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This paper studies a life-cycle optimal portfolio-consumption problem when the consumption performance is measured by a shortfall aversion preference with an additional drawdown constraint on consumption rate. Meanwhile, the agent also dynamically chooses her life insurance premium to maximize the expected bequest at the death time. By using dynamic programming arguments and the dual transform, we solve the HJB variational inequality explicitly in a piecewise form across different regions and derive some thresholds of the wealth variable for the piecewise optimal feedback controls. Taking advantage of our analytical results, we are able to numerically illustrate some quantitative impacts on optimal consumption and life insurance by model parameters and discuss their financial implications., Comment: arXiv admin note: text overlap with arXiv:2108.02648

The notion that phonons can carry pseudo-angular momentum has become popular in the last decade, with recent research efforts highlighting phonon chirality, Berry curvature of phonon band structure, and the phonon Hall effect. When a phonon is resonantly coupled to a crystal electric field excitation, a so-called vibronic bound state forms. Here, we observe angular momentum transfer of $\delta$Jz = $\pm$1$\hbar$ between phonons and an orbital state in a vibronic bound state of a candidate quantum spin liquid. This observation has profound implications for the engineering of phonon band structure topology through chiral quasiparticle interactions., Comment: 29 pages, 10 figures

This paper thoroughly investigates stochastic linear-quadratic optimal control problems with the Markovian regime switching system, where the coefficients of the state equation and the weighting matrices of the cost functional are random. We prove the solvability of the stochastic Riccati equation under the uniform convexity condition and obtain the closed-loop representation of the open-loop optimal control using the unique solvability of the corresponding stochastic Riccati equation. Moreover, by applying It\^{o}'s formula with jumps, we get a representation of the cost functional on a Hilbert space, characterized as the adapted solutions of some forward-backward stochastic differential equations. We show that the necessary condition of the open-loop optimal control is the convexity of the cost functional, and the sufficient condition of the open-loop optimal control is the uniform convexity of the cost functional. In addition, we study the properties of the stochastic value flow of the stochastic linear-quadratic optimal control problem. Finally, as an application, we present a continuous-time mean-variance portfolio selection problem and prove its unique solvability., Comment: 30 pages. arXiv admin note: text overlap with arXiv:1809.00261

This paper studies a discrete-time stochastic control problem with linear quadratic criteria over an infinite-time horizon. We focus on a class of control systems whose system matrices are associated with random parameters involving unknown statistical properties. In particular, we design a distributed Q-learning algorithm to tackle the Riccati equation and derive the optimal controller stabilizing the system. The key technique is that we convert the problem of solving the Riccati equation into deriving the zero point of a matrix equation and devise a distributed stochastic approximation method to compute the estimates of the zero point. The convergence analysis proves that the distributed Q-learning algorithm converges to the correct value eventually. A numerical example sheds light on that the distributed Q-learning algorithm converges asymptotically.

CsYbSe$_2$, a recently identified quantum spin liquid (QSL) candidate, exhibits strong crystal electric field (CEF) excitations. Here, we identify phonon and CEF modes with Raman spectroscopy and observe strong CEF-phonon mixing resulting in a vibronic bound state. Complex, mesoscale interplay between phonon modes and CEF modes is observed in real space, and an unexpected nearly resonant condition is satisfied, yielding up to fifth-order combination modes, with a total of 17 modes identified in the spectra. This study paves the way to coherent control of possible QSL ground states with optically accessible CEF-phonon manifolds and mesoscale engineering of CEF-phonon interactions., Comment: 16 pages, 10 figures; Comments: fixed bbl

This paper studies an optimal consumption problem for a loss-averse agent with reference to past consumption maximum. To account for loss aversion on relative consumption, an S-shaped utility is adopted that measures the difference between the non-negative consumption rate and a fraction of the historical spending peak. We consider the concave envelope of the utility with respect to consumption, allowing us to focus on an auxiliary HJB variational inequality on the strength of concavification principle and dynamic programming arguments. By applying the dual transform and smooth-fit conditions, the auxiliary HJB variational inequality is solved in piecewise closed-form and some thresholds of the wealth variable are obtained. The optimal consumption and investment control can be derived in the piecewise feedback form. The rigorous verification proofs on optimality and concavification principle are provided. Some numerical sensitivity analysis and financial implications are also presented., Comment: Final version, forthcoming in SIAM Journal on Financial Mathematics

Rendering objects invisible to impinging acoustic waves (cloaking) and creating acoustic illusions (holography) has been attempted using active and passive approaches. While passive methods are applicable only to narrow frequency bands, active approaches attempt to respond dynamically, interfering with broadband incident or scattered wavefields by emitting secondary waves. Without prior knowledge of the primary wavefield, the signals for the secondary sources need to be estimated and adapted in real-time. This has thus far impeded active cloaking and holography for broadband wavefields. We present experimental results of active acoustic cloaking and holography without prior knowledge of the wavefield so that objects remain invisible and illusions intact even for broadband moving sources. This opens novel research directions and facilitates practical applications including architectural acoustics, and stealth.

Recent theories and experiments have suggested hydrodynamic phonon transport features in graphite at unusually high temperatures. Here, we report a pico-second pump-probe thermal reflectance measurement of heat pulse propagation in graphite. The measurement results reveal transient lattice cooling near the adiabatic center of a 15 $\mu$m diameter ring-shape pump beam at temperatures between 80 and 120 K. While such lattice cooling has not been reported in recent diffraction measurements of second sound in graphite, the observation here is consistent with both hydrodynamic phonon transport theory and prior heat pulse measurements of second sound in bulk sodium fluoride.