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%.

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.

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.

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.

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

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...

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.

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.

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...

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.

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.

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

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...

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...

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...

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.

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

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

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.

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.

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.

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...

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, ...

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.

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

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...

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.

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.

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.

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

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...

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.

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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

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.

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…

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

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...

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...

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...

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.

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.

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.

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.

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

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…

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

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.

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.

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.

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

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

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.

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...

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...

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.

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...

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.

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.

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...

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...

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

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.

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.

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.

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...

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...

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...

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.

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.

`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.

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.

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

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.

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.

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)

Feynman perturbation expansion for the price of coupon bond options and swaptions in quantum finance. I. Theory.

Science.gov (United States)

Baaquie, Belal E

2007-01-01

European options on coupon bonds are studied in a quantum field theory model of forward interest rates. Swaptions are briefly reviewed. An approximation scheme for the coupon bond option price is developed based on the fact that the volatility of the forward interest rates is a small quantity. The field theory for the forward interest rates is Gaussian, but when the payoff function for the coupon bond option is included it makes the field theory nonlocal and nonlinear. A perturbation expansion using Feynman diagrams gives a closed form approximation for the price of coupon bond option. A special case of the approximate bond option is shown to yield the industry standard one-factor HJM formula with exponential volatility.

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

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.

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.

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.

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

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

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.

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.

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)

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.

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.

Evidence and Options for Informed Decision-Making to Achive Arctic Sustainability

Science.gov (United States)

Berkman, P. A.

2017-12-01

This presentation will consider the development of evidence and options for informed decision-making that will need to operate across generations to achieve Arctic sustainability (Figure). Context of these Arctic decisions is global, recognizing that we live in an interconnected civilization on a planetary scale, as revealed unambiguously with evidence from the `world' wars in the first half of the 20thcentury. First, for clarification, data and evidence are not the same. Data is generated from information and observations to answer specific questions, posed with methods from the natural and social sciences as well as indigenous knowledge. These data reveal patterns and trends in our societies and natural world, underscoring the evidence for decisions to address impacts, issues and resources within, across and beyond the boundaries of nations - recognizing that nations still are the principal jurisdictional unit. However, for this decision-support process to be effective, options (without advocacy) - which can be used or ignored explicitly - must be generated from the evidence, taking into consideration stakeholder perspectives and governance records in a manner that will contribute to informed decision-making. The resulting decisions will involve built elements that require capitalization and technology as well as governance mechanisms coming from diverse jurisdictional authorities. The innovation required is to balance economic prosperity, environmental protection and societal well-being. These three pillars of sustainability further involve stability, balancing urgencies of the moment and of future generations, recognizing that children born today will be alive in the 22nd century. Consequently, options for informed decisions must operate across a continuum of urgencies from security time scales to sustainability time scales. This decision-support process is holistic (international, interdisciplinary and inclusive), reflecting the applications of science

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....

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.

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

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…

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...

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...

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...

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...

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...

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...

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...

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...

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.

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...

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....

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 ...

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.

The American Foreign Exchange Option in Time-Dependent One-Dimensional Diffusion Model for Exchange Rate

International Nuclear Information System (INIS)

Rehman, Nasir; Shashiashvili, Malkhaz

2009-01-01

The classical Garman-Kohlhagen model for the currency exchange assumes that the domestic and foreign currency risk-free interest rates are constant and the exchange rate follows a log-normal diffusion process.In this paper we consider the general case, when exchange rate evolves according to arbitrary one-dimensional diffusion process with local volatility that is the function of time and the current exchange rate and where the domestic and foreign currency risk-free interest rates may be arbitrary continuous functions of time. First non-trivial problem we encounter in time-dependent case is the continuity in time argument of the value function of the American put option and the regularity properties of the optimal exercise boundary. We establish these properties based on systematic use of the monotonicity in volatility for the value functions of the American as well as European options with convex payoffs together with the Dynamic Programming Principle and we obtain certain type of comparison result for the value functions and corresponding exercise boundaries for the American puts with different strikes, maturities and volatilities.Starting from the latter fact that the optimal exercise boundary curve is left continuous with right-hand limits we give a mathematically rigorous and transparent derivation of the significant early exercise premium representation for the value function of the American foreign exchange put option as the sum of the European put option value function and the early exercise premium.The proof essentially relies on the particular property of the stochastic integral with respect to arbitrary continuous semimartingale over the predictable subsets of its zeros. We derive from the latter the nonlinear integral equation for the optimal exercise boundary which can be studied by numerical methods

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

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...

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...

Determinants of Interest Rates on Corporate Bonds of Mining Enterprises

Science.gov (United States)

Ranosz, Robert

2017-09-01

This article is devoted to the determinants of interest rates on corporate bonds of mining enterprises. The study includes a comparison between the cost of foreign capital as resulting from the issue of debt instruments in different sectors of the economy in relation to the mining industry. The article also depicts the correlation between the rating scores published by the three largest rating agencies: S&P, Moody's, and Fitch. The test was based on simple statistical methods. The analysis performed indicated that there is a dependency between the factors listed and the amount of interest rates on corporate bonds of global mining enterprises. Most significant factors include the rating level and the period for which the given series of bonds was issued. Additionally, it is not without significance whether the given bond has additional options. Pursuant to the obtained results, is should be recognized that in order to reduce the interest rate on bonds, mining enterprises should pay particular attention to the rating and attempt to include additional options in issued bonds. Such additional options may comprise, for example, an ability to exchange bonds to shares or raw materials.

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...

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.

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.

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)

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...

Pricing and hedging of arithmetic Asian options via the Edgeworth series expansion approach

Directory of Open Access Journals (Sweden)

Weiping Li

2016-03-01

Full Text Available In this paper, we derive a pricing formula for arithmetic Asian options by using the Edgeworth series expansion. Our pricing formula consists of a Black-Scholes-Merton type formula and a finite sum with the estimation of the remainder term. Moreover, we present explicitly a method to compute each term in our pricing formula. The hedging formulas (greek letters for the arithmetic Asian options are obtained as well. Our formulas for the long lasting question on pricing and hedging arithmetic Asian options are easy to implement with enough accuracy. Our numerical illustration shows that the arithmetic Asian options worths less than the European options under the standard Black-Scholes assumptions, verifies theoretically that the volatility of the arithmetic average is less than the one of the underlying assets, and also discovers an interesting phenomena that the arithmetic Asian option for large fixed strikes such as stocks has higher volatility (elasticity than the plain European option. However, the elasticity of the arithmetic Asian options for small fixed strikes as trading in currencies and commodity products is much less than the elasticity of the plain European option. These findings are consistent with the ones from the hedgings with respect to the time to expiration, the strike, the present underlying asset price, the interest rate and the volatility.

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...

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

The economic policy options and their connection with inflation and unemployment

Directory of Open Access Journals (Sweden)

Bogna Kopeć

2015-04-01

Full Text Available Economic system after 1990 had many fluctuations. This article applies to two essential phenomena in a free market economy: inflation and unemployment. This article applies to changes in the process of inflation and fluctuations in the unemployment rate under different economic policy options. Economic policies can affect the development of the inflation and unemployment. It includes interest rates and budget deficits. Methodology of model is based on a pendulum. Economic policy has been designated as a synthetic indicator of the resultant two policies - monetary and fiscal policies. With the help of the pendulum model has been established that the character had run monetary and fiscal policy, and how developed as economic policy. By the dominance of one of the policy options is understood that during cycles level inflation or the deficit fluctuated strongly to economic stabilization. One of the stages of the study was to analyze the monetary policy and assess whether there is a link between the evolution of interest rates and the evolution of the inflation rate. In a similar way, fiscal policy was analyzed. This article attempts to determine whether the conduct of economic policy was correct, and has had an impact on the economic situation.

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.

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…

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.

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.

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.

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

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...

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

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

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

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

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...

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.

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…

Climatic change and local policy, Amsterdam, Netherlands. Policy options and implementation strategies to reduce emission of CO2

International Nuclear Information System (INIS)

Schol, E.; Van den Bosch, A.; Ligthart, F.A.T.M.; Roemer, J.C.; Ruijg, G.J.; Schaeffer, G.J.; Dinkelman, D.H.; Kok, I.C.; De Paauw, K.F.B.

1998-04-01

Insight is given into the local policy options with respect to climate change, in this case within the sphere of influence of Amsterdam local authorities. A list of new policy options for CO2-reduction has been made with the assistance of local policy makers and representatives of interest groups. These policy options have been divided into three qualitative scenarios: Institutional Cultural Change, Technological Innovation and Least Regrets. The environmental, economic and other effects have been described for each policy option. The three most interesting policy options have been selected by local policy makers and representatives of interest groups during a workshop. Implementation strategies have been developed for the options selected. These strategies have been discussed during a second workshop. The reduction target, stabilization of CO2-emissions in 2015 compared to 1993, can be realized by a combination of all the new policy options. The three selected policy options count for 40% of this total CO2-emission reduction. Finally, a general outline on the methodology to construct local policies for climate protection has been described. This methodology can also be applied to other cities and municipal administrators, e.g. participants of Cities for Climate Protection, an initiative of the International Council for Local Environmental Initiatives, or the Netherlands Climate Association. 136 refs

On-Site or Off-Site Renewable Energy Supply Options?

DEFF Research Database (Denmark)

Marszal, Anna Joanna; Heiselberg, Per; Jensen, Rasmus Lund

2012-01-01

The concept of a Net Zero Energy Building (Net ZEB) encompasses two options of supplying renewable energy, which can offset energy use of a building, in particular on-site or off-site renewable energy supply. Currently, the on-site options are much more popular than the off-site; however, taking...... into consideration the limited area of roof and/or façade, primarily in the dense city areas, the Danish weather conditions, the growing interest and number of wind turbine co-ops, the off-site renewable energy supply options could become a meaningful solution for reaching ‘zero’ energy goal in the Danish context...... five technologies, i.e., two on-site options: (1) photovoltaic, (2) micro combined heat and power, and three off-site options: (1) off-site windmill, (2) share of a windmill farm and (3) purchase of green energy from the 100% renewable utility grid. The results indicate that in case of the on...

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...

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

STRATEGIC EXERCISE OF REAL OPTIONS:INVESTMENT DECISIONS IN TECHNOLOGICAL SYSTEMS

Institute of Scientific and Technical Information of China (English)

Kevin ZHU; John WEYANT

2003-01-01

Viewing investment projects in new technologies as real options, this paper studies the effects of endogenous competition and asymmetric information on the strategic exercise of real options. We first develop a multi-period, game-theoretic model and show how competition leads to early exercise and aggressive investment behaviors and how competition erodes option values. We then relax the typical full-information assumption found in the literature and allow information asymmetry to exist across firms. Our model shows, in contrast to the literature that payoff is independent of the ordering of exercise, that the sequential exercise of real options may generate both informational and payoff externalities. We also find some surprising but interesting results such as having more information is not necessarily better.

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...

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...

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...

Options analysis of managed care contracting and regulation: theory and evidence.

Science.gov (United States)

McLean, R A; Magiera, F T

2000-08-01

Managed care contracts can be represented as bundles of options. In particular, the managed care provider is short a call option. To hedge the risk involved in such contracts, managed care contractors can construct several types of virtual put options, among them the ownership of facilities. Agency theory and options theory suggest that for-profit managed care plans, in the presence of debt, will engage in less hedging activity than will other managed care plans. Here, the authors test that hypothesis, using data for Florida HMOs in 1995, and they reject the null hypothesis. That managed care organizations act as if they are short a call option raises interesting regulatory issues, including the possibility of using a hedge-based regulatory scheme in place of a net-worth-based scheme.

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

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...

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.

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...

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…

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.

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

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.

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...

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...

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.

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.

Influence of fuel costs on seawater desalination options

International Nuclear Information System (INIS)

Methnani, Mabrouk

2007-01-01

Reference estimates of seawater desalination costs for recent mega projects are all quoted in the range of US$0.50/m 3 . This however does not reflect the recent trends of escalating fossil fuel costs. In order to analyze the effect of these trends, a recently updated version of the IAEA Desalination Economic Evaluation Program, DEEP-3, has been used to compare fossil and nuclear seawater desalination options, under varied fuel cost and interest rate scenarios. Results presented for a gas combined-cycle and a modular high-temperature gas-cooled reactor design, show clear cost advantages for the latter, for both Multi-Effect Distillation (MED) and Reverse Osmosis (RO). Water production cost estimates for the Brayton cycle nuclear option are hardly affected by fuel costs, while combined cycle seawater desalination costs show an increase of more than 40% when fuel costs are doubled. For all cases run, the nuclear desalination costs are lower and if the current trend in fossil fuel prices continues as predicted by pessimist scenarios and the carbon tax carried by greenhouse emissions is enforced in the future, the cost advantage for nuclear desalination will be even more pronounced. Increasing the interest rate from 5 to 8% has a smaller effect than fuel cost variations. It translates into a water cost increase in the range of 10-20%, with the nuclear option being the more sensitive. (author)

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.

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.

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.

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.

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.

Options identification programme for demonstration of nuclear desalination

International Nuclear Information System (INIS)

1996-08-01

This report responds to Resolutions GC(XXXVIII)/RES/7 in 1994 and GC(XXXIX)/RES/15 in 1995 at the IAEA General Conference, which requested the Director General to initiate a two year Options Identification Programme to identify and define practical options for demonstration of nuclear desalination and to submit a report on this programme to the General Conference of 1996. This programme was implemented by a Working Group, consisting of experts from interested Member States and IAEA staff, through a combination of periodic meetings and individual work assignments. It resulted in identification of a few practical options, based on reactor and desalination technologies which are themselves readily available without further development being required at the time of demonstration. The report thus provides a perspective how to proceed with demonstration of nuclear desalination, which is expected to help solving the potable water supply problem in the next century. Refs, figs, tabs

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

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...

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

"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…

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

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.

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...

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.

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.

Risky forward interest rates and swaptions: Quantum finance model and empirical results

Science.gov (United States)

Baaquie, Belal Ehsan; Yu, Miao; Bhanap, Jitendra

2018-02-01

Risk free forward interest rates (Diebold and Li, 2006 [1]; Jamshidian, 1991 [2 ]) - and their realization by US Treasury bonds as the leading exemplar - have been studied extensively. In Baaquie (2010), models of risk free bonds and their forward interest rates based on the quantum field theoretic formulation of the risk free forward interest rates have been discussed, including the empirical evidence supporting these models. The quantum finance formulation of risk free forward interest rates is extended to the case of risky forward interest rates. The examples of the Singapore and Malaysian forward interest rates are used as specific cases. The main feature of the quantum finance model is that the risky forward interest rates are modeled both a) as a stand-alone case as well as b) being driven by the US forward interest rates plus a spread - having its own term structure -above the US forward interest rates. Both the US forward interest rates and the term structure for the spread are modeled by a two dimensional Euclidean quantum field. As a precursor to the evaluation of put option of the Singapore coupon bond, the quantum finance model for swaptions is tested using empirical study of swaptions for the US Dollar -showing that the model is quite accurate. A prediction for the market price of the put option for the Singapore coupon bonds is obtained. The quantum finance model is generalized to study the Malaysian case and the Malaysian forward interest rates are shown to have anomalies absent for the US and Singapore case. The model's prediction for a Malaysian interest rate swap is obtained.

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.

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.)

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.)

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...

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

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)

Comparison of options for distributed generation in India

International Nuclear Information System (INIS)

Banerjee, Rangan

2006-01-01

There is renewed interest in distributed generation (DG). This paper reviews the different technological options available for DG, their current status and evaluates them based on the cost of generation and future potential in India. The non-renewable options considered are internal combustion engines fuelled by diesel, natural gas and microturbines and fuel cells fired by natural gas. The renewable technologies considered are wind, solar photovoltaic, biomass gasification and bagasse cogeneration. The cost of generation is dependent on the load factor and the discount rate. Gas engines and Bagasse based cogeneration are found to be the most cost effective DG options while wind and biomass gasifier fired engines are viable under certain conditions. PEM Fuel cells and micro turbines based on natural gas need a few demonstrations projects and cost reductions before becoming viable. A strategy involving pilot projects, tracking of costs and dissemination of information is likely to result in DG meeting 10% of India's power needs by 2012

BS degree in nuclear engineering or a nuclear option

International Nuclear Information System (INIS)

Williams on, T.G.

1988-01-01

Many nuclear engineering educators are concerned about the health of nuclear engineering academic departments. As part of a review of the BS nuclear engineering degree program at the University of Virginia, the authors surveyed several local utilities with operating nuclear plants about their needs for nuclear engineering graduates. The perception of many of the utility executives about a nuclear engineering degree and about a nuclear option in another engineering curriculum does not agree with the way the authors view these two degrees. The responses to two of the survey questions were of particular interest: (1) does your company have a preference between nuclear engineering graduates and graduates in other fields with a nuclear option? (2) what do you consider to be a minimum level of education in nuclear engineering for a nuclear option in mechanical engineering? All of the four utilities that were surveyed stated a preference for mechanical or electrical engineers with a nuclear option, although two indicated that there are certain jobs for which a nuclear engineering graduate is desired

The options for biomass in the Netherlands. Nederland is rijp voor biomassa

Energy Technology Data Exchange (ETDEWEB)

Daey Ouwens, C [Provincie Noord-Holland, Haarlem (Netherlands)

1993-02-01

The results of a few recent studies show that there is a number of likely options to use biomass in the Dutch energy supply. Gasification of organic wastes and wood and supplemental firing in coal-fired power plants by means of wood wastes appear to be the most attractive options. Taking into account the increased interest from energy utilities it is time to start a few demonstration projects in the Netherlands. 3 ills., 6 refs.

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

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

Interest in Currency Trading Learning – Preferred Methods and Motivational Factors

Directory of Open Access Journals (Sweden)

Pintar Rok

2016-02-01

Full Text Available Background and purpose: This paper analyzes the interest of potential users for learning in the field of currency trading or foreign exchange (forex, FX. The purpose of our article is a to present currency trading, b to present different options, methods and learning approaches to educating in forex, c to present the research results discovering the interest of potential users for learning in the field of currency trading.

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

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.

Study of CO2 capture processes in power plants

International Nuclear Information System (INIS)

Amann, J.M.

