WorldWideScience

Sample records for market acceptance options

  1. 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.

  2. Marketing for Acceptance

    Directory of Open Access Journals (Sweden)

    Tina L. Johnston, Ph.D.

    2009-11-01

    Full Text Available Becoming a researcher comes with the credentializing pressure to publish articles in peer-reviewed journals (Glaser, 1992; Glaser, 2007; Glaser, 2008. The work intensive process is exacerbated when the author’s research method is grounded theory. This study investigated the concerns of early and experienced grounded theorists to discover how they worked towards publishing research projects that applied grounded theory as a methodology. The result was a grounded theory of marketing for acceptance that provides the reader with insight into ways that classic grounded theorists have published their works. This is followed by a discussion of ideas for normalizing classic grounded theory research methods in our substantive fields.

  3. 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.

  4. Market Acceptance of Smart Growth

    Science.gov (United States)

    This report finds that smart growth developments enjoy market acceptance because of stability in prices over time. Housing resales in smart growth developments often have greater appreciation than their conventional suburban counterparts.

  5. Heterogeneous Beliefs, Public Information, and Option Markets

    DEFF Research Database (Denmark)

    Qin, Zhenjiang

    In an incomplete market setting with heterogeneous prior beliefs, I show that public information and strike price of option have substantial infl‡uence on asset pricing in option markets, by investigating an absolute option pricing model with negative exponential utility investors and normally...... distributed dividend. I demonstrate that heterogeneous prior variances give rise to the economic value of option markets. Investors speculate in option market and public information improves allocational efficiency of markets only when there is heterogeneity in prior variance. Heterogeneity in mean is neither...... a necessary nor sufficient condition for generating speculations in option markets. With heterogeneous beliefs, options are non-redundant assets which can facilitate side-betting and enable investors to take advantage of the disagreements and the differences in con…dence. This fact leads to a higher growth...

  6. Illiquidity Premia in the Equity Options Market

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Goyenko, Ruslan; Jacobs, Kris

    Illiquidity is well-known to be a significant determinant of stock and bond returns. We report on illiquidity premia in the equity options market. An increase in option illiquidity decreases the current option price and implies higher expected option returns. This effect is statistically and econ......Illiquidity is well-known to be a significant determinant of stock and bond returns. We report on illiquidity premia in the equity options market. An increase in option illiquidity decreases the current option price and implies higher expected option returns. This effect is statistically...... and economically signifi…cant. It is robust across different empirical approaches and when including various control variables. The illiquidity of the underlying stock affects the option return negatively, consistent with a hedging argument: When stock market illiquidity increases, the cost of replicating...

  7. OIL AND GAS FUTURES AND OPTIONS MARKET

    Directory of Open Access Journals (Sweden)

    Ante Nosić

    2017-01-01

    Full Text Available Energy mineral resources markets are represented by complex supply and demand ratios which are depending on different factors such as technical (transport and geopolitical. The main specific of energy markets is represented by an uneven geographic distribution of hydrocarbon reserves and exploration on one hand and energy consumption on the other. World oil markets, although geographically localized, because of specific market trade, represent unique global market with decreasing price difference. Price differences are result of development of a transport possibilities of oil supply. Development of transport routes of natural gas and increasing number of liquefied natural gas terminals in the world give pressure to natural gas market and its integration into global gas market. Integration of regional gas markets into a common European gas market is main energy policy of EU concerning natural gas. On the other hand, there are still significant price differences on some markets (e.g. United States of America - South East Asia. Development of global energy markets is enabled by development of a futures and options contracts of an energy trade which have replaced bilateral contract deals between producers and consumers. Futures contracts are standardized contracts traded on exchanges. Buyer agrees to buy certain quantity of stock for an agreed upon price and with some future delivery date. Option is a contract which gives a buyer the option of the right to buy (or sell, depending on the option an asset at predetermined price and at a later date. Stocks price risk can be managed with the purchase and selling futures and options contracts. This paper deals with futures and options energy markets and their market strategies.

