We derive asset-pricing and portfolio-choice implications of a dynamic incomplete-markets model in which consumers are heterogeneous in several respects: labor income, asset wealth, and preferences. In contrast to earlier papers, we insist on at least roughly matching the model’s implications for heterogeneity—notably, the equilibrium distributions of income and wealth—with those in U.S. data. ...

We present a new realization of scalar integrable hierarchies in terms of the Toda lattice hierarchy. In other words, we show on a large number of examples that an integrable hierarchy, defined by a pseudodifferential Lax operator, can be embedded in the Toda lattice hierarchy. Such a realization in terms the Toda lattice hierarchy seems to be as general as the Drinfeld–Sokolov realization.

This paper describes the development of “MaskBot 2i” (codenamed: Kabuto), a robotic head designed for research into Human-Robot-Interactions. The uniqueness of our new robotic head is that the appearance of its face can be alter on-the-fly. Different faces can be projected onto the active head system. The head is fully active with a 3-DOF neck, with support for biannual hearing as well as video...

In several application domains ranging from automotive to aerospace (Garro, Groß, Riestenpatt Gen. Richter and Tundis, 2013; Falcone, Garro and Tundis, 2014; Garro, Groß, Riestenpatt Gen. Richter and Tundis, 2012; Garro and Tundis, 2012b; Garro and Tundis, 2012c; Garro, Tundis and Chirillo, 2011), a great variety of systems are currently designed and developed by organizing and integrating exis...

In this paper we describe a complete parameterization of the solutions to the partial stochastic realization problem in terms of a nonstandard matrix Riccati equation. Our analysis of this Covariance Extension Equation is based on a recent complete parameterization of all strictly positive real solutions to the rational covariance extension problem, answering a conjecture due to Georgiou in the...

This study set out to investigate how user groups and their relation to impacts within open data phenomena were being portrayed in two levels of official EU documents; policy documents and a set of topic reports. Specifically, we also searched for implications thereof on the believed scene for open data based innovations. Findings reveal highly contradicting views of user groups, where the poli...

[1] The current observed value of the ratio of daily record high maximum temperatures to record low minimum temperatures averaged across the U.S. is about two to one. This is because records that were declining uniformly earlier in the 20th century following a decay proportional to 1/n (n being the number of years since the beginning of record keeping) have been declining less slowly for record...

Formally reening a real-time speciication to an implementation is only possible when the speciication allows for all physical limitations , and timing and signal errors inherent in the implementation. Allowing for such implementation-speciic details in a top-level specii-cation can, however, obscure the desired functionality and complicate analysis. Furthermore, such an approach assumes the spe...

In this paper, we show that Asteroid (433) Eros is currently residing in a spin–orbit resonance, with its spin axis undergoing a smallamplitude libration about the Cassini state 2 of the proper mode in the nonsingular orbital element sin I/2 exp(ıΩ), where I the orbital inclination and Ω the longitude of the node. The period of this libration is 53.4 kyr. By excluding these libration wiggles, w...

The stepwise development of a program using reene-ment requires that the original abstract speciication is realisable, i.e., an implementation exists with identical functionality. In some situations, this may not be desirable or even possible, and an ideal speciication which is only approximated by the nal implementation is used. For these speciications, an informal step, based on the developer...