2007-12-01

The aim of the present study is to assess and compare various processes aiming at recover CO 2 from power plants fed with natural gas (NGCC) and pulverized coal (PC). These processes are post-combustion CO 2 capture using chemical solvents, natural gas reforming for pre-combustion capture by methanol and oxy-fuel combustion with cryogenic recovery of CO 2 . These processes were evaluated using the process software Aspen PlusTM to give some clues for choosing the best option for each type of power plant. With regard to post-combustion, an aqueous solution based on a mixture of amines (N-methyldiethanolamine (MDEA) and triethylene tetramine (TETA)) was developed. Measurements of absorption were carried out between 298 and 333 K in a Lewis cell. CO 2 partial pressure at equilibrium, characteristic of the CO 2 solubility in the solvent, was determined up to 393 K. The solvent performances were compared with respect to more conventional solvents such as MDEA and monoethanolamine (MEA). For oxy-fuel combustion, a recovery process, based on a cryogenic separation of the components of the flue gas, was developed and applied to power plants. The study showed that O 2 purity acts on the CO 2 concentration in the flue gas and thus on the performances of the recovery process. The last option is natural gas reforming with CO 2 pre-combustion capture. Several configurations were assessed: air reforming and oxygen reforming, reforming pressure and dilution of the synthesis gas. The comparison of these various concepts suggests that, in the short and medium term, chemical absorption is the most interesting process for NGCC power plants. For CP power plants, oxy-combustion can be a very interesting option, as well as post-combustion capture by chemical solvents. (author)

Career Self-Efficacy Expectations and Perceived Range of Career Options in Community College Students.

Science.gov (United States)

Rotberg, Heidi L.; And Others

1987-01-01

Explored the relation of socioeconomic status (SES), race, gender, career self-efficacy, career interests, and sex role orientation to career-choice range in female-male and non-gender-dominated careers and career self-efficacy. Career interest and career self-efficacy expectations significantly predicted range of perceived career options. Career…

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...

43 CFR 30.267 - What if I disagree with the probate decision regarding tribal purchase option?

Science.gov (United States)

2010-10-01

... decision regarding tribal purchase option? 30.267 Section 30.267 Public Lands: Interior Office of the Secretary of the Interior INDIAN PROBATE HEARINGS PROCEDURES Tribal Purchase of Interests Under Special Statutes § 30.267 What if I disagree with the probate decision regarding tribal purchase option? If you are...

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

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.

Multifractal analysis of implied volatility in index options

Science.gov (United States)

Oh, GabJin

2014-06-01

In this paper, we analyze the statistical and the non-linear properties of the log-variations in implied volatility for the CAC40, DAX and S& P500 daily index options. The price of an index option is generally represented by its implied volatility surface, including its smile and skew properties. We utilize a Lévy process model as the underlying asset to deepen our understanding of the intrinsic property of the implied volatility in the index options and estimate the implied volatility surface. We find that the options pricing models with the exponential Lévy model can reproduce the smile or sneer features of the implied volatility that are observed in real options markets. We study the variation in the implied volatility for at-the-money index call and put options, and we find that the distribution function follows a power-law distribution with an exponent of 3.5 ≤ γ ≤ 4.5. Especially, the variation in the implied volatility exhibits multifractal spectral characteristics, and the global financial crisis has influenced the complexity of the option markets.

Designing flexible engineering systems utilizing embedded architecture options

Science.gov (United States)

Pierce, Jeff G.

This dissertation develops and applies an integrated framework for embedding flexibility in an engineered system architecture. Systems are constantly faced with unpredictability in the operational environment, threats from competing systems, obsolescence of technology, and general uncertainty in future system demands. Current systems engineering and risk management practices have focused almost exclusively on mitigating or preventing the negative consequences of uncertainty. This research recognizes that high uncertainty also presents an opportunity to design systems that can flexibly respond to changing requirements and capture additional value throughout the design life. There does not exist however a formalized approach to designing appropriately flexible systems. This research develops a three stage integrated flexibility framework based on the concept of architecture options embedded in the system design. Stage One defines an eight step systems engineering process to identify candidate architecture options. This process encapsulates the operational uncertainty though scenario development, traces new functional requirements to the affected design variables, and clusters the variables most sensitive to change. The resulting clusters can generate insight into the most promising regions in the architecture to embed flexibility in the form of architecture options. Stage Two develops a quantitative option valuation technique, grounded in real options theory, which is able to value embedded architecture options that exhibit variable expiration behavior. Stage Three proposes a portfolio optimization algorithm, for both discrete and continuous options, to select the optimal subset of architecture options, subject to budget and risk constraints. Finally, the feasibility, extensibility and limitations of the framework are assessed by its application to a reconnaissance satellite system development problem. Detailed technical data, performance models, and cost estimates

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.)

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...

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)

A real options evaluation model for the diffusion prospects of new renewable power generation technologies

International Nuclear Information System (INIS)

Kumbaroglu, Guerkan; Madlener, Reinhard; Demirel, Mustafa

2008-01-01

This study presents a policy planning model that integrates learning curve information on renewable power generation technologies into a dynamic programming formulation featuring real options analysis. The model recursively evaluates a set of investment alternatives on a year-by-year basis, thereby taking into account that the flexibility to delay an irreversible investment expenditure can profoundly affect the diffusion prospects of renewable power generation technologies. Price uncertainty is introduced through stochastic processes for the average wholesale price of electricity and for input fuel prices. Demand for electricity is assumed to be increasingly price-sensitive, as the electricity market deregulation proceeds, reflecting new options of consumers to react to electricity price changes (such as time-of-use pricing, unbundled electricity services, and choice of supplier). The empirical analysis is based on data for the Turkish electricity supply industry. Apart from general implications for policy-making, it provides some interesting insights about the impact of uncertainty and technical change on the diffusion of various emerging renewable energy technologies

43 CFR 30.261 - How does a tribe exercise its statutory option to purchase?

Science.gov (United States)

2010-10-01

... tribe may purchase all or part of the available interests specified in the probate decision. A tribe may... option to purchase? 30.261 Section 30.261 Public Lands: Interior Office of the Secretary of the Interior INDIAN PROBATE HEARINGS PROCEDURES Tribal Purchase of Interests Under Special Statutes § 30.261 How does...

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.

Policy options to improve the effectiveness of the EU emissions trading system: A multi-criteria analysis

International Nuclear Information System (INIS)

Clò, Stefano; Battles, Susan; Zoppoli, Pietro

2013-01-01

This paper considers several policy options which have been proposed to improve the functioning of the ETS. These options require an intervention either on the ETS cap (−30% target, set-aside, carbon central bank, long-term target) or on the carbon price (European and national price floor). We analyse the impact of each policy on the ETS carbon price and emissions. A multi-criteria evaluation method is applied to compare the policy options against a plurality of environmental, economic and procedural criteria. We find that the final ranking depends on the goals to be achieved, i.e., the relative weights attributed to the criteria. When policymakers want mainly to support the carbon price both in the short and long-run, while improving ETS flexibility and harmonization, the CCB and the EU price floor are, respectively ranked as first and second-best options. As the preference for environmental and implementation goals gradually increases, the position of the EU price floor and CCB options tend to invert. The −30% target should be adopted when reducing emissions is the priority goal, while a national price floor is the worst option, in this case. Nevertheless, self-interested States looking for a relatively quick, feasible solution, may find it optimal. - Highlights: ► A multi-criteria analysis is adopted to compare policy options to improve the ETS effectiveness. ► An ETS cap reversible adjustment by a carbon central bank is the first-best option. ► The establishment of a EU-wide price floor would represent a second-best solution. ► A national price floor is the worst option but self-interest states may find it optimal. ► A post-2020 target is not a mutually exclusive option and should be set

Financial oil derivatives: from options to oil warrants and synthetic oilfields

International Nuclear Information System (INIS)

Trabia, Xavier

1992-01-01

This study aims to shed light on some of the most interesting financial oil derivatives issued so far in order to assess the potential of this new wave of innovative funding instruments. In Part I some theoretical background is provided and applied to the problem of the American futures option. The ''binomial'' model for valuing future option contracts is presented and the most accurate alternatives for pricing American futures options are reviewed. The role of these numerical procedures in valuing more complex options involved in oil warrants is examined. Comments are made on the behaviour of volatility, which stands as a key interface between theory and practice in oil trading on the oil futures market. Part II of the study describes in detail some of the most famous new financial oil derivatives. Some final conclusions are drawn on the potential of oil trusts and synthetic oilfields to be involved in project and general funding in the oil industry. (44 figures, 11 tables, 53 references) (UK)

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)

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.

The Pricing of Vulnerable Options in a Fractional Brownian Motion Environment

Directory of Open Access Journals (Sweden)

Chao Wang

2015-01-01

Full Text Available Under the assumption of the stock price, interest rate, and default intensity obeying the stochastic differential equation driven by fractional Brownian motion, the jump-diffusion model is established for the financial market in fractional Brownian motion setting. With the changes of measures, the traditional pricing method is simplified and the general pricing formula is obtained for the European vulnerable option with stochastic interest rate. At the same time, the explicit expression for it comes into being.

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.

Evaluating Patient Interest in an Adherence-Focused Smartphone App to Improve HIV Care

Directory of Open Access Journals (Sweden)

Joshua W Gaborcik

2017-02-01

Full Text Available Objective: Evaluate patient interest in a smartphone mobile application (app to assist in medication adherence. Methods: In January 2014, a 19-question, anonymous, paper survey was distributed to a convenience sample of patients in the reception area of a nonprofit HIV primary care clinic and pharmacy. Results: Of the 101 patients surveyed, 72.3% had a smartphone and 70.3% were interested in downloading and using an adherence app if one was available. If an app was customizable, patients desired appointment reminders (87%, notifications to schedule appointments (85%, refill notifications (83%, medication reminders (79%, and adherence tracked by pharmacy (59%. Conclusions: Results share insights on the potential use of technology to assist an HIV patient population with medication adherence. Conflict of Interest Dr. Jennifer Rodis is the creator and director of the Partner For Promotion (PFP program otherwise she has no additional conflicts of interest or financial interests that the authors or members of their immediate families have in any product or service discussed in the manuscript, including grants (pending or received, employment, gifts, stock holdings or options, honoraria, consultancies, expert testimony, patents and royalties. All other authors declare no conflicts of interest or financial interests that the authors or members of their immediate families have in any product or service discussed in the manuscript, including grants (pending or received, employment, gifts, stock holdings or options, honoraria, consultancies, expert testimony, patents and royalties   Type: Student Project

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

Incorporating externalities in the assessment of different energy options for electricity production

International Nuclear Information System (INIS)

Jacomino, Vanusa Maria Feliciano; Souza, Jair Albo Marques de; Grynberg, Suely Epsztein; Aronne, Ivan Dionysio

2002-01-01

The production of electricity considering its full chain cycle arises major local, regional and global environmental impacts. This fact and the need of several countries to establish energy plans for the next decades and also the recognition that environmental issues are playing important role in the decision-making process justify the interest in appropriate and comprehensive methodologies and tools to deal with this matter, to be applied mainly in the power sector. The main aim of the present investigation was the implementation and application of a simplified methodology based on the impact pathway (or damage function) approach which is being proposed by International Atomic Energy Agency (IAEA) for the estimation of externalities arising from the full chain cycle of different energy sources for electricity production in its Member States. The externalities arising from different options, including coal, oil, gas and nuclear, were estimated. A computer model based on the optimization of non-linear functions was used as a support tool for decision-making in the power sector. Taking into consideration the externalities from the air emissions of different options, nuclear power is the best solution even taking into consideration the effects of high consequence/low probability accidents. It should be noted that this investigation is not only being used to implement an environmental database, but also in enhancing the Brazilian capability in evaluating the different energy options for electricity production in the framework of sustainable development. (author)

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.

Error Analysis for Fourier Methods for Option Pricing

KAUST Repository

Häppölä, Juho

2016-01-06

We provide a bound for the error committed when using a Fourier method to price European options when the underlying follows an exponential Levy dynamic. The price of the option is described by a partial integro-differential equation (PIDE). Applying a Fourier transformation to the PIDE yields an ordinary differential equation that can be solved analytically in terms of the characteristic exponent of the Levy process. Then, a numerical inverse Fourier transform allows us to obtain the option price. We present a novel bound for the error and use this bound to set the parameters for the numerical method. We analyze the properties of the bound for a dissipative and pure-jump example. The bound presented is independent of the asymptotic behaviour of option prices at extreme asset prices. The error bound can be decomposed into a product of terms resulting from the dynamics and the option payoff, respectively. The analysis is supplemented by numerical examples that demonstrate results comparable to and superior to the existing literature.

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)

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

Pricing long-dated insurance contracts with stochastic interest rates and stochastic volatility

NARCIS (Netherlands)

van Haastrecht, A.; Lord, R.; Pelsser, A.; Schrager, D.

2009-01-01

We consider the pricing of long-dated insurance contracts under stochastic interest rates and stochastic volatility. In particular, we focus on the valuation of insurance options with long-term equity or foreign exchange exposures. Our modeling framework extends the stochastic volatility model of

Food Preservation Mini-Modules Offer Options for Learners and Extension Staff

Science.gov (United States)

Driessen, Suzanne

2013-01-01

Renewed interest in growing and purchasing locally grown foods quadrupled requests for food preservation classes. Economic times tightened budgets, decreasing staffing levels of Extension educators. Offering options via the Internet was a natural progression to meet the increased demand. Extension educators created 20 5-minute online video--like…

Real Options in Capital Budgeting. Pricing the Option to Delay and the Option to Abandon a Project

Directory of Open Access Journals (Sweden)

Nicoleta Vintila

2007-07-01

Full Text Available Traditional discounted cash-flows method for assessing projects assumes that investment decision is an irreversible one, which is not correct. Managers can and must reconsider their initial decision as the new information arises during the project life. This is managerial flexibility and it creates strategic value for a project, only if management takes advantage of the opportunities associated with an analyzed project. Real options represent a new approach in capital budgeting, using the theory of pricing financial options for investments in real assets. In this paper, we emphasize the characteristics and valuation methodologies of real options. The objective in the last section is pricing the option to delay and the option to abandon a project in construction materials field.

Congress and National Security: Interest, Influence and Speed

Science.gov (United States)

2010-03-01

but instead a quick response in a period of already great distrust of the executive branch in the aftermath of Vietnam and Watergate . Congress had...Option,” Foreign Policy 39 (1980): 143–153. 22 continue to dominate the debate through the Iran-Contra scandal .49 Loch Johnson concludes, “the...Princeton University Press, 2007), 48–49. 23 Lindsay cites the Iran-Contra scandal as another interesting oversight dilemma. Although the

Stata 8 Graphics: Options, sub-options and sub-sub-options

OpenAIRE

Tim Collier

2005-01-01

Stata 8 graphics have changed out of all recognition from that available in earlier versions. It was not just that a whole new array of options and sub-options were introduced, but the graph syntax itself completely changed. Just trying to produce a simple plot of x against y using Stata 7 syntax (graph x y) produced bewildering error messages e.g. xgraph_g.new y: class member function not found r(4023) and the like. If you did succeed in working out the new syntax (graph twoway scatter x y) ...

81 options. Technology for sustainable development; 81 mogelijkheden. Technologie voor duurzame ontwikkeling

Energy Technology Data Exchange (ETDEWEB)

Weterings, R.; Kuijper, J.; Smeets, E. [TNO Studiecentrum voor Technologie en Beleid TNO-STB, Apeldoorn (Netherlands); Annokee, G.J. [TNO Milieu, Energie en Procesinnovatie TNO-MEP, Apeldoorn (Netherlands); Minne, B. [Centraal Planbureau CPB, The Hague (Netherlands)

1997-03-01

An outline is given of the chances and threats of technological developments for the environment in the next 25 years. First, the most important technological supply-side developments were inventorized and assessed for their environmental relevance and in the light of three CPB-scenarios. From the results of the analysis it appears that their are many options to improve the environmental efficiency of products and processes. An important motive to develop environment-efficient technology is the price of energy. A higher price for energy will stimulate the development of energy efficient products and processes. Also the interest for dematerialization will increase while the processing of basic materials and the use of materials requires energy too. A second important motive is the demand for environment-efficient products. The market introduction of new environment-friendly products strongly depends on the quality consciousness (including the environmental quality) of the consumer. With respect to the environmental policy it can be concluded that technological innovation is important in the transfer of a decontamination-based policy to a prevention-based policy. 95 refs.

NASA's Asteroid Redirect Mission: The Boulder Capture Option

Science.gov (United States)

Abell, Paul A.; Nuth, J.; Mazanek, D.; Merrill, R.; Reeves, D.; Naasz, B.

2014-01-01

NASA is examining two options for the Asteroid Redirect Mission (ARM), which will return asteroid material to a Lunar Distant Retrograde Orbit (LDRO) using a robotic solar-electric-propulsion spacecraft, called the Asteroid Redirect Vehicle (ARV). Once the ARV places the asteroid material into the LDRO, a piloted mission will rendezvous and dock with the ARV. After docking, astronauts will conduct two extravehicular activities (EVAs) to inspect and sample the asteroid material before returning to Earth. One option involves capturing an entire small (approximately 4-10 m diameter) near-Earth asteroid (NEA) inside a large inflatable bag. However, NASA is examining another option that entails retrieving a boulder (approximately 1-5 m) via robotic manipulators from the surface of a larger (approximately 100+ m) pre-characterized NEA. This option can leverage robotic mission data to help ensure success by targeting previously (or soon to be) well-characterized NEAs. For example, the data from the Hayabusa mission has been utilized to develop detailed mission designs that assess options and risks associated with proximity and surface operations. Hayabusa's target NEA, Itokawa, has been identified as a valid target and is known to possess hundreds of appropriately sized boulders on its surface. Further robotic characterization of additional NEAs (e.g., Bennu and 1999 JU3) by NASA's OSIRIS REx and JAXA's Hayabusa 2 missions is planned to begin in 2018. The boulder option is an extremely large sample-return mission with the prospect of bringing back many tons of well-characterized asteroid material to the Earth-Moon system. The candidate boulder from the target NEA can be selected based on inputs from the world-wide science community, ensuring that the most scientifically interesting boulder be returned for subsequent sampling. This boulder option for NASA's ARM can leverage knowledge of previously characterized NEAs from prior robotic missions, which provides more

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

A decision model for E and P petroleum projects using real options and preference theory

Energy Technology Data Exchange (ETDEWEB)

Lima, Gabriel A.C. [Universidade Estadual de Campinas, SP (Brazil). Inst. de Geociencias. Lab. de Analise Geoconomica (LAGE); Suslick, Saul B. [Universidade Estadual de Campinas, SP (Brazil). Inst. de Geociencias. Centro de Estudo do Petroleo; Nepomuceno Filho, Francisco [PETROBRAS, Rio de Janeiro, RJ (Brazil)

2004-07-01

The results from Discounted Cash Flow (DCF) are limited as a tool for decision-making in the petroleum industry because they do not properly take into account three important features of the modern investments: uncertainty, irreversibility, timing and corporation's risk-aversion. Recent developments in real options and preference theories have allowed decision-makers to employ these two approaches separately in the process of valuation and decision-making of risky projects. This paper presents a model for valuation and decision-making integrating discounted cash flow, real options and reference theory. This model seems to be suitable to answer to the following questions: what is the current value of an oil project? what is the optimal working interest in this project venture?; what is criteria to select projects considering investment irreversibility, uncertainty and timing to implement decisions? This model is applied to valuation and decision-making of a project to produce oil from a deep-water reservoir and its results are compared to those of the traditional approach. NPV model suggest that, as the project value is above its investment cost, the corporation should invest immediately and take 100% working interest in the project. Contrarily, the integrated model suggest the corporation should invest as long as project current value is as large as 1.85 times investment cost and should take only 44.38% working interest, whereas partners fund and acquire the remaining 55,62% of the project. In general, results indicate that NPV tend to pay more attention on return and does not account properly for risk. Then, as the uncertainty or volatile of strategic variables increases, the two models give more divergent results. (author)

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.

