Peter Bank, Yan Dolinsky.

Source: Bernoulli, Volume 26, Number 3, 2176--2201.

Abstract:
We prove a scaling limit theorem for the super-replication cost of options in a Cox–Ross–Rubinstein binomial model with transient price impact. The correct scaling turns out to keep the market depth parameter constant while resilience over fixed periods of time grows in inverse proportion with the duration between trading times. For vanilla options, the scaling limit is found to coincide with the one obtained by PDE-methods in ( Math. Finance 22 (2012) 250–276) for models with purely temporary price impact. These models are a special case of our framework and so our probabilistic scaling limit argument allows one to expand the scope of the scaling limit result to path-dependent options.

A majority of states have at least one policy that limits the number of students that may be in a general education classroom, according to the Education Commission of the States. Among states that have changed their class-size policies since 2008, all have opted to relax those constraints.

A majority of states have at least one policy that limits the number of students that may be in a general education classroom, according to the Education Commission of the States. Among states that have changed their class-size policies since 2008, all have opted to relax those constraints.

Staphylococcus aureus osteomyelitis is a debilitating infection of bone. Treatment of osteomyelitis is impaired by the propensity of invading bacteria to induce pathologic bone remodeling that may limit antibiotic penetration to the infectious focus. The nonsteroidal anti-inflammatory drug diflunisal was previously identified as an osteoprotective adjunctive therapy for osteomyelitis, based on the ability of this compound to inhibit S. aureus quorum sensing and subsequent quorum-dependent toxin production. When delivered locally during experimental osteomyelitis, diflunisal significantly limits bone destruction without affecting bacterial burdens. However, because diflunisal's "quorum-quenching" activity could theoretically increase antibiotic recalcitrance, it is critically important to evaluate this adjunctive therapy in the context of standard of care antibiotics. The objective of this study is to evaluate the efficacy of vancomycin to treat osteomyelitis during local diflunisal treatment. We first determined that systemic vancomycin effectively reduces bacterial burdens in a murine model of osteomyelitis, and identified a dosing regimen that decreases bacterial burdens without eradicating infection. Using this dosing scheme, we found that vancomycin activity is unaffected by the presence of diflunisal in vitro and in vivo. Similarly, locally-delivered diflunisal still potently inhibits osteoblast cytotoxicity in vitro and bone destruction in vivo in the presence of sub-therapeutic vancomycin. However, we also found that the resorbable polyurethane foams used to deliver diflunisal serve as a nidus for infection. Taken together, these data demonstrate that diflunisal does not significantly impact standard of care antibiotic therapy for S. aureus osteomyelitis, but also highlight potential pitfalls encountered with local drug delivery.

Security expert Max Eddy explains how Apple banning an app used by pro-democracy protesters shows how even the best consumer security polices fail when there's a lack of will to enforce them appropriately.

Updated emergency declaration also bans gatherings of 50+ people statewide, and closes gaming in Delaware casinos WILMINGTON, Del. – Governor John Carney on Monday modified his March 12 emergency declaration to limit Delaware restaurants, taverns and bars to take-out and delivery service only to help prevent spread of the coronavirus (COVID-19). Governor Carney’s updated emergency […]

Out-of-state visitors must self-quarantine for 14 days before engaging in fishing, hunting, golf, visiting state parks and wildlife areas.

While most state parks, nature and wildlife areas continue to stay open during the “Stay Home, Stay Safe” emergency order, many amenities are closed.

Credit risk funds have been seeing redemptions over the last one year. Between March 2019 and March 2020, most credit risk funds had seen outflows barring ICICI Prudential Credit Risk Funs, IDFC Credit Risk Fund and Mahindra Credit Risk Yojana.

At the same time, long term FPI investment limits in G-secs have been brought down to Rs 1.03 lakh crore from the prevailing limit of Rs 1.15 lakh crore  a reduction of almost $1.5 billion.

Change of rules to spending limits would make the sport more competitive

The biggest palm oil producers stepped up lobbying in Brussels to defend its future in the European market.

There has been so much hype about the “Internet of Things” (IoT) that it is refreshing to hear about a cutting-edge development project that can bring concrete benefits to millions of people. That project is the ongoing development of the Google Smart Contact Lens, and it was detailed in a keynote speech June 8 at the Design Automation Conference (DAC 2015).

The keynote speech was given by Brian Otis (right), a director at Google and a research associate professor at the University of Washington. The “smart lens” that the project envisions is essentially a disposable contact lens that fits on an eye and continuously monitors blood glucose levels. This is valuable information for anyone who has, or may someday have, diabetes.

Since he was speaking to an engineering audience, Otis focused on the challenges behind building such a device, and described some of the strategies taken by Google and its partner, Novartis. The project required new approaches to miniaturization, low-power design, and connectivity, as well as a comfortable and reliable silicon-to-human interface. Otis discussed the “why” as well and showed how the device could potentially save or improve millions of lives.