  8. Illiquidity Premia in the Equity Options Market

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Goyenko, Ruslan; Jacobs, Kris

    , including standard measures of illiquidity of the underlying stock, determinants of spreads, and a measure of net demand pressure. The positive illiquidity premium we find is consistent with existing evidence that market makers in the equity options market hold net long positions.......Illiquidity is well-known to be a significant determinant of stock and bond returns. We are the first to estimate illiquidity premia in equity option markets using effective spreads for a large cross-section of firms. The risk-adjusted return spread for illiquid over liquid options is 23 bps per...

  9. Illiquidity Premia in the Equity Options Market

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Goyenko, Ruslan; Jacobs, Kris

    2018-01-01

    constructed from intraday effective spreads for a large panel of U.S. equities, and they are robust to different empirical implementations. Our findings are consistent with evidence that market makers in the equity options market hold large and risky net long positions, and positive illiquidity premia...

  10. An options model for electric power markets

    International Nuclear Information System (INIS)

    Ghosh, Kanchan; Ramesh, V.C.

    1997-01-01

    The international electric utility industry is undergoing a radical transformation from an essentially regulated and monopolistic industry to an industry made uncertain with impending deregulation and the advent of competitive forces. This paper investigates the development of an options market for bulk power trading in a market setup while considering power system planning and operational constraints and/or requirements. In so doing it considers the different market based financial derivative instruments while can be used to trade electrical power in bulk and examines how established tools such as Optimal Power Flow (OPF) may be applied in helping to develop a price for bulk power transactions under a market based setup. (Author)

  11. Rare disasters, credit, and option market puzzles

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Du, Du; Elkamhi, Redouane

    2017-01-01

    calibrated to the real economy can simultaneously explain several key empirical regularities in equity, credit, and options markets. Our model captures the empirical level and volatility of credit spreads, generates a flexible credit risk term structure, and provides a good fit to a century of observed...

  12. Market based generation: A promising market management option

    International Nuclear Information System (INIS)

    Siddiqi, R.

    1992-01-01

    It is proposed to ease the tension between demand management and supply side management at electric utilities through the introduction of a concept called market management. Market management provides a framework for developing and evaluating the attractiveness of new products and services such as dispersed generation hardware, implementation services, and complementary pricing structures. A market management strategy is the definition of market segments, creating products for those segments, evaluation of the profitability of the product-segment combinations, commitment of resources to those segments, and development of product and marketing plans for those segments. A brief analysis of backup generation is presented as an example of market management. In this example, the customer that is backed up shares some portion of the capital and maintenance costs of the backup unit through priority service rates; the utility and customers that are not backed up can obtain the use of the generating resource but pay only a portion of its costs. Backup generation programs have been found to provide utilities with the ability to meet peak load requirements more cheaply than by investing in peaking capacity. Other benefits for utilities include protection of market share, more efficient rates, and a new source of revenues. With the advances in the technology of small-scale generation, utilities can examine bundling various pricing options with market based generation to offer alternative value-added service options to customer segments with demand characteristics that make these technologies attractive. 3 figs

  13. Acceptability of child adoption as management option for infertility in ...

    African Journals Online (AJOL)

    Infertility remains a global health challenge with devastating psycho-social consequences in many African communities. Adoption that may serve as an alternative strategy for the affected couples is not widely practiced. This study was conceptualized to assess the acceptability of child adoption as a management option by ...

  14. The enhancement of the deteriorated South African bond options market

    Directory of Open Access Journals (Sweden)

    Coert Frederik Erasmus

    2015-06-01

    Full Text Available nvestments, especially those in the bond market, carry a level of risk. Risks in the bond market can be mitigated by transacting in option contracts. In the developing South African economy, trading activity of over-the-counter (OTC bond options decreased significantly. Possible deteriorating factors and interventions to enhance OTC bond options were investigated in this research. Experts in the OTC bond option market were surveyed and the quantitative data collected was analysed with descriptive statistical methods. Results indicated that three factors were positively identified as deteriorating factors in the OTC bond option market and that five different interventions were possible to possible enhance this market.

