Liquidity risk arises from the inability to unwind or hedge trading positions at the prevailing market prices. The risk of liquidity is a wide and complex topic as it depends on several factors and causes. While much has been written on the subject, there exists no clear-cut mathematical description of the phenomena and typical market risk modeling methods fail to identify the effect of illiquidity risk. In this paper, we do not propose a definitive one either, but we attempt to (...) derive novel mathematical algorithms for the dynamic modeling of trading volumes during the closeout period from the perspective of multiple-asset portfolio, as well as for financial entities with different subsidiary firms and multiple agents. The robust modeling techniques are based on the application of initial-value-problem differential equations technique for portfolio selection and risk management purposes. This paper provides some crucial parameters for the assessment of the trading volumes of multiple-asset portfolio during the closeout period, where the mathematical proofs for each theorem and corollary are provided. Based on the new developed econophysics theory, this paper presents for the first time a closed-form solution for key parameters for the estimation of trading volumes and liquidity risk, such as the unwinding constant, half-life, and mean lifetime and discusses how these novel parameters can be estimated and incorporated into the proposed techniques. The developed modeling algorithms are appealing in terms of theory and are promising for practical econophysics applications, particularly in developing dynamic and robust portfolio management algorithms in light of the 2007–2009 global financial crunch. In addition, they can be applied to artificial intelligence and machine learning for the policymaking process, reinforcement machine learning techniques for the Internet of Things data analytics, expert systems in finance, FinTech, and within big data ecosystems. (shrink)

The European Union (EU) has been challenged by several crises lately. In addition to Brexit, the Euro crisis, and the migration crisis; global issues such as the coronavirus pandemic and the Russian attack on Ukraine affected the EU. The migration crisis, on the one hand, differs from the above-mentioned crises with one remarkable feature. The member states have no real consensus about forming a common migration policy. Besides, for geographic reasons, some member states put much more burden on immigrants. Agreeing (...) on immigration becomes impossible for the border countries on the migration route and also transit countries. The paper argues that, unlike the other crises of the EU, the migration crisis reinforces EU integration in such a way that disputes between member states prevent the EU from making institutional changes about the issue. The study results assume that the other above-mentioned crises, on the other hand, stimulated institutional change throughout the EU. In light of this information, this study evaluates, using a method of relevant literature review and comparing the arguments of the researchers, how the migration issue became a subject of dispute between member states by evaluating the 2015 crisis. (shrink)

A number of recent studies have documented rapid changes in behavioural sensory acuity induced by aversive learning in the olfactory and auditory modalities. The effect of aversive learning on the discrimination of low-level features in the visual system of humans remains unclear. Here, we used a psychophysical staircase procedure to estimate discrimination thresholds for oriented grating stimuli, before and after differential aversive learning. We discovered that when a target grating orientation was conditioned with an aversive loud noise, it subsequently (...) led to an improvement of discrimination acuity in nearly all subjects. However, no such change was observed in a control group conditioned to an orientation shifted by ±90° from the target. Our findings cannot be explained by contextual learning or sensitisation factors. The results converge with those reported in the olfactory modality and provide further evidence that early sensory systems can be rapidly modified by recently experienced reinforcement histories. (shrink)

The existing numerous adaptive variants of differential evolution have been improved the search ability of classic DE to certain extent. Nevertheless, those variants of DE do not obtain the promising performance in solving black box problems with unknown features, which is mainly because the adaptive rules of those variants are designed according to their designers’ cognition on the problem features. To enhance the optimization ability of DE in optimizing black box problems with unknown features, a differential evolution with (...) autonomous selection of mutation strategies and control parameters is proposed in this paper, inspired by autonomous decision-making mechanism of reinforcement learning. In ASDE, a historical experience archive with population features is utilized to preserve accumulated historical experience of the combination of mutation strategies and control parameters. Furthermore, the accumulated historical experience can be autonomously mapped into rules repository, and the individuals can choose the combination of mutation strategies and control parameters according to those rules. Additionally, an updating and utilization mechanism of the historical experience is designed to assure that the historical experience can be effectively accumulated and utilized efficiently. Compared with some state-of-the-art intelligence algorithms on 15 functions of CEC2015, 28 functions of CEC2017, and parameter extraction problems of the photovoltaic model, ASDE has the advantages of solution accuracy, convergence speed, and robustness in solving black box problems with unknown features. (shrink)