Millions of Users

First, a bit of background. Google announced the smart lens project in a blog post in January 2014. Since then it has been featured in news outlets including Forbes, Time, and the Wall Street Journal. In March 2015, Time reported that Google has been granted a patent for a smart contact lens.

The smart lens monitors the level of blood glucose by looking at its concentration in tears. The lens includes a wireless system on chip (SoC) and a miniaturized glucose sensor. A tiny pinhole in the lens allows tear fluid to seep into the sensor, and a wireless antenna handles communications to the wireless devices.

“We figure that if we can solve a huge problem, it is probably worth doing,” Otis said. “Diabetes is one example.” He noted 382 million people worldwide have diabetes today, and that 35% of the U.S. population may be pre-diabetic. Today, diabetics must *** their fingers to test blood glucose levels, a procedure that is invasive, painful, and subject to infrequent monitoring.

According to Otis, the smart contact lens represents a “new category of wearable devices that are comfortable, inexpensive, and empowering.” The lens does sensor data logging and uses a portable instrument to measure glucose levels. It is thin, cheap, and disposable, he said.

Moreover, the lens is not just for people already diagnosed with diabetes—it’s for anyone who is pre-diabetic, or may be at risk due to genetic predisposition. “If we are pro-active rather than re-active,” Otis said, “Instead of waiting until a person has full-fledged diabetes, we could make a huge difference in peoples’ lives and lower the costs of treating them.”

Technical Challenges

No one has built anything quite like the smart lens, so researchers at Google and Novartis are treading new ground. Otis identified three key challenges:

• Miniaturization: Everything must be really small—the SoC, the passive components, the power supply. Components must be flexible and cheap, and support thin-film integration.
• Platform: Google has developed a reusable platform that includes tiny, always-on wireless sensors, ultra low-power components, and standards-based interfaces.
• Data: Researchers are looking for the best ways to get the resulting data into a mobile device and onto the cloud.

Comfort is another concern. “This is not intended to be for the most severe cases,” Otis said. “This is intended to be for all of us as a pro-active way of improving our lifestyles.”

The platform provides a bidirectional encrypted wireless link, integrated power management, on-chip memory, standards-based RFID link, flexible sensor interface, high-resolution potentiostat sensor, and decoupling capacitors. Most of these capabilities are provided by the standard CMOS SoC, which is a couple hundred microns on a side and only “tens of microns” thick.

Otis noted that unpackaged ICs are typically 250 microns thick when they come back from the foundry. Thus, post-processing is needed so the IC will fit into a contact lens.

Furthermore, the design requires precision analog circuitry and additional environmental sensors. “Some of this stuff sounds mundane but it is really hard, especially when you find out you can’t throw large decoupling capacitors and bypass capacitors onto a board, and all that has to be re-integrated into the chip,” Otis said.

Sensor Challenges

Getting information from the human body is challenging. The smart lens sensor does a direct chemical measurement on the surface of the eye. The sensor is designed to work with very low glucose concentrations. This is because the concentration of glucose in tears is an order of magnitude lower than it is in blood.

In brief, the sensor has two parallel plates that are coated with an enzyme that converts glucose into hydrogen peroxide, which flows around the electrodes of the sensor. This is actually a fairly standard way of doing glucose monitoring. However, the smart lens sensor has two electrodes compared to the typical three.

In manufacturing, it is essential to keep costs low. Otis outlined a three-step manufacturing process:

• Start with the bottom layer, and mold a contact lens in the way you typically would.
• Add the electronics package on top of that layer.
• Build a second layer that encapsulates the electronics and provides the curvature needed for comfort and vision correction.

Beyond the technical challenges are the “clinical” challenges of working with human beings. The human body “is messy and very variable,” Otis said. This variability affects sensor performance and calibration, RF/electro-magnetic performance, system reliability, and comfort.

The final step is making use of the data. “We need to get the data from the device into a phone, and then display it so users can visualize the data,” Otis said. This provides “actionable feedback” to the person who needs it. Eventually, the data will need to be stored in the cloud.

As he concluded his talk, Otis noted that the platform his group developed may have many applications beyond glucose monitoring. “There is a lot you can do with a bunch of logic and sensing capability,” he said, “and there are hundreds of biomarkers beyond glucose.” Clearly this will be an interesting technology to watch.

Richard Goering

Related Blog Post

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By Decree No. 206 On Declaring Non-Working Days in the Russian Federation dated 25 March 2020 ("Decree No. 206") the President of the Russian Federation announced that from 30 March 2020 until 3 April 2020 would be considered non-working days in the...

A decade ago, Johan Rockström identified the limits to Earth's life support systems. From chemical pollution to climate change, we're veering into the danger zone - so why is he (cautiously) optimistic about the future?