Potential new regulatory options for e-cigarettes in New Zealand.

Science.gov (United States)

Wilson, Nick; Edwards, Richard; Hoek, Janet; Thomson, George; Blakely, Tony; van der Deen, Frederieke Sanne; Crane, Julian

2015-11-20

While e-cigarette usage has grown rapidly in New Zealand and around the world, the scientific evidence base regarding the net benefits and risks of these types of products at the population level remains uncertain. The health-based policy experience is also minimal. Here, we analyse plausible future regulatory options for e-cigarettes that the New Zealand Government could explore, and that further research could help clarify. These options include: (1) a full free market (an option we doubt is desirable for multiple reasons); (2) controlled increased access through: (a) pharmacy only, (b) pharmacy only plus sales by prescription/ to licensed vapers; (c) additional controls through non-profit supply/distribution (eg, public hospital pharmacies); (3) increased restrictions compared with current (eg, adopting a complete ban on self-imports and use). In addition, we consider mechanisms to improve product quality and safety, and argue that policy makers should take great care when regulating e-cigarettes, given the scientific uncertainty and the role of commercial vested interests.

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

Option Valuation with Observable Volatility and Jump Dynamics

DEFF Research Database (Denmark)

Christoffersen, Peter; Feunou, Bruno; Jeon, Yoontae

Under very general conditions, the total quadratic variation of a jump-diffusion process can be decomposed into diffusive volatility and squared jump variation. We use this result to develop a new option valuation model in which the underlying asset price exhibits volatility and jump intensity...... dynamics. The volatility and jump intensity dynamics in the model are directly driven by model-free empirical measures of diffusive volatility and jump variation. Because the empirical measures are observed in discrete intervals, our option valuation model is cast in discrete time, allowing...... for straightforward filtering and estimation of the model. Our model belongs to the affine class enabling us to derive the conditional characteristic function so that option values can be computed rapidly without simulation. When estimated on S&P500 index options and returns the new model performs well compared...

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...

ACCOUNTING FOR OPTIONS AND ANALYSIS OF USE OF OPTION COMBINATION STRATEGIES

Directory of Open Access Journals (Sweden)

I. Derun

2016-08-01

Full Text Available The article deals with problems of accounting for options in Ukraine, namely: value expression of initial cost of options, their revaluation, accounting of premiums, financial assets and financial liabilities and variation margin. The paper offers ways of solution of these problems which based on harmonization with IAS 32, IAS 39, IFRS 7 and IFRS 9. The study considers option combination strategies (straddle, strangle, strap, strip and approaches of identification of possible financial results for investors which use these strategies. Examples of possible financial results are provided for buyers and sellers of options which use option combination strategies.

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…

Oscillatory Reduction in Option Pricing Formula Using Shifted Poisson and Linear Approximation

Directory of Open Access Journals (Sweden)

Rachmawati Ro’fah Nur

2014-03-01

Full Text Available Option is one of derivative instruments that can help investors improve their expected return and minimize the risks. However, the Black-Scholes formula is generally used in determining the price of the option does not involve skewness factor and it is difficult to apply in computing process because it produces oscillation for the skewness values close to zero. In this paper, we construct option pricing formula that involve skewness by modified Black-Scholes formula using Shifted Poisson model and transformed it into the form of a Linear Approximation in the complete market to reduce the oscillation. The results are Linear Approximation formula can predict the price of an option with very accurate and successfully reduce the oscillations in the calculation processes.

Completion of Population of and Quality Assurance on the Nuclear Fuel Cycle Options Catalog.

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); Walkow, Walter M. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Schetnan, Richard Reed [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Arnold, Matthew Brian [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

2015-12-01

An Evaluation and Screening team supporting the Fuel Cycle Technologies Program Office of the United States Department of Energy, Office of Nuclear Energy is conducting an evaluation and screening of a comprehensive set of fuel cycle options. These options have been assigned to one of 40 evaluation groups, each of which has a representative fuel cycle option [Todosow 2013]. A Fuel Cycle Data Package System Datasheet has been prepared for each representative fuel cycle option to ensure that the technical information used in the evaluation is high-quality and traceable [Kim, et al., 2013]. The information contained in the Fuel Cycle Data Packages has been entered into the Nuclear Fuel Cycle Options Catalog at Sandia National Laboratories so that it is accessible by the evaluation and screening team and other interested parties. In addition, an independent team at Savannah River National Laboratory has verified that the information has been entered into the catalog correctly. This report documents that the 40 representative fuel cycle options have been entered into the Catalog, and that the data entered into the catalog for the 40 representative options has been entered correctly.

Analysis on one type of swing option in the energy market

International Nuclear Information System (INIS)

Mistry, Hetal A.

2005-01-01

In the Nordic electricity market most of the trading takes place in derivates and options. To describe these products theoretically one needs to have knowledge from stochastic analysis. This thesis will derive a price model for one type of swing option in energy market. The main aim of writing this thesis is to introduce coal power plant and how to approach the problem if such power plant is built in Norway. This thesis uses the approach where I start out with a model for the spot price of electricity and coal, and then derive theoretical option prices. I use a Schwartz process for model and Ornstein Uhlenbeck processes to model the spot prices for electricity and coal. This model also incorporates mean-reversion, which is an important aspect of energy prices. Historical data for the spot prices is used to estimate my variables in the Schwartz model. The main objectives of this thesis were to find the price for a tolling contract in energy market and production volume that is producers control function. The first chapters gives an over view about the agreement and the formula used to derive the price. The second chapter provided me with the material I needed to derive these price and production volume such as dynamics for the spot prices for electricity and coal and their solution. Third chapter gives a statistical look on these stochastic processes. In the last chapter I tested the price model for stochastic control problem and found that the swing option can be bound in two ways: 1. Swing option limited as Margrabes solution. 2. Swing option limited as spread option. The use of the model is discussed. (Author)

Researching the value system of interest groups as the starting point for directing urbanisation of the countryside

Directory of Open Access Journals (Sweden)

Mojca Golobič

2001-01-01

Full Text Available When planning rehabilitation of transitory, rural space, where processes of restructuring agriculture intertwine with urban processes, key definitions concern places where restructuring agriculture and changes in land use are causing degradation and places where further urbanisation or re-naturation are the better option. In these definitions it is necessary to follow opinions and goals of users that are nevertheless difficult to obtain in a mode that can be directly integrated in standardised rational procedures of physical planning. The presented procedure facilitates the procurement of such knowledge and its transparent integration in local development plans. Thus we can identify interest groups, their viewpoints, and potential conflicts in initial value systems and check their conflicting or harmonising starting points in space.

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

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.

Economics of Alaska North Slope gas utilization options

International Nuclear Information System (INIS)

Thomas, C.P.; Doughty, T.C.; Hackworth, J.H.; North, W.B.; Robertson, E.P.

1996-08-01

The recoverable natural gas available for sale in the developed and known undeveloped fields on the Alaskan North Slope (ANS) total about 26 trillion cubic feet (TCF), including 22 TCF in the Prudhoe Bay Unit (PBU) and 3 TCF in the undeveloped Point Thomson Unit (PTU). No significant commercial use has been made of this large natural gas resource because there are no facilities in place to transport this gas to current markets. To date the economics have not been favorable to support development of a gas transportation system. However, with the declining trend in ANS oil production, interest in development of this huge gas resource is rising, making it important for the U.S. Department of Energy, industry, and the State of Alaska to evaluate and assess the options for development of this vast gas resource. The purpose of this study was to assess whether gas-to-liquids (GTL) conversion technology would be an economic alternative for the development and sale of the large, remote, and currently unmarketable ANS natural gas resource, and to compare the long term economic impact of a GTL conversion option to that of the more frequently discussed natural gas pipeline/liquefied natural gas (LNG) option. The major components of the study are: an assessment of the ANS oil and gas resources; an analysis of conversion and transportation options; a review of natural gas, LNG, and selected oil product markets; and an economic analysis of the LNG and GTL gas sales options based on publicly available input needed for assumptions of the economic variables. Uncertainties in assumptions are evaluated by determining the sensitivity of project economics to changes in baseline economic variables

Real options and volume uncertainty by field development projects

International Nuclear Information System (INIS)

Ekern, S.; Stensland, G.

1993-12-01

The report concerns a study on the use of option methodology in field development projects. The report shows how the value of flexibility in the different decision processes is to be found by means of real option methodology. Particular attention is laid on the uncertainty concerning the volume of reserves and production capacity. The results from the study were based on the research project dubbed ''Use of real options in field development projects''. The project is partially connected to another project dubbed ''Decisive behaviour and alternative action under uncertainty in the petroleum sector''. Main topics cover as follow: Example with volume uncertainty; real options and volume uncertainty; gradual disclosure of uncertainty in the production; value of flexible production equipment. 33 refs., 19 figs., 17 tabs

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 ...

5 CFR 870.705 - Amount and election of Option B and Option C.

Science.gov (United States)

2010-01-01

... 5 Administrative Personnel 2 2010-01-01 2010-01-01 false Amount and election of Option B and Option C. 870.705 Section 870.705 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT (CONTINUED... Compensationers § 870.705 Amount and election of Option B and Option C. (a) The number of multiples of Option B...

Stocks, bonds, options, futures, and portfolio insurance: a rose by any other name

OpenAIRE

Peter Fortune

1995-01-01

Trading volume and open interest in options and futures contracts on stock indices, equities, and interest rate instruments traded on world exchanges have experienced remarkable growth. However, this growth has been accompanied by controversy about the proper role of financial derivatives and the potential for abuse. Prominent attention has been given to losses by major corporations, broker-related short-term mutual funds, and municipal agencies.> The public debate about "derivatives" has pro...

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

A Proposed Solution for the Chicken-Egg Dilemma in Pricing Currency Options

Directory of Open Access Journals (Sweden)

Ariful Hoque

2013-06-01

Full Text Available The implied volatility (IV estimation process suffers from an obvious chicken-egg dilemma: obtaining an unbiased IV requires the options to be priced correctly and calculating an accurate option price (OP requires an unbiased IV. We address this critical issue in two steps. First, the Granger causality test is employed, whichconfirms the chicken-and-egg problem in the IV computing process. Secondly, the concept of “moneyness volatility (MV” is introduced as an alternative to IV. MV is modelled based on an option’s moneyness (OM during the life of the option’s contract. The F-test, Granger-Newbold test and Diebold-Mariano test results consistently show that MV outperforms IV in estimating the exchange rate volatility for pricing options. Further, these series of tests across six major currency options substantiate the validity as well as the reliability of the results. We posit that MV offers a unique solution for pricing currency options accurately.

Assessment of environmental impact of nuclear and other options for electricity generation in Croatia

International Nuclear Information System (INIS)

Feretic, D.; Tomsic, Z.; Kovacevic, T.

1996-01-01

Possible scenarios of future electricity production and supply, especially their environmental impact and social acceptability, have recently been put in the focus of overall interest. This paper analyzes the air impact and costs of possible developing options, varying the fuel types for future power plants. Nuclear option has also been taken in consideration. Two categories of costs have been introduced: internal cost (investment, O and M and fuel cost) and external cost (monetary equivalent of the environmental damage caused by plant operation). (author)

A systematic synthesis and design methodology to achieve process intensification in (bio) chemical processes

DEFF Research Database (Denmark)

Lutze, Philip; Román-Martinez, Alicia; Woodley, John

2010-01-01

Process intensification (PI) has the potential to improve existing processes or create new process options which are needed in order to produce products using more sustainable methods. PI creates an enormous number of process options. In order to manage the complexity of options in which a feasib...

Engineered Option Treatment of Remediated Nitrate Salts: Surrogate Batch-Blending Testing

Energy Technology Data Exchange (ETDEWEB)

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

2016-03-11

This report provides results from batch-blending test work for remediated nitrate salt (RNS) treatment. Batch blending was identified as a preferred option for blending RNS and unremediated nitrate salt (UNS) material with zeolite to effectively safe the salt/Swheat material identified as ignitable (U.S. Environmental Protection Agency code D001). Blending with zeolite was the preferred remediation option identified in the Options Assessment Report and was originally proposed as the best option for remediation by Clark and Funk in their report, Chemical Reactivity and Recommended Remediation Strategy for Los Alamos Remediated Nitrate Salt (RNS) Wastes, and also found to be a preferred option in the Engineering Options Assessment Report: Nitrate Salt Waste Stream Processing. This test work evaluated equipment and recipe alternatives to achieve effective blending of surrogate waste with zeolite.

Low tide in the Gulf for gas: Will it leave joint interest plants dry?

International Nuclear Information System (INIS)

Hirschmann, M.B.

1993-01-01

The gas plant business in the Louisiana Gulf Coast region will be increasingly competitive over the next few years and major adjustments will be required to reflect the ever changing natural gas world. Drilling in the Gulf of Mexico (GOM) is at an all time low. It is being inherited by independent producers as the majors move overseas. Purchase and sale of natural gas is increasingly dynamic with continued deregulation and competition. In contrast, many Gulf Coast joint interest plants are controlled by majors, primarily for processing their own gas. Plant business is conducted under contracts developed 20-30 years ago and change is difficult. The near future holds several key challenges for these plants: (1) Plants will need to adjust to the new customers they serve. Independent producers have become increasingly sophisticated on gas processing issues as processing margins have become very significant. These producers want to share in processing profits, but don't want direct involvement in this specialized business. (2) Plants will need to develop the flexible systems required to respond quickly to a dynamic environment. The pipeline infrastructure in the Gulf has continued to develop, and with deregulation has provided multiple market options for producers. (3) Volumes of gas to process will decline. With the current rig count, Gulf reserves aren't being replaced and excess processing capacity will continue to grow. While there will be competition for volumes, the authors feel processing margins will remain strong. Facing these challenges head on will result in continued opportunities for these grand old joint interest (JI) plants. Like oil refineries these facilities could live profitably for many years to come

A Real Options Approach to Nuclear Waste Disposal in Sweden

International Nuclear Information System (INIS)

Soederkvist, Jonas; Joensson, Kristian

2004-04-01

This report is concerned with an investigation of how the real options approach can be useful for managerial decisions regarding the phase-out of nuclear power generation in Sweden. The problem of interest is the optimal time-schedule for phase-out activities, where the optimal time-schedule is defined in purely economical terms. The approach taken is actual construction and application of three real options models, which capture different aspects of managerial decisions. The first model concerns when investments in deep disposal facilities should optimally be made. Although the model is a rough simplification of reality, the result is clear. It is economically advantageous to postpone deep disposal forever. The second model focuses on how the uncertainty of future costs relates to managerial investment decisions. Construction of this model required some creativity, as the nuclear phase-out turns out to be quite a special project. The result from the second model is that there can be a value associated with deferral of investments due to the uncertainty of future costs, but the result is less clear-cut compared to the first model. In the third model, we extend an approach suggested by Louberge, Villeneuve and Chesney. The risk of a nuclear accident is introduced through this model and we develop its application to investigate the Swedish phase-out in particular, which implies that waste continuously disposed. In the third model, focus is shifted from investment timing to implementation timing. The results from the third model are merely qualitative, as it is considered beyond the scope of this work to quantitatively determine all relevant inputs. It is concluded that the phase-out of nuclear power generation in Sweden is not just another area of application for standard real options techniques. A main reason is that although there are a lot of uncertain issues regarding the phase-out, those uncertainties do not leave a lot of room for managerial flexibility if

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

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...

The option to expand a project: its assessment with the binomial options pricing model

Directory of Open Access Journals (Sweden)

Salvador Cruz Rambaud

Full Text Available Traditional methods of investment appraisal, like the Net Present Value, are not able to include the value of the operational flexibility of the project. In this paper, real options, and more specifically the option to expand, are assumed to be included in the project information in addition to the expected cash flows. Thus, to calculate the total value of the project, we are going to apply the methodology of the Net Present Value to the different scenarios derived from the existence of the real option to expand. Taking into account the analogy between real and financial options, the value of including an option to expand is explored by using the binomial options pricing model. In this way, estimating the value of the option to expand is a tool which facilitates the control of the uncertainty element implicit in the project. Keywords: Real options, Option to expand, Binomial options pricing model, Investment project appraisal

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...

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...

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...

The Perpetual American Put Option for Jump-Diffusions

OpenAIRE

Aase, Knut K.

2010-01-01

-This is the author's version of the article"The Perpetual American Put Option for Jump-Diffusions" Energy Systems pp 493-507. We solve a specific optimal stopping problem with an infinite time horizon, when the state variable follows a jump-diffusion. The novelty of the paper is related to the inclusion of a jump component in this stochastic process. Under certain conditions, our solution can be interpreted as the price of an American perpetual put option. We characterize the continuation...

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

Valuation of marginal CO2 abatement options for electric power plants in Korea

International Nuclear Information System (INIS)

Park, Hojeong; Lim, Jaekyu

2009-01-01

The electricity generation sector in Korea is under pressure to mitigate greenhouse gases as directed by the Kyoto Protocol. The principal compliance options for power companies under the cap-and-trade include the application of direct CO 2 emission abatement and the procurement of emission allowances. The objective of this paper is to provide an analytical framework for assessing the cost-effectiveness of these options. We attempt to derive the marginal abatement cost for CO 2 using the output distance function and analyze the relative advantages of emission allowance procurement option as compared to direct abatement option. Real-option approach is adopted to incorporate emission allowance price uncertainty. Empirical result shows the marginal abatement cost with an average of Euro 14.04/ton CO 2 for fossil-fueled power plants and confirms the existence of substantial cost heterogeneity among plants which is sufficient to achieve trading gains in allowance market. The comparison of two options enables us to identify the optimal position of the compliance for each plant. Sensitivity analyses are also presented with regard to several key parameters including the initial allowance prices and interest rate. The result of this paper may help Korean power plants to prepare for upcoming regulations targeted toward the reduction of domestic greenhouse gases.

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....

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.

Continuous downstream processing for high value biological products: A Review.

Science.gov (United States)

Zydney, Andrew L

2016-03-01

There is growing interest in the possibility of developing truly continuous processes for the large-scale production of high value biological products. Continuous processing has the potential to provide significant reductions in cost and facility size while improving product quality and facilitating the design of flexible multi-product manufacturing facilities. This paper reviews the current state-of-the-art in separations technology suitable for continuous downstream bioprocessing, focusing on unit operations that would be most appropriate for the production of secreted proteins like monoclonal antibodies. This includes cell separation/recycle from the perfusion bioreactor, initial product recovery (capture), product purification (polishing), and formulation. Of particular importance are the available options, and alternatives, for continuous chromatographic separations. Although there are still significant challenges in developing integrated continuous bioprocesses, recent technological advances have provided process developers with a number of attractive options for development of truly continuous bioprocessing operations. © 2015 Wiley Periodicals, Inc.

