273 research outputs found

    Instabilities in multi-asset and multi-agent market impact games

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    We consider the general problem of a set of agents trading a portfolio of assets in the presence of transient price impact and additional quadratic transaction costs and we study, with analytical and numerical methods, the resulting Nash equilibria. Extending significantly the framework of Schied and Zhang (2019) and Luo and Schied (2020), who considered the single asset case, we prove the existence and uniqueness of the corresponding Nash equilibria for the related mean-variance optimization problem. We then focus our attention on the conditions on the model parameters making the trading profile of the agents at equilibrium, and as a consequence the price trajectory, wildly oscillating and the market unstable. While Schied and Zhang (2019) and Luo and Schied (2020) highlighted the importance of the value of transaction cost in determining the transition between a stable and an unstable phase, we show that also the scaling of market impact with the number of agents J and the number of assets M determines the asymptotic stability (in J and M) of markets

    Role of IC substrate and ESD protections in noise propagation: Design and modelling of dedicated test chip in 40 nm technology

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    This paper presents the design of a silicon test chip specially conceived to study the noise propagation trough the silicon substrate in order to build up a model to be used in simulating EMC performances -both emission (EME) and immunity (EMI)- and to be able to predict early in advance, before silicon fabrication, EME-EMI characteristics. The chip is realized in 40 nm CMOS technology, the one used for the realization of automotive microcontroller. Four versions of the chip are presented and some measurements are shown. This first paper focuses on emissions aspects, even if the schematic architecture and layout has been developed to cover immunity phenomenon too. To understand the role played by the silicon substrate as propagation medium (noise internally generated to outside or to convey the external environment interferences into the silicon circuitries), the ESD pin protections have been removed on two versions of the test chip. The same electrical architecture is also proposed in different layout designs: with and without the Deep N-Well (DNW) implant allowing isolation of p-well substrates, to evaluate the benefit of this process technique. Previous work is discussed, and new hypotheses and emission measurements are shown. This work is focused on the basic version of the test chip, without DNW and ESD protection, to highlight noise propagation due to the substrate only, without intervention of different physical structures

    Caratteri geomorfologici della fascia costiera compresa tra la foce del fiume Albegna, la Laguna di Orbetello ed Ansedonia

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    La fascia costiera compresa tra la foce del Fiume Albegna e il promontorio di Ansedonia è una costa mista la cui genesi è stata dominata prevalentemente da processi erosivi in corrispondenza del promontorio del M. Argentario e di Ansedonia e da processi deposizionali nei cordoni litorali limitrofi. La crescita dei cordoni litorali è fortemente condizionata dagli apporti fluviali dell’Albegna a nord e del Fiora a sud. L’analisi geomorfologica ha permesso di individuare le varie tappe dell’evoluzione costiera e della genesi della laguna verificatesi durante l’Olocene. Sono stati individuati numerosi paleoalvei dell’Albegna che hanno creato degli apparati deltizi sia prima della genesi dei cordoni che successivamente. La massima ingressione olocenica ha generato una scarpata di erosione che ha interessato, terrazzandoli, depositi di conoide alluvionale, fluviali, detritici ed eolici deposti durante l’ultima fase fredda pleistocenica. Terrazzi minori associati alla divagazione laterale di meandri ad ampio raggio di curvatura e paleoalvei caratterizzano il bordo settentrionale della pianura dell’Albegna

    Playful interactions and facial mimicry in infant bonobos (Pan paniscus)

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    The capacity to promptly and congruently respond to others’ facial signals has at its basis a mirror neuron mechanism. In Rapid (< 1 sec, RFM) and Delayed (1–5 sec, DFM) Facial Mimicry the expression emitted by an individual (trigger) is perceived and replicated by an observer. The occurrence of mimicry phenomena has been demonstrated almost exclusively in the play domain. Here, we aim at evaluating the presence of RFM/DFM during playful interactions between infant bonobos (Pan paniscus), one of the most playful primate species. We video-recorded 435 play sessions between five infants (< 48 months of age) belonging to the bonobo colony hosted at the Wilhelma Zoo (Germany). Via a frame-by-frame video-analysis, we demonstrated the presence of both RFM and DFM. These two phenomena were enhanced by face-to-face interactions between playmates. Hence, the access to others’ faces allows the player to perceive, decode and replicate signals, thus promoting a mutual intersubjective engagement with the partner. The occurrence of DFM suggests that in bonobos, as in chimpanzees, such mirror event is present just starting from infancy. The less automaticity characterizing DFM compared to RFM could be due to the involvement of more complex and time-demanding cognitive processes. Neither RFM nor DFM increased the duration of play sessions. Probably, the mimicry phenomena in infant bonobos are not recruited for manipulating the sessions, which are highly balanced and fair, but possibly for sharing the playful mood between interacting subjects thus increasing their level of familiarity and affiliation
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