A drawdown constraint forces the current wealth to remain above a given function of its maximum to date. We consider the portfolio optimisation problem of maximising the long-term growth rate of the expected utility of wealth subject to a drawdown constraint, as in the original setup of Grossman and Zhou (1993). We work in an abstract semimartingale financial market model with a general class o...

The drawdown of an asset is a risk measure defined in terms of the running maximum of the asset’s spot price over some period [0, T ]. The asset price is said to have drawn down by at least $K over this period if there exists a time at which the underlying is at least $K below its maximum-to-date. We introduce insurance against a large realization of maximum drawdown and a novel way to hedge th...

The identification of spatial variations in hydraulic conductivity (K) on a scale of relevance for transport investigations has proven to be a considerable challenge. Recently, a new field method for the estimation of interwell variations in K has been proposed. This method, hydraulic tomography, essentially consists of a series of short-term pumping tests performed in a tomographic-like arrang...

Coastal areas are characterized by considerable demographic pressure that generally leads to groundwater overexploitation. In the Mediterranean region, this situation is exacerbated a recharge reduction enhanced climate change. The consequence water table drawdown alters freshwater/seawater interface facilitating seawater intrusion. However, salinity may also be affected other natural/anthropog...

Multi-period measures of risk account for the path that the value of an investment portfolio takes. The most widely used such path-dependent indicator of risk is drawdown, which is a measure of decline from a historical peak in cumulative returns. In the context of probabilistic risk measures, the focus has been on one particular dimension of drawdown, its magnitude, and not on its temporal dim...

An excessive amount of bank erosion along a number of waterways in Illinois and surrounding states exists at the present time. Erosion of stream banks attracts public attention, reduces property values, results in the permanent loss of real estate, increases the turbidity of streams, and accelerates the silting of reservoirs and backwater lakes along stream courses. Among the main causes of ban...

The Great Artesian Basin (GAB) underlies about one fifth of mainland Australia. Much of this area is arid or semiarid and often artesian water is the only reliable source of potable water, historically via springs. Prior to the 1870s, there were around 3,000 flowing springs ringing the GAB. The springs were a vital source of water for Aborigines as well as early explorers, workers and pastorali...

in this study, a bearing capacity device is designed and fabricated to determine the load-settlement behavior of three circular footing models resting above the ground water table. capillary rise in the studied well graded sand is measured and the level of the water table is controlled at the desired heights during each bearing capacity test. moreover, shear strength parameters and soil water r...