WorldWideScience

Sample records for interesting process option

  1. A short review on SSF – an interesting process option for ethanol production from lignocellulosic feedstocks

    Directory of Open Access Journals (Sweden)

    Bertilsson Magnus

    2008-05-01

    Full Text Available Abstract Simultaneous saccharification and fermentation (SSF is one process option for production of ethanol from lignocellulose. The principal benefits of performing the enzymatic hydrolysis together with the fermentation, instead of in a separate step after the hydrolysis, are the reduced end-product inhibition of the enzymatic hydrolysis, and the reduced investment costs. The principal drawbacks, on the other hand, are the need to find favorable conditions (e.g. temperature and pH for both the enzymatic hydrolysis and the fermentation and the difficulty to recycle the fermenting organism and the enzymes. To satisfy the first requirement, the temperature is normally kept below 37°C, whereas the difficulty to recycle the yeast makes it beneficial to operate with a low yeast concentration and at a high solid loading. In this review, we make a brief overview of recent experimental work and development of SSF using lignocellulosic feedstocks. Significant progress has been made with respect to increasing the substrate loading, decreasing the yeast concentration and co-fermentation of both hexoses and pentoses during SSF. Presently, an SSF process for e.g. wheat straw hydrolyzate can be expected to give final ethanol concentrations close to 40 g L-1 with a yield based on total hexoses and pentoses higher than 70%.

  2. "An Asymptotic Expansion Approach to Currency Options with a Market Model of Interest Rates under Stochastic Volatility Processes of Spot Exchange Rates"

    OpenAIRE

    Akihiko Takahashi; Kohta Takehara

    2007-01-01

    This paper proposes an asymptotic expansion scheme of currency options with a libor market model of interest rates and stochastic volatility models of spot exchange rates. In particular, we derive closed-form approximation formulas for the density functions of the underlying assets and for pricing currency options based on the third order asymptotic expansion scheme; we do not model a foreign exchange rate's variance such as in Heston[1993], but its volatility that follows a general time-inho...

  3. Synroc processing options

    International Nuclear Information System (INIS)

    Rozsa, R.B.; Hoenig, C.L.

    1981-01-01

    Synroc is a titanate-based ceramic material currently being developed for immobilizing high-level nuclear reactor wastes in solid form. Synroc D is a unique variation of Synroc. It can contain the high-level defense wastes, particularly those in storage at the Savannah River Plant. In this report, we review the early development of the initial Synroc process, discuss modification and other options that simplify it overall, and recommend the future direction of research and development in the processing area. A reference Synroc process is described briefly and contrasted with the Savannah River Laboratory glass-based reference case. Preliminary engineering layouts show Synroc to be a more complex processing operation and, thus, more expensive than the glass-based process. However, we believe that simplifications, which will significantly reduce the cost difference, are possible. Further research and development will continue in the areas of slurry processing, fluidized bed calcination, and mineralization. This last will use sintering, hot uniaxial pressing, or hot isostatic pressing

  4. A Simple Approach to Interest-Rate Option Pricing.

    OpenAIRE

    Turnbull, Stuart M; Milne, Frank

    1991-01-01

    A simple introduction to contingent claim valuation of risky assets in a discrete time, stochastic interest-rate economy is provided. Taking the term structure of interest rates as exogenous, closed-form solutions are derived for European options written on (1) Treasury bills, (2) interest-rate forward contracts, (3) interest-rate futures contracts, (4) Treasury bonds, (5) interest-rate caps, (6) stock options, (7) equity forward contracts, (8) equity futures contracts, (9) Eurodollar liabili...

  5. Modelling Callable Annuity Bonds with Interest-Only Optionality

    OpenAIRE

    Holst, Anders; Nalholm, Morten

    2004-01-01

    In this paper an investigation of the pricing of callable annuities with interest-only (I-O) optionality is conducted. First the I-O optionality feature of callable annuities is introduced. Next an algorithm for pricing callable annuities with I-O optionality using the finite difference methodology, is formulated. This is then used to investigate optimal strategies of I-O bonds and impacts on prices from the I-O optionality. It is found that the I-O feature necessitates a simul...

  6. Performance-vested stock options and interest alignment

    NARCIS (Netherlands)

    Kuang, Y.; Qin, B.

    2009-01-01

    This paper investigates the effects of performance-vested stock options (PVSOs) in aligning management interests and shareholder wealth. Using 4238 executive-level observations for 1383 executive directors from the largest 244 UK non-financial firms over the 1999-2004 period, we find that the use of

  7. Performance-vested stock options and interest alignment

    NARCIS (Netherlands)

    Kuang, Y.; Qin, B.

    2009-01-01

    This paper investigates the effects of performance-vested stock options (PVSOs) in aligning management interests and shareholder wealth. Using 4238 executive-level observations for 1383 executive directors from the largest 244 UK non-financial firms over the 1999–2004 period, we find that the use of

  8. Pricing real estate index options under stochastic interest rates

    Science.gov (United States)

    Gong, Pu; Dai, Jun

    2017-08-01

    Real estate derivatives as new financial instruments are not merely risk management tools but also provide a novel way to gain exposure to real estate assets without buying or selling the physical assets. Although real estate derivatives market has exhibited a rapid development in recent years, the valuation challenge of real estate derivatives remains a great obstacle for further development in this market. In this paper, we derive a partial differential equation contingent on a real estate index in a stochastic interest rate environment and propose a modified finite difference method that adopts the non-uniform grids to solve this problem. Numerical results confirm the efficiency of the method and indicate that constant interest rate models lead to the mispricing of options and the effects of stochastic interest rates on option prices depend on whether the term structure of interest rates is rising or falling. Finally, we have investigated and compared the different effects of stochastic interest rates on European and American option prices.

  9. Medical Student Interest in Flexible Residency Training Options.

    Science.gov (United States)

    Piotrowski, Madison; Stulberg, Debra; Egan, Mari

    2018-05-01

    Medical residents continue to experience high rates of burnout during residency training even after implementation of the 2003 Accreditation Council for Graduate Medical Education duty-hour restrictions. The purpose of this study is to determine medical student interest in flexible residency training options. Researchers developed an 11-question survey for second through fourth-year medical students. The populations surveyed included medical students who were: (1) attending the 2015 American Academy of Family Physicians National Conference, the 2015 Family Medicine Midwest Conference, and (2) enrolled at University of Chicago Pritzker School of Medicine, University of Illinois College of Medicine at Chicago, Drexel University College of Medicine, and Case Western Reserve University School of Medicine. The survey was completed by 789 medical students. Over half of medical students surveyed indicated that they would be interested in working part-time during some portion of their residency training (51%), and that access to part-time training options would increase their likelihood of applying to a particular residency program (52%). When given the option of three residency training schedules of varying lengths, 41% of male students and 60% of female students chose a 60-hour workweek, even when that meant extending the residency length by 33% and reducing their yearly salary to $39,000. There is considerable interest among medical students in access to part-time residency training options and reduced-hour residency programs. This level of interest indicates that offering flexible training options could be an effective recruitment tool for residency programs and could improve students' perception of their work-life balance during residency.

  10. Recovering Risk-Neutral Densities from Brazilian Interest Rate Options

    Directory of Open Access Journals (Sweden)

    José Renato Haas Ornelas

    2011-03-01

    Full Text Available Building Risk-Neutral Density (RND from options data is one useful way for extracting market expectations about a financial variable. For a sample of IDI (Brazilian Interbank Deposit Rate Index options from 1998 to 2009, this paper estimates the option-implied Risk-Neutral Densities for the Brazilian short rate using three methods: Shimko, Mixture of Two Log-Normals and Generalized Beta of Second Kind. Our in-sample goodness-of-fit evaluation shows that the Mixture of Log-Normals method provides better fitting to option’s data than the other two methods. The shape of log-normal distributions seems to fit well to the mean-reversal dynamics of Brazilian interest rates. We have also calculated the RND implied Skewness, showing how it could have provided market early-warning signals of the monetary policy outcomes in 2002 and 2003. Overall, Risk-Neutral Densities implied on IDI options showed to be a useful tool for extracting market expectations about future outcomes of the monetary policy.

  11. Downstream process options for the ABE fermentation.

    Science.gov (United States)

    Friedl, Anton

    2016-05-01

    Butanol is a very interesting substance both for the chemical industry and as a biofuel. The classical distillation process for the removal of butanol is far too energy demanding, at a factor of 220% of the energy content of butanol. Alternative separation processes studied are hybrid processes of gas-stripping, liquid-liquid extraction and pervaporation with distillation and a novel adsorption/drying/desorption hybrid process. Compared with the energy content of butanol, the resulting energy demand for butanol separation and concentration of optimized hybrid processes is 11%-22% for pervaporation/distillation and 11%-17% for liquid-liquid extraction/distillation. For a novel adsorption/drying/desorption process, the energy demand is 9.4%. But all downstream process options need further proof of industrial applicability. © FEMS 2016. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

  12. Implied Volatility of Interest Rate Options: An Empirical Investigation of the Market Model

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Hansen, Charlotte Strunk

    2002-01-01

    We analyze the empirical properties of the volatility implied in options on the 13-week US Treasury bill rate. These options have not been studied previously. It is shown that a European style put option on the interest rate is equivalent to a call option on a zero-coupon bond. We apply the LIBOR...

  13. Rekindled interest in pyrometallurgical processing

    International Nuclear Information System (INIS)

    Burris, L.

    1986-01-01

    The IFR with its integral, on-site fuel recycle revived a concept pioneered at EBR-II. The reactor concept has become very attractive due to the advances in metal fuel performance over the past 15 years and in the understanding of the safety of metal-fueled reactors. The proposed fuel cycle carries out Lawroski's call for development of a low-cost fuel cycle for fast reactors to help them become economically competitive. The IFR represents a new direction in breeder developments. The next two years will be devoted to establishing experimentally the chemical feasibility of the pyrometallurgical process. Once it becomes feasible, the EBR-II fuel cycle facility can be refurbished and the process using IFR-type fuel irradiated in EBR-II

  14. Processing options for bitumen upgrading

    International Nuclear Information System (INIS)

    Harji, A.N.; Koppel, P.E.; Mazurek, W.L.; Meysami, P.

    2003-01-01

    It is estimated that 178 billion barrels of oil can be recovered from Alberta's vast heavy oil reserves. The challenge lies in the logistics of recovering, upgrading and transporting the oil to market. The Canadian Energy Research Institute conducted a recent study to determine market potential by 2007 for diluted bitumen and synthetic crude oil produced from upgraded bitumen. The viability for a wide range of bitumen feedstocks was assessed along with the sensitivity of refinery demand to their prices. The 3 major markets for western Canadian bitumen include PADD 2 in the United States, western Canada, and Ontario. Bitumen is too viscous to transport by pipeline and cannot be processed by most of the existing refineries. Therefore, in order to develop a mass market for the product, bitumen must undergo the energy intensive upgrading process at existing refineries. The factors impacting which method of upgrading is most suitable were discussed with particular attention to the impact that Canada's ratification of the Kyoto Protocol may have on Alberta's bitumen resource in terms of costs of complying with greenhouse gas reduction initiatives. The authors emphasized that it is crucial to customize an upgrading project to meet site and market specific factors. 8 refs., 3 tabs., 3 figs

  15. Mellin Transform Method for European Option Pricing with Hull-White Stochastic Interest Rate

    Directory of Open Access Journals (Sweden)

    Ji-Hun Yoon

    2014-01-01

    Full Text Available Even though interest rates fluctuate randomly in the marketplace, many option-pricing models do not fully consider their stochastic nature owing to their generally limited impact on option prices. However, stochastic dynamics in stochastic interest rates may have a significant impact on option prices as we take account of issues of maturity, hedging, or stochastic volatility. In this paper, we derive a closed form solution for European options in Black-Scholes model with stochastic interest rate using Mellin transform techniques.

  16. Optimal stopping and perpetual options for Lévy processes

    OpenAIRE

    Ernesto Mordecki

    2002-01-01

    Consider a model of a financial market with a stock driven by a Lévy process and constant interest rate. A closed formula for prices of perpetual American call options in terms of the overall supremum of the Lévy process, and a corresponding closed formula for perpetual American put options involving the infimum of the after-mentioned process are obtained. As a direct application of the previous results, a Black-Scholes type formula is given. Also as a consequence, simple explicit formulas fo...

  17. Process to identify and evaluate restoration options

    International Nuclear Information System (INIS)

    Strand, J.; Senner, S.; Weiner, A.; Rabinowitch, S.; Brodersen, M.; Rice, K.; Klinge, K.; MacMullin, S.; Yender, R.; Thompson, R.

    1993-01-01

    The restoration planning process has yielded a number of possible alternatives for restoring resources and services injured by the Exxon Valdez oil spill. They were developed by resource managers, scientists, and the public, taking into consideration the results of damage assessment and restoration studies and information from the scientific literature. The alternatives thus far identified include no action natural recovery, management of human uses, manipulation of resources, habitat protection and acquisition, acquisition of equivalent resources, and combinations of the above. Each alternative consists of a different mix of resource- or service-specific restoration options. To decide whether it was appropriate to spend restoration funds on a particular resource or service, first criteria had to be developed that evaluated available evidence for consequential injury and the adequacy and rate of natural recovery. Then, recognizing the range of effective restoration options, a second set of criteria was applied to determine which restoration options were the most beneficial. These criteria included technical feasibility, potential to improve the rate or degree of recovery, the relationship of expected costs to benefits, cost effectiveness, and the potential to restore the ecosystem as a whole. The restoration options considered to be most beneficial will be grouped together in several or more of the above alternatives and presented in a draft restoration plan. They will be further evaluated in a companion draft environmental impact statement

  18. On the Information in the Interest Rate Term Structure and Option Prices

    NARCIS (Netherlands)

    de Jong, F.; Driessen, J.; Pelsser, A.

    2004-01-01

    We examine whether the information in cap and swaption prices is consistent with realized movements of the interest rate term structure. To extract an option-implied interest rate covariance matrix from cap and swaption prices, we use Libor market models as a modelling framework. We propose a

  19. Process arrangement options for Defense waste immobilization

    International Nuclear Information System (INIS)

    1980-02-01

    Current plans are to immobilize the SRP high-level liquid wastes in a high integrity form. Borosilicate glass was selected in 1977 as the reference waste form and a mjaor effort is currently underway to develop the required technology. A large new facility, referred to as the Defense Waste Processing Facility (DWPF) is being designed to carry out this mission, with project authorization targeted for 1982 and plant startup in 1989. However, a number of other process arrangements or manufacturing strategies, including staging the major elements of the project or using existing SRP facilities for some functions, have been suggested in lieu of building the reference DWPF. This study assesses these various options and compares them on a technical and cost basis with the DWPF. Eleven different manufacturing options for SRP defense waste solidification were examined in detail. These cases are: (1) vitrification of acid waste at current generation rate; (2) vitrification of current rate acid waste and caustic sludge; (3 and 4) vitrification of the sludge portion of neutralized waste; (5) decontamination of salt cake and storage of concentrated cesium and strontium for later immobilization; (6) processing waste in a facility with lower capacity than the DWPF; (7) processing waste in a combination of existing and new facilities; (8) waste immobilization in H Canyon; (9) vitrification of both sludge and salt; (10) DWPF with onsite storage; (11) deferred authorization of DWPF

  20. Pricing Asian Interest Rate Options with a Three-Factor HJM Model

    Directory of Open Access Journals (Sweden)

    Claudio Henrique Barbedo

    2010-04-01

    Full Text Available Pricing interest rate derivatives is a challenging task that has attracted the attention of many researchers in recent decades. Portfolio and risk managers, policymakers, traders and more generally all market participants are looking for valuable information from derivative instruments. We use a standard procedure to implement the HJM model and to price IDI options. We intend to assess the importance of the principal components of pricing and interest rate hedging derivatives in Brazil, one of the major emerging markets. Our results indicate that the HJM model consistently underprices IDI options traded in the over-the-counter market while it overprices long-term options traded in the exchange studied. We also find a direct relationship between time to maturity and pricing error and a negative relation with moneyness.

  1. Pricing long-term options with stochastic volatility and stochastic interest rates

    NARCIS (Netherlands)

    van Haastrecht, A.

    2010-01-01

    The markets for long-term options have expanded tremendously over the last decade. Nowadays many of these derivatives along with pension schemes and insurance products depend on joint changes in stock prices, interest rates and inflation. As a result the dependencies between the underlying assets

  2. American option pricing with stochastic volatility processes

    Directory of Open Access Journals (Sweden)

    Ping LI

    2017-12-01

    Full Text Available In order to solve the problem of option pricing more perfectly, the option pricing problem with Heston stochastic volatility model is considered. The optimal implementation boundary of American option and the conditions for its early execution are analyzed and discussed. In view of the fact that there is no analytical American option pricing formula, through the space discretization parameters, the stochastic partial differential equation satisfied by American options with Heston stochastic volatility is transformed into the corresponding differential equations, and then using high order compact finite difference method, numerical solutions are obtained for the option price. The numerical experiments are carried out to verify the theoretical results and simulation. The two kinds of optimal exercise boundaries under the conditions of the constant volatility and the stochastic volatility are compared, and the results show that the optimal exercise boundary also has stochastic volatility. Under the setting of parameters, the behavior and the nature of volatility are analyzed, the volatility curve is simulated, the calculation results of high order compact difference method are compared, and the numerical option solution is obtained, so that the method is verified. The research result provides reference for solving the problems of option pricing under stochastic volatility such as multiple underlying asset option pricing and barrier option pricing.

  3. Low activity resin processing and disposal options review

    International Nuclear Information System (INIS)

    Gardner, F.

    1996-01-01

    New processing options for low activity resin processing and disposal are available. This presentation reviews the economics and technical requirements associated with the following low activity resin processing options. (1) Bulk release resin. (2) Direct disposal. (3) Decontamination and bulk release of cleaned resin. New processing and disposal options have been developed during 1995. Commercial experience with each of these options will be reviewed and the economics associated with the processing method described in detail. Technical requirements for each option will be identified specifying the activity limits and operational requirements for implementation

  4. Option pricing with COS method on Graphics Processing Units

    NARCIS (Netherlands)

    B. Zhang (Bo); C.W. Oosterlee (Kees)

    2009-01-01

    htmlabstractIn this paper, acceleration on the GPU for option pricing by the COS method is demonstrated. In particular, both European and Bermudan options will be discussed in detail. For Bermudan options, we consider both the Black-Scholes model and Levy processes of infinite activity. Moreover,

  5. Option Pricing with Time-changed Lévy Processes

    DEFF Research Database (Denmark)

    Klingler, Sven; Kim, Young Shin; Rachev, Svetlozar T.

    2013-01-01

    In this article, we introduce two new six-parameter processes based on time-changing tempered stable distributions and develop an option pricing model based on these processes. This model provides a good fit to observed option prices. To demonstrate the advantages of the new processes, we conduct...

  6. Exposure to, Knowledge of, and Interest in Occupational Therapy and Physical Therapy as Career Options

    Directory of Open Access Journals (Sweden)

    Prisca M. Collins

    2018-04-01

    Full Text Available Lack of awareness and knowledge of the occupational therapy (OT and physical therapy (PT professions has been cited as a barrier to consideration of these professions as career options. This study examined the types of exposure to, knowledge of, and career interest in OT and PT of students from underrepresented minority (URM and non-Hispanic White and Asian American (NHW-AA populations. A questionnaire was administered to a convenience sample of 150 high school and undergraduate college students. Demographic data and student responses to questions regarding exposure to, knowledge of, and career interest in OT and PT were collected. Descriptive statistics and chi-square tests of association were computed, and qualitative data were analyzed for themes. The study findings revealed limited exposure to and knowledge of the OT profession among URM and NHW-AA students. Even though participants from both groups showed better knowledge about PT, they reported limited to no interest in the professions as careers. Further research is needed to examine contextual factors that may influence student perceptions of the OT and PT professions, including how clinical encounters can best be leveraged to improve public knowledge and consideration of these professions as careers for high school and undergraduate college students.

  7. Processing education options await in Las Vegas

    Science.gov (United States)

    The 2017 IFT annual event promises to be both exciting and educational for those who wish to learn more about food processing. Compared with last year's annual event, this year has significantly more scientific sessions focused on food processing, and this column will provide a brief overview of se...

  8. Index Option Pricing Models with Stochastic Volatility and Stochastic Interest Rates

    NARCIS (Netherlands)

    Jiang, G.J.; van der Sluis, P.J.

    2000-01-01

    This paper specifies a multivariate stochastic volatility (SV) model for the S&P500 index and spot interest rate processes. We first estimate the multivariate SV model via the efficient method of moments (EMM) technique based on observations of underlying state variables, and then investigate the

  9. Subordinated Levy Processes and Applications to Crude Oil Options

    OpenAIRE

    Noureddine Krichene

    2005-01-01

    One approach to oil markets is to treat oil as an asset, besides its role as a commodity. Speculative and nonspeculative activity by investors in the derivatives markets could be responsible for a sizable increase in oil prices. This paper recognizes both the consumption and investment aspects of crude oil and proposes Levy processes for modeling uncertainty and options pricing. Calibration to crude oil futures' options shows high volatility of oil futures prices, fat-tailed, and right-skewed...

  10. `Hard science': a career option for socially and societally interested students? Grade 12 students' vocational interest gap explored

    Science.gov (United States)

    Struyf, Annemie; Boeve-de Pauw, Jelle; Van Petegem, Peter

    2017-11-01

    A key theme in science education research concerns the decline in young peoples' interest in science and the need for professionals in hard science. Goal Congruity Theory posits that an important aspect of the decision whether to pursue hard science for study or as a career is the perception that hard science careers do not fulfil social (working with people) and societal (serving or helping others) interests. In this qualitative study, we explore grade 12 students' perceptions about the social and societal orientation of hard science careers. Furthermore, we investigate the variation in students' social and societal interests. Six focus groups were conducted with 58 grade 12 students in Flanders. Our results indicate that a number of students hold stereotypical views about hard science careers' social orientation, while others believe cooperation with others is an important aspect of hard science careers nowadays. Furthermore, our results show that students believe hard science careers can be societally oriented in the sense that they often associate them with innovation or societal progress. Finally, our results indicate that students may differentiate direct versus indirect societal orientation. These findings contribute to literature regarding social and societal interests and students' perceptions of hard science careers.

  11. "Hard Science": A Career Option for Socially and Societally Interested Students? Grade 12 Students' Vocational Interest Gap Explored

    Science.gov (United States)

    Struyf, Annemie; Boeve-de Pauw, Jelle; Van Petegem, Peter

    2017-01-01

    A key theme in science education research concerns the decline in young peoples' interest in science and the need for professionals in hard science. Goal Congruity Theory posits that an important aspect of the decision whether to pursue hard science for study or as a career is the perception that hard science careers do not fulfil social (working…

  12. Interspinous Process Decompression: Expanding Treatment Options for Lumbar Spinal Stenosis

    Directory of Open Access Journals (Sweden)

    Pierce D. Nunley

    2016-01-01

    Full Text Available Interspinous process decompression is a minimally invasive implantation procedure employing a stand-alone interspinous spacer that functions as an extension blocker to prevent compression of neural elements without direct surgical removal of tissue adjacent to the nerves. The Superion® spacer is the only FDA approved stand-alone device available in the US. It is also the only spacer approved by the CMS to be implanted in an ambulatory surgery center. We computed the within-group effect sizes from the Superion IDE trial and compared them to results extrapolated from two randomized trials of decompressive laminectomy. For the ODI, effect sizes were all very large (>1.0 for Superion and laminectomy at 2, 3, and 4 years. For ZCQ, the 2-year Superion symptom severity (1.26 and physical function (1.29 domains were very large; laminectomy effect sizes were very large (1.07 for symptom severity and large for physical function (0.80. Current projections indicate a marked increase in the number of patients with spinal stenosis. Consequently, there remains a keen interest in minimally invasive treatment options that delay or obviate the need for invasive surgical procedures, such as decompressive laminectomy or fusion. Stand-alone interspinous spacers may fill a currently unmet treatment gap in the continuum of care and help to reduce the burden of this chronic degenerative condition on the health care system.

  13. Engineering Options Assessment Report. Nitrate Salt Waste Stream Processing

    Energy Technology Data Exchange (ETDEWEB)

    Anast, Kurt Roy [Los Alamos National Lab. (LANL), Los Alamos, NM (United States)

    2015-11-13

    This report examines and assesses the available systems and facilities considered for carrying out remediation activities on remediated nitrate salt (RNS) and unremediated nitrate salt (UNS) waste containers at Los Alamos National Laboratory (LANL). The assessment includes a review of the waste streams consisting of 60 RNS, 29 above-ground UNS, and 79 candidate below-ground UNS containers that may need remediation. The waste stream characteristics were examined along with the proposed treatment options identified in the Options Assessment Report . Two primary approaches were identified in the five candidate treatment options discussed in the Options Assessment Report: zeolite blending and cementation. Systems that could be used at LANL were examined for housing processing operations to remediate the RNS and UNS containers and for their viability to provide repackaging support for remaining LANL legacy waste.

  14. Engineering Options Assessment Report: Nitrate Salt Waste Stream Processing

    Energy Technology Data Exchange (ETDEWEB)

    Anast, Kurt Roy [Los Alamos National Lab. (LANL), Los Alamos, NM (United States)

    2015-11-18

    This report examines and assesses the available systems and facilities considered for carrying out remediation activities on remediated nitrate salt (RNS) and unremediated nitrate salt (UNS) waste containers at Los Alamos National Laboratory (LANL). The assessment includes a review of the waste streams consisting of 60 RNS, 29 aboveground UNS, and 79 candidate belowground UNS containers that may need remediation. The waste stream characteristics were examined along with the proposed treatment options identified in the Options Assessment Report . Two primary approaches were identified in the five candidate treatment options discussed in the Options Assessment Report: zeolite blending and cementation. Systems that could be used at LANL were examined for housing processing operations to remediate the RNS and UNS containers and for their viability to provide repackaging support for remaining LANL legacy waste.

  15. Option Pricing with Stochastic Volatility and Jump Diffusion Processes

    Directory of Open Access Journals (Sweden)

    Radu Lupu

    2006-03-01

    Full Text Available Option pricing by the use of Black Scholes Merton (BSM model is based on the assumption that asset prices have a lognormal distribution. In spite of the use of these models on a large scale, both by practioners and academics, the assumption of lognormality is rejected by the history of returns. The objective of this article is to present the methods that developed after the Black Scholes Merton environment and deals with the option pricing model adjustment to the empirical properties of asset returns. The main models that appeared after BSM allowed for special changes of the returns that materialized in jump-diffusion and stochastic volatility processes. The article presents the foundations of risk neutral options evaluation and the empirical evidence that fed the amendment of the lognormal assumption in the first part and shows the evaluation procedure under the assumption of stock prices following the jump-diffusion process and the stochastic volatility process.

  16. 78 FR 8060 - Treatment of Grantor of an Option on a Partnership Interest

    Science.gov (United States)

    2013-02-05

    ... noncompensatory option as a partner would result in a substantial reduction in the present value of the partners... reduction of the present value of the aggregate Federal tax liabilities of the partners and the... noncompensatory option that has as a principal purpose the substantial reduction of the present value of the...

  17. 26 CFR 1.1504-4 - Treatment of warrants, options, convertible obligations, and other similar interests.

    Science.gov (United States)

    2010-04-01

    ... the option in absolute terms and in relation to the fair market value of the stock or the exercise... the option is subject (e.g., a public offering of the issuing corporation's stock or reaching a... income. It is anticipated that P, S, and T will continue their earnings histories for several more years...

  18. Valuation for an American Continuous-Installment Put Option on Bond under Vasicek Interest Rate Model

    Directory of Open Access Journals (Sweden)

    Guoan Huang

    2009-01-01

    of the price of this option, integral representations of both the optimal stopping and exercise boundaries are derived. A numerical method is used to approximate the optimal stopping and exercise boundaries by quadrature formulas. Numerical results and discussions are provided.

  19. A facilitated process towards finding options for improved livestock ...

    African Journals Online (AJOL)

    A participatory multi-stakeholder process of finding options for improving livestock production in the severely degraded communal grazing area of Sterkspruit in South Africa was conducted. Interviews were conducted with individual livestock keepers from two sites to gather data on their demographic characteristics, ...

  20. Efficient Option Pricing under Levy Processes, with CVA and FVA

    Directory of Open Access Journals (Sweden)

    Jimmy eLaw

    2015-07-01

    Full Text Available We generalize the Piterbarg (2010 model to include 1 bilateral default risk as in Burgard and Kjaer (2012, and 2 jumps in the dynamics of the underlying asset using general classes of L'evy processes of exponential type. We develop an efficient explicit-implicit scheme for European options and barrier options taking CVA-FVA into account. We highlight the importance of this work in the context of trading, pricing and management a derivative portfolio given the trajectory of regulations.

  1. Pricing stock options under stochastic volatility and interest rates with efficient method of moments estimation

    NARCIS (Netherlands)

    Jiang, George J.; Sluis, Pieter J. van der

    1999-01-01

    While the stochastic volatility (SV) generalization has been shown to improve the explanatory power over the Black-Scholes model, empirical implications of SV models on option pricing have not yet been adequately tested. The purpose of this paper is to first estimate a multivariate SV model using

  2. Defaultable Game Options in a Hazard Process Model

    Directory of Open Access Journals (Sweden)

    Tomasz R. Bielecki

    2009-01-01

    Full Text Available The valuation and hedging of defaultable game options is studied in a hazard process model of credit risk. A convenient pricing formula with respect to a reference filteration is derived. A connection of arbitrage prices with a suitable notion of hedging is obtained. The main result shows that the arbitrage prices are the minimal superhedging prices with sigma martingale cost under a risk neutral measure.

  3. Fluid coking : a competitive option for heavy feed processing

    International Nuclear Information System (INIS)

    Hammond, D.G.; Feinberg, A.S.; McCaffrey, D.S.

    1997-01-01

    Fluid coking is a proven thermal conversion process for converting heavy hydrocarbon feeds to lighter products. Fluid coking was commercialized by Exxon over 40 years ago. A total of 13 units have been built with over 330 years of cumulative operating experience. Fluid coking can process many different feeds at once and is usually insensitive to feed contaminants such as sulfur, nitrogen and metals. New developments in coke utilization and flue gas desulfurization/departiculation have prompted new economic studies. Fluid coking is competitive and is the most attractive option compared to delayed coking, particularly for very heavy feed stocks such as deasphalter bottoms. Viewgraphs describe the fluid coking process, its advantages, utilization, and commercial viability. 7 tabs., 3 figs

  4. Valuation of exotic options in the framework of Levy processes

    Energy Technology Data Exchange (ETDEWEB)

    Milev, Mariyan, E-mail: marianmilev2002@gmail.com; Georgieva, Svetla, E-mail: marianmilev2002@gmail.com; Markovska, Veneta, E-mail: marianmilev2002@gmail.com [Department of Mathematics and Physics, UFT-Plovdiv, bul. Maritza 26, 4002 Plovdiv (Bulgaria)

    2013-12-18

    In this paper we explore a straightforward procedure to price derivatives by using the Monte Carlo approach when the underlying process is a jump-diffusion. We have compared the Black-Scholes model with one of its extensions that is the Merton model. The latter model is better in capturing the market’s phenomena and is comparative to stochastic volatility models in terms of pricing accuracy. We have presented simulations of asset paths and pricing of barrier options for both Geometric Brownian motion and exponential Levy processes as it is the concrete case of the Merton model. A desired level of accuracy is obtained with simple computer operations in MATLAB for efficient computational time.

  5. First Passage Time for Tempered Stable Process and Its Application to Perpetual American Option and Barrier Option Pricing

    OpenAIRE

    Kim, Young Shin

    2018-01-01

    In this paper, we will discuss an approximation of the characteristic function of the first passage time for a Levy process using the martingale approach. The characteristic function of the first passage time of the tempered stable process is provided explicitly or by an indirect numerical method. This will be applied to the perpetual American option pricing and the barrier option pricing. Numerical illustrations are provided for the calibrated parameters using the market call and put prices.

  6. Options and processes for spent catalyst handling and utilization.

    Science.gov (United States)

    Marafi, M; Stanislaus, A

    2003-07-18

    The quantity of spent hydroprocessing catalysts discarded as solid wastes in the petroleum refining industries has increased remarkably in recent years due to a rapid growth in the hydroprocessing capacity to meet the rising demand for low-sulfur fuels. Due to their toxic nature, spent hydroprocessing catalysts have been branded as hazardous wastes, and the refiners are experiencing pressure from environmental authorities to handle them safely. Several alternative methods such as reclamation of metals, rejuvenation and reuse, disposal in landfills and preparation of useful materials using spent catalysts as raw materials are available to deal with the spent catalyst problem. The technical feasibility as well as the environmental and economic aspects of these options are reviewed. In addition, details of two bench-scale processes, one for rejuvenation of spent hydroprocessing catalysts, and the other for producing non-leachable synthetic aggregate materials that were developed in this laboratory, are presented in this paper.

  7. Warranty of Misinforming as an Option in Product Utilization Process

    Directory of Open Access Journals (Sweden)

    Dimitar Grozdanov Christozov

    2016-05-01

    Full Text Available The following definition of “option” is given in Wikipedia - “In finance, an option is a contract, which gives the buyer (the owner or holder the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price on or before a specified date, depending on the form of the option” (“Option,” n.d.. Option as a risk management (mitigation tool is broadly used in finance and trade. At the same time, it introduces asymmetry in the sense that, probabilistically, it limits the level of losses (e.g., the price of the option and allows for unlimited gains. In the market of sophisticated devices (as smart phones, tablets, etc., where technologies are rapidly advancing, customers usually do not have the experience to use all features of the device at the time of the purchase. Due to the lack of appropriate expertise, the risk of misinforming, leading to not purchasing the “right” device is high, but given enough time to learn the capabilities of the device and map these to the needs and tasks that device will be used for, could provide the client with substantial long term benefits. Warranty of misinforming is a mechanism that provides the client with the opportunity to explore the device and master its features under limited risk of financial losses. Thus, the warranty of misinforming could be considered as an option - the custom-ers buy it (at a fixed cost and may gain (theoretically unlimited benefit by realizing (within the terms of the warranty that the device can be used to solve a variety of problems not envisaged at the time of purchase. In this study we present the idea of treating the warranty of misinforming as an option in finances and provide examples to illustrate our viewpoint.

  8. Binary classification of items of interest in a repeatable process

    Science.gov (United States)

    Abell, Jeffrey A.; Spicer, John Patrick; Wincek, Michael Anthony; Wang, Hui; Chakraborty, Debejyo

    2014-06-24

    A system includes host and learning machines in electrical communication with sensors positioned with respect to an item of interest, e.g., a weld, and memory. The host executes instructions from memory to predict a binary quality status of the item. The learning machine receives signals from the sensor(s), identifies candidate features, and extracts features from the candidates that are more predictive of the binary quality status relative to other candidate features. The learning machine maps the extracted features to a dimensional space that includes most of the items from a passing binary class and excludes all or most of the items from a failing binary class. The host also compares the received signals for a subsequent item of interest to the dimensional space to thereby predict, in real time, the binary quality status of the subsequent item of interest.

  9. Process Heat Exchanger Options for the Advanced High Temperature Reactor

    Energy Technology Data Exchange (ETDEWEB)

    Piyush Sabharwall; Eung Soo Kim; Michael McKellar; Nolan Anderson

    2011-06-01

    The work reported herein is a significant intermediate step in reaching the final goal of commercial-scale deployment and usage of molten salt as the heat transport medium for process heat applications. The primary purpose of this study is to aid in the development and selection of the required heat exchanger for power production and process heat application, which would support large-scale deployment.

  10. Process Heat Exchanger Options for Fluoride Salt High Temperature Reactor

    International Nuclear Information System (INIS)

    Sabharwall, Piyush; Kim, Eung Soo; McKellar, Michael; Anderson, Nolan

    2011-01-01

    The work reported herein is a significant intermediate step in reaching the final goal of commercial-scale deployment and usage of molten salt as the heat transport medium for process heat applications. The primary purpose of this study is to aid in the development and selection of the required heat exchanger for power production and process heat application, which would support large-scale deployment.

  11. Process Heat Exchanger Options for Fluoride Salt High Temperature Reactor

    Energy Technology Data Exchange (ETDEWEB)

    Piyush Sabharwall; Eung Soo Kim; Michael McKellar; Nolan Anderson

    2011-04-01

    The work reported herein is a significant intermediate step in reaching the final goal of commercial-scale deployment and usage of molten salt as the heat transport medium for process heat applications. The primary purpose of this study is to aid in the development and selection of the required heat exchanger for power production and process heat application, which would support large-scale deployment.

  12. An easy and low cost option for economic statistical process control ...

    African Journals Online (AJOL)

    An easy and low cost option for economic statistical process control using Excel. ... in both economic and economic statistical designs of the X-control chart. ... in this paper and the numerical examples illustrated are executed on this program.

  13. The Pricing of Foreign Currency Futures Options

    OpenAIRE

    Chang Mo Ahn

    1996-01-01

    We derive semi-closed form solutions for the forward and futures exchange rates, European foreign currency options, currency forward options, and currency futures options when the domestic and foreign interest rate movements follow mean reverting diffusion processes. These solutions are consistent with the Black-Scholes option formula so that they can be easily applied. The impact of interest rate uncertainty on theoretical prices of currency futures options is too significant to be neglected.

  14. Collisional processes of interest in MFE plasma research

    International Nuclear Information System (INIS)

    Olson, R.E.

    1991-01-01

    Research on this grant is devoted to the calculation of heavy particle collision cross sections needed for diagnostic studies of magnetic fusion plasmas. This work requires the development and testing of new theoretical methods, with the implementation of benchmarked techniques to collisions pertinent to fusion reactors. Within the last context, we have provided charge-exchange-recombination cross sections to specific n,l-levels for diagnostic studies on TFTR and for major compilations for the IAEA. We have also completed a cross section study related to the planned neutral beam current drive for ITER. In addition, calculations were made to assess the use of He neutral atom angular scattering measurements for JT-60. Also, new theoretical methods have been developed to more accurately calculate cross sections involving either He or H 2 targets and partially stripped multiply-charged ions. Our most recent work concentrates on alpha particle diagnostics and collision processes of ''helium ash'' in burning reactors. Here, we are providing atomic cross section data for the carbon pellet alpha particle diagnostic work at General Atomics and the neutral He beam alpha particle diagnostic under study by the IAEA

  15. A real-life example of choosing an inherently safer process option

    International Nuclear Information System (INIS)

    Study, Karen

    2007-01-01

    While choosing an inherently safer alternative may seem straightforward, sometimes what seems to be the most obvious alternative may not provide the best risk reduction. The process designer must maintain a broad perspective to be able to recognize all potential hazards when evaluating design options. All aspects of operation such as start-up, shut-down, utility failure, as well as normal operation should be considered. Choosing the inherently safer option is best accomplished early in the option selection phase of a project; however, recycle back to the option selection phase may be needed if an option is not thoroughly evaluated early in the process. In this paper, a project to supply ammonia to a catalytic reactor will be reviewed. During the course of the project, an 'inherently safer' alternative was selected and later discarded due to issues uncovered during the detail design phase. The final option chosen will be compared to (1) the original design and (2) the initial 'inherently safer' alternative. The final option was inherently safer than both the original design and the initial 'inherently safer' alternative even though the design team initially believed that it would not be

  16. Stochastic Interest Model Based on Compound Poisson Process and Applications in Actuarial Science

    OpenAIRE

    Li, Shilong; Yin, Chuancun; Zhao, Xia; Dai, Hongshuai

    2017-01-01

    Considering stochastic behavior of interest rates in financial market, we construct a new class of interest models based on compound Poisson process. Different from the references, this paper describes the randomness of interest rates by modeling the force of interest with Poisson random jumps directly. To solve the problem in calculation of accumulated interest force function, one important integral technique is employed. And a conception called the critical value is introduced to investigat...

  17. The relation between resource limitations and optional conceptual processing by children and adults.

    Science.gov (United States)

    Ackerman, B P; Spiker, K; Bailey, K

    1989-10-01

    In some situations children fail to perform optional conceptual processing that they are able to perform. The purpose of the 4 experiments was to determine if the difficulty of word identification affects optional conceptual processing by second/third graders, fifth graders, and college students in a cued recall task. Conceptual processing was manipulated by presenting Hard (e.g., hawk eagle canary) or Easy (river lake canary) word triplets that varied in the contrastive processing necessary to identify the "odd" target word (canary). The orienting activity also varied: for the Oddity Choice activity, contrastive processing was obligatory because the subject had to identify the target; for the Read activity, contrastive processing was optional because the experimenter identified the target. A recall advantage for the Hard over the Easy triplets was the measure of contrastive processing. Finally, the difficulty of word identification varied in that the subjects read the stimuli or the experimenter read the stimuli, and all the words were degraded, only the nontarget words were degraded, or all the words were intact. The results established that contrastive processing facilitates recall, and that word identification difficulty may limit the extent of optional contrastive processing.

  18. Interesting Interest Points

    DEFF Research Database (Denmark)

    Aanæs, Henrik; Dahl, Anders Lindbjerg; Pedersen, Kim Steenstrup

    2012-01-01

    on spatial invariance of interest points under changing acquisition parameters by measuring the spatial recall rate. The scope of this paper is to investigate the performance of a number of existing well-established interest point detection methods. Automatic performance evaluation of interest points is hard......Not all interest points are equally interesting. The most valuable interest points lead to optimal performance of the computer vision method in which they are employed. But a measure of this kind will be dependent on the chosen vision application. We propose a more general performance measure based...... position. The LED illumination provides the option for artificially relighting the scene from a range of light directions. This data set has given us the ability to systematically evaluate the performance of a number of interest point detectors. The highlights of the conclusions are that the fixed scale...

  19. Offering the full range of contraceptive options: a survey of interest in vasectomy training in the US family planning community.

    Science.gov (United States)

    Nguyen, Brian T; Jochim, Andrea L; Shih, Grace H

    2017-05-01

    To assess current practices regarding female and male sterilization counseling and provision, as well as determine interest in providing vasectomy among family planning specialists. Members of the US-based network of family planning fellowship physicians (current fellows, graduates and faculty) received a Web-based survey from November 2015 through January 2016 regarding current sterilization preferences and practices, as well as interest in obtaining training in vasectomy counseling and procedure. Nearly 60% (n=178/302) of family planning fellowship providers responded to the survey. While 62% (111/178) of respondents reported counseling their patients about vasectomy at least most of the time and 57% (102/178) recommended vasectomy over female sterilization, few (8/178; 4 trained in family medicine and 4 trained in obstetrics and gynecology) had performed a vasectomy in the last year. Nearly 90% (158/178) of respondents were somewhat or very interested in receiving training on vasectomy counseling; 58% (103/178) desired procedural training. Desire for training was associated with being male and receiving residency training in family medicine. Few family planning fellowship physicians provide vasectomy, and the majority expressed being at least somewhat interested in receiving further training. Vasectomy is more effective, safer and less expensive than female sterilization but is less common than female sterilization. One barrier to vasectomy access is the low number of vasectomy providers. Creating a structured vasectomy training program through the family planning fellowship may help to increase the number of vasectomy providers. Copyright © 2017 Elsevier Inc. All rights reserved.

  20. Analysis of edible oil processing options for the BIO-Plex advanced life support system

    Science.gov (United States)

    Greenwalt, C. J.; Hunter, J.

    2000-01-01

    Edible oil is a critical component of the proposed plant-based Advanced Life Support (ALS) diet. Soybean, peanut, and single-cell oil are the oil source options to date. In terrestrial manufacture, oil is ordinarily extracted with hexane, an organic solvent. However, exposed solvents are not permitted in the spacecraft environment or in enclosed human tests by National Aeronautics and Space Administration due to their potential danger and handling difficulty. As a result, alternative oil-processing methods will need to be utilized. Preparation and recovery options include traditional dehulling, crushing, conditioning, and flaking, extrusion, pressing, water extraction, and supercritical extraction. These processing options were evaluated on criteria appropriate to the Advanced Life Support System and BIO-Plex application including: product quality, product stability, waste production, risk, energy needs, labor requirements, utilization of nonrenewable resources, usefulness of by-products, and versatility and mass of equipment to determine the most appropriate ALS edible oil-processing operation.

  1. [Lumbar disc herniation: Natural history, role of physical examination, timing of surgery, treatment options and conflicts of interests].

    Science.gov (United States)

    Delgado-López, Pedro David; Rodríguez-Salazar, Antonio; Martín-Alonso, Javier; Martín-Velasco, Vicente

    Indication for surgery in lumbar disc herniation (LDH) varies widely depending on the geographical area. A literature review is presented on the natural history, role of physical examination, timing of surgery, evidence-based treatment, and conflicts of interests in LDH. Surgery is shown to provide significant faster relief of pain compared to conservative therapy, although the effect fades after a year. There is no treatment modality better than the rest in terms of pain control and neurological recovery, nor is there a surgical technique clearly superior to simple discectomy. The lack of sound scientific evidence on the surgical indication may contribute to its great geographical variability. Since LDH has a favourable natural history, neuroimaging and surgery should not be considered until after a 6-week period. It is necessary to specify and respect the surgical indications for LDH, avoiding conflicts of interests. Copyright © 2016 Sociedad Española de Neurocirugía. Publicado por Elsevier España, S.L.U. All rights reserved.

