We consider the holder of an individual tontine retirement account, with maximum and minimum withdrawal amounts (per year) specified. The tontine account holder initiates the account at age 65 and earns mortality credits while alive, but forfeits all wealth in the account upon death. The holder wants to maximize total withdrawals and minimize expected shortfall at the end of the retirement horizon of 30 years (i.e., it is assumed that the holder survives to age 95). The holder controls the amount withdrawn each year and the fraction of the retirement portfolio invested in stocks and bonds. The optimal controls are determined based on a parametric model fitted to almost a century of market data. The optimal control algorithm is based on dynamic programming and the solution of a partial integro differential equation (PIDE) using Fourier methods. The optimal strategy (based on the parametric model) is tested out of sample using stationary block bootstrap resampling of the historical data. In terms of an expected total withdrawal, expected shortfall (EW-ES) efficient frontier, the tontine overlay dramatically outperforms an optimal strategy (without the tontine overlay), which in turn outperforms a constant weight strategy with withdrawals based on the ubiquitous four per cent rule.

We extend the Annually Recalculated Virtual Annuity (ARVA) spending rule for retirement savings decumulation (Waring and Siegel (2015) Financial Analysts Journal, 71(1), 91–107) to include a cap and a floor on withdrawals. With a minimum withdrawal constraint, the ARVA strategy runs the risk of depleting the investment portfolio. We determine the dynamic asset allocation strategy which maximizes a weighted combination of expected total withdrawals (EW) and expected shortfall (ES), defined as the average of the worst 5% of the outcomes of real terminal wealth. We compare the performance of our dynamic strategy to simpler alternatives which maintain constant asset allocation weights over time accompanied by either our same modified ARVA spending rule or withdrawals that are constant over time in real terms. Tests are carried out using both a parametric model of historical asset returns as well as bootstrap resampling of historical data. Consistent with previous literature that has used different measures of reward and risk than EW and ES, we find that allowing some variability in withdrawals leads to large improvements in efficiency. However, unlike the prior literature, we also demonstrate that further significant enhancements are possible through incorporating a dynamic asset allocation strategy rather than simply keeping asset allocation weights constant throughout retirement.

Gravitational waves from coalescing neutron stars encode information about nuclear matter at extreme densities, inaccessible by laboratory experiments. The late inspiral is influenced by the presence of tides, which depend on the neutron star equation of state. Neutron star mergers are expected to often produce rapidly rotating remnant neutron stars that emit gravitational waves. These will provide clues to the extremely hot post-merger environment. This signature of nuclear matter in gravitational waves contains most information in the 2–4 kHz frequency band, which is outside of the most sensitive band of current detectors. We present the design concept and science case for a Neutron Star Extreme Matter Observatory (NEMO): a gravitational-wave interferometer optimised to study nuclear physics with merging neutron stars. The concept uses high-circulating laser power, quantum squeezing, and a detector topology specifically designed to achieve the high-frequency sensitivity necessary to probe nuclear matter using gravitational waves. Above 1 kHz, the proposed strain sensitivity is comparable to full third-generation detectors at a fraction of the cost. Such sensitivity changes expected event rates for detection of post-merger remnants from approximately one per few decades with two A+ detectors to a few per year and potentially allow for the first gravitational-wave observations of supernovae, isolated neutron stars, and other exotica.

We determine the optimal asset allocation to bonds and stocks using an annually recalculated virtual annuity (ARVA) spending rule for DC pension plan decumulation. Our objective function minimizes downside withdrawal variability for a given fixed value of total expected withdrawals. The optimal asset allocation is found using optimal stochastic control methods. We formulate the strategy as a solution to a Hamilton–Jacobi–Bellman (HJB) Partial Integro Differential Equation (PIDE). We impose realistic constraints on the controls (no-shorting, no-leverage, discrete rebalancing) and solve the HJB PIDEs numerically. Compared to a fixed-weight strategy which has the same expected total withdrawals, the optimal strategy has a much smaller average allocation to stocks and tends to de-risk rapidly over time. This conclusion holds in the case of a parametric model based on historical data and also in a bootstrapped market based on the historical data.