  15. Crude oil options market found to be efficient

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This paper reports that the U.S. crude oil options market operates efficiently and does not overreact. The authors, with the JFK School of Government, studied the crude oil options market under a Department of Energy grant. The current market was created in November 1986 when the New York Mercantile Exchange introduced an options contract for delivery of West Texas intermediate crude futures. it has grown greatly since then

  16. A CDO option market model on standardized CDS index tranches

    DEFF Research Database (Denmark)

    Dorn, Jochen

    We provide a market model which implies a dynamic for standardized CDS index tranche spreads. This model is useful for pricing options on tranches with future Issue Dates as well as for modeling emerging options on struc- tured credit derivatives. With the upcoming regulation of the CDS market...... in perspective, the model presented here is also an attempt to face the e ects on pricing approaches provoked by an eventual Clearing Chamber . It becomes also possible to calibrate Index Tranche Options with bespoke tenors/tranche subordination to market data obtained by more liquid Index Tranche Options...

  17. OIL AND GAS FUTURES AND OPTIONS MARKET

    OpenAIRE

    Ante Nosić; Daria Karasalihović Sedlar; Lucija Jukić

    2017-01-01

    Energy mineral resources markets are represented by complex supply and demand ratios which are depending on different factors such as technical (transport) and geopolitical. The main specific of energy markets is represented by an uneven geographic distribution of hydrocarbon reserves and exploration on one hand and energy consumption on the other. World oil markets, although geographically localized, because of specific market trade, represent unique global market with decreasing price diffe...

  18. 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.

  19. Optional forward contracts for electric power markets

    International Nuclear Information System (INIS)

    Gedra, T.W.

    1994-01-01

    This paper extends the idea of callable forward contracts, which are potentially useful as demand-side (interruptible-load) contracts, to their supply-side analogues. Together, these contracts allow market participants to take advantage of flexibility in generation or consumption to obtain a monetary benefit, while simultaneously removing the risk of market price fluctuations. This paper also considers the effects of strategic behavior on the part of market participants in their contract sales/purchase decisions

  20. Short-Term Market Risks Implied by Weekly Options

    DEFF Research Database (Denmark)

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

    a direct way to study volatility and jump risks. Unlike longer-dated options, they are largely insensitive to the risk of intertemporal shifts in the economic environment. Adopting a novel semi-nonparametric approach, we uncover variation in the negative jump tail risk which is not spanned by market......We study short-term market risks implied by weekly S&P 500 index options. The introduction of weekly options has dramatically shifted the maturity profile of traded options over the last five years, with a substantial proportion now having expiry within one week. Such short-dated options provide......" by the level of market volatility and elude standard asset pricing models....

  1. On the Pricing of Options in Incomplete Markets

    NARCIS (Netherlands)

    Melenberg, B.; Werker, B.J.M.

    1996-01-01

    In this paper we reconsider the pricing of options in incomplete continuous time markets.We first discuss option pricing with idiosyncratic stochastic volatility.This leads, of course, to an averaged Black-Scholes price formula.Our proof of this result uses a new formalization of idiosyncraticy

  2. NEURAL NETWORKS FOR STOCK MARKET OPTION PRICING

    Directory of Open Access Journals (Sweden)

    Sergey A. Sannikov

    2017-03-01

    Full Text Available Introduction: The use of neural networks for non-linear models helps to understand where linear model drawbacks, coused by their specification, reveal themselves. This paper attempts to find this out. The objective of research is to determine the meaning of “option prices calculation using neural networks”. Materials and Methods: We use two kinds of variables: endogenous (variables included in the model of neural network and variables affecting on the model (permanent disturbance. Results: All data are divided into 3 sets: learning, affirming and testing. All selected variables are normalised from 0 to 1. Extreme values of income were shortcut. Discussion and Conclusions: Using the 33-14-1 neural network with direct links we obtained two sets of forecasts. Optimal criteria of strategies in stock markets’ option pricing were developed.

  3. Acceptance and marketability of the food irradiation technology

    International Nuclear Information System (INIS)

    Sivinski, J.S.