Dynamic Jump Intensities and Risk Premiums in Crude Oil Futures and Options Markets

DEFF Research Database (Denmark)

Christoffersen, Peter; Jacobs, Kris; Li, Bingxin

2016-01-01

Options on crude oil futures are the most actively traded commodity options. We develop a class of computationally efficient discrete-time jump models that allow for closed-form option valuation, and we use crude oil futures and options data to investigate the economic importance of jumps...... and dynamic jump intensities in these markets. Allowing for jumps is crucial for modeling crude oil futures and futures options, and we find evidence in favor of time-varying jump intensities. During crisis periods, jumps occur more frequently. The properties of the jump processes implied by the option data...... differ from those implied by the futures data, which may be due to improved parameter identification....

30 CFR 90.3 - Part 90 option; notice of eligibility; exercise of option.

Science.gov (United States)

2010-07-01

... 30 Mineral Resources 1 2010-07-01 2010-07-01 false Part 90 option; notice of eligibility; exercise of option. 90.3 Section 90.3 Mineral Resources MINE SAFETY AND HEALTH ADMINISTRATION, DEPARTMENT OF... DEVELOPMENT OF PNEUMOCONIOSIS General § 90.3 Part 90 option; notice of eligibility; exercise of option. (a...

Vertical Load Distribution for Cloud Computing via Multiple Implementation Options

Science.gov (United States)

Phan, Thomas; Li, Wen-Syan

Cloud computing looks to deliver software as a provisioned service to end users, but the underlying infrastructure must be sufficiently scalable and robust. In our work, we focus on large-scale enterprise cloud systems and examine how enterprises may use a service-oriented architecture (SOA) to provide a streamlined interface to their business processes. To scale up the business processes, each SOA tier usually deploys multiple servers for load distribution and fault tolerance, a scenario which we term horizontal load distribution. One limitation of this approach is that load cannot be distributed further when all servers in the same tier are loaded. In complex multi-tiered SOA systems, a single business process may actually be implemented by multiple different computation pathways among the tiers, each with different components, in order to provide resilience and scalability. Such multiple implementation options gives opportunities for vertical load distribution across tiers. In this chapter, we look at a novel request routing framework for SOA-based enterprise computing with multiple implementation options that takes into account the options of both horizontal and vertical load distribution.

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.

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

Choosing the nuclear power option: Factors to be considered

International Nuclear Information System (INIS)

Gueorguiev, B.; Mahadeva Rao, K.V.

2000-01-01

To plan and develop a nuclear power program, policies must be formulated and decided at different stages and at different levels by the government and its organizations, by the utility and by other organizations in industry and research and education, each within its sphere of interest and influence. The purpose of this paper is to highlight areas where policy decisions are needed, the options available, what they mean and the contexts in which they should be considered. (author)

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

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 ...

Options for treating high-temperature gas-cooled reactor fuel for repository disposal

Energy Technology Data Exchange (ETDEWEB)

Lotts, A.L.; Bond, W.D.; Forsberg, C.W.; Glass, R.W.; Harrington, F.E.; Micheals, G.E.; Notz, K.J.; Wymer, R.G.

1992-02-01

This report describes the options that can reasonably be considered for disposal of high-temperature gas-cooled reactor (HTGR) fuel in a repository. The options include whole-block disposal, disposal with removal of graphite (either mechanically or by burning), and reprocessing of spent fuel to separate the fuel and fission products. The report summarizes what is known about the options without extensively projecting or analyzing actual performance of waste forms in a repository. The report also summarizes the processes involved in convert spent HTGR fuel into the various waste forms and projects relative schedules and costs for deployment of the various options. Fort St. Vrain Reactor fuel, which utilizes highly-enriched {sup 235}U (plus thorium) and is contained in a prismatic graphite block geometry, was used as the baseline for evaluation, but the major conclusions would not be significantly different for low- or medium-enriched {sup 235}U (without thorium) or for the German pebble-bed fuel. Future US HTGRs will be based on the Fort St. Vrain (FSV) fuel form. The whole block appears to be a satisfactory waste form for disposal in a repository and may perform better than light-water reactor (LWR) spent fuel. From the standpoint of process cost and schedule (not considering repository cost or value of fuel that might be recycled), the options are ranked as follows in order of increased cost and longer schedule to perform the option: (1) whole block, (2a) physical separation, (2b) chemical separation, and (3) complete chemical processing.

Options for treating high-temperature gas-cooled reactor fuel for repository disposal

International Nuclear Information System (INIS)

Lotts, A.L.; Bond, W.D.; Forsberg, C.W.; Glass, R.W.; Harrington, F.E.; Micheals, G.E.; Notz, K.J.; Wymer, R.G.

1992-02-01

This report describes the options that can reasonably be considered for disposal of high-temperature gas-cooled reactor (HTGR) fuel in a repository. The options include whole-block disposal, disposal with removal of graphite (either mechanically or by burning), and reprocessing of spent fuel to separate the fuel and fission products. The report summarizes what is known about the options without extensively projecting or analyzing actual performance of waste forms in a repository. The report also summarizes the processes involved in convert spent HTGR fuel into the various waste forms and projects relative schedules and costs for deployment of the various options. Fort St. Vrain Reactor fuel, which utilizes highly-enriched 235 U (plus thorium) and is contained in a prismatic graphite block geometry, was used as the baseline for evaluation, but the major conclusions would not be significantly different for low- or medium-enriched 235 U (without thorium) or for the German pebble-bed fuel. Future US HTGRs will be based on the Fort St. Vrain (FSV) fuel form. The whole block appears to be a satisfactory waste form for disposal in a repository and may perform better than light-water reactor (LWR) spent fuel. From the standpoint of process cost and schedule (not considering repository cost or value of fuel that might be recycled), the options are ranked as follows in order of increased cost and longer schedule to perform the option: (1) whole block, (2a) physical separation, (2b) chemical separation, and (3) complete chemical processing

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.

Technological options for management of hazardous wastes from US Department of Energy facilities

Energy Technology Data Exchange (ETDEWEB)

Chiu, S.; Newsom, D.; Barisas, S.; Humphrey, J.; Fradkin, L.; Surles, T.

1982-08-01

This report provides comprehensive information on the technological options for management of hazardous wastes generated at facilities owned or operated by the US Department of Energy (DOE). These facilities annually generate a large quantity of wastes that could be deemed hazardous under the Resource Conservation and Recovery Act (RCRA). Included in these wastes are liquids or solids containing polychlorinated biphenyls, pesticides, heavy metals, waste oils, spent solvents, acids, bases, carcinogens, and numerous other pollutants. Some of these wastes consist of nonnuclear hazardous chemicals; others are mixed wastes containing radioactive materials and hazardous chemicals. Nearly 20 unit processes and disposal methods are presented in this report. They were selected on the basis of their proven utility in waste management and potential applicability at DOE sites. These technological options fall into five categories: physical processes, chemical processes, waste exchange, fixation, and ultimate disposal. The options can be employed for either resource recovery, waste detoxification, volume reduction, or perpetual storage. Detailed descriptions of each technological option are presented, including information on process performance, cost, energy and environmental considerations, waste management of applications, and potential applications at DOE sites. 131 references, 25 figures, 23 tables.

Technological options for management of hazardous wastes from US Department of Energy facilities

International Nuclear Information System (INIS)

Chiu, S.; Newsom, D.; Barisas, S.; Humphrey, J.; Fradkin, L.; Surles, T.

1982-08-01

This report provides comprehensive information on the technological options for management of hazardous wastes generated at facilities owned or operated by the US Department of Energy (DOE). These facilities annually generate a large quantity of wastes that could be deemed hazardous under the Resource Conservation and Recovery Act (RCRA). Included in these wastes are liquids or solids containing polychlorinated biphenyls, pesticides, heavy metals, waste oils, spent solvents, acids, bases, carcinogens, and numerous other pollutants. Some of these wastes consist of nonnuclear hazardous chemicals; others are mixed wastes containing radioactive materials and hazardous chemicals. Nearly 20 unit processes and disposal methods are presented in this report. They were selected on the basis of their proven utility in waste management and potential applicability at DOE sites. These technological options fall into five categories: physical processes, chemical processes, waste exchange, fixation, and ultimate disposal. The options can be employed for either resource recovery, waste detoxification, volume reduction, or perpetual storage. Detailed descriptions of each technological option are presented, including information on process performance, cost, energy and environmental considerations, waste management of applications, and potential applications at DOE sites. 131 references, 25 figures, 23 tables

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.

Assessment of Used Nuclear Fuel Inventory Relative to Disposition Options

International Nuclear Information System (INIS)

Wagner, John C.; Peterson, Joshua L.; Mueller, Don; Gehin, Jess C.; Worrall, Andrew; Taiwo, Temitope; Nutt, Mark; Williamson, Mark A.; Todosow, Mike; Wigeland, Roald; Halsey, William; Omberg, Ronald; Swift, Peter; Carter, Joe

2013-01-01

This paper presents a technical assessment of the current inventory [∼70,150 metric tons of heavy metal (MTHM) as of 2011] of U.S.-discharged used nuclear fuel (UNF) to support decisions regarding fuel cycle strategies and research, development and demonstration (RD and D) needs. The assessment considered discharged UNF from commercial nuclear electricity generation and defense and research programs and determined that the current UNF inventory can be divided into the following three categories: 1. Disposal - excess material that is not needed for other purposes; 2. Research - material needed for RD and D purposes to support waste management (e.g., UNF storage, transportation, and disposal) and development of alternative fuel cycles (e.g., separations and advanced fuels/reactors); and 3. Recycle/Recovery - material with inherent and/or strategic value. A set of key assumptions and attributes relative to the disposition options was used to categorize the current UNF inventory. Based on consideration of RD and D needs, time frames and material needs for deployment of alternative fuel cycles, characteristics of the current UNF inventory, and possible uses to support national security interests, it was determined that the vast majority of the category, without the need for retrieval for reuse or research purposes. Access to the material in the Research and Recycle/Recovery categories should be retained to support RD and D needs and national security interests. This assessment does not assume any decision about future fuel cycle options or preclude any potential options, including those with potential recycling of commercial UNF, since the ∼2,000 MTHM that is generated annually could provide the feedstock needed for deployment of alternative fuel cycles.

Option Valuation with Observable Volatility and Jump Dynamics

DEFF Research Database (Denmark)

Christoffersen, Peter; Feunoua, Bruno; Jeon, Yoontae

Under very general conditions, the total quadratic variation of a jump-diffusion process can be decomposed into diffusive volatility and squared jump variation. We use this result to develop a new option valuation model in which the underlying asset price exhibits volatility and jump intensity...... dynamics. The volatility and jump intensity dynamics in the model are directly driven by model-free empirical measures of diffusive volatility and jump variation. Because the empirical measures are observed in discrete intervals, our option valuation model is cast in discrete time, allowing...

Option Valuation with Observable Volatility and Jump Dynamics

DEFF Research Database (Denmark)

Christoffersen, Peter; Feunoua, Bruno; Jeon, Yoontae

2015-01-01

Under very general conditions, the total quadratic variation of a jump-diffusion process can be decomposed into diffusive volatility and squared jump variation. We use this result to develop a new option valuation model in which the underlying asset price exhibits volatility and jump intensity...... dynamics. The volatility and jump intensity dynamics in the model are directly driven by model-free empirical measures of diffusive volatility and jump variation. Because the empirical measures are observed in discrete intervals, our option valuation model is cast in discrete time, allowing...

Scope Complexity Options Risks Excursions (SCORE) Version 3.0 Mathematical Description.

Energy Technology Data Exchange (ETDEWEB)

Gearhart, Jared Lee [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Samberson, Jonell Nicole [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Shettigar, Subhasini [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Jungels, John [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Welch, Kimberly M. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Jones, Dean A. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

2017-03-01

The purpose of the Scope, Complexity, Options, Risks, Excursions (SCORE) model is to estimate the relative complexity of design variants of future warhead options. The results of this model allow those considering these options to understand the complexity tradeoffs between proposed warhead options. The core idea of SCORE is to divide a warhead option into a well- defined set of scope elements and then estimate the complexity of each scope element against a well understood reference system. The uncertainty associated with estimates can also be captured. A weighted summation of the relative complexity of each scope element is used to determine the total complexity of the proposed warhead option or portions of the warhead option (i.e., a National Work Breakdown Structure code). The SCORE analysis process is a growing multi-organizational Nuclear Security Enterprise (NSE) effort, under the management of the NA- 12 led Enterprise Modeling and Analysis Consortium (EMAC), that has provided the data elicitation, integration and computation needed to support the out-year Life Extension Program (LEP) cost estimates included in the Stockpile Stewardship Management Plan (SSMP).

Using real options analysis to support strategic management decisions

Science.gov (United States)

Kabaivanov, Stanimir; Markovska, Veneta; Milev, Mariyan

2013-12-01

Decision making is a complex process that requires taking into consideration multiple heterogeneous sources of uncertainty. Standard valuation and financial analysis techniques often fail to properly account for all these sources of risk as well as for all sources of additional flexibility. In this paper we explore applications of a modified binomial tree method for real options analysis (ROA) in an effort to improve decision making process. Usual cases of use of real options are analyzed with elaborate study on the applications and advantages that company management can derive from their application. A numeric results based on extending simple binomial tree approach for multiple sources of uncertainty are provided to demonstrate the improvement effects on management decisions.

Surgical options for lumbosacral fusion: biomechanical stability, advantage, disadvantage and affecting factors in selecting options.

Science.gov (United States)

Yoshihara, Hiroyuki

2014-07-01

Numerous surgical procedures and instrumentation techniques for lumbosacral fusion (LSF) have been developed. This is probably because of its high mechanical demand and unique anatomy. Surgical options include anterior column support (ACS) and posterior stabilization procedures. Biomechanical studies have been performed to verify the stability of those options. The options have their own advantage but also disadvantage aspects. This review article reports the surgical options for lumbosacral fusion, their biomechanical stability, advantages/disadvantages, and affecting factors in option selection. Review of literature. LSF has lots of options both for ACS and posterior stabilization procedures. Combination of posterior stabilization procedures is an option. Furthermore, combinations of ACS and posterior stabilization procedures are other options. It is difficult to make a recommendation or treatment algorithm of LSF from the current literature. However, it is important to know all aspects of the options and decision-making of surgical options for LSF needs to be tailored for each patient, considering factors such as biomechanical stress and osteoporosis.

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.

An analysis of international nuclear fuel supply options

Science.gov (United States)

Taylor, J'tia Patrice

As the global demand for energy grows, many nations are considering developing or increasing nuclear capacity as a viable, long-term power source. To assess the possible expansion of nuclear power and the intricate relationships---which cover the range of economics, security, and material supply and demand---between established and aspirant nuclear generating entities requires models and system analysis tools that integrate all aspects of the nuclear enterprise. Computational tools and methods now exist across diverse research areas, such as operations research and nuclear engineering, to develop such a tool. This dissertation aims to develop methodologies and employ and expand on existing sources to develop a multipurpose tool to analyze international nuclear fuel supply options. The dissertation is comprised of two distinct components: the development of the Material, Economics, and Proliferation Assessment Tool (MEPAT), and analysis of fuel cycle scenarios using the tool. Development of MEPAT is aimed for unrestricted distribution and therefore uses publicly available and open-source codes in its development when possible. MEPAT is built using the Powersim Studio platform that is widely used in systems analysis. MEPAT development is divided into three modules focusing on: material movement; nonproliferation; and economics. The material movement module tracks material quantity in each process of the fuel cycle and in each nuclear program with respect to ownership, location and composition. The material movement module builds on techniques employed by fuel cycle models such as the Verifiable Fuel Cycle Simulation (VISION) code developed at the Idaho National Laboratory under the Advanced Fuel Cycle Initiative (AFCI) for the analysis of domestic fuel cycle. Material movement parameters such as lending and reactor preference, as well as fuel cycle parameters such as process times and material factors are user-specified through a Microsoft Excel(c) data spreadsheet

Contextual effects and psychological features influencing decoy options: A review and research agenda

Directory of Open Access Journals (Sweden)

David Gonzalez-Prieto

2013-01-01

Full Text Available Purpose: The purpose of this paper is to develop future research proposals aiming to contribute the extant theory which explains decoy effects.Design/methodology/approach: Firstly, a review of the existing literature about decoy options and its interactions with contextual effects that could affect their performance is presented. Next, two research proposals are presented: the introduction of a double decoy choice set and the evaluation of decoy effect under different levels of cognitive effort in a purchasing process.Findings and Originality/value: For the research proposal concerning double decoy choice sets, different hypothesis are introduced based on the different theories aiming to explain the effect of simple decoy choice sets. This hypothesis predict different outcomes for the same experimental design, fact that could provide further support for at least one of the current explanations for decoy effects. Regarding the effect of decoy options under different levels of cognitive effort, implications for experimental design for sequential purchasing process are expected. Especially for those designed with complex options, with many steps or high number of options.Originality/value: Two new research proposal approaches are presented in order enhance the current theory. Moreover, both have managerial implications concerning the real usage of decoy options in reduced choice sets as well as in sequential purchasing processes.

Nonreconstruction Options for Treating Medial Ulnar Collateral Ligament Injuries of the Elbow in Overhead Athletes.

Science.gov (United States)

Clark, Nicholas J; Desai, Vishal S; Dines, Joshua D; Morrey, Mark E; Camp, Christopher L

2018-03-01

This review aims to describe the nonreconstructive options for treating ulnar collateral ligament (UCL) injuries ranging from nonoperative measures, including physical therapy and biologic injections, to ligament repair with and without augmentation. Nonoperative options for UCL injuries include guided physical therapy and biologic augmentation with platelet-rich plasma (PRP). In some patients, repair of the UCL has shown promising return to sport rates by using modern suture and suture anchor techniques. Proximal avulsion injuries have shown the best results after repair. Currently, there is growing interest in augmentation of UCL repair with an internal brace. The treatment of UCL injuries involves complex decision making. UCL reconstruction remains the gold standard for attritional injuries and complete tears, which occur commonly in professional athletes. However, nonreconstructive options have shown promising results for simple avulsion or partial thickness UCL injuries. Future research comparing reconstructive versus nonreconstructive options is necessary.

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

Dynamique jointe stock/option et application aux stratégies de trading sur options

OpenAIRE

El Aoud , Sofiene

2015-01-01

This thesis explores theoretically and empirically the implications of the stock/option joint dynamics on applications related to option trading. In the first part of the thesis, we look into the relations between stock options and index options under the risk-neutral measure. The Capital Asset Pricing Model offers an adequate mathematical framework for this study as it provides a modeling approach for the joint dynamics between the stock and the index. As we compute option prices according t...