BACKGROUND: Metabolomics technology has the potential to revolutionize how we screen, diagnose, and treat cancer, as well as improve upon existing cancer molecular tests that may not sufficiently capture the complexity of most malignancies. In this study, we explore the clinical potential of metabolomics analysis in the diagnosis and risk-stratification of brain tumors. METHODS: To test the hypothesis that brain tumor type and survival could be predicted with metabolomics, we analyzed the pre-operative serum and urine samples of patients with glioblastoma (GBM), oligoastrocytoma (OA2), meningioma (M1) and compared them to healthy controls. (HC). Sera from immune-deficient NOD-SCID mice xenografted with human GBM brain tumor initiating cells were also studied. RESULTS: Metabolomics analysis of patient samples was able to accurately differentiate GBM, OA2, M1 and HC (p = 2.3 x 10-26). Subsequently, a prediction model developed and validated internally was able to diagnose GBM with a sensitivity of 86.7% and specificity of 93.8%, and distinguish whether a GBM patient possess O6-methylguanine-DNA methyltransferase (MGMT) promoter methylation (p = 7.4 x 10-10). Within the MGMT methylated group, the model was able to predict longevity (p = 3.25 x 10-4). The model was also able to predict survival irrespective of MGMT methylation status (p = 2.9 x 10-6). CONCLUSIONS: In this study, we demonstrate that metabolomic analysis of patient biofluids can identify brain tumors, distinguish brain tumor subtypes, and independently predict MGMT status as well as longevity among GBM patients. Metabolomics analysis may facilitate non-invasive diagnosis of aggressive brain tumours.

Group I xenoliths, orthopyroxene-rich and orthopyroxene-free, contain Cr-spinel and clinopyroxene ± phlogopite, and occur together with Group II clinopyroxenites ± Ti-spinel ± phlogopite in K-mafic pyroclastics southeast of Gees. The petrography and clinopyroxene chemistry of orthopyroxene-rich (opx-rich sub-group) Group I xenoliths is consistent with an ‘original’ harzburgitic mantle that has been transformed to lherzolite by the addition of endiopside. In harzburgites, orthopyroxenes are reacting to diopside + olivine + alkali-silicate melt, and, by inference, the orthopyroxene-free (opx-free subgroup) Group I, dunite-wehrlite series can be linked to the opx-rich sub-group via this reaction. Progressive enrichment of dunitic material in endiopside-diopside has resulted in the formation of wehrlite. Phlogopite is titaniferous and occurs as a trace mineral in opx-rich, Group I xenoliths, whereas substantial phlogopite vein-networks are confined to the opx-free sub-group (dunite-wehrlite series). Interstitial, alkali-felsic glass occurs are veins within, and as extensions of, the phlogopite networks. Clinopyroxenes in phlogopite-veined xenoliths are decreased in Mg/(Mg + FeTotal) (mg) and Cr and increased in Ti, Al and Ca, compared with clinopyroxenes in xenoliths which have trace phlogopite. It is proposed that harzburgitic and dunitic mantle has been infiltrated by a Ca- and alkalirich, hydrous silicate melt rather than an ephemeral carbonatite melt. Dunite has been transformed to phlogopite wehrlite by the invasion of a Ca-, Al-, Ti- and K-rich, hydrous silicate melt. Ca-activity was high initially in the melt and was reduced by clinopyroxene precipitation. This resulted in enhanced K-activity which led to phlogopite veining of clinopyroxene-rich mantle. Group II phlogopite clinopyroxenites contain Ti-spinel and salites that are distinct in their Ti, Al and Cr contents from endiopsides and diopsides in Group I xenoliths. It is unlikely that these Group II xenoliths represent the culmination of the infiltration processes that have transformed dunite to wehrlite, nor can they be related to the host melt. These xenoliths may have crystallised from Ca- and K-bearing, hydrous silicate melts in mantle channelways buffered by previously precipitated clinopyroxene and phlogopite. Gees lherzolites contain pyroxenes and spinel with distinctly lower Al contents than these same minerals in lherzolites described previously from other West Eifel localities, which may reflect a distinctive lithology and/or processes of modification for the Gees mantle.

Does joining groups trigger a cascade of psychological processes that can result in a loss of individuality and lead to such outcomes as social loafing and poor decision-making? Rather than privileging the self comprising primarily individual qualities as the “true self,” a multilevel, multicomponent approach suggests that, in most cases, personal and collective identities are integrated and mutually sustaining.