    1985-01-01

    The food irradiation technology has been struggling for forty years for acceptance and utilization. The issue of consumer acceptance is addressed and judged not to be the critical factor in terms of priority and timing. The producing/processing marketing industries must first accept the technology for valid business or social reasons. If they become convinced that they cannot afford to pass up the technology, they will accept the process and offer irradiated products. These industries understand public acceptance and use professionals in market development and advertising to achieve consumption of their products. Consumer acceptance can best be developed by the food industry, while the research and development community, in concert with national and international agencies, can and should provide the industry with every assistance in reaching a consensus on the validity of food irradiation as an appropriate and useful technology

  4. Acceptance of food irradiation in western markets

    Energy Technology Data Exchange (ETDEWEB)

    Ting, H H [PURIDEC Irradiation Technologies, Buckinghamshire, England (United Kingdom)

    1997-12-31

    This paper reviews the status and acceptance of food irradiation worldwide, focusing on Europe and the United States. Today no less than 38 countries including the USA and 14 European countries, have approved the irradiation of food. Across Europe there is a very wide variation, with a variety of foods being irradiated and eaten in Belgium and France but a total ban on food irradiation in Germany. Progress towards a directive harmonising the position across all countries in the European Union is slow. In the USA there is a growing awareness of the advantages of using food irradiation to combat the increasing risk of the food-borne diseases, and media coverage and consumer attitudes are considerably more favourable than previously. The use of irradiation instead of pesticides for spice treatment is gaining acceptance within the North American spice industry and the NA meat industry is recognising the potential of food irradiation as one way of meeting its obligations under the new HACCP regulations. Food irradiation is also being seriously considered as an alternative to the use of methyl bromide for quarantine treatment of fruit and vegetables. The establishment of the World Trade Organisation in 1995 to enforce various agreements concluded during the GATT Uruguay Round is expected to impact trade liberalisation. In particular the agreements pertaining to the Application of Sanitary and Phytosanitary Measures (SPS) and on Technical Barriers to Trade (TBT) have particular reference to track in irradiated food. In this respect, it is particularly important for potential training partners (food producing countries) to ensure that they have domestic approvals in place for any irradiated foods they provide to western countries. (author). countries. (author).

  5. Acceptance of food irradiation in western markets

    International Nuclear Information System (INIS)

    Ting, H.H.

    1996-01-01

    This paper reviews the status and acceptance of food irradiation worldwide, focusing on Europe and the United States. Today no less than 38 countries including the USA and 14 European countries, have approved the irradiation of food. Across Europe there is a very wide variation, with a variety of foods being irradiated and eaten in Belgium and France but a total ban on food irradiation in Germany. Progress towards a directive harmonising the position across all countries in the European Union is slow. In the USA there is a growing awareness of the advantages of using food irradiation to combat the increasing risk of the food-borne diseases, and media coverage and consumer attitudes are considerably more favourable than previously. The use of irradiation instead of pesticides for spice treatment is gaining acceptance within the North American spice industry and the NA meat industry is recognising the potential of food irradiation as one way of meeting its obligations under the new HACCP regulations. Food irradiation is also being seriously considered as an alternative to the use of methyl bromide for quarantine treatment of fruit and vegetables. The establishment of the World Trade Organisation in 1995 to enforce various agreements concluded during the GATT Uruguay Round is expected to impact trade liberalisation. In particular the agreements pertaining to the Application of Sanitary and Phytosanitary Measures (SPS) and on Technical Barriers to Trade (TBT) have particular reference to track in irradiated food. In this respect, it is particularly important for potential training partners (food producing countries) to ensure that they have domestic approvals in place for any irradiated foods they provide to western countries. (author). countries. (author)

  6. 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)

  7. 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....

  8. 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....

  9. FORWARD, FUTURE AND OPTIONS ON STOCK EXCHANGE MARKET

    OpenAIRE

    Ljiljana Stošić Mihajlović; Ivana Zdravković

    2016-01-01

    The main motive of the formation and use of forward contracts and futures, and options, was certainly profit. Making financial markets more efficient, in terms of expanding the range of available financial instruments and reduction in transaction costs, these financial innovations are beneficial for both investors and managers company. Primary purpose of derivatives such as forwards, futures and options is to enable control risks by investitures and primarily from inadequate price trend...