  2. INHOMOGENEITY IN SPATIAL COX POINT PROCESSES – LOCATION DEPENDENT THINNING IS NOT THE ONLY OPTION

    Directory of Open Access Journals (Sweden)

    Michaela Prokešová

    2010-11-01

    Full Text Available In the literature on point processes the by far most popular option for introducing inhomogeneity into a point process model is the location dependent thinning (resulting in a second-order intensity-reweighted stationary point process. This produces a very tractable model and there are several fast estimation procedures available. Nevertheless, this model dilutes the interaction (or the geometrical structure of the original homogeneous model in a special way. When concerning the Markov point processes several alternative inhomogeneous models were suggested and investigated in the literature. But it is not so for the Cox point processes, the canonical models for clustered point patterns. In the contribution we discuss several other options how to define inhomogeneous Cox point process models that result in point patterns with different types of geometric structure. We further investigate the possible parameter estimation procedures for such models.

  3. Tight Error Bounds for Fourier Methods for Option Pricing for Exponential Levy Processes

    KAUST Repository

    Crocce, Fabian

    2016-01-06

    Prices of European options whose underlying asset is driven by the L´evy process are solutions to partial integrodifferential Equations (PIDEs) that generalise the Black-Scholes equation by incorporating a non-local integral term to account for the discontinuities in the asset price. The Levy -Khintchine formula provides an explicit representation of the characteristic function of a L´evy process (cf, [6]): One can derive an exact expression for the Fourier transform of the solution of the relevant PIDE. The rapid rate of convergence of the trapezoid quadrature and the speedup provide efficient methods for evaluationg option prices, possibly for a range of parameter configurations simultaneously. A couple of works have been devoted to the error analysis and parameter selection for these transform-based methods. In [5] several payoff functions are considered for a rather general set of models, whose characteristic function is assumed to be known. [4] presents the framework and theoretical approach for the error analysis, and establishes polynomial convergence rates for approximations of the option prices. [1] presents FT-related methods with curved integration contour. The classical flat FT-methods have been, on the other hand, extended for option pricing problems beyond the European framework [3]. We present a methodology for studying and bounding the error committed when using FT methods to compute option prices. We also provide a systematic way of choosing the parameters of the numerical method, minimising the error bound and guaranteeing adherence to a pre-described error tolerance. We focus on exponential L´evy processes that may be of either diffusive or pure jump in type. Our contribution is to derive a tight error bound for a Fourier transform method when pricing options under risk-neutral Levy dynamics. We present a simplified bound that separates the contributions of the payoff and of the process in an easily processed and extensible product form that

  4. Stochastic Interest Model Based on Compound Poisson Process and Applications in Actuarial Science

    Directory of Open Access Journals (Sweden)

    Shilong Li

    2017-01-01

    Full Text Available Considering stochastic behavior of interest rates in financial market, we construct a new class of interest models based on compound Poisson process. Different from the references, this paper describes the randomness of interest rates by modeling the force of interest with Poisson random jumps directly. To solve the problem in calculation of accumulated interest force function, one important integral technique is employed. And a conception called the critical value is introduced to investigate the validity condition of this new model. We also discuss actuarial present values of several life annuities under this new interest model. Simulations are done to illustrate the theoretical results and the effect of parameters in interest model on actuarial present values is also analyzed.

  5. Municipal waste processing: Technical/economic comparison of composting and incineration options

    International Nuclear Information System (INIS)

    Bertanza, G.

    1993-01-01

    The first part of this paper which assessed the state-of-the-art of municipal waste composting and incineration technologies indicated that the advanced level of available technologies in this field now allows the realization of reliable and safe plants. This second part of the paper deals with the economics of the composting and incineration options. Cost benefit analyses using the discounted cash flow method are made for waste processing plants featuring composting alone, incineration only and mixed composting and incineration. The economic analyses show that plants employing conventional composting techniques work well for the case of exclusively organic waste materials. Incineration schemes are shown to be economically effective when they incorporate suitable energy recovery systems. The integrated composting-incineration waste processing plant appears to be the least attractive option in terms of economics. Current R ampersand D activities in this field are being directed towards the development of systems with lower environmental impacts and capital and operating costs

  6. Entrepreneurial Interest in Product Innovation-based Organic Processed Food in SMEs in Malang, Indonesia

    Directory of Open Access Journals (Sweden)

    Sri Muljaningsih

    2015-12-01

    Full Text Available The underlying reason for conducting the study is need for organic processed food. Producing innovative organic processed food is not an easy task since it requires creativity. The statement of the problem is how to create entrepreneurial interest to produce organic processed food. The study is a qualitative study of which purpose is to describe organic processed food SMEs behavior. There are 7 (seven informants involved in the study. The setting of the study is SMEs in “Lily go to organic Group” community in Malang, Indonesia. Variables of entrepreneurial interest in organic processed food involve attitude, subjective norms and perceived behavioral control. The findings show that creativity influences entrepreneurial interest in organic processed food and it results in creativity. Creativity is also the result of spiritual entrepreneurship that takes understanding towards organic processed food material into consideration. In addition, Lily Group members also take time, capital, raw materials and marketing into account. Another finding reveals that sincerity and strong determination facilitates organic processed food entrepreneurs to work their best. Such determination needs reinforcement from other related party so that the product is accepted by customers.

  7. Pricing of American Put Option under a Jump Diffusion Process with Stochastic Volatility in an Incomplete Market

    Directory of Open Access Journals (Sweden)

    Shuang Li

    2014-01-01

    Full Text Available We study the pricing of American options in an incomplete market in which the dynamics of the underlying risky asset is driven by a jump diffusion process with stochastic volatility. By employing a risk-minimization criterion, we obtain the Radon-Nikodym derivative for the minimal martingale measure and consequently a linear complementarity problem (LCP for American option price. An iterative method is then established to solve the LCP problem for American put option price. Our numerical results show that the model and numerical scheme are robust in capturing the feature of incomplete finance market, particularly the influence of market volatility on the price of American options.

  8. EVALUATION OF POLLUTION PREVENTION OPTIONS TO REDUCE STYRENE EMISSIONS FROM FIBER-REINFORCED PLASTIC OPEN MOLDING PROCESSES

    Science.gov (United States)

    Pollution prevention (P2) options to reduce styrene emissions, such as new materials, and application equipment, are commercially available to the operators of open molding processes. However, information is lacking on the emissions reduction that these options can achieve. To me...

  9. Efficient Pricing of European-Style Asian Options under Exponential Lévy Processes Based on Fourier Cosine Expansions

    NARCIS (Netherlands)

    Zhang, B.; Oosterlee, C.W.

    2013-01-01

    We propose an efficient pricing method for arithmetic and geometric Asian options under exponential Lévy processes based on Fourier cosine expansions and Clenshaw–Curtis quadrature. The pricing method is developed for both European style and American-style Asian options and for discretely and

  10. Process and technological options for odorous emissions control in wastewater treatment plants

    International Nuclear Information System (INIS)

    Cernuschi, S.; Torretta, V.

    1996-01-01

    The emissions of odorous substances together with noise and issues related to proper architectural design within the existing territorial context, have certainly to be considered one of the most significant environmental effects determined by wastewater treatment plants particularly in the most frequent case of their localization in dense urban areas. Following a brief introduction on the chemical properties of odorous compounds and the corresponding methods for representing their concentration levels in air, present work reports on the main qualitative and quantitative characteristics of odorous emissions originating from single unit operations of typical wastewater treatment plants and on the technological and process options available for their control

  11. Process options for treatment of organic containing ILWs by wet oxidation

    International Nuclear Information System (INIS)

    Holman, D.J.

    1989-01-01

    The process chemistry, applications and experience with several wet oxidation options are reviewed along with criteria for the selection of viable systems and plant designs, covering a range of organic wastes, including solvents, cellulosic filters, chelant decontamination reagents and ion exchange resins. The use of hydrogen peroxide to treat water-cooled reactor residues containing mixed inorganic and organic filter materials with ion exchange resins is examined in further detail along with treatment of secondary arisings. The technical and financial justifications for treatment are examined along with the engineering requirements to retro-fit the required plant to an existing cement encapsulation facility. (author)

  12. Process options and projected mass flows for the HTGR refabrication scrap recovery system

    International Nuclear Information System (INIS)

    Tiegs, S.M.

    1979-03-01

    The two major uranium recovery processing options reviewed are (1) internal recovery of the scrap by the refabrication system and (2) transfer to and external recovery of the scrap by the head end of the reprocessing system. Each option was reviewed with respect to equipment requirements, preparatory processing, and material accountability. Because there may be a high cost factor on transfer of scrap fuel material to the reprocessing system for recovery, all of the scrap streams will be recycled internally within the refabrication system, with the exception of reject fuel elements, which will be transferred to the head end of the reprocessing system for uranium recovery. The refabrication facility will be fully remote; thus, simple recovery techniques were selected as the reference processes for scrap recovery. Crushing, burning, and leaching methods will be used to recover uranium from the HTGR refabrication scrap fuel forms, which include particles without silicon carbide coatings, particles with silicon carbide coatings, uncarbonized fuel rods, carbon furnace parts, perchloroethylene distillation bottoms, and analytical sample remnants. Mass flows through the reference scrap recovery system were calculated for the HTGR reference recycle facility operating with the highly enriched uranium fuel cycle. Output per day from the refabrication scrap recovery system is estimated to be 4.02 kg of 2355 U and 10.85 kg of 233 U. Maximum equipment capacities were determined, and future work will be directed toward the development and costing of the scrap recovery system chosen as reference

  13. Entrepreneurial Interest in Product Innovation-based Organic Processed Food in SMEs in Malang, Indonesia

    OpenAIRE

    Sri Muljaningsih

    2015-01-01

    The underlying reason for conducting the study is need for organic processed food. Producing innovative organic processed food is not an easy task since it requires creativity. The statement of the problem is how to create entrepreneurial interest to produce organic processed food. The study is a qualitative study of which purpose is to describe organic processed food SMEs behavior. There are 7 (seven) informants involved in the study. The setting of the study is SMEs in “Lily go to organic G...

  14. Recovering a time-homogeneous stock price process from perpetual option prices

    OpenAIRE

    Ekström, Erik; Hobson, David

    2009-01-01

    It is well known how to determine the price of perpetual American options if the underlying stock price is a time-homogeneous diffusion. In the present paper we consider the inverse problem, that is, given prices of perpetual American options for different strikes, we show how to construct a time-homogeneous stock price model which reproduces the given option prices.

  15. Ionic interchanges and adsorbents of interest in nuclear and environmental processes

    International Nuclear Information System (INIS)

    Olguin G, M. T.

    2010-01-01

    The ionic interchanges and the adsorbents are of special interest inside the water treatment processes (industrial or human consumption), as well as for the radionuclides generation, due to their structural characteristics and to their capacity to remove an extensive range of polluting species. In the ININ have been developed researches on these materials, with the purpose of generating new knowledge that serves like base inside radionuclides separation processes or polluted water treatment. The results obtained until the present have been published in different scientific magazines. (Author)

  16. Standardization and awtomatic plotting of zones of interest in processing scintigrams of a head and neck

    International Nuclear Information System (INIS)

    Ivanov, Yu.N.; Prikhod'ko, A.G.; Chelyshev, M.M.

    1982-01-01

    A method for determining quantitative indeces of the level of accumulation and localization of lesion centers in scintigrams of head and neck by means of automatic plotting of standardized zones of interest, using the PDP-11/34 computer, is suggested. A supposition that for anatomic regions of head and neck, which are of interest for an investigator, relatively constant forms and inconsiderable variability of sizes are characteristic lies in the basis of the method suggested. Under such conditions the task of standardization and automatic plotting of zones of interest is reduced to determination of anatomic region boundaries relatively reference points selected. On the basis of analysis of archives data 26 zones of interest have been selected. Names of the zones and their abbreviations are presented. A conclusion is made that the suggested method of scintigram processing permits to increase the accuracy of localization determination of pathological centers. At that, the objectivity of diagnostic solution increases and reproducibility and comparability of different investigation results are ensured

  17. Ecological and economic interests in design process of thermal power plant

    International Nuclear Information System (INIS)

    Sander, M.

    1996-01-01

    In design process of thermal power plant various ecological and economic contradictory interests are brought in focus. Requests on environmental protection written in laws, standards and international treaties are increasing investment costs and energy production costs. In a design phase there is a task to reconcile these contradictory requests. The paper presents relationship between technology and environmental protection with a focus on air pollution. Air pollution and human health is considered taking in account the role of design phase in thermal power plants project and human health problems. International laws and standards are presented with moral dilemmas concerning low investment costs and high environmental standards. (author)

  18. Effects of stochastic interest rates in decision making under risk: A Markov decision process model for forest management

    Science.gov (United States)

    Mo Zhou; Joseph Buongiorno

    2011-01-01

    Most economic studies of forest decision making under risk assume a fixed interest rate. This paper investigated some implications of this stochastic nature of interest rates. Markov decision process (MDP) models, used previously to integrate stochastic stand growth and prices, can be extended to include variable interest rates as well. This method was applied to...

  19. Error analysis in Fourier methods for option pricing for exponential Lévy processes

    KAUST Repository

    Crocce, Fabian

    2015-01-07

    We derive an error bound for utilising the discrete Fourier transform method for solving Partial Integro-Differential Equations (PIDE) that describe european option prices for exponential Lévy driven asset prices. We give sufficient conditions for the existence of a L? bound that separates the dynamical contribution from that arising from the type of the option n in question. The bound achieved does not rely on information of the asymptotic behaviour of option prices at extreme asset values. In addition, we demonstrate improved numerical performance for select examples of practical relevance when compared to established bounding methods.

  20. Engaging China in the International Export Control Process: Options for U.S. Policy

    National Research Council Canada - National Science Library

    Goldman, Charles

    1995-01-01

    This documented briefing is intended to provide options for U.S. policy that will enhance China's participation in the control of international transfers of destabilizing military or dual use technology...

  1. Error analysis in Fourier methods for option pricing for exponential Lévy processes

    KAUST Repository

    Crocce, Fabian; Hä ppö lä , Juho; Keissling, Jonas; Tempone, Raul

    2015-01-01

    We derive an error bound for utilising the discrete Fourier transform method for solving Partial Integro-Differential Equations (PIDE) that describe european option prices for exponential Lévy driven asset prices. We give sufficient conditions

  2. Document Image Processing: Going beyond the Black-and-White Barrier. Progress, Issues and Options with Greyscale and Colour Image Processing.

    Science.gov (United States)

    Hendley, Tom

    1995-01-01

    Discussion of digital document image processing focuses on issues and options associated with greyscale and color image processing. Topics include speed; size of original document; scanning resolution; markets for different categories of scanners, including photographic libraries, publishing, and office applications; hybrid systems; data…

  3. MICRO- AND NANOENCAPSULATION VIA ELECTRO-HYDRODYNAMIC PROCESSING OF INTEREST IN FOOD APPLICATIONS

    OpenAIRE

    PÉREZ MASIÁ, ROCÍO

    2016-01-01

    Micro- and nanoencapsulation have generated great interest over the last years in multiple fields. Particularly in the food industry, this technology presents potential applications for the development of smart packaging structures, as well as for the protection of sensitive ingredients and the production of novel healthy foods. Therefore, in this thesis, the development of different encapsulation structures of interest in the food area was carried out. Specifically, c...

  4. HIV Testing Practices and Interest in Self-Testing Options among Young, Black Men Who Have Sex with Men in North Carolina

    Science.gov (United States)

    HURT, Christopher B.; SONI, Karina; MILLER, William C.; HIGHTOW-WEIDMAN, Lisa B.

    2016-01-01

    Background Young, Black men who have sex with men (YBMSM) experience disproportionately high HIV incidence in the United States. Relative to other at-risk populations, less is known about their HIV testing behaviors and preferences regarding self-testing. Methods We used an online survey to investigate testing practices and interest in self-testing among HIV-uninfected, 18–30 year-old YBMSM in North Carolina. Results From July 2014 – March 2015, 212 completed the survey; median age was 24 years. Among 175 (83%) who had ever been tested, 160 (91%) reported testing in the prior year, 124 (71%) tested at least every 6 months, and 71 (40%) tested at least quarterly. About three-quarters (77%; n=164) were aware of HIV self-testing; 35 (17%) had ever purchased rapid (n=27) or dried blood spot-based (n=14) kits. Participants aware of kits had greater intention to test in the next 6 months; were more likely to have income for basic necessities and to ask sex partners about HIV status; and were less likely to have a main sex partner or to have had transactional sex. Among 142 participants at least somewhat likely to self-test in the future, convenience (35%), privacy (23%), and rapid result delivery (18%) were the principal motivators. Conclusions Eight of every ten YBMSM have ever been tested for HIV, but inter-test intervals remain unacceptably long for many. Awareness of and interest in self-testing is substantial, but few have used this method. Expanded use of self-tests could help increase the frequency of HIV testing in this epidemiologically important population. PMID:27513387

  5. Physiotherapists use a great variety of motor learning options in neurological rehabilitation, from which they choose through an iterative process: a retrospective think-aloud study.

    Science.gov (United States)

    Kleynen, Melanie; Moser, Albine; Haarsma, Frederike A; Beurskens, Anna J; Braun, Susy M

    2017-08-01

    The goal of this study was to examine which motor learning options are applied by experienced physiotherapists in neurological rehabilitation, and how they choose between the different options. A descriptive qualitative approach was used. A purposive sample of five expert physiotherapists from the neurological ward of a rehabilitation center participated. Data were collected using nine videotaped therapy situations. During retrospective think-aloud interviews, the physiotherapists were instructed to constantly "think aloud" while they were watching their own videos. Five "operators" were identified: "act", "know", "observe", "assess" and "argue". The "act" operator consisted of 34 motor learning options, which were clustered into "instruction", "feedback" and "organization". The "know", "observe", "assess" and "argue" operators explained how therapists chose one of these options. The four operators seem to be interrelated and together lead to a decision to apply a particular motor learning option. Results show that the participating physiotherapists used a great variety of motor learning options in their treatment sessions. Further, the decision-making process with regard to these motor learning options was identified. Results may support future intervention studies that match the content and process of therapy in daily practice. The study should be repeated with other physiotherapists. Implications for Rehabilitation The study provided insight into the way experienced therapist handle the great variety of possible motor learning options, including concrete ideas on how to operationalize these options in specific situations. Despite differences in patients' abilities, it seems that therapists use the same underlying clinical reasoning process when choosing a particular motor learning option. Participating physiotherapists used more than the in guidelines suggested motor learning options and considered more than the suggested factors, hence adding practice based

  6. Stochastic interest model driven by compound Poisson process andBrownian motion with applications in life contingencies

    Directory of Open Access Journals (Sweden)

    Shilong Li

    2018-03-01

    Full Text Available In this paper, we introduce a class of stochastic interest model driven by a compoundPoisson process and a Brownian motion, in which the jumping times of force of interest obeyscompound Poisson process and the continuous tiny fluctuations are described by Brownian motion, andthe adjustment in each jump of interest force is assumed to be random. Based on the proposed interestmodel, we discuss the expected discounted function, the validity of the model and actuarial presentvalues of life annuities and life insurances under different parameters and distribution settings. Ournumerical results show actuarial values could be sensitive to the parameters and distribution settings,which shows the importance of introducing this kind interest model.

  7. From passive to active about solar electricity: innovation decision process and photovoltaic interest generation

    International Nuclear Information System (INIS)

    Kaplan, A.W.

    1999-01-01

    Electric utility managers are accustomed to technology choices, both in day-to-day load dispatching decisions and in the selection of new innovation to support utility operations. Conventional innovation management decision models may no longer apply in a confusing world of resource scarcity and industry deregulation. This research addresses the implications of a likely scenario: utilities will inevitably shift to a renewable base for electricity generation. How will managers become interested in solar energy? Does the conventional adoption decision model provide a solid foundation for understanding the factors that influence their interest? This study suggests not. Building on a national survey of utility managers in the US, a path analysis demonstrates the inadequacy of technical knowledge as a sufficient precursor to adoption interest. Three additional variables - motivation, experience, and familiarity - are offered as critical influences of interest in photovoltaics, the most ready innovation in the spectrum of renewable technologies. These findings have significant implications for commercialization efforts, as well as for management of utility operations. Through small wins, experimentation, and groping along, solar power can be diffused far more effectively and with far greater ultimate success than is expected through the conventional wisdom of large-scale research and development. (author)

  8. Analysis of radwaste material management options for experimental DUPIC fuel fabrication process

    Energy Technology Data Exchange (ETDEWEB)

    Lee, H. H.; Park, J. J.; Yang, M. S.; Kim, K. H.; Shin, J. M.; Lee, H. S.; Ko, W. I.; Lee, J. W.; Yim, S. P.; Hong, D. H.; Lee, J. Y.; Baik, S. Y.; Song, W. S.; Yoo, B. O.; Lee, E. P.; Kang, I. S. [Korea Atomic Energy Research Institute, Taejeon (Korea)

    2000-03-01

    This report is desirable to review management options in advance for radioactive waste generated from manufacturing experiment of DUPIC nuclear fuel as well as residual nuclear material and dismantled equipment. This report was written for helping researchers working in related facilities to DUPIC project understanding management of DUPIC radioactive waste as well as fellows in DUPIC project. Also, it will be used as basic material to prove transparency and safeguardability of DUPIC fuel cycle. In order to meet these purposes, this report includes basic experiment plan for manufacturing DUPIC nuclear fuel, outlines for DUPIC manufacturing facility and equipment, arising source and estimated amount of radioactive waste, waste classification and packing, transport cask, transport procedures. 15 refs., 31 figs., 11 tabs. (Author)

  9. A dual-process perspective on fluency-based aesthetics: the pleasure-interest model of aesthetic liking.

    Science.gov (United States)

    Graf, Laura K M; Landwehr, Jan R

    2015-11-01

    In this article, we develop an account of how aesthetic preferences can be formed as a result of two hierarchical, fluency-based processes. Our model suggests that processing performed immediately upon encountering an aesthetic object is stimulus driven, and aesthetic preferences that accrue from this processing reflect aesthetic evaluations of pleasure or displeasure. When sufficient processing motivation is provided by a perceiver's need for cognitive enrichment and/or the stimulus' processing affordance, elaborate perceiver-driven processing can emerge, which gives rise to fluency-based aesthetic evaluations of interest, boredom, or confusion. Because the positive outcomes in our model are pleasure and interest, we call it the Pleasure-Interest Model of Aesthetic Liking (PIA Model). Theoretically, this model integrates a dual-process perspective and ideas from lay epistemology into processing fluency theory, and it provides a parsimonious framework to embed and unite a wealth of aesthetic phenomena, including contradictory preference patterns for easy versus difficult-to-process aesthetic stimuli. © 2015 by the Society for Personality and Social Psychology, Inc.

  10. Are Private Interests Clouding the Peer-Review Process of the WHO Bulletin? A Case Study.

    Science.gov (United States)

    Homedes, Nuria; Ugalde, Antonio

    2016-01-01

    Readers' trust on the medical literature has been eroded, and journal editors and some editorial boards are taking measures to ensure that authors fully and accurately report research findings and disclose conflicts of interest. This article describes a case study in which the papers editor of the World Health Organization (WHO) Bulletin influenced the content of an article that had been approved by the external reviewers. The editor objected to the publication of the large price differentials of the new molecular entities (NMEs) across the Latin American countries where they had been tested and the limited added therapeutic value of the NMEs that had been assessed by independent drug bulletins. This article summarizes the exchanges with WHO staff and posits the hypothesis that the WHO Bulletin might be affected by the shifts in WHO financing. Several authors have raised concern about the impact of financial conflicts of interest in WHO activities in the field of nutrition, intellectual property, and in the emergency response to the flu pandemic. Moreover, it has been reported that powerful WHO contributors pressured WHO into revising its publication policy. This is the first time that authors question if these conflicts of interest are also affecting the editorial independence of the WHO Bulletin.

  11. Exploring Options for Standardisation of Processes and Transactions in Land Administration

    NARCIS (Netherlands)

    Lemmen, C.H.J.; Unger, E.M.; van Oosterom, P.J.M.; Kalantari, M.

    2018-01-01

    Processes and transactions in Land Administration are outside the scope of the Land Administration Domain Model Edition I published in 2012. Reason is that processes were considered to be country specific. Generic processes would be too difficult to model. This view needs reconsideration – given

  12. The Black-Scholes option pricing problem in mathematical finance: generalization and extensions for a large class of stochastic processes

    Science.gov (United States)

    Bouchaud, Jean-Philippe; Sornette, Didier

    1994-06-01

    The ability to price risks and devise optimal investment strategies in thé présence of an uncertain "random" market is thé cornerstone of modern finance theory. We first consider thé simplest such problem of a so-called "European call option" initially solved by Black and Scholes using Ito stochastic calculus for markets modelled by a log-Brownien stochastic process. A simple and powerful formalism is presented which allows us to generalize thé analysis to a large class of stochastic processes, such as ARCH, jump or Lévy processes. We also address thé case of correlated Gaussian processes, which is shown to be a good description of three différent market indices (MATIF, CAC40, FTSE100). Our main result is thé introduction of thé concept of an optimal strategy in the sense of (functional) minimization of the risk with respect to the portfolio. If the risk may be made to vanish for particular continuous uncorrelated 'quasiGaussian' stochastic processes (including Black and Scholes model), this is no longer the case for more general stochastic processes. The value of the residual risk is obtained and suggests the concept of risk-corrected option prices. In the presence of very large deviations such as in Lévy processes, new criteria for rational fixing of the option prices are discussed. We also apply our method to other types of options, `Asian', `American', and discuss new possibilities (`doubledecker'...). The inclusion of transaction costs leads to the appearance of a natural characteristic trading time scale. L'aptitude à quantifier le coût du risque et à définir une stratégie optimale de gestion de portefeuille dans un marché aléatoire constitue la base de la théorie moderne de la finance. Nous considérons d'abord le problème le plus simple de ce type, à savoir celui de l'option d'achat `européenne', qui a été résolu par Black et Scholes à l'aide du calcul stochastique d'Ito appliqué aux marchés modélisés par un processus Log

  13. Energy options

    International Nuclear Information System (INIS)

    Hampton, Michael

    1999-01-01

    This chapter focuses on energy options as a means of managing exposure to energy prices. An intuitive approach to energy options is presented, and traditional definitions of call and put options are given. The relationship between options and swaps, option value and option exercises, commodity options, and option pricing are described. An end-user's guide to energy option strategy is outlined, and straight options, collars, participating swaps and collars, bull and bear spreads, and swaption are examined. Panels explaining the defining of basis risk, and discussing option pricing and the Greeks, delta hedging, managing oil options using the Black-Scholes model, caps, floors and collars, and guidelines on hedging versus speculation with options are included in the paper

  14. Efficient pricing of Asian options under Lévy processes based on Fourier cosine expansions Part I : European-style products

    NARCIS (Netherlands)

    Zhang, B.; Oosterlee, C.W.

    2011-01-01

    We propose an efficient pricing method for arithmetic, and geometric, Asian options under Levy processes, based on Fourier cosine expansions and Clenshaw–Curtis quadrature. The pricing method is developed for both European–style and American–style Asian options, and for discretely and continuously

  15. Thermo-Economic Modelling and Process Integration of CO2-Mitigation Options on Oil and Gas Platforms

    DEFF Research Database (Denmark)

    Nguyen, Tuong-Van; Tock, Laurence; Breuhaus, Peter

    2014-01-01

    recovering CO2 that can be used for enhanced oil recovery. In this paper, a North Sea platform is considered as case study, and the site-scale retrofit integration of these three options is analysed, considering thermodynamic, economic and environmental performance indicators. The results illustrate......The offshore extraction of oil and gas is an energy-intensive process associated with large CO2 and CH4 emissions to the atmosphere and chemicals to the sea. The taxation of these emissions has encouraged the development of more energy-efficient and environmental-friendly solutions, of which three...

  16. The Formation of Organic Compounds of Astrobiological Interest by the Irradiation Processing of Astrophysical Ices

    Science.gov (United States)

    Sandford, Scott A.

    2015-01-01

    Many environments in space contain very low temperature mixed molecular ices that are exposed to ionizing radiation in the form of cosmic rays and high-energy photons. While traditional chemistry would not be expected to occur at the temperatures typical of these ices (T compounds. Many of these new products are of direct interest to astrobiology. For example, the irradiation of mixed molecular ices has been shown to produce amino acids, amphiphiles, quinones, sugars, heterocyclic compounds, and nucleobases, all molecular building blocks used by terrestrial life. Insofar as the presence of these materials plays a role in the origin of life on planets, this has profound implications for the potential abundance of life in the universe since these experiments simulate universal conditions that are expected to be found wherever new stars and planets form.

  17. Pitched blade impeller - an option for mixing in continuous actinide reconversion process

    International Nuclear Information System (INIS)

    Tripathi, V.M.; Suresh Kumar, K.; Sreekumar, G.; Sugilal, G.

    2016-01-01

    In nuclear fuel cycle, current methodology for Pu reconversion involves Pu(IV)-oxalate precipitation as a semi continuous/batch process mode for a predetermined volume of Pu(NO 3 ) 4 solution in a long single column with a marine propeller type stirrer. In this process the slurry is being drained from bottom of the vessel leading to a possibility of accumulation of precipitate in the vessel which is an unfavorable condition for continuous process. As continuous reconversion process is a requirement to meet high through put of reprocessing plants, the conventional process has to be improvised with reference to its slurry exit point through overflow line. Although marine propeller type stirrer ensures an axial flow, it is not a choice for uniform solid suspension in a reactor vessel. A better alternate for complete suspension of solid in tall reactor is pitched blade turbine. Moreover pitched blade impellers are effective in low bottom clearance which ensures a thorough mixing of reactants. Present study focuses on feasibility of pitched blade impeller for mixing of reactants in a continuous actinide oxalate precipitation reactor with over flow line

  18. [The contracting process and outsourcing in health: the scenario for dispute between public and private interests].

    Science.gov (United States)

    Albuquerque, Maria do Socorro Veloso; Morais, Heloísa Maria Mendonça de; Lima, Luci Praciano

    2015-06-01

    This research analyzed the public-private composition in the municipal health network and aspects of the contracting/outsourcing process for services over the period from 2001 to 2008. The research method used was a case study with documentary research and interviews. The interviewees were former secretaries of health, directors of regulation and district managers. The categories of analysis used were public funds, care networks and public control. The results showed that the contracting was restricted to philanthropic units. With respect to the other private establishments linked to the public care network, non-compliance with programmatic aspects was detected, such as the lack of regulation of bidding processes required for contracting. Management authorities did not actively pursue building up state public services, or the formation of care networks. The contracted establishments conducted their activities without effective external and internal control mechanisms, which are paramount for the proper use of public resources. The authors conclude that the contracting process does not significantly alter the standard of buying and selling of services and indeed does not enhance the empowering process of the role of the public domain.

  19. Flexible process options for the immobilisation of residues and wastes containing plutonium

    International Nuclear Information System (INIS)

    Stewart, M.W.A.; Moricca, S.A.; Day, R. A.; Begg, B. D.; Scales, C. R.; Maddrell, E. R.; Eilbeck, A. B.

    2007-01-01

    Residues and waste streams containing plutonium present unique technical, safety, regulatory, security, and socio-political challenges. In the UK these streams range from lightly plutonium contaminated materials (PCM) through to residue s resulting directly from Pu processing operations. In addition there are potentially stocks of Pu oxide powders whose future designation may be either a waste or an asset, due to their levels of contamination making their reuse uneconomic, or to changes in nuclear policy. While waste management routes exist for PCM, an immobilisation process is required for streams containing higher levels of Pu. Such a process is being developed by Nexia Solutions and ANSTO to treat and immobilise Pu waste and residues currently stored on the Sellafield site. The characteristics of these Pu waste streams are highly variable. The physical form of the Pu waste ranges from liquids, sludges, powders/granules, to solid components (e.g., test fuels), with the Pu present as an ion in solution, as a salt, metal, oxide or other compound. The chemistry of the Pu waste streams also varies considerably with a variety of impurities present in many waste streams. Furthermore, with fissile isotopes present, criticality is an issue during operations and in the store or repository. Safeguards and security concerns must be assessed and controlled. The process under development, by using a combination of tailored waste form chemistry combined with flexible process technology aims to develop a process line to handle a broad range of Pu waste streams. It aims to be capable of dealing with not only current arisings but those anticipated to arise as a result of future operations or policy changes. (authors)

  20. Selection of efficient options for processing and storage of radioactive waste in countries with small amounts of waste generation

    International Nuclear Information System (INIS)

    2003-09-01

    The report is intended to assist decision makers in countries using nuclear energy for non-power applications to organize their waste management practices. It describes methodologies, criteria and options for the selection of appropriate technologies for processing and storage of low and intermediate level radioactive waste from different nuclear applications. The report reviews both technical and non-technical factors important for decision making and planning, and for implementation of waste management activities at the country and facility levels. It makes practical recommendations for the selection of particular technologies for different scales of waste generation. These wastes may arise from production of radionuclides and their application in industry, agriculture, medicine, education and research. The report also considers waste generated at research reactors, research centers and research laboratories using radioisotopes, as well as waste from decommissioning of research reactors and small nuclear facilities such as hot cells, laboratories and irradiation facilities. Management of uranium mining and milling waste and management of spent fuel from research reactors are not considered in this report. Discussed in detail are: the basic legal, regulatory, administrative and technical requirements set up in a national waste management system and review of the factors and components affecting the selection of an appropriate national waste management system. the origins and characteristics of radioactive waste from different nuclear applications. the technical factors that might affect the selection of waste processing and storage technologies, the main waste management steps, information on available technologies, the basis for planning of waste processing and storage and the selection of a particular option for radioactive waste processing and storage in countries with a different scale of nuclear applications

  1. Selection of efficient options for processing and storage of radioactive waste in countries with small amounts of waste generation

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2003-09-01

    The report is intended to assist decision makers in countries using nuclear energy for non-power applications to organize their waste management practices. It describes methodologies, criteria and options for the selection of appropriate technologies for processing and storage of low and intermediate level radioactive waste from different nuclear applications. The report reviews both technical and non-technical factors important for decision making and planning, and for implementation of waste management activities at the country and facility levels. It makes practical recommendations for the selection of particular technologies for different scales of waste generation. These wastes may arise from production of radionuclides and their application in industry, agriculture, medicine, education and research. The report also considers waste generated at research reactors, research centers and research laboratories using radioisotopes, as well as waste from decommissioning of research reactors and small nuclear facilities such as hot cells, laboratories and irradiation facilities. Management of uranium mining and milling waste and management of spent fuel from research reactors are not considered in this report. Discussed in detail are: the basic legal, regulatory, administrative and technical requirements set up in a national waste management system and review of the factors and components affecting the selection of an appropriate national waste management system. the origins and characteristics of radioactive waste from different nuclear applications. the technical factors that might affect the selection of waste processing and storage technologies, the main waste management steps, information on available technologies, the basis for planning of waste processing and storage and the selection of a particular option for radioactive waste processing and storage in countries with a different scale of nuclear applications.

  2. Cost reductions of fuel cells for transport applications: fuel processing options

    Energy Technology Data Exchange (ETDEWEB)

    Teagan, W P; Bentley, J; Barnett, B [Arthur D. Little, Inc., Cambridge, MA (United States)

    1998-03-15

    The highly favorable efficiency/environmental characteristics of fuel cell technologies have now been verified by virtue of recent and ongoing field experience. The key issue regarding the timing and extent of fuel cell commercialization is the ability to reduce costs to acceptable levels in both stationary and transport applications. It is increasingly recognized that the fuel processing subsystem can have a major impact on overall system costs, particularly as ongoing R and D efforts result in reduction of the basic cost structure of stacks which currently dominate system costs. The fuel processing subsystem for polymer electrolyte membrane fuel cell (PEMFC) technology, which is the focus of transport applications, includes the reformer, shift reactors, and means for CO reduction. In addition to low cost, transport applications require a fuel processor that is compact and can start rapidly. This paper describes the impact of factors such as fuel choice operating temperature, material selection, catalyst requirements, and controls on the cost of fuel processing systems. There are fuel processor technology paths which manufacturing cost analyses indicate are consistent with fuel processor subsystem costs of under $150/kW in stationary applications and $30/kW in transport applications. As such, the costs of mature fuel processing subsystem technologies should be consistent with their use in commercially viable fuel cell systems in both application categories. (orig.)

  3. The Process Genre Writing Approach; An Alternative Option for the Modern Classroom

    Science.gov (United States)

    Tudor, Emma

    2017-01-01

    "Writing involves knowledge about the language, the context in which writing happens and skills in using language. Writing development happens by drawing out the learners' potential and providing input to which learners respond" (Badger & White, 2000.) Taking this in to account, the Process Genre Approach in writing classes can be…

  4. Overview of CMOS process and design options for image sensor dedicated to space applications

    Science.gov (United States)

    Martin-Gonthier, P.; Magnan, P.; Corbiere, F.

    2005-10-01

    With the growth of huge volume markets (mobile phones, digital cameras...) CMOS technologies for image sensor improve significantly. New process flows appear in order to optimize some parameters such as quantum efficiency, dark current, and conversion gain. Space applications can of course benefit from these improvements. To illustrate this evolution, this paper reports results from three technologies that have been evaluated with test vehicles composed of several sub arrays designed with some space applications as target. These three technologies are CMOS standard, improved and sensor optimized process in 0.35μm generation. Measurements are focussed on quantum efficiency, dark current, conversion gain and noise. Other measurements such as Modulation Transfer Function (MTF) and crosstalk are depicted in [1]. A comparison between results has been done and three categories of CMOS process for image sensors have been listed. Radiation tolerance has been also studied for the CMOS improved process in the way of hardening the imager by design. Results at 4, 15, 25 and 50 krad prove a good ionizing dose radiation tolerance applying specific techniques.

  5. Accurate Evaluation of European and American Options Under the CGMY Process

    NARCIS (Netherlands)

    Almendral, A.; Oosterlee, C.W.

    2007-01-01

    A finite?difference method for integro?differential equations arising from Lévy driven asset processes in finance is discussed. The equations are discretized in space by the collocation method and in time by an explicit backward differentiation formula. The discretization is shown to be second?order

  6. Tight Error Bounds for Fourier Methods for Option Pricing for Exponential Levy Processes

    KAUST Repository

    Crocce, Fabian; Hä ppö lä , Juho; Keissling, Jonas; Tempone, Raul

    2016-01-01

    for the discontinuities in the asset price. The Levy -Khintchine formula provides an explicit representation of the characteristic function of a L´evy process (cf, [6]): One can derive an exact expression for the Fourier transform of the solution of the relevant PIDE

  7. Impact of process parameters and design options on heat leaks of straight cryogenic distribution lines

    Directory of Open Access Journals (Sweden)

    P. Duda

    2017-03-01

    Full Text Available The Future Circular Collider (FCC accelerator will require a helium distribution system that will exceed the presently exploited transfer lines by almost 1 order of magnitude. The helium transfer line will contain five process pipes protected against heat leaks by a common thermal shield. The design pressure of the FCC process pipe with supercritical helium will be equal to 5.0 MPa, significantly exceeding the 2.0 MPa value in the present, state-of–art transfer lines. The increase of the design pressure requires construction changes to be introduced to the support system, the vacuum barriers and the compensation bellows. This will influence heat flows to the helium. The paper analyses the impact of the increased design pressure on the heat flow. The paper also offers a discussion of the design modifications to the compensation system, including the replacement of stainless steel with Invar®—aimed at mitigating the pressure increase.

  8. Process Options Description for Vitrification Flowsheet Model of INEEL Sodium Bearing Waste

    Energy Technology Data Exchange (ETDEWEB)

    Nichols, Todd Travis; Taylor, Dean Dalton; Lauerhass, Lance; Barnes, Charles Marshall

    2001-02-01

    The purpose of this document is to provide the technical information to Savannah River Site (SRS) personnel that is required for the development of a basic steady-state process simulation of the vitrification treatment train of sodium bearing waste (SBW) at Idaho National Engineering and nvironmental Laboratory (INEEL). INEEL considers simulation to have an important role in the integration/optimization of treatment process trains for the High Level Waste (HLW) Program. This project involves a joint Technical Task Plan (TTP ID77WT31, Subtask C) between SRS and INEEL. The work scope of simulation is different at the two sites. This document addresses only the treatment of SBW at INEEL. The simulation model(s) is to be built by SRS for INEEL in FY-2001.

  9. Impact of process parameters and design options on heat leaks of straight cryogenic distribution lines

    CERN Document Server

    Duda, Pawel; Chorowski, Maciej Pawel; Polinski, J

    2017-01-01

    The Future Circular Collider (FCC) accelerator will require a helium distribution system that will exceed the presently exploited transfer lines by almost 1 order of magnitude. The helium transfer line will contain five process pipes protected against heat leaks by a common thermal shield. The design pressure of the FCC process pipe with supercritical helium will be equal to 5.0 MPa, significantly exceeding the 2.0 MPa value in the present, state-of–art transfer lines. The increase of the design pressure requires construction changes to be introduced to the support system, the vacuum barriers and the compensation bellows. This will influence heat flows to the helium. The paper analyses the impact of the increased design pressure on the heat flow. The paper also offers a discussion of the design modifications to the compensation system, including the replacement of stainless steel with Invar—aimed at mitigating the pressure increase.

  10. A strategic analysis of future growth options for an established process control company

    OpenAIRE

    Levesque, Sheila Lynne

    2007-01-01

    This project speaks to the prevailing business environment presently encountered at WESTCOAST Controls Ltd (WESTCOAST), a leading process control company in British Columbia, Canada. The scope of the project covers topics such as company overview, external industry analysis, and internal company analysis including strategic tools such as Porter's 5 Forces. The project concludes with a recommendation for the restructuring of the control systems & solutions division for improved performan...

  11. Comparison of thermal scattering processing options for S(α,β) cards in MCNP

    International Nuclear Information System (INIS)

    Čerba, Štefan; Damian, Jose Ignacio Marquez; Lüley, Jakub; Vrban, Branislav; Farkas, Gabriel; Nečas, Vladimír; Haščík, Jan

    2013-01-01

    Highlights: ► Determination of MCNP calculation bias for WWER-440. ► Specific scattering law S(α,β). ► Benchmark cases investigated. ► Three methods to process material cards for hydrogen bound in light water. - Abstract: The MCNP distributions include sets of pre-calculated thermal scattering libraries but these libraries are available for several temperature steps only. In order to achieve reliable results it is suitable to process the cross section libraries for the desired temperature. In general, there are three methods to process these thermal scattering libraries for the desired temperatures. This paper deals with the comparison of these three methods on the basis of several benchmarks and on the basis of a thermal transient experiment of a WWER-440 reactor. The choice is up to the MCNP user but unfortunately very few studies concerning the comparison have been published so far. Therefore conclusions and results presented in this paper may help the user to choose the most appropriate method for his calculation

  12. Accounting treatment of currency options

    Directory of Open Access Journals (Sweden)

    Prošić Danica

    2016-01-01

    Full Text Available Currency options are often used to mitigate currency risk resulting from corporate activities. Their implementation can be complex, and there could be problems if the essential elements and principles are not fully understood. Although they are not the simplest financial products, currency options are interesting and useful to those who are trying to make a step forward in the area of currency risk management. This paper aims to present the general principles and specifics of accounting records and valuation of currency options used for hedging against risk. It is a complex process which, in addition to numerous conditions, also involves the implementation of accounting rules that deviate from the generally accepted accounting principles.

  13. Ranking of options of real estate use by expert assessments mathematical processing

    Science.gov (United States)

    Lepikhina, O. Yu; Skachkova, M. E.; Mihaelyan, T. A.

    2018-05-01

    The article is devoted to the development of the real estate assessment concept. In conditions of multivariate using of the real estate method based on calculating, the integral indicator of each variant’s efficiency is proposed. In order to calculate weights of criteria of the efficiency expert method, Analytic hierarchy process and its mathematical support are used. The method allows fulfilling ranking of alternative types of real estate use in dependence of their efficiency. The method was applied for one of the land parcels located on Primorsky district in Saint Petersburg.

  14. Collisional processes of interest in MFE plasma research. Annual report, October 1, 1985-July 31, 1986

    International Nuclear Information System (INIS)

    Olson, R.E.

    1986-01-01

    Research on this grant can be divided into two general topics: (1) determination of electron capture cross sections between impurity ions and hydrogen atoms needed for diagnostic studies of magnetic fusion plasmas, and (2) studies into reactions important in neutral beam ion source work. For topic (1) during last year, we completed cross section calculations for B 3+ and Be 2+ on H using the molecular state approach for energies between 50 eV/u and 10 keV/u. At higher energies, 40 keV/u to 140 keV/u, we have completed classical trajectory Monte Carlo calculations to determine the nl electron capture cross sections for He 2+ , C 6+ , N 7+ and O 8+ on H collisions. For ion source work, topic (2), collisional studies were completed for negative ion formation in the process H + Na → H - + Na +

  15. Process Options Description for Vitrification Flowsheet Model of INEEL Sodium Bearing Waste

    Energy Technology Data Exchange (ETDEWEB)

    Nichols, T.T.; Taylor, D.D.; Lauerhass, L.; Barnes, C.M.