Option managing for radioactive metallic waste from the decommissioning of Kori Unit 1

Energy Technology Data Exchange (ETDEWEB)

Kessel, David S.; Kim, Chagn Lak [KEPCO International Nuclear Graduate School (KINGS), Ulsan (Korea, Republic of)

2017-06-15

The purpose of this paper is to evaluate several leading options for the management of radioactive metallic waste against a set of general criteria including safety, cost effectiveness, radiological dose to workers and volume reduction. Several options for managing metallic waste generated from decommissioning are evaluated in this paper. These options include free release, controlled reuse, and direct disposal of radioactive metallic waste. Each of these options may involve treatment of the metal waste for volume reduction by physical cutting or melting. A multi-criteria decision analysis was performed using the Analytic Hierarchy Process (AHP) to rank the options. Melting radioactive metallic waste to produce metal ingots with controlled reuse or free release is found to be the most effective option.

Assessing the Option to Abandon an Investment Project by the Binomial Options Pricing Model

Directory of Open Access Journals (Sweden)

Salvador Cruz Rambaud

2016-01-01

Full Text Available Usually, traditional methods for investment project appraisal such as the net present value (hereinafter NPV do not incorporate in their values the operational flexibility offered by including a real option included in the project. In this paper, real options, and more specifically the option to abandon, are analysed as a complement to cash flow sequence which quantifies the project. In this way, by considering the existing analogy with financial options, a mathematical expression is derived by using the binomial options pricing model. This methodology provides the value of the option to abandon the project within one, two, and in general n periods. Therefore, this paper aims to be a useful tool in determining the value of the option to abandon according to its residual value, thus making easier the control of the uncertainty element within the project.

Forecasting with Option-Implied Information

DEFF Research Database (Denmark)

Christoffersen, Peter; Jacobs, Kris; Chang, Bo Young

2013-01-01

This chapter surveys the methods available for extracting information from option prices that can be used in forecasting. We consider option-implied volatilities, skewness, kurtosis, and densities. More generally, we discuss how any forecasting object that is a twice differentiable function...... of the future realization of the underlying risky asset price can utilize option-implied information in a well-defined manner. Going beyond the univariate option-implied density, we also consider results on option-implied covariance, correlation and beta forecasting, as well as the use of option......-implied information in cross-sectional forecasting of equity returns. We discuss how option-implied information can be adjusted for risk premia to remove biases in forecasting regressions....

Prospective Study of Surgical Decision-making Processes for Contralateral Prophylactic Mastectomy in Women With Breast Cancer.

Science.gov (United States)

Parker, Patricia A; Peterson, Susan K; Bedrosian, Isabelle; Crosby, Melissa A; Shen, Yu; Black, Dalliah M; Babiera, Gildy; Kuerer, Henry M; Ying, Jun; Dong, Wenli; Cantor, Scott B; Brewster, Abenaa M

2016-01-01

We prospectively examined the psychosocial predictors and the decision-making process regarding contralateral prophylactic mastectomy (CPM) among women with sporadic breast cancer. Increasing numbers of women with breast cancer are seeking CPM. Data are limited about the surgical decision-making process and the psychosocial factors that influence interest in CPM. Women with early-stage unilateral breast cancer (n = 117) were recruited before their first surgical visit at MD Anderson and completed questionnaires assessing knowledge of and interest in CPM and associated psychosocial factors. After the appointment, women and their surgeons completed questions about the extent that various surgical options (including CPM) were discussed; also, the women rated their perceived likelihood of having CPM and the surgeons rated the appropriateness of CPM. Before their first visit, 50% of women were moderately to extremely interested in CPM and 12 (10%) of women had CPM at the time of their primary breast cancer surgery. Less knowledge about breast cancer (P = 0.02) and greater cancer worry (P = 0.03) predicted interest in CPM. Greater cancer worry predicted who had CPM (P = 0.02). Interest in CPM before surgical visit and the likelihood of having CPM after the visit differed (P ≤ 0.001). Surgeons' rating of the appropriateness of CPM and the patient's reported likelihood of having CPM were not significantly different (P = 0.49). Interest in CPM is common among women with sporadic breast cancer. The informational and emotional aspects of CPM may affect the decision to have CPM and should be addressed when discussing surgical options.

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?.

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?.

Analytical pricing of geometric Asian power options on an underlying driven by a mixed fractional Brownian motion

Science.gov (United States)

Zhang, Wei-Guo; Li, Zhe; Liu, Yong-Jun

2018-01-01

In this paper, we study the pricing problem of the continuously monitored fixed and floating strike geometric Asian power options in a mixed fractional Brownian motion environment. First, we derive both closed-form solutions and mixed fractional partial differential equations for fixed and floating strike geometric Asian power options based on delta-hedging strategy and partial differential equation method. Second, we present the lower and upper bounds of the prices of fixed and floating strike geometric Asian power options under the assumption that both risk-free interest rate and volatility are interval numbers. Finally, numerical studies are performed to illustrate the performance of our proposed pricing model.

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.

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

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.

Semi-Analytical method for the pricing of barrier options in case of time-dependent parameters (with Matlab® codes

Directory of Open Access Journals (Sweden)

Guardasoni C.

2018-03-01

Full Text Available A Semi-Analytical method for pricing of Barrier Options (SABO is presented. The method is based on the foundations of Boundary Integral Methods which is recast here for the application to barrier option pricing in the Black-Scholes model with time-dependent interest rate, volatility and dividend yield. The validity of the numerical method is illustrated by several numerical examples and comparisons.

Real Option in Capital Budgeting for SMEs: Insight from Steel Company

Science.gov (United States)

Muharam, F. M.; Tarrazon, M. A.

2017-06-01

Complex components of investment projects can only be analysed accurately if flexibility and comprehensive consideration of uncertainty are incorporated into valuation. Discounted cash flow (DCF) analysis has failed to cope with strategic future alternatives that affect the right value of investment projects. Real option valuation (ROV) proves to be the right tool for this purpose since it enables to calculate the enlarged or strategic Net Present Value (ENPV). This study attempts to provide an insight of the usage of ROV in capital budgeting and investment decision-making processes of SMEs. Exploring into the first stage processing of steel industry, analysis of alternatives to cancel, to expand, to defer or to abandon is performed. Completed with multiple options interaction and a sensitivity analysis, our findings prove that the application of ROV is beneficial for complex investment projects independently from the size of the company and particularly suitable in scenarios with scarce resources. The application of Real Option Valuation (ROV) is plausible and beneficial for SMEs to be incorporated in the strategic decision making process.

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....

Assessment of Options for the Treatment of Nitrate Salt Wastes at Los Alamos National Laboratory

International Nuclear Information System (INIS)

Robinson, Bruce Alan; Funk, David John; Stevens, Patrice Ann

2016-01-01

This paper summarizes the methodology used to evaluate options for treatment of the remediated nitrate salt waste containers at Los Alamos National Laboratory. The method selected must enable treatment of the waste drums, which consist of a mixture of complex nitrate salts (oxidizer) improperly mixed with sWheat Scoop®1, an organic kitty litter and absorbent (fuel), in a manner that renders the waste safe, meets the specifications of waste acceptance criteria, and is suitable for transport and final disposal in the Waste Isolation Pilot Plant located in Carlsbad, New Mexico. A Core Remediation Team was responsible for comprehensively reviewing the options, ensuring a robust, defensible treatment recommendation. The evaluation process consisted of two steps. First, a prescreening process was conducted to cull the list on the basis for a decision of feasibility of certain potential options with respect to the criteria. Then, the remaining potential options were evaluated and ranked against each of the criteria in a consistent methodology. Numerical scores were established by consensus of the review team. Finally, recommendations were developed based on current information and understanding of the scientific, technical, and regulatory situation. A discussion of the preferred options and documentation of the process used to reach the recommended treatment options are presented.

Assessment of Options for the Treatment of Nitrate Salt Wastes at Los Alamos National Laboratory

Energy Technology Data Exchange (ETDEWEB)

Robinson, Bruce Alan [Los Alamos National Lab. (LANL), Los Alamos, NM (United States); Funk, David John [Los Alamos National Lab. (LANL), Los Alamos, NM (United States); Stevens, Patrice Ann [Los Alamos National Lab. (LANL), Los Alamos, NM (United States)

2016-03-17

This paper summarizes the methodology used to evaluate options for treatment of the remediated nitrate salt waste containers at Los Alamos National Laboratory. The method selected must enable treatment of the waste drums, which consist of a mixture of complex nitrate salts (oxidizer) improperly mixed with sWheat Scoop®1, an organic kitty litter and absorbent (fuel), in a manner that renders the waste safe, meets the specifications of waste acceptance criteria, and is suitable for transport and final disposal in the Waste Isolation Pilot Plant located in Carlsbad, New Mexico. A Core Remediation Team was responsible for comprehensively reviewing the options, ensuring a robust, defensible treatment recommendation. The evaluation process consisted of two steps. First, a prescreening process was conducted to cull the list on the basis for a decision of feasibility of certain potential options with respect to the criteria. Then, the remaining potential options were evaluated and ranked against each of the criteria in a consistent methodology. Numerical scores were established by consensus of the review team. Finally, recommendations were developed based on current information and understanding of the scientific, technical, and regulatory situation. A discussion of the preferred options and documentation of the process used to reach the recommended treatment options are presented.

A multi-criteria decision analysis assessment of waste paper management options

Energy Technology Data Exchange (ETDEWEB)

Hanan, Deirdre [Department of Design, Development, Environment and Materials, The Open University, Walton Hall, Milton Keynes, MK7 6AA (United Kingdom); Burnley, Stephen, E-mail: s.j.burnley@open.ac.uk [Department of Design, Development, Environment and Materials, The Open University, Walton Hall, Milton Keynes, MK7 6AA (United Kingdom); Cooke, David [Department of Design, Development, Environment and Materials, The Open University, Walton Hall, Milton Keynes, MK7 6AA (United Kingdom)

2013-03-15

Highlights: ► Isolated communities have particular problems in terms of waste management. ► An MCDA tool allowed a group of non-experts to evaluate waste management options. ► The group preferred local waste management solutions to export to the mainland. ► Gasification of paper was the preferred option followed by recycling. ► The group concluded that they could be involved in the decision making process. - Abstract: The use of Multi-criteria Decision Analysis (MCDA) was investigated in an exercise using a panel of local residents and stakeholders to assess the options for managing waste paper on the Isle of Wight. Seven recycling, recovery and disposal options were considered by the panel who evaluated each option against seven environmental, financial and social criteria. The panel preferred options where the waste was managed on the island with gasification and recycling achieving the highest scores. Exporting the waste to the English mainland for incineration or landfill proved to be the least preferred options. This research has demonstrated that MCDA is an effective way of involving community groups in waste management decision making.

A multi-criteria decision analysis assessment of waste paper management options

International Nuclear Information System (INIS)

Hanan, Deirdre; Burnley, Stephen; Cooke, David

2013-01-01

Highlights: ► Isolated communities have particular problems in terms of waste management. ► An MCDA tool allowed a group of non-experts to evaluate waste management options. ► The group preferred local waste management solutions to export to the mainland. ► Gasification of paper was the preferred option followed by recycling. ► The group concluded that they could be involved in the decision making process. - Abstract: The use of Multi-criteria Decision Analysis (MCDA) was investigated in an exercise using a panel of local residents and stakeholders to assess the options for managing waste paper on the Isle of Wight. Seven recycling, recovery and disposal options were considered by the panel who evaluated each option against seven environmental, financial and social criteria. The panel preferred options where the waste was managed on the island with gasification and recycling achieving the highest scores. Exporting the waste to the English mainland for incineration or landfill proved to be the least preferred options. This research has demonstrated that MCDA is an effective way of involving community groups in waste management decision making

Adaptation to climate change in agriculture: evaluation of options

International Nuclear Information System (INIS)

Dolan, A.H.; Smit, B.; Skinner, M.W.; Bradshaw, B.; Bryant, C.R.

2001-01-01

Adaptation was defined as the responses by stakeholders to actual or expected climatic stimuli or their effects to reduce vulnerability to adverse impacts or damage potential, or to realize opportunities associated with climate change. Planned policy initiatives representing change in the agricultural system were discussed in this report. An evaluation of adaptation options needed to be carried out before one could determine which adaptations should be promoted or implemented. The overall merit, suitability, utility or appropriateness of potential adaptation strategies or measures were examined. One interesting methodology was the Multiple Criteria Evaluation (MCE), which is designed to assess alternatives using more than one criterion. The criteria selected for this evaluation were: effectiveness, economic efficiency, flexibility, institutional compatibility, farmer implementation, and independent benefits. A selection of three adaptation options was made to better illustrate the utility of the evaluation framework., as follows: crop diversification, adoption of irrigation, and increase use of crop insurance. 122 refs., 6 tabs., 6 figs

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...

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...

Valuation of exploration and production assets. An overview of real options models

International Nuclear Information System (INIS)

Dias, Marco Antonio Guimaraes

2004-01-01

This paper presents a set of selected real options models to evaluate investments in petroleum exploration and production (E and P) under market and technical uncertainties. First are presented some simple examples to develop the intuition about concepts like option value and optimal option exercise, comparing them with the concepts from the traditional net present value (NPV) criteria. Next, the classical model of Paddock, Siegel and Smith is presented, including a discussion on the practical values for the input parameters. The modeling of oil price uncertainty is presented by comparing some alternative stochastic processes. Other E and P applications discussed here are the selection of mutually exclusive alternatives under uncertainty, the wildcat drilling decision, the appraisal investment decisions, and the analysis of option to expand the production through optional wells

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)

Cognitive and Affective Aspects of Creative Option Generation in Everyday Life Situations.

Science.gov (United States)

Schweizer, T Sophie; Schmalenberger, Katja M; Eisenlohr-Moul, Tory A; Mojzisch, Andreas; Kaiser, Stefan; Funke, Joachim

2016-01-01

Which factors influence a human being's ability to develop new perspectives and be creative? This ability is pivotal for any context in which new cognitions are required, such as innovative endeavors in science and art, or psychotherapeutic settings. In this article, we seek to bring together two research programs investigating the generation of creative options: On the one hand, research on option generation in the decision-making literature and, on the other hand, cognitive and clinical creativity research. Previous decision-making research has largely neglected the topic of generating creative options. Experiments typically provided participants with a clear set of options to choose from, but everyday life situations are less structured and allow countless ways to react. Before choosing an option, agents have to self-generate a set of options to choose from. Such option generation processes have only recently moved to the center of attention. The present study examines the creative quality of self-generated options in daily life situations. A student sample (N = 48) generated options for action in 70 briefly described everyday life scenarios. We rated the quality of the options on three dimensions of creativity- originality, feasibility, and divergence -and linked these qualities to option generation fluency (speed and number of generated options), situational features like the familiarity and the affective valence of the situation in which the options were generated, and trait measures of cognitive performance. We found that when situations were familiar to the participant, greater negative affective valence of the situation was associated with more originality and divergence of generated options. We also found that a higher option generation fluency was associated with a greater maximal originality of options. We complete our article with a joint research agenda for researchers in the decision-making field focusing on option generation and, on the other hand

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

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

A systematic synthesis and design methodology to achieve process intensification in (bio) chemical processes

DEFF Research Database (Denmark)

Lutze, Philip; Roman Martinez, Alicia; Woodley, John

2012-01-01

Process intensification (PI) has the potential to improve existing processes or create new process options, which are needed in order to produce products using more sustainable methods. In principle, an enormous number of process options can be generated but where and how the process should be in...

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.

Bayesian Option Pricing Framework with Stochastic Volatility for FX Data

Directory of Open Access Journals (Sweden)

Ying Wang

2016-12-01

Full Text Available The application of stochastic volatility (SV models in the option pricing literature usually assumes that the market has sufficient option data to calibrate the model’s risk-neutral parameters. When option data are insufficient or unavailable, market practitioners must estimate the model from the historical returns of the underlying asset and then transform the resulting model into its risk-neutral equivalent. However, the likelihood function of an SV model can only be expressed in a high-dimensional integration, which makes the estimation a highly challenging task. The Bayesian approach has been the classical way to estimate SV models under the data-generating (physical probability measure, but the transformation from the estimated physical dynamic into its risk-neutral counterpart has not been addressed. Inspired by the generalized autoregressive conditional heteroskedasticity (GARCH option pricing approach by Duan in 1995, we propose an SV model that enables us to simultaneously and conveniently perform Bayesian inference and transformation into risk-neutral dynamics. Our model relaxes the normality assumption on innovations of both return and volatility processes, and our empirical study shows that the estimated option prices generate realistic implied volatility smile shapes. In addition, the volatility premium is almost flat across strike prices, so adding a few option data to the historical time series of the underlying asset can greatly improve the estimation of option prices.

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

Lookback Option Pricing with Fixed Proportional Transaction Costs under Fractional Brownian Motion.

Science.gov (United States)

Sun, Jiao-Jiao; Zhou, Shengwu; Zhang, Yan; Han, Miao; Wang, Fei

2014-01-01

The pricing problem of lookback option with a fixed proportion of transaction costs is investigated when the underlying asset price follows a fractional Brownian motion process. Firstly, using Leland's hedging method a partial differential equation satisfied by the value of the lookback option is derived. Then we obtain its numerical solution by constructing a Crank-Nicolson format. Finally, the effectiveness of the proposed form is verified through a numerical example. Meanwhile, the impact of transaction cost rate and volatility on lookback option value is discussed.

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.

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.

Options for development of space fission propulsion systems

International Nuclear Information System (INIS)

Houts, Mike; Van Dyke, Melissa; Godfroy, Tom; Pedersen, Kevin; Martin, James; Dickens, Ricky; Salvail, Pat; Hrbud, Ivana

2001-01-01

Fission technology can enable rapid, affordable access to any point in the solar system. Potential fission-based transportation options include high specific power continuous impulse propulsion systems and bimodal nuclear thermal rockets. Despite their tremendous potential for enhancing or enabling deep space and planetary missions, to date space fission systems have only been used in Earth orbit. The first step towards utilizing advanced fission propulsion systems is development of a safe, near-term, affordable fission system that can enhance or enable near-term missions of interest. An evolutionary approach for developing space fission propulsion systems is proposed

78 FR 24257 - Self-Regulatory Organizations; The Options Clearing Corporation; Order Approving Proposed Rule...

Science.gov (United States)

2013-04-24

... positions are in-the- money or out-of-the-money. Volume, like open interest, is a measure of a Clearing... demands on OCC's services and facilities that are not captured by the current methodology. IV. Conclusion... Organizations; The Options Clearing Corporation; Order Approving Proposed Rule Change To Implement a Revised...

Cementitious waste option scoping study report

International Nuclear Information System (INIS)

Lee, A.E.; Taylor, D.D.