Title: Is the 'Gratitude Movement' Overrated? Study Finds It Has Limits
Category: Health News
Created: 3/16/2020 12:00:00 AM
Last Editorial Review: 3/17/2020 12:00:00 AM

Viruses commonly antagonize innate immune pathways that are primarily driven by nuclear factor kappa B (NF-B), interferon regulatory factor (IRF), and the signal transducer and activator of transcription proteins (STAT) family of transcription factors. Such a strategy allows viruses to evade immune surveillance and maximize their replication. Using an unbiased transcriptome sequencing (RNA-seq)-based approach to measure gene expression induced by transfected viral genomic RNA (vgRNA) and reovirus infection, we discovered that mammalian reovirus inhibits host cell innate immune signaling. We found that, while vgRNA and reovirus infection both induce a similar IRF-dependent gene expression program, gene expression driven by the NF-B family of transcription factors is lower in infected cells. Potent agonists of NF-B such as tumor necrosis factor alpha (TNF-α) and vgRNA failed to induce NF-B-dependent gene expression in infected cells. We demonstrate that NF-B signaling is blocked due to loss of critical members of the inhibitor of kappa B kinase (IKK) complex, NF-B essential modifier (NEMO), and IKKβ. The loss of the IKK complex components prevents nuclear translocation and phosphorylation of NF-B, thereby preventing gene expression. Our study demonstrates that reovirus infection selectively blocks NF-B, likely to counteract its antiviral effects and promote efficient viral replication.

IMPORTANCE Host cells mount a response to curb virus replication in infected cells and prevent spread of virus to neighboring, as yet uninfected, cells. The NF-B family of proteins is important for the cell to mediate this response. In this study, we show that in cells infected with mammalian reovirus, NF-B is inactive. Further, we demonstrate that NF-B is rendered inactive because virus infection results in reduced levels of upstream intermediaries (called IKKs) that are needed for NF-B function. Based on previous evidence that active NF-B limits reovirus infection, we conclude that inactivating NF-B is a viral strategy to produce a cellular environment that is favorable for virus replication.

Zhi-Jun Zhao, Davina Derous, Abby Gerrard, Jing Wen, Xue Liu, Song Tan, Catherine Hambly, and John R. Speakman

Lactating mice increase food intake 4- to 5-fold, reaching an asymptote in late lactation. A key question is whether this asymptote reflects a physiological constraint, or a maternal investment strategy (a ‘restraint’). We exposed lactating mice to periods of food restriction, hypothesizing that if the limit reflected restraint, they would compensate by breaching the asymptote when refeeding. In contrast, if it was a constraint, they would by definition be unable to increase their intake on refeeding days. Using isotope methods, we found that during food restriction, the females shut down milk production, impacting offspring growth. During refeeding, food intake and milk production rose again, but not significantly above unrestricted controls. These data provide strong evidence that asymptotic intake in lactation reflects a physiological/physical constraint, rather than restraint. Because hypothalamic neuropeptide Y (Npy) was upregulated under both states of restriction, this suggests the constraint is not imposed by limits in the capacity to upregulate hunger signalling (the saturated neural capacity hypothesis). Understanding the genetic basis of the constraint will be a key future goal and will provide us additional information on the nature of the constraining factors on reproductive output, and their potential links to life history strategies.

Yi Huang, Jazmin Osorio Mendoza, Catherine Hambly, Baoguo Li, Zengguang Jin, Li Li, Moshen Madizi, Sumei Hu, and John R. Speakman

The heat dissipation limit theory predicts lactating female mice consuming diets with lower specific dynamic action (SDA) should have enhanced lactation performance. Dietary fat has lower SDA than other macronutrients. Here we tested the effects of graded dietary fat levels on lactating Swiss mice. We fed females five diets varying in fat content from 8.3 to 66.6%. Offspring of mothers fed diets of 41.7% fat and above were heavier and fatter at weaning compared to those of 8.3% and 25% fat diets. Mice on dietary fat contents of 41.7% and above had greater metabolizable energy intake at peak lactation (8.3%: 229.4±39.6, 25%: 278.8±25.8, 41.7%: 359.6±51.5, 58.3%: 353.7±43.6, 66.6%: 346±44.7 kJ day^–1), lower daily energy expenditure (8.3%: 128.5±16, 25%: 131.6±8.4, 41.7%: 124.4±10.8, 58.3%: 115.1±10.5, 66.6%: 111.2±11.5 kJ day^–1) and thus delivered more milk energy to their offspring (8.3%: 100.8±27.3, 25%: 147.2±25.1, 41.7%: 225.1±49.6, 58.3%: 238.6±40.1, 66.6%: 234.8±41.1 kJ day^–1). Milk fat content (%) was unrelated to dietary fat content, indicating females on higher fat diets (> 41.7%) produced more rather than richer milk. Mothers consuming diets with 41.7% fat or above enhanced their lactation performance compared to those on 25% or less, probably by diverting dietary fat directly into the milk, thereby avoiding the costs of lipogenesis. At dietary fat contents above 41.7% they were either unable to transfer more dietary fat to the milk, or they chose not to do so, potentially because of a lack of benefit to the offspring that were increasingly fatter as maternal dietary fat increased.