    2002-02-21

    The technical information required for the development of a basic steady-state process simulation of the vitrification treatment train of sodium bearing waste (SBW) at Idaho National Engineering and Environmental Laboratory (INEEL) is presented. The objective of the modeling effort is to provide the predictive capability required to optimize an entire treatment train and assess system-wide impacts of local changes at individual unit operations, with the aim of reducing the schedule and cost of future process/facility design efforts. All the information required a priori for engineers to construct and link unit operation modules in a commercial software simulator to represent the alternative treatment trains is presented. The information is of a mid- to high-level nature and consists of the following: (1) a description of twenty-four specific unit operations--their operating conditions and constraints, primary species and key outputs, and the initial modeling approaches that will be used in the first year of the simulation's development; (2) three potential configurations of the unit operations (trains) and their interdependencies via stream connections; and (3) representative stream compositional makeups.

  16. Process Options Description for Vitrification Flowsheet Model of INEEL Sodium Bearing Waste

    International Nuclear Information System (INIS)

    Nichols, T.T.; Taylor, D.D.; Lauerhass, L.; Barnes, C.M.

    2002-01-01

    The technical information required for the development of a basic steady-state process simulation of the vitrification treatment train of sodium bearing waste (SBW) at Idaho National Engineering and Environmental Laboratory (INEEL) is presented. The objective of the modeling effort is to provide the predictive capability required to optimize an entire treatment train and assess system-wide impacts of local changes at individual unit operations, with the aim of reducing the schedule and cost of future process/facility design efforts. All the information required a priori for engineers to construct and link unit operation modules in a commercial software simulator to represent the alternative treatment trains is presented. The information is of a mid- to high-level nature and consists of the following: (1) a description of twenty-four specific unit operations--their operating conditions and constraints, primary species and key outputs, and the initial modeling approaches that will be used in the first year of the simulation's development; (2) three potential configurations of the unit operations (trains) and their interdependencies via stream connections; and (3) representative stream compositional makeups

  17. Glass melter materials technical options for the French vitrification process and operations experience authors

    International Nuclear Information System (INIS)

    Bonniaud, R.; Roznad, L.; Demay, R.

    1986-09-01

    The French vitrification process for solidifying high-level radioactive waste which has been under industrial application since 1978, is mentioned briefly. This technique involves glass melting at 1,150 deg.C, using an induction heated metallic vessel. The molten glass pouring is controlled by a thermal gate, which is also heated by induction. Two types of vessel are in use. Both are remotely removable and disposable to permit replacement at regular intervals. The technical criteria (the materials used have to meet) are described. The behaviour of the materials has been investigated using the industrial experience gained in the AVM facility during 8 years of operation, as well as with operation of a prototype for the new vitrification facilities under construction at La Hague. A short description of the use of these materials is also presented

  18. Chemo‐enzymatic epoxidation–process options for improving biocatalytic productivity

    DEFF Research Database (Denmark)

    Hagström, Anna E. V.; Törnvall, Ulrika; Nordblad, Mathias

    2011-01-01

    The reactor choice is crucial when designing a process where inactivation of the biocatalyst is a problem. The main bottleneck for the chemo‐enzymatic epoxidation has been found to be enzyme inactivation by the hydrogen peroxide, H2O2, substrate. In the work reported here, the effect of reaction...... parameters on the reaction performance have been investigated and used to establish suitable operating strategies to minimize the inactivation of the enzyme, using rapeseed methyl ester (RME) as a substrate in a solvent‐free system. The use of a controlled fed‐batch reactor for maintaining H2O2 concentration...... at 1.5 M resulted in increased productivity, up to 76 grams of product per gram of biocatalyst with higher retention of enzyme activity. Further investigation included a multistage design that separated the enzymatic reaction and the saturation of the RME substrate with H2O2 into different vessels...

  19. The impact of the different payment options on the medical services clients' satisfaction building process

    Science.gov (United States)

    Skowron, Łukasz; Gąsior, Marcin; Sak-Skowron, Monika

    2014-12-01

    Both the scientific bodies as well as business practitioners over the past few years have concentrated their efforts in the field of marketing and management primarily around the concept of customer, wanting to know more about him/her and trying to understand their behaviour so that their market activities can more easily be influenced and shaped. In today's market, the customer bases the purchase-decision-making process on choosing a good/service that will give him/her the greatest satisfaction, a subjective, positive experience, which is an emotional reaction to the perceived value. Its level is a result of the comparison between the level of expectations arising from past experience, obtained information and promises, and the perception of experienced situation. In the empirical part of the manuscript, the authors present the main differences in the process of building customer satisfaction and loyalty for two groups of patients: those using prepaid medical services and those who pay for their services each time. Reported results refer to research carried out by the authors between August and October 2012 in the city of Warsaw (Poland) with use of the Structural Equation Modeling analysis. The study was conducted via paper surveys, on a sample of 1590 respondents who were the patients of selected medical organizations. The study demonstrated, using two, separate models, that among aforementioned groups of patients, the evaluation of health services proceeds in quite a different way. This indicates significant implications, of marketing and management character in the field of communication and building long-term patient-organization relationships. Medical establishments wanting to manage effectively their relationships with current and potential customers need to understand the nature of the different groups of patients and be able to adjust the scope and form of marketing activities to their different expectations and preferences.

  20. Collisional processes of interest in MFE plasma research. Final report, October 1, 1975-December 31, 1981

    International Nuclear Information System (INIS)

    Olson, R.E.

    1981-01-01

    Research on this contract over the past five years can be divided into several general topics: (1) D - formation processes for ion source related work, (2) collisions between atomic H or D and multiply-charged impurity ions for the diagnosis of plasma properties, and (3) the study of alpha particle collisions to determine confinement times. For topic (1), we completed theoretical calculations on the differential (angular) scattering of H 0 and D 0 on Cs, and detemined the mechanisms and trends in the electron detachment cross sections for collisions of H - and D - with alkali and heavy alkaline earth atom systems. For topic (2), a cross section scaling rule was determined for electron removal from atomic hydrogen by multiply charged ion collisions for charge states q = 1 to 50 and for collision energies from 50 to 5000 keV/amu. On topic (3), we completed He ++ + Li double electron capture and single ionization cross section calculations from 50 to 400 keV/amu for use in studies on alpha distributions in magnetically confined plasmas. The cross section values are such that this diagnostic procedure appears tractable

  1. The Increasing Interest of ANAMMOX Research in China: Bacteria, Process Development, and Application

    Directory of Open Access Journals (Sweden)

    Mohammad Ali

    2013-01-01

    Full Text Available Nitrogen pollution created severe environmental problems and increasingly has become an important issue in China. Since the first discovery of ANAMMOX in the early 1990s, this related technology has become a promising as well as sustainable bioprocess for treating strong nitrogenous wastewater. Many Chinese research groups have concentrated their efforts on the ANAMMOX research including bacteria, process development, and application during the past 20 years. A series of new and outstanding outcomes including the discovery of new ANAMMOX bacterial species (Brocadia sinica, sulfate-dependent ANAMMOX bacteria (Anammoxoglobus sulfate and Bacillus benzoevorans, and the highest nitrogen removal performance (74.3–76.7 kg-N/m3/d in lab scale granule-based UASB reactors around the world were achieved. The characteristics, structure, packing pattern and floatation mechanism of the high-rate ANAMMOX granules in ANAMMOX reactors were also carefully illustrated by native researchers. Nowadays, some pilot and full-scale ANAMMOX reactors were constructed to treat different types of ammonium-rich wastewater including monosodium glutamate wastewater, pharmaceutical wastewater, and leachate. The prime objective of the present review is to elucidate the ongoing ANAMMOX research in China from lab scale to full scale applications, comparative analysis, and evaluation of significant findings and to set a design to usher ANAMMOX research in culmination.

  2. The Increasing Interest of ANAMMOX Research in China: Bacteria, Process Development, and Application

    Science.gov (United States)

    Chai, Li-Yuan; Tang, Chong-Jian; Zheng, Ping; Min, Xiao-Bo; Yang, Zhi-Hui; Song, Yu-Xia

    2013-01-01

    Nitrogen pollution created severe environmental problems and increasingly has become an important issue in China. Since the first discovery of ANAMMOX in the early 1990s, this related technology has become a promising as well as sustainable bioprocess for treating strong nitrogenous wastewater. Many Chinese research groups have concentrated their efforts on the ANAMMOX research including bacteria, process development, and application during the past 20 years. A series of new and outstanding outcomes including the discovery of new ANAMMOX bacterial species (Brocadia sinica), sulfate-dependent ANAMMOX bacteria (Anammoxoglobus sulfate and Bacillus benzoevorans), and the highest nitrogen removal performance (74.3–76.7 kg-N/m3/d) in lab scale granule-based UASB reactors around the world were achieved. The characteristics, structure, packing pattern and floatation mechanism of the high-rate ANAMMOX granules in ANAMMOX reactors were also carefully illustrated by native researchers. Nowadays, some pilot and full-scale ANAMMOX reactors were constructed to treat different types of ammonium-rich wastewater including monosodium glutamate wastewater, pharmaceutical wastewater, and leachate. The prime objective of the present review is to elucidate the ongoing ANAMMOX research in China from lab scale to full scale applications, comparative analysis, and evaluation of significant findings and to set a design to usher ANAMMOX research in culmination. PMID:24381935

  3. Collisional processes of interest in MFE plasma research. Annual report, October 1, 1983-September 30, 1984

    International Nuclear Information System (INIS)

    Olson, R.E.

    1984-01-01

    Research on this contract can be divided into two general topics: (1) D - formation collision processes; and (2) the determination of scattering cross sections used to diagnose properties of magnetically-confined plasmas. For topic (1) during last year, we completed theoretical calculations on D - negative ion formation from collisions of D atoms with Na and Cs targets. On the topic of research into polarized sources of H or He, we completed cross section studies of metastable He production in electron capture collisions of He + with Li and Na and of nuclear spin exchange collisions between H and the alkali metals. For diagnostic efforts, electron capture cross sections were determined for Al 2+ and Al 3+ colliding with H for the EBT program and C 4+ , C 6+ , Ar 8+ colliding with He for helium ash studies. Work is proceeding on laser-assisted collisions to enhance D - negative ion yields and the effects of l-mixing in collisions of He + (nl) with plasma constituents

  4. Traffic Light Options

    DEFF Research Database (Denmark)

    Jørgensen, Peter Løchte

    This paper introduces, prices, and analyzes traffic light options. The traffic light option is an innovative structured OTC derivative developed independently by several London-based investment banks to suit the needs of Danish life and pension (L&P) companies, which must comply with the traffic...... 2006, and supervisory authorities in many other European countries have implemented similar regulation. Traffic light options are therefore likely to attract the attention of a wider audience of pension fund managers in the future. Focusing on the valuation of the traffic light option we set up a Black...... light scenarios. These stress scenarios entail drops in interest rates as well as in stock prices, and traffic light options are thus designed to pay off and preserve sufficient capital when interest rates and stock prices fall simultaneously. Sweden's FSA implemented a traffic light system in January...

  5. Traffic Light Options

    DEFF Research Database (Denmark)

    Jørgensen, Peter Løchte

    2007-01-01

    This paper introduces, prices, and analyzes traffic light options. The traffic light option is an innovative structured OTC derivative developed independently by several London-based investment banks to suit the needs of Danish life and pension (L&P) companies, which must comply with the traffic...... 2006, and supervisory authorities in many other European countries have implemented similar regulation. Traffic light options are therefore likely to attract the attention of a wider audience of pension fund managers in the future. Focusing on the valuation of the traffic light option we set up a Black...... light scenarios. These stress scenarios entail drops in interest rates as well as in stock prices, and traffic light options are thus designed to pay off and preserve sufficient capital when interest rates and stock prices fall simultaneously. Sweden's FSA implemented a traffic light system in January...

  6. TANK SPACE OPTIONS REPORT

    International Nuclear Information System (INIS)

    Willis, W.L.; Ahrendt, M.R.

    2009-01-01

    Since this report was originally issued in 2001, several options proposed for increasing double-shell tank (DST) storage space were implemented or are in the process of implementation. Changes to the single-shell tank (SST) waste retrieval schedule, completion of DST space saving options, and the DST space saving options in progress have delayed the projected shortfall of DST storage space from the 2007-2011 to the 2018-2025 timeframe (ORP-11242, River Protection Project System Plan). This report reevaluates options from Rev. 0 and includes evaluations of new options for alleviating projected restrictions on SST waste retrieval beginning in 2018 because of the lack of DST storage space.

  7. An Analytically Tractable Model for Pricing Multiasset Options with Correlated Jump-Diffusion Equity Processes and a Two-Factor Stochastic Yield Curve

    Directory of Open Access Journals (Sweden)

    Tristan Guillaume

    2016-01-01

    Full Text Available This paper shows how to value multiasset options analytically in a modeling framework that combines both continuous and discontinuous variations in the underlying equity or foreign exchange processes and a stochastic, two-factor yield curve. All correlations are taken into account, between the factors driving the yield curve, between fixed income and equity as asset classes, and between the individual equity assets themselves. The valuation method is applied to three of the most popular two-asset options.

  8. Rehabilitation Options

    Science.gov (United States)

    ... Speech Pathology Occupational Therapy Art Therapy Recreational therapy Neuropsychology Home Care Options Advanced Care Planning Palliative Care ... Speech Pathology Occupational Therapy Art Therapy Recreational therapy Neuropsychology Home Care Options Advanced Care Planning Palliative Care ...

  9. New Options, Old Concerns.

    Science.gov (United States)

    O'Neil, John

    1996-01-01

    Will greater school choice result in more responsive, higher quality schools and happier parents? Or will proliferating options further sort students and families by race, social class, and special interest? Increasingly, education is viewed as a private good. If parents become autonomous, self-interested consumers, erosion of common purposes and…

  10. Waste processing options

    International Nuclear Information System (INIS)

    Turney, J.; Miller, A.; Leventhal, L.; Naughton, M.

    1985-01-01

    Decontamination of components, facilities and sites is becoming an increasingly significant source of low-level waste. Another source, of potentially greater magnitude, is the decommissioning of nuclear reactor facilities. According to DOE, there are about 15 operating reactors that will be candidates for decommissioning by the end of the century. In addition, there are reactors such as Humboldt Bay, Dresden 1, and Indian Point, Unit 1, which have been shut down prior to their design life. Chemical decontamination of components and systems is a frequently used technique in controlling nuclear plant radiation exposure, and is especially useful during decommissioning. However, many of the solutions used pose a chemical or biological hazard, in addition to being radioactively contaminated. These hazards, if not ameliorated, may prohibit their disposal. Recent regulations, such as 10CFR Part 61(2), are focusing more attention on the non-radioactive aspects of radioactive waste. 10CFR Part 61 and the existing burial site licenses prohibit burial of waste which is chemically reactive, explosive under ambient conditions, produces toxic gases, vapors or fumes, or is pyrophoric. Additionally, the Barnwell license restricts organic chemicals which may affect the migration of radionuclides from the burial site. The NRC is studying additional restrictions on a class of these chemicals called chelating agents

  11. Ecological and economic interests in design process of thermal power plant; Ekoloski i gospodarstveni izazovi pri projektiranju energetskih postrojenja

    Energy Technology Data Exchange (ETDEWEB)

    Sander, M [Elektroprojekt, Zagreb (Croatia)

    1997-12-31

    In design process of thermal power plant various ecological and economic contradictory interests are brought in focus. Requests on environmental protection written in laws, standards and international treaties are increasing investment costs and energy production costs. In a design phase there is a task to reconcile these contradictory requests. The paper presents relationship between technology and environmental protection with a focus on air pollution. Air pollution and human health is considered taking in account the role of design phase in thermal power plants project and human health problems. International laws and standards are presented with moral dilemmas concerning low investment costs and high environmental standards. (author). 6 tabs., 2 figs., 13 refs.

  12. 75 FR 17453 - Interest Rates

    Science.gov (United States)

    2010-04-06

    ... SMALL BUSINESS ADMINISTRATION Interest Rates The Small Business Administration publishes an interest rate called the optional ``peg'' rate (13 CFR 120.214) on a quarterly basis. This rate is a.... This rate may [[Page 17454

  13. Option Pricing with a Levy-Type Stochastic Dynamic Model for Stock Price Process Under Semi-Markovian Structural Perturbations

    Science.gov (United States)

    2015-11-30

    models ( Beckers 1980, Dupire 1997), the volatility depends on time and stock price through a deterministic func- tional. In both cases, in addition to...T1 ≤ T2 ≤ · · · ≤ Tn−1 are the regime switch- ing times caused by the semi-Markov process prior to t. For notational convenience, we denote θ−1 = θ0...of interest are currently being investigated: (1) an evaluation of the effects of the backward recurrence time, the sojourn time distribution and the

  14. Interest Rates and Coupon Bonds in Quantum Finance

    Science.gov (United States)

    Baaquie, Belal E.

    2009-09-01

    1. Synopsis; 2. Interest rates and coupon bonds; 3. Options and option theory; 4. Interest rate and coupon bond options; 5. Quantum field theory of bond forward interest rates; 6. Libor Market Model of interest rates; 7. Empirical analysis of forward interest rates; 8. Libor Market Model of interest rate options; 9. Numeraires for bond forward interest rates; 10. Empirical analysis of interest rate caps; 11. Coupon bond European and Asian options; 12. Empirical analysis of interest rate swaptions; 13. Correlation of coupon bond options; 14. Hedging interest rate options; 15. Interest rate Hamiltonian and option theory; 16. American options for coupon bonds and interest rates; 17. Hamiltonian derivation of coupon bond options; Appendixes; Glossaries; List of symbols; Reference; Index.

  15. 5 CFR 581.307 - Compliance with legal process requiring the payment of attorney fees, interest, and/or court costs.

    Science.gov (United States)

    2010-01-01

    ... the payment of attorney fees, interest, and/or court costs. 581.307 Section 581.307 Administrative... payment of attorney fees, interest, and/or court costs. Before complying with legal process that requires withholding for the payment of attorney fees, interest, and/or court costs, the governmental entity must...

  16. Saccharification of recalcitrant biomass and integration options for lignocellulosic sugars from Catchlight Energy's sugar process (CLE Sugar).

    Science.gov (United States)

    Gao, Johnway; Anderson, Dwight; Levie, Benjamin

    2013-01-28

    Woody biomass is one of the most abundant biomass feedstocks, besides agriculture residuals in the United States. The sustainable harvest residuals and thinnings alone are estimated at about 75 million tons/year. These forest residuals and thinnings could produce the equivalent of 5 billion gallons of lignocellulosic ethanol annually. Softwood biomass is the most recalcitrant biomass in pretreatment before an enzymatic hydrolysis. To utilize the most recalcitrant lignocellulosic materials, an efficient, industrially scalable and cost effective pretreatment method is needed. Obtaining a high yield of sugar from recalcitrant biomass generally requires a high severity of pretreatment with aggressive chemistry, followed by extensive conditioning, and large doses of enzymes. Catchlight Energy's Sugar process, CLE Sugar, uses a low intensity, high throughput variation of bisulfite pulping to pretreat recalcitrant biomass, such as softwood forest residuals. By leveraging well-proven bisulfite technology and the rapid progress of enzyme suppliers, CLE Sugar can achieve a high yield of total biomass carbohydrate conversion to monomeric lignocellulosic sugars. For example, 85.8% of biomass carbohydrates are saccharified for un-debarked Loblolly pine chips (softwood), and 94.0% for debarked maple chips (hardwood). Furan compound formation was 1.29% of biomass feedstock for Loblolly pine and 1.10% for maple. At 17% solids hydrolysis of pretreated softwood, an enzyme dose of 0.075 g Sigma enzyme mixture/g dry pretreated (unwashed) biomass was needed to achieve 8.1% total sugar titer in the hydrolysate and an overall prehydrolysate liquor plus enzymatic hydrolysis conversion yield of 76.6%. At a much lower enzyme dosage of 0.044 g CTec2 enzyme product/g dry (unwashed) pretreated softwood, hydrolysis at 17% solids achieved 9.2% total sugar titer in the hydrolysate with an overall sugar yield of 85.0% in the combined prehydrolysate liquor and enzymatic hydrolysate. CLE Sugar has

  17. Sparking interest in restaurant dishes? Cognitive and affective processes underlying dish design and ecological origin. An fMRI study.

    Science.gov (United States)

    Muñoz-Leiva, Francisco; Gómez-Carmona, Diego

    2018-06-14

    The objective of the current paper is to verify to what extent the presentation of a restaurant dish and the origin of its food provoke reactions in the consumer's brain during the visualization and the decision-making process, from an exploratory approach. The two independent variables singled out for study were whether the presentation was well or poorly presented and if the ingredients were ecological or non-ecological. The results applying the functional magnetic resonance image (fMRI) methodology reveal that well-presented dishes activate areas in the brain linked to the network of emotions indicating that the visualization in restaurant menus is not a purely cognitive and self-reflexive process but retains a strong affective component. Furthermore, the presence of this component is kept at the moment of choosing a dish, as observed by the activation of the gyrus cingulate, region linked to the regulatory processes of emotions. Hence, research ratifies the existence of an emotional factor during the entire process of decision-making carried out in a restaurant. Yet it is true that exposure to an ecological menu provokes activation of the medial frontal cortex, a region connected to higher reasoning and attention, suggesting that stimuli from well-presented dishes of ecological origin trigger neuronal responses related to high-level cognitive processes. The practical implications derived, along with its limitations and the future research opportunities, are interesting for both developing theory and also practice. Therefore, scholars are encouraged to further test some research proposals (e.g. moderating role of salubrity or simultaneously eye tracking method). Copyright © 2017. Published by Elsevier Inc.

  18. Effects of Attention and Levels of Processing on Explicit and Implicit Memory Function with Interesting and Uninteresting Tasks in University Students

    Science.gov (United States)

    Mahdavian, Alireza; Kormi-Nouri, Reza

    This study aims to investigate the effect of attention and levels of processing on memory function and recalling words in two situations when students are interested in the subject and when they are not. This is an experimental study of 160 students conducted individually using a computer software. Results reveal focused attention, interest in the subject and deep processing caused the explicit memory to be at its highest level of functionality. On the contrary, shallow processing, divided attention and lack of interest in the subject plunged memory function into its lowest levels. Variables have different effects on attention, explicit and implicit memory. That is, interesting tasks with focused attention and deep processing have the highest effect on explicit memory in order. Also, interesting tasks, focused attention, respectively affect implicit memory. But level of processing does not affect implicit memory significantly.

  19. Identification of Response Options to Artisanal and Small-Scale Gold Mining (ASGM in Ghana via the Delphi Process

    Directory of Open Access Journals (Sweden)

    Avik Basu

    2015-09-01

    Full Text Available The Delphi technique is a means of facilitating discussion among experts in order to develop consensus, and can be used for policy formulation. This article describes a modified Delphi approach in which 27 multi-disciplinary academics and 22 stakeholders from Ghana and North America were polled about ways to address negative effects of small-scale gold mining (ASGM in Ghana. In early 2014, the academics, working in disciplinary groups, synthesized 17 response options based on data aggregated during an Integrated Assessment of ASGM in Ghana. The researchers participated in two rounds of Delphi polling in March and April 2014, during which 17 options were condensed into 12. Response options were rated via a 4-point Likert scale in terms of benefit (economic, environmental, and benefit to people and feasibility (economic, social/cultural, political, and implementation. The six highest-scoring options populated a third Delphi poll, which 22 stakeholders from diverse sectors completed in April 2015. The academics and stakeholders also prioritized the response options using ranking exercises. The technique successfully gauged expert opinion on ASGM, and helped identify potential responses, policies and solutions for the sector. This is timely given that improvement to the ASGM sector is an important component within the UN Minamata Convention.

  20. Identification of Response Options to Artisanal and Small-Scale Gold Mining (ASGM) in Ghana via the Delphi Process.

    Science.gov (United States)

    Basu, Avik; Phipps, Sean; Long, Rachel; Essegbey, George; Basu, Niladri

    2015-09-10

    The Delphi technique is a means of facilitating discussion among experts in order to develop consensus, and can be used for policy formulation. This article describes a modified Delphi approach in which 27 multi-disciplinary academics and 22 stakeholders from Ghana and North America were polled about ways to address negative effects of small-scale gold mining (ASGM) in Ghana. In early 2014, the academics, working in disciplinary groups, synthesized 17 response options based on data aggregated during an Integrated Assessment of ASGM in Ghana. The researchers participated in two rounds of Delphi polling in March and April 2014, during which 17 options were condensed into 12. Response options were rated via a 4-point Likert scale in terms of benefit (economic, environmental, and benefit to people) and feasibility (economic, social/cultural, political, and implementation). The six highest-scoring options populated a third Delphi poll, which 22 stakeholders from diverse sectors completed in April 2015. The academics and stakeholders also prioritized the response options using ranking exercises. The technique successfully gauged expert opinion on ASGM, and helped identify potential responses, policies and solutions for the sector. This is timely given that improvement to the ASGM sector is an important component within the UN Minamata Convention.

  1. Identification of Response Options to Artisanal and Small-Scale Gold Mining (ASGM) in Ghana via the Delphi Process

    Science.gov (United States)

    Basu, Avik; Phipps, Sean; Long, Rachel; Essegbey, George; Basu, Niladri

    2015-01-01

    The Delphi technique is a means of facilitating discussion among experts in order to develop consensus, and can be used for policy formulation. This article describes a modified Delphi approach in which 27 multi-disciplinary academics and 22 stakeholders from Ghana and North America were polled about ways to address negative effects of small-scale gold mining (ASGM) in Ghana. In early 2014, the academics, working in disciplinary groups, synthesized 17 response options based on data aggregated during an Integrated Assessment of ASGM in Ghana. The researchers participated in two rounds of Delphi polling in March and April 2014, during which 17 options were condensed into 12. Response options were rated via a 4-point Likert scale in terms of benefit (economic, environmental, and benefit to people) and feasibility (economic, social/cultural, political, and implementation). The six highest-scoring options populated a third Delphi poll, which 22 stakeholders from diverse sectors completed in April 2015. The academics and stakeholders also prioritized the response options using ranking exercises. The technique successfully gauged expert opinion on ASGM, and helped identify potential responses, policies and solutions for the sector. This is timely given that improvement to the ASGM sector is an important component within the UN Minamata Convention. PMID:26378557

  2. Model Calibration in Option Pricing

    Directory of Open Access Journals (Sweden)

    Andre Loerx

    2012-04-01

    Full Text Available We consider calibration problems for models of pricing derivatives which occur in mathematical finance. We discuss various approaches such as using stochastic differential equations or partial differential equations for the modeling process. We discuss the development in the past literature and give an outlook into modern approaches of modelling. Furthermore, we address important numerical issues in the valuation of options and likewise the calibration of these models. This leads to interesting problems in optimization, where, e.g., the use of adjoint equations or the choice of the parametrization for the model parameters play an important role.

  3. The valuation of equity warrants under the fractional Vasicek process of the short-term interest rate

    Science.gov (United States)

    Xiao, Weilin; Zhang, Weiguo; Zhang, Xili; Chen, Xiaoyan

    2014-01-01

    Motivated by the empirical evidence of long range dependence in short-term interest rates and considering the long maturities of equity warrants, we propose the fractional Vasicek model to describe the dynamics of the short rate in the pricing environment of equity warrants. Using the partial differential equation approach, we present a valuation model for equity warrants under the assumption that the short rate follows the fractional Vasicek process. After identifying the pricing model for equity warrants, we provide the parameter estimation procedure for the proposed pricing model. Since obtaining the values of equity warrants from the proposed model needs to solve a nonlinear equation, we employ a hybrid intelligent algorithm to get around this optimization problem. Furthermore, to illustrate the practicality of our proposed model, we conduct an empirical study to ascertain the performance of our proposed model using the data from China’s warrant market and the China Foreign Exchange Trade System. The comparison of traditional models (such as the Black-Scholes model, the Noreen-Wolfson model, the Lauterbach-Schultz model, and the Ukhov model) with our proposed model is also presented. The empirical results show that the mean absolute percentage error of our pricing model is 10.30%. By contrast, the Black-Scholes model, the Noreen-Wolfson model, the Lauterbach-Schultz model, and the Ukhov model applied to the same warrant produce mean absolute errors of 35.26%, 37.67%, 33.40%, 32.81%, respectively. Thus the long memory property in stochastic interest rates cannot be ignored in determining the valuation of equity warrants.

  4. Effects of attention and levels of processing on explicit and implicit memory function with interesting and unteresting tasks in university students

    OpenAIRE

    Mahdavian, Alireza; Kormi-Nouri, Reza

    2008-01-01

    This study aims to investigate the effect of attention and levels of processing on memory function and recalling words in two situations when students are interested in the subject and when they are not. This is an experimental study of 160 students conducted individually using a computer software. Results reveal focused attention, interest in the subject and deep processing caused the explicit memory to be at its highest level of functionality. On the contrary, shallow processing, divided at...

  5. Budget Options

    National Research Council Canada - National Science Library

    2000-01-01

    This volume-part of the Congressional Budget Office's (CBO's) annual report to the House and Senate Committees on the Budget-is intended to help inform policymakers about options for the federal budget...

  6. NGOs' Active Roles in the Process of Using Mudaraba as Financing Model in Interest-free Banking

    Directory of Open Access Journals (Sweden)

    M. Salih KUMAŞ

    2016-04-01

    Full Text Available Today, it is commonly accepted fact that conventional banking fails in the fair distribution of economic wealth and in the provision of sustainable economic development. It seems almost impossible for Islamic Banking to be a strong alternative to interest-based banking with its current practice.  That is the reason why the alternative financing methods of Islamic Finance should be improved. In this context, the major obstacle for Islamic Banking to be an alternative to conventional counterpart is that it confines itself to murâbaha financing. Although the Mudaraba financing model suits better to the spirit of Islamic Banking and its historic advancement, it is observed that it is nearly not practiced or cannot be practiced. The reason behind this and major problem of Mudaraba model is having lack of enough entrepreneurs and not being able to raise them. In this sense, we believe that NGOs like MUSIAD and ASKON can contribute for the enhancement of the Islamic Banking as we have witnessed that many NGOs had considerable contributions by taking important roles in the past. This process which sort of means the integration of NGOs and Islamic Banking can be carried out in three stages.

  7. 76 FR 77581 - Interest Rates

    Science.gov (United States)

    2011-12-13

    ... SMALL BUSINESS ADMINISTRATION Interest Rates The Small Business Administration publishes an interest rate called the optional ``peg'' rate (13 CFR 120.214) on a quarterly basis. This rate is a.... This rate may be used as a base rate for guaranteed fluctuating interest rate SBA loans. This rate will...

  8. 77 FR 76586 - Interest Rates

    Science.gov (United States)

    2012-12-28

    ... SMALL BUSINESS ADMINISTRATION Interest Rates The Small Business Administration publishes an interest rate called the optional ``peg'' rate (13 CFR 120.214) on a quarterly basis. This rate is a.... This rate may be used as a base rate for guaranteed fluctuating interest rate SBA loans. This rate will...

  9. 76 FR 18821 - Interest Rates

    Science.gov (United States)

    2011-04-05

    ... SMALL BUSINESS ADMINISTRATION Interest Rates The Small Business Administration publishes an interest rate called the optional ``peg'' rate (13 CFR 120.214) on a quarterly basis. This rate is a.... This rate may be used as a base rate for guaranteed fluctuating interest rate SBA loans. This rate will...

  10. 78 FR 18664 - Interest Rates

    Science.gov (United States)

    2013-03-27

    ... SMALL BUSINESS ADMINISTRATION Interest Rates The Small Business Administration publishes an interest rate called the optional ``peg'' rate (13 CFR 120.214) on a quarterly basis. This rate is a.... This rate may be used as a base rate for guaranteed fluctuating interest rate SBA loans. This rate will...

  11. 75 FR 81326 - Interest Rates

    Science.gov (United States)

    2010-12-27

    ... SMALL BUSINESS ADMINISTRATION Interest Rates The Small Business Administration publishes an interest rate called the optional ``peg'' rate (13 CFR 120.214) on a quarterly basis. This rate is a.... This rate may be used as a base rate for guaranteed fluctuating interest rate SBA loans. This rate will...

  12. 77 FR 39560 - Interest Rates

    Science.gov (United States)

    2012-07-03

    ... SMALL BUSINESS ADMINISTRATION Interest Rates The Small Business Administration publishes an interest rate called the optional ``peg'' rate (13 CFR 120.214) on a quarterly basis. This rate is a.... This rate may be used as a base rate for guaranteed fluctuating interest rate SBA loans. This rate will...

  13. 75 FR 37872 - Interest Rates

    Science.gov (United States)

    2010-06-30

    ... SMALL BUSINESS ADMINISTRATION Interest Rates The Small Business Administration publishes an interest rate called the optional ``peg'' rate (13 CFR 120.214) on a quarterly basis. This rate is a.... This rate may be used as a base rate for guaranteed fluctuating interest rate SBA loans. This rate will...

  14. 77 FR 20476 - Interest Rates

    Science.gov (United States)

    2012-04-04

    ... SMALL BUSINESS ADMINISTRATION Interest Rates The Small Business Administration publishes an interest rate called the optional ``peg'' rate (13 CFR 120.214) on a quarterly basis. This rate is a.... This rate may be used as a base rate for guaranteed fluctuating interest rate SBA loans. This rate will...

  15. 76 FR 38717 - Interest Rates

    Science.gov (United States)

    2011-07-01

    ... SMALL BUSINESS ADMINISTRATION Interest Rates The Small Business Administration publishes an interest rate called the optional ``peg'' rate (13 CFR 120.214) on a quarterly basis. This rate is a.... This rate may be used as a base rate for guaranteed fluctuating interest rate SBA loans. This [[Page...

  16. 75 FR 60152 - Interest Rates

    Science.gov (United States)

    2010-09-29

    ... SMALL BUSINESS ADMINISTRATION Interest Rates The Small Business Administration publishes an interest rate called the optional ``peg'' rate (13 CFR 120.214) on a quarterly basis. This rate is a.... This rate may be used as a base rate for guaranteed fluctuating interest rate SBA loans. This rate will...

  17. 77 FR 59447 - Interest Rates

    Science.gov (United States)

    2012-09-27

    ... SMALL BUSINESS ADMINISTRATION Interest Rates The Small Business Administration publishes an interest rate called the optional ``peg'' rate (13 CFR 120.214) on a quarterly basis. This rate is a.... This rate may be used as a base rate for guaranteed fluctuating interest rate SBA loans. This rate will...

  18. 78 FR 62932 - Interest Rates

    Science.gov (United States)

    2013-10-22

    ... SMALL BUSINESS ADMINISTRATION Interest Rates The Small Business Administration publishes an interest rate called the optional ``peg'' rate (13 CFR 120.214) on a quarterly basis. This rate is a.... This rate may be used as a base rate for guaranteed fluctuating interest rate SBA loans. This rate will...

  19. 78 FR 39434 - Interest Rates

    Science.gov (United States)

    2013-07-01

    ... SMALL BUSINESS ADMINISTRATION Interest Rates The Small Business Administration publishes an interest rate called the optional ``peg'' rate (13 CFR 120.214) on a quarterly basis. This rate is a.... This rate may be used as a base rate for guaranteed fluctuating interest rate SBA loans. This rate will...

  20. The origins of options.

    Science.gov (United States)

    Smaldino, Paul E; Richerson, Peter J

    2012-01-01

    Most research on decision making has focused on how human or animal decision makers choose between two or more options, posed in advance by the researchers. The mechanisms by which options are generated for most decisions, however, are not well understood. Models of sequential search have examined the trade-off between continued exploration and choosing one's current best option, but still cannot explain the processes by which new options are generated. We argue that understanding the origins of options is a crucial but untapped area for decision making research. We explore a number of factors which influence the generation of options, which fall broadly into two categories: psycho-biological and socio-cultural. The former category includes factors such as perceptual biases and associative memory networks. The latter category relies on the incredible human capacity for culture and social learning, which doubtless shape not only our choices but the options available for choice. Our intention is to start a discussion that brings us closer toward understanding the origins of options.

  1. Polish Toxic Currency Options

    Directory of Open Access Journals (Sweden)

    Waldemar Gontarski

    2009-06-01

    Full Text Available Toxic currency options are defined on the basis of the opposition to the nature (essence of an option contract, which is justified in terms of norms founded on the general law clause of characteristics (nature of a relation (which represents an independent premise for imposing restrictions on the freedom of contracts. So-understood toxic currency options are unlawful. Indeed they contravene iuris cogentis regulations. These include for instance option contracts, which are concluded with a bank, if the bank has not informed about option risk before concluding the contract; or the barrier options, which focus only on the protection of bank’s interests. Therefore, such options may appear to be invalid. Therefore, performing contracts for toxic currency options may be qualified as a criminal mismanagement. For the sake of security, the manager should then take into consideration filing a claim for stating invalidity (which can be made in a court verdict. At the same time, if the supervisory board member in a commercial company, who can also be a subject to mismanagement offences, commits an omission involving lack of reaction (for example, if he/she fails to notify of the suspected offence committed by the management board members acting to the company’s detriment when the management board makes the company conclude option contracts which are charged with absolute invalidity the supervisory board member so acting may be considered to act to the company’s detriment. In the most recent Polish jurisprudence and judicature the standard of a “good host” is treated to be the last resort for determining whether the manager’s powers resulting from criminal regulations were performed. The manager of the exporter should not, as a rule, issue any options. Issuing options always means assuming an obligation. In the case of currency put options it is an absolute obligation to purchase a given amount in euro at exchange rate set in advance. On the

  2. 2005 resource options report

    International Nuclear Information System (INIS)

    Morris, T.

    2005-01-01

    This resource options report (ROR) fulfils regulatory requirements in British Columbia's two-year resource planning process. It identifies a wide range of resources and technologies that could be used to meet BC Hydro's future electricity demand. As such, it facilitates a transparent public review of resource options which include both supply-side and demand-side options. The resource options that will be used in the 2005 integrated electricity plan (IEP) were characterized. This ROR also documents where there is a general agreement or disagreement on the resource type characterization, based on the First Nations and Stakeholder engagement. BC Hydro used current information to provide realistic ranges on volume and cost to characterize environmental and social attributes. The BC Hydro system was modelled to assess the benefit and cost of various resource options. The information resulting from this ROR and IEP will help in making decisions on how to structure competitive acquisition calls and to determine the level of transmission services needed to advance certain BC Hydro projects. The IEP forecasts the nature and quantity of domestic resources required over the next 20 years. A strategic direction on how those needs will be met has been created to guide the management of BC Hydro's energy resources. Supply-side options include near-commercial technologies such as energy storage, ocean waves, tidal, fuel cells and integrated coal gasification combined cycle technology. Supply-side options also include natural gas, coal, biomass, geothermal, wind, and hydro. 120 refs., 39 tabs., 21 figs., 6 appendices

  3. 43 CFR 429.37 - Does interest accrue on monies owed to the United States during my appeal process?

    Science.gov (United States)

    2010-10-01

    ... United States during my appeal process? 429.37 Section 429.37 Public Lands: Interior Regulations Relating... States during my appeal process? Except for any period in the appeal process during which a stay is then... decision to OHA, or during judicial review of final agency action. ...

  4. A discrete-time two-factor model for pricing bonds and interest rate derivatives under random volatility

    OpenAIRE

    Heston, Steven L.; Nandi, Saikat

    1999-01-01

    This paper develops a discrete-time two-factor model of interest rates with analytical solutions for bonds and many interest rate derivatives when the volatility of the short rate follows a GARCH process that can be correlated with the level of the short rate itself. Besides bond and bond futures, the model yields analytical solutions for prices of European options on discount bonds (and futures) as well as other interest rate derivatives such as caps, floors, average rate options, yield curv...

  5. Instruments and options for environmental policy during the accession process of EU associated countries in the area of environment and energy. Final report

    Energy Technology Data Exchange (ETDEWEB)

    Cames, M.; Matthes, F.C.; Baer, S.; Oberthuer, S.; Krug, M.; Mez, L.; Tempel, S.

    2001-07-01

    With regard to the leading role of the EU in climate protection policies, it is important to consider the impact of the accession process on EU climate policy. This study includes the analysis of the most important issues related to environment and energy within the accession process, namely: 1) status quo and development of the energy sector and structural CO{sub 2} mitigation options; 2) legal gap assessment and analysis of performance in the accession process; 3) identification of implementation patterns through detailed policy analysis; 4) evaluation of co-operation projects in the field of environment and energy in order to develop new projects that promote the accession process. This volume includes comparative analysis of the five Accession Countries. The detailed analysis of each country is documented in five country reports, each in a separate volume available only on the attached CD. (orig.)

  6. Disaggregated Futures and Options Commitments of Traders

    Data.gov (United States)

    Commodity Futures Trading Commission — The Disaggregated Futures and Options Commitments of Traders dataset provides a breakdown of each week's open interest for agriculture, energy, metals, lumber, and...

  7. Energy exotic options

    International Nuclear Information System (INIS)

    Kaminski, V.; Gibner, S.; Pinnamaneni, K.

    1999-01-01

    This chapter with 88 references focuses on the use of exotic options to control exposure to energy prices. Exotic options are defined, and the conversion of a standard option into an exotic option and pricing models are examined. Pricing and hedging exotic options, path-dependent options, multi-commodity options, options on the minimum-or-maximum of two commodities, compound options, digital options, hybrid and complex structures, and natural gas daily options are described. Formulas for option pricing for vanilla, barrier, compound, options on minimum or maximum of two assets, and look back options are given in an appendix

  8. Options theory

    International Nuclear Information System (INIS)

    Markland, J.T.

    1992-01-01

    Techniques used in conventional project appraisal are mathematically very simple in comparison to those used in reservoir modelling, and in the geosciences. Clearly it would be possible to value assets in mathematically more sophisticated ways if it were meaningful and worthwhile so to do. The DCf approach in common use has recognized limitations; the inability to select a meaningful discount rate being particularly significant. Financial Theory has advanced enormously over the last few years, along with computational techniques, and methods are beginning to appear which may change the way we do project evaluations in practice. The starting point for all of this was a paper by Black and Scholes, which asserts that almost all corporate liabilities can be viewed as options of varying degrees of complexity. Although the financial presentation may be unfamiliar to engineers and geoscientists, some of the concepts used will not be. This paper outlines, in plain English, the basis of option pricing theory for assessing the market value of a project. it also attempts to assess the future role of this type of approach in practical Petroleum Exploration and Engineering economics. Reference is made to relevant published Natural Resource literature

  9. Measurements of the phase behavior of ternary systems of interest to the GAS process: III. The system CO2 + toluene plus naphthalene

    NARCIS (Netherlands)

    Breure, B.; Kordikowski, A.; Wilmes, B; Peters, C.J.

    2013-01-01

    Systems consisting of a supercritical gas, an organic solvent and an organic solute are of interest for the gas-antisolvent (GAS) process. In this work the phase behavior of the ternary system carbon dioxide + toluene + naphthalene was studied in a Cailletet apparatus over the temperature range

  10. With timing options and heterogeneous costs, the lognormal diffusion is hardly an equilibrium price process for exhaustible resources

    International Nuclear Information System (INIS)

    Lund, D.

    1992-01-01

    The report analyses the possibility that the lognormal diffusion process should be an equilibrium spot price process for an exhaustible resource. A partial equilibrium model is used under the assumption that the resource deposits have different extraction costs. Two separate problems have been pointed out. Under full certainty, when the process reduces to an exponentially growing price, the equilibrium places a very strong restriction on a relationship between the demand function and the cost density function. Under uncertainty there is an additional problem that during periods in which the price is lower than its previously recorded high, no new deposits will start extraction. 30 refs., 1 fig

  11. Option Strike Price and Managerial Investment Decisions

    Institute of Scientific and Technical Information of China (English)

    刘鸿雁; 张维

    2003-01-01

    The manager′s investment decisions is modeled when the manager is risk-averse and has stock options as compensation. It is found that the strike price of options is crucial to the investment incentives of managers, and that the correct value, or interval of values, of managerial stock option strike price can bring stockholder and manager interests in agreement.

  12. U.S. Marine Corps Communication-Electronics School Training Process: Discrete-Event Simulation and Lean Options

    National Research Council Canada - National Science Library

    Neu, Charles R; Davenport, Jon; Smith, William R

    2007-01-01

    This paper uses discrete-event simulation modeling, inventory-reduction, and process improvement concepts to identify and analyze possibilities for improving the training continuum at the Marine Corps...

  13. The Adoption of E-Learning in Teaching and Learning Processes; an Option for Life-Long Education

    OpenAIRE

    Simaibang, Baginda

    2013-01-01

    The objective of this study is to investigate the benefits of the adoption of electronic learning (E-Learning)in teaching and learning processes. E-Learning is an educational approach that utilizes computer technology, particularly digital technologies that are internet-based, to provide instruction and learning experiences. The definition of e-learning refers to a wide range of applications and processes designed to deliver instruction through electronic means. This means is normally employe...

  14. Some interesting developments relating to gas dynamics in the application of the UCOR process for isotope separation

    International Nuclear Information System (INIS)

    Alant, T.G.; Schumann, W.A.