1998-02-01

A Settlement Agreement between the Department of Energy (DOE) and the State of Idaho mandates that all high-level radioactive waste (HLW) now stored at the Idaho Chemical Processing Plant (ICPP) on the Idaho National Engineering and Environmental Laboratory (INEEL) will be treated so that it is ready to be moved out of Idaho for disposal by a target date of 2035. This study investigates the nonseparations Cementitious Waste Option (CWO) as a means to achieve this goal. Under this option all liquid sodium-bearing waste (SBW) and existing HLW calcine would be recalcined with sucrose, grouted, canisterized, and interim stored as a mixed-HLW for eventual preparation and shipment off-Site for disposal. The CWO waste would be transported to a Greater Confinement Disposal Facility (GCDF) located in the southwestern desert of the US on the Nevada Test Site (NTS). All transport preparation, shipment, and disposal facility activities are beyond the scope of this study. CWO waste processing, packaging, and interim storage would occur over a 5-year period between 2013 and 2017. Waste transport and disposal would occur during the same time period

Cementitious waste option scoping study report

Energy Technology Data Exchange (ETDEWEB)

Lee, A.E.; Taylor, D.D.

1998-02-01

A Settlement Agreement between the Department of Energy (DOE) and the State of Idaho mandates that all high-level radioactive waste (HLW) now stored at the Idaho Chemical Processing Plant (ICPP) on the Idaho National Engineering and Environmental Laboratory (INEEL) will be treated so that it is ready to be moved out of Idaho for disposal by a target date of 2035. This study investigates the nonseparations Cementitious Waste Option (CWO) as a means to achieve this goal. Under this option all liquid sodium-bearing waste (SBW) and existing HLW calcine would be recalcined with sucrose, grouted, canisterized, and interim stored as a mixed-HLW for eventual preparation and shipment off-Site for disposal. The CWO waste would be transported to a Greater Confinement Disposal Facility (GCDF) located in the southwestern desert of the US on the Nevada Test Site (NTS). All transport preparation, shipment, and disposal facility activities are beyond the scope of this study. CWO waste processing, packaging, and interim storage would occur over a 5-year period between 2013 and 2017. Waste transport and disposal would occur during the same time period.

Controlling air pollution from passenger ferries: cost-effectiveness of seven technological options.

Science.gov (United States)

Farrell, Alexander E; Corbett, James J; Winebrake, James J

2002-12-01

Continued interest in improving air quality in the United States along with renewed interest in the expansion of urban passenger ferry service has created concern about air pollution from ferry vessels. This paper presents a methodology for estimating the air pollution emissions from passenger ferries and the costs of emissions control strategies. The methodology is used to estimate the emissions and costs of retrofitting or re-powering ferries with seven technological options (combinations of propulsion and emission control systems) onto three vessels currently in service in San Francisco Bay. The technologies include improved engine design, cleaner fuels (including natural gas), and exhaust gas cleanup devices. The three vessels span a range of ages and technologies, from a 25-year-old monohull to a modern, high-speed catamaran built only four years ago. By looking at a range of technologies, vessel designs, and service conditions, a sense of the broader implications of controlling emissions from passenger ferries across a range of vessels and service profiles is provided. Tier 2-certified engines are the most cost-effective choice, but all options are cost-effective relative to other emission control strategies already in place in the transportation system.

76 FR 27919 - Vidalia Onions Grown in Georgia; Change in Late Payment and Interest Requirements on Past Due...

Science.gov (United States)

2011-05-13

... shipping season. With promotional expenses accounting for more than 50 percent of the Committee's total... accrual to daily rather than monthly, but this option could result in an interest charge that was...

Characterization of INEL compactible wastes, compactor options study, and recommendations

International Nuclear Information System (INIS)

Gillins, R.L.; Larsen, M.M.; Aldrich, W.C.

1986-03-01

This report provides the results of a detailed characterization and evaluation of low-level radioactive waste generated at the Idaho National Engineering Laboratory (INEL) and an evaluation of compactors available commercially. The results of these evaluations formed the basis for a study of compactor options suitable for compacting INEL-generated low-level waste. Seven compactor options were evaluated. A decision analysis performed on the results of the compactor option study and cost analysis showed that a 200-ton box compactor and a 5000-ton box supercompactor were the best options for an INEL compaction facility other than the RWMC. Two compactor locations were considered: WERF and CPP. The WERF location is recommended on the basis of existing facilities to house the compactor and store the waste, the presence of a trained waste-handling staff, and the desirability of maintaining a single location for processing INEL-generated low-level waste

Accreditation of emerging oral health professions: options for dental therapy education programs.

Science.gov (United States)

Gelmon, Sherril B; Tresidder, Anna Foucek

2011-01-01

The study explored the options for accreditation of educational programs to prepare a new oral health provider, the dental therapist. A literature review and interviews of 10 content experts were conducted. The content experts represented a wide array of interests, including individuals associated with the various dental stakeholder organizations in education, accreditation, practice, and licensure, as well as representatives of non-dental accrediting organizations whose experience could inform the study. Development of an educational accreditation program for an emerging profession requires collaboration among key stakeholders representing education, practice, licensure, and other interests. Options for accreditation of dental therapy education programs include establishment of a new independent accrediting agency; seeking recognition as a committee within the Commission on Accreditation of Allied Health Education Programs; or working with the Commission on Dental Accreditation (CODA) to create a new accreditation program within CODA. These options are not mutually exclusive, and more than one accreditation program could potentially exist. An educational accreditation program is built upon a well-defined field, where there is a demonstrated need for the occupation and for accreditation of educational programs that prepare individuals to enter that occupation. The fundamental value of accreditation is as one player in the overall scheme of improving the quality of higher education delivered to students and, ultimately, the delivery of health services. Leaders concerned with the oral health workforce will need to consider future directions and the potential roles of new oral health providers as they determine appropriate directions for educational accreditation for dental therapy.

Pricing Options and Equity-Indexed Annuities in a Regime-switching Model by Trinomial Tree Method

Directory of Open Access Journals (Sweden)

Fei Lung Yuen

2011-12-01

Full Text Available In this paper we summarize the main idea and results of Yuen and Yang (2009, 2010a, 2010b and provide some results on pricing of Parisian options under the Markov regime-switching model (MRSM. The MRSM allows the parameters of the market model depending on a Markovian process, and the model can reflect the information of the market environment which cannot be modeled solely by linear Gaussian process. However, when the parameters of the stock price model are not constant but governed by a Markovian process, the pricing of the options becomes complex. We present a fast and simple trinomial tree model to price options in MRSM. In recent years, the pricing of modern insurance products, such as Equity-Indexed annuity (EIA and variable annuities (VAs, has become a popular topic. We show here that our trinomial tree model can been used to price EIA with strong path dependent exotic options in the regime switching model.

THE THEORY OF REAL OPTIONS in investment ANALYSIS of agroforestry systems

Directory of Open Access Journals (Sweden)

Maísa Santos Joaquim

2015-09-01

Full Text Available In this study we compared the values generated by traditional economic analysis (Net Present Value - NPV with Real Options Method. The objective was to apply the method proposed by Copeland & Antikarov for rainbow options, due to three stochastic variables selected with decision of abandonment if the project value with flexibility was less than the value of the underlying stock. It enabled the flexibility value generation in order to entrepreneurs to have more confidence in their decision when they are investing in a project with Agroforestry System, with different scenarios visualization in a single analysis. The results evidenced that the economic viability analysis, using Real Options, provided the best view of the possible scenarios, within a range generated by the prices volatility. The Net Present Value adopted as the underlying stock value was R$ 5,684.32, using the discount rate (WACC of 9.95% and risk-free interest rate of 7.5%. To determine the volatility were calculated: the logarithmic return standard deviation (27.06, the average (0.0883, upward movements values (u (1.3107 with 61.34% of probability and downward movements values (d(0.7628 with 38.66%  of probability. The option value in case of abandonment was R$ 2,059.01/ha positive. The results showed that the NPV overestimated the project return and that it would be viable to abandon it.

Options for helium circulation in a hydrogen production plant VHTR-Si: thermal-economic comparative

International Nuclear Information System (INIS)

Mendoza A, A.; Francois L, J. L.; Anaya D, A.

2011-11-01

The technologies that take advantage of the heat of nuclear reactors of IV generation are of great interest, due to their high energy efficiencies and to their strong economic potential. An example of these technologies is the sulfur-iodine process coupled to a nuclear reactor of high temperature cooled by helium. In this process heat is transferred from the nuclear reactor to the chemical plant by means of two cycles of helium interconnected by an intermediate heat exchanger. The first, denominated primary cycle of cooling, removes the heat of the nuclear reactor, transferring to the secondary cycle to be distributed to equipment s in the chemical plant. The pass of the helium gas through the equipment s that compose each one of the cycles, implies pressure losses that should be compensated necessarily by re-compression to maintain a stable state in the system, causing the energy consumption, usually rejected in the energy analyses. When to this energy is added the energy required in the hydrogen plant: energy required by the pumping systems, will decrease the efficiency of the nucleus-chemical complex, increasing the even cost of the hydrogen. In this work, three options to supply the compression energy and pumping (CEP) to the system are proposed, and these are analyzed thermodynamic and economically. The results indicate that to consider the CEP in the economic analysis increases between 1.5 and 3% the even cost of the hydrogen, and that the option with more energy efficiency is not necessarily the best for the nucleus-chemical complex. (Author)

Energy conservation options for cooking with biomass in Ghana

DEFF Research Database (Denmark)

Nielsen, Per Sieverts; Næraa, Rikke; Karlsson, Kenneth

1996-01-01

Cooking is the main energy consuming activity in Ghana. This is mainly due to a generally low material standard of living, but also because the cooking process itself is energy inefficient. The fuel for cooking in Ghana is mainly biomass either in the form of wood, agricultural residues or charcoal....... An energy chain for the cooking process is established and the possible conservation options are surveyed in kitchen performance tests in Abodom in the tropical zone of Ghana. The energy consumption for the food preparation has been measured and energy saving options have been determined for some parts...... point has been reached. Most cooks tend to continue using a high heat supply even though it is not necessary. This process is often carried out without lid on the pot even though the use of lid will reduce the energy loss considerably. It is also concluded that the average fuelwood consumption in Abodom...

Control Variates for Monte Carlo Valuation of American Options

DEFF Research Database (Denmark)

Rasmussen, Nicki S.

2005-01-01

This paper considers two applications of control variates to the Monte Carlo valuation of American options. The main contribution of the paper lies in the particular choice of a control variate for American or Bermudan options. It is shown that for any martingale process used as a control variate...... technique is used for improving the least-squares Monte Carlo (LSM) approach for determining exercise strategies. The suggestions made allow for more efficient estimation of the continuation value, used in determining the strategy. An additional suggestion is made in order to improve the stability...

Identification and evaluation of alternative radioactive waste categorisation options

International Nuclear Information System (INIS)

Maul, P.R.; Smith, G.M.; Stenhouse, M.J.; Watkins, B.M.

1996-09-01

The purpose of the research described in this report was to consider the options for future UK radioactive waste categorisation, to evaluate the advantages and disadvantages of each option and, as a result, to identify any which might be viable practical alternatives to the current arrangements. The review process included meetings with large and small waste producers, a wider consultation exercise using a questionnaire, a presentation to RWMAC, and discussion with representatives of the UK regulators. These consultations provided the basis for the formulation and evaluation of a number of alternative waste categorisation schemes. (UK)

Basket call option pricing for CCVG using sparse grids

KAUST Repository

Crocce, Fabian

2016-01-06

The use of processes with jumps to overcome the shortcomings of the classical Black and Scholes when modelling stock prices has became very popular. One of the best-known models is the Common Clock Variance Gamma model (CCVG), introduced by Madan and Seneta in the 1990 [3]. We propose a method to price European basket call options modelled by the CCVG. The method could be extended to other model obtained by the subordination of a multidimensional Brownian motion and to more general options. To simplify the expositions we consider calls under the CCVG.

Basket call option pricing for CCVG using sparse grids

KAUST Repository

Crocce, Fabian; Hä ppö lä , Juho; Iania, Alessandro; Tempone, Raul

2016-01-01

The use of processes with jumps to overcome the shortcomings of the classical Black and Scholes when modelling stock prices has became very popular. One of the best-known models is the Common Clock Variance Gamma model (CCVG), introduced by Madan and Seneta in the 1990 [3]. We propose a method to price European basket call options modelled by the CCVG. The method could be extended to other model obtained by the subordination of a multidimensional Brownian motion and to more general options. To simplify the expositions we consider calls under the CCVG.

Process technology for multi-enzymatic reaction systems

DEFF Research Database (Denmark)

Xue, Rui; Woodley, John M.

2012-01-01

In recent years, biocatalysis has started to provide an important green tool in synthetic organic chemistry. Currently, the idea of using multi-enzymatic systems for industrial production of chemical compounds becomes increasingly attractive. Recent examples demonstrate the potential of enzymatic...... synthesis and fermentation as an alternative to chemical-catalysis for the production of pharmaceuticals and fine chemicals. In particular, the use of multiple enzymes is of special interest. However, many challenges remain in the scale-up of a multi-enzymatic system. This review summarizes and discusses...... the technology options and strategies that are available for the development of multi-enzymatic processes. Some engineering tools, including kinetic models and operating windows, for developing and evaluating such processes are also introduced....

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...

Stochastic arbitrage return and its implication for option pricing

Science.gov (United States)

Fedotov, Sergei; Panayides, Stephanos

2005-01-01

The purpose of this work is to explore the role that random arbitrage opportunities play in pricing financial derivatives. We use a non-equilibrium model to set up a stochastic portfolio, and for the random arbitrage return, we choose a stationary ergodic random process rapidly varying in time. We exploit the fact that option price and random arbitrage returns change on different time scales which allows us to develop an asymptotic pricing theory involving the central limit theorem for random processes. We restrict ourselves to finding pricing bands for options rather than exact prices. The resulting pricing bands are shown to be independent of the detailed statistical characteristics of the arbitrage return. We find that the volatility “smile” can also be explained in terms of random arbitrage opportunities.

Medical students' and interns' interest in orthopedic surgery: the gender factor.

Science.gov (United States)

Schroeder, Joshua E; Zisk-Rony, Rachel Y; Liebergall, Meir; Tandeter, Howard; Kaplan, Leon; Weiss, Yoram G; Weissman, Charles

2014-01-01

There is an extremely small proportion of female medical students choosing to specialize in orthopedic surgery. The aim of the study was to assess medical students' and interns' interests and perceptions of orthopedic surgery and explore why women are not interested in orthopedic surgery. Questionnaires were distributed to final-year medical students and interns assessing their interests and perception of orthopedic surgery. Final-year medical students and interns. Responses were obtained from 317 students and 199 interns. Among the medical students, 15% were interested in orthopedic surgery, but only 2% were women. Both male and female students perceived orthopedics as an "action"-packed, procedure-based profession, providing instant gratification, time in the operating room, high income, and the option for private practice. Female medical students considered it boring. Among interns, 11% were interested in orthopedic surgery; however, only 2% were women. When compared with the interns who were not interested in orthopedic surgery, a greater number of the interns interested in orthopedic surgery rated time with family and a procedure-intensive profession as important. Female students and interns were also interested in other surgical fields. The increasing majority of women among medical students will reshape the future of physician workforce by dictating changes in workforce participation, working conditions, and intercollegial relationships. Orthopedic surgery will need to adapt to these realities. Published by Elsevier Inc.

76 FR 37618 - Vidalia Onions Grown in Georgia; Change in Late Payment and Interest Requirements on Past Due...

Science.gov (United States)

2011-06-28

... expenses accounting for more than 50 percent of the Committee's total budget, timely payment of assessments... considered increasing the interest rate accrual to daily rather than monthly, but this option could result in...

32 CFR 48.201 - Options.

Science.gov (United States)

2010-07-01

... 32 National Defense 1 2010-07-01 2010-07-01 false Options. 48.201 Section 48.201 National Defense...'S FAMILY PROTECTION PLAN Election of Options § 48.201 Options. As provided in § 48.203, a member may... amount equal to such 121/2 per centum. (a) Option 1 is an annuity payable to or on behalf of his widow...

The effect of interest rate derivative transactions on debt savings for not-for-profit health systems.

Science.gov (United States)

Venkataramani, Prakash; Johnson, Tricia; O'Neil, Patricia; Poindexter, Victoria; Rooney, Jeffrey

2006-01-01

The utilization of interest rate derivative instruments in US for-profit companies has grown exponentially since the early 1980s. International Swaps and Derivatives Association, Inc. (ISDA), reported that the amount of outstanding standard swaps grew by 25 percent during the first six months of 2003. The growth rate of all interest rate derivatives, which includes single-currency interest rate swaps, cross-currency interest rate swaps, and interest rate options, grew by 24 percent during the same period. The total outstanding amount of interest rate derivatives now totals $123.9 trillion compared to $99.9 trillion at the end of 2002 (Dodd, 2003). This explosion in usage is a testament to the efficacy and flexibility of the instruments and the increased appreciation by financial managers of the importance of financial risk management in a volatile interest rate environment.

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.

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.

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

43 CFR 30.262 - When may a tribe exercise its statutory option to purchase?

Science.gov (United States)

2010-10-01

... purchase: (1) Within 60 days after mailing of the probate decision unless a petition for rehearing has been... option to purchase? 30.262 Section 30.262 Public Lands: Interior Office of the Secretary of the Interior INDIAN PROBATE HEARINGS PROCEDURES Tribal Purchase of Interests Under Special Statutes § 30.262 When may...

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.

Calcific tendinitis of the rotator cuff: management options.

Science.gov (United States)

Suzuki, Kentaro; Potts, Aaron; Anakwenze, Oke; Singh, Anshu

2014-11-01

Calcific tendinitis of the rotator cuff tendons is a common cause of shoulder pain in adults and typically presents as activity-related shoulder pain. It is thought to be an active, cell-mediated process, although the exact pathophysiology remains unclear. Nonsurgical management continues to be the mainstay of treatment; most patients improve with modalities such as oral anti-inflammatory medication, physical therapy, and corticosteroid injections. Several options are available for patients who fail nonsurgical treatment, including extracorporeal shock wave therapy, ultrasound-guided needle lavage, and surgical débridement. These modalities alleviate pain by eliminating the calcific deposit, and several recent studies have demonstrated success with the use of these treatment options. Surgical management options include arthroscopic procedures to remove calcific deposits and subacromial decompression; however, the role of subacromial decompression and repair of rotator cuff defects created by removing these deposits remains controversial. Copyright 2014 by the American Academy of Orthopaedic Surgeons.

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

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...

Compensation for Distributed Solar. A Survey of Options to Preserve Stakeholder Value

Energy Technology Data Exchange (ETDEWEB)

Flores-Espino, Francisco [National Renewable Energy Lab. (NREL), Golden, CO (United States)

2015-09-01

Compensation mechanisms for electricity generation systems installed behind the meter are under scrutiny in several jurisdictions in the United States. Legislators in 29 states introduced bills to amend net metering provisions in 2014, and in 33 states in the 2015 legislative session as of August 20, 2015. Some utilities have also sought to increase the revenue they receive from net-metered customers through rate redesign. The circumstances that have triggered the recent push for change include a growing percentage of net-metered customers, potential effects of distributed generation on cost allocation, decreasing photovoltaic (PV) system costs, the challenges of integrating high levels of solar generation in the distribution network, and increasing pressure on utility business models. This report presents a survey of options to charge and compensate PV customers, as well as options that may preserve utility revenues in scenarios with increased DG. These options could be used as building blocks to create a distributed generation (DG) compensation policy that may preserve the value of the different stakeholders and balance their interests.

