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We investigate the classical optimal investment problem of the Merton model in a discrete time with market friction due to loss of wealth in trading. We consider the case of a finite number of investors, with the friction for each investor represented by a convex penalty function. This model cover the transaction costs and liquidity models studied previously in the literature. We suppose that each investor maximizes their utility function over all controls that keep the value of the portfolio after liquidation non-negative. In the main results of this paper, we prove the existence of an optimal strategy of investment by using a new approach based on the formulation of an equivalent general equilibrium economy model via constructing a truncated economy, and the optimal strategy is obtained using a classical argument of limits.

We consider an iterative method for regularization of a variational inequality (VI) defined by a Lipschitz continuous monotone operator in the case where the set of feasible solutions is decomposed to the intersection of finitely many closed convex subsets of a Hilbert space. We prove the strong convergence of the sequence generated by our algorithm. It seems that this is the first time in the literature to handle iterative solution of ill-posed VIs in the domain decomposition case.

Chebbi, S, Chamari, K, Van Dyk, N, Gabbett, T, and Tabben, M. Hamstring injury prevention for elite soccer players: A real-world prevention program showing the effect of players' compliance on the outcome. J Strength Cond Res 36(5): 1383-1388, 2022-The aim of this study was to determine the effect of implementing the Nordic hamstring exercise (NHE) to prevent hamstring injuries in soccer. A professional team was followed by the same medical team during 5 successive seasons (2012/2013 through 2016/2017). During the first and last seasons (2012/2013 and 2016/2017), no hamstring preventive action was implemented. For the seasons 2013/2014, 2014/2015, and 2015/2016, a noncompulsory (few players refusing to participate) NHE prevention program was implemented with accurate recording of the players' training and match exposure and attendance to the prevention sessions. The first 10 weeks of the season were used to progressively increase the volume and intensity of the NHE exercises, and at the end of the season, players were split in low-, moderate-, and high-attendance groups to the prevention sessions. Overall, 35 time-loss hamstring strain injuries were accounted for. The injury incidence was 0.30 per player per season, and the injury rate was 0.95 injury/1000 hour of exposure. A nonstatistically significant higher risk of hamstring injury was observed in the control, low, and moderate attendance groups compared with the high-attendance group. The greatest risk of hamstring injury was observed in the low-attendance group (odds ratio 1.77, confidence interval 0.57-5.47, p = 0.32). Implementing a NHE prevention program has a positive effect on the injury rate in a soccer team; however, the compliance of players with such interventions may be critical for its success.

We show that the viscosity approximation method coupled with the Krasnoselskii&ndash, Mann iteration generates a sequence that strongly converges to a fixed point of a given nonexpansive mapping in the setting of uniformly smooth Banach spaces. Our result shows that the geometric property (i.e., uniform smoothness) of the underlying space plays a role in relaxing the conditions on the choice of regularization parameters and step sizes in iterative methods.

We are concerned with the study of a class of non-autonomous eigenvalue problems driven by two non-homogeneous differential operators with variable ( p 1 , p 2 ) {(p_{1},p_{2})} -growth. The main result of this paper establishes the existence of a continuous spectrum consisting in an unbounded interval and the nonexistence of eigenvalues in a neighbourhood of the origin. The abstract results of this paper are described by two Rayleigh-type quotients and the proofs rely on variational arguments.

Given a bounded open regular set $\varOmega \in \mathbb{R}^{4}, x_{1}, x_{2}, \ldots, x_{m} \in \varOmega, \lambda, \rho > 0, \gamma \in (0,1)$ , and ${\mathscr{Q}}_{\lambda }$ some nonlinear operator (which will be defined later), we prove that the problem $$ \Delta ^{2}u +{\mathscr{Q}}_{\lambda }(u)= \rho ^{4} \bigl(e^{u} + e^{\gamma u}\bigr) $$ has a positive weak solution in Ω with $u = \Delta u=0$ on ∂Ω, which is singular at each $x_{i}$ as the parameters λ and ρ tend to 0.

In this paper, we consider a production economy with an unbounded attainable set where the consumers may have non-complete non-transitive preferences. To get the existence of an equilibrium, we provide an asymptotic property on preferences for the attainable consumptions and we use a combination of the nonlinear optimization and fixed point theorems on truncated economies together with an asymptotic argument. We show that this condition holds true if the set of attainable allocations is compact or, when the preferences are representable by utility functions, if the set of attainable individually rational utility levels is compact. This assumption generalizes the CPP condition of [N. Allouch, An equilibrium existence result with short selling, J. Math. Econom. 37 2002, 2, 81–94] and covers the example of [F. H. Page, Jr., M. H. Wooders and P. K. Monteiro, Inconsequential arbitrage, J. Math. Econom. 34 2000, 4, 439–469] when the attainable utility levels set is not compact. So we extend the previous existence results with non-compact attainable sets in two ways by adding a production sector and considering general preferences.

We give a generalized version of the well-known Borsuk’s antipodal fixed point theorem for a large class of antipodally approachable condensing or compact set-valued maps defined on closed subsets of locally convex topological vector spaces. These results contain corresponding results obtained in the literature for compact set-valued maps with convex values.

Mann&rsquo, s iteration process for finding a fixed point of a nonexpansive mapping in a Banach space is considered. This process is known to converge weakly in some class of infinite-dimensional Banach spaces (e.g., uniformly convex Banach spaces with a Fr&eacute, chet differentiable norm), but not strongly even in a Hilbert space. Strong convergence is therefore a nontrivial problem. In this paper we provide certain conditions either on the underlying space or on the mapping under investigation so as to guarantee the strong convergence of Mann&rsquo, s iteration process and its variants.