    1980-01-01

    The separating element employed in the UCOR process for uranium enrichment has a very small cut, i.e. is highly asymmetrical with respect to the UF 6 flow in the enriched and depleted streams. For the commercial exploitation of the process, the so-called helikon technique of cascading was developed. The process is dependent on the transmission of parallel streams of diffferent isotopic composition through an axial compressor without significant mixing between them. A light gas (H 2 ), which is present in large molar excess, increases the flow velocity of the process gas (UF 6 ) and hence adds to improved separation performance. The separating element not only separates isotopes but also causes appreciable separation between the process gas and the light carrier gas. The paper consists of a brief description of the helikon cascading technique followed by a comprehensive assessment of the various aspects of gas mixing in an axial compressor. Phenomena of mole mass and pressure transients which occur in the module during run-up of the compressors are also discussed. The operating characteristics of axial compressors and of the separating element produce a driving force which tends to cause mole mass and associated pressure gradients to occur circumferentially in a helikon module under static conditions. The paper includes 5 references and 10 figures

  15. Development of Process for Disposal of Plastic Waste Using Plasma Pyrolysis Technology and Option for Energy Recovery

    Czech Academy of Sciences Publication Activity Database

    Punčochář, Miroslav; Ruj, B.; Chatterj, P.K.

    2012-01-01

    Roč. 42, SI (2012), s. 420-430 E-ISSN 1877-7058. [International Congress of Chemical and Process Engineering CHISA 2012 and 15th Conference PRES 2012 /20./. Prague, 25.08.2012-29.08.2012] Institutional support: RVO:67985858 Keywords : plastic waste * plasma pyrolysis * syngas Subject RIV: CI - Industrial Chemistry, Chemical Engineering

  16. Evaluation of energy efficiency options in steam assisted gravity drainage oil sands surface facilities via process integration

    International Nuclear Information System (INIS)

    Carreon, Carlos E.; Mahmoudkhani, Maryam; Alva-Argaez, Alberto; Bergerson, Joule

    2015-01-01

    While new technologies are being developed for extracting unconventional oil, in the near term economic benefits and footprint reduction can be achieved by enhancing the energy efficiency of existing facilities. The objective of this work is to evaluate energy efficiency opportunities for in situ extraction of Canada's oil sands resource using pinch analysis. Modifications to an original plant design are analyzed in order to estimate utility savings beyond those obtained for the initial process configuration. The modifications explored in this paper are estimated to deliver energy savings of up to 6% beyond ‘business as usual’. This corresponds to GHG emissions reduction of approximately 5%. However, in some cases, this increase in energy savings comes at the cost of increasing demand for make-up water and volume of disposal water. Surplus generation of steam beyond heating requirements in the water treatment system leads to energy inefficiencies. Additional cost and energy savings are obtained by reducing or eliminating the use of glycol in the cooling circuit. - Highlights: • Pinch analysis performed for unconventional oil recovery process to identify inefficiencies. • Both the removal of pinch violations and process modifications lead to savings. • Effect of energy savings on water consumption for the process is considered. • Greenhouse gas emissions reduction and economic benefit are estimated for the studied cases

  17. The role of citizen public-interest groups in the decision-making process of a science-intensive culture

    International Nuclear Information System (INIS)

    Sinclair, M.P.

    1991-01-01

    This study explores how concerns about the environment have escalated in the past three decades from being peripheral to that of a mainstream social movement. Most environmental concerns stem from the deployment of technologies where technical expertise is essential to effective participation in the decision-making process. The manner in which the current policy for the disposal of low-level radioactive waste was devised and passed by Congress provides the information base through which the role of citizen groups in the decision-making process in a science-intensive culture is explored, as they seek to overcome the adverse environmental impacts and economic inequities of this Act. The actual process by which citizens have confronted this current flawed policy is described, which includes how technical expertise from various sources made the citizens' case credible and effective. Several existing and theoretical models of citizen participation are described. Recommendations and conclusions are presented briefly, and a recommended model based on the concept of sustainable development is proposed

  18. Conversion of ion-exchange resins, catalysts and sludges to glass with optional noble metal recovery using the GMODS process

    International Nuclear Information System (INIS)

    Forsberg, C.W.; Beahm, E.C.

    1996-01-01

    Chemical processing and cleanup of waste streams (air and water) typically result in products, clean air, clean water, and concentrated hazardous residues (ion exchange resins, catalysts, sludges, etc.). Typically, these streams contain significant quantities of complex organics. For disposal, it is desirable to destroy the organics and immobilize any heavy metals or radioactive components into stable waste forms. If there are noble metals in the residues, it is desirable to recover these for reuse. The Glass Material Oxidation and Dissolution System (GMODS) is a new process that directly converts radioactive and hazardous chemical wastes to borosilicate glass. GMODS oxidizes organics with the residue converted to glass; converts metals, ceramics, and amorphous solids to glass; converts halides (eg chlorides) to borosilicate glass and a secondary sodium halide stream; and recovers noble metals. GMODS has been demonstrated on a small laboratory scale (hundreds of grams), and the equipment needed for larger masses has been identified

  19. Harmonisation of licensing processes for decommissioning. Options and limitations; Genehmigungsverfahren fuer die Stilllegung der deutschen Kernkraftwerke. Konvoi oder Kakophonie?

    Energy Technology Data Exchange (ETDEWEB)

    Raetzke, Christian

    2016-03-15

    The shutdown of eight reactors in Germany in the wake of Fukushima 2011 and the scheduled phase-out of the remaining units in several steps ending 2022 has obviously triggered a wave of applications for decommissioning and dismantling licences. It would seem natural to strive for a harmonised handling of these processes, analogous to the 'convoi' concept which was successfully employed for licensing and construction of the three most recent German NPPs in the 1980s. However, a comparative analysis shows that the motivation of all players is much different from that of earlier times and that harmonisation of licensing processes for dismantling is not as crucial for operators, authorities and technical support organisations as it was for construction.

  20. Evaluation of options for energy recovery from municipal solid waste in India using the hierarchical analytical network process

    International Nuclear Information System (INIS)

    Nixon, J.D.; Dey, P.K.; Ghosh, S.K.; Davies, P.A.

    2013-01-01

    In this paper a Hierarchical Analytical Network Process (HANP) model is demonstrated for evaluating alternative technologies for generating electricity from MSW in India. The technological alternatives and evaluation criteria for the HANP study are characterised by reviewing the literature and consulting experts in the field of waste management. Technologies reviewed in the context of India include landfill, anaerobic digestion, incineration, pelletisation and gasification. To investigate the sensitivity of the result, we examine variations in expert opinions and carry out an Analytical Hierarchy Process (AHP) analysis for comparison. We find that anaerobic digestion is the preferred technology for generating electricity from MSW in India. Gasification is indicated as the preferred technology in an AHP model due to the exclusion of criteria dependencies and in an HANP analysis when placing a high priority on net output and retention time. We conclude that HANP successfully provides a structured framework for recommending which technologies to pursue in India, and the adoption of such tools is critical at a time when key investments in infrastructure are being made. Therefore the presented methodology is thought to have a wider potential for investors, policy makers, researchers and plant developers in India and elsewhere. - Highlights: • We evaluate alternative technologies for generating electricity from waste. • The methodology we develop is based on the analytical network process. • Assessment is made against technical, financial, environmental and risk criteria. • Anaerobic digestion and gasification are the preferred technologies for India. • The method reduces risk and ensures sustainability in energy project planning

  1. Heart rate variability analysis as an index of emotion regulation processes: interest of the Analgesia Nociception Index (ANI).

    Science.gov (United States)

    De Jonckheere, J; Rommel, D; Nandrino, J L; Jeanne, M; Logier, R

    2012-01-01

    Autonomic Nervous System (ANS) variations are strongly influence by emotion regulation processes. Indeed, emotional stimuli are at the origin of an activation of the ANS and the way an individual pass from a state of alert in the case of emotional situation to a state of calm is closely coupled with the ANS flexibility. We have previously described and developed an Analgesia Nociception Index (ANI) for real time pain measurement during surgical procedure under general anesthesia. This index, based on heart rate variability analysis, constitutes a measure of parasympathetic tone and can be used in several other environments. In this paper, we hypothesized that such an index could be used as a tool to investigate the processes of emotional regulation of a human subject. To test this hypothesis, we analyzed ANI's response to a negative emotional stimulus. This analysis showed that the index decreases during the emotion induction phase and returns to its baseline after 2 minutes. This result confirms that ANI could be a good indicator of parasympathetic changes in emotional situation.

  2. A Survey of Electron Impact Cross-Sections for Halogens and Halogen Compounds of Interest to Plasma Processing

    Science.gov (United States)

    Sharma, S. P.; Rao, M. V. V. S.; Arnold, James O. (Technical Monitor)

    1998-01-01

    Published electron impact cross section data on halogens Cl2, F2, and halogen containing compounds such as Cx Fy, HCl, Cx Cly Fz are reviewed and critically evaluated based on the information provided by various researchers. The present work reports data on electron impact excitation, ionization, dissociation, electron attachment, electron detachment, and photo detachment. Elastic scattering cross sections and data on bulk properties such as diffusion coefficients in various background gases are also evaluated. Since some of the cross sectional data is derived from indirect measurements such as drift velocity, care has been taken to reconcile the differences among the reported data with due attention to the measurement technique. In conclusion, the processes with no or very limited amount of data and questionable set of data are identified and recommendation for further research direction is made.

  3. Heat integration options based on pinch and exergy analyses of a thermosolar and heat pump in a fish tinning industrial process

    International Nuclear Information System (INIS)

    Quijera, José Antonio; García, Araceli; Alriols, María González; Labidi, Jalel

    2013-01-01

    Thermosolar technology is being inserted gradually in industrial activities. In order to reach high energy efficiency, thermosolar can be linked to heat pump technology, combining more efficient conventional and renewable energy support for processes. Their integration in complex processes can be improved systematically through well established analytical tools, like pinch and exergy analyses. This work presents a methodological procedure for the analysis of different options of heat integration of a solar thermal and heat pump technologies in a tuna fish tinning process. The plant is located in a climatic zone where diffuse irradiation contributes more energy to the process than beam irradiation does. Pinch and exergy analyses are applied in the context of a low and middle temperatures, where the process demands big amounts of hot water and middle pressure steam. In order to recover internal heat, pinch analysis allows to understand the complexity of the heat exchange network of the process and to define thermal tendency objectives for energy optimization. Exergy analysis quantifies the variation that the quality of energy undergoes while it is used in the process according to the different way of integration. Both analytical tools, in combination with economical variables, provide a powerful methodological procedure finding the most favourable heat integration and, by this, they help in the technological decision making and in the design phase. - Highlights: ► Integration of solar thermal energy in batch canning process was assessed. ► Pinch and exergy analyses were used to determine the optimal energy supply configuration. ► Combination of heat pump and solar thermal energy improves the energy efficiency and reduces fossil fuel consumption

  4. Identity development, intelligence structure, and interests: a cross-sectional study in a group of Italian adolescents during the decision-making process

    Directory of Open Access Journals (Sweden)

    Pellerone M

    2015-08-01

    Full Text Available Monica Pellerone,1 Alessia Passanisi,1 Mario Filippo Paolo Bellomo2 1Faculty of Human and Social Science, “Kore” University of Enna, Enna, 2Credito Emiliano Bank, Piazza Armerina, Italy Background: Forming one’s identity is thought to be the key developmental task of adolescence, but profound changes in personality traits also occur in this period. The negotiation of complex social settings, the creation of an integrated identity, and career choice are major tasks of adolescence. The adolescent, having to make choices for his or her future, has not only to consider his or her own aspirations and interests but also to possess a capacity for exploration and commitment; in fact, career commitments can be considered as a fit between the study or career that is chosen and personal values, skills, and preferences. Methods: The objective of the study reported here was to investigate the role of identity on profile of interests; the relation between identity and decisional style; the correlation between identity, aptitudes, interests, and school performance; and the predictive variables to school success. The research involved 417 Italian students who live in Enna, a small city located in Sicily, Italy, aged 16–19 years (197 males and 220 females in the fourth year (mean =17.2, standard deviation =0.52 and the fifth year (mean =18.2, standard deviation =0.64 of senior secondary school. The research lasted for one school year; the general group of participants consisted of 470 students, and although all participants agreed to be part of the research, there was a dropout rate of 11.28%. They completed the Ego Identity Process Questionnaire to measure their identity development, the Intelligence Structure Test to investigate aptitudes, the Self-Directed Search to value interests, and General Decision Making Style questionnaire to describe their individual decisional style. Results: The data showed that high-school performance was positively

  5. Ionic interchanges and adsorbents of interest in nuclear and environmental processes; Intercambiadores ionicos y adsorbentes de interes en procesos nucleares y ambientales

    Energy Technology Data Exchange (ETDEWEB)

    Olguin G, M. T., E-mail: teresa.olguin@inin.gob.m [ININ, Departamento de Quimica, Carretera Mexico-Toluca s/n, 52750 Ocoyoacac, Estado de Mexico (Mexico)

    2010-07-01

    The ionic interchanges and the adsorbents are of special interest inside the water treatment processes (industrial or human consumption), as well as for the radionuclides generation, due to their structural characteristics and to their capacity to remove an extensive range of polluting species. In the ININ have been developed researches on these materials, with the purpose of generating new knowledge that serves like base inside radionuclides separation processes or polluted water treatment. The results obtained until the present have been published in different scientific magazines. (Author)

  6. How Experiments in the Fuzzy Front End Using Prototyping Generates New Options

    DEFF Research Database (Denmark)

    Christiansen, John K.; Gasparin, Marta

    2017-01-01

    be characterized as various forms of prototyping. Interestingly the prototyping and experiments took place in the very early phases of the innovation process, rather than later as often advised and interestingly experimentation in the cases here appears to be a vehicle for creating new options. Furthermore......, the analysis demonstrates that prototyping can be considered as a punctuation device, as it offers those involved the option of opting out of ongoing processes, routines and engage in playful behavior by allowing for a freer experimentation with materials, processes, methods to challenge existing knowledge...

  7. Identity development, intelligence structure, and interests: a cross-sectional study in a group of Italian adolescents during the decision-making process.

    Science.gov (United States)

    Pellerone, Monica; Passanisi, Alessia; Bellomo, Mario Filippo Paolo

    2015-01-01

    Forming one's identity is thought to be the key developmental task of adolescence, but profound changes in personality traits also occur in this period. The negotiation of complex social settings, the creation of an integrated identity, and career choice are major tasks of adolescence. The adolescent, having to make choices for his or her future, has not only to consider his or her own aspirations and interests but also to possess a capacity for exploration and commitment; in fact, career commitments can be considered as a fit between the study or career that is chosen and personal values, skills, and preferences. The objective of the study reported here was to investigate the role of identity on profile of interests; the relation between identity and decisional style; the correlation between identity, aptitudes, interests, and school performance; and the predictive variables to school success. The research involved 417 Italian students who live in Enna, a small city located in Sicily, Italy, aged 16-19 years (197 males and 220 females) in the fourth year (mean =17.2, standard deviation =0.52) and the fifth year (mean =18.2, standard deviation =0.64) of senior secondary school. The research lasted for one school year; the general group of participants consisted of 470 students, and although all participants agreed to be part of the research, there was a dropout rate of 11.28%. They completed the Ego Identity Process Questionnaire to measure their identity development, the Intelligence Structure Test to investigate aptitudes, the Self-Directed Search to value interests, and General Decision Making Style questionnaire to describe their individual decisional style. The data showed that high-school performance was positively associated with rational decision-making style and identity diffusion predicted the use of avoidant style. Interests were related to identity exploration; the differentiation of preferences was related to identity commitment; investigative

  8. Tank Space Options Report

    International Nuclear Information System (INIS)

    BOYLES, V.C.

    2001-01-01

    A risk-based priority for the retrieval of Hanford Site waste from the 149 single-shell tanks (SSTs) has been adopted as a result of changes to the Hanford Federal Facility Agreement and Consent Order (HFFACO) (Ecology et al. 1997) negotiated in 2000. Retrieval of the first three tanks in the retrieval sequence fills available capacity in the double-shell tanks (DSTs) by 2007. As a result, the HFFACO change established a milestone (M-45-12-TO1) requiring the determination of options that could increase waste storage capacity for single-shell tank waste retrieval. The information will be considered in future negotiations. This document fulfills the milestone requirement. This study presents options that were reviewed for the purpose of increasing waste storage capacity. Eight options are identified that have the potential for increasing capacity from 5 to 10 million gallons, thus allowing uninterrupted single-shell tank retrieval until the planned Waste Treatment Plant begins processing substantial volumes of waste from the double-shell tanks in 2009. The cost of implementing these options is estimated to range from less than $1 per gallon to more than $14 per gallon. Construction of new double-shell tanks is estimated to cost about $63 per gallon. Providing 5 to 10 million gallons of available double-shell tank space could enable early retrieval of 5 to 9 high-risk single-shell tanks beyond those identified for retrieval by 2007. These tanks are A-101, AX-101, AX-103, BY-102, C-107, S-105, S-106, S-108, and S-109 (Garfield et al. 2000). This represents a potential to retrieve approximately 14 million total curies, including 3,200 curies of long-lived mobile radionuclides. The results of the study reflect qualitative analyses conducted to identify promising options. The estimated costs are rough-order-of magnitude and, therefore, subject to change. Implementing some of the options would represent a departure from the current baseline and may adversely impact the

  9. Bioreactors for high cell density and continuous multi-stage cultivations: options for process intensification in cell culture-based viral vaccine production.

    Science.gov (United States)

    Tapia, Felipe; Vázquez-Ramírez, Daniel; Genzel, Yvonne; Reichl, Udo

    2016-03-01

    With an increasing demand for efficacious, safe, and affordable vaccines for human and animal use, process intensification in cell culture-based viral vaccine production demands advanced process strategies to overcome the limitations of conventional batch cultivations. However, the use of fed-batch, perfusion, or continuous modes to drive processes at high cell density (HCD) and overextended operating times has so far been little explored in large-scale viral vaccine manufacturing. Also, possible reductions in cell-specific virus yields for HCD cultivations have been reported frequently. Taking into account that vaccine production is one of the most heavily regulated industries in the pharmaceutical sector with tough margins to meet, it is understandable that process intensification is being considered by both academia and industry as a next step toward more efficient viral vaccine production processes only recently. Compared to conventional batch processes, fed-batch and perfusion strategies could result in ten to a hundred times higher product yields. Both cultivation strategies can be implemented to achieve cell concentrations exceeding 10(7) cells/mL or even 10(8) cells/mL, while keeping low levels of metabolites that potentially inhibit cell growth and virus replication. The trend towards HCD processes is supported by development of GMP-compliant cultivation platforms, i.e., acoustic settlers, hollow fiber bioreactors, and hollow fiber-based perfusion systems including tangential flow filtration (TFF) or alternating tangential flow (ATF) technologies. In this review, these process modes are discussed in detail and compared with conventional batch processes based on productivity indicators such as space-time yield, cell concentration, and product titers. In addition, options for the production of viral vaccines in continuous multi-stage bioreactors such as two- and three-stage systems are addressed. While such systems have shown similar virus titers compared to

  10. Pricing Exotic Options under a High-Order Markovian Regime Switching Model

    Directory of Open Access Journals (Sweden)

    Wai-Ki Ching

    2007-10-01

    Full Text Available We consider the pricing of exotic options when the price dynamics of the underlying risky asset are governed by a discrete-time Markovian regime-switching process driven by an observable, high-order Markov model (HOMM. We assume that the market interest rate, the drift, and the volatility of the underlying risky asset's return switch over time according to the states of the HOMM, which are interpreted as the states of an economy. We will then employ the well-known tool in actuarial science, namely, the Esscher transform to determine an equivalent martingale measure for option valuation. Moreover, we will also investigate the impact of the high-order effect of the states of the economy on the prices of some path-dependent exotic options, such as Asian options, lookback options, and barrier options.

  11. Process Intensification: A Perspective on Process Synthesis

    DEFF Research Database (Denmark)

    Lutze, Philip; Gani, Rafiqul; Woodley, John

    2010-01-01

    In recent years, process intensification (PI) has attracted considerable academic interest as a potential means for process improvement, to meet the increasing demands for sustainable production. A variety of intensified operations developed in academia and industry creates a large number...... of options to potentially improve the process but to identify the set of feasible solutions for PI in which the optimal can be found takes considerable resources. Hence, a process synthesis tool to achieve PI would potentially assist in the generation and evaluation of PI options. Currently, several process...... design tools with a clear focus on specific PI tasks exist. Therefore, in this paper, the concept of a general systematic framework for synthesis and design of PI options in hierarchical steps through analyzing an existing process, generating PI options in a superstructure and evaluating intensified...

  12. Option-implied measures of equity risk

    DEFF Research Database (Denmark)

    Chang, Bo-Young; Christoffersen, Peter; Vainberg, Gregory

    2012-01-01

    Equity risk measured by beta is of great interest to both academics and practitioners. Existing estimates of beta use historical returns. Many studies have found option-implied volatility to be a strong predictor of future realized volatility. We find that option-implied volatility and skewness...... are also good predictors of future realized beta. Motivated by this finding, we establish a set of assumptions needed to construct a beta estimate from option-implied return moments using equity and index options. This beta can be computed using only option data on a single day. It is therefore potentially...

  13. Pricing and Applications of Digital Installment Options

    Directory of Open Access Journals (Sweden)

    Pierangelo Ciurlia

    2012-01-01

    Full Text Available For its theoretical interest and strong impact on financial markets, option valuation is considered one of the cornerstones of contemporary mathematical finance. This paper specifically studies the valuation of exotic options with digital payoff and flexible payment plan. By means of the Incomplete Fourier Transform, the pricing problem is solved in order to find integral representations of the upfront price for European call and put options. Several applications in the areas of corporate finance, insurance, and real options are discussed. Finally, a new type of digital derivative named supercash option is introduced and some payment schemes are also presented.

  14. Interest Matters: The Importance of Promoting Interest in Education.

    Science.gov (United States)

    Harackiewicz, Judith M; Smith, Jessi L; Priniski, Stacy J

    2016-10-01

    Interest is a powerful motivational process that energizes learning, guides academic and career trajectories, and is essential to academic success. Interest is both a psychological state of attention and affect toward a particular object or topic, and an enduring predisposition to reengage over time. Integrating these two definitions, the four-phase model of interest development guides interventions that promote interest and capitalize on existing interests. Four interest-enhancing interventions seem useful: attention-getting settings, contexts evoking prior individual interest, problem-based learning, and enhancing utility value. Promoting interest can contribute to a more engaged, motivated, learning experience for students.

  15. 48 CFR 17.202 - Use of options.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Use of options. 17.202... AND CONTRACT TYPES SPECIAL CONTRACTING METHODS Options 17.202 Use of options. (a) Subject to the..., the contracting officer may include options in contracts when it is in the Government's interest. When...

  16. Treatment Options for Retinoblastoma

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other places in the body. Treatment Option Overview Key Points There are different types of ...

  17. 76 FR 59767 - Interest Rates; Notice

    Science.gov (United States)

    2011-09-27

    ... SMALL BUSINESS ADMINISTRATION Interest Rates; Notice AGENCY: Small Business Administration. The Small Business Administration publishes an interest rate called the optional ``peg'' rate (13 CFR 120... fluctuating interest rate SBA loans. This rate will be 3.125 (3\\1/8\\) percent for the October-December quarter...

  18. Option Fixation: A Cognitive Contributor to Overconfidence

    Science.gov (United States)

    Sieck, Winston R.; Merkle, Edgar C.; Van Zandt, Trisha

    2007-01-01

    The ASC model of choice and confidence in general knowledge proposes that respondents first Assess the familiarity of presented options, and then use the high-familiarity option as a retrieval cue to Search memory for the purposes of Constructing an explanation about why that high-familiarity option is true. The ASC process implies that…

  19. Chinese strategic weapons and the plutonium option (U)

    Energy Technology Data Exchange (ETDEWEB)

    Lewis, John W.; Xui Litai

    1988-04-01

    In their article "Chinese Strategic Weapons and the Plutonium Option," John W. Lewis and Xue Litai of the Center for International Security and Arms Control at Stanford University's International Strategic Institute present an unclassified look at plutonium processing in the PRC. The article draws heavily on unclassified PRC sources for its short look at this important subject. Interested readers will find more detailed information in the recently available works referenced in the article.

  20. The Amnesiac Lookback Option: Selectively Monitored Lookback Options and Cryptocurrencies

    Directory of Open Access Journals (Sweden)

    Ho-Chun Herbert Chang

    2018-05-01

    Full Text Available This study proposes a strategy to make the lookback option cheaper and more practical, and suggests the use of its properties to reduce risk exposure in cryptocurrency markets through blockchain enforced smart contracts and correct for informational inefficiencies surrounding prices and volatility. This paper generalizes partial, discretely-monitored lookback options that dilute premiums by selecting a subset of specified periods to determine payoff, which we call amnesiac lookback options. Prior literature on discretely-monitored lookback options considers the number of periods and assumes equidistant lookback periods in pricing partial lookback options. This study by contrast considers random sampling of lookback periods and compares resulting payoff of the call, put and spread options under floating and fixed strikes. Amnesiac lookbacks are priced with Monte Carlo simulations of Gaussian random walks under equidistant and random periods. Results are compared to analytic and binomial pricing models for the same derivatives. Simulations show diminishing marginal increases to the fair price as the number of selected periods is increased. The returns correspond to a Hill curve whose parameters are set by interest rate and volatility. We demonstrate over-pricing under equidistant monitoring assumptions with error increasing as the lookback periods decrease. An example of a direct implication for event trading is when shock is forecasted but its timing uncertain, equidistant sampling produces a lower error on the true maximum than random choice. We conclude that the instrument provides an ideal space for investors to balance their risk, and as a prime candidate to hedge extreme volatility. We discuss the application of the amnesiac lookback option and path-dependent options to cryptocurrencies and blockchain commodities in the context of smart contracts.

  1. Study of the combinatorial impact of empathy and emotion on the processing of conflicts of interest with the event-related potential technique

    Directory of Open Access Journals (Sweden)

    He XL

    2017-06-01

    Full Text Available Xiaoli He,1 Ni Zhang2 1Department of Psychology, Ningxia University, Yinchuan, 2Center of Mental Health Education for College Students, Weifang Medical University, Weifang, China Objectives: Studies have found that empathy is important in moral development and violence suppression, and emotion also affects empathy. However, the combinatorial effect of emotion and empathy on the processing of conflicts is not known.Materials and methods: A total of 44 undergraduate students (23 in low-empathy group and 21 in high-empathy group were enrolled in this study. They were subjected to positive, negative, and neutral emotion evoking, as well as conflicting or nonconflicting proposals. Event-related potential technology was used to study the combinatorial effects of empathy and emotion on the processing of conflict of interest.Results: We found that under the influence of a positive emotion, both low- and high-empathy groups exhibited lower rejection rates. In the context of conflict, individuals in the high-empathy group showed fewer refusals under positive emotion. In the low-empathy group, there was no significant difference between responses to different emotions, but conflicting proposals induced more negative medial frontal negativity than nonconflicting proposals. Individuals in the low-empathy group showed different late positive potentials when responding to different types of proposals under both neutral and negative emotions, whereas those in the high-empathy group only showed different late positive potentials responding to different types of proposals under negative emotion.Conclusion: Our results indicate that under positive emotion, individuals with low empathy show less difference in processing either conflicting or nonconflicting proposals, whereas under negative emotion, individuals with high empathy show enhanced motivation toward nonconflicting proposals. Keywords: empathy, conflicts of interest, emotion, event-related potential, late

  2. Iran and the United States: Interests, Options, Consequences

    National Research Council Canada - National Science Library

    Nikolic, Andrew A

    2007-01-01

    The September 2006 declaration by the International Atomic Energy Agency that Iran remained in breach of its nuclear arms control obligations, resulted in a hardening of policy positions in Washington...

  3. Israel’s Interests and Options in Syria

    Science.gov (United States)

    2016-01-01

    expense of Israel’s security needs”21 because they enable Iran and its proxies to maintain their influence and their presence in the region, which...expand Israel’s presence in the Golan by building additional housing, promoting tourism , and investing in infrastructure and industry.38 Thus, the...relief, medical care, and other basic supplies to villages in the Syrian Golan could encourage these populations to resist the influence or oppose the

  4. Modelling Callable Annuity Bonds with Interest-Only Optionality

    DEFF Research Database (Denmark)

    Holst, Anders; Nalholm, Morten

    that they are affected by the I-O feature, but only to a limited extent. Finally, a model of heterogenousprepayment decisions is incorporated into the framework. The model is extended to modelheterogeneity in the I-O exercise decisions. The incorporation of heterogeneity in borrowerdecisions is found to lead...

  5. Analysis of Options Contract, Option Pricing in Agricultural Products

    Directory of Open Access Journals (Sweden)

    H. Tamidy

    2016-03-01

    Full Text Available Introduction: Risk is an essential component in the production and sale of agricultural products. Due to the nature of agricultural products, the people who act in this area including farmers and businesspersons encounter unpredictable fluctuations of prices. On the other hand, the firms that process agricultural products also face fluctuation of price of agricultural inputs. Given that the Canola is considered as one of the inputs of product processing factories, control of unpredictable fluctuations of the price of this product would increase the possibility of correct decision making for farmers and managers of food processing industries. The best available tool for control and management of the price risk is the use of future markets and options. It is evident that the pricing is the main pillar in every trade. Therefore, offering a fair price for the options will be very important. In fact, options trading in the options market create cost insurance stopped. In this way, which can reduce the risks of deflation created in the future, if the person entitled to the benefits of the price increase occurs in the future. Unlike the futures, market where the seller had to deliver the product on time, in the options market, there is no such compulsion. In addition, this is one of the strengths of this option contract, because if there is not enough product for delivery to the futures market as result of chilling, in due course, the farmers suffer, but in the options market there will be a loss. In this study, the setup options of rape, as a product, as well as inputs has been paid for industry. Materials and Methods: In this section. The selection criteria of the disposal of asset base for valuation of European put options and call option is been introduced. That for obtain this purpose, some characteristics of the goods must considered: 1-Unpredictable fluctuations price of underlying asset 2 -large underlying asset cash market 3- The possibility

  6. Perpetual American options within CTRWs

    Science.gov (United States)

    Montero, Miquel

    2008-06-01

    Continuous-time random walks are a well suited tool for the description of market behaviour at the smallest scale: the tick-to-tick evolution. We will apply this kind of market model to the valuation of perpetual American options: derivatives with no maturity that can be exercised at any time. Our approach leads to option prices that fulfill financial formulas when canonical assumptions on the dynamics governing the process are made, but it is still suitable for more exotic market conditions.

  7. Perpetual American options within CTRW's

    OpenAIRE

    Montero, Miquel

    2007-01-01

    Continuous-time random walks are a well suited tool for the description of market behaviour at the smallest scale: the tick-to-tick evolution. We will apply this kind of market model to the valuation of perpetual American options: derivatives with no maturity that can be exercised at any time. Our approach leads to option prices that fulfil financial formulas when canonical assumptions on the dynamics governing the process are made, but it is still suitable for more exotic market conditions.

  8. Prosecutor's Office Role In The Process Of Ensuring Balance Between Private And Public Interests In The Conditions Of The Economic Activity Freedom

    Directory of Open Access Journals (Sweden)

    Nadezhda D. But

    2014-09-01

    Full Text Available Present article is devoted to the problem of prosecutor participation in the process of ensuring the balance of private and public interests during the supervision over laws on free economic activity execution. Authors noted the existence of need for the formation of the registers of subjects of small and medium business which aren't created so far. According to the authors, for more effective control over the balance of private and public interests the anti-corruption legislation of the Russian Federation, including the Federal Law of July 26, 2006 No. 135-FZ "On the competition protection" should be brought into accord with the international precepts of law and standards. Authors pay special attention to the questions of supervision, including reasons for the fact that during the supervision over the performance of laws in the conditions of the economic activity freedom in sight of prosecutors should be not dispositive, but imperative (regulatory and guarding legal norms. In the sphere of the prosecutor's law-enforcement activity in the conditions of economic activity freedom it is expedient to allocate such activity of prosecutors into the independent supervising subsector as it covers not only economic, but also other spheres of public life (state construction, social questions and many other. In the course of research authors analyze various regulations, opinions of scientists and practice of law application. In the conclusion authors explains opinion that questions listed in the present article need more accurate legislative regulation and realization in the law-enforcement practice.

  9. Study of the combinatorial impact of empathy and emotion on the processing of conflicts of interest with the event-related potential technique.

    Science.gov (United States)

    He, Xiaoli; Zhang, Ni

    2017-01-01

    Studies have found that empathy is important in moral development and violence suppression, and emotion also affects empathy. However, the combinatorial effect of emotion and empathy on the processing of conflicts is not known. A total of 44 undergraduate students (23 in low-empathy group and 21 in high-empathy group) were enrolled in this study. They were subjected to positive, negative, and neutral emotion evoking, as well as conflicting or nonconflicting proposals. Event-related potential technology was used to study the combinatorial effects of empathy and emotion on the processing of conflict of interest. We found that under the influence of a positive emotion, both low- and high-empathy groups exhibited lower rejection rates. In the context of conflict, individuals in the high-empathy group showed fewer refusals under positive emotion. In the low-empathy group, there was no significant difference between responses to different emotions, but conflicting proposals induced more negative medial frontal negativity than nonconflicting proposals. Individuals in the low-empathy group showed different late positive potentials when responding to different types of proposals under both neutral and negative emotions, whereas those in the high-empathy group only showed different late positive potentials responding to different types of proposals under negative emotion. Our results indicate that under positive emotion, individuals with low empathy show less difference in processing either conflicting or nonconflicting proposals, whereas under negative emotion, individuals with high empathy show enhanced motivation toward nonconflicting proposals.

  10. Australian Asian Options

    OpenAIRE

    Manuel Moreno; Javier F. Navas

    2003-01-01

    We study European options on the ratio of the stock price to its average and viceversa. Some of these options are traded in the Australian Stock Exchange since 1992, thus we call them Australian Asian options. For geometric averages, we obtain closed-form expressions for option prices. For arithmetic means, we use different approximations that produce very similar results.

  11. Options with Extreme Strikes

    Directory of Open Access Journals (Sweden)

    Lingjiong Zhu

    2015-07-01

    Full Text Available In this short paper, we study the asymptotics for the price of call options for very large strikes and put options for very small strikes. The stock price is assumed to follow the Black–Scholes models. We analyze European, Asian, American, Parisian and perpetual options and conclude that the tail asymptotics for these option types fall into four scenarios.

  12. INTEREST AND READING MOTIVATION

    Directory of Open Access Journals (Sweden)

    Alhamdu Alhamdu

    2016-05-01

    Full Text Available The purpose of this study is to examine the relationship between interest and reading motivation based on literature review. The concept of the interest portrayed as a psychological state that occurs during interaction between individual and specific topic, object or activity including process of willingness, increased attention, concentration and positive feeling to the topic, object or activity. Meanwhile reading motivation emphasized to mental readiness, willingness and refers to beliefs and perception of individual to engage in reading activity. Some researchers were identified factors that influenced reading motivation such as intrinsic and extrinsic factors, self-concept and value of reading, and interest. In general, the literature review described that have positive relationship between interest and reading motivation.

  13. Spent fuel reprocessing options

    International Nuclear Information System (INIS)

    2008-08-01

    The objective of this publication is to provide an update on the latest developments in nuclear reprocessing technologies in the light of new developments on the global nuclear scene. The background information on spent fuel reprocessing is provided in Section One. Substantial global growth of nuclear electricity generation is expected to occur during this century, in response to environmental issues and to assure the sustainability of the electrical energy supply in both industrial and less-developed countries. This growth carries with it an increasing responsibility to ensure that nuclear fuel cycle technologies are used only for peaceful purposes. In Section Two, an overview of the options for spent fuel reprocessing and their level of development are provided. A number of options exist for the treatment of spent fuel. Some, including those that avoid separation of a pure plutonium stream, are at an advanced level of technological maturity. These could be deployed in the next generation of industrial-scale reprocessing plants, while others (such as dry methods) are at a pilot scale, laboratory scale or conceptual stage of development. In Section Three, research and development in support of advanced reprocessing options is described. Next-generation spent fuel reprocessing plants are likely to be based on aqueous extraction processes that can be designed to a country specific set of spent fuel partitioning criteria for recycling of fissile materials to advanced light water reactors or fast spectrum reactors. The physical design of these plants must incorporate effective means for materials accountancy, safeguards and physical protection. Section four deals with issues and challenges related to spent fuel reprocessing. The spent fuel reprocessing options assessment of economics, proliferation resistance, and environmental impact are discussed. The importance of public acceptance for a reprocessing strategy is discussed. A review of modelling tools to support the

  14. Post-processing optimization of electrospun submicron poly(3-hydroxybutyrate) fibers to obtain continuous films of interest in food packaging applications.

    Science.gov (United States)

    Cherpinski, Adriane; Torres-Giner, Sergio; Cabedo, Luis; Lagaron, Jose M

    2017-10-01

    Polyhydroxyalkanoates (PHAs) are one of the most researched family of biodegradable polymers based on renewable materials due to their thermoplastic nature and moisture resistance. The present study was targeted to investigate the preparation and characterization of poly(3-hydroxybutyrate) (PHB) films obtained through the electrospinning technique. To convert them into continuous films and then to increase their application interest in packaging, the electrospun fiber mats were subsequently post-processed by different physical treatments. Thus, the effect of annealing time and cooling method on morphology, molecular order, thermal, optical, mechanical, and barrier properties of the electrospun submicron PHB fibers was studied. Annealing at 160°C, well below the homopolyester melting point, was found to be the minimum temperature at which homogeneous transparent films were produced. The film samples that were cooled slowly after annealing showed the lowest permeability to oxygen, water vapor, and limonene. The optimally post-processed electrospun PHB fibers exhibited similar rigidity to conventional compression-molded PHA films, but with enhanced elongation at break and toughness. Films made by this electrospinning technique have many potential applications, such as in the design of barrier layers, adhesive interlayers, and coatings for fiber- and plastic-based food packaging materials.

  15. Self-interest without selfishness: the hedonic benefit of imposed self-interest.

    Science.gov (United States)

    Berman, Jonathan Z; Small, Deborah A

    2012-10-01

    Despite commonsense appeal, the link between self-interest and happiness remains elusive. One reason why individuals may not feel satisfied with self-interest is that they feel uneasy about sacrificing the needs of others for their own gain. We propose that externally imposing self-interest allows individuals to enjoy self-benefiting outcomes that are untainted by self-reproach for failing to help others. Study 1 demonstrated that an imposed self-interested option (a reward) leads to greater happiness than does choosing between a self-interested option and a prosocial option (a charity donation). Study 2 demonstrated that this effect is not driven by choice in general; rather, it is the specific trade-off between benefiting the self and benefiting others that inhibits happiness gained from self-interest. We theorize that the agency inherent in choice reduces the hedonic value of self-interest. Results of Study 3 find support for this mechanism.

  16. Deliberating emission reduction options

    Energy Technology Data Exchange (ETDEWEB)

    Dowd, A. M.; Rodriguez, M.; Jeanneret, T. [Commonwealth Scientific and Industrial Research Organisation CSIRO, 37 Graham Rd, Highett VIC 3190 (Australia); De Best-Waldhober, M.; Straver, K.; Mastop, J.; Paukovic, M. [Energy research Centre of the Netherlands ECN, Policy Studies, Amsterdam (Netherlands)

    2012-06-15

    evaluate and choose between several options tend to lead to pseudo-opinions, incorrect assumptions and isolated responses. In order to address these methodological issues, researchers in the Netherlands created an Information Choice Questionnaire (ICQ). The ICQ provides the respondent with: (1) the entire (complex) policy problem, (2) expert information that is independent and balanced, (3) in a way that is understandable for the general public, (4) is a comparative process, and (5) asks for an evaluation. The aim of this research was to develop an online decision guide to aid public awareness, knowledge, deliberation and choice around carbon dioxide capture and storage (CCS) compared with other greenhouse gas mitigation options. More specifically, the objectives were to: (a) compare the Australian survey results to Dutch respondents; and (b) examine the most effective way to make online information and opinion formation more interactive and engaging. The following research questions are addressed: (1) How do Australian opinions on energy options differ from the Dutch when measured using the ICQ? ; (2) Is it possible to enhance the quality of the original ICQ by making the questionnaire an interactive application?.

  17. Deliberating emission reduction options

    Energy Technology Data Exchange (ETDEWEB)

    Dowd, A.M.; Rodriguez, M.; Jeanneret, T. [Commonwealth Scientific and Industrial Research Organisation CSIRO, 37 Graham Rd, Highett VIC 3190 (Australia); De Best-Waldhober, M.; Straver, K.; Mastop, J.; Paukovic, M. [Energy research Centre of the Netherlands ECN, Policy Studies, Amsterdam (Netherlands)

    2012-06-15

    participants to evaluate and choose between several options tend to lead to pseudo-opinions, incorrect assumptions and isolated responses. In order to address these methodological issues, researchers in the Netherlands created an Information Choice Questionnaire (ICQ). The ICQ provides the respondent with: (1) the entire (complex) policy problem, (2) expert information that is independent and balanced, (3) in a way that is understandable for the general public, (4) is a comparative process, and (5) asks for an evaluation. The aim of this research was to develop an online decision guide to aid public awareness, knowledge, deliberation and choice around carbon dioxide capture and storage (CCS) compared with other greenhouse gas mitigation options. More specifically, the objectives were to: (a) compare the Australian survey results to Dutch respondents; and (b) examine the most effective way to make online information and opinion formation more interactive and engaging. The following research questions are addressed: (1) How do Australian opinions on energy options differ from the Dutch when measured using the ICQ? ; (2) Is it possible to enhance the quality of the original ICQ by making the questionnaire an interactive application?.

  18. Nanoencapsulation of Aloe vera in Synthetic and Naturally Occurring Polymers by Electrohydrodynamic Processing of Interest in Food Technology and Bioactive Packaging.

    Science.gov (United States)

    Torres-Giner, Sergio; Wilkanowicz, Sabina; Melendez-Rodriguez, Beatriz; Lagaron, Jose M

    2017-06-07

    This work originally reports on the use of electrohydrodynamic processing (EHDP) to encapsulate Aloe vera (AV, Aloe barbadensis Miller) using both synthetic polymers, i.e., polyvinylpyrrolidone (PVP) and poly(vinyl alcohol) (PVOH), and naturally occurring polymers, i.e., barley starch (BS), whey protein concentrate (WPC), and maltodextrin. The AV leaf juice was used as the water-based solvent for EHDP, and the resultant biopolymer solution properties were evaluated to determine their effect on the process. Morphological analysis revealed that, at the optimal processing conditions, synthetic polymers mainly produced fiber-like structures, while naturally occurring polymers generated capsules. Average sizes ranged from 100 nm to above 3 μm. As a result of their different and optimal morphology and, hence, higher AV content, PVP, in the form of nanofibers, and WPC, of nanocapsules, were further selected to study the AV stability against ultraviolet (UV) light exposure. Fourier transform infrared (FTIR) spectroscopy confirmed the successful encapsulation of AV in the biopolymer matrices, presenting both encapsulants a high chemical interaction with the bioactive components. Ultraviolet-visible (UV-vis) spectroscopy showed that, while PVP nanofibers offered a poor effect on the AV degradation during UV light exposure (∼10% of stability after 5 h), WPC nanobeads delivered excellent protection (stability of >95% after 6 h). This was ascribed to positive interactions between WPC and the hydrophilic components of AV and the inherent UV-blocking and oxygen barrier properties provided by the protein. Therefore, electrospraying of food hydrocolloids interestingly appears as a novel potential nanotechnology tool toward the formulation of more stable functional foods and nutraceuticals.

  19. Exotic Options: a Chooser Option and its Pricing

    Directory of Open Access Journals (Sweden)

    Raimonda Martinkutė-Kaulienė

    2012-12-01

    Full Text Available Financial instruments traded in the markets and investors’ situation in such markets are getting more and more complex. This leads to more complex derivative structures used for hedging that are harder to analyze and which risk is harder managed. Because of the complexity of these instruments, the basic characteristics of many exotic options may sometimes be not clearly understood. Most scientific studies have been focused on developing models for pricing various types of exotic options, but it is important to study their unique characteristics and to understand them correctly in order to use them in proper market situations. The paper examines main aspects of options, emphasizing the variety of exotic options and their place in financial markets and risk management process. As the exact valuation of exotic options is quite difficult, the article deals with the theoretical and practical aspects of pricing of chooser options that suggest a broad range of usage and application in different market conditions. The calculations made in the article showed that the price of the chooser is closely correlated with the choice time and low correlated with its strike price. So the first mentioned factor should be taken into consideration when making appropriate hedging and investing decisions.

  20. Compound Option Pricing under Fuzzy Environment

    Directory of Open Access Journals (Sweden)

    Xiandong Wang

    2014-01-01

    Full Text Available Considering the uncertainty of a financial market includes two aspects: risk and vagueness; in this paper, fuzzy sets theory is applied to model the imprecise input parameters (interest rate and volatility. We present the fuzzy price of compound option by fuzzing the interest and volatility in Geske’s compound option pricing formula. For each α, the α-level set of fuzzy prices is obtained according to the fuzzy arithmetics and the definition of fuzzy-valued function. We apply a defuzzification method based on crisp possibilistic mean values of the fuzzy interest rate and fuzzy volatility to obtain the crisp possibilistic mean value of compound option price. Finally, we present a numerical analysis to illustrate the compound option pricing under fuzzy environment.

