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The global 6G vision has taken its shape after years of international research and development efforts. This work culminated in ITU-R's Recommendation on "IMT-2030 Framework". While the definition phase of technological requirements is currently ongoing, 3GPP's standardization process on 6G networks is expected to start in 2025 and worldwide commercialization around 2030. This article serves as a comprehensive guide to 6G by providing an overall vision, a contemporary survey of the main literature, and an informative tutorial-type presentation style. In our vision, 6G will be based on three fundamental elements: wireless, artificial intelligence (AI), and the Internet of Everything (IoE). Consequently, 6G can ultimately become the Intelligent Network of Everything while serving as an enabling platform for the next major disruption in mobile communication, called mobile intelligence. The potential of mobile intelligence is that anything can be made connected, intelligent, and aware of its environment. This will revolutionize the way how devices, systems, and applications are designed; how they operate and interact with humans and each other; and how they can be used for the benefit of people, society, and the world in general. After high-level visioning, the main details of 6G are discussed, including fundamental elements, disruptive applications, key use cases, main performance requirements, potential technologies, and defining features. A special focus is given to a comprehensive set of potential 6G technologies, each of which is introduced in a tutorial manner. Finally, we speculate on what comes after 6G and sketch the first high-level vision of 7G. All in all, the objective of this article is to provide a thorough guide to 6G in order to serve as a source of knowledge and inspiration for further research and development work in academia, industry, and standardization bodies., Comment: Submitted to the IEEE. 92 pages, 45 figures, 14 tables

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This paper develops a general framework for stochastic modeling of goals and other events in football (soccer) matches. The events are modelled as Cox processes (doubly stochastic Poisson processes) where the event intensities may depend on all the modeled events as well as external factors. The model has a strictly concave log-likelihood function which facilitates its fitting to observed data. Besides event times, the model describes the random lengths of stoppage times which can have a strong influence on the final score of a match. The model is illustrated on eight years of data from Campeonato Brasileiro de Futebol S\'erie A. We find that dynamic regressors significantly improve the in-game predictive power of the model. In particular, a) when a team receives a red card, its goal intensity decreases more than 30%; b) the goal rate of a team increases by 10% if it is losing by one goal and by 20% if its losing by two goals; and c) when the goal difference at the end of the second half is less than or equal to one, the stoppage time is on average more than one minute longer than in matches with a difference of two goals.

This paper characterizes the actual science performance of the James Webb Space Telescope (JWST), as determined from the six month commissioning period. We summarize the performance of the spacecraft, telescope, science instruments, and ground system, with an emphasis on differences from pre-launch expectations. Commissioning has made clear that JWST is fully capable of achieving the discoveries for which it was built. Moreover, almost across the board, the science performance of JWST is better than expected; in most cases, JWST will go deeper faster than expected. The telescope and instrument suite have demonstrated the sensitivity, stability, image quality, and spectral range that are necessary to transform our understanding of the cosmos through observations spanning from near-earth asteroids to the most distant galaxies., Comment: 5th version as accepted to PASP; 31 pages, 18 figures; https://iopscience.iop.org/article/10.1088/1538-3873/acb293

This paper studies duality and optimality conditions for general convex stochastic optimization problems. The main result gives sufficient conditions for the absence of a duality gap and the existence of dual solutions in a locally convex space of random variables. It implies, in particular, the necessity of scenario-wise optimality conditions that are behind many fundamental results in operations research, stochastic optimal control and financial mathematics. Our analysis builds on the theory of Fr\'echet spaces of random variables whose topological dual can be identified with the direct sum of another space of random variables and a space of singular functionals. The results are illustrated by deriving sufficient and necessary optimality conditions for several more specific problem classes. We obtain significant extensions to earlier models e.g.\ on stochastic optimal control, portfolio optimization and mathematical programming.