In this paper, we give a uniform approach for generalized convexity by using the concept of L-convexity defined by Ben El-Mechaiekh et al. (J Math Anal Appl 222:138–150, 1998). We prove that the generalized notion of L-space contains well-known generalized convex spaces defined in the literature in topological vector spaces as well as several generalized convexity structures defined on metric spaces. In this context, we give a generalized version of the Fan–Knaster–Kuratowski–Mazurkiewicz Principle (FKKM Principle) in L-spaces and a Browder-Fan type theorem about the existence of fixed points for open lower section set-valued maps defined in an L-space. As an application, we prove the existence of equilibria for an abstract economy with an infinite number of agents.

We study the classical optimal investment and consumption problem of Merton in a discrete time model with frictions. Market friction causes the investor to lose wealth due to trading. This loss is modeled through a nonlinear penalty function of the portfolio adjustment. The classical transaction cost and the liquidity models are included in this abstract formulation. The investor maximizes her utility derived from consumption and the final portfolio position. The utility is modeled as the expected value of the discounted sum of the utilities from each step. At the final time, the stock positions are liquidated and a utility is obtained from the resulting cash value. The controls are the investment and the consumption decisions at each time. The utility function is maximized over all controls that keep the after liquidation value of the portfolio non-negative. A dynamic programming principle is proved and the value function is characterized as its unique solution with appropriate initial data. Optimal investment and consumption strategies are constructed as well.

International audience; We investigate the problem of optimal investment and consumption of Merton in the case of discrete markets in an infinite horizon. We suppose that there is frictions in the markets due to loss in trading. These frictions are modeled through nonlinear penalty functions and the classical transaction cost and liquidity models are included in this formulation. In this context, the solvency region is defined taking into account this penalty function and every investigator have to maximize his utility, that is derived from consumption, in this region. We give the dynamic programming of the model and we prove the existence and uniqueness of the value function.

We present a generalized version of a quasi-variational inequality for maps defined on non-compact sets and satisfying generalized concavity and coercivity conditions. Several quasi-variational inequalities obtained in the literature can be extended by our result.

We present a simple and direct proof for a Leray-Schauder type alternative for a large class of condensing or compact set-valued maps containing convex as well as nonconvex maps. The aim of this note is to extend the Leray-Schauder type nonlinear alternative presented in [BI] to a condensing upper semicontinuous approximable set-valued map F: X -> E when X is a closed subset with nonempty interior of a locally convex topological vector space E. The proof presented here is even shorter and simpler than the one given in [BI]. In what follows E stands for a Hausdorff locally convex topological vector space with a fundamental basis JK. of convex, symmetric neighborhoods of the origin; if X, Y are nonempty subsets of E, then F: X -Y is a set-valued map with nonempty values (simply called map). The boundary, the interior, the closure, and the convex hull of a subset A in E are denoted by AA, int A, A, and co A respectively. Definition 1. F is said to be upper semicontinuous (u.s.c.) on X if and only if for any open subset V of Y, the set {x E X: F(x) C V} is open in X. Definitions 2 ([BD], [BI], see also [GGK] for metric spaces). (1) Given U, V E X, a function s: X -+ Y is said to be a (U, V)-approximative selection of F if for any xE X, S(x) E (F[(x+ U) nX] +V) n Y. (2) F: X -* Y is said to be approachable if it has a continuous (U, V)approximative selection for any (U, V) E KV x JK. A(X, Y) denotes the class of such maps. We write .A(X) for A(X, X). (3) F is said to be approximable if its restriction FIK to any compact subset K of X is approachable. Note that an approachable map is approximable (cf. [B]). Examples. It is well-known that if F is u.s.c. with nonempty convex values, then F is approachable provided X is paracompact and Y is convex (cf. [DG]). Obviously, F is approximable without conditions on X (see [C]). Received by the editors August 12, 1996 and, in revised form, January 16, 1997. 1991 Mathematics Subject Classification. Primary 47H04, 47H10, 54C60.

We prove a generalized result on the existence of equilibria for a monotone set-valued map defined on noncompact domain and take its values in an order of topological vector space. As consequence, we give a new variational inequality.

We prove an equilibrium existence result for vector functions defined on noncompact domain and we give some applications in optimization and Nash equilibrium in noncooperative game.

We present an extension of Borsuk's antipodal theorem (existence of a zero) for antipodally approachable correspondences without convex values. This result is a generalization of Borsuk-Ulam Theorem and has a fixed-point equivalent formulation., Nous présentons dans cet article une extension du théorème de Borsuk antipodal (existence de zéro) aux correspondances antipodalement approchables à valeurs non convexes. Ce résultat est aussi une généralisation du théorème de Borsuk-Ulam et admet une formulation en termes de point fixe.

International audience; We present in this paper a generalized version of the celebrated Knaster–Kuratowski–Mazurkiewicz–Fan's principle on the intersection of a family of closed sets subject to a classical geometric condition and a weakened compactness condition. The fixed point formulation of this generalized principle extends the Browder–Fan fixed point theorem to set-valued maps of non-compact convex subsets of topological vector spaces.

The purpose of this paper is to extend Himmelberg's fixed-point theorem, replacing the usual convexity in topological vector spaces with an abstract topological notion of convexity that generalizes classical convexity as well as several metric convexity structures found in the literature. We prove the existence, under weak hypotheses, of a fixed point for a compact approachable map, and we provide sufficient conditions under which this result applies to maps whose values are convex in the abstract sense mentioned above.