  1. Integration of Interests at University

    Science.gov (United States)

    Koshkin, Andrey; Yablochkina, Irina; Kornilova, Irina; Novikov, Andrey

    2017-01-01

    University students and instructors constantly correlate their personal interests with generally accepted interests and corporate norms. The process of assimilating organizational norms is not always characterized by the optimum dynamics and focus among all the students and even instructors. Students' and instructors' personal interests often do…

  2. Traditional preventive treatment options

    DEFF Research Database (Denmark)

    Longbottom, C; Ekstrand, K; Zero, D

    2009-01-01

    Preventive treatment options can be divided into primary, secondary and tertiary prevention techniques, which can involve patient- or professionally applied methods. These include: oral hygiene (instruction), pit and fissure sealants ('temporary' or 'permanent'), fluoride applications (patient...... options....

  3. Breast Cancer: Treatment Options

    Science.gov (United States)

    ... Breast Cancer > Breast Cancer: Treatment Options Request Permissions Breast Cancer: Treatment Options Approved by the Cancer.Net Editorial ... can be addressed as quickly as possible. Recurrent breast cancer If the cancer does return after treatment for ...

  4. Public interest group involvement

    International Nuclear Information System (INIS)

    Shelley, P.

    1986-01-01

    Including public interest groups in the siting process for nuclear waste disposal facilities is of great importance. Controversial sitings often result in litigation, but involving public interest groups early in the process will lessen the change of this. They act as surrogates for the general public and should be considered as members of the team. It is important to remember though, that all public interest groups are different. In choosing public panels such as public advisory committees, members should not be chosen on the basis of some quota. Opposition groups should not be excluded. Also, it is important to put the right person in charge of the committee. The goal of public involvement is to identify the conflicts. This must be done during the decision process, because conflicts must be known before they can be eliminated. Regarding litigation, it is important to ease through and around legal battles. If the siting process has integrity and a good faith effort has been shown, the court should uphold the effort. In addition, it is important to be negotiable and to eliminate shortcuts

  5. Hidden realities inside PBL design processes: Is consensus design an impossible clash of interest between the individual and the collective, and is architecture its first victim?

    Directory of Open Access Journals (Sweden)

    Ole Pihl

    2015-06-01

    following points: 1 How can a PBL group-based learning environment based on a dialogical consensus ensure that everyone is working towards the same goal? 2 Does consensus architecture secure a necessary analysis and interpretation of the context, or does it create a grey consensus architecture based on compromises? 3 Does the PBL-method evoke a certain expression in space, form and materiality, but perhaps exclude other (possibly better solutions? 4 Every group’s work depends on the interplay between the personalities of the individuals and the group. How does this interplay affect the creative process? This paper seeks answers to the initial question “Is consensus design an impossible clash of interest between the individual and the collective, and is architecture its first victim?” and suggests new possible methodological tools for the architectural design process that secure the level of quality in design education.

  6. Distributed Energy Implementation Options

    Energy Technology Data Exchange (ETDEWEB)

    Shah, Chandralata N [National Renewable Energy Laboratory (NREL), Golden, CO (United States)

    2017-09-13

    This presentation covers the options for implementing distributed energy projects. It distinguishes between options available for distributed energy that is government owned versus privately owned, with a focus on the privately owned options including Energy Savings Performance Contract Energy Sales Agreements (ESPC ESAs). The presentation covers the new ESPC ESA Toolkit and other Federal Energy Management Program resources.

  7. Monte Carlo methods for pricing financial options

    Indian Academy of Sciences (India)

    R. Narasimhan (Krishtel eMaging) 1461 1996 Oct 15 13:05:22

    traded by financial institutions, fund managers and corporate treasurers in the over the counter market. Options can often be ..... (under which discounted security price processes are martingales). This corresponds to ..... However, it requires explicit knowledge of option prices at all states of the Markov process and hence is ...

  8. 48 CFR 536.213-371 - Bids that include options.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Bids that include options... Contracting for Construction 536.213-371 Bids that include options. (a) Subject to the limitations in paragraph (c) of this section, you may include options in contracts if it is in the Government's interest...

  9. Is it timing or backdating of option grants?

    NARCIS (Netherlands)

    van der Goot, T.

    2010-01-01

    Using a unique dataset from the Netherlands, we investigate three questions of interest. First, we explore the effects of a rule change in September 2002 on option grant dates. Second, we examine the retroactive backdating of option grant dates. Finally, we look at the timing of option grant dates

  10. Currency lookback options and observation frequency: A binomial approach

    NARCIS (Netherlands)

    T.H.F. Cheuk; A.C.F. Vorst (Ton)

    1997-01-01

    textabstractIn the last decade, interest in exotic options has been growing, especially in the over-the-counter currency market. In this paper we consider Iookback currency options, which are path-dependent. We show that a one-state variable binomial model for currency Iookback options can

  11. Optional Defaultable Markets

    Directory of Open Access Journals (Sweden)

    Mohamed N. Abdelghani

    2017-10-01

    Full Text Available The paper deals with defaultable markets, one of the main research areas of mathematical finance. It proposes a new approach to the theory of such markets using techniques from the calculus of optional stochastic processes on unusual probability spaces, which was not presented before. The paper is a foundation paper and contains a number of fundamental results on modeling of defaultable markets, pricing and hedging of defaultable claims and results on the probability of default under such conditions. Moreover, several important examples are presented: a new pricing formula for a defaultable bond and a new pricing formula for credit default swap. Furthermore, some results on the absence of arbitrage for markets on unusual probability spaces and markets with default are also provided.

  12. The impact of 3D volume of interest definition on accuracy and precision of activity estimation in quantitative SPECT and planar processing methods

    Science.gov (United States)

    He, Bin; Frey, Eric C.

    2010-06-01

    Accurate and precise estimation of organ activities is essential for treatment planning in targeted radionuclide therapy. We have previously evaluated the impact of processing methodology, statistical noise and variability in activity distribution and anatomy on the accuracy and precision of organ activity estimates obtained with quantitative SPECT (QSPECT) and planar (QPlanar) processing. Another important factor impacting the accuracy and precision of organ activity estimates is accuracy of and variability in the definition of organ regions of interest (ROI) or volumes of interest (VOI). The goal of this work was thus to systematically study the effects of VOI definition on the reliability of activity estimates. To this end, we performed Monte Carlo simulation studies using randomly perturbed and shifted VOIs to assess the impact on organ activity estimates. The 3D NCAT phantom was used with activities that modeled clinically observed 111In ibritumomab tiuxetan distributions. In order to study the errors resulting from misdefinitions due to manual segmentation errors, VOIs of the liver and left kidney were first manually defined. Each control point was then randomly perturbed to one of the nearest or next-nearest voxels in three ways: with no, inward or outward directional bias, resulting in random perturbation, erosion or dilation, respectively, of the VOIs. In order to study the errors resulting from the misregistration of VOIs, as would happen, e.g. in the case where the VOIs were defined using a misregistered anatomical image, the reconstructed SPECT images or projections were shifted by amounts ranging from -1 to 1 voxels in increments of with 0.1 voxels in both the transaxial and axial directions. The activity estimates from the shifted reconstructions or projections were compared to those from the originals, and average errors were computed for the QSPECT and QPlanar methods, respectively. For misregistration, errors in organ activity estimations were

  13. The impact of 3D volume of interest definition on accuracy and precision of activity estimation in quantitative SPECT and planar processing methods

    Energy Technology Data Exchange (ETDEWEB)

    He Bin [Division of Nuclear Medicine, Department of Radiology, New York Presbyterian Hospital-Weill Medical College of Cornell University, New York, NY 10021 (United States); Frey, Eric C, E-mail: bih2006@med.cornell.ed, E-mail: efrey1@jhmi.ed [Russell H. Morgan Department of Radiology and Radiological Science, Johns Hopkins Medical Institutions, Baltimore, MD 21287-0859 (United States)

    2010-06-21

    Accurate and precise estimation of organ activities is essential for treatment planning in targeted radionuclide therapy. We have previously evaluated the impact of processing methodology, statistical noise and variability in activity distribution and anatomy on the accuracy and precision of organ activity estimates obtained with quantitative SPECT (QSPECT) and planar (QPlanar) processing. Another important factor impacting the accuracy and precision of organ activity estimates is accuracy of and variability in the definition of organ regions of interest (ROI) or volumes of interest (VOI). The goal of this work was thus to systematically study the effects of VOI definition on the reliability of activity estimates. To this end, we performed Monte Carlo simulation studies using randomly perturbed and shifted VOIs to assess the impact on organ activity estimates. The 3D NCAT phantom was used with activities that modeled clinically observed {sup 111}In ibritumomab tiuxetan distributions. In order to study the errors resulting from misdefinitions due to manual segmentation errors, VOIs of the liver and left kidney were first manually defined. Each control point was then randomly perturbed to one of the nearest or next-nearest voxels in three ways: with no, inward or outward directional bias, resulting in random perturbation, erosion or dilation, respectively, of the VOIs. In order to study the errors resulting from the misregistration of VOIs, as would happen, e.g. in the case where the VOIs were defined using a misregistered anatomical image, the reconstructed SPECT images or projections were shifted by amounts ranging from -1 to 1 voxels in increments of with 0.1 voxels in both the transaxial and axial directions. The activity estimates from the shifted reconstructions or projections were compared to those from the originals, and average errors were computed for the QSPECT and QPlanar methods, respectively. For misregistration, errors in organ activity estimations

  14. Assessing Window Replacement Options | Efficient Windows Collaborative

    Science.gov (United States)

    Foundry Foundry New Construction Windows Window Selection Tool Selection Process Design Guidance Installation Replacement Windows Window Selection Tool Assessing Options Selection Process Design Guidance Installation Understanding Windows Benefits Design Considerations Measuring Performance Performance Standards

  15. Stock and option portfolio using fuzzy logic approach

    Science.gov (United States)

    Sumarti, Novriana; Wahyudi, Nanang

    2014-03-01

    Fuzzy Logic in decision-making process has been widely implemented in various problems in industries. It is the theory of imprecision and uncertainty that was not based on probability theory. Fuzzy Logic adds values of degree between absolute true and absolute false. It starts with and builds on a set of human language rules supplied by the user. The fuzzy systems convert these rules to their mathematical equivalents. This could simplify the job of the system designer and the computer, and results in much more accurate representations of the way systems behave in the real world. In this paper we examine the decision making process of stock and option trading by the usage of MACD (Moving Average Convergence Divergence) technical analysis and Option Pricing with Fuzzy Logic approach. MACD technical analysis is for the prediction of the trends of underlying stock prices, such as bearish (going downward), bullish (going upward), and sideways. By using Fuzzy C-Means technique and Mamdani Fuzzy Inference System, we define the decision output where the value of MACD is high then decision is "Strong Sell", and the value of MACD is Low then the decision is "Strong Buy". We also implement the fuzzification of the Black-Scholes option-pricing formula. The stock and options methods are implemented on a portfolio of one stock and its options. Even though the values of input data, such as interest rates, stock price and its volatility, cannot be obtain accurately, these fuzzy methods can give a belief degree of the calculated the Black-Scholes formula so we can make the decision on option trading. The results show the good capability of the methods in the prediction of stock price trends. The performance of the simulated portfolio for a particular period of time also shows good return.

  16. Lunar Cube Transfer Trajectory Options

    Science.gov (United States)

    Folta, David; Dichmann, Donald James; Clark, Pamela E.; Haapala, Amanda; Howell, Kathleen

    2015-01-01

    Numerous Earth-Moon trajectory and lunar orbit options are available for Cubesat missions. Given the limited Cubesat injection infrastructure, transfer trajectories are contingent upon the modification of an initial condition of the injected or deployed orbit. Additionally, these transfers can be restricted by the selection or designs of Cubesat subsystems such as propulsion or communication. Nonetheless, many trajectory options can b e considered which have a wide range of transfer duration, fuel requirements, and final destinations. Our investigation of potential trajectories highlights several options including deployment from low Earth orbit (LEO) geostationary transfer orbits (GTO) and higher energy direct lunar transfer and the use of longer duration Earth-Moon dynamical systems. For missions with an intended lunar orbit, much of the design process is spent optimizing a ballistic capture while other science locations such as Sun-Earth libration or heliocentric orbits may simply require a reduced Delta-V imparted at a convenient location along the trajectory.

  17. Option valuation for energy issues

    International Nuclear Information System (INIS)

    Ostertag, K.; Llerena, P.; Richard, A.

    2004-01-01

    In many industrial and economic situations, decision processes, both individual and collective, have to simultaneously face uncertainty and irreversibility of some kind. This is particularly valid for energy choices if they are linked to technological alternatives. The purpose of this book is to highlight specific aspects of these situations. This is done from the particular perspective of option valuation. The contributions to this book grew out of an international workshop on ''Option valuation in energy and environmental issues'' held at the Fraunhofer ISI in February 2003. This workshop brought together reseachers from energy economics, but also researchers working on option valuation in other empirical fields or with a more theoretical perspective. This is reflected in the organisation of the book, which starts with some theory-oriented contributions and subsequently presents more applied contributions in the field of energy economics with an extension to water infrastructure in the annex. (orig.)

  18. Design Evolution Study - Aging Options

    International Nuclear Information System (INIS)

    McDaniel, P.

    2002-01-01

    The purpose of this study is to identify options and issues for aging commercial spent nuclear fuel received for disposal at the Yucca Mountain Mined Geologic Repository. Some early shipments of commercial spent nuclear fuel to the repository may be received with high-heat-output (younger) fuel assemblies that will need to be managed to meet thermal goals for emplacement. The capability to age as much as 40,000 metric tons of heavy metal of commercial spent nuclear he1 would provide more flexibility in the design to manage this younger fuel and to decouple waste receipt and waste emplacement. The following potential aging location options are evaluated: (1) Surface aging at four locations near the North Portal; (2) Subsurface aging in the permanent emplacement drifts; and (3) Subsurface aging in a new subsurface area. The following aging container options are evaluated: (1) Complete Waste Package; (2) Stainless Steel inner liner of the waste package; (3) Dual Purpose Canisters; (4) Multi-Purpose Canisters; and (5) New disposable canister for uncanistered commercial spent nuclear fuel. Each option is compared to a ''Base Case,'' which is the expected normal waste packaging process without aging. A Value Engineering approach is used to score each option against nine technical criteria and rank the options. Open issues with each of the options and suggested future actions are also presented. Costs for aging containers and aging locations are evaluated separately. Capital costs are developed for direct costs and distributable field costs. To the extent practical, unit costs are presented. Indirect costs, operating costs, and total system life cycle costs will be evaluated outside of this study. Three recommendations for aging commercial spent nuclear fuel--subsurface, surface, and combined surface and subsurface are presented for further review in the overall design re-evaluation effort. Options that were evaluated but not recommended are: subsurface aging in a new

  19. Report on "American Option Pricing and Hedging Strategies"

    OpenAIRE

    Zhang, Jinshan

    2007-01-01

    This paper mainly discusses the American option's hedging strategies via binomialmodel and the basic idea of pricing and hedging American option. Although the essential scheme of hedging is almost the same as European option, small differences may arise when simulating the process for American option holder has more rights, spelling that the option can be exercised at anytime before its maturity. Our method is dynamic-hedging method.

  20. Implicit User Interest Profile

    CERN Document Server

    Chan, K

    2002-01-01

    User interest profile presents items that the users are interested in. Typically those items can be listed or grouped. Listing is good but it does not possess interests at different abstraction levels - the higher-level interests are more general, while the lower-level ones are more specific. Furthermore, more general interests, in some sense, correspond to longer-term interests, while more specific interests correspond to shorter-term interests. This hierarchical user interest profile has obvious advantages: specifying user's specific interests and general interests and representing their relationships. Current user interest profile structures mostly do not use implicit method, nor use an appropriate clustering algorithm especially for conceptually hierarchical structures. This research studies building a hierarchical user interest profile (HUIP) and the hierarchical divisive algorithm (HDC). Several users visit hundreds of web pages and each page is recorded in each users profile. These web pages are used t...

  1. A Matter of Interest

    Science.gov (United States)

    Scott, Paul

    2009-01-01

    In these days of financial turmoil, there is greater interest in depositing one's money in the bank--at least one might hope for greater interest. Banks and various trusts pay compound interest at regular intervals: this means that interest is paid not only on the original sum deposited, but also on previous interest payments. This article…

  2. Americal options analyzed differently

    NARCIS (Netherlands)

    Nieuwenhuis, J.W.

    2003-01-01

    In this note we analyze in a discrete-time context and with a finite outcome space American options starting with the idea that every tradable should be a martingale under a certain measure. We believe that in this way American options become more understandable to people with a good working

  3. Numeraire-invariant option pricing and american, bermudan, trigger stream rollover

    NARCIS (Netherlands)

    Jamshidian, F.

    2004-01-01

    Part I proposes a numeraire-invariant option pricing framework. It defines an option, its price process, and such notions as option indistinguishability and equivalence, domination, payoff process, trigger option, and semipositive option. It develops some of their basic properties, including price

  4. Expensing options solves nothing.

    Science.gov (United States)

    Sahlman, William A

    2002-12-01

    The use of stock options for executive compensation has become a lightning rod for public anger, and it's easy to see why. Many top executives grew hugely rich on the back of the gains they made on their options, profits they've been able to keep even as the value they were supposed to create disappeared. The supposed scam works like this: Current accounting regulations let companies ignore the cost of option grants on their income statements, so they can award valuable option packages without affecting reported earnings. Not charging the cost of the grants supposedly leads to overstated earnings, which purportedly translate into unrealistically high share prices, permitting top executives to realize big gains when they exercise their options. If an accounting anomaly is the problem, then the solution seems obvious: Write off executive share options against the current year's revenues. The trouble is, Sahlman writes, expensing option grants won't give us a more accurate view of earnings, won't add any information not already included in the financial statements, and won't even lead to equal treatment of different forms of executive pay. Far worse, expensing evades the real issue, which is whether compensation (options and other-wise) does what it's supposed to do--namely, help a company recruit, retain, and provide the right people with appropriate performance incentives. Any performance-based compensation system has the potential to encourage cheating. Only ethical management, sensible governance, adequate internal control systems, and comprehensive disclosure will save the investor from disaster. If, Sahlman warns, we pass laws that require the expensing of options, thinking that's fixed the fundamental flaws in corporate America's accounting, we will have missed a golden opportunity to focus on the much more extensive defects in the present system.

  5. Early Option Exercise

    DEFF Research Database (Denmark)

    Heje Pedersen, Lasse; Jensen, Mads Vestergaard

    A classic result by Merton (1973) is that, except just before expiration or dividend payments, one should never exercise a call option and never convert a convertible bond. We show theoretically that this result is overturned when investors face frictions. Early option exercise can be optimal when...... it reduces short-sale costs, transaction costs, or funding costs. We provide consistent empirical evidence, documenting billions of dollars of early exercise for options and convertible bonds using unique data on actual exercise decisions and frictions. Our model can explain as much as 98% of early exercises...

  6. Early Option Exercise

    DEFF Research Database (Denmark)

    Jensen, Mads Vestergaard; Heje Pedersen, Lasse

    2016-01-01

    A classic result by Merton (1973) is that, except just before expiration or dividend payments, one should never exercise a call option and never convert a convertible bond. We show theoretically that this result is overturned when investors face frictions. Early option exercise can be optimal when...... it reduces short-sale costs, transaction costs, or funding costs. We provide consistent empirical evidence, documenting billions of dollars of early exercise for options and convertible bonds using unique data on actual exercise decisions and frictions. Our model can explain as much as 98% of early exercises...

  7. Interest rate derivatives

    DEFF Research Database (Denmark)

    Svenstrup, Mikkel

    This Ph.D. thesis consists of four self-contained essays on valuation of interest rate derivatives. In particular derivatives related to management of interest rate risk care are considered.......This Ph.D. thesis consists of four self-contained essays on valuation of interest rate derivatives. In particular derivatives related to management of interest rate risk care are considered....

  8. Thermometers: Understand the Options

    Science.gov (United States)

    ... the options Thermometers come in a variety of styles. Understand the different types of thermometers and how ... MA. Fever in infants and children: Pathophysiology and management. http://www.uptodate.com/home. Accessed July 23, ...

  9. Options for human intrusion

    International Nuclear Information System (INIS)

    Bauser, M.; Williams, R.

    1993-01-01

    This paper addresses options for dealing with human intrusion in terms of performance requirements and repository siting and design requirements. Options are presented, along with the advantages and disadvantages of certain approaches. At the conclusion, a conceptual approach is offered emphasizing both the minimization of subjective judgements concerning future human activity, and specification of repository requirements to minimize the likelihood of human intrusion and any resulting, harmful effects should intrusion occur

  10. Public Telecommunications Policies and Education's Options.

    Science.gov (United States)

    Norwood, Frank W.

    The use of satellite telecommunications for educational and other public service purposes has been restricted by educators' lack of awareness of the potential that exists. While industry actively promotes its own interests, educators rarely even realize that international policies being made today will affect critically the options available for…

  11. TESS Objects of Interest

    Science.gov (United States)

    Guerrero, Natalia; Glidden, Ana; Fausnaugh, Michael; TESS Team

    2018-01-01

    We describe the search for TESS Objects of Interest (TOIs), led by the MIT branch of the TESS Science Office (TSO). TSO has developed a tool called TESS Exoplanet Vetter (TEV) to facilitate this process. Individuals independently examine data validation products for each target and assign a category to the object: planet candidate, eclipsing binary, other astrophysical, stellar variability, or instrument noise/systematic. TEV assigns a preliminary follow-up priority designation to each object and allows for modification when final dispositions are decided on in a group setting. When all targets are vetted, TEV exports a catalogue of TOIs which is delivered to the TESS Follow-Up Observing Program (TFOP), working with ExoFOP-TESS, and made publicly available on the official TESS website and the Mikulski Archive for Space Telescopes (MAST).

  12. Nevada Transportation Options Study

    International Nuclear Information System (INIS)

    P. GEHNER; E.M. WEAVER; L. FOSSUM

    2006-01-01

    This study performs a cost and schedule analysis of three Nevada Transportation options that support waste receipt at the repository. Based on the U.S. Department of Energy preference for rail transportation in Nevada (given in the Final Environmental Impact Statement), it has been assumed that a branch rail line would be constructed to support waste receipt at the repository. However, due to potential funding constraints, it is uncertain when rail will be available. The three Nevada Transportation options have been developed to meet a varying degree of requirements for transportation and to provide cost variations used in meeting the funding constraints given in the Technical Direction Letter guidelines for this study. The options include combinations of legal-weight truck, heavy-haul truck, and rail. Option 1 uses a branch rail line that would support initial waste receipt at the repository in 2010. Rail transportation would be the primary mode, supplemented by legal weight trucks. This option provides the highest level of confidence in cost and schedule, lowest public visibility, greatest public acceptability, lowest public dose, and is the recommended option for support of waste receipt. The completion of rail by 2010 will require spending approximately $800 million prior to 2010. Option 2 uses a phased rail approach to address a constrained funding scenario. To meet funding constraints, Option 2 uses a phased approach to delay high cost activities (final design and construction) until after initial waste receipt in 2010. By doing this, approximately 95 percent of the cost associated with completion of a branch rail line is deferred until after 2010. To support waste receipt until a branch rail line is constructed in Nevada, additional legal-weight truck shipments and heavy-haul truck shipments (on a limited basis for naval spent nuclear fuel) would be used to meet the same initial waste receipt rates as in Option 1. Use of heavy-haul shipments in the absence

  13. Options Study - Phase II

    Energy Technology Data Exchange (ETDEWEB)

    R. Wigeland; T. Taiwo; M. Todosow; W. Halsey; J. Gehin

    2010-09-01

    The Options Study has been conducted for the purpose of evaluating the potential of alternative integrated nuclear fuel cycle options to favorably address the issues associated with a continuing or expanding use of nuclear power in the United States. The study produced information that can be used to inform decisions identifying potential directions for research and development on such fuel cycle options. An integrated nuclear fuel cycle option is defined in this study as including all aspects of the entire nuclear fuel cycle, from obtaining natural resources for fuel to the ultimate disposal of used nuclear fuel (UNF) or radioactive wastes. Issues such as nuclear waste management, especially the increasing inventory of used nuclear fuel, the current uncertainty about used fuel disposal, and the risk of nuclear weapons proliferation have contributed to the reluctance to expand the use of nuclear power, even though it is recognized that nuclear power is a safe and reliable method of producing electricity. In this Options Study, current, evolutionary, and revolutionary nuclear energy options were all considered, including the use of uranium and thorium, and both once-through and recycle approaches. Available information has been collected and reviewed in order to evaluate the ability of an option to clearly address the challenges associated with the current implementation and potential expansion of commercial nuclear power in the United States. This Options Study is a comprehensive consideration and review of fuel cycle and technology options, including those for disposal, and is not constrained by any limitations that may be imposed by economics, technical maturity, past policy, or speculated future conditions. This Phase II report is intended to be used in conjunction with the Phase I report, and much information in that report is not repeated here, although some information has been updated to reflect recent developments. The focus in this Options Study was to

  14. Option Panels in Pure-Jump Settings

    DEFF Research Database (Denmark)

    Andersen, Torben Gustav; Fusari, Nicola; Todorov, Viktor

    We develop parametric inference procedures for large panels of noisy option data in the setting where the underlying process is of pure-jump type, i.e., evolve only through a sequence of jumps. The panel consists of options written on the underlying asset with a (different) set of strikes...... specification for the risk-neutral asset return dynamics, the option prices are nonlinear functions of a time-invariant parameter vector and a time-varying latent state vector (or factors). Furthermore, no-arbitrage restrictions impose a direct link between some of the quantities that may be identified from...... the return and option data. These include the so-called jump activity index as well as the time-varying jump intensity. We propose penalized least squares estimation in which we minimize L_2 distance between observed and model-implied options and further penalize for the deviation of model-implied quantities...

  15. 75 FR 56628 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of...

    Science.gov (United States)

    2010-09-16

    ... currencies, or options on currencies or currency futures or other currency derivatives or Currency Trust...) interest rate futures or options or derivatives on the foregoing in this subparagraph (b); or (c) CBOE... any of the foregoing; or (b) interest rate futures or options or derivatives on the foregoing in this...

  16. Interest Organisations and European Integration

    DEFF Research Database (Denmark)

    Pedersen, Ove K.

    This paper examines the influence of European integration on the relationship between state administration and private interests in the four Nordic countries - Sweden, Denmark, Norway and Finland. By private interests I mean interest organizations, private corporations and independent experts....... The paper focuses exclusively on the national policy processes that are involved with managing European Union (EU) issues. More specifically, this paper discusses two aspects of multi-level governance. First is the important role of private interests in the coordination of decision making at the national...... level preceding their government's representation of national interests in the European Council of Ministers and other EU organizations. Second is the effect of all this on national democratic systems....

  17. Treatment Options for Wilms Tumor

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... come back) after it has been treated. Treatment Option Overview Key Points There are different types of ...

  18. Treatment Options for Myelodysplastic Syndromes

    Science.gov (United States)

    ... special light. Certain factors affect prognosis and treatment options. The prognosis (chance of recovery) and treatment options ... age and general health of the patient. Treatment Option Overview Key Points There are different types of ...

  19. Treatment Option Overview (Prostate Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  20. Treatment Option Overview (Myelodysplastic Syndromes)

    Science.gov (United States)

    ... special light. Certain factors affect prognosis and treatment options. The prognosis (chance of recovery) and treatment options ... age and general health of the patient. Treatment Option Overview Key Points There are different types of ...

  1. Treatment Option Overview (Esophageal Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  2. Treatment Option Overview (Childhood Rhabdomyosarcoma)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  3. Treatment Option Overview (Penile Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  4. Treatment Option Overview (Vulvar Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  5. Treatment Option Overview (Pancreatic Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  6. Treatment Option Overview (Adrenocortical Carcinoma)

    Science.gov (United States)

    ... affect the prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  7. Treatment Options for Childhood Rhabdomyosarcoma

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  8. Treatment Options for Kaposi Sarcoma

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  9. Treatment Options for Childhood Craniopharyngioma

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... the brain where it was first found. Treatment Option Overview Key Points There are different types of ...

  10. Points of Interest: What Determines Interest Rates?

    Science.gov (United States)

    Schilling, Tim

    Interest rates can significantly influence people's behavior. When rates decline, homeowners rush to buy new homes and refinance old mortgages; automobile buyers scramble to buy new cars; the stock market soars, and people tend to feel more optimistic about the future. But even though individuals respond to changes in rates, they may not fully…

  11. Construction of Structure of Indicators of Efficiency of Counteraction to Threats of Information Safety in Interests of the Estimation of Security of Information Processes in Computer Systems

    Directory of Open Access Journals (Sweden)

    A. P. Kurilo

    2010-06-01

    Full Text Available The theorem of system of indicators for an estimation of the security of information processes in the computer systems is formulated and proved. A number of the signs is proved, allowing to consider set of the indicators of efficiency of counteraction to the threats of information safety of the computer systems as the system.

  12. Hidden Realities inside PBL Design Processes: Is Consensus Design an Impossible Clash of Interest between the Individual and the Collective, and Is Architecture Its First Victim?

    Science.gov (United States)

    Pihl, Ole

    2015-01-01

    How do architecture students experience the contradictions between the individual and the group at the Department of Architecture and Design of Aalborg University? The Problem-Based Learning model has been extensively applied to the department's degree programs in coherence with the Integrated Design Process, but is a group-based architecture and…

  13. 24 CFR 221.790 - Debenture interest rate.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Debenture interest rate. 221.790...-Moderate Income Projects § 221.790 Debenture interest rate. The debentures issued pursuant to the exercise of an assignment option shall bear interest at the going Federal rate at date of issuance. The going...

  14. Is There a Standard Default Keyword Operator? A Bibliometric Analysis of Processing Options Chosen by Libraries To Execute Keyword Searches in Online Public Access Catalogs.

    Science.gov (United States)

    Klein, Gary M.

    1994-01-01

    Online public access catalogs from 67 libraries using NOTIS software were searched using Internet connections to determine the positional operators selected as the default keyword operator on each catalog. Results indicate the lack of a processing standard for keyword searches. Five tables provide information. (Author/AEF)

  15. Integration between a demo size post-combustion CO2 capture and full size power plant: an integral approach on energy penalty for different process options

    NARCIS (Netherlands)

    Miguel Mercader, F. de; Magneschi, G.; Sanchez Fernandez, E.; Stienstra, G.J.; Goetheer, E.L.V.

    2012-01-01

    CO2 capture based on post-combustion capture has the potential to significantly reduce the CO2 emissions from coal-fired power plants. However, this capture process reduces considerably the energy efficiency of the power plant. To reduce this energy penalty, this paper studies different

  16. Interest Rate Swaps

    OpenAIRE

    Marina Pepic

    2014-01-01

    Interest rates changes have a huge impact on the business performance. Therefore, it is of great importance for the market participants to identify and adequately manage this risk. Financial derivatives are a relatively simple way of protection from adverse changes in interest rates. Interest rate swaps are particularly popular because they reduce interest rate risk to a minimum with a relatively low initial cost and without great risk, but also because of the fact that there are many modific...

  17. Understanding Interest Rate Volatility

    OpenAIRE

    Volker, Desi

    2016-01-01

    This thesis is the result of my Ph.D. studies at the Department of Finance of the Copenhagen Business School. It consists of three essays covering topics related to the term structure of interest rates, monetary policy and interest rate volatility. The rst essay, \\Monetary Policy Uncertainty and Interest Rates", examines the role of monetary policy uncertainty on the term structure of interest rates. The second essay, \\A Regime-Switching A ne Term Structure Model with Stochast...

  18. Waste disposal options report. Volume 1

    International Nuclear Information System (INIS)

    Russell, N.E.; McDonald, T.G.; Banaee, J.; Barnes, C.M.; Fish, L.W.; Losinski, S.J.; Peterson, H.K.; Sterbentz, J.W.; Wenzel, D.R.

    1998-02-01

    This report summarizes the potential options for the processing and disposal of mixed waste generated by reprocessing spent nuclear fuel at the Idaho Chemical Processing Plant. It compares the proposed waste-immobilization processes, quantifies and characterizes the resulting waste forms, identifies potential disposal sites and their primary acceptance criteria, and addresses disposal issues for hazardous waste

  19. Political economy of renewable energy policy in Germany. A consideration of the policy making process in the electricity market under the influence of interest groups

    International Nuclear Information System (INIS)

    Mueller, Tom

    2015-01-01

    In the research, it is argued that the targeted promotion of renewables leads to a change in the technological path dependency on the electricity market or led. The historically market depending portfolio of products in the conventional power industry will be replaced by an increasingly strong dependence on the product portfolio of Renewable Energy Sector according to this argumentation. The present work is devoted to the political explanation of the change and transition process in the electricity market. The process of policy formation in this market (especially support policies for renewable energies) will be discussed. It is examined from a public choice perspective, which political actors and instances in the past were responsible for the development and maintenance of individual policy elements. In particular, in this analysis the different private sector stakeholders in the electricity market move to center of attention. [de

  20. Pricing and hedging of a general kind of multiasset option

    Directory of Open Access Journals (Sweden)

    Silvia Romagnoli

    2007-10-01

    Full Text Available Our aims is to propose an evaluation and a replicating strategy for a general kind of multiasset option in an international multicurrencies no-arbitrage world with Gaussian interest rates. Johnson's formula for the option on the maximum of several assets is derived as a particular case of ours, and two examples of application, namely the MAP strategy and the option on the arithmetic mean of several assets, are presented.

  1. Management options for recycling radioactive scrap metals

    Energy Technology Data Exchange (ETDEWEB)

    Dehmel, J.C.; MacKinney, J.; Bartlett, J.

    1997-02-01

    The feasibility and advantages of recycling radioactive scrap metals (RSM) have yet to be assessed, given the unique technical, regulatory, safety, and cost-benefit issues that have already been raised by a concerned recycling industry. As is known, this industry has been repeatedly involved with the accidental recycling of radioactive sources and, in some cases, with costly consequences. If recycling were deemed to be a viable option, it might have to be implemented with regulatory monitoring and controls. Its implementation may have to consider various and complex issues and address the requirements and concerns of distinctly different industries. There are three basic options for the recycling of such scraps. They are: (1) recycling through the existing network of metal-scrap dealers and brokers, (2) recycling directly and only with specific steelmills, or (3) recycling through regional processing centers. Under the first option, scrap dealers and brokers would receive material from RSM generators and determine at which steelmills such scraps would be recycled. For the second option, RSM generators would deal directly with selected steelmills under specific agreements. For the third option, generators would ship scraps only to regional centers for processing and shipment to participating steelmills. This paper addresses the potential advantages of each option, identifies the types of arrangements that would need to be secured among all parties, and attempts to assess the receptivity of the recycling industry to each option.

  2. Retrospective insights from real options in R&D

    NARCIS (Netherlands)

    Lint, L.J.O.

    2000-01-01

    Absent empirical validation of real option pricing in R&D, we discuss the evolution of three cases in R&D option valuation. The first case concerns an option on conversion of an existing production process. The other two cases concern R&D to develop new product technology in the consumer electronics

  3. NSUF Ion Beam Investment Options Workshop Report

    Energy Technology Data Exchange (ETDEWEB)

    Heidrich, Brenden John [Idaho National Lab. (INL), Idaho Falls, ID (United States)

    2016-03-01

    The workshop that generated this data was convened to develop a set of recommendations (a priority list) for possible funding in the area of US domestic ion beam irradiation capabilities for nuclear energy-focused RD&D. The results of this workshop were intended for use by the Department of Energy - Office of Nuclear Energy (DOE-NE) for consideration of support for these facilities. The workshop considered, as part of the initial potential future support discussions, input submitted through the Office of Nuclear Energy Request for Information (RFI) (DE-SOL-0008318, April 13, 2015), but welcomed discussion (and presentation) of other options, whether specific or general in scope. Input from users, including DOE-NE program interests and needs for ion irradiation RD&D were also included. Participants were selected from various sources: RFI respondents, NEUP/NEET infrastructure applicants, universities with known expertise in nuclear engineering and materials science and other developed sources. During the three days from March 22-24, 2016, the workshop was held at the Idaho National Laboratory Meeting Center in the Energy Innovation Laboratory at 775 University Drive, Idaho Falls, ID 83401. Thirty-one members of the ion beam community attended the workshop, including 15 ion beam facilities, six representatives of Office of Nuclear Energy R&D programs, an industry representative from EPRI and the chairs of the NSUF User’s Organization and the NSUF Scientific Review Board. Another four ion beam users were in attendance acting as advisors to the process, but did not participate in the options assessment. Three members of the sponsoring agency, the Office of Science and Technology Innovation (NE-4) also attended the workshop.

  4. Pawnee Nation Energy Option Analyses

    Energy Technology Data Exchange (ETDEWEB)

    Matlock, M.; Kersey, K.; Riding In, C.

    2009-07-31

    introduced two model energy codes Pawnee Nation should consider for adoption. Summary of Current and Expected Future Electricity Usage The research team provided a summary overview of electricity usage patterns in current buildings and included discussion of known plans for new construction. Utility Options Review Pawnee Nation electric utility options were analyzed through a four-phase process, which included: 1) summarizing the relevant utility background information; 2) gathering relevant utility assessment data; 3) developing a set of realistic Pawnee electric utility service options, and 4) analyzing the various Pawnee electric utility service options for the Pawnee Energy Team’s consideration. III. Findings and Recommendations Due to a lack of financial incentives for renewable energy, particularly at the state level, combined mediocre renewable energy resources, renewable energy development opportunities are limited for Pawnee Nation. However, near-term potential exists for development of solar hot water at the gym, and an exterior wood-fired boiler system at the tribe’s main administrative building. Pawnee Nation should also explore options for developing LFGTE resources in collaboration with the City of Pawnee. Significant potential may also exist for development of bio-energy resources within the next decade. Pawnee Nation representatives should closely monitor market developments in the bio-energy industry, establish contacts with research institutions with which the tribe could potentially partner in grant-funded research initiatives. In addition, a substantial effort by the Kaw and Cherokee tribes is underway to pursue wind development at the Chilocco School Site in northern Oklahoma where Pawnee is a joint landowner. Pawnee Nation representatives should become actively involved in these development discussions and should explore the potential for joint investment in wind development at the Chilocco site.

  5. Selection of appropriate greenhouse gas mitigation options

    Energy Technology Data Exchange (ETDEWEB)

    Ramanathan, R. [Indira Ghandi Institute of Development Research, Mumbai (India)

    1999-10-01

    Greenhouse gas mitigation options help in reducing greenhouse gas emissions so as to avoid the adverse environmental impacts due to global warming/climate change. They have different characteristics when evaluated using different criteria. For example, some options may be very cost effective, while some may have an additional advantage of reducing local pollution. Hence, selection of these options, for consideration by a national government or by a funding agency, has to incorporate multiple criteria. In this paper, some important criteria relevant to the selection are discussed, and a multi-criteria methodology is suggested for making appropriate selection. The methodology, called the Analytic Hierarchy Process, is described using two illustrations. (author)

  6. 20 CFR 416.2035 - Optional supplementation: Additional State options.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Optional supplementation: Additional State options. 416.2035 Section 416.2035 Employees' Benefits SOCIAL SECURITY ADMINISTRATION SUPPLEMENTAL... § 416.2035 Optional supplementation: Additional State options. (a) Residency requirement. A State or...

  7. Novel preventive treatment options

    DEFF Research Database (Denmark)

    Longbottom, C; Ekstrand, K; Zero, D

    2009-01-01

    A number of novel preventive treatment options which, as with traditional methods, can be differentiated into 3 categories of prevention (primary, secondary and tertiary), have been and are being currently investigated. Those reviewed are either commercially available or appear relatively close...... of these techniques show considerable promise and dentists should be aware of these developments and follow their progress, the evidence for each of these novel preventive treatment options is currently insufficient to make widespread recommendations. Changes in dental practice should be explored to see how oral...

  8. Alternative energy options

    International Nuclear Information System (INIS)

    Bennett, K.F.

    1983-01-01

    It is accepted that coal will continue to play the major role in the supply of energy to the country for the remainder of the century. In this paper, however, emphasis has been directed to those options which could supplement coal in an economic and technically sound manner. The general conclusion is that certain forms of solar energy hold the most promise and it is in this direction that research, development and implementation programmes should be directed. Tidal energy, fusion energy, geothermal energy, hydrogen energy and fuel cells are also discussed as alternative energy options

  9. Thermal test options

    International Nuclear Information System (INIS)

    Koski, J.A.; Keltner, N.R.; Sobolik, K.B.

    1993-02-01

    Shipping containers for radioactive materials must be qualified to meet a thermal accident environment specified in regulations, such at Title 10, Code of Federal Regulations, Part 71. Aimed primarily at the shipping container design, this report discusses the thermal testing options available for meeting the regulatory requirements, and states the advantages and disadvantages of each approach. The principal options considered are testing with radiant heat, furnaces, and open pool fires. The report also identifies some of the facilities available and current contacts. Finally, the report makes some recommendations on the appropriate use of these different testing methods

  10. Lighting Options for Homes.

    Energy Technology Data Exchange (ETDEWEB)

    Baker, W.S.

    1991-04-01

    This report covers many aspects of various lighting options for homes. Types of light sources described include natural light, artificial light, incandescent lamps, fluorescent lamps, and high intensity discharge lamps. A light source selection guide gives the physical characteristics of these, design considerations, and common applications. Color, strategies for efficient lighting, and types of lighting are discussed. There is one section giving tips for various situations in specific rooms. Rooms and types of fixtures are shown on a matrix with watts saved by using the recommended type lighting for that room and room location. A major emphasis of this report is saving energy by utilizing the most suitable, recommended lighting option. (BN)

  11. Understanding Interest Rate Volatility

    DEFF Research Database (Denmark)

    Volker, Desi

    This thesis is the result of my Ph.D. studies at the Department of Finance of the Copenhagen Business School. It consists of three essays covering topics related to the term structure of interest rates, monetary policy and interest rate volatility. The rst essay, \\Monetary Policy Uncertainty...... and Interest Rates", examines the role of monetary policy uncertainty on the term structure of interest rates. The second essay, \\A Regime-Switching A ne Term Structure Model with Stochastic Volatility" (co-authored with Sebastian Fux), investigates the ability of the class of regime switching models...... with and without stochastic volatility to capture the main stylized features of U.S. interest rates. The third essay, \\Variance Risk Premia in the Interest Rate Swap Market", investigates the time-series and cross-sectional properties of the compensation demanded for holding interest rate variance risk. The essays...

  12. 24 CFR 982.633 - Homeownership option: Continued assistance requirements; Family obligations.

    Science.gov (United States)

    2010-04-01

    ... CHOICE VOUCHER PROGRAM Special Housing Types Homeownership Option § 982.633 Homeownership option... payment of the mortgage debt; (B) Any sale or other transfer of any interest in the home; or (C) The...

  13. Options for Steam Generator Decommissioning

    International Nuclear Information System (INIS)

    Krause, Gregor; Amcoff, Bjoern; Robinson, Joe

    2016-01-01

    Selecting the best option for decommissioning steam generators is a key consideration in preparing for decommissioning PWR nuclear power plants. Steam Generators represent a discrete waste stream of large, complex items that can lend themselves to a variety of options for handling, treatment, recycling and disposal. Studsvik has significant experience in processing full size Steam Generators at its metal recycling facility in Sweden, and this paper will introduce the Studsvik steam generator treatment concept and the results achieved to date across a number of projects. The paper will outline the important parameters needed at an early stage to assess options and to help consider the balance between off-site and on-site treatment solutions, and the role of prior decontamination techniques. The paper also outlines the use of feasibility studies and demonstration projects that have been used to help customers prepare for decommissioning. The paper discusses physical, radiological and operational history data, Pro and Contra factors for on- and off-site treatment, the role of chemical decontamination prior to treatment, planning for off-site shipments as well as Studsvik experience This paper has an original focus upon the coming challenges of steam generator decommissioning and potential external treatment capacity constraints in the medium term. It also focuses on the potential during operations or initial shut-down to develop robust plans for steam generator management. (authors)

  14. Local decision-making facing issues of national interest experiences from the swedish siting process for a spent nuclear fuel repository

    International Nuclear Information System (INIS)

    Soderberg, O.

    1998-01-01

    It is common knowledge that there are difficulties in convincing the general public and their democratically elected representatives that final disposal of spent nuclear fuel can be made in safe way. Special problems for the decision-makers are created by the demands put on today's generations to make a responsible risk assessment in a area with genuine uncertainties and characterised by any expressions of lack of confidence in social institutions. The current Swedish process for siting a deep repository for spent nuclear fuel has evolved during a period of many years, through inputs by the industry, Government, regulatory authorities and concerned municipalities. It is clear that the nuclear industry, represented by the Swedish Nuclear Fuel and Waste Management CO (SKB), has the full responsibility to find a solution to the waste management problem and to implement the solution - and to for this under the supervision of Government and regulating authorities. But, given the strong tradition of local self-government, the concerned municipalities, the local population in this process. this is simply the following fact: For people who have engaged themselves in local politics - and are prepared to take their responsibility for the well-being and development of their local community - the issue of a possible nuclear repository in the neighbourhood is difficult to handle. A relevant question is: Why should the nation as a whole expect these locally elected representatives to feel a responsibility for an issue of national importance? (author)

  15. 31 CFR 544.308 - Property; property interest.

    Science.gov (United States)

    2010-07-01

    ... on ships, real estate mortgages, deeds of trust, vendors' sales agreements, land contracts, leaseholds, ground rents, real estate and any other interest therein, options, negotiable instruments, trade... other financial instruments, bankers acceptances, mortgages, pledges, liens or other rights in the...

