This paper is a study of continuously resettled contingent claims prices in a stochastic economy. As special cases, the relationship between futures and forward prices is analyzed, and a preference-free expression is derived for these prices, as well as the price of a continuously resettled futures option, whose formula differs from Black’s futures option pricing formula due to the effects of m...

UBBY and LEWONTIN (1966; LEWONTIN and HUBBY 1966) have demonstrated the probability that a population of diploid organisms can support more than an estimated 1000 polymorphisms. Their calculations agree with those of KIMURA and CROW (1964) and VAN VALEN (1963) in indicating that such widespread polymorphism cannot be maintained through single locus heterosis without entailing an absurdly high s...

Exponential Linear Units (ELUs) are a useful rectifier for constructing deep learning architectures, as they may speed up and otherwise improve learning by virtue of not have vanishing gradients and by having mean activations near zero [1]. However, the ELU activation as parametrized in [1] is not continuously differentiable with respect to its input when the shape parameter α is not equal to 1...

Optimistic protocols designed for Parallel Discrete Event Simulation (PDES) rely heavily on the Global Virtual Time (GVT) calculation. Since the simulation uses large amounts of memory , the GVT is used to synchronize processes and discard obsolete system information. In this paper we present a new algorithm, the Continuously Monitored Global Virtual Time (CMGVT). Unlike others, this algorithm ...

We describe a two-step approach for dialogue management in task-oriented spoken dialogue systems. A unified neural network framework is proposed to enable the system to first learn by supervision from a set of dialogue data and then continuously improve its behaviour via reinforcement learning, all using gradientbased algorithms on one single model. The experiments demonstrate the supervised mo...

Zeolites are important materials whose utility in industry depends on the nature of their porous structure. Control over microporosity is therefore a vitally important target. Unfortunately, traditional methods for controlling porosity, in particular the use of organic structure-directing agents, are relatively coarse and provide almost no opportunity to tune the porosity as required. Here we s...

The coverability problem for Petri nets plays a central role in the verification of concurrent shared-memory programs. However, its high EXPSPACE-complete complexity poses a challenge when encountered in real-world instances. In this paper, we develop a new approach to this problem which is primarily based on applying forward coverability in continuous Petri nets as a pruning criterion inside a...

Hamiltonian Monte Carlo (HMC) is a powerful Markov chain Monte Carlo (MCMC) method for performing approximate inference in complex probabilistic models of continuous variables. In common with many MCMC methods, however, the standard HMC approach performs poorly in distributions with multiple isolated modes. We present a method for augmenting the Hamiltonian system with an extra continuous tempe...