This paper studies duality and optimality conditions in general convex stochastic optimization problems introduced by Rockafellar and Wets in 1976. We derive an explicit dual problem in terms of two dual variables, one of which is the shadow price of information while the other one gives the marginal cost of a perturbation much like in classical Lagrangian duality. Existence of primal solutions and the absence of duality gap are obtained without compactness or boundedness assumptions. In the context of financial mathematics, the relaxed assumptions are satisfied under the well-known no-arbitrage condition and the reasonable asymptotic elasticity condition of the utility function. We extend classical portfolio optimization duality theory to problems of optimal semi-static hedging. Besides financial mathematics, we obtain several new frameworks in stochastic programming and stochastic optimal control.

This paper studies the dynamic programming principle for general convex stochastic optimization problems introduced by Rockafellar and Wets in [30]. We extend the applicability of the theory by relaxing compactness and boundedness assumptions. In the context of financial mathematics, the relaxed assumption are satisfied under the well-known no-arbitrage condition and the reasonable asymptotic elasticity condition of the utility function. Besides financial mathematics, we obtain several new results in linear and nonlinear stochastic programming and stochastic optimal control.

To satisfy the capacity requirements of future mobile systems, under-utilized millimeter wave frequencies can be efficiently exploited by employing massive MIMO technology with highly directive beamforming. Hybrid analog-digital beamforming has been recognised as a promising approach for large-scale MIMO implementations with a reduced number of costly and power-hungry RF chains. In comparison to fully connected architecture, hybrid beamforming (HBF) with partially connected RF architecture is particularly appealing for the practical implementation due to less complex RF power division and combining networks. In this paper, we first formulate single- and multi-user rate maximization problems as weighted minimum mean square error (WMMSE) and derive solutions for hybrid beamformers using alternating optimization. The algorithms are designed for the full-array- and sub-array-based processing strategies of partially connected HBF architecture. In addition to the rate maximizing WMMSE solutions, we propose lower complexity sub-array-based zero-forcing algorithms. The performance of the proposed algorithms is evaluated in two different channel models, i.e., a simple geometric model and a realistic statistical millimeter wave model known as NYUSIM. The performance results of the WMMSE HBF algorithms are meant to reveal the potential of partially connected HBF and serve as upper bounds for lower complexity methods. Numerical results imply that properly designed partially connected HBF has the potential to provide an good compromise between hardware complexity and system performance in comparison to fully digital beamforming., Comment: 13 pages

This paper studies topological duals of Banach function spaces (BFS). We assume a finite measure but our arguments extend to general locally convex function spaces whose topology is generated by seminorms that satisfy the usual BFS axioms. The dual is identified with the direct sum of another space of random variables (K\"othe dual), a space of purely finitely additive measures and the annihilator of $L^\infty$. In the special case of rearrangement invariant spaces, the second component in the dual vanishes and we obtain various classical as well as new duality results e.g. on Lebesgue, Orlicz, Lorentz-Orlicz spaces and spaces of finite moments. Beyond rearrangement invariant spaces, we find the topological duals of Musielak-Orlicz spaces and those associated with general convex risk measures.

We study indifference pricing of exotic derivatives by using hedging strategies that take static positions in quoted derivatives but trade the underlying and cash dynamically over time. We use real quotes that come with bid-ask spreads and finite quantities. Galerkin method and integration quadratures are used to approximate the hedging problem by a finite dimensional convex optimization problem which is solved by an interior point method. The techniques are extended also to situations where the underlying is subject to bid-ask spreads. As an illustration, we compute indifference prices of path-dependent options written on S&P500 index. Semi-static hedging improves considerably on the purely static options strategy as well as dynamic trading without options. The indifference prices make good economic sense even in the presence of arbitrage opportunities that are found when the underlying is assumed perfectly liquid. When transaction costs are introduced, the arbitrage opportunities vanish but the indifference prices remain almost unchanged., Comment: 25 pages, 21 figures

This paper describes a general approach for stochastic modeling of assets returns and liability cash-flows of a typical pensions insurer. On the asset side, we model the investment returns on equities and various classes of fixed-income instruments including short- and long-maturity fixed-rate bonds as well as index-linked and corporate bonds. On the liability side, the risks are driven by future mortality developments as well as price and wage inflation. All the risk factors are modeled as a multivariate stochastic process that captures the dynamics and the dependencies across different risk factors. The model is easy to interpret and to calibrate to both historical data and to forecasts or expert views concerning the future. The simple structure of the model allows for efficient computations. The construction of a million scenarios takes only a few minutes on a personal computer. The approach is illustrated with an asset-liability analysis of a defined benefit pension fund.