  16. 31 CFR 593.308 - Property; property interest.

    Science.gov (United States)

    2010-07-01

    ... on ships, real estate mortgages, deeds of trust, vendors' sales agreements, land contracts, leaseholds, ground rents, real estate and any other interest therein, options, negotiable instruments, trade... other financial instruments, bankers acceptances, mortgages, pledges, liens or other rights in the...

  17. 31 CFR 547.308 - Property; property interest.

    Science.gov (United States)

    2010-07-01

    ..., real estate mortgages, deeds of trust, vendors' sales agreements, land contracts, leaseholds, ground rents, real estate and any other interest therein, options, negotiable instruments, trade acceptances... financial instruments, bankers' acceptances, mortgages, pledges, liens or other rights in the nature of...

  18. [Evaluation in the interest in arts psychotherapy treatment of alcoholics hospitalized for a weaning process--presentation of two clinical examples].

    Science.gov (United States)

    Ricci-Boyer, L; Schiltz, L; Spitz, E

    2010-01-01

    The aim of our study is to show the relevance of art therapeutic treatment with an alcoholic population met in the weaning department of a general hospital. A current tendency of research in psychology consists in using an integrated quantitative and qualitative methodology. This approach is especially suited to the study of the therapeutic intervention. In arts therapeutic research the investigation of the artistic production and the application of a projective test (Rotter) may complete the psychometric tools: SVF 78 Stressverarbeitungsfragebogen by Janke W., Erdmann G., Kallus W.; MDBF Mehrdimensionalen Befindlichkeitsfragebogens by Steyer R., Schwenkmezger P., Notz P., Eid M.. The results of the study show the relevance of our art therapeutic treatment. We are going to illustrate the multidimensional reality of the therapeutic process by two clinical examples.

  19. Radiation induced processes in moss cells. Short term and long term radiation responses of special interest after microbeam uv irradiation of the haploid moss cells of Funaria hygrometrica

    Energy Technology Data Exchange (ETDEWEB)

    Doehren, R v [Mainz Univ. (F.R. Germany). Inst. fuer Biochemie

    1975-01-01

    The moss F.h. shows apical growth in the protonema cells which spread radially from the spor. Every apical daughter cell during the state of 'Caulonema' and just before in the state of 'Caulonema Primanen' initiates cell division as soon as more than twice the length of the mother cell is reached. All this allows to follow radiation effects in single cells conveniently. UV irradiation on the range of 254 nm and 280 nm delivered at different parts of the cell area delays cell division markedly may suppress it, and is able to stop the process of growing in relation to the delivered dose and to the irradiated area as well. In case of irradiation of the area next to where the membrane is just being formed - that is to say next to the phragmoplast - the new membrane will be wrongly oriented. In particular giant cells are occurring in the case of nucleus irradiation during early prophase.

  20. Mixed waste management options

    International Nuclear Information System (INIS)

    Owens, C.B.; Kirner, N.P.

    1992-01-01

    Currently, limited storage and treatment capacity exists for commercial mixed waste streams. No commercial mixed waste disposal is available, and it has been estimated that if and when commercial mixed waste disposal becomes available, the costs will be high. If high disposal fees are imposed, generators may be willing to apply extraordinary treatment or regulatory approaches to properly dispose of their mixed waste. This paper explores the feasibility of several waste management scenarios and management options. Existing data on commercially generated mixed waste streams are used to identify the realm of mixed waste known to be generated. Each waste stream is evaluated from both a regulatory and technical perspective in order to convert the waste into a strictly low-level radioactive or a hazardous waste. Alternative regulatory approaches evaluated in this paper include a delisting petition) no migration petition) and a treatability variance. For each waste stream, potentially available treatment options are identified that could lead to these variances. Waste minimization methodology and storage for decay are also considered. Economic feasibility of each option is discussed broadly. Another option for mixed waste management that is being explored is the feasibility of Department of Energy (DOE) accepting commercial mixed waste for treatment, storage, and disposal. A study has been completed that analyzes DOE treatment capacity in comparison with commercial mixed waste streams. (author)

  1. Strategic growth options

    NARCIS (Netherlands)

    Kulatilaka, N.; Perotti, E.C.

    1998-01-01

    We provide a strategic rationale for growth options under uncertainty and imperfect corn-petition. In a market with strategic competition, investment confers a greater capability to take advantage of future growth opportunities. This strategic advantage leads to the capture of a greater share of the

  2. Heterogeneity and option pricing

    NARCIS (Netherlands)

    Benninga, Simon; Mayshar, Joram

    2000-01-01

    An economy with agents having constant yet heterogeneous degrees of relative risk aversion prices assets as though there were a single decreasing relative risk aversion pricing representative agent. The pricing kernel has fat tails and option prices do not conform to the Black-Scholes formula.

  3. Option Pricing and Momentum

    NARCIS (Netherlands)

    Rodriguez, J.C.

    2007-01-01

    If managers are reluctant to fully adjust dividends to changes in earnings, stock returns and changes in the dividend yield will tend to be negatively correlated. When this is the case, stock returns will exhibit positive autocorrelation, or mo- mentum. This paper studies the pricing of options in

  4. Idaho's Energy Options

    Energy Technology Data Exchange (ETDEWEB)

    Robert M. Neilson

    2006-03-01

    This report, developed by the Idaho National Laboratory, is provided as an introduction to and an update of the status of technologies for the generation and use of energy. Its purpose is to provide information useful for identifying and evaluating Idaho’s energy options, and for developing and implementing Idaho’s energy direction and policies.

  5. Which is the best solar thermal collection technology for electricity generation in north-west India? Evaluation of options using the analytical hierarchy process

    Energy Technology Data Exchange (ETDEWEB)

    Nixon, J.D.; Davies, P.A. [Sustainable Environment Research Group, School of Engineering and Applied Science, Aston University, Aston Triangle, Birmingham, B4 7ET (United Kingdom); Dey, P.K. [Aston Business School, Aston University, Aston Triangle, Birmingham, B4 7ET (United Kingdom)

    2010-12-15

    This study of concentrating solar thermal power generation sets out to evaluate the main existing collection technologies using the framework of the Analytical Hierarchy Process (AHP). It encompasses parabolic troughs, heliostat fields, linear Fresnel reflectors, parabolic dishes, compound parabolic concentrators and linear Fresnel lenses. These technologies are compared based on technical, economic and environmental criteria. Within these three categories, numerous sub-criteria are identified; similarly sub-alternatives are considered for each technology. A literature review, thermodynamic calculations and an expert workshop have been used to arrive at quantitative and qualitative assessments. The methodology is applied principally to a case study in Gujarat in north-west India, though case studies based on the Sahara Desert, Southern Spain and California are included for comparison. A sensitivity analysis is carried out for Gujarat. The study concludes that the linear Fresnel lens with a secondary compound parabolic collector, or the parabolic dish reflector, is the preferred technology for north-west India. (author)

  6. Which is the best solar thermal collection technology for electricity generation in north-west India? Evaluation of options using the analytical hierarchy process

    International Nuclear Information System (INIS)

    Nixon, J.D.; Dey, P.K.; Davies, P.A.

    2010-01-01

    This study of concentrating solar thermal power generation sets out to evaluate the main existing collection technologies using the framework of the Analytical Hierarchy Process (AHP). It encompasses parabolic troughs, heliostat fields, linear Fresnel reflectors, parabolic dishes, compound parabolic concentrators and linear Fresnel lenses. These technologies are compared based on technical, economic and environmental criteria. Within these three categories, numerous sub-criteria are identified; similarly sub-alternatives are considered for each technology. A literature review, thermodynamic calculations and an expert workshop have been used to arrive at quantitative and qualitative assessments. The methodology is applied principally to a case study in Gujarat in north-west India, though case studies based on the Sahara Desert, Southern Spain and California are included for comparison. A sensitivity analysis is carried out for Gujarat. The study concludes that the linear Fresnel lens with a secondary compound parabolic collector, or the parabolic dish reflector, is the preferred technology for north-west India.

  7. Interest Rates and Inflation

    OpenAIRE

    Coopersmith, Michael; Gambardella, Pascal J.

    2016-01-01

    This article is an extension of the work of one of us (Coopersmith, 2011) in deriving the relationship between certain interest rates and the inflation rate of a two component economic system. We use the well-known Fisher relation between the difference of the nominal interest rate and its inflation adjusted value to eliminate the inflation rate and obtain a delay differential equation. We provide computer simulated solutions for this equation over regimes of interest. This paper could be of ...

  8. Interest Rate Swaps

    Directory of Open Access Journals (Sweden)

    Marina Pepić

    2014-12-01

    Full Text Available Interest rates changes have a huge impact on the business performance. Therefore, it is of great importance for the market participants to identify and adequately manage this risk. Financial derivatives are a relatively simple way of protection from adverse changes in interest rates. Interest rate swaps are particularly popular because they reduce interest rate risk to a minimum with a relatively low initial cost and without great risk, but also because of the fact that there are manymodifications of the standard swap created to better satisfy the different needs of market players.

  9. The Fundamental Uncertainty of Business: Real Options

    Science.gov (United States)

    Dyer, James S.

    The purpose of this paper is to discuss the manner in which uncertainty is currently evaluated in business, with an emphasis on economic measures. In recent years, the accepted approach for the valuation of capital investment decisions has become one based on the theory of real options. From the standpoint of this workshop, the interesting aspect of real options is its focus on the flexibility of management to respond to changes in the environment as a feature of an alternative that has unique value, known as "option value." While this may not be surprising to most participants in this workshop, it does represent a radical change in traditional thinking about risk in business, where efforts have primarily been focused on the elimination of risk when possible.

  10. INTEREST RATE DERIVATIVES IN DEVELOPING COUNTRIES IN EUROPE

    OpenAIRE

    SLOBODAN CEROVIC; MARINA PEPIC

    2011-01-01

    Financial derivatives (interest rate futures, options and swaps) are a very simple way to minimize interest rate risk and therefore are extremely popular. The value of interest rate derivatives transactions in the world is increasing dramatically. Unfortunately, this is not the case with developing countries in Europe. Although significantly increased in the last decade, interest rate derivatives markets in developing countries are still in nascent stage. In most developing countries still t...

  11. Interest rates mapping

    Science.gov (United States)

    Kanevski, M.; Maignan, M.; Pozdnoukhov, A.; Timonin, V.

    2008-06-01

    The present study deals with the analysis and mapping of Swiss franc interest rates. Interest rates depend on time and maturity, defining term structure of the interest rate curves (IRC). In the present study IRC are considered in a two-dimensional feature space-time and maturity. Exploratory data analysis includes a variety of tools widely used in econophysics and geostatistics. Geostatistical models and machine learning algorithms (multilayer perceptron and Support Vector Machines) were applied to produce interest rate maps. IR maps can be used for the visualisation and pattern perception purposes, to develop and to explore economical hypotheses, to produce dynamic asset-liability simulations and for financial risk assessments. The feasibility of an application of interest rates mapping approach for the IRC forecasting is considered as well.

  12. Options Counseling for the Pregnant Adolescent Patient.

    Science.gov (United States)

    Hornberger, Laurie L

    2017-09-01

    Each year, more than 500 000 girls and young women younger than 20 years become pregnant. It is important for pediatricians to have the ability and the resources in their offices to make a timely pregnancy diagnosis in their adolescent patients and provide them with nonjudgmental pregnancy options counseling. Counseling includes an unbiased discussion of the adolescent's legal options to either continue or terminate her pregnancy, supporting the adolescent in the decision-making process, and referring the adolescent to appropriate resources and services. Pediatricians who choose not to provide such discussions should promptly refer pregnant adolescent patients to a health care professional who will offer developmentally appropriate pregnancy options counseling. This approach to pregnancy options counseling has not changed since the original 1989 American Academy of Pediatrics statement on this issue. Copyright © 2017 by the American Academy of Pediatrics.

  13. Management options of varicoceles

    Directory of Open Access Journals (Sweden)

    Peter Chan

    2011-01-01

    Full Text Available Varicocele is one of the most common causes of male infertility. Treatment options for varicoceles includes open varicocelectomy performed at various anatomical levels. Laparoscopic varicocelectomy has been established to be a safe and effective treatment for varicoceles. Robotic surgery has been introduced recently as an alternative surgical option for varicocelectomy. Microsurgical varicocelectomy has gained increasing popularity among experts in male reproductive medicine as the treatment of choice for varicocele because of its superior surgical outcomes. There is a growing volume of literature in the recent years on minimal invasive varicocele treatment with percutaneous retrograde and anterograde venous embolization/sclerotherapy. In this review, we will discuss the advantages and limitations associated with each treatment modality for varicoceles. Employment of these advanced techniques of varicocelectomy can provide a safe and effective approach aiming to eliminate varicocele, preserve testicular function and, in a substantial number of men, increase semen quality and the likelihood of pregnancy.

  14. Energy options?; Energie opties?

    Energy Technology Data Exchange (ETDEWEB)

    Van Sark, W. (ed.)

    2006-05-15

    March 2006 the so-called Options Document was published by the Energy research Centre of the Netherlands (ECN) and the Netherlands Environmental Assessment Agency (MNP). The document is an overview of technical options to reduce energy consumption and emission of greenhouse gases up to 2020. Next to a brief summary of the document a few reactions and comments on the contents of the document are given. [Dutch] Maart 2006 publiceerde het Energieonderzoek Centrum Nederland (ECN) en het Milieu- en Natuurplanbureau (MNP) het zogenaamde Optiedocument energie en emissies 2010-2020. Daarin wordt een overzicht gegeven van de technische mogelijkheden voor vermindering van het energieverbruik en de uitstoot van broeikasgassen en luchtverontreinigende stoffen tot 2020. Naast een korte samenvatting van het document worden enkele reacties gegeven op de inhoud.

  15. Evaluating technology service options.

    Science.gov (United States)

    Blumberg, D F

    1997-05-01

    Four service and support options are available to healthcare organizations for maintaining their growth arsenals of medical and information technology. These options include maintaining and servicing all equipment using a facility-based biomedical engineering and MIS service department; using a combination of facility-based service and subcontracted service; expanding facility-based biomedical and MIS service departments to provide service to other healthcare organizations to achieve economies of scale; and outsourcing all maintenance, repair, and technical support services. Independent service companies and original equipment manufacturers (OEMs) are offering healthcare organizations a wider array of service and support capabilities than ever before. However, some health systems have successfully developed their own independent service organizations to take care of their own--and other healthcare organizations'--service and support needs.

  16. Optioner eller betingede aktier?

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Thorsell, Christopher

    2016-01-01

    Incitamentsaflønning – og herunder især aktieaflønning – fortsætter med at tiltrække sig stor opmærksomhed fra en lang række sider. Et spørgsmål, der ofte diskuteres, er selskabernes anvendelse af aktieaflønning, dvs. aflønning med optioner, betingede aktier o. lign. Diskussionerne har blandt andet...

  17. Shungnak Energy Configuration Options.

    Energy Technology Data Exchange (ETDEWEB)

    Rosewater, David Martin [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Eddy, John P. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

    2017-10-01

    Power systems in rural Alaska villages face a unique combination of challenges that can increase the cost of energy and lowers energy supply reliability. In the case of the remote village of Shungnak, diesel and heating fuel is either shipped in by barge or flown in by aircraft. This report presents a technical analysis of several energy infrastructure upgrade and modification options to reduce the amount of fuel consumed by the community of Shungnak. Reducing fuel usage saves money and makes the village more resilient to disruptions in fuel supply. The analysis considers demand side options, such as energy efficiency, alongside the installation of wind and solar power generation options. Some novel approaches are also considered including battery energy storage and the use of electrical home heating stoves powered by renewable generation that would otherwise be spilled and wasted. This report concludes with specific recommendations for Shungnak based on economic factors, and fuel price sensitivity. General conclusions are also included to support future work analyzing similar energy challenges in remote arctic regions.

  18. The safeguards options study

    Energy Technology Data Exchange (ETDEWEB)

    Hakkila, E.A.; Mullen, M.F.; Olinger, C.T.; Stanbro, W.D. [Los Alamos National Lab., NM (United States); Olsen, A.P.; Roche, C.T.; Rudolph, R.R. [Argonne National Lab., IL (United States); Bieber, A.M.; Lemley, J. [Brookhaven National Lab., Upton, NY (United States); Filby, E. [Idaho National Engineering Lab., Idaho Falls, ID (United States)] [and others

    1995-04-01

    The Safeguards Options Study was initiated to aid the International Safeguards Division (ISD) of the DOE Office of Arms Control and Nonproliferation in developing its programs in enhanced international safeguards. The goal was to provide a technical basis for the ISD program in this area. The Safeguards Options Study has been a cooperative effort among ten organizations. These are Argonne National Laboratory, Brookhaven National Laboratory, Idaho National Engineering Laboratory, Lawrence Livermore National Laboratory, Los Alamos National Laboratory, Mound Laboratory, Oak Ridge National Laboratory, Pacific Northwest Laboratories, Sandia National Laboratories, and Special Technologies Laboratory. Much of the Motivation for the Safeguards Options Study is the recognition after the Iraq experience that there are deficiencies in the present approach to international safeguards. While under International Atomic Energy Agency (IAEA) safeguards at their declared facilities, Iraq was able to develop a significant weapons program without being noticed. This is because negotiated safeguards only applied at declared sites. Even so, their nuclear weapons program clearly conflicted with Iraq`s obligations under the Nuclear Nonproliferation Treaty (NPT) as a nonnuclear weapon state.

  19. The safeguards options study

    International Nuclear Information System (INIS)

    Hakkila, E.A.; Mullen, M.F.; Olinger, C.T.; Stanbro, W.D.; Olsen, A.P.; Roche, C.T.; Rudolph, R.R.; Bieber, A.M.; Lemley, J.; Filby, E.

    1995-04-01

    The Safeguards Options Study was initiated to aid the International Safeguards Division (ISD) of the DOE Office of Arms Control and Nonproliferation in developing its programs in enhanced international safeguards. The goal was to provide a technical basis for the ISD program in this area. The Safeguards Options Study has been a cooperative effort among ten organizations. These are Argonne National Laboratory, Brookhaven National Laboratory, Idaho National Engineering Laboratory, Lawrence Livermore National Laboratory, Los Alamos National Laboratory, Mound Laboratory, Oak Ridge National Laboratory, Pacific Northwest Laboratories, Sandia National Laboratories, and Special Technologies Laboratory. Much of the Motivation for the Safeguards Options Study is the recognition after the Iraq experience that there are deficiencies in the present approach to international safeguards. While under International Atomic Energy Agency (IAEA) safeguards at their declared facilities, Iraq was able to develop a significant weapons program without being noticed. This is because negotiated safeguards only applied at declared sites. Even so, their nuclear weapons program clearly conflicted with Iraq's obligations under the Nuclear Nonproliferation Treaty (NPT) as a nonnuclear weapon state

  20. EMPIRICAL TESTING OF MODIFIED BLACK-SCHOLES OPTION PRICING MODEL FORMULA ON NSE DERIVATIVE MARKET IN INDIA

    Directory of Open Access Journals (Sweden)

    Ambrish Gupta

    2013-01-01

    Full Text Available The main objectives of this paper are to incorporate modification in Black-Scholes option pricing model formula by adding some new variables on the basis of given assumption related to risk-free interest rate, and also shows the calculation process of new risk-free interest rate on the basis of modified variable. This paper also identifies the various situations in empirical testing of modified and original Black-Scholes formula with respect to the market value on the basis of assumed and calculated risk-free interest rate.

  1. Growing short rotation coppice on agricultural land in Germany: A Real Options Approach

    International Nuclear Information System (INIS)

    Musshoff, Oliver

    2012-01-01

    In many cases decision-makers apparently do not adapt as fast as expected to changing economic conditions. This is also the case for the conversion of farm land to short rotation coppice. From an economic point of view, short rotation coppice has become more interesting in the last few years. Nevertheless, farm land still is rarely used to grow this quite unknown crop. Several explanatory approaches (e.g., traditionalistic behavior and risk aversion) are currently discussed in order to explain this behavior. A relatively new explanatory approach is the Real Options Approach. The Real Options Approach uses a comprehensive dynamic-stochastic model that combines the uncertainty of investment returns, the sunk costs, and the temporal flexibility of the investment implementation. The quintessence of the Real Options Approach is that—compared to the Classical Investment Theory—the investment triggers will be shifted upwards if investments involve intertemporal opportunity costs. This paper develops a real options model which allows the determination of triggers on the basis of realistic assumptions. We examined when farmers, who only dispose of sandy soils with little water-storing capacity, should convert set-aside land to short rotation coppice. The results show that farmers should not convert until the present value of the investment returns exceeds the investment costs considerably. Thus, they confirm the empirically observed reluctance in conversion. Furthermore, it turned out that the magnitude of the difference between the Classical Investment Theory and the Real Options Approach depends heavily on the type of stochastic process that underlies the investment returns. -- Highlights: ► Frequently observed reluctance of farmers to convert to short rotation coppice. ► Risk neutral farmers should convert if the investment multiple exceeds 1.57. ► The Real Options Approach is an explanatory approach for this observation. ► Results depend very much on the

  2. The Accounting Profession: Serving the Public Interest or Capital Interest?

    Directory of Open Access Journals (Sweden)

    Mary A Kaidonis

    2008-12-01

    Full Text Available As an integral facet of society, the accounting profession has a role in the State and thecorporate sector, and is also expected to serve the public interest. The capacity for theAustralian accounting profession to serve the public interest is considered in the context oflegislation and the accounting standard setting process. Specific reference is made to theCLERP Act 1999 and ASIC Act 2001. It is argued that the combined effect of these Acts is tolegislate bias so that accounting standards privilege the specific needs of holders of capital,that is capital interest. The assumption that capital markets are surrogate for the publicinterest is contested. Accordingly, if the accounting profession follows national objectives tosupport capital markets, it may undermine its role in serving society.

  3. Protons, Aerospace, and Electronics: A National Interest

    Science.gov (United States)

    LaBel, Kenneth A.; Turflinger, Thomas L.

    2018-01-01

    The aerospace and semiconductor industries lost approx. 2000 hours annually of research access when IUCF closed. An ad hoc team between the U.S. government and industry was formed to evaluate other facility options. In this presentation, we will discuss: 1) Why aerospace, semiconductor manufacturers, and others are interested in proton facility access, as well as, 2) Some of the basics of a typical test for electronics, and 3) We"ll conclude with the brief current status on progress.

  4. Fuel options for oil sands

    International Nuclear Information System (INIS)

    Wise, T.

    2005-01-01

    This presentation examined fuel options in relation to oil sands production. Options include steam and hydrogen (H 2 ) for upgrading; natural gas by pipeline; bitumen; petroleum coke; and coal. Various cost drivers were also considered for each of the fuel options. It was noted that natural gas has high energy value but the capital cost is low, and that coke's energy value is very low but the capital cost is high. A chart forecasting energy prices was presented. The disposition of Western Canada's northern gas situation was presented. Issues concerning rail transportation for coal were considered. Environmental concerns were also examined. A chart of typical gas requirements for 75,000 B/D oil sands projects was presented. Issues concerning steam generation with gas and mining cogeneration with gas fuel and steam turbines were discussed, as well as cogeneration and H 2 with gas fuels and steam turbines. Various technology and fuel utility options were examined, along with details of equipment and processes. Boiler technologies were reviewed by type as well as fuel and steam quality and pressure. Charts of cogeneration with gas turbine and circulation fluid bed boilers were presented. Gasification processes were reviewed and a supply cost basis was examined. Cost drivers were ranked according to energy, operating considerations and capital investment. Results indicated that fuel costs were significant for gas and coal. Capital costs and capital recovery charge was most significant with coal and gasification technology. Without capital recovery, cash costs favour the use of bitumen and coke. Gasification would need lower capital and lower capital recovery to compete with direct burning. It was concluded that direct burning of bitumen can compete with natural gas. With price volatility anticipated, dual fuel capability for bitumen and gas has merit. Petroleum coke can be produced or retrieved from stockpiles. Utility supply costs of direct burning of coke is

  5. Option generation in decision making: ideation beyond memory retrieval.

    Science.gov (United States)

    Del Missier, Fabio; Visentini, Mimì; Mäntylä, Timo

    2014-01-01

    According to prescriptive decision theories, the generation of options for choice is a central aspect of decision making. A too narrow representation of the problem may indeed limit the opportunity to evaluate promising options. However, despite the theoretical and applied significance of this topic, the cognitive processes underlying option generation are still unclear. In particular, while a cued recall account of option generation emphasizes the role of memory and executive control, other theoretical proposals stress the importance of ideation processes based on various search and thinking processes. Unfortunately, relevant behavioral evidence on the cognitive processes underlying option generation is scattered and inconclusive. In order to reach a better understanding, we carried out an individual-differences study employing a wide array of cognitive predictors, including measures of episodic memory, semantic memory, cognitive control, and ideation fluency. The criterion tasks consisted of three different poorly-structured decision-making scenarios, and the participants were asked to generate options to solve these problems. The main criterion variable of the study was the number of valid options generated, but also the diversity and the quality of generated options were examined. The results showed that option generation fluency and diversity in the context of ill-structured decision making are supported by ideation ability even after taking into account the effects of individual differences in several other aspects of cognitive functioning. Thus, ideation processes, possibly supported by search and thinking processes, seem to contribute to option generation beyond basic associative memory retrieval. The findings of the study also indicate that generating more options may have multifaceted consequences for choice, increasing the quality of the best option generated but decreasing the mean quality of the options in the generated set.

  6. Option generation in decision making: Ideation beyond memory retrieval

    Directory of Open Access Journals (Sweden)

    Fabio eDel Missier

    2015-01-01

    Full Text Available According to prescriptive decision theories, the generation of options for choice is a central aspect of decision making. A too narrow representation of the problem may indeed limit the opportunity to evaluate promising options. However, despite the theoretical and applied significance of this topic, the cognitive processes underlying option generation are still unclear. In particular, while a cued recall account of option generation emphasizes the role of memory and executive control, other theoretical proposals stress the importance of ideation processes based on various search and thinking processes. Unfortunately, relevant behavioral evidence on the cognitive processes underlying option generation is scattered and inconclusive. In order to reach a better understanding, we carried out an individual-differences study employing a wide array of cognitive predictors, including measures of episodic memory, semantic memory, cognitive control, and ideation fluency. The criterion tasks consisted of three different poorly-structured decision-making scenarios, and the participants were asked to generate options to solve these problems. The main criterion variable of the study was the number of valid options generated, but also the diversity and the quality of generated options were examined. The results showed that option generation fluency and diversity in the context of ill-structured decision making are supported by ideation ability even after taking into account the effects of individual differences in several other aspects of cognitive functioning. Thus, ideation processes, possibly supported by search and thinking processes, seem to contribute to option generation beyond basic associative memory retrieval. The findings of the study also indicate that generating more options may have multifaceted consequences for choice, increasing the quality of the best option generated but decreasing the mean quality of the options in the generated set.

  7. Interest Rates and Inflation

    OpenAIRE

    Coopersmith, Michael

    2011-01-01

    A relation between interest rates and inflation is presented using a two component economic model and a simple general principle. Preliminary results indicate a remarkable similarity to classical economic theories, in particular that of Wicksell.

  8. Debenture Interest Rates

    Data.gov (United States)

    Department of Housing and Urban Development — Interest rates to be paid on debentures issued with respect to a loan or mortgage insured by the Federal Housing Commissioner under the provisions of the National...

  9. Next Generation Melter Optioneering Study - Interim Report

    International Nuclear Information System (INIS)

    Gray, M.F.; Calmus, R.B.; Ramsey, G.; Lomax, J.; Allen, H.

    2010-01-01

    The next generation melter (NOM) development program includes a down selection process to aid in determining the recommended vitrification technology to implement into the WTP at the first melter change-out which is scheduled for 2025. This optioneering study presents a structured value engineering process to establish and assess evaluation criteria that will be incorporated into the down selection process. This process establishes an evaluation framework that will be used progressively throughout the NGM program, and as such this interim report will be updated on a regular basis. The workshop objectives were achieved. In particular: (1) Consensus was reached with stakeholders and technology providers represented at the workshop regarding the need for a decision making process and the application of the D 2 0 process to NGM option evaluation. (2) A framework was established for applying the decision making process to technology development and evaluation between 2010 and 2013. (3) The criteria for the initial evaluation in 2011 were refined and agreed with stakeholders and technology providers. (4) The technology providers have the guidance required to produce data/information to support the next phase of the evaluation process. In some cases it may be necessary to reflect the data/information requirements and overall approach to the evaluation of technology options against specific criteria within updated Statements of Work for 2010-2011. Access to the WTP engineering data has been identified as being very important for option development and evaluation due to the interface issues for the NGM and surrounding plant. WRPS efforts are ongoing to establish precisely data that is required and how to resolve this Issue. It is intended to apply a similarly structured decision making process to the development and evaluation of LAW NGM options.

  10. The effect of offering different numbers of colorectal cancer screening test options in a decision aid: a pilot randomized trial

    Directory of Open Access Journals (Sweden)

    Brenner Alison RT

    2008-01-01

    Full Text Available Abstract Background Decision aids can improve decision making processes, but the amount and type of information that they should attempt to communicate is controversial. We sought to compare, in a pilot randomized trial, two colorectal cancer (CRC screening decision aids that differed in the number of screening options presented. Methods Adults ages 48–75 not currently up to date with screening were recruited from the community and randomized to view one of two versions of our previously tested CRC screening decision aid. The first version included five screening options: fecal occult blood test (FOBT, sigmoidoscopy, a combination of FOBT and sigmoidoscopy, colonoscopy, and barium enema. The second discussed only the two most frequently selected screening options, FOBT and colonoscopy. Main outcomes were differences in screening interest and test preferences between groups after decision aid viewing. Patient test preference was elicited first without any associated out-of-pocket costs (OPC, and then with the following costs: FOBT-$10, sigmoidoscopy-$50, barium enema-$50, and colonoscopy-$200. Results 62 adults participated: 25 viewed the 5-option decision aid, and 37 viewed the 2-option version. Mean age was 54 (range 48–72, 58% were women, 71% were White, 24% African-American; 58% had completed at least a 4-year college degree. Comparing participants that viewed the 5-option version with participants who viewed the 2-option version, there were no differences in screening interest after viewing (1.8 vs. 1.9, t-test p = 0.76. Those viewing the 2-option version were somewhat more likely to choose colonoscopy than those viewing the 5-option version when no out of pocket costs were assumed (68% vs. 46%, p = 0.11, but not when such costs were imposed (41% vs. 42%, p = 1.00. Conclusion The number of screening options available does not appear to have a large effect on interest in colorectal cancer screening. The effect of offering differing

  11. Treatment Options for Actinic Keratosis

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) depends mostly on ... helped by lip balm or petroleum jelly . Treatment Option Overview Key Points There are different types of ...

  12. Treatment Option Overview (Vaginal Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) depends on the ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  13. Treatment Option Overview (Anal Cancer)

    Science.gov (United States)

    ... affect the prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) depends on the ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  14. Pricing American and Asian Options

    OpenAIRE

    Pat Muldowney

    2015-01-01

    An analytic method for pricing American call options is provided; followed by an empirical method for pricing Asian call options. The methodology is the pricing theory presented in "A Modern Theory of Random Variation", by Patrick Muldowney, 2012.

  15. The information content of options

    OpenAIRE

    Navon, Yonatan

    2017-01-01

    The objective of this thesis is to examine the information content of stock options in financial markets. A key question in financial economics is how information diffuses across markets and how quickly it is reflected in security prices. This thesis aims at exploring this question by investigating the informational role that options play in financial markets. This is achieved by exploring the joint cross section of option and bond prices, the informational role of options in seasoned equity ...

  16. Balancing of solar heating options

    NARCIS (Netherlands)

    Veltkamp, W.B.; van Koppen, C.W.J.; Ouden, den C.

    1984-01-01

    In the field of energy conservation many options are presently competing. This study aims at providing more rational criteria for selection between these options.The options considered are; insulation of the walls, regeneration of the heat in the waste air, double glazing, attached sunspace at the

  17. Stock option repricing in Europe

    NARCIS (Netherlands)

    Sauer, M.; Sautner, Z.

    2008-01-01

    This paper investigates the link between option repricing, firm performance and corporate governance in Europe. Our sample consists of 77 European firms that repriced their stock option between 1987 and 2003. We document that option repricing is mainly a phenomenon for young and fast growing firms

  18. Contemplating future energy options

    International Nuclear Information System (INIS)

    Pooley, D.

    2005-01-01

    All political parties in the UK accept that we should move away from our reliance on fossil fuels towards a much greater use of alternative energy technologies. Nuclear power is one of these but finds minimal support in the political spectrum. The article reviews the European Commission's Advisory Group on Energy submission to the EC's report entitled 'Key Tasks for European Energy R and D'. The 'strength and weaknesses' of the various 'alternative energy' systems (including nuclear power) are summarised and then the key R and D tasks which, if they are carried out successfully, should make the eight selected technologies significantly more attractive. However, the message here is clear enough: there are no easy options, only a range of very imperfect possibilities, despite what enthusiastic proponents of each may say. Nuclear fission is certainly one of the most attractive options available, but the industry needs to continue to strive to eliminate the possibility of significant off-site releases, whether caused by plant failure or by human error or intention, and to prove beyond reasonable doubt the safety of high-level radioactive waste disposal. (author)

  19. Achalasia: Treatment Options Revisited

    Directory of Open Access Journals (Sweden)

    Willemijntje A Hoogerwerf

    2000-01-01

    Full Text Available The aim of all current forms of treatment of achalasia is to enable the patient to eat without disabling symptoms such as dysphagia, regurgitation, coughing or choking. Historically, this has been accomplished by mechanical disruption of the lower esophageal sphincter fibres, either by means of pneumatic dilation (PD or by open surgical myotomy. The addition of laparoscopic myotomy and botulinum toxin (BTX injection to the therapeutic armamentarium has triggered a recent series of reviews to determine the optimal therapeutic approach. Both PD and BTX have excellent short term (less than three months efficacy in the majority of patients. New data have been published that suggest that PD and BTX (with repeat injections can potentially obtain long term efficacy. PD is still considered the first-line treatment by most physicians; its main disadvantage is risk of perforation. BTX injection is evolving as an excellent, safe option for patients who are considered high risk for more invasive procedures. Laparoscopic myotomy with combined antireflux surgery is an increasingly attractive option in younger patients with achalasia, but long term follow-up studies are required to establish its efficacy and the potential for reflux-related sequelae.

  20. Retrieval options study

    Energy Technology Data Exchange (ETDEWEB)

    1980-03-01

    This Retrieval Options Study is part of the systems analysis activities of the Office of Nuclear Waste Isolation to develop the scientific and technological bases for radioactive waste repositories in various geologic media. The study considers two waste forms, high level waste and spent fuel, and defines various classes of waste retrieval and recovery. A methodology and data base are developed which allow the relative evaluation of retrieval and recovery costs and the following technical criteria: safety; technical feasibility; ease of retrieval; probable intact retrieval time; safeguards; monitoring; criticality; and licensability. A total of 505 repository options are defined and the cost and technical criteria evaluated utilizing a combination of facts and engineering judgments. The repositories evaluated are selected combinations of the following parameters: Geologic Media (salt, granite, basalt, shale); Retrieval Time after Emplacement (5 and 25 years); Emplacement Design (nominal hole, large hole, carbon steel canister, corrosion resistant canister, backfill in hole, nominal sleeves, thick wall sleeves); Emplacement Configuration (single vertical, multiple vertical, single horizontal, multiple horizontal, vaults; Thermal Considerations; (normal design, reduced density, once-through ventilation, recirculated ventilation); Room Backfill; (none, run-of-mine, early, 5 year delay, 25 year delay, decommissioned); and Rate of Retrieval; (same as emplacement, variably slower depending on repository/canister condition).

  1. Retrieval options study

    International Nuclear Information System (INIS)

    1980-03-01

    This Retrieval Options Study is part of the systems analysis activities of the Office of Nuclear Waste Isolation to develop the scientific and technological bases for radioactive waste repositories in various geologic media. The study considers two waste forms, high level waste and spent fuel, and defines various classes of waste retrieval and recovery. A methodology and data base are developed which allow the relative evaluation of retrieval and recovery costs and the following technical criteria: safety; technical feasibility; ease of retrieval; probable intact retrieval time; safeguards; monitoring; criticality; and licensability. A total of 505 repository options are defined and the cost and technical criteria evaluated utilizing a combination of facts and engineering judgments. The repositories evaluated are selected combinations of the following parameters: Geologic Media (salt, granite, basalt, shale); Retrieval Time after Emplacement (5 and 25 years); Emplacement Design (nominal hole, large hole, carbon steel canister, corrosion resistant canister, backfill in hole, nominal sleeves, thick wall sleeves); Emplacement Configuration (single vertical, multiple vertical, single horizontal, multiple horizontal, vaults; Thermal Considerations; (normal design, reduced density, once-through ventilation, recirculated ventilation); Room Backfill; (none, run-of-mine, early, 5 year delay, 25 year delay, decommissioned); and Rate of Retrieval;

  2. Gaps in Political Interest

    DEFF Research Database (Denmark)

    Robison, Joshua

    2015-01-01

    Political interest fundamentally influences political behavior, knowledge, and persuasion (Brady, Verba, & Schlozman, 1995; Delli Carpini & Keeter, 1996; Luskin, 1990; Zukin, Andolina, Keeter, Jenkins, & Delli Carpini, 2006). Since the early 1960s, the American National Election Studies (ANES) has...... sought to measure respondents’ general interest in politics by asking them how often they follow public affairs. In this article, we uncover novel sources of measurement error concerning this question. We first show that other nationally representative surveys that frequently use this item deliver...... drastically higher estimates of mass interest. We then use a survey experiment included on a wave of the ANES’ Evaluating Government and Society Surveys (EGSS) to explore the influence of question order in explaining this systemic gap in survey results. We show that placing batteries of political...

  3. Interests versus morality in politics

    Directory of Open Access Journals (Sweden)

    Radojčić Mirjana S.

    2002-01-01

    Full Text Available In this individual project the relationship between interests and moral in politics will be considered, taking into consideration the disintegration of former Yugoslavia and the processes of globalization. The starting thesis of the research is that the main actors of global politics are still guided by the modern principles of real-politics with interests as its basic category and power as its supreme value. In that context the main elements of external politics of USA as the key actor of the processes will be specially considered. In the concluding part of the research author will be argue in favor of the affirmation of a new model of global politics, matching the character and scope of the problems faced by humanity at the turn of the century and the millenium.

  4. Mycobacteria of clinical interest

    International Nuclear Information System (INIS)

    Casal, M.

    1986-01-01

    This book is based upon a symposium on mycobacteria of clinical interest. Due to the multidisciplinary participation of, among others, microbiologists, clinicians, immunologists and epidemiologists, a very wide and thorough presentation of the present state of clinical research in this field is ensured. Topics of particular interest included in this volume were the new antimicrobial agents active against mycobacteria; new therapeutic possibilities; a system of rapid diagnosis of tuberculosis and mycobacteriosis; mycobacteriosis in AIDS; progress in immunopathology of tuberculosis and leprosy; progress in bacteriology and vaccination in leprosy; progress in immunological diagnosis and new epidemiological biovars of M. tuberculosis. (Auth.)

  5. Quantum finance Hamiltonian for coupon bond European and barrier options.

    Science.gov (United States)

    Baaquie, Belal E

    2008-03-01

    Coupon bond European and barrier options are financial derivatives that can be analyzed in the Hamiltonian formulation of quantum finance. Forward interest rates are modeled as a two-dimensional quantum field theory and its Hamiltonian and state space is defined. European and barrier options are realized as transition amplitudes of the time integrated Hamiltonian operator. The double barrier option for a financial instrument is "knocked out" (terminated with zero value) if the price of the underlying instrument exceeds or falls below preset limits; the barrier option is realized by imposing boundary conditions on the eigenfunctions of the forward interest rates' Hamiltonian. The price of the European coupon bond option and the zero coupon bond barrier option are calculated. It is shown that, is general, the constraint function for a coupon bond barrier option can -- to a good approximation -- be linearized. A calculation using an overcomplete set of eigenfunctions yields an approximate price for the coupon bond barrier option, which is given in the form of an integral of a factor that results from the barrier condition times another factor that arises from the payoff function.

  6. Interest alignment and competitive advantage

    OpenAIRE

    Gottschalg, Oliver; Zollo, Mauricio

    2006-01-01

    This paper articulates a theory of the conditions under which the alignment between individual and collective interests generates sustainable competitive advantage. The theory is based on the influence of tacitness, context-specificity and casual ambiguity in the determinants of different types of motivation (extrinsic, normative intrinsic and hedonic intrinsic), under varying conditions of environmental dynamism. The analysis indicates the need to consider mitivational processes as a complem...

  7. Mouse-tracking evidence for parallel anticipatory option evaluation.

    Science.gov (United States)

    Cranford, Edward A; Moss, Jarrod

    2017-12-23

    In fast-paced, dynamic tasks, the ability to anticipate the future outcome of a sequence of events is crucial to quickly selecting an appropriate course of action among multiple alternative options. There are two classes of theories that describe how anticipation occurs. Serial theories assume options are generated and evaluated one at a time, in order of quality, whereas parallel theories assume simultaneous generation and evaluation. The present research examined the option evaluation process during a task designed to be analogous to prior anticipation tasks, but within the domain of narrative text comprehension. Prior research has relied on indirect, off-line measurement of the option evaluation process during anticipation tasks. Because the movement of the hand can provide a window into underlying cognitive processes, online metrics such as continuous mouse tracking provide more fine-grained measurements of cognitive processing as it occurs in real time. In this study, participants listened to three-sentence stories and predicted the protagonists' final action by moving a mouse toward one of three possible options. Each story was presented with either one (control condition) or two (distractor condition) plausible ending options. Results seem most consistent with a parallel option evaluation process because initial mouse trajectories deviated further from the best option in the distractor condition compared to the control condition. It is difficult to completely rule out all possible serial processing accounts, although the results do place constraints on the time frame in which a serial processing explanation must operate.

  8. Spousal Conflicts of Interest

    Science.gov (United States)

    Lewis, Shana R.

    2005-01-01

    Romantic relationships bud and sometimes bloom in the school district workplace. When those relationships involve a sitting member of a school board or an administrator with responsibility for managing other employees, questions about a conflict of interest will be raised. Most states have laws prohibiting a public official from taking official…

  9. Special Interest Groups.

    Science.gov (United States)

    Degi, Bruce J.

    1999-01-01

    Offers a reflection on the shootings at Columbine High School in Littleton, Colorado, on April 20, 1999. Notes how every special-interest group has used the tragedy to support its own point of view, and concludes that teachers have become bystanders in the education of America's children. (SR)

  10. Moderator Configuration Options for ESS

    DEFF Research Database (Denmark)

    Zanini, L.; Batkov, K.; Klinkby, Esben Bryndt

    2016-01-01

    The current, still evolving status of the design and the optimization work for the moderator configuration for the European Spallation Source is described. The moderator design has been strongly driven by the low-dimensional moderator concept recently proposed for use in spallation neutron sources...... or reactors. Quasi-two dimensional, disc- or tube-shaped moderators,can provide strong brightness increase (factor of 3 or more) with respect to volume para-H2moderators, which constitute the reference, state-of-the-art technology for high-intensity coupled moderators. In the design process other, more...... conventional, principles were also considered,such as the importance of moderator positioning, of the premoderator, and beam extraction considerations. Different design and configuration options are evaluated and compared with the reference volume moderator configuration described in the ESS Technical Design...

  11. Perspectives on Multienzyme Process Technology

    DEFF Research Database (Denmark)

    Santacoloma, Paloma A.; Woodley, John M.

    2014-01-01

    . One consequence is that decisions about the format of the biocatalyst and reactor type as well as the process flowsheet require more extensive knowledge. In this chapter, some of the background to these decisions and decision-making tools to help establish effective multienzyme processes in a timely......There is little doubt that chemical processing of the future will involve an increasing number of biocatalytic processes using more than one enzyme. There are good reasons for developing such innovative biocatalytic processes and interesting new biocatalyst and process options will be introduced...

  12. The uranium enrichment market and long-term technological options

    International Nuclear Information System (INIS)

    Schneider-Maunoury, A.

    1992-01-01

    The world enrichment market situation is clearly delineated up to the year 2000. Including the East European countries, worldwide enriched uranium requirements should reach 40 million separative work units (SWUs) a year and production capacity should reach 44 millions SWUs. Two-thirds of this capacity will be supplied by the gaseous diffusion process and one-third by the centrifuge process. The enrichment processes currently considered are: (i) the gaseous diffusion process, (ii) the centrifuge process, (iii) the chemical treatment process and (iv) the laser processes, long-term assessment of the enrichment market up to the year 2015. Two scenarios may be envisioned for the (i) Public opinion will continue to block the development of nuclear power, and requirements will level off at 40 million SWUs. (ii) Changing attitudes will favor a reasonable approach enabling a revival of nuclear power expansion around 1995. Requirements should then increase starting in 2005 and would readily attain 60 million SWUs a year by 2015. Depending on market conditions, enrichment process options will be influenced either entirely by cost considerations, without allowance for the time factor, or by need to meet demand. Demonstrations of the industrial validity of laser processes are expected by 1992 - 1995 and, if interest in nuclear power makes a comeback, decisions should be made between 1995 and 2000 to build new large-capacity enrichment plants. The gaseous diffusion process may still be used for a long time if nuclear power is judiciously employed. The centrifuge process will be fully mature by the year 2000. The uranium vapor laser processes offer the most promise and should ultimately prevail. the chemical processes, though outsiders, deserve watching. (author)

  13. Common approach to common interests

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2001-06-01

    In referring to issues confronting the energy field in this region and options to be exercised in the future, I would like to mention the fundamental condition of the utmost importance. That can be summed up as follows: any subject in energy area can never be solved by one country alone, given the geographical and geopolitical characteristics intrinsically possessed by energy. So, a regional approach is needed and it is especially necessary for the main players in the region to jointly address problems common to them. Though it may be a matter to be pursued in the distant future, I am personally dreaming a 'Common Energy Market for Northeast Asia,' in which member countries' interests are adjusted so that the market can be integrated and the region can become a most economically efficient market, thus formulating an effective power to encounter the outside. It should be noted that Europe needed forty years to integrate its market as the unified common market. It is necessary for us to follow a number of steps over the period to eventually materialize our common market concept, too. Now is the time for us to take a first step to lay the foundation for our descendants to enjoy prosperity from such a common market.