The overall objective of design against fatigue is to achieve adequate safety and reliability for minimum structural weight and, having this end in view, the fatigue performance of an aircraft structure is a major consideration in the design, testing and operation of an aircraft. This has not always been the case, indeed until the early 1950s the design of aircraft structures was based almost entirely on strength considerations with little regard to fatigue. However, in the decade following the Second World War a series of accidents both in the military and civil field, culminating in the Comet disasters, focused attention on the need to consider the problem of fatigue in design and provided the climate of opinion to support requirements for much more extensive and expensive full scale fatigue testing than had been contemplated hitherto. Since that time, advances in safety and reliability have been achieved in the face of customer requirements for major increases in overall fatigue life and for higher standards of day-to-day reliability of the structure. For example, in the military field a required fatigue life exceeding 6000 hours would not be exceptional now for a combat aircraft (Fig. 1) as compared with a life in service of about 1500 hours for such an aircraft in the years immediately following the Second World War. On the civil side, whereas lives of about 20 000 hours would have been considered adequate in the early 1950s, operators now require lives in excess of 60 000 hours. The European Airbus shown in Fig. 2 typifies such aircraft currently in service. Both military and civil aircraft are now expected to be in service for 20 or more years.

A method of high resolution simulation is proposed for Unmanned Combat Air Vehicles (UCAVs) undergoing manoeuvress at high angle-of-attack or transonic speeds. Motivation for the need to develop such a method is first presented to show payoff in the design cycle, followed by results of using the method on current manned fighter aircraft. Finally, a notional UCAV shape from Boeing military aircraft is presented to show the possibilities of how the method can accurately capture the relevant phenomenon of these difficult flight regimes.

This paper describes the system architecture of a newly constructed radio telescope – the Boolardy engineering test array, which is a prototype of the Australian square kilometre array pathfinder telescope. Phased array feed technology is used to form multiple simultaneous beams per antenna, providing astronomers with unprecedented survey speed. The test array described here is a six-antenna interferometer, fitted with prototype signal processing hardware capable of forming at least nine dual-polarisation beams simultaneously, allowing several square degrees to be imaged in a single pointed observation. The main purpose of the test array is to develop beamforming and wide-field calibration methods for use with the full telescope, but it will also be capable of limited early science demonstrations.

A case study is described to illustrate the need for vigilance in detecting drug-induced headache. A woman (“Jane”) volunteered for a headache research program, and assessment revealed a very high consumption of headache medication. Jane was taking an average of 21 tablets per day as well as receiving injections several times a week. The research staff directed her to record her medication, and to take these records to her doctor for review. Two general practitioners and a psychiatrist responded that there was no need for intervention, but the researchers were sufficiently concerned that they encouraged her to find another doctor. The fourth doctor admitted her to hospital immediately for detoxification with spectacularly beneficial results.

Bi-functional oxygen electrodes are an enabling component for rechargeable metal-air batteries and regenerative fuel cells, both of which are regarded as the next-generation energy devices with zero emission. Nonetheless, at the present, no single metal oxide component can catalyze both oxygen reduction reaction (ORR) and oxygen evolution reaction (OER) with high performance which leads to large overpotential between ORR and OER. This work strives to address this limitation by studying the bi-functional electrocatalytic activity of the composite of a good ORR catalyst compound (e.g. palladium oxide, PdO) and a good OER catalyst compound (e.g. ruthenium oxide, RuO2) in alkaline solution (0.1M KOH) utilizing a thin-film rotating disk electrode technique. The studied compositions include PdO, RuO2, PdO/RuO2 (25wt.%/75wt.%), PdO/RuO2 (50wt.%/50wt.%) and PdO/RuO2 (75wt.%/25wt.%). The lowest overpotential (e.g. E (2 mA cm−2) - E (-2 mA cm−2)) of 0.82 V is obtained for PdO/RuO2 (25wt.%/75wt.%) (versus Ag|AgCl (3M NaCl) reference electrode).

Extended abstract of a paper presented at Microscopy and Microanalysis 2011 in Nashville, Tennessee, USA, August 7–August 11, 2011.