Background

The inactivation of the ciliary proteins polycystin 1 or polycystin 2 leads to autosomal dominant polycystic kidney disease (ADPKD). Although signaling by primary cilia and interstitial inflammation both play a critical role in the disease, the reciprocal interactions between immune and tubular cells are not well characterized. The transcription factor STAT3, a component of the cilia proteome that is involved in crosstalk between immune and nonimmune cells in various tissues, has been suggested as a factor fueling ADPKD progression.

The back-and-forth continues.The Department of Homeland Security said Friday the United States will shorten the visa length for Chinese journalists working for non-American news outlets to 90 days. Previously, journalists with Chinese passports were granted open-ended visas. They can apply for extensions under the new rules, but renewed visas will also last just 90 days. The new limit won't apply to reporters from Hong Kong Macau, or to mainland Chinese citizens who hold green cards.It's the latest development in a media war between Washington and Beijing that has intensified during the coronavirus pandemic. American officials said the rules were meant to counterbalance the "suppression of independent journalism" in China, whose government expelled journalists from The Wall Street Journal, The New York Times, and The Washington Post in March. Before that, the U.S. reduced the number of Chinese citizens employed by multiple state-controlled Chinese news organizations to work in the country. The New York Times notes the move wasn't unexpected; U.S. intelligence officials have long believed some journalists at Beijing-run outlets are spies, and the Trump administration has designated some Chinese news agencies foreign government functionaries.The heightened tensions between the world's two biggest powers didn't just show up in the media world Friday. U.S. lawmakers wrote to nearly 60 countries asking them to support Taiwan's participation in the World Health Organization, a move that likely won't sit well with China. And Washington also blocked a United Nations security council resolution calling for a global ceasefire during the pandemic because it indirectly referenced the WHO, which the U.S. has blamed in conjunction with China for failing to suppress the outbreak.More stories from theweek.com Outed CIA agent Valerie Plame is running for Congress, and her launch video looks like a spy movie trailer 7 scathing cartoons about America's rush to reopen Trump says he couldn't have exposed WWII vets to COVID-19 because the wind was blowing the wrong way

The tech giants shared details Monday about the tools they’ve been developing to help governments and public health authorities trace the spread of the coronavirus.

The SBA's IG said the agency veered from the law Congress drafted to create the program when the agency set rules for how businesses could obtain loan forgiveness.

It's a common phenomenon we know from cracked sneakers and burst tyres: worn-out materials can cause anything from mild annoyance to fatal accidents. But while fatigue is well understood in synthetic materials, we know much less about such processes in mammalian tissue. An international team led by HITS researchers has shown that mechanical stress can similarly deteriorate collagen tissue. The findings might help to advance material research and biomedicine.

Events with extreme temperatures and humidity are occurring twice as often now as they were 40 years ago

-- Read more on ScientificAmerican.com

The Justice Department announced today that the Townhomes of Kings Lake HOA Inc. (HOA) and Vanguard Management Group Inc. have agreed to pay $150,000 to settle a lawsuit alleging violations of the Fair Housing Act (FHA).

Sant Singh Chatwal, 70, of New York – a businessman operating several restaurants, hotels and a hotel management company – pleaded guilty in the Eastern District of New York to conspiring to violate the Federal Election Campaign Act.

In the last 30 years, Nevada has evolved from a sparsely and homogenously populated rural outpost to one of the most urban and diverse states in the country. Nevada’s population is now majority-minority. The Las Vegas-Henderson-Paradise Metropolitan statistical area with over 2.2 million residents is the 28th largest in the country and is home to…

These are trying times for the world—and acutely challenging times for cities. Whether grappling with the challenges of integrating refugees or adapting to new environmental realities brought on by climate change, mayors are on the front lines, dealing with disruptions brought by technology, economic transformation, and demographic shift.  In the United States, socioeconomic and political…

Inspired by geoengineering techniques, an artist creates a personal cloud-forming machine to make a point.

Limits would save lives and significantly reduce carbon emissions, but let's keep our priorities straight.

Triclosan may have been banned in soap, but antimicrobials are still allowed in more than 2,000 other products, which is a big problem.

Over 80 countries have signed up to make our roads safer. Only one dissented.

Events with extreme temperatures and humidity are occurring twice as often now as they were 40 years ago

-- Read more on ScientificAmerican.com

This paper investigates the effect of structural characteristics on debt limits of middle income countries.