W e attempt to interpret Frank Knight by taking him on his own terns. Among our conclusions are the following. (1) Knight's distinction between risk and uncertainty is not solely a distinction between insurable and uninsurable risk. (2) Knight's explanation for the existence of firms does not reduce to a moral-hWd theory, except perhaps in the broadest and least-interesting sense. And (3) Knigh...

We present the solution of a portfolio optimization problem for an economic agent endowed with a stochastic insurable stream, under a liquidity constraint over the time interval [0, T ]. Generally, the existence of labor income complicates the agent’s decisions. Moreover, in the real world the economic agents are restricted in their ability to borrow against their future labor income. We deal w...

Financial/nonfinancial disclosures: The authors have reported to CHEST the following conflicts of interest: Dr Verleden receives an annual research grant from GlaxoSmithKline (GSK) Belgium, and is holder of the GlaxoSmithKline Chair in Respiratory Pharmacology at the Katholieke Universiteit Leuven, Leuven, Belgium. The remaining authors have reported that no potential conflicts of interest exis...

Disclosures: Frederick H. Hausheer: Employment/leadership position: BioNumerik Pharmaceuticals, Inc., KI Pharmaceuticals, Inc.; Intellectual property rights/inventor/patent holder: BioNumerik Pharmaceuticals, Inc.; Ownership interest: BioNumerik Pharmaceuticals, Inc.; Kathleen M. Foley: Consultant/advisory role: NCCN, NCIBCA. The content of this article has been reviewed by independent peer rev...

Standard Multi-Armed Bandit (MAB) problems assume that the arms are independent. However, in many application scenarios, the information obtained by playing an arm provides information about the remainder of the arms. Hence, in such applications, this informativeness can and should be exploited to enable faster convergence to the optimal solution. In this paper, we introduce and formalize the G...

We made an MR-compatible brain slice holder that ensures that the images have the same location and orientation as the subsequent histologic sections. This device encloses the unfixed tissues, thus reducing the danger of exposure to pathogens. MR imaging time is saved by scanning selected slices rather than the whole brain; this technique is especially useful when brain sections at varying angl...

This review, based on “The Long-Horizon Benefits of Traditional and New Real Assets in the Institutional Portfolio” by George Martin (2010), addresses an important topic in the present environment of heightened investor interest in inflation hedges. We included this in InvestorLit for another reason though: to highlight the Chartered Alternative Investment Analyst (CAIA) Association’s Journal o...