  10. FORWARD, FUTURE AND OPTIONS ON STOCK EXCHANGE MARKET

    Directory of Open Access Journals (Sweden)

    Ljiljana Stošić Mihajlović

    2016-07-01

    Full Text Available The main motive of the formation and use of forward contracts and futures, and options, was certainly profit. Making financial markets more efficient, in terms of expanding the range of available financial instruments and reduction in transaction costs, these financial innovations are beneficial for both investors and managers company. Primary purpose of derivatives such as forwards, futures and options is to enable control risks by investitures and primarily from inadequate price trends for all types of assets that could be subject to transactions in financial markets.

  11. Dynamic Matching Markets and the Deferred Acceptance Mechanism

    DEFF Research Database (Denmark)

    Kennes, John; Monte, Daniel; Tumennasan, Norovsambuu

    In many dynamic matching markets, priorities depend on previous allocations. In such environments, agents on the proposing side can manipulate the period-by-period deferred acceptance (DA) mechanism. We show that the fraction of agents with incentives to manipulate the DA mechanism approaches zero...... as the market size increases. In addition, we provide a novel al- gorithm to calculate the percentage of markets that can be manipulated. Based on randomly generated data, we find that the DA becomes approximately non-manipulable when the schools capacity reaches 20. Our theoretical and simulation results...... together justify the implementation of the period-by-period DA mechanism in dynamic markets....

  12. R&D as an option on market introduction

    NARCIS (Netherlands)

    Lint, L.J.O.; Pennings, H.P.G.

    1998-01-01

    Discounted cash flow methods for making R&D investment decisions cannot properly capture the option value in R&D. Since market and technology uncertainties change expectations about the viability of many new products, the value of projects is frequently adjusted during the R&D stages. Capturing the

  13. Dynamic Decision Making in Agricultural Futures and Options Markets?

    NARCIS (Netherlands)

    Mattos, F.; Garcia, P.; Pennings, J.M.E.

    2008-01-01

    This paper investigates the dynamics of sequential decision-making in agricultural futures and options markets. Analysis of trading records of 12 traders identified considerable heterogeneity in individual dynamic trading behavior. Using risk measures derived from the deltas and vegas of traderâ¿¿s

  14. Acceptability of female-controlled HIV/STI prevention options by ...

    African Journals Online (AJOL)

    The attitudes of working professionals, particularly in the healthcare sector, may play a large role in the acceptance or otherwise of female-controlled HIV/STI prevention options. In 2002, we conducted an exploratory study on the perceptions surrounding female-controlled HIV/STI prevention options, principally the ...

  15. Soy Goes to School: Acceptance of Healthful, Vegetarian Options in Maryland Middle School Lunches

    Science.gov (United States)

    Lazor, Kathleen; Chapman, Nancy; Levine, Elyse

    2010-01-01

    Background: Soyfoods provide healthful options for school breakfasts and lunches that are lower in saturated fat, cholesterol, fat, and calories and can help meet demands for vegetarian choices. Researchers tested acceptance of soy-based options substituted for popular lunch items with a diverse student population. Methods: Researchers conducted a…

  16. Marketing energy conservation options to Northwest manufactured home buyers

    Energy Technology Data Exchange (ETDEWEB)

    Hendrickson, P.L.; Mohler, B.L.; Taylor, Z.T.; Lee, A.D.; Onisko, S.A.

    1985-06-01

    This study relies on extensive, existing survey data and new analyses to develop information that would help design a marketing plan to achieve energy conservation in new manufactured homes. Existing surveys present comprehensive information about regional manufactured home occupants and their homes that are relevant to a potential conservation marketing plan. An independent analysis of the cost-effectiveness of various efficiency improvements provides background information for designing a marketing plan. This analysis focuses on the economic impacts of alternative energy conservation options as perceived by the home owner. Identifying impediments to conservation investments is also very important in designing a marketing plan. A recent report suggests that financial constraints and the need for better information and knowledge about conservation pose the major conservation investment barriers. Since loan interest rates for new manufactured homes typically exceed site-built rates by a considerable amount and the buyers tend to have lower incomes, the economics of manufactured home conservation investments are likely to significantly influence their viability. Conservation information and its presentation directly influences the manufactured home buyer's decision. A marketing plan should address these impediments and their implications very clearly. Dealers express a belief that consumer satisfaction is the major advantage to selling energy efficient manufactured homes. This suggests that targeting dealers in a marketing plan and providing them direct information on consumers' indicated attitudes may be important. 74 refs.