  14. Strategic Options Development and Analysis

    Science.gov (United States)

    Ackermann, Fran; Eden, Colin

    Strategic Options Development and Analysis (SODA) enables a group or individual to construct a graphical representation of a problematic situation, and thus explore options and their ramifications with respect to a complex system of goals or objectives. In addition the method aims to help groups arrive at a negotiated agreement about how to act to resolve the situation. It is based upon the use of causal mapping - a formally constructed means-ends network - as representation form. Because the picture has been constructed using the natural language of the problem owners it becomes a model of the situation that is ‘owned' by those who define the problem. The use of formalities for the construction of the model makes it amenable to a range of analyses as well as encouraging reflection and a deeper understanding. These analyses can be used in a ‘rough and ready' manner by visual inspection or through the use of specialist causal mapping software (Decision Explorer). Each of the analyses helps a group or individual discover important features of the problem situation, and these features facilitate agreeing agood solution. The SODA process is aimed at helping a group learn about the situation they face before they reach agreements. Most significantly the exploration through the causal map leads to a higher probability of more creative solutions and promotes solutions that are more likely to be implemented because the problem construction process is wider and more likely to include richer social dimensions about the blockages to action and organizational change. The basic theories that inform SODA derive from cognitive psychology and social negotiation, where the model acts as a continuously changing representation of the problematic situation - changing as the views of a person or group shift through learning and exploration. This chapter, jointly written by two leading practitioner academics and the original developers of SODA, Colin Eden and Fran Ackermann

  15. Automotive turbogenerator design options

    Energy Technology Data Exchange (ETDEWEB)

    Rodgers, C. [ITC, San Diego, CA (United States); McDonald, C. [McDonald Thermal Engineering, La Jolla, CA (United States)

    1998-12-31

    For the small turbogenerator to find reception in the hybrid electric automotive market its major features must be dominated by the following considerations, low cost, high performance, low emissions, compact size and high reliability. Not meeting the first two criteria has been the nemesis of earlier attempts to introduce the small gas turbine for automotive service. With emphasis on the design for low cost and high performance, this paper presents several turbogenerator design flowpath configuration options for the major engine components. The projected evolution from today`s state-of-the-art all metallic engines, to advanced technology ceramic units for service in the early decade of the 21st century, is the major topic of this paper. (author)

  16. Understanding your capital options.

    Science.gov (United States)

    Payne, Christopher T

    2012-05-01

    When planning capital expenditures, hospitals and health systems should understand the following financing considerations: Traditional fixed-rate tax-exempt bonds; Variable-rate financing alternatives; Basel III Accord requirements; Direct tax-exempt bank loans; Total return swaps Taxable financings; Interest-rate swaps and collateral requirements

  17. Between controlled co-option and direct election

    Directory of Open Access Journals (Sweden)

    Rienk Goodijk

    2005-01-01

    Full Text Available This paper first describes the complex Dutch corporate governance system and the functioning of the Supervisory Board under the rules of the structure regime and co-option model up to the present time. The critiques of the parties and stakeholders involved in this model are investigated next, followed by a description and explanation of the recent developments of the Dutch model and a discussion of the pros and cons of the alternatives with regard to the interests of the various stakeholders. Finally, some key factors for improving the boards’ functioning in the – changing – Dutch corporate governance system are presented. The findings and recommendations are based on case-studies and interviews conducted in large Dutch companies over several years and on extensive analyses of documents and recent evolutions. This research method however, is only suitable for a process of exploration, clarification and development of hypotheses.

  18. The Gel Generator option

    International Nuclear Information System (INIS)

    Boyd, R.E.

    1999-01-01

    The development of a national policy for guaranteeing an ample supply of 99m Tc to nuclear medicine, involves issues which go beyond the means by which radioactivation is achieved. Indeed, in such an exercise the pragmatic dictates of business and the sensitivities of politics must also be taken into account. Furthermore where a preference towards the nuclear reactor or the potential of cyclotrons is being questioned, the debate is incomplete if the only options that are considered are the fission-based 99 Mo generator versus the direct cyclotron production of 99m Tc. There is a third option (also neutron γ-based), an alternative to the fission 99 Mo generator, which ought not be overlooked. The application of low specific activity (n,γ) 99 Mo to a new type of generator, the Gel Generator, has been the focus of much research, particularly in Australia and more recently in China. After the initial concept had been established in the laboratory, the Australian researchers then undertook a comprehensive program of tests on the Gel Generator to assess its potential, either in the clinical laboratory or the centralised radiopharmacy, for supplying 99m Tc suitable for nuclear medicine. The outcome of this program was a clear indication that the Gel Generator innovation had the capability to provide both technical and economic advantages to the nuclear medicine industry. These advantages are described. Since that time the Gel Generator has been selected for routine use in China where it now satisfies more than 30% of the 99m Tc demand. (author)

  19. Pricing perpetual American options under multiscale stochastic elasticity of variance

    International Nuclear Information System (INIS)

    Yoon, Ji-Hun

    2015-01-01

    Highlights: • We study the effects of the stochastic elasticity of variance on perpetual American option. • Our SEV model consists of a fast mean-reverting factor and a slow mean-revering factor. • A slow scale factor has a very significant impact on the option price. • We analyze option price structures through the market prices of elasticity risk. - Abstract: This paper studies pricing the perpetual American options under a constant elasticity of variance type of underlying asset price model where the constant elasticity is replaced by a fast mean-reverting Ornstein–Ulenbeck process and a slowly varying diffusion process. By using a multiscale asymptotic analysis, we find the impact of the stochastic elasticity of variance on the option prices and the optimal exercise prices with respect to model parameters. Our results enhance the existing option price structures in view of flexibility and applicability through the market prices of elasticity risk

  20. Policy options for stabilizing global climate

    International Nuclear Information System (INIS)

    Lashof, D.A.; Tirpak, D.A.

    1990-12-01

    This report to congress by the US EPA explains the greenhouse effect and its influence on global climate. It outlines the trends in the greenhouse gases - their concentration history, distribution, sources and sinks and chemical and radiative properties. Climate change processes are discussed including climate feedbacks. Human activities affecting trace gases and climate are explained, followed by a chapter on the technical options for reducing greenhouse gas emissions which looks at energy services, energy supply, industry, forestry and agriculture. The future is considered, and the final chapters are concerned with policy options and international cooperation to reduce greenhouse gas emissions. 934 refs., 102 figs., 84 tabs

  1. Congressional interest and input

    International Nuclear Information System (INIS)

    Donnelly, W.H.

    1985-01-01

    While congressional interest in nonproliferation policy has been evident since the 1940s, the 1970s were propitious for efforts by Congress to exert influence in this sphere. Its suspicions of the executive branch had been stirred by controversies over Vietnam and Watergate at the beginning of the decade; by the end of the decade, Congress was able to curtail the unrestrained freedom of the executive branch to carry out the vaguely stated policies of the Atomic Energy Act of 1954. Congressional nonproliferation interests were further amplified during the decade by pressures from the expanding environmental movement, which included a strong antinuclear plank. This was to bring down the powerful Atomic Energy Commission (AEC). The Energy Reorganization Act of 1974 abolished the AEC and divided its responsibilities between the new Energy Research and Development Administration (ERDA), later to become the Department of Energy (DOE), and the new Nuclear Regulatory Commission

  2. Transportation Options | Climate Neutral Research Campuses | NREL

    Science.gov (United States)

    Transportation Options Transportation Options Transportation to, from, and within a research campus from business travel often enlarge the footprint more than expected. To understand options for climate

  3. Solicitors' conflicts of interest

    OpenAIRE

    Bamford, Colin

    2003-01-01

    Brief overview of the need for the Law Society of England and Wales to formulate new rules to address conflicts of interest situations and accommodate modern practices which have followed from the merger of firms of solicitors resulting for example in requests to act in a dispute with a former client or to represent several parties in the same commercial or financial transaction. Published in Amicus Curiae – Journal of the Society for Advanced Legal Studies at the Institute of Advanced Legal ...

  4. 78 FR 9959 - Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-02-12

    ... (including stock-option order) order types as eligible for the Rule 6.11 opening process. If, in the future... 100 units and the only interest in the COB is a complex order to buy the strategy at a net debit price... a complex order in COB to buy the strategy at a net debit price of $1.19 for 50 units. When the COB...

  5. Valuating Privacy with Option Pricing Theory

    Science.gov (United States)

    Berthold, Stefan; Böhme, Rainer

    One of the key challenges in the information society is responsible handling of personal data. An often-cited reason why people fail to make rational decisions regarding their own informational privacy is the high uncertainty about future consequences of information disclosures today. This chapter builds an analogy to financial options and draws on principles of option pricing to account for this uncertainty in the valuation of privacy. For this purpose, the development of a data subject's personal attributes over time and the development of the attribute distribution in the population are modeled as two stochastic processes, which fit into the Binomial Option Pricing Model (BOPM). Possible applications of such valuation methods to guide decision support in future privacy-enhancing technologies (PETs) are sketched.

  6. Some topics in mathematical finance: Asian basket option pricing, Optimal investment strategies

    OpenAIRE

    Diallo, Ibrahima

    2010-01-01

    This thesis presents the main results of my research in the field of computational finance and portfolios optimization. We focus on pricing Asian basket options and portfolio problems in the presence of inflation with stochastic interest rates.In Chapter 2, we concentrate upon the derivation of bounds for European-style discrete arithmetic Asian basket options in a Black and Scholes framework.We start from methods used for basket options and Asian options. First, we use the general approach f...

  7. Noncommutative Valuation of Options

    Science.gov (United States)

    Herscovich, Estanislao

    2016-12-01

    The aim of this note is to show that the classical results in finance theory for pricing of derivatives, given by making use of the replication principle, can be extended to the noncommutative world. We believe that this could be of interest in quantum probability. The main result called the First fundamental theorem of asset pricing, states that a noncommutative stock market admits no-arbitrage if and only if it admits a noncommutative equivalent martingale probability.

  8. Research into real-option evaluation method

    International Nuclear Information System (INIS)

    Shiba, Tsuyoshi; Wakamatsu, Hitoshi

    2002-03-01

    As an evaluational method for valuation of a corporation, an investment project, a research and development, or the evaluation technique of an enterprise strategy, a real option analysis attracts attention instead of conventional Discount Cash Flow method. The reason is that it can divert the technique for the option valuation in financial engineering to the decision-making process performed according to change in investment environment. Related references, the analysis tools, the application examples, etc. were investigated about the decision-making technique using real option analysis, and this investigation considered the application method to decision-making of the research and development at Japan Nuclear Cycle Development Institute. Consequently, since the feature is in real option analysis being the evaluation technique on condition of that business conditions and business itself also change, the real option analysis fits for evaluation of a research and development that business conditions were opaque and it turns out that the businesses are highly flexible. Moreover, it turns out that it fits also for evaluation of a capital concentration type investment issue like power plants. (author)

  9. Biomass Direct Liquefaction Options. TechnoEconomic and Life Cycle Assessment

    Energy Technology Data Exchange (ETDEWEB)

    Tews, Iva J.; Zhu, Yunhua; Drennan, Corinne; Elliott, Douglas C.; Snowden-Swan, Lesley J.; Onarheim, Kristin; Solantausta, Yrjo; Beckman, David

    2014-07-31

    The purpose of this work was to assess the competitiveness of two biomass to transportation fuel processing routes, which were under development in Finland, the U.S. and elsewhere. Concepts included fast pyrolysis (FP), and hydrothermal liquefaction (HTL), both followed by hydrodeoxygenation, and final product refining. This work was carried out as a collaboration between VTT (Finland), and PNNL (USA). The public funding agents for the work were Tekes in Finland and the Bioenergy Technologies Office of the U.S. Department of Energy. The effort was proposed as an update of the earlier comparative technoeconomic assessment performed by the IEA Bioenergy Direct Biomass Liquefaction Task in the 1980s. New developments in HTL and the upgrading of the HTL biocrude product triggered the interest in reinvestigating this comparison of these biomass liquefaction processes. In addition, developments in FP bio-oil upgrading had provided additional definition of this process option, which could provide an interesting comparison.

  10. Extracting factors for interest rate scenarios

    Science.gov (United States)

    Molgedey, L.; Galic, E.

    2001-04-01

    Factor based interest rate models are widely used for risk managing purposes, for option pricing and for identifying and capturing yield curve anomalies. The movements of a term structure of interest rates are commonly assumed to be driven by a small number of orthogonal factors such as SHIFT, TWIST and BUTTERFLY (BOW). These factors are usually obtained by a Principal Component Analysis (PCA) of historical bond prices (interest rates). Although PCA diagonalizes the covariance matrix of either the interest rates or the interest rate changes, it does not use both covariance matrices simultaneously. Furthermore higher linear and nonlinear correlations are neglected. These correlations as well as the mean reverting properties of the interest rates become crucial, if one is interested in a longer time horizon (infrequent hedging or trading). We will show that Independent Component Analysis (ICA) is a more appropriate tool than PCA, since ICA uses the covariance matrix of the interest rates as well as the covariance matrix of the interest rate changes simultaneously. Additionally higher linear and nonlinear correlations may be easily incorporated. The resulting factors are uncorrelated for various time delays, approximately independent but nonorthogonal. This is in contrast to the factors obtained from the PCA, which are orthogonal and uncorrelated for identical times only. Although factors from the ICA are nonorthogonal, it is sufficient to consider only a few factors in order to explain most of the variation in the original data. Finally we will present examples that ICA based hedges outperforms PCA based hedges specifically if the portfolio is sensitive to structural changes of the yield curve.

  11. Option-implied term structures

    OpenAIRE

    Vogt, Erik

    2014-01-01

    The illiquidity of long-maturity options has made it difficult to study the term structures of option spanning portfolios. This paper proposes a new estimation and inference framework for these option-implied term structures that addresses long-maturity illiquidity. By building a sieve estimator around the risk-neutral valuation equation, the framework theoretically justifies (fat-tailed) extrapolations beyond truncated strikes and between observed maturities while remaining nonparametric. Ne...

  12. Portfolio insurance using traded options

    OpenAIRE

    Machado-Santos, Carlos

    2001-01-01

    Literature concerning the institutional use of options indicates that the main purpose of option trading is to provide investors with the opportunity to create return distributions previously unavailable, considering that options provide the means to manipulate portfolio returns. In such a context, this study intends to analyse the returns of insured portfolios generated by hedging strategies on underlying stock portfolios. Because dynamic hedging is too expensive, we have hedged the stock po...

  13. Nuclear technology options

    International Nuclear Information System (INIS)

    Salvatores, Massimo

    2013-01-01

    Different strategies and motivations in different countries have led to diverse options. In Europe the SNETP (Sustainable Nuclear Energy Technology Platform) has the objective of developing R&D supporting GEN-II (present) and GEN-III nuclear systems under development; allowing sustainability and minimisation of waste burden, promoting advanced Gen-IV Fast Reactors; and accounting for a Nuclear Cogeneration Industrial Initiative. A remarkable initiative in the USA has been the promotion of small modular reactors (SMRs) – at less than 300 MWe in capacity, much smaller than typical reactors – which can be an ideal choice for (remote) areas which cannot support a larger reactor. Compact scalable design offers a host of potential safety, construction and economic benefits. More “upbeat” strategies are expected in other areas of the world where significant increase in nuclear energy demand is predicted in the next decades. If this growth materialises, future fuel cycles characteristics, feasibility and acceptability will be crucial. This paper will discuss different scenarios for future fuel cycles, resources optimisation and/or waste minimization, the range from full fast reactor deployment to phase-out, management of spent nuclear fuel and the significant potential benefits of advanced cycles. The next 45 years will be dominated by deployment of standard large or medium size plants operating for 60 years. Available resources do allow it. However, fuel cycle will be a growing and most challenging issue and early assessments will be needed for public acceptance and policy decisions.

  14. Optional carbon capture

    Energy Technology Data Exchange (ETDEWEB)

    Alderson, T.; Scott, S.; Griffiths, J. [Jacobs Engineering, London (United Kingdom)

    2007-07-01

    In the case of IGCC power plants, carbon capture can be carried out before combustion. The carbon monoxide in the syngas is catalytically shifted to carbon dioxide and then captured in a standard gas absorption system. However, the insertion of a shift converter into an existing IGCC plant with no shift would mean a near total rebuild of the gasification waste heat recovery, gas treatment system and HRSG, with only the gasifier and gas turbine retaining most of their original features. To reduce the extent, cost and time taken for the revamping, the original plant could incorporate the shift, and the plant would then be operated without capture to advantage, and converted to capture mode of operation when commercially appropriate. This paper examines this concept of placing a shift converter into an IGCC plant before capture is required, and operating the same plant first without and then later with CO{sub 2} capture in a European context. The advantages and disadvantages of this 'capture ready' option are discussed. 6 refs., 2 figs., 4 tabs.

  15. Treatment Options for Narcolepsy.

    Science.gov (United States)

    Barateau, Lucie; Lopez, Régis; Dauvilliers, Yves

    2016-05-01

    Narcolepsy type 1 and narcolepsy type 2 are central disorders of hypersomnolence. Narcolepsy type 1 is characterized by excessive daytime sleepiness and cataplexy and is associated with hypocretin-1 deficiency. On the other hand, in narcolepsy type 2, cerebrospinal fluid hypocretin-1 levels are normal and cataplexy absent. Despite major advances in our understanding of narcolepsy mechanisms, its current management is only symptomatic. Treatment options may vary from a single drug that targets several symptoms, or multiple medications that each treats a specific symptom. In recent years, narcolepsy treatment has changed with the widespread use of modafinil/armodafinil for daytime sleepiness, antidepressants (selective serotonin and dual serotonin and noradrenalin reuptake inhibitors) for cataplexy, and sodium oxybate for both symptoms. Other psychostimulants can also be used, such as methylphenidate, pitolisant and rarely amphetamines, as third-line therapy. Importantly, clinically relevant subjective and objective measures of daytime sleepiness are required to monitor the treatment efficacy and to provide guidance on whether the treatment goals are met. Associated symptoms and comorbid conditions, such as hypnagogic/hypnopompic hallucinations, sleep paralysis, disturbed nighttime sleep, unpleasant dreams, REM- and non REM-related parasomnias, depressive symptoms, overweight/obesity, and obstructive sleep apnea, should also be taken into account and managed, if required. In the near future, the efficacy of new wake-promoting drugs, anticataplectic agents, hypocretin replacement therapy and immunotherapy at the early stages of the disease should also be evaluated.

  16. Nuclear Fuel Cycle Options Catalog: FY16 Improvements and Additions

    Energy Technology Data Exchange (ETDEWEB)

    Price, Laura L. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Barela, Amanda Crystal [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Schetnan, Richard Reed [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Walkow, Walter M. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

    2016-08-31

    The United States Department of Energy, Office of Nuclear Energy, Fuel Cycle Technology Program sponsors nuclear fuel cycle research and development. As part of its Fuel Cycle Options campaign, the DOE has established the Nuclear Fuel Cycle Options Catalog. The catalog is intended for use by the Fuel Cycle Technologies Program in planning its research and development activities and disseminating information regarding nuclear energy to interested parties. The purpose of this report is to document the improvements and additions that have been made to the Nuclear Fuel Cycle Options Catalog in the 2016 fiscal year.

  17. Nuclear Fuel Cycle Options Catalog FY15 Improvements and Additions.

    Energy Technology Data Exchange (ETDEWEB)

    Price, Laura L. [Sandia National Laboratories (SNL-NM), Albuquerque, NM (United States); Barela, Amanda Crystal [Sandia National Laboratories (SNL-NM), Albuquerque, NM (United States); Schetnan, Richard Reed [Sandia National Laboratories (SNL-NM), Albuquerque, NM (United States); Walkow, Walter M. [Sandia National Laboratories (SNL-NM), Albuquerque, NM (United States)

    2015-11-01

    The United States Department of Energy, Office of Nuclear Energy, Fuel Cycle Technology Program sponsors nuclear fuel cycle research and development. As part of its Fuel Cycle Options campaign, the DOE has established the Nuclear Fuel Cycle Options Catalog. The catalog is intended for use by the Fuel Cycle Technologies Program in planning its research and development activities and disseminating information regarding nuclear energy to interested parties. The purpose of this report is to document the improvements and additions that have been made to the Nuclear Fuel Cycle Options Catalog in the 2015 fiscal year.

  18. Perpetual Cancellable American Call Option

    OpenAIRE

    Emmerling, Thomas J.

    2010-01-01

    This paper examines the valuation of a generalized American-style option known as a Game-style call option in an infinite time horizon setting. The specifications of this contract allow the writer to terminate the call option at any point in time for a fixed penalty amount paid directly to the holder. Valuation of a perpetual Game-style put option was addressed by Kyprianou (2004) in a Black-Scholes setting on a non-dividend paying asset. Here, we undertake a similar analysis for the perpetua...

  19. Option price and market instability

    Science.gov (United States)

    Baaquie, Belal E.; Yu, Miao

    2017-04-01

    An option pricing formula, for which the price of an option depends on both the value of the underlying security as well as the velocity of the security, has been proposed in Baaquie and Yang (2014). The FX (foreign exchange) options price was empirically studied in Baaquie et al., (2014), and it was found that the model in general provides an excellent fit for all strike prices with a fixed model parameters-unlike the Black-Scholes option price Hull and White (1987) that requires the empirically determined implied volatility surface to fit the option data. The option price proposed in Baaquie and Cao Yang (2014) did not fit the data during the crisis of 2007-2008. We make a hypothesis that the failure of the option price to fit data is an indication of the market's large deviation from its near equilibrium behavior due to the market's instability. Furthermore, our indicator of market's instability is shown to be more accurate than the option's observed volatility. The market prices of the FX option for various currencies are studied in the light of our hypothesis.

  20. Treatment Option Overview (Myelodysplastic/Myeloproliferative Neoplasms)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ...

  1. Probabilistic methods in exotic option pricing

    NARCIS (Netherlands)

    Anderluh, J.H.M.

    2007-01-01

    The thesis presents three ways of calculating the Parisian option price as an illustration of probabilistic methods in exotic option pricing. Moreover options on commidities are considered and double-sided barrier options in a compound Poisson framework.

  2. Real interest parity decomposition

    Directory of Open Access Journals (Sweden)

    Alex Luiz Ferreira

    2009-09-01

    Full Text Available The aim of this paper is to investigate the general causes of real interest rate differentials (rids for a sample of emerging markets for the period of January 1996 to August 2007. To this end, two methods are applied. The first consists of breaking the variance of rids down into relative purchasing power pariety and uncovered interest rate parity and shows that inflation differentials are the main source of rids variation; while the second method breaks down the rids and nominal interest rate differentials (nids into nominal and real shocks. Bivariate autoregressive models are estimated under particular identification conditions, having been adequately treated for the identified structural breaks. Impulse response functions and error variance decomposition result in real shocks as being the likely cause of rids.O objetivo deste artigo é investigar as causas gerais dos diferenciais da taxa de juros real (rids para um conjunto de países emergentes, para o período de janeiro de 1996 a agosto de 2007. Para tanto, duas metodologias são aplicadas. A primeira consiste em decompor a variância dos rids entre a paridade do poder de compra relativa e a paridade de juros a descoberto e mostra que os diferenciais de inflação são a fonte predominante da variabilidade dos rids; a segunda decompõe os rids e os diferenciais de juros nominais (nids em choques nominais e reais. Sob certas condições de identificação, modelos autorregressivos bivariados são estimados com tratamento adequado para as quebras estruturais identificadas e as funções de resposta ao impulso e a decomposição da variância dos erros de previsão são obtidas, resultando em evidências favoráveis a que os choques reais são a causa mais provável dos rids.

  3. BANKING WITHOUT INTEREST

    Directory of Open Access Journals (Sweden)

    Jana Ilieva

    2017-06-01

    Full Text Available In recent years, there has been increased global awareness of Islamic finance. This topic is mainly opened with respect to the great financial crisis that mostly hit the banking system and the financial markets and caused many bank bankruptcies and state interventions. This paper analyzes the basic principles of Islamic banking. The absolute prohibition of receiving and giving interest (Riba and profit-and-loss sharing (PLS paradigms are elaborated in detail; they are primarily based on mudarabah (profit-sharing and musyarakah (joint venture concepts which nowadays are becoming an accepted way of doing business in several Western multinational banks. An overall comparison of the advantages of Islamic vs. conventional banking is also given. Islamic finance technology solutions have matured and they will face various challenges in the following decades, due to conventional banks offering, increasingly, Islamic products. The need for a more comprehensive environment and regulatory framework is emphasized, so that Islamic banking development can be ensured.

  4. Globalization, values, interests

    Directory of Open Access Journals (Sweden)

    Radojičić Mirjana S.

    2003-01-01

    Full Text Available The nature of the international politics, after the Cold War directed by the U.S. as the only current super-power, are considered in the text. The author’s intention is to stress the main points of divergence between moralistic-valuable rhetoric and the foreign policy practice of the U.S. In that sense, the examples of the American stand, i.e. the active treatment of the Yugoslav crisis, on the one hand, and the crisis in the Persian Gulf, on the other hand, is considered. The author’s conclusion is that the foreign policy of the only current super-power is still directed by interests rather then by values. In the concluding part, the author presents an anthropologic argument in favor of reestablishing "balance of power" as the only guarantee for peace and stability of the world.

  5. Option price calibration from Renyi entropy

    International Nuclear Information System (INIS)

    Brody, Dorje C.; Buckley, Ian R.C.; Constantinou, Irene C.

    2007-01-01

    The calibration of the risk-neutral density function for the future asset price, based on the maximisation of the entropy measure of Renyi, is proposed. Whilst the conventional approach based on the use of logarithmic entropy measure fails to produce the observed power-law distribution when calibrated against option prices, the approach outlined here is shown to produce the desired form of the distribution. Procedures for the maximisation of the Renyi entropy under constraints are outlined in detail, and a number of interesting properties of the resulting power-law distributions are also derived. The result is applied to efficiently evaluate prices of path-independent derivatives

  6. Interest, Inferences, and Learning from Texts

    Science.gov (United States)

    Clinton, Virginia; van den Broek, Paul

    2012-01-01

    Topic interest and learning from texts have been found to be positively associated with each other. However, the reason for this positive association is not well understood. The purpose of this study is to examine a cognitive process, inference generation, that could explain the positive association between interest and learning from texts. In…

  7. On pricing of interest rate derivatives

    OpenAIRE

    Di Matteo, T.; Airoldi, M.; Scalas, E.

    2004-01-01

    At present, there is an explosion of practical interest in the pricing of interest rate (IR) derivatives. Textbook pricing methods do not take into account the leptokurticity of the underlying IR process. In this paper, such a leptokurtic behaviour is illustrated using LIBOR data, and a possible martingale pricing scheme is discussed.

  8. Treatment Option Overview (Retinoblastoma)

    Science.gov (United States)

    ... of the ultrasound monitor . The picture can be printed to be looked at later. MRI (magnetic resonance ... procedures may be used in the staging process: Bone scan : A procedure to check if there are ...

  9. Treatment Options in IBD

    Science.gov (United States)

    ... body's inflammatory response in IBD by targeting specific molecular players in the process such as cytokines—specialized ... IBD Educate Yourself Learn about Education & Support Programs Watch a Webcast Search Our Educational Resources Find a ...

  10. Bounds for Asian basket options

    Science.gov (United States)

    Deelstra, Griselda; Diallo, Ibrahima; Vanmaele, Michèle

    2008-09-01

    In this paper we propose pricing bounds for European-style discrete arithmetic Asian basket options in a Black and Scholes framework. We start from methods used for basket options and Asian options. First, we use the general approach for deriving upper and lower bounds for stop-loss premia of sums of non-independent random variables as in Kaas et al. [Upper and lower bounds for sums of random variables, Insurance Math. Econom. 27 (2000) 151-168] or Dhaene et al. [The concept of comonotonicity in actuarial science and finance: theory, Insurance Math. Econom. 31(1) (2002) 3-33]. We generalize the methods in Deelstra et al. [Pricing of arithmetic basket options by conditioning, Insurance Math. Econom. 34 (2004) 55-57] and Vanmaele et al. [Bounds for the price of discrete sampled arithmetic Asian options, J. Comput. Appl. Math. 185(1) (2006) 51-90]. Afterwards we show how to derive an analytical closed-form expression for a lower bound in the non-comonotonic case. Finally, we derive upper bounds for Asian basket options by applying techniques as in Thompson [Fast narrow bounds on the value of Asian options, Working Paper, University of Cambridge, 1999] and Lord [Partially exact and bounded approximations for arithmetic Asian options, J. Comput. Finance 10 (2) (2006) 1-52]. Numerical results are included and on the basis of our numerical tests, we explain which method we recommend depending on moneyness and time-to-maturity.

  11. Reasons and motivations for the option of an engineering career in Portugal

    Science.gov (United States)

    Dias, Diana

    2011-08-01

    Towards the end of their secondary education, students face significant pressures in their decision about their career plan. These pressures are internal and external, personal and social, individual and from the reference group. This paper aims at understanding the reasons driving engineering students' choices, their perceived needs and aspirations. Moreover, it discusses how, in that process, students are constrained by family and friends and are conditioned by factors such as their socioeconomic and cultural background, employability prospects and gender. The construction of a career map/plan and the reasons and motivations for the option of an engineering career are reviewed, based on the qualitative analysis of students' discourses. The data indicate the relevance of several criteria such as social status, intelligence, gender, competences, values and interests in the construction of career aspirations. All these levels are highly influenced by self-esteem, which is closely related to the social value of training options and career paths.

  12. Nuclear Option in Korea

    International Nuclear Information System (INIS)

    Han, K. I.

    2002-01-01

    With sixteen(16) operating nuclear units in Korea, the share of nuclear power generation reached 41% of the total electric power generation as of December 2000. A prediction is that it would further increase to 44.5% by year 2015 according to the national long term power development plan. Four units are currently under construction with 6 more units in order. With little domestic energy resource and increasing energy demand to support national economic growth, Korea has chosen nuclear power as one of the major energy sources to ensure stable power supply and to promote energy self-sufficiency. It has been recognized that nuclear power in Korea is not a selective option but rather a necessity. The Korean nuclear power development started with construction of a 600 MWe size reactor that was designed and constructed by foreign vendors. As the national grid capacity became larger, the size of nuclear units increased to 1000 MWe class. In the mean time, the need for nuclear technology self-reliance grew not only in operation and maintenance but also in construction, manufacturing and design. For this, a nuclear technology self-reliance program has been embarked with the support of the Government and utility, and the 1000 MWe class KSNP(Korean Standard Nuclear Power Plant) has been developed. The KSNPs are currently being designed, manufactured, constructed and operated by relevant Korean entities themselves. To fit into a larger capacity national grid and also to improve nuclear economic competitiveness, the 1400 MWe class KNGR(Korean Next Generation Reactor) design has been developed uprating the 1000 MWe KSNP design. Its construction project is currently under contract negotiation, and is planned to be finished by 2010. In the mean time, to be ready for future electric power market deregulation, the 600 MWe class small KSNP design is being developed downsizing the KSNP. A modular small size reactor, SMART(System Integrated Modular Advanced Reactor) is also being

  13. Aluminum industry options paper

    International Nuclear Information System (INIS)

    1999-10-01

    In 1990, Canada's producers of aluminum (third largest in the world) emitted 10 million tonnes of carbon dioxide and equivalent, corresponding to 6.4 tonnes of greenhouse gas intensity per tonne of aluminum. In 2000, the projection is that on a business-as-usual (BAU) basis Canadian producers now producing 60 per cent more aluminum than in 1990, will emit 10.7 million tonnes of carbon dioxide and equivalent, corresponding to a GHG intensity of 4.2 tonnes per tonne of aluminum. This improvement is due to production being based largely on hydro-electricity, and partly because in general, Canadian plants are modern, with technology that is relatively GHG-friendly. The Aluminum Association of Canada estimates that based on anticipated production, and under a BAU scenario, GHG emissions from aluminum production will rise by 18 per cent by 2010 and by 30 per cent by 2020. GHG emissions could be reduced below the BAU forecast first, by new control and monitoring systems at some operations at a cost of $4.5 to 7.5 million per smelter. These systems could reduce carbon dioxide equivalent emissions by 0.8 million tonnes per year. A second alternative would require installation of breaker feeders which would further reduce perfluorocarbon (PFC) emissions by 0.9 million tonnes of carbon dioxide equivalent. Cost of the breakers feeders would be in the order of $200 million per smelter. The third option calls for the the shutting down of some of the smelters with older technology by 2015. In this scenario GHG emissions would be reduced by 2010 by 0.8 million tonnes per year of carbon dioxide equivalent. However, the cost in this case would be about $1.36 billion. The industry would support measures that would encourage the first two sets of actions, which would produce GHG emissions from aluminum production in Canada of about 10.2 million tonnes per year of carbon dioxide equivalent, or about two per cent above 1990 levels with double the aluminum production of 1990. Credit for

  14. Coal option. [Shell Co

    Energy Technology Data Exchange (ETDEWEB)

    1978-01-01

    This paper notes the necessity of developing an international coal trade on a very large scale. The role of Shell in the coal industry is examined; the regions in which Shell companies are most active are Australia, Southern Africa, Indonesia; Europe and North America. Research is being carried out on marketing and transportation, especially via slurry pipelines; coal-oil emulsions; briquets; fluidized-bed combustion; recovery of coal from potential waste material; upgrading of low-rank coals; unconventional forms of mining; coal conversion (the Shell/Koppers high-pressure coal gasification process). Techniques for cleaning flue gas (the Shell Flue Gas Desulfurization process) are being examined.

  15. Reforming options for hydrogen production from fossil fuels for PEM fuel cells

    Energy Technology Data Exchange (ETDEWEB)

    Ersoz, Atilla; Olgun, Hayati [TUBITAK Marmara Research Center, Institute of Energy, Gebze, 41470 Kocaeli (Turkey); Ozdogan, Sibel [Marmara University Faculty of Engineering, Goztepe, 81040 Istanbul (Turkey)

    2006-03-09

    PEM fuel cell systems are considered as a sustainable option for the future transport sector in the future. There is great interest in converting current hydrocarbon based transportation fuels into hydrogen rich gases acceptable by PEM fuel cells on-board of vehicles. In this paper, we compare the results of our simulation studies for 100kW PEM fuel cell systems utilizing three different major reforming technologies, namely steam reforming (SREF), partial oxidation (POX) and autothermal reforming (ATR). Natural gas, gasoline and diesel are the selected hydrocarbon fuels. It is desired to investigate the effect of the selected fuel reforming options on the overall fuel cell system efficiency, which depends on the fuel processing, PEM fuel cell and auxiliary system efficiencies. The Aspen-HYSYS 3.1 code has been used for simulation purposes. Process parameters of fuel preparation steps have been determined considering the limitations set by the catalysts and hydrocarbons involved. Results indicate that fuel properties, fuel processing system and its operation parameters, and PEM fuel cell characteristics all affect the overall system efficiencies. Steam reforming appears as the most efficient fuel preparation option for all investigated fuels. Natural gas with steam reforming shows the highest fuel cell system efficiency. Good heat integration within the fuel cell system is absolutely necessary to achieve acceptable overall system efficiencies. (author)

  16. Reforming options for hydrogen production from fossil fuels for PEM fuel cells

    Science.gov (United States)

    Ersoz, Atilla; Olgun, Hayati; Ozdogan, Sibel

    PEM fuel cell systems are considered as a sustainable option for the future transport sector in the future. There is great interest in converting current hydrocarbon based transportation fuels into hydrogen rich gases acceptable by PEM fuel cells on-board of vehicles. In this paper, we compare the results of our simulation studies for 100 kW PEM fuel cell systems utilizing three different major reforming technologies, namely steam reforming (SREF), partial oxidation (POX) and autothermal reforming (ATR). Natural gas, gasoline and diesel are the selected hydrocarbon fuels. It is desired to investigate the effect of the selected fuel reforming options on the overall fuel cell system efficiency, which depends on the fuel processing, PEM fuel cell and auxiliary system efficiencies. The Aspen-HYSYS 3.1 code has been used for simulation purposes. Process parameters of fuel preparation steps have been determined considering the limitations set by the catalysts and hydrocarbons involved. Results indicate that fuel properties, fuel processing system and its operation parameters, and PEM fuel cell characteristics all affect the overall system efficiencies. Steam reforming appears as the most efficient fuel preparation option for all investigated fuels. Natural gas with steam reforming shows the highest fuel cell system efficiency. Good heat integration within the fuel cell system is absolutely necessary to achieve acceptable overall system efficiencies.

  17. Testing option pricing with the Edgeworth expansion

    Science.gov (United States)

    Balieiro Filho, Ruy Gabriel; Rosenfeld, Rogerio

    2004-12-01

    There is a well-developed framework, the Black-Scholes theory, for the pricing of contracts based on the future prices of certain assets, called options. This theory assumes that the probability distribution of the returns of the underlying asset is a Gaussian distribution. However, it is observed in the market that this hypothesis is flawed, leading to the introduction of a fudge factor, the so-called volatility smile. Therefore, it would be interesting to explore extensions of the Black-Scholes theory to non-Gaussian distributions. In this paper, we provide an explicit formula for the price of an option when the distributions of the returns of the underlying asset is parametrized by an Edgeworth expansion, which allows for the introduction of higher independent moments of the probability distribution, namely skewness and kurtosis. We test our formula with options in the Brazilian and American markets, showing that the volatility smile can be reduced. We also check whether our approach leads to more efficient hedging strategies of these instruments.

  18. Security option file - Exploitation (DOS-Expl)

    International Nuclear Information System (INIS)

    2016-01-01

    This document aims at presenting functions performed by Cigeo during its exploitation phase, its main technical and security options which are envisaged with respect to different types of internal or external risks, and a first assessment of its impact on mankind and on the environment during its exploitation in normal operation as well as in incidental or accidental situations. A first volume addresses security principles, approach and management in relationship with the legal and regulatory framework. The second volume presents input data related to waste parcels and used for the installation sizing and operation, the main site characteristics, the main technical options regarding structures and equipment, and the main options regarding exploitation (parcel management, organisational and human aspects, and effluent management). The third volume describes how parcel are processed from their arrival to their setting in storage compartment, an inventory of internal and external risks, and a first assessment of consequences of scenarios on mankind and on the environment. The fourth volume presents options and operations which are envisaged regarding Cigeo closure, and inventory of associated risks

  19. Apparatus and method for mapping an area of interest

    Science.gov (United States)

    Staab, Torsten A. Cohen, Daniel L.; Feller, Samuel [Fairfax, VA

    2009-12-01

    An apparatus and method are provided for mapping an area of interest using polar coordinates or Cartesian coordinates. The apparatus includes a range finder, an azimuth angle measuring device to provide a heading and an inclinometer to provide an angle of inclination of the range finder as it relates to primary reference points and points of interest. A computer is provided to receive signals from the range finder, inclinometer and azimuth angle measurer to record location data and calculate relative locations between one or more points of interest and one or more primary reference points. The method includes mapping of an area of interest to locate points of interest relative to one or more primary reference points and to store the information in the desired manner. The device may optionally also include an illuminator which can be utilized to paint the area of interest to indicate both points of interest and primary points of reference during and/or after data acquisition.

  20. The Socio-economics and Alternative Livelihood Options of Fishers ...

    African Journals Online (AJOL)

    The Socio-economics and Alternative Livelihood Options of Fishers of Lake Victoria, ... PROMOTING ACCESS TO AFRICAN RESEARCH ... Most fishers were males aged 29-38yrs while women were involved in processing and marketing.

  1. Volatility Informed Trading in the Options Market: Evidence from India

    Directory of Open Access Journals (Sweden)

    Rajesh Pathak

    2015-12-01

    Full Text Available The purpose of this paper is to investigate the trading activity in options market based on information about expected future volatility in spot market. We employ Common Implied Volatility as a measure of expected volatility and options volume and changes in Open Interests as measures of options trading activity. We first test for simultaneous information flow in the two markets using multiple regression technique. Next, we test for information based or hedge based use of options using Trivariate Vector-auto Regression framework. We further consider the classes of options moneyness and the market trends in our analysis to examine if the trader’s preference of options changes with change in description of options intrinsic value and market environment. We use daily closing data of S&P CNX Nifty Index options traded on National Stock Exchange, India. We, for the most part, find negative and significant relationship in contemporaneous regression suggesting active trading by arbitrageurs. A feedback relationship is observed in vector auto regression analysis suggesting that options are traded in India for both information based trading and hedging purposes. We also observe the relationship to be varying when market trends and classes of options moneyness are considered. This indicates that traders are not indifferent in their choice of trading venue when market conditions and factors change. The results of this study are helpful for traders in managing the risk and return of their portfolio based on volatility forecast. This study is distinctive as it examines the scarcely researched area of volatility informed trading in an emerging market set up.

  2. 48 CFR 552.217-71 - Notice Regarding Option(s).

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Notice Regarding Option(s... Notice Regarding Option(s). As prescribed in 517.208(b), insert the following provision: Notice Regarding Option(s) (NOV 1992) The General Services Administration (GSA) has included an option to [Insert...

  3. A Call-Put Duality for Perpetual American Options

    OpenAIRE

    Alfonsi, Aurélien; Jourdain, Benjamin

    2006-01-01

    International audience; It is well known that in models with time-homogeneous local volatility functions and constant interest and dividend rates, the European Put prices are transformed into European Call prices by the simultaneous exchanges of the interest and dividend rates and of the strike and spot price of the underlying. This paper investigates such a Call Put duality for perpetual American options. It turns out that the perpetual American Put price is equal to the perpetual American C...

  4. Managing plutonium in Britain. Current options

    International Nuclear Information System (INIS)

    1998-01-01

    This is the report of a two day meeting to discuss issues arising from the reprocessing of plutonium and production of mixed oxide nuclear fuels in Britain. It was held at Charney Manor, near Oxford, on June 25 and 26, 1998, and was attended by 35 participants, including government officials, scientists, policy analysts, representatives of interested NGO's, journalists, a Member of Parliament, and visiting representatives from the US and Irish governments. The topic of managing plutonium has been a consistent thread within ORG's work, and was the subject of one of our previous reports, CDR 12. This particular seminar arose out of discussions earlier in the year between Dr. Frank Barnaby and the Rt. Hon. Michael Meacher MP, Minister for the Environment. With important decisions about the management of plutonium in Britain pending, ORG undertook to hold a seminar at which all aspects of the subject could be aired. A number of on-going events formed the background to this initiative. The first was British Nuclear Fuels' [BNFL] application to the Environment Agency to commission a mixed oxide fuel [MOX] plant at Sellafield. The second was BNFL's application to vary radioactive discharge limits at Sellafield. Thirdly, a House of Lords Select Committee was in process of taking evidence, on the disposal of radioactive waste. Fourthly, the Royal Society, in a recent report entitled Management of Separated Plutonium, recommended that 'the Government should commission a comprehensive review... of the options for the management of plutonium'. Four formal presentations were made to the meeting, on the subjects of Britain's plutonium policy, commercial prospects for plutonium use, problems of plutonium accountancy, and the danger of nuclear terrorism, by experts from outside the nuclear industry. It was hoped that the industry's viewpoint would also be heard, and BNFL were invited to present a paper, but declined on the grounds that they were 'currently involved in a formal

  5. Option's value - Greek measures fluctuations and their consequences

    Directory of Open Access Journals (Sweden)

    Izabela Pruchnicka-Grabias

    2004-01-01

    Full Text Available Options are financial instruments that can be applied in many situations. Options buyers sell risk which is bought by their sellers who are obliged to reduce it as much as possible. It can be done by using hedging strategies based on Greek letters and options values analysis. The author proves that Greek letters are not constant during the time of option’s life. The paper shows to what extent they are influenced by such factors as risk free interest rate, volatility, underlying asset price and time to maturity. The conclusion is that options sellers must play an active role, i.e. follow fluctuations of all these parameters and modify their hedging portfolios regularly.