:Advocates of social equality need to develop an account of the society they favor. I have argued elsewhere that social equality should be conceived negatively: in terms of opposition to asymmetric and alienating relations such as hierarchy, domination and social exclusion, rather than in terms of a positive model of equality. This essay looks in detail at social exclusion, or rather “differential social inclusion,” and especially at the mechanisms that create exclusion and bind excluded groups together, and the consequent (...) effects these mechanisms have on the reinforcement of inequality of opportunity and failure of social solidarity. Possible policies, such as improved social mobility, assertive self-affirmation, validation of subcultures, integration, and the creation of a large public sector are considered as possible responses to differential social inclusion in order to move closer to the idea of a society of equals. (shrink)

Sagvolden, Johansen, Aase, and Russell (Sagvolden et al.) examine attention-deficit/hyperactivity disorder (ADHD) at levels of analysis ranging from neurotransmitters to behavior. At the behavioral level they attribute aspects of ADHD to anomalies of delay-of-reinforcement gradients. With a normal gradient, responses followed after a long delay by a reinforcer may share in the effects of that reinforcer; with a diminished or steepened gradient they may fail to do so. Steepened gradients differentially select rapidly emitted responses (hyperactivity), and they limit the effectiveness (...) with which extended stimuli become conditioned reinforcers, so that observing behavior is less well maintained (attention deficit). Impulsiveness also follows from steepened gradients, which increase the effectiveness of smaller, more immediate consequences relative to larger, more delayed ones. Individuals who vary in the degree to which their delay gradients are steepened will show different balances between hyperactivity and attention deficit. Given the range of ADHD phenomena addressed, it may be unnecessary to appeal to additional behavioral processes such as extinction deficit. Extinction deficit is more likely a derivative of attention deficit, in that failure to attend to stimuli differentially correlated with extinction should slow its progress. The account suggests how relatively small differences in delay gradients early in development might engender behavioral interactions leading to very large differences later on. The steepened gradients presumably originate in properties of neurotransmitter function, but behavioral interventions that use consistently short delays of reinforcement to build higher-order behavioral units as a scaffolding to support complex cognitive and social skills may nonetheless be feasible. Key Words: ADHD; attention deficit; delay gradient; exponential decay; extinction deficit; hyperactivity; impulsiveness; intervention; observing responses; self-control. Footnotes1000 Jeffrey Gray was the BBS Editor for this treatment. When he accepted Sagvolden et al. for publication, he invited Catania, who was one of the reviewers of the original submission, to prepare a precommentary. Com-mentators were then invited to respond to the Sagvolden et al. article, to the Catania precommentary, or to both. (shrink)

Recent calls for reinstituting mandatory home economics education have emphasized its potential to advance gender egalitarian aims. The thought is that, because women’s disproportionate performance of caregiving and household labor is partially caused by gender socialization that better prepares women than men for such work, we can disrupt gender inegalitarian work distributions by preparing everyone for the sort of work in question. The curricula envisioned in these calls are gender-neutral, in the sense that they recommend identical educational interventions for all (...) genders. By exploiting a parallel between gender-neutral educational policies and gender-neutral family leave policies, we argue first that gender-neutral home economics instruction is unlikely to advance gender egalitarian aims, and may in fact reinforce the very outcomes it is meant to disrupt. However, we further argue that a more radical home economics curriculum could avoid these difficulties. To the extent that we value educational interventions as a possible means for advancing gender egalitarian aims, we have good reason to seriously consider adopting a gender non-neutral program in which all and only boys receive mandatory caregiving instruction. (shrink)