscillatory properties served to verify the electromagnetic theory of Maxwell, and its lumpiness, the photons, signalled the dawn of modern quantum theory. The electromagnetic phenomena form an integral part of modern technology. They are at work in all electrical motors, and our communicat...

Starting with the suggestion of Fischler and Susskind, various attempts have recently been made to apply the holographic principle to cosmology. Among these is a generalisation by Bousso which avoids the difficulties of the original proposal in the re-collapsing FLRW models. Here we take a closer look at the question of holography in cosmology with particular reference to this generalisation. W...

W study an order promising problem in a multiclass, available-to-promise (ATP) assembly system in the presence of pseudo orders. A pseudo order refers to a tentative customer order whose attributes, such as the likelihood of an actual order, order quantity, and confirmation timing, can change dynamically over time. A unit demand from any class is assembled from one manufactured unit and one inv...

The paper presents a mathematical model of optimal investment in illiquid assets. Specifically, the model addresses the problem of an investor with limited capital resources, who makes sequential decisions on long-term investments under uncertainty as to future opportunities. The model demonstrates that such an investor will optimally demand a higher rate of return on investments in long-term, ...

We propose a new, simple, dedicated X-ray mission to measure the power spectrum of density fluctuations in the Universe, by accurately mapping the X-ray background on the whole sky on scales of ∼ 1 deg 2. Since the method relies on the detection of excess fluctuations produced by the clustering of X-ray sources at intermediate redshifts above the confusion noise produced by bright foreground so...

That’s the nutrition and comfort intervention one of my undergraduate classmates prescribed on a nursing care plan, circa 1972. In response, her incredulous instructor wrote, “I assume the patient likes this?!?” Apparently, the teacher didn’t share the patient’s enthusiasm for the interesting and unique sensory qualities of buttermilk—a combination of sourness, astringency, yellow–white color, ...

A final release (Version L) of the Mars Orbiter Laser Altimeter (MOLA) Precision Experiment Data Record (PEDR) has been submitted to the Planetary Data System (PDS). Additional gridded data record products are forthcoming. These products have evolved since their original description, owing in part to improved gravity modeling and cartographic reference frames, and in part to refinements in cali...

We propose a Bayesian implementation of the standard optimal hedging model that effectively and practically accommodates estimation errors and subjective views regarding both the expectation vector and the covariance matrix of asset returns. Numerical examples show that subjective views have a substantial impact on a hedger’s optimal position and that the impact of views regarding the direction...

This paper clarifies how uncertainty affects irreversible investment in a competitive market equilibrium. With free entry, irreversibility affects the distribution of future prices, and thereby creates an opportunity cost of investing now rather than waiting. As with an imperfectly competitive firm, uncertainty can also increase the value of a marginal unit of capital. I show that with an infin...

What are the aggregate consequences of microeconomic lumpy decisions? This is by now a classical question. Most existing general equilibrium analyses focus, however, on one single decision at a time. In the present paper we analyze simultaneous (S,s) pricing and investment decisions. Surprisingly, equilibrium dynamics are similar to what they would be in the absence of restrictions on price or ...