  6. Pricing and Hedging Quanto Options in Energy Markets

    DEFF Research Database (Denmark)

    Benth, Fred Espen; Lange, Nina; Myklebust, Tor Åge

    2015-01-01

    –Jarrow–Morton approach, we derive a closed-form option pricing formula for energy quanto options under the assumption that the underlying assets are lognormally distributed. Our approach encompasses several interesting cases, such as geometric Brownian motions and multifactor spot models. We also derive Delta and Gamma......In energy markets, the use of quanto options has increased significantly in recent years. The payoff from such options are typically written on an underlying energy index and a measure of temperature. They are suited to managing the joint price and volume risk in energy markets. Using a Heath...... expressions for hedging. Further, we illustrate the use of our model by an empirical pricing exercise using NewYork Mercantile Exchange-traded natural gas futures and Chicago Mercantile Exchange-traded heating degree days futures for NewYork....

  7. Pricing and Hedging Quanto Options in Energy Markets

    DEFF Research Database (Denmark)

    Benth, Fred Espen; Lange, Nina; Myklebust, Tor Åge

    approach we derive a closed form option pricing formula for energy quanto options, under the assumption that the underlying assets are log-normally distributed. Our approach encompasses several interesting cases, such as geometric Brownian motions and multifactor spot models. We also derive delta and gamma......In energy markets, the use of quanto options have increased significantly in the recent years. The payoff from such options are typically written on an underlying energy index and a measure of temperature and are suited for managing the joint price and volume risk in energy markets. Using an HJM...... expressions for hedging. Furthermore, we illustrate the use of our model by an empirical pricing exercise using NYMEX traded natural gas futures and CME traded Heating Degree Days futures for New York....

  8. Option Pricing using Realized Volatility

    DEFF Research Database (Denmark)

    Stentoft, Lars Peter

    dynamics to be used for option pricing purposes in this framework, and we show that our model explains some of the mispricings found when using traditional option pricing models based on interdaily data. We then show explicitly that a Generalized Autoregressive Conditional Heteroskedastic model with Normal...... Inverse Gaussian distributed innovations is the corresponding benchmark model when only daily data is used. Finally, we perform an empirical analysis using stock options for three large American companies, and we show that in all cases our model performs significantly better than the corresponding...... benchmark model estimated on return data alone. Hence the paper provides evidence on the value of using high frequency data for option pricing purposes....

  9. Treatment Option Overview (Ewing Sarcoma)

    Science.gov (United States)

    ... Ewing Sarcoma Treatment Osteosarcoma Treatment Research Ewing Sarcoma Treatment (PDQ®)–Patient Version General Information About Ewing Sarcoma ... started or in another part of the body. Treatment Option Overview Key Points There are different types ...

  10. Treatment Option Overview (Kaposi Sarcoma)

    Science.gov (United States)

    ... Treatment Childhood Vascular Tumors Treatment Research Kaposi Sarcoma Treatment (PDQ®)–Patient Version General Information About Kaposi Sarcoma ... Certain factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment ...

  11. 77 FR 25319 - Commodity Options

    Science.gov (United States)

    2012-04-27

    ..., merchants, SDs, commodity funds, futures industry organizations, academics and think tanks, a U.S... particular (i.e., optionality in a contract settling by physical delivery that is used to meet varying demand...

  12. Antihistamines: Understanding Your OTC Options

    Science.gov (United States)

    ... CorrectlyPain Relievers: Understanding Your OTC OptionsAntacids and Acid Reducers: OTC Relief for Heartburn and Acid RefluxOTC Cough ... Loss and Diet Plans Nutrients and Nutritional Info Sugar and Sugar Substitutes Exercise and Fitness Exercise Basics ...

  13. FS65 Disposition Option Report

    Energy Technology Data Exchange (ETDEWEB)

    Wenz, Tracy R. [Los Alamos National Lab. (LANL), Los Alamos, NM (United States)

    2015-09-25

    This report outlines the options for dispositioning the MOX fuel stored in FS65 containers at LANL. Additional discussion regarding the support equipment for loading and unloading the FS65 transport containers is included at the end of the report.

  14. Essential Tremor (ET): Surgical Options

    Science.gov (United States)

    ... option for severe depression, epilepsy, Tourette’s syndrome, stroke, addiction, and dementia. Top Focused Ultrasound Thalamotomy The FDA ... ultrasound but in a very different way. This technology uses multiple beams of sound focused in on ...

  15. Levelized cost-risk reduction prioritization of waste disposal options

    International Nuclear Information System (INIS)

    Wilkinson, V.K.; Young, J.M.

    1992-01-01

    The prioritization of solid waste disposal options in terms of reduced risk to workers, the public, and the environment has recently generated considerable governmental and public interest. In this paper we address the development of a methodology to establish priorities for waste disposal options, such as incineration, landfills, long-term storage, waste minimization, etc. The study is one result of an overall project to develop methodologies for Probabilistic Risk Assessments (PRAs) of non-reactor nuclear facilities for the US Department of Energy. Option preferences are based on a levelized cost-risk reduction analysis. Option rankings are developed as functions of disposal option cost and timing, relative long- and short-term risks, and possible accident scenarios. We examine the annual costs and risks for each option over a large number of years. Risk, in this paper, is defined in terms of annual fatalities (both prompt and long-term) and environmental restoration costs that might result from either an accidental release or long-term exposure to both plant workers and the public near the site or facility. We use event timing to weigh both costs and risks; near-term costs and risks are discounted less than future expenditures and fatalities. This technique levels the timing of cash flows and benefits by converting future costs and benefits to present value costs and benefits. We give an example Levelized Cost-Benefit Analysis of incinerator location options to demonstrate the methodology and required data

  16. Real options methodology in public-private partnership projects valuation

    Directory of Open Access Journals (Sweden)

    Rakić Biljana

    2014-01-01

    Full Text Available PPP offers numerous benefits to both public and private partners in delivery of infrastructure projects. However this partnership also involves great risks which have to be adequately managed and mitigated. Private partners are especially sensitive to revenue risk, since they are mostly interested in the financial viability of the project. Thus they often expect public partners to provide some kind of risk-sharing mechanism in the form of Minimum Revenue Guarantees or abandonment options. The objective of this paper is to investigate whether the real option of abandoning the project increases its value. Therefore the binominal option pricing model and risk-neutral probability approach have been implemented to price the European and American abandonment options for the Build-Operate-Transfer (BOT toll road investment. The obtained results suggest that the project value with the American abandonment option is greater than with the European abandonment option, hence implying that American options offer greater flexibility and are more valuable for private partners. [Projekat Ministarstva nauke Republike Srbije, br. 179066 and III 42006

  17. 31 CFR 545.309 - Property; property interest.

    Science.gov (United States)

    2010-07-01

    ..., real estate and any other interest therein, options, negotiable instruments, trade acceptances... instruments, bankers acceptances, mortgages, pledges, liens or other rights in the nature of security... or indebtedness, letters of credit and any documents relating to any rights or obligations thereunder...

  18. 31 CFR 536.310 - Property; property interest.

    Science.gov (United States)

    2010-07-01

    ..., real estate and any other interest therein, options, negotiable instruments, trade acceptances... instruments, bankers acceptances, mortgages, pledges, liens or other rights in the nature of security... or indebtedness, letters of credit and any documents relating to any rights or obligations thereunder...

  19. 31 CFR 585.304 - Property; property interest.

    Science.gov (United States)

    2010-07-01

    ..., real estate and any other interest therein, options, negotiable instruments, trade acceptances... instruments, bankers acceptances, mortgages, pledges, liens or other rights in the nature of security... or indebtedness, letters of credit and any documents relating to any rights or obligations thereunder...

  20. 31 CFR 540.311 - Property; property interest.

    Science.gov (United States)

    2010-07-01

    ..., ships, goods on ships, real estate mortgages, deeds of trust, vendors' sales agreements, land contracts, leaseholds, ground rents, real estate and any other interest therein, options, negotiable instruments, trade... other financial instruments, bankers acceptances, mortgages, pledges, liens or other rights in the...

  1. 31 CFR 587.308 - Property; property interest.

    Science.gov (United States)

    2010-07-01

    ..., stocks on hand, ships, goods on ships, real estate mortgages, deeds of trust, vendors' sales agreements, land contracts, leaseholds, ground rents, real estate and any other interest therein, options... or other rights in the nature of security, warehouse receipts, bills of lading, trust receipts, bills...

  2. 31 CFR 588.308 - Property; property interest.

    Science.gov (United States)

    2010-07-01

    ..., real estate and any other interest therein, options, negotiable instruments, trade acceptances... instruments, bankers acceptances, mortgages, pledges, liens or other rights in the nature of security... or indebtedness, letters of credit and any documents relating to any rights or obligations thereunder...

  3. 31 CFR 598.312 - Property; property interest.

    Science.gov (United States)

    2010-07-01

    ..., real estate and any other interest therein, options, negotiable instruments, trade acceptances... instruments, bankers acceptances, mortgages, pledges, liens or other rights in the nature of security..., or indebtedness, letters of credit and any documents relating to any rights or obligations thereunder...

  4. 31 CFR 586.314 - Property; property interest.

    Science.gov (United States)

    2010-07-01

    ..., ships, goods on ships, real estate mortgages, deeds of trust, vendors' sales agreements, land contracts, leaseholds, ground rents, real estate and any other interest therein, options, negotiable instruments, trade..., coupons, any other financial instruments, bankers acceptances, mortgages, pledges, liens or other rights...

  5. 5 CFR 4101.103 - Prohibited financial interests.

    Science.gov (United States)

    2010-01-01

    ... spouse or minor child of a covered employee, shall own, directly or indirectly, securities issued by a... right to acquire or dispose of any long and short position in such securities and includes, without limitation, interests convertible into such securities, as well as options, rights, warrants, puts, calls...

  6. EDITORIAL: Interesting times

    Science.gov (United States)

    Dobson Honorary Editor, Ken

    1996-01-01

    `May you live in interesting times' - old Chinese curse. First, many thanks to John Avison, the retiring Honorary Editor, for his hard work over the last five years, and the steady development in style and content under his stewardship. I can only hope to live up to the standards that he set. The next five years will take us into a new millenium, an event preceded - in England and Wales at least - by a period of stability, reflection and consolidation in education. Or so we are told - but whether such a self-denying ordinance will actually be maintained by the Government both before and after an election in 1997 remains to be seen. Nevertheless, we shall be thankful for any mercies, however small, that permit forward thinking rather than instant response. One of the things that readers of a journal called Physics Education should be thinking about is the continued decline in the numbers of students studying physics post-16. This is not a purely local phenomenon; most European countries are finding a similar decline. There are exceptions, of course: in Scotland numbers studying physics for Highers are increasing. Is such a decline a good thing or a bad thing? Only a minority of post-16 physics students go on to use the bulk of what they have learned in further studies or vocations. Does a knowledge and understanding of physics contribute to the mental well-being and cultural level - let alone material comfort - of any except those who use physics professionally? Is physics defensible as a contribution to the mental armoury of the educated citizen - compared with chemistry, biology - or Latin, say? Or should one rephrase that last question as `Is physics as we teach it today defensible...?' Such questions, and many others no doubt, may well be in the mind of the new Curriculum Officer appointed by the Institute of Physics `to engage in a wide-ranging consultation throughout the entire physics community on the nature and style of post-16 physics programmes, with a

  7. Fast Spectrum Molten Salt Reactor Options

    Energy Technology Data Exchange (ETDEWEB)

    Gehin, Jess C [ORNL; Holcomb, David Eugene [ORNL; Flanagan, George F [ORNL; Patton, Bruce W [ORNL; Howard, Rob L [ORNL; Harrison, Thomas J [ORNL

    2011-07-01

    During 2010, fast-spectrum molten-salt reactors (FS-MSRs) were selected as a transformational reactor concept for light-water reactor (LWR)-derived heavy actinide disposition by the Department of Energy-Nuclear Energy Advanced Reactor Concepts (ARC) program and were the subject of a preliminary scoping investigation. Much of the reactor description information presented in this report derives from the preliminary studies performed for the ARC project. This report, however, has a somewhat broader scope-providing a conceptual overview of the characteristics and design options for FS-MSRs. It does not present in-depth evaluation of any FS-MSR particular characteristic, but instead provides an overview of all of the major reactor system technologies and characteristics, including the technology developments since the end of major molten salt reactor (MSR) development efforts in the 1970s. This report first presents a historical overview of the FS-MSR technology and describes the innovative characteristics of an FS-MSR. Next, it provides an overview of possible reactor configurations. The following design features/options and performance considerations are described including: (1) reactor salt options-both chloride and fluoride salts; (2) the impact of changing the carrier salt and actinide concentration on conversion ratio; (3) the conversion ratio; (4) an overview of the fuel salt chemical processing; (5) potential power cycles and hydrogen production options; and (6) overview of the performance characteristics of FS-MSRs, including general comparative metrics with LWRs. The conceptual-level evaluation includes resource sustainability, proliferation resistance, economics, and safety. The report concludes with a description of the work necessary to begin more detailed evaluation of FS-MSRs as a realistic reactor and fuel cycle option.

  8. 48 CFR 570.401 - Renewal options.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Renewal options. 570.401... Requirements 570.401 Renewal options. (a) Exercise of options. Before exercising an option to renew, follow the... survey. Before exercising an option to renew a lease, review current market information to ensure the...

  9. Option Derivatives in Electricity Hedging

    Directory of Open Access Journals (Sweden)

    P. Pavlátka

    2010-01-01

    Full Text Available Despite the high volatility of electricity prices, there is still little demand for electricity power options, and the liquidity on the power exchanges of these power derivatives is quite low. One of the reasons is the uncertainty about how to evaluate these electricity options and about finding the right fair value of this product. Hedging of electricity is associated mainly with products such as futures and forwards. However, due to new trends in electricity trading and hedging, it is also useful to think more about options and the principles for working with them in hedging various portfolio positions and counterparties. We can quite often encounter a situation when we need to have a perfect hedge for our customer’s (end user consuming electricity portfolio, or we have to evaluate the volumetric risk (inability of a customer to predict consumption, which is very similar to selling options. Now comes the moment to compare the effects of using options or futures to hedge these open positions. From a practical viewpoint, the Black-Scholes prices appear to be the best available and the simplest method for evaluating option premiums, but there are some limitations that we have to consider.

  10. Options for sustainable passenger transport: an assessment of policy choices

    NARCIS (Netherlands)

    Vleugel, J.M.; Rienstra, S.A.

    1995-01-01

    If the current trends in transport are not changed, a sustainable transport system is not feasible. In order to achieve such a state, new technologiesmay be an interesting option. In this context several success and failure factors for the introduction of new technologies are analyzed in this

  11. Steam and partial oxidation reforming options for hydrogen production from fossil fuels for PEM fuel cells

    Directory of Open Access Journals (Sweden)

    Yousri M.A. Welaya

    2012-06-01

    Full Text Available Proton exchange membrane fuel cell (PEM generates electrical power from air and from hydrogen or hydrogen rich gas mixtures. Therefore, there is an increasing interest in converting current hydrocarbon based marine fuels such as natural gas, gasoline, and diesel into hydrogen rich gases acceptable to the PEM fuel cells on board ships. Using chemical flow sheeting software, the total system efficiency has been calculated. Natural gas appears to be the best fuel for hydrogen rich gas production due to its favorable composition of lower molecular weight compounds. This paper presents a study for a 250 kW net electrical power PEM fuel cell system utilizing a partial oxidation in one case study and steam reformers in the second. This study has shown that steam-reforming process is the most competitive fuel processing option in terms of fuel processing efficiency. Partial oxidation process has proved to posses the lowest fuel processing efficiency. Among the options studied, the highest fuel processing efficiency is achieved with natural gas steam reforming system.

  12. Information, Interests, and Environmental Regulation

    DEFF Research Database (Denmark)

    Winter, Søren; May, Peter J.

    2002-01-01

    This study contributes to the understanding of informational approaches to bringing about compliance with environmental regulations with particular attention to differences in the influence of information provided by different information sources. Based on theorizing from a combination of informa......This study contributes to the understanding of informational approaches to bringing about compliance with environmental regulations with particular attention to differences in the influence of information provided by different information sources. Based on theorizing from a combination...... of information processing and interest group literatures, we develop hypotheses about regulatees' reliance upon and the influence of different sources of information. We test these hypotheses for Danish farmers’ compliance with agro-environmental rules. Our findings show that information plays a role in bringing...

  13. A Consistent Pricing Model for Index Options and Volatility Derivatives

    DEFF Research Database (Denmark)

    Cont, Rama; Kokholm, Thomas

    observed properties of variance swap dynamics and allows for jumps in volatility and returns. An affine specification using L´evy processes as building blocks leads to analytically tractable pricing formulas for options on variance swaps as well as efficient numerical methods for pricing of European......We propose and study a flexible modeling framework for the joint dynamics of an index and a set of forward variance swap rates written on this index, allowing options on forward variance swaps and options on the underlying index to be priced consistently. Our model reproduces various empirically...... options on the underlying asset. The model has the convenient feature of decoupling the vanilla skews from spot/volatility correlations and allowing for different conditional correlations in large and small spot/volatility moves. We show that our model can simultaneously fit prices of European options...

  14. CANDU design options with detritiation

    International Nuclear Information System (INIS)

    Wren, D.J.; Hart, R.S.

    1997-01-01

    CANDU reactors include a number of auxiliary systems to manage the inventory, purification, clean-up and isotopic purity of the heavy water used in the moderator and heat transport system. These systems are designed and installed to treat the moderator and heat transport water in separate parallel systems. One of the reasons for this parallel approach to heavy water management is the tritium inventory in the heavy water. Different levels of tritium accumulate in the moderator and heat transport system during reactor operation, with the moderator water having a much higher tritium concentration. Strict separation of the high- tritium-concentration moderator water from the low-tritium-concentration heat transport system water is an integral component of the CANDU design and operating strategy to limit potential releases of tritium to the containment building atmosphere. AECL is developing a new cost-effective technology for the detritiation of heavy water based on the Combined Electrolysis and Catalytic Exchange (CECE) process. This detritiation technology has the potential to be integrated into the heavy water management systems of a CANDU reactor. On-line detritiation could be used to limit the concentration of tritium in the moderator and also to detritiate any water collected within the containment building from other sources. The availability of economic detritiation technology would provide a flexibility to redesign some of the auxiliary heavy water management systems. In particular, there is potential to eliminate some of the duplication in the current management systems and also reduce costs by reclassifying some reactor systems that would have lower maximum tritium concentrations. This paper discusses some of the advantages of detritiation and some of the conceptual design options that detritiation would provide. The goal would be to lower the overall reactor cost with detritiation, but it is premature to assess whether this goal can be achieved. (author)

  15. Treatment Options by Stage (Pancreatic Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  16. Treatment Options by Stage (Esophageal Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  17. Treatment Options by Stage (Vulvar Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  18. Treatment Options by Stage (Penile Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  19. Treatment Options for Non-Hodgkin Lymphoma

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... lymphoma may come back as indolent lymphoma. Treatment Option Overview Key Points There are different types of ...

  20. Treatment Options for Adult Soft Tissue Sarcoma

    Science.gov (United States)

    ... reacts to the light. Certain factors affect treatment options and prognosis (chance of recovery). The treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  1. Treatment Options by Stage (Merkel Cell Carcinoma)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... common for Merkel cell carcinoma to recur. Treatment Option Overview Key Points There are different types of ...

  2. Treatment Options by Stage (Prostate Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  3. Treatment Options by Stage (Adrenocortical Carcinoma)

    Science.gov (United States)

    ... affect the prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  4. Treatment Options for Childhood Hodgkin Lymphoma

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... the lungs , liver , bones, or bone marrow . Treatment Option Overview Key Points There are different types of ...

  5. Treatment Options by Stage (Chronic Lymphocytic Leukemia)

    Science.gov (United States)

    ... examination under a microscope. Certain factors affect treatment options and prognosis (chance of recovery). Treatment options depend ... that does not get better with treatment. Treatment Option Overview Key Points There are different types of ...

  6. Treatment Options for Adult Hodgkin Lymphoma

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  7. Treatment Options for Hodgkin Lymphoma during Pregnancy

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  8. Treatment Option Overview (Chronic Lymphocytic Leukemia)

    Science.gov (United States)

    ... examination under a microscope. Certain factors affect treatment options and prognosis (chance of recovery). Treatment options depend ... that does not get better with treatment. Treatment Option Overview Key Points There are different types of ...

  9. Treatment Option Overview (Adult Soft Tissue Sarcoma)

    Science.gov (United States)

    ... reacts to the light. Certain factors affect treatment options and prognosis (chance of recovery). The treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  10. Hairy Cell Leukemia Treatment Option Overview

    Science.gov (United States)

    ... or a swollen spleen. Certain factors affect treatment options and prognosis (chance of recovery). The treatment options ... cell leukemia has not responded to treatment. Treatment Option Overview Key Points There are different types of ...

  11. Treatment Option Overview (Small Intestine Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  12. Treatment Option Overview (Adult Hodgkin Lymphoma)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  13. Treatment Option Overview (Merkel Cell Carcinoma)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... common for Merkel cell carcinoma to recur. Treatment Option Overview Key Points There are different types of ...

  14. Treatment Option Overview (Childhood Hodgkin Lymphoma)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... the lungs , liver , bones, or bone marrow . Treatment Option Overview Key Points There are different types of ...

  15. Treatment Option Overview (Small Cell Lung Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  16. Treatment Option Overview (Adult Acute Lymphoblastic Leukemia)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... marrow , or other parts of the body. Treatment Option Overview Key Points There are different types of ...

  17. Treatment Options for AIDS-Related Lymphoma

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... nervous system is not primary CNS lymphoma. Treatment Option Overview Key Points There are different types of ...

  18. Treatment Options for Adult Acute Lymphoblastic Leukemia

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... marrow , or other parts of the body. Treatment Option Overview Key Points There are different types of ...

  19. Treatment Options for Renal Cell Cancer

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  20. Treatment Options for Gastrointestinal Carcinoid Tumors

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... body. Has not gotten better with treatment. Treatment Option Overview Key Points There are different types of ...

  1. Treatment Options by Stage (Gastric Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... such as the liver or lymph nodes . Treatment Option Overview Key Points There are different types of ...

  2. Treatment Options by Stage (Thyroid Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  3. Treatment Options for Chronic Myelogenous Leukemia

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... of blast cells increases after a remission . Treatment Option Overview Key Points There are different types of ...

  4. Treatment Options for Adult Acute Myeloid Leukemia

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... back in the blood or bone marrow . Treatment Option Overview Key Points There are different types of ...

  5. Efficient option valuation of single and double barrier options

    Science.gov (United States)

    Kabaivanov, Stanimir; Milev, Mariyan; Koleva-Petkova, Dessislava; Vladev, Veselin

    2017-12-01

    In this paper we present an implementation of pricing algorithm for single and double barrier options using Mellin transformation with Maximum Entropy Inversion and its suitability for real-world applications. A detailed analysis of the applied algorithm is accompanied by implementation in C++ that is then compared to existing solutions in terms of efficiency and computational power. We then compare the applied method with existing closed-form solutions and well known methods of pricing barrier options that are based on finite differences.

  6. Birth Order and Vocational Interest

    Science.gov (United States)

    Gandy, Gerald L.

    1973-01-01

    Investigated birth order differences and the vocational interests of 150 male college students, making use of the Strong Vocational Interest Blank. Sibling sex and interaction effects were also investigated. (DP)

  7. Binary Tree Pricing to Convertible Bonds with Credit Risk under Stochastic Interest Rates

    Directory of Open Access Journals (Sweden)

    Jianbo Huang

    2013-01-01

    Full Text Available The convertible bonds usually have multiple additional provisions that make their pricing problem more difficult than straight bonds and options. This paper uses the binary tree method to model the finance market. As the underlying stock prices and the interest rates are important to the convertible bonds, we describe their dynamic processes by different binary tree. Moreover, we consider the influence of the credit risks on the convertible bonds that is described by the default rate and the recovery rate; then the two-factor binary tree model involving the credit risk is established. On the basis of the theoretical analysis, we make numerical simulation and get the pricing results when the stock prices are CRR model and the interest rates follow the constant volatility and the time-varying volatility, respectively. This model can be extended to other financial derivative instruments.

  8. Nonlinear dynamics of interest rate and inflation

    OpenAIRE

    Markku Lanne

    2004-01-01

    According to several empirical studies, US inflation and nominal interest rates, as well as the real interest rate, can be described as unit root processes. These results imply that nominal interest rates and expected inflation do not move one-for-one in the long run, which is not consistent with the theoretical models. In this paper we introduce a nonlinear bivariate mixture autoregressive model that seems to fit quarterly US data (1952 Q1 – 2000 Q2) reasonably well. It is found that the thr...

  9. Modernizing dermatology interest groups in medical school: Certificate programs.

    Science.gov (United States)

    Wang, Jordan V; Korta, Dorota Z; Keller, Matthew

    2017-11-15

    This commentary addresses the increasingly competitive nature of applying to dermatology residency programs and how both interest groups in medical schools and their dermatology departments can help to better prepare applicants. As previous literature argued that dermatology has been underemphasized in medical school curricula, we propose five fundamental options that interest groups can implement in order to offer increased exposure to our field in medical training. Furthermore, with therecent trend of many schools conferring certificates in various specialized concentrations, we also discuss interest groups pioneering certificate-grantingprograms in dermatology competency. The pros and cons of having a recognized certificate program in dermatology are presented.

  10. Wetland restoration: a survey of options for restoring peatlands

    International Nuclear Information System (INIS)

    Lode, Elve

    1999-01-01

    In spite of increased attention to wetland conservation following the Ramsar Convention on Wetlands of International Importance, the peat-harvesting industry in many countries is still interested in the further exploitation of peatlands. In some of the most industrialised countries, all natural peatlands have already been lost. In others, only small areas of native peatland remain. Among other possible uses for cut-over peatlands, peatland restoration is one: there is an urgent need for the development of measures for regenerating peat-accumulation processes. The redevelopment of a fen or bog peat landscape is a long-term process, which will probably take centuries. The restoration of any peatland may therefore be considered successful if the outcome is the development and growth of plant communities able to produce peat. The renewal of the hydrological regime of such areas is a major factor which determines the re-colonisation of cut-over peat fields by peat-forming plants. The aim of this paper is to give a brief survey of wetlands, and especially of peatland restoration options, for use in terminated peat-cuttings. It aims to show how peatland management may be made sustainable by means of existing and tried methods and principles, with the goal of returning cut-over peat fields to their former peat-accumulating state. A glossary of peat and peatland terminology is included 105 refs, 5 figs

  11. Upper secondary students’ situational interest:

    DEFF Research Database (Denmark)

    Dohn, Niels Bonderup

    2013-01-01

    interest was investigated by a descriptive interpretive approach, based on data from classroom and field trip observations, video recording, and interviews. The findings provided evidence that substantial situational interest can be generated during a fieldtrip to a zoo. Students’ interest was triggered...

  12. Environmental and waste disposal options in nuclear engineering curricula

    International Nuclear Information System (INIS)

    Elleman, T.S.; Gilligan, J.G.

    1991-01-01

    The strong national emphasis on waste and environmental issues has prompted increasing interest among nuclear engineering students in study options that will prepare them for careers in these areas. Student interest appears to focus principally on health physics, radioactive waste disposal, and environmental interactions with radionuclides. One motivation for this interest appears to be the growing national programs in environmental restoration and waste remediation that have produced fellowship support for nuclear engineering students as well as employment opportunities. Also, the recent National Academy of sciences study on nuclear engineering education specifically emphasized the importance of expanding nuclear engineering curricula and research programs to include a greater emphasis on radioactive waste and environmental issues. The North Carolina State University (NCSU) Department of Nuclear Engineering is attempting to respond to these needs through the development of course options that will allow students to acquire background in environmental subjects as a complement to the traditional nuclear engineering education

  13. Efficient Trajectory Options Allocation for the Collaborative Trajectory Options Program

    Science.gov (United States)

    Rodionova, Olga; Arneson, Heather; Sridhar, Banavar; Evans, Antony

    2017-01-01

    The Collaborative Trajectory Options Program (CTOP) is a Traffic Management Initiative (TMI) intended to control the air traffic flow rates at multiple specified Flow Constrained Areas (FCAs), where demand exceeds capacity. CTOP allows flight operators to submit the desired Trajectory Options Set (TOS) for each affected flight with associated Relative Trajectory Cost (RTC) for each option. CTOP then creates a feasible schedule that complies with capacity constraints by assigning affected flights with routes and departure delays in such a way as to minimize the total cost while maintaining equity across flight operators. The current version of CTOP implements a Ration-by-Schedule (RBS) scheme, which assigns the best available options to flights based on a First-Scheduled-First-Served heuristic. In the present study, an alternative flight scheduling approach is developed based on linear optimization. Results suggest that such an approach can significantly reduce flight delays, in the deterministic case, while maintaining equity as defined using a Max-Min fairness scheme.

  14. Investigation of Neptunium Precipitator Cleanout Options

    International Nuclear Information System (INIS)

    Hill, B.C.

    2003-01-01

    Oxalate precipitation followed by filtration is used to prepare plutonium oxalate. Historically, plutonium oxalate has tended to accumulate in the precipitation tanks. These solids are periodically removed by flushing with concentrated (64 percent) nitric acid. The same precipitation tanks will now be used in the processing of neptunium. Literature values indicate that neptunium oxalate may not be as soluble as plutonium oxalate in nitric acid. Although a wide variety of options is available to improve neptunium oxalate solubility for precipitator flushing, most of these options are not practical for use. Many of these options require the use of incompatible or difficult to handle chemicals. Other options would require expensive equipment modifications or are likely to lead to product contamination. Based on review of literature and experimental results, the two best options for flushing the precipitator are (1) 64 percent nitric acid and (2) addition of sodium permanganate follow ed by sodium nitrite. Nitric acid is the easiest option to implement. It is already used in the facility and will not lead to product contamination. Experimental results indicate that neptunium oxalate can be dissolved in concentrated nitric acid (64 percent) at 60 degree C to a concentration of 2.6 to 5.6 grams of Np/liter after at least three hours of heating. A lower concentration (1.1 grams of Np/liter) was measured at 60 degree C after less than two hours of heating. These concentrations are acceptable for flushing if precipitator holdup is low (approximately 100-250 grams), but a second method is required for effective flushing if precipitator holdup is high (approximately 2 kilograms). The most effective method for obtaining higher neptunium concentrations is the use of sodium permanganate followed by the addition of sodium nitrite. There is concern that residual manganese from these flushes could impact product purity. Gas generation during permanganate addition is also a concern

  15. A Consistent Pricing Model for Index Options and Volatility Derivatives

    DEFF Research Database (Denmark)

    Kokholm, Thomas

    to be priced consistently, while allowing for jumps in volatility and returns. An affine specification using Lévy processes as building blocks leads to analytically tractable pricing formulas for volatility derivatives, such as VIX options, as well as efficient numerical methods for pricing of European options...... on the underlying asset. The model has the convenient feature of decoupling the vanilla skews from spot/volatility correlations and allowing for different conditional correlations in large and small spot/volatility moves. We show that our model can simultaneously fit prices of European options on S&P 500 across...

  16. A Consistent Pricing Model for Index Options and Volatility Derivatives

    DEFF Research Database (Denmark)

    Cont, Rama; Kokholm, Thomas

    2013-01-01

    to be priced consistently, while allowing for jumps in volatility and returns. An affine specification using Lévy processes as building blocks leads to analytically tractable pricing formulas for volatility derivatives, such as VIX options, as well as efficient numerical methods for pricing of European options...... on the underlying asset. The model has the convenient feature of decoupling the vanilla skews from spot/volatility correlations and allowing for different conditional correlations in large and small spot/volatility moves. We show that our model can simultaneously fit prices of European options on S&P 500 across...

  17. Disposition Options for Uranium-233

    International Nuclear Information System (INIS)

    Beahm, E.C.; Dole, L.R.; Forsberg, C.W.; Icenhour, A.S.; Storch, S.N.

    1999-01-01

    The U.S. Department of Energy (DOE) Fissile Materials Disposition Program (MD), in support of the U.S. arms-control and nonproliferation policies, has initiated a program to disposition surplus weapons-usable fissile material by making it inaccessible and unattractive for use in nuclear weapons. Weapons-usable fissile materials include plutonium, high-enriched uranium (HEU), and uranium-233 (sup 233)U. In support of this program, Oak Ridge National Laboratory led DOE's contractor efforts to identify and characterize options for the long-term storage and disposal of excess (sup 233)U. Five storage and 17 disposal options were identified and are described herein

  18. TMI abnormal wastes disposal options

    International Nuclear Information System (INIS)

    Ayers, A.L. Jr.

    1984-03-01

    A substantial quantity of high beta-gamma/high-TRU contaminated wastes are expected from cleanup activities of Unit 2 of the Three Mile Island Nuclear Power Station. Those wastes are not disposable because of present regulatory constraints. Therefore, they must be stored temporarily. This paper discusses three options for storage of those wastes at the Idaho National Engineering Laboratory: (1) storage in temporary storage casks; (2) underground storage in vaults; and (3) storage in silos at a hot shop. Each option is analyzed and evaluated. Also included is a discussion of future disposal strategies, which might be pursued when a suitable federal or commercial repository is built

  19. Technetium removal: preliminary flowsheet options

    International Nuclear Information System (INIS)

    Eager, K.M.

    1995-01-01

    This document presents the results of a preliminary investigation into options for preliminary flowsheets for 99Tc removal from Hanford Site tank waste. A model is created to show the path of 99Tc through pretreatment to disposal. The Tank Waste Remediation (TWRS) flowsheet (Orme 1995) is used as a baseline. Ranges of important inputs to the model are developed, such as 99Tc inventory in the tanks and important splits through the TWRS flowsheet. Several technetium removal options are discussed along with sensitivities of the removal schemes to important model parameters

  20. Comparison between three option, four option and five option multiple choice question tests for quality parameters: A randomized study.

    Science.gov (United States)

    Vegada, Bhavisha; Shukla, Apexa; Khilnani, Ajeetkumar; Charan, Jaykaran; Desai, Chetna

    2016-01-01

    Most of the academic teachers use four or five options per item of multiple choice question (MCQ) test as formative and summative assessment. Optimal number of options in MCQ item is a matter of considerable debate among academic teachers of various educational fields. There is a scarcity of the published literature regarding the optimum number of option in each item of MCQ in the field of medical education. To compare three options, four options, and five options MCQs test for the quality parameters - reliability, validity, item analysis, distracter analysis, and time analysis. Participants were 3 rd semester M.B.B.S. students. Students were divided randomly into three groups. Each group was given one set of MCQ test out of three options, four options, and five option randomly. Following the marking of the multiple choice tests, the participants' option selections were analyzed and comparisons were conducted of the mean marks, mean time, validity, reliability and facility value, discrimination index, point biserial value, distracter analysis of three different option formats. Students score more ( P = 0.000) and took less time ( P = 0.009) for the completion of three options as compared to four options and five options groups. Facility value was more ( P = 0.004) in three options group as compared to four and five options groups. There was no significant difference between three groups for the validity, reliability, and item discrimination. Nonfunctioning distracters were more in the four and five options group as compared to three option group. Assessment based on three option MCQs is can be preferred over four option and five option MCQs.

  1. 26 CFR 1.861-9T - Allocation and apportionment of interest expense (temporary).

    Science.gov (United States)

    2010-04-01

    ..., forward, future, option, or similar financial arrangement (or any combination thereof) entered into by the... derivative financial products, including interest rate swaps, options, forwards, caps, and collars... months in the future for $1,050. In exchange for the use of $1,000 in cash, W has sustained a loss of $50...

  2. 76 FR 37030 - Financial Derivatives Transactions To Offset Interest Rate Risk; Investment and Deposit Activities

    Science.gov (United States)

    2011-06-24

    ..., with certain exceptions, are financial derivatives such as futures, options, interest rate swaps and... to evaluate any hedge transaction using derivatives must include the ability to capture all options... NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Part 703 Financial Derivatives Transactions To Offset...

  3. Identifying lubricant options for compressor bearing designs

    Science.gov (United States)

    Karnaz, J.; Seeton, C.; Dixon, L.

    2017-08-01

    Today’s refrigeration and air conditioning market is not only driven by the environmental aspects of the refrigerants, but also by the energy efficiency and reliability of system operation. Numerous types of compressor designs are used in refrigeration and air conditioning applications which means that different bearings are used; and in some cases, multiple bearing types within a single compressor. Since only one lubricant is used, it is important to try to optimize the lubricant to meet the various demands and requirements for operation. This optimization entails investigating different types of lubricant chemistries, viscosities, and various formulation options. What makes evaluating these options more challenging is the refrigerant which changes the properties of the lubricant delivered to the bearing. Once the lubricant and refrigerant interaction are understood, through various test methods, then work can start on collaborating with compressor engineers on identifying the lubricant chemistry and formulation options. These interaction properties are important to the design engineer to make decisions on the adequacy of the lubricant before compressor tests are started. This paper will discuss the process to evaluate lubricants for various types of compressors and bearing design with focus on what’s needed for current refrigerant trends. In addition, the paper will show how the lubricant chemistry choice can be manipulated through understanding of the bearing design and knowledge of interaction with the refrigerant to maximize performance. Emphasis will be placed on evaluation of synthetic lubricants for both natural and synthetic low GWP refrigerants.

  4. 24 CFR 982.634 - Homeownership option: Maximum term of homeownership assistance.

    Science.gov (United States)

    2010-04-01

    ... VOUCHER PROGRAM Special Housing Types Homeownership Option § 982.634 Homeownership option: Maximum term of... unit during the time that homeownership payments are made; or (2) Is the spouse of any member of the household who has an ownership interest in the unit during the time homeownership payments are made. (c...

  5. 43 CFR 30.268 - May I demand a hearing regarding the tribal purchase option decision?

    Science.gov (United States)

    2010-10-01

    ... tribal purchase option decision? 30.268 Section 30.268 Public Lands: Interior Office of the Secretary of the Interior INDIAN PROBATE HEARINGS PROCEDURES Tribal Purchase of Interests Under Special Statutes § 30.268 May I demand a hearing regarding the tribal purchase option decision? Yes. You may file with...

  6. The Effects of Framing Vocational Choices on Young Adults' Sets of Career Options

    Science.gov (United States)

    Feldman, Daniel C.; Whitcomb, Kathleen M.

    2005-01-01

    Purpose: The present paper examines the effects of two decision-framing inductions on young adults' set of career options: first, whether young adults use abilities or interests as the grounds for their vocational choices and, second, whether young adults approach the decision-making task by including all career options to which they feel…

  7. 26 CFR 1.743-1 - Optional adjustment to basis of partnership property.

    Science.gov (United States)

    2010-04-01

    ...) Effect on partnership of the failure of the transferee to comply. If the transferee fails to provide the... 26 Internal Revenue 8 2010-04-01 2010-04-01 false Optional adjustment to basis of partnership... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Transfers of Interests in A Partnership § 1.743-1 Optional...

  8. Measuring Choice to Participate in Optional Science Learning Experiences during Early Adolescence

    Science.gov (United States)

    Sha, Li; Schunn, Christian; Bathgate, Meghan

    2015-01-01

    Cumulatively, participation in optional science learning experiences in school, after school, at home, and in the community may have a large impact on student interest in and knowledge of science. Therefore, interventions can have large long-term effects if they change student choice preferences for such optional science learning experiences. To…

  9. Institutions and Regulation for Economic Growth ? : public interests versus public incentives

    NARCIS (Netherlands)

    Wubben, E.F.M.

    2011-01-01

    Realizing institutions and regulations that foster economic growth is an essential asset for contemporary economies. This book investigates practices and options for steering individual and firm behaviour that prevents unacceptable externalities and boosts public interests. These multi-dimensional

  10. Survey and selection of assessment methodologies for GAVE options

    International Nuclear Information System (INIS)

    Weterings, R.

    1999-05-01

    The Dutch government is interested in the possibilities for a market introduction of new gaseous and liquid energy carriers. To this purpose the GAVE-programme was recently set up. This study is carried out within the framework of the GAVE-programme and aims at the selection of methodologies for assessing the technological, economic, ecological and social perspectives of these new energy options (so-called GAVE-options). Based on the results of these assessments the Dutch ministries of Housing, Planning and Environment (VROM) and Economic Affairs (EZ) will decide at the end of 1999 about starting demonstration projects of promising energy carriers

  11. Options for the second commitment period of the Kyoto Protocol

    Energy Technology Data Exchange (ETDEWEB)

    Hoehne, Niklas; Phylipsen, Dian; Ullrich, Simone; Blok, Kornelis

    2005-02-15

    This study assesses available options for the second commitment period of the Kyoto Protocol. The study includes the following sections: An introduction, an overview of proposals and establishing a network, analysis of interests of countries, selected country case studies, an overview of the issues to be considered, options for adaptation to climate change, a new approach ''Common but Differentiated Convergence'', an update of the Triptych approach, a comprehensive compromise proposal, the comparison of emission allowances under various approaches and a negotiation strategy for the EU and Germany. (orig.)

  12. Options for the second commitment period of the Kyoto Protocol

    Energy Technology Data Exchange (ETDEWEB)

    Hoehne, Niklas; Phylipsen, Dian; Ullrich, Simone; Blok, Kornelis

    2005-02-15

    This study assesses available options for the second commitment period of the Kyoto Protocol. The study includes the following sections: An introduction, an overview of proposals and establishing a network, analysis of interests of countries, selected country case studies, an overview of the issues to be considered, options for adaptation to climate change, a new approach ''Common but Differentiated Convergence'', an update of the Triptych approach, a comprehensive compromise proposal, the comparison of emission allowances under various approaches and a negotiation strategy for the EU and Germany. (orig.)

  13. The NATO Alliance: US Conventional Force Level Options Toward it Based on US National Interests.

    Science.gov (United States)

    1981-09-01

    24 percent level for 1979, it has recently slowed down due to price controls and the slower depreciation of the escudo . Real wage increases declined...one can readily establisb US current and past generosity, in fiscal terms, toward the Atlantic Alliance. In conclusion, the fifteen countries presently

  14. Options to Change Interest Rates and Other Terms on Student Loans

    Science.gov (United States)

    Congressional Budget Office, 2013

    2013-01-01

    The Federal Direct Student Loan Program offers loans to students and their parents to help pay for postsecondary education. Under current law, about $1.4 trillion in new direct loans will be made to students between 2013 and 2023, the Congressional Budget Office (CBO) projects. Analysts and policymakers have raised concerns about various features…

  15. Valuation of long-term hybrid equity-interest rate options

    NARCIS (Netherlands)

    van Haastrecht, A.

    2008-01-01

    During the last decades the financial world has witnessed an enormous growth in the trading of derivatives. Not only did the volumes increase massively, the complexity of some of the traded products truly went through the roof: as a consequence the so-called complex 'exotic' derivatives market

  16. Pricing of Traffic Light Options and other Correlation Derivatives

    DEFF Research Database (Denmark)

    Kokholm, Thomas

    This paper considers derivatives with payoffs that depend on a stock index and underlying LIBOR rates. A traffic light option pricing formula is derived under lognormality assumptions on the underlying processes. The traffic light option is aimed at the Danish life and pension sector to help...... the pricing of a hybrid derivative known as the EUR Sage Note. The approach can be used to price many existing structured products....

  17. Consequences for option pricing of a long memory in volatility

    OpenAIRE

    Taylor, S J

    2001-01-01

    The economic consequences of a long memory assumption about volatility are documented, by comparing implied volatilities for option prices obtained from short and long memory volatility processes. Numerical results are given for options on the S&P 100 index from 1984 to 1998, with lives up to two years. The long memory assumption is found to have a significant impact upon the term structure of implied volatilities and a relatively minor impact upon smile effects. These conclusions are importa...

  18. Iran's Nuclear Strategy Options and U.S. Foreign Policy Implications

    National Research Council Canada - National Science Library

    Davis, Jimmy D

    2005-01-01

    .... strategic interests. Iran's movement toward a nuclear weapon option creates complex issues for American national security policy makers and highlights the international community's inability to police rogue states effectively...

  19. Emerging Options and Opportunities in Civilian Aeronautics

    Science.gov (United States)

    Bushnell, Dennis M.

    2012-01-01

    This paper addresses the major problems/issues with civilian aeronautics going forward, the contextual ongoing technology revolutions, the several emerging civilian aeronautical "Big Ideas" and associated enabling technological approaches. The ongoing IT Revolution is increasingly providing, as 5 senses virtual presence/reality becomes available, along with Nano/Molecular Manufacturing, virtual alternatives to Physical transportation for both people and goods. Paper examines the potential options available to aeronautics to maintain and perhaps grow "market share" in the context of this evolving competition. Many of these concepts are not new, but the emerging technology landscape is enhancing their viability and marketability. The concepts vary from the "interesting" to the truly revolutionary and all require considerable research. Paper considers the speed range from personal/general aviation to supersonic transports and technologies from energetics to fabrication.

  20. Novel treatment options for portal hypertension

    Science.gov (United States)

    Laleman, Wim

    2017-01-01

    Abstract Portal hypertension is most frequently associated with cirrhosis and is a major driver for associated complications, such as variceal bleeding, ascites or hepatic encephalopathy. As such, clinically significant portal hypertension forms the prelude to decompensation and impacts significantly on the prognosis of patients with liver cirrhosis. At present, non-selective β-blockers, vasopressin analogues and somatostatin analogues are the mainstay of treatment but these strategies are far from satisfactory and only target splanchnic hyperemia. In contrast, safe and reliable strategies to reduce the increased intrahepatic resistance in cirrhotic patients still represent a pending issue. In recent years, several preclinical and clinical trials have focused on this latter component and other therapeutic avenues. In this review, we highlight novel data in this context and address potentially interesting therapeutic options for the future. PMID:28533907