L2

Much mathematical work has gone into the creation of time-consistent nonlinear expectations. When we think of implementing these, various problems arise and destroy the beautiful consistency properties we have worked so hard to create. One of these problems is to do with horizon dependence, in particular, where a portfolio's value is considered at a time t+m, where t is the present time and m is a fixed horizon.

In this talk we shall discuss various notions of time consistency and the corresponding solution concepts. In particular, we shall focus on notions which pay attention to the space of available policies, allowing for commitment devices and non-markovian restrictions. We shall see that, for any time-consistent nonlinear expectation, there is a notion of time consistency which is satisfied by the moving horizon problem.

 "Scattering amplitudes in gauge theories and gravity have extraordinary properties that are completely invisible in the textbook formulation of quantum field theory using Feynman diagrams. In this usual approach, space-time locality and quantum-mechanical unitarity are made manifest at the cost of introducing huge gauge redundancies in our description of physics. As a consequence, apart from the very simplest processes, Feynman diagram calculations are enormously complicated, while the final results turn out to be amazingly simple, exhibiting hidden infinite-dimensional symmetries. This strongly suggests the existence of a new formulation of quantum field theory where locality and unitarity are derived concepts, while other physical principles are made more manifest. The past few years have seen rapid advances towards uncovering this new picture, especially for the maximally supersymmetric gauge theory in four dimensions.

These developments have interwoven and exposed connections between a remarkable collection of ideas from string theory, twistor theory and integrable systems, as well as a number of new mathematical structures in algebraic geometry. In this talk I will review the current state of this subject and describe a number of ongoing directions of research."