If the costs of going back on previously agreed tari¤ reductions are high relative to the terms of trade gains, then the multilateral liberalization process becomes ‘perpetual’. Perpetual trade liberalization has two unique characteristics. (i) No ‘e¢cient’ tari¤ level exists at which liberalization stops. (ii) Some liberalization must occur in every period. International agreements and institu...

We derive optimality conditions and calculate approximate solutions to the problem of determining the optimal speed of mean reversion to be applied to a Gaussian state variable. The optimality criterion is the minimization of the variance of the Radon-Nikodym derivative of the measure ”with mean-reversion” with respect to the measure ”without mean-reversion” under constraints. We show that we c...

In a particular genetic system, selection stimulates reversion of a lac mutation and causes genome-wide mutagenesis (adaptive mutation). Selection allows rare plated cells with a duplication of the leaky lac allele to initiate clones within which further lac amplification improves growth rate. Growth and amplification add mutational targets to each clone and thereby increase the likelihood of r...

Deletions and other genome rearrangements are associated with carcinogenesis and inheritable diseases. The pink-eyed unstable (pun) mutation in the mouse is caused by duplication of a 70-kb internal fragment of the p gene. Spontaneous reversion events in homozygous pun/pun mice occur through deletion of a duplicated sequence. Reversion events in premelanocytes in the mouse embryo detected as bl...

Background The natural trajectory of reversion from MCI to normal cognition (NC) and the cognitive pattern post-reversion have been poorly explored in existing literature. main goals this study were as follows: (1) quantitatively predict bidirectional transitions (reversion NC progression dementia); (2) explore patterns future changes post-reversion; (3) estimate effects selected covariates on ...

While the vast majority of the literature reports momentum profitability to be overwhelming in the U.S. market and widespread in other countries, this paper finds that the pure momentum strategy in general does not yield excess profitability in the Chinese stock markets. We find instead strong mean reversion. A pure contrarian investment strategy produces positive excess returns and in general ...

In this paper we examine a control variate estimator for quantity that can be expressed as the expectation of functional random process, is itself solution differential equation driven by fast mean-reverting ergodic forces. The same limit diffusion process approximates original when mean-reversion time goes to zero. To get an efficient estimator, propose coupling method build and process. We sh...

Different tilings allow the checking of dynamic and distributional aspects risk estimations with regard to their subtle mean reversion effects