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

Is it really all about the money? Reconsidering non-financial interests in medical research.

Science.gov (United States)

Saver, Richard S

2012-01-01

Concern about financial conflicts crowds out sufficient consideration of other interests that may bias research conduct. Regulations, institutional policies, and guidance from professional bodies and medical journals all primarily focus on financial ties. But why? Economic gain is not the only powerful influence. This article argues that we under-prioritize non-financial interests in the regulation of medical research. It critiques the usual reasons given for regulating financial and non-financial interests differently - that the interests contrast in terms of tangibility, that financial interests are optional, and that financial interests can be efficiently carved out as a discrete area of focus. Moreover, disparate regulatory treatment seems inattentive to the very similar social and psychological forces that animate the bias effect of both financial and non-financial interests and fails to account for how financial and non-financial interests synergistically interact. Under-prioritization of non-financial interests threatens to erode public trust and creates negative spillover effects that weaken financial conflicts regulation. Optimal regulation requires a more integrated, balanced, and proportionate response to secondary interests in medical research. © 2012 American Society of Law, Medicine & Ethics, Inc.

Promoting Psychiatry as a Career Option for Ghanaian Medical Students through a Public-Speaking Competition

Science.gov (United States)

Agyapong, Vincent Israel Opoku; McLoughlin, Declan

2012-01-01

Objectives: Authors assessed the impact of a public-speaking competition on the level of interest in psychiatry of Ghanaian medical students. Method: An inter-medical school public-speaking competition was organized to promote psychiatry as a fulfilling career option for Ghanaian medical students. Feedback questionnaires were completed by the…

Electricity market risk management using forward contracts with bilateral options

International Nuclear Information System (INIS)

Chung, T.S.; Yu, C.W.; Wong, K.P.; Zhang, S.H.

2003-01-01

Extreme short-term price volatility in competitive electricity markets creates the need for risk management arrangements. A new electricity forward contract with bilateral financial options is introduced, which allows both seller and buyer to take advantage of flexibility in generation and consumption to obtain monetary benefits while simultaneously removing the risk of market price fluctuations. The option theory is incorporated to formulate the contract price. The strike prices of options are derived from solving an equilibrium model in which both the buyer and the seller aim to maximise their own profit. Theoretical analysis shows that the proposed optional forward contract presents a more equitable and reasonable payoff structure that allows the buyer and seller to earn a larger overall expected benefit, and the contractual arrangement supports efficiency in economic dispatch of electricity production and consumption. The insights obtained from these results will be helpful to participants in the contractual decision-making process. (Author)

The information content of implied volatilities of options on eurodeposit futures traded on the LIFFE: is there long memory?

OpenAIRE

Cifarelli, giulio

2002-01-01

Under rather general conditions Black - Scholes implied volatilities from at-the-money options appropriately quantify, in each period, the market expectations of the average volatility of the return of the underlying asset until contract expiration. The efficiency of these expectation estimates is investigated here, for options on two major short term interest rate futures contracts traded at the LIFFE, using a long memory framework. Over the 1993 – 1997 time interval the performance of im...

Repurposing Used Electric Car Batteries: A Review of Options

Science.gov (United States)

DeRousseau, Mikaela; Gully, Benjamin; Taylor, Christopher; Apelian, Diran; Wang, Yan

2017-09-01

In the United States, millions of electric and hybrid vehicles have cumulatively been sold. Although the batteries in these vehicles are expected to last at least 8 years, end-of-life options must still be considered. There are several possible options for battery packs from electric vehicles when they reach end-of-life, including remanufacturing, repurposing for a different application, and recycling. Remanufacturing is the most desirable end-of-life scenario but is the most stringent in terms of battery quality. Recycling is less desirable because there are larger material and energy losses that occur in the process. Repurposing batteries for a different use lies between these two scenarios in terms of desirability. This review paper focuses on non-automotive reuse and explores several options for using electric car battery packs in grid energy storage applications.

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...

The importance of university research in maintaining the nuclear option

International Nuclear Information System (INIS)

Bruschi, H.J.; Hochreiter, L.E.

1991-01-01

The role of the university in maintaining and revitalizing the nuclear option should have four goals. First, it must attract highly skilled students who have an interest in math and science and help foster their interest in nuclear science and engineering. Next, it must present a state-of-the-art educational program that contains meaningful research to maintain these students. The third goal of nuclear engineering departments is to provide the nontechnical student a fair assessment of benefits and risks associated with commercial nuclear power relative to other sources of electricity. Lastly, it must effectively communicate to all students a compelling vision of nuclear power as a vital energy resource that will grow. The most difficult role for the university is to successfully convey a future for those in the nuclear science and engineering program

Interest and attention in facial recognition.

Science.gov (United States)

Burgess, Melinda C R; Weaver, George E

2003-04-01

When applied to facial recognition, the levels of processing paradigm has yielded consistent results: faces processed in deep conditions are recognized better than faces processed under shallow conditions. However, there are multiple explanations for this occurrence. The own-race advantage in facial recognition, the tendency to recognize faces from one's own race better than faces from another race, is also consistently shown but not clearly explained. This study was designed to test the hypothesis that the levels of processing findings in facial recognition are a result of interest and attention, not differences in processing. This hypothesis was tested for both own and other faces with 105 Caucasian general psychology students. Levels of processing was manipulated as a between-subjects variable; students were asked to answer one of four types of study questions, e.g., "deep" or "shallow" processing questions, while viewing the study faces. Students' recognition of a subset of previously presented Caucasian and African-American faces from a test-set with an equal number of distractor faces was tested. They indicated their interest in and attention to the task. The typical levels of processing effect was observed with better recognition performance in the deep conditions than in the shallow conditions for both own- and other-race faces. The typical own-race advantage was also observed regardless of level of processing condition. For both own- and other-race faces, level of processing explained a significant portion of the recognition variance above and beyond what was explained by interest in and attention to the task.

A conceptual framework for evaluating variable speed generator options for wind energy applications

Science.gov (United States)

Reddoch, T. W.; Lipo, T. A.; Hinrichsen, E. N.; Hudson, T. L.; Thomas, R. J.

1995-01-01

Interest in variable speed generating technology has accelerated as greater emphasis on overall efficiency and superior dynamic and control properties in wind-electric generating systems are sought. This paper reviews variable speed technology options providing advantages and disadvantages of each. Furthermore, the dynamic properties of variable speed systems are contrasted with synchronous operation. Finally, control properties of variable speed systems are examined.

Enhancing public participation in natural resource management using Soft OR - an application of strategic option development and analysis in tactical forest planning

DEFF Research Database (Denmark)

Hjortsø, Carsten Nico Portefée

2004-01-01

This article presents a case study where a modified version of strategic option development and analysis (SODA) is applied to enhance the level of citizens’ participation in a strategic forest management planning process managed by the Danish Forest and Nature Agency. The case is interesting...... because of structural differences between traditional Soft OR and public participation settings. Research shows that SODA can nevertheless improve public involvement in several ways, including stakeholders’ perception of being involved, stakeholders’ commitment, structuring of the planning context......, communication of stakeholder perspectives, identification and management of conflicts, decision process transparency, and agency accountability for final planning outcomes. The primary problems encountered relate to the difficulty of reading the cognitive maps, time requirements, and selection of facilitator...

Process Technology for Immobilized LipaseProcess Technology for Immobilized Lipase-catalyzed

DEFF Research Database (Denmark)

Xu, Yuan

Biocatalysis has attracted significant attention recently, mainly due to its high selectivity and potential benefits for sustainability. Applications can be found in biorefineries, turning biomass into energy and chemicals, and also for products in the food and pharmaceutical industries. However......, most applications remain in the production of high-value fine chemicals, primarily because of the expense of introducing new technology. In particular lipasecatalyzed synthesis has already achieved efficient operations for high-value products and more interesting now is to establish opportunities......-down experimental work is described in this thesis. The methodology uses economic targets to test options characterized via a set of tools. In order to validate the methodology, two processes based on immobilized lipase-catalysis have been studied: transesterification and esterification of vegetable oils...

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 ...

Weapons-grade plutonium dispositioning. Volume 2: Comparison of plutonium disposition options

International Nuclear Information System (INIS)

Brownson, D.A.; Hanson, D.J.; Blackman, H.S.

1993-06-01

The Secretary of Energy requested the National Academy of Sciences (NAS) Committee on International Security and Arms Control to evaluate disposition options for weapons-grade plutonium. The Idaho National Engineering Laboratory (INEL) offered to assist the NAS in this evaluation by investigating the technical aspects of the disposition options and their capability for achieving plutonium annihilation levels greater than 90%. This report was prepared for the NAS to document the gathered information and results from the requested option evaluations. Evaluations were performed for 12 plutonium disposition options involving five reactor and one accelerator-based systems. Each option was evaluated in four technical areas: (1) fuel status, (2) reactor or accelerator-based system status, (3) waste-processing status, and (4) waste disposal status. Based on these evaluations, each concept was rated on its operational capability and time to deployment. A third rating category of option costs could not be performed because of the unavailability of adequate information from the concept sponsors. The four options achieving the highest rating, in alphabetical order, are the Advanced Light Water Reactor with plutonium-based ternary fuel, the Advanced Liquid Metal Reactor with plutonium-based fuel, the Advanced Liquid Metal Reactor with uranium-plutonium-based fuel, and the Modular High Temperature Gas-Cooled Reactor with plutonium-based fuel. Of these four options, the Advanced Light Water Reactor and the Modular High Temperature Gas-Cooled Reactor do not propose reprocessing of their irradiated fuel. Time constraints and lack of detailed information did not allow for any further ratings among these four options. The INEL recommends these four options be investigated further to determine the optimum reactor design for plutonium disposition

Weapons-grade plutonium dispositioning. Volume 2: Comparison of plutonium disposition options

Energy Technology Data Exchange (ETDEWEB)

Brownson, D.A.; Hanson, D.J.; Blackman, H.S. [and others

1993-06-01

The Secretary of Energy requested the National Academy of Sciences (NAS) Committee on International Security and Arms Control to evaluate disposition options for weapons-grade plutonium. The Idaho National Engineering Laboratory (INEL) offered to assist the NAS in this evaluation by investigating the technical aspects of the disposition options and their capability for achieving plutonium annihilation levels greater than 90%. This report was prepared for the NAS to document the gathered information and results from the requested option evaluations. Evaluations were performed for 12 plutonium disposition options involving five reactor and one accelerator-based systems. Each option was evaluated in four technical areas: (1) fuel status, (2) reactor or accelerator-based system status, (3) waste-processing status, and (4) waste disposal status. Based on these evaluations, each concept was rated on its operational capability and time to deployment. A third rating category of option costs could not be performed because of the unavailability of adequate information from the concept sponsors. The four options achieving the highest rating, in alphabetical order, are the Advanced Light Water Reactor with plutonium-based ternary fuel, the Advanced Liquid Metal Reactor with plutonium-based fuel, the Advanced Liquid Metal Reactor with uranium-plutonium-based fuel, and the Modular High Temperature Gas-Cooled Reactor with plutonium-based fuel. Of these four options, the Advanced Light Water Reactor and the Modular High Temperature Gas-Cooled Reactor do not propose reprocessing of their irradiated fuel. Time constraints and lack of detailed information did not allow for any further ratings among these four options. The INEL recommends these four options be investigated further to determine the optimum reactor design for plutonium disposition.

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.

Using Option Grids: steps toward shared decision-making for neonatal circumcision.

Science.gov (United States)

Fay, Mary; Grande, Stuart W; Donnelly, Kyla; Elwyn, Glyn

2016-02-01

To assess the impact, acceptability and feasibility of a short encounter tool designed to enhance the process of shared decision-making and parental engagement. We analyzed video-recordings of clinical encounters, half undertaken before and half after a brief intervention that trained four clinicians how to use Option Grids, using an observer-based measure of shared decision-making. We also analyzed semi-structured interviews conducted with the clinicians four weeks after their exposure to the intervention. Observer OPTION(5) scores were higher at post-intervention, with a mean of 33.9 (SD=23.5) compared to a mean of 16.1 (SD=7.1) for pre-intervention, a significant difference of 17.8 (95% CI: 2.4, 33.2). Prior to using the intervention, clinicians used a consent document to frame circumcision as a default practice. Encounters with the Option Grid conferred agency to both parents and clinicians, and facilitated shared decision-making. Clinician reported recognizing the tool's positive effect on their communication process. Tools such as Option Grids have the potential to make it easier for clinicians to achieve shared decision-making. Encounter tools have the potential to change practice. More research is needed to test their feasibility in routine practice. Copyright © 2015 Elsevier Ireland Ltd. All rights reserved.

Jump Telegraph Processes and Financial Markets with Memory

Directory of Open Access Journals (Sweden)

Nikita Ratanov

2007-01-01

Full Text Available The paper develops a new class of financial market models. These models are based on generalized telegraph processes with alternating velocities and jumps occurring at switching velocities. The model under consideration is arbitrage-free and complete if the directions of jumps in stock prices are in a certain correspondence with their velocity and with the behaviour of the interest rate. A risk-neutral measure and arbitrage-free formulae for a standard call option are constructed. This model has some features of models with memory, but it is more simple.

DISPOSITION PATHS FOR ROCKY FLATS GLOVEBOXES: EVALUATING OPTIONS

International Nuclear Information System (INIS)

Lobdell, D.; Geimer, R.; Larsen, P.; Loveland, K.

2003-01-01

The Kaiser-Hill Company, LLC has the responsibility for closure activities at the Rocky Flats Environmental Technology Site (RFETS). One of the challenges faced for closure is the disposition of radiologically contaminated gloveboxes. Evaluation of the disposition options for gloveboxes included a detailed analysis of available treatment capabilities, disposal facilities, and lifecycle costs. The Kaiser-Hill Company, LLC followed several processes in determining how the gloveboxes would be managed for disposition. Currently, multiple disposition paths have been chosen to accommodate the needs of the varying styles and conditions of the gloveboxes, meet the needs of the decommissioning team, and to best manage lifecycle costs. Several challenges associated with developing a disposition path that addresses both the radiological and RCRA concerns as well as offering the most cost-effective solution were encountered. These challenges included meeting the radiological waste acceptance criteria of available disposal facilities, making a RCRA determination, evaluating treatment options and costs, addressing void requirements associated with disposal, and identifying packaging and transportation options. The varying disposal facility requirements affected disposition choices. Facility conditions that impacted decisions included radiological and chemical waste acceptance criteria, physical requirements, and measurement for payment options. The facility requirements also impacted onsite activities including management strategies, decontamination activities, and life-cycle cost

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

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.

Dopamine Modulates Option Generation for Behavior.

Science.gov (United States)

Ang, Yuen-Siang; Manohar, Sanjay; Plant, Olivia; Kienast, Annika; Le Heron, Campbell; Muhammed, Kinan; Hu, Michele; Husain, Masud

2018-05-21

Animals make innumerable decisions every day, each of which involves evaluating potential options for action. But how are options generated? Although much is now known about decision making when a fixed set of potential options is provided, surprisingly little progress has been made on self-generated options. Some researchers have proposed that such abilities might be modulated by dopamine. Here, we used a new measure of option generation that is quantitative, objective, and culture fair to investigate how humans generate different behavioral options. Participants were asked to draw as many different paths (options) as they could between two points within a fixed time. Healthy individuals (n = 96) exhibited a trade-off between uniqueness (how individually different their options were) and fluency (number of options), generating either many similar or few unique options. To assess influence of dopamine, we first examined patients with Parkinson's disease (n = 35) ON and OFF their dopaminergic medication and compared them to elderly healthy controls (n = 34). Then we conducted a double-blind, placebo-controlled crossover study of the D2 agonist cabergoline in healthy older people (n = 29). Across both studies, dopamine increased fluency but diminished overall uniqueness of options generated, due to the effect of fluency trading off with uniqueness. Crucially, however, when this trade-off was corrected for, dopamine was found to increase uniqueness for any given fluency. Three carefully designed control studies showed that performance on our option-generation task was not related to executing movements, planning actions, or selecting between generated options. These findings show that dopamine plays an important role in modulating option generation. Copyright © 2018 The Author(s). Published by Elsevier Ltd.. All rights reserved.

The Factor Structure in Equity Options

DEFF Research Database (Denmark)

Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

Principal component analysis of equity options on Dow-Jones firms reveals a strong factor structure. The first principal component explains 77% of the variation in the equity volatility level, 77% of the variation in the equity option skew, and 60% of the implied volatility term structure across...... equities. Furthermore, the first principal component has a 92% correlation with S&P500 index option volatility, a 64% correlation with the index option skew, and a 80% correlation with the index option term structure. We develop an equity option valuation model that captures this factor structure...

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 ...

Career Interests of Canadian Psychiatry Residents: What Makes Residents Choose a Research Career?

Science.gov (United States)

Laliberté, Vincent; Rapoport, Mark J.; Andrew, Melissa; Davidson, Marla

2016-01-01

Objectives: Training future clinician-researchers remains a challenge faced by Canadian psychiatry departments. Our objectives were to determine the prevalence of residents interested in pursuing research and other career options as part of their practice, and to identify the factors associated with interest in research. Method: Data from a national online survey of 207 Canadian psychiatry residents from a total of 853 (24.3% response rate) were examined. The main outcome was interest in research as part of residents’ future psychiatrist practice. Bivariate and multivariate analyses were performed to identify demographic and vocational variables associated with research interest. Results: Interest in research decreases by 76% between the first and fifth year of psychiatry residency (OR 0.76 per year, 95% CI 0.60 to 0.97). Training in a department with a residency research track did not correlate with increased research interest (χ2 = 0.007, df = 1, P = 0.93). Conclusions: Exposing and engaging psychiatry residents in research as early as possible in residency training appears key to promoting future research interest. Psychiatry residency programs and research tracks could consider emphasizing research training initiatives and protected research time early in residency. PMID:27253699

American Option Pricing using GARCH models and the Normal Inverse Gaussian distribution

DEFF Research Database (Denmark)

Stentoft, Lars Peter

In this paper we propose a feasible way to price American options in a model with time varying volatility and conditional skewness and leptokurtosis using GARCH processes and the Normal Inverse Gaussian distribution. We show how the risk neutral dynamics can be obtained in this model, we interpret...... properties shows that there are important option pricing differences compared to the Gaussian case as well as to the symmetric special case. A large scale empirical examination shows that our model outperforms the Gaussian case for pricing options on three large US stocks as well as a major index...

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...

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.