  17. Role of market information in gaining public acceptance

    International Nuclear Information System (INIS)

    Berman, A.B.

    1992-01-01

    The nuclear energy industry challenge to gain acceptance for its next generation of nuclear power plants is immense. If not the majority, then a vocal minority, has doubts about the technology, its need, or those who implement it. Perceptions about the nuclear industry are complex. These are due to the difficulty in understanding the technology itself, the trade-offs of benefits against repercussions, and well-publicized plant problems. The industry requires a continual flow of actionable and comprehensive market information as input for decision making. The cost of implementing misdirected strategies is high. If not sensitive to public needs, the cost is opposition to nuclear development based on faulty or unsubstantiated reasoning. This paper addresses the required market information flow. It is suggested that a market information system is necessary for timely and usable information to ensure understanding of industry developmental efforts

  18. Investments in electricity generation in Croatian liberalized market: energy option

    International Nuclear Information System (INIS)

    Androcec, I.; Viskovic, A.; Slipac, G.

    2004-01-01

    The Republic of Croatia should have enough capacities built on its own territory to cover system's peak load at any time for ensuring a long-term reliability of its operation. According to annual increasing of electricity consumption and progressive shutdown of the oldest generating plants, the security of future electricity supply depends on new investments. The market, i.e. a competitive generation, is the driving force in the construction of new power plants. The main stimulus for the construction is the possibility of definite return of invested capital and enabling potential investors to realize the expected revenues (profit). The construction of generating capacities is subject of authorisation procedure or tendering procedure, by approval of the Energy Regulatory Council. The electricity market opening in Croatia is parallel process with establishment of regional energy market in South East Europe where the decision of investment in new power plant will be defined by regional investment priorities, all in the aspect of European Union enlargement. In those liberalisation conditions it is necessary to realize all possible energy options according to the Strategy of Energy Development of Republic of Croatia and to the regional energy market requirements or European Union Directives. New power plant will be realized, because of objective circumstances, through construction of gas power plant or coal power plant and possible nuclear power plant, and in much smaller size through construction of hydro power plants or power plants on renewable energy sources. The possibility of any energy option will be considered in view of: investment cost, operation and maintenance cost, fuel price, external costs, public influence, and through investor's risk. This paper is aiming to analyse the possibility of nuclear power plant construction in Croatia as well as in other small and medium electricity grids. Nuclear option will be comprehensively considered in technical

  19. Real options and asset valuation in competitive energy markets

    Science.gov (United States)

    Oduntan, Adekunle Richard

    The focus of this work is to develop a robust valuation framework for physical power assets operating in competitive markets such as peaking or mid-merit thermal power plants and baseload power plants. The goal is to develop a modeling framework that can be adapted to different energy assets with different types of operating flexibilities and technical constraints and which can be employed for various purposes such as capital budgeting, business planning, risk management and strategic bidding planning among others. The valuation framework must also be able to capture the reality of power market rules and opportunities, as well as technical constraints of different assets. The modeling framework developed conceptualizes operating flexibilities of power assets as "switching options' whereby the asset operator decides at every decision point whether to switch from one operating mode to another mutually exclusive mode, within the limits of the equipment constraints of the asset. As a current decision to switch operating modes may affect future operating flexibilities of the asset and hence cash flows, a dynamic optimization framework is employed. The developed framework accounts for the uncertain nature of key value drivers by representing them with appropriate stochastic processes. Specifically, the framework developed conceptualizes the operation of a power asset as a multi-stage decision making problem where the operator has to make a decision at every stage to alter operating mode given currently available information about key value drivers. The problem is then solved dynamically by decomposing it into a series of two-stage sub-problems according to Bellman's optimality principle. The solution algorithm employed is the Least Squares Monte Carlo (LSM) method. The developed valuation framework was adapted for a gas-fired thermal power plant, a peaking hydroelectric power plant and a baseload power plant. This work built on previously published real options valuation

