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This paper studies the eect of risk-aversion in the competitive newsvendor game. Multiple newsvendors with risk-averse preferences face a random demand and the demand is allocated proportionally to their inventory levels. Each newsvendor aims to maximize his expected utility instead of his expected prot. Assuming a general form of risk-averse utility function, we prove that there exists a pure Nash equilibrium in this game, and it is also unique under certain conditions. We nd that the order quantity of each newsvendor is decreasing in the degree of risk-aversion and increasing in the initial wealth. Newsvendors with moderate preferences of risk-aversion make more prots compared with the risk-neutral situation. We also discuss the joint eect of risk-aversion and competition. If the eect of risk-aversion is strong enough to dominate the eect of competition, the total inventory level under competition will be lower than that under centralized decision-making.

We show that for any amenable group \Gamma and any Z\Gamma-module M of type FL with vanishing Euler characteristic, the entropy of the natural \Gamma-action on the Pontryagin dual of M is equal to the L^2-torsion of M. As a particular case, the entropy of the principal algebraic action associated with the module Z\Gamma / Z\Gamma f is equal to the logarithm of the Fuglede-Kadison determinant of f whenever f is a non-zero-divisor in Z\Gamma. This confirms a conjecture of Deninger. As a key step in the proof we provide a general Szeg\H{o}-type approximation theorem for the Fuglede-Kadison determinant on the group von Neumann algebra of an amenable group. As a consequence of the equality between L^2-torsion and entropy, we show that the L^2-torsion of a non-trivial amenable group with finite classifying space vanishes. This was conjectured by Lueck. Finally, we establish a Milnor-Turaev formula for the L^2-torsion of a finite \Delta-acyclic chain complex.

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We give a detailed proof of Siu’s theorem on extendibility of holomorphic vector bundles of rank larger than one, and prove a corresponding extension theorem for holomorphic sprays. We apply this result to study ellipticity properties of complements of compact subsets in Stein manifolds. In particular we show that the complement of a closed ball in $\mathbb{C}^{n}, n \geq3$ , is not subelliptic.