A Continuous-Time Model for Valuing Foreign Exchange Options

Directory of Open Access Journals (Sweden)

James J. Kung

2013-01-01

Full Text Available This paper makes use of stochastic calculus to develop a continuous-time model for valuing European options on foreign exchange (FX when both domestic and foreign spot rates follow a generalized Wiener process. Using the dollar/euro exchange rate as input for parameter estimation and employing our FX option model as a yardstick, we find that the traditional Garman-Kohlhagen FX option model, which assumes constant spot rates, values incorrectly calls and puts for different values of the ratio of exchange rate to exercise price. Specifically, it undervalues calls when the ratio is between 0.70 and 1.08, and it overvalues calls when the ratio is between 1.18 and 1.30, whereas it overvalues puts when the ratio is between 0.70 and 0.82, and it undervalues puts when the ratio is between 0.86 and 1.30.

48 CFR 17.107 - Options.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Options. 17.107 Section 17... CONTRACT TYPES SPECIAL CONTRACTING METHODS Multiyear Contracting 17.107 Options. Benefits may accrue by including options in a multiyear contract. In that event, contracting officers must follow the requirements...

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

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

48 CFR 2917.207 - Exercising options.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Exercising options. 2917... AND CONTRACT TYPES SPECIAL CONTRACTING METHODS Options 2917.207 Exercising options. The contracting officer must use a standardized determination and finding before exercising an option in accordance with...

Scope Complexity Options Risks Excursions (SCORE) Factor Mathematical Description.

Energy Technology Data Exchange (ETDEWEB)

Gearhart, Jared Lee [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Samberson, Jonell Nicole [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Shettigar, Subhasini [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Jungels, John [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Welch, Kimberly M. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Jones, Dean A. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

2017-03-01

The purpose of the Scope, Complexity, Options, Risks, Excursions (SCORE) model is to estimate the relative complexity of design variants of future warhead options, resulting in scores. SCORE factors extend this capability by providing estimates of complexity relative to a base system (i.e., all design options are normalized to one weapon system). First, a clearly defined set of scope elements for a warhead option is established. The complexity of each scope element is estimated by Subject Matter Experts (SMEs), including a level of uncertainty, relative to a specific reference system. When determining factors, complexity estimates for a scope element can be directly tied to the base system or chained together via comparable scope elements in a string of reference systems that ends with the base system. The SCORE analysis process is a growing multi-organizational Nuclear Security Enterprise (NSE) effort, under the management of the NA-12 led Enterprise Modeling and Analysis Consortium (EMAC). Historically, it has provided the data elicitation, integration, and computation needed to support the out-year Life Extension Program (LEP) cost estimates included in the Stockpile Stewardship Management Plan (SSMP).

76 FR 41839 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Science.gov (United States)

2011-07-15

... existing PAR Official Fee structure that imposes a flat per contract fee does not provide an incentive for...-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate... interested persons. \\1\\ 15 U.S.C. 78s(b)(1). \\2\\ 17 CFR 240.19b-4. I. Self-Regulatory Organization's...

77 FR 10020 - Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing of a Proposed...

Science.gov (United States)

2012-02-21

... exchange that offers electronic complex order processing does not ``leg'' stock-option orders. See, e.g... to (i) adopt a definition of a stock-option order (as well as include a definition of a complex order... process for auctioning eligible complex orders for price improvement. See Rule 6.13(c). Definitions The...

Region-of-interest volumetric visual hull refinement

KAUST Repository

Knoblauch, Daniel; Kuester, Falko

2010-01-01

This paper introduces a region-of-interest visual hull refinement technique, based on flexible voxel grids for volumetric visual hull reconstructions. Region-of-interest refinement is based on a multipass process, beginning with a focussed visual

38 CFR 6.10 - Options.

Science.gov (United States)

2010-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Options. 6.10 Section 6.10 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS UNITED STATES GOVERNMENT LIFE INSURANCE Optional Settlement § 6.10 Options. Insurance will be payable in one sum only when...

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...

Risk management with substitution options: Valuing flexibility in small-scale energy systems

Science.gov (United States)

Knapp, Karl Eric

Several features of small-scale energy systems make them more easily adapted to a changing operating environment than large centralized designs. This flexibility is often manifested as the ability to substitute inputs. This research explores the value of this substitution flexibility and the marginal value of becoming a "little more flexible" in the context of real project investment in developing countries. The elasticity of substitution is proposed as a stylized measure of flexibility and a choice variable. A flexible alternative (elasticity > 0) can be thought of as holding a fixed-proportions "nflexible" asset plus a sequence of exchange options---the option to move to another feasible "recipe" each period. Substitutability derives value from following a contour of anticipated variations and from responding to new information. Substitutability value, a "cost savings option", increases with elasticity and price risk. However, the required premium to incrementally increase flexibility can in some cases decrease with an increase in risk. Variance is not always a measure of risk. Tools from stochastic dominance are newly applied to real options with convex payoffs to correct some misperceptions and clarify many common modeling situations that meet the criteria for increased variance to imply increased risk. The behavior of the cost savings option is explored subject to a stochastic input price process. At the point where costs are identical for all alternatives, the stochastic process for cost savings becomes deterministic, with savings directly proportional to elasticity of substitution and price variance. The option is also formulated as a derivative security via dynamic programming. The partial differential equation is solved for the special case of Cobb-Douglas (elasticity = 1) (also shown are linear (infinite elasticity), Leontief (elasticity = 0)). Risk aversion is insufficient to prefer a more flexible alternative with the same expected value. Intertemporal

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…

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.

48 CFR 317.107 - Options.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Options. 317.107 Section... CONTRACT TYPES SPECIAL CONTRACTING METHODS Multi-year Contracting 317.107 Options. When used as part of a multi-year contract, options shall not be used to extend the performance of the original requirement for...

38 CFR 8.25 - Options.

Science.gov (United States)

2010-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Options. 8.25 Section 8.25 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS NATIONAL SERVICE LIFE INSURANCE Optional Settlements § 8.25 Options. Insurance will be paid in a lump sum only when selected by...

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.

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 ...

OPTION(5) versus OPTION(12) instruments to appreciate the extent to which healthcare providers involve patients in decision-making.

Science.gov (United States)

Stubenrouch, Fabienne E; Pieterse, Arwen H; Falkenberg, Rijan; Santema, T Katrien B; Stiggelbout, Anne M; van der Weijden, Trudy; Aarts, J Annemijn W M; Ubbink, Dirk T

2016-06-01

The 12-item "observing patient involvement" (OPTION(12))-instrument is commonly used to assess the extent to which healthcare providers involve patients in health-related decision-making. The five-item version (OPTION(5)) claims to be a more efficient measure. In this study we compared the Dutch versions of the OPTION-instruments in terms of inter-rater agreement and correlation in outpatient doctor-patient consultations in various settings, to learn if we can safely switch to the shorter OPTION(5)-instrument. Two raters coded 60 audiotaped vascular surgery and oncology patient consultations using OPTION(12) and OPTION(5). Unweighted Cohen's kappa was used to compute inter-rater agreement on item-level. The association between the total scores of the two OPTION-instruments was investigated using Pearson's correlation coefficient (r) and a Bland & Altman plot. After fine-tuning the OPTION-manuals, inter-rater agreement for OPTION(12) and OPTION(5) was good to excellent (kappa range 0.69-0.85 and 0.63-0.72, respectively). Mean total scores were 23.7 (OPTION(12); SD=7.8) and 39.3 (OPTION(5); SD=12.7). Correlation between the total scores was high (r=0.71; p=0.01). OPTION(5) scored systematically higher with a wider range than OPTION(12). Both OPTION-instruments had a good inter-rater agreement and correlated well. OPTION(5) seems to differentiate better between various levels of patient involvement. The OPTION(5)-instrument is recommended for clinical application. Copyright © 2015 Elsevier Ireland Ltd. All rights reserved.

Option pricing under stochastic volatility: the exponential Ornstein–Uhlenbeck model

International Nuclear Information System (INIS)

Perelló, Josep; Masoliver, Jaume; Sircar, Ronnie

2008-01-01

We study the pricing problem for a European call option when the volatility of the underlying asset is random and follows the exponential Ornstein–Uhlenbeck model. The random diffusion model proposed is a two-dimensional market process that takes a log-Brownian motion to describe price dynamics and an Ornstein–Uhlenbeck subordinated process describing the randomness of the log-volatility. We derive an approximate option price that is valid when (i) the fluctuations of the volatility are larger than its normal level, (ii) the volatility presents a slow driving force, toward its normal level and, finally, (iii) the market price of risk is a linear function of the log-volatility. We study the resulting European call price and its implied volatility for a range of parameters consistent with daily Dow Jones index data

National energy planning with nuclear option

International Nuclear Information System (INIS)

Soetrisnanto, Arnold Y.; Hastowo, Hudi; Soentono, Soedyartomo

2002-01-01

National energy planning with nuclear option. Energy planning development is a part of the sustainable development that supports the attainment of national development goals. The objective of the study is to support the national planning and decision-making process in the energy and electric sector in Indonesia with nuclear option for period of 1998-2027. This study performs the provision of detailed economic sector and regional energy demand projection by MAED simulation model based on the economic and population scenarios. The optimization of the future energy supply such as electricity supply taking all known Indonesian energy sources and all relevant technologies into consideration by MARKAL Model. The results shows that Indonesia's need for final energy is forecasted to increase two times, from 4028,4 PJ at the beginning of study become 8145,6 PJ at the end of study. Performing the sensitivity study, it is predicted that nuclear energy could be introduced in the Java-Bali electricity grid about year 2016

24 CFR 206.19 - Payment options.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Payment options. 206.19 Section 206... CONVERSION MORTGAGE INSURANCE Eligibility; Endorsement Eligible Mortgages § 206.19 Payment options. (a) Term payment option. Under the term payment option, equal monthly payments are made by the mortgagee to the...

COMBINATION THERAPIES OR STANDALONE INTERVENTIONS? INNOVATION OPTIONS FOR PHARMACEUTICAL FIRMS FIGHTING CANCER

OpenAIRE

GUNJAN BHARDWAJ; ANSHIT AGRAWAL; RUPESH TYAGI

2015-01-01

Innovation is key to the pharma model, from an initial discovery to the final development of a marketable drug. Here, we explore the innovation options in the fiercely contested therapeutic area of Oncology. We studied clinical development of drugs targeting PD-1 and PD-L1 pathway. In this interesting contest, companies seem to be focusing on standalone interventions (exploratory innovation) and combination therapy (exploitative innovation) in clinical development. Merck Sharp and Dohme, havi...

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....

Maximizing profits associated with abandonment decisions and options

International Nuclear Information System (INIS)

Antia, D.D.J.

1994-01-01

Economic strategies which are designed to maximize profits associated with abandonment decisions and options focus on: extending field life; offsetting of economic risks onto a third party; reuse of facilities and infrastructure; expansion of associated secondary processing and distribution capabilities and usage; and the sale of abandonment units to a third party

24 CFR 35.120 - Options.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 1 2010-04-01 2010-04-01 false Options. 35.120 Section 35.120... and Definitions for All Programs. § 35.120 Options. (a) Standard treatments. Where interim controls are required by this part, the designated party has the option to presume that lead-based paint or...

77 FR 4844 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving a...

Science.gov (United States)

2012-01-31

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-66235; File No. SR-CBOE-2011-114] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving a Proposed Rule Change Relating to Complex Order Processing in Hybrid 3.0 Classes January 25, 2012. I. Introduction On November 29, 2011, the Chicago Board Options...

Probabilistic Cash Flow-Based Optimal Investment Timing Using Two-Color Rainbow Options Valuation for Economic Sustainability Appraisement

Directory of Open Access Journals (Sweden)

Yonggu Kim

2017-10-01

Full Text Available This research determines the optimal investment timing using real options valuation to support decision-making for economic sustainability assessment. This paper illustrates an option pricing model using the Black-Scholes model applied to a case project to understand the model performance. Applicability of the project to the model requires two Monte Carlo simulations to satisfy a Markov process and a Wiener process. The position of project developers is not only the seller of products, but it is also the buyer of raw materials. Real options valuation can be influenced by the volatility of cash outflow, as well as the volatility of cash inflow. This study suggests two-color rainbow options valuation to overcome this issue, which is demonstrated for a steel plant project. The asymmetric results of the case study show that cash outflow (put option influences the value of the steel plant project more than cash inflow (call option does of which the discussion of the results is referred to a sensitivity analysis. The real options valuation method proposed in this study contributes to the literature on applying the new model, taking into consideration that investors maximize project profitability for economic sustainable development.

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.)

Influence of an Intermediate Option on the Description-Experience Gap and Information Search.

Science.gov (United States)

Sharma, Neha; Debnath, Shoubhik; Dutt, Varun

2018-01-01

Research shows that people tend to overweight small probabilities in description and underweight them in experience, thereby leading to a different pattern of choices between description and experience; a phenomenon known as the Description-Experience (DE) gap. However, little is known on how the addition of an intermediate option and contextual framing influences the DE gap and people's search strategies. This paper tests the effects of an intermediate option and contextual framing on the DE gap and people's search strategies, where problems require search for information before a consequential choice. In the first experiment, 120 participants made choice decisions across investment problems that differed in the absence or presence of an intermediate option. Results showed that adding an intermediate option did not reduce the DE gap on the maximizing option across a majority of problems. There were a large majority of choices for the intermediate option. Furthermore, there was an increase in switching between options due to the presence of the intermediate option. In the second experiment, 160 participants made choice decisions in problems like those presented in experiment 1; however, problems lacked the investment framing. Results replicated findings from the first experiment and showed a similar DE gap on the maximizing option in a majority of problems in both the absence and presence of the intermediate option. Again, there were a large majority of choices for the intermediate option. Also, there was an increase in switching between options due to the presence of the intermediate option. Meta-analyses revealed that the absence or presence of the intermediate option created certain differences in the strength of frequency and recency processes. Also, a single natural-mean heuristic model was able to account for the experimental results across both experiments. We discuss implications of our findings to consequential decisions made after information search.

Influence of an Intermediate Option on the Description-Experience Gap and Information Search

Directory of Open Access Journals (Sweden)

Neha Sharma

2018-03-01

Full Text Available Research shows that people tend to overweight small probabilities in description and underweight them in experience, thereby leading to a different pattern of choices between description and experience; a phenomenon known as the Description-Experience (DE gap. However, little is known on how the addition of an intermediate option and contextual framing influences the DE gap and people’s search strategies. This paper tests the effects of an intermediate option and contextual framing on the DE gap and people’s search strategies, where problems require search for information before a consequential choice. In the first experiment, 120 participants made choice decisions across investment problems that differed in the absence or presence of an intermediate option. Results showed that adding an intermediate option did not reduce the DE gap on the maximizing option across a majority of problems. There were a large majority of choices for the intermediate option. Furthermore, there was an increase in switching between options due to the presence of the intermediate option. In the second experiment, 160 participants made choice decisions in problems like those presented in experiment 1; however, problems lacked the investment framing. Results replicated findings from the first experiment and showed a similar DE gap on the maximizing option in a majority of problems in both the absence and presence of the intermediate option. Again, there were a large majority of choices for the intermediate option. Also, there was an increase in switching between options due to the presence of the intermediate option. Meta-analyses revealed that the absence or presence of the intermediate option created certain differences in the strength of frequency and recency processes. Also, a single natural-mean heuristic model was able to account for the experimental results across both experiments. We discuss implications of our findings to consequential decisions made after

Cognitive and Affective Aspects of Creative Option Generation in Every Day Life Situations

Directory of Open Access Journals (Sweden)

T. Sophie Schweizer

2016-08-01

Full Text Available Which factors influence a human being’s ability to develop new perspectives and be creative? This ability is pivotal for any context in which new cognitions are required, such as innovative endeavors in science and art, or psychotherapeutic settings. In this article we seek to bring together two research programs investigating the generation of creative options: On the one hand, research on option generation in the decision-making literature and, on the other hand, cognitive and clinical creativity research. Previous decision-making research has largely neglected the topic of generating creative options. Experiments typically provided participants with a clear set of options to choose from, but everyday life situations are less structured and allow countless ways to react. Before choosing an option, agents have to self-generate a set of options to choose from. Such option generation processes have only recently moved to the center of attention. The present study examines the creative quality of self-generated options in daily life situations. A student sample (N = 48 generated options for action in 70 shortly described everyday life scenarios. We rated the quality of the options on three dimensions of creativity- originality, feasibility, and divergence - and linked these qualities to option generation fluency (speed and number of generated options, situational features like the familiarity and the affective valence of the situation in which the options were generated, and trait measures of cognitive performance. We found that when situations were familiar to the participant, greater negative affective valence of the situation was associated with more originality and divergence of generated options. We also found that a higher option generation fluency was associated with a greater maximal originality of options. We complete our article with a joint research agenda for researchers in the decision-making field focusing on option generation and

Radiological impacts of spent nuclear fuel management options

International Nuclear Information System (INIS)

Riotte, H.; Lazo, T.; Mundigl, S.

2000-01-01

An important technical study on radiological impacts of spent nuclear fuel management options, recently completed by the NEA, is intended to facilitate informed international discussions on the nuclear fuel cycle. The study compares the radiological impacts on the public and on nuclear workers resulting from two approaches to handling spent fuel from nuclear power plants: - the reprocessing option, that includes the recycling of spent uranium fuel, the reuse of the separated plutonium in MOX fuel, and the direct disposal of spent MOX fuel; and the once-through option, with no reprocessing of spent fuel, and its direct disposal. Based on the detailed research of a group of 18 internationally recognised experts, under NEA sponsorship, the report concludes that: The radiological impacts of both the reprocessing and the non-reprocessing fuel cycles studied are small, well below any regulatory dose limits for the public and for workers, and insignificantly low as compared with exposures caused by natural radiation. The difference in the radiological impacts of the two fuel cycles studied does not provide a compelling argument in favour of one option or the other. The study also points out that other factors, such as resource utilisation efficiency, energy security, and social and economic considerations would tend to carry more weight than radiological impacts in decision-making processes. (authors)

FTR-option formulation and pricing

International Nuclear Information System (INIS)

Parmeshwaran, Vijay; Muthuraman, Kumar

2009-01-01

Recent changes in electricity markets have advocated the use of Local Marginal Prices (LMP) for congestion management and pricing. From the perspective of market participants, the LMPs pose a risk since they are not known before a transaction on the grid is made. Financial transmission rights (FTR) are instruments that help market participants hedge this risk and are issuable in two flavors - obligations and options. While pricing obligations are much easier, pricing FTR options pose a significant challenge. In this paper we develop a computational method for pricing FTR options. We also discuss the problem of designing financial instrument sets that assure revenue adequacy for the issuer. We point out the difficulty in assuring revenue adequacy when FTR options are present and propose a scheme for overcoming the difficulty. The proposed pricing method can be used to compute prices of options and obligations in the primary market or as a reliable pricing tool to compute option prices in the secondary market. Finally using a test network we present and discuss numerical results. (author)

Valuing real options: frequently made errors

OpenAIRE