  20. Acceptance and Use of Eight Arsenic-Safe Drinking Water Options in Bangladesh

    Science.gov (United States)

    Inauen, Jennifer; Hossain, Mohammad Mojahidul; Johnston, Richard B.; Mosler, Hans-Joachim

    2013-01-01

    Arsenic contamination of drinking water is a serious public health threat. In Bangladesh, eight major safe water options provide an alternative to contaminated shallow tubewells: piped water supply, deep tubewells, pond sand filters, community arsenic-removal, household arsenic removal, dug wells, well-sharing, and rainwater harvesting. However, it is uncertain how well these options are accepted and used by the at-risk population. Based on the RANAS model (risk, attitudes, norms, ability, and self-regulation) this study aimed to identify the acceptance and use of available safe water options. Cross-sectional face-to-face interviews were used to survey 1,268 households in Bangladesh in November 2009 (n = 872), and December 2010 (n = 396). The questionnaire assessed water consumption, acceptance factors from the RANAS model, and socioeconomic factors. Although all respondents had access to at least one arsenic-safe drinking water option, only 62.1% of participants were currently using these alternatives. The most regularly used options were household arsenic removal filters (92.9%) and piped water supply (85.6%). However, the former result may be positively biased due to high refusal rates of household filter owners. The least used option was household rainwater harvesting (36.6%). Those who reported not using an arsenic-safe source differed in terms of numerous acceptance factors from those who reported using arsenic-safe sources: non-users were characterized by greater vulnerability; showed less preference for the taste and temperature of alternative sources; found collecting safe water quite time-consuming; had lower levels of social norms, self-efficacy, and coping planning; and demonstrated lower levels of commitment to collecting safe water. Acceptance was particularly high for piped water supplies and deep tubewells, whereas dug wells and well-sharing were the least accepted sources. Intervention strategies were derived from the results in order to

  1. Test marketing and consumer acceptance of irradiated meat products

    International Nuclear Information System (INIS)

    Xu Zhicheng; Feng Zhixiong; Jiang Peizhen

    2001-01-01

    This study consists of two parts: irradiation processing of cooked meat and irradiation preservation of prepackaged chilled fresh cut meats. Irradiation of prepackaged pickled meat products dipped in grains stillage at a dose 6-8 kGy eliminated common food-borne microorganisms, such as E. Coli and other microbial pathogens and extended the shelf life of the product to 10 days at 5 deg. C. Test marketing of 40,000 bags (about 10,000 kg) of the product in more than 100 supermarkets in the city of Shanghai showed no untoward problem with consumer acceptance. Irradiation of prepackaged chilled fresh cut pork at a dose 3 kGy led to inactivation of microbial pathogens and parasites with a concomitant reduction in numbers of common spoilage microorganisms and extension of shelf life of the product for 30 days at 5 deg. C. The cost benefit and marketing applications were evaluated. (author)

  2. Market environment and Medicaid acceptance: What influences the access gap?

    Science.gov (United States)

    Bond, Amelia; Pajerowski, William; Polsky, Daniel; Richards, Michael R

    2017-12-01

    The U.S. health care system is undergoing significant changes. Two prominent shifts include millions added to Medicaid and greater integration and consolidation among firms. We empirically assess if these two industry trends may have implications for each other. Using experimentally derived ("secret shopper") data on primary care physicians' real-world behavior, we observe their willingness to accept new privately insured and Medicaid patients across 10 states. We combine this measure of patient acceptance with detailed information on physician and commercial insurer market structure and show that insurer and provider concentration are each positively associated with relative improvements in appointment availability for Medicaid patients. The former is consistent with a smaller price discrepancy between commercial and Medicaid patients and suggests a beneficial spillover from greater insurer market power. The findings for physician concentration do not align with a simple price bargaining explanation but do appear driven by physician firms that are not vertically integrated with a health system. These same firms also tend to rely more on nonphysician clinical staff. Copyright © 2017 John Wiley & Sons, Ltd.