This paper proposes a simple descriptive model of discrete-time double auction markets for divisible assets. As in the classical models of exchange economies, we consider a finite set of agents described by their initial endowments and preferences. Instead of the classical Walrasian-type market models, however, we assume that all trades take place in a centralized double auction where the agents communicate through sealed limit orders for buying and selling. We find that, under nonstrategic bidding, the double auction clears with zero trades precisely when the agents' current holdings are on the Pareto frontier. More interestingly, the double auctions implement Adam Smith's "invisible hand" in the sense that, when starting from disequilibrium, repeated double auctions lead to a sequence of allocations that converges to individually rational Pareto allocations.

This paper proves the existence of optimal stopping times via elementary functional analytic arguments. The problem is first relaxed into a convex optimization problem over a closed convex subset of the unit ball of the dual of a Banach space. The existence of optimal solutions then follows from the Banach--Alaoglu compactness theorem and the Krein--Millman theorem on extreme points of convex sets. This approach seems to give the most general existence results known to date. Applying convex duality to the relaxed problem gives a dual problem and optimality conditions in terms of martingales that dominate the reward process., Comment: 12 pages

This paper studies the energy efficiency and sum rate trade-off for coordinated beamforming in multi-cell multi-user multigroup multicast multiple-input single-output systems. We first consider a conventional network energy efficiency maximization (EEmax) problem by jointly optimizing the transmit beamformers and antennas selected to be used in transmission. We also account for per-antenna maximum power constraints to avoid non-linear distortion in power amplifiers and user-specific minimum rate constraints to guarantee certain service levels and fairness. To be energy-efficient, transmit antenna selection is employed. It eventually leads to a mixed-Boolean fractional program. We then propose two different approaches to solve this difficult problem. The first solution is based on a novel modeling technique that produces a tight continuous relaxation. The second approach is based on sparsity-inducing method, which does not require the introduction of any Boolean variable. We also investigate the trade-off between the energy efficiency and sum rate by proposing two different formulations. In the first formulation, we propose a new metric that is the ratio of the sum rate and the so-called weighted power. Specifically, this metric reduces to EEmax when the weight is 1, and to sum rate maximization when the weight is 0. In the other method, we treat the trade-off problem as a multi-objective optimization for which a scalarization approach is adopted. Numerical results illustrate significant achievable energy efficiency gains over the method where the antenna selection is not employed. The effect of antenna selection on the energy efficiency and sum rate trade-off is also demonstrated., Comment: Accepted for publication in the IEEE Transactions on Signal Processing (17 pages, 14 figures)

We develop a model for indifference pricing in derivatives markets where price quotes have bid-ask spreads and finite quantities. The model quantifies the dependence of the prices and hedging portfolios on an investor's beliefs, risk preferences and financial position as well as on the price quotes. Computational techniques of convex optimisation allow for fast computation of the hedging portfolios and prices as well as sensitivities with respect to various model parameters. We illustrate the techniques by pricing and hedging of exotic derivatives on S&P index using call and put options, forward contracts and cash as the hedging instruments. The optimized static hedges provide good approximations of the options payouts and the spreads between indifference selling and buying prices are quite narrow as compared with the spread between super- and subhedging prices., Comment: 19 pages, 12 figures

This article characterizes topological duals of spaces of cadlag processes. We obtain extensions of functional analytic results of Dellacherie and Meyer that underlie many fundamental results in stochastic analysis. In particular, we obtain a characterization of the dual of cadlag processes of class $(D)$ in terms of optional measures of essentially bounded variation. When specialized to regular processes, we find extensions of the main result of Bismut \cite{bis78} on projections of continuous processes. The dual characterizations yield existence results and optimality conditions for many fundamental problems from optimal stopping to singular stochastic control well beyond classical formulations.