  3. How Does Pricing of Day-ahead Electricity Market Affect Put Option Pricing?

    Directory of Open Access Journals (Sweden)

    H. Raouf Sheybani

    2016-09-01

    Full Text Available In this paper, impacts of day-ahead market pricing on behavior of producers and consumers in option and day-ahead markets and on option pricing are studied. To this end, two comprehensive equilibrium models for joint put option and day-ahead markets under pay-as-bid and uniform pricing in day-ahead market are presented, respectively. Interaction between put option and day-ahead markets, uncertainty in fuel price, day-ahead market pricing, and elasticity of consumers to strike price, premium price, and day-ahead price are taken into account in these models. By applying the presented models to a test system impact of day-ahead market pricing on equilibrium of joint put option and day-ahead markets are studied.

  4. Consumer acceptance, market test and market development of irradiated rice, dehydrated vegetables and spices

    International Nuclear Information System (INIS)

    Shi Peixin; Lin Yin

    2001-01-01

    Establishment of irradiation processing parameters, a quality assurance system, consumer acceptance, market test and market development of irradiated rice, dehydrated vegetables and spices were the activities carried out in this project by the Chinese Agricultural Irradiation Center. The results of the studies showed that the process dose for rice was 0.2-0.5 kGy when the non-uniformity was lower than 2.5, dose range for dehydrated vegetables was 5-7 kGy, dose for spices was 7-8 kGy. The system for quality assurance was established. The processing standards for several irradiated food items were set up. Market test showed that more than 70-80% of consumers accepted irradiated food. Industrial companies also accepted irradiated dehydrated vegetables and spices. The latter were successfully introduced to the markets and successful commercialization of irradiated garlic was followed. The economic benefit of operating the Chinese Agricultural Irradiation Center was analyzed and found attractive, especially for low dose irradiation of foods in sufficient supply. (author)

  5. Consumer acceptance, market test and market development of irradiated rice, dehydrated vegetables and spices

    Energy Technology Data Exchange (ETDEWEB)

    Peixin, Shi; Yin, Lin [Chinese Agricultural Irradiation Center, Institute for Application of Atomic Energy, Chinese Academy of Agricultural Sciences, Beijing (China)

    2001-05-01

    Establishment of irradiation processing parameters, a quality assurance system, consumer acceptance, market test and market development of irradiated rice, dehydrated vegetables and spices were the activities carried out in this project by the Chinese Agricultural Irradiation Center. The results of the studies showed that the process dose for rice was 0.2-0.5 kGy when the non-uniformity was lower than 2.5, dose range for dehydrated vegetables was 5-7 kGy, dose for spices was 7-8 kGy. The system for quality assurance was established. The processing standards for several irradiated food items were set up. Market test showed that more than 70-80% of consumers accepted irradiated food. Industrial companies also accepted irradiated dehydrated vegetables and spices. The latter were successfully introduced to the markets and successful commercialization of irradiated garlic was followed. The economic benefit of operating the Chinese Agricultural Irradiation Center was analyzed and found attractive, especially for low dose irradiation of foods in sufficient supply. (author)

  6. 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)

  7. A homotopy analysis method for the option pricing PDE in illiquid markets

    Science.gov (United States)

    E-Khatib, Youssef

    2012-09-01

    One of the shortcomings of the Black and Scholes model on option pricing is the assumption that trading the underlying asset does not affect the underlying asset price. This can happen in perfectly liquid markets and it is evidently not viable in markets with imperfect liquidity (illiquid markets). It is well-known that markets with imperfect liquidity are more realistic. Thus, the presence of price impact while studying options is very important. This paper investigates a solution for the option pricing PDE in illiquid markets using the homotopy analysis method.

  8. Consumer Acceptability of Fresh-Market Muscadine Grapes.

    Science.gov (United States)

    Brown, Kelly; Sims, Charles; Odabasi, Asli; Bartoshuk, Linda; Conner, Patrick; Gray, Dennis

    2016-10-14

    The objective of this research was to investigate the acceptability of muscadine grape (Vitis rotundifolia) genotypes (cultivars and selections) and to correlate overall liking to other quality measurements to determine the main drivers of liking. Twenty-two genotypes grown at the Univ. of Georgia-Tifton Campus were evaluated. Four retail commercial grape genotypes (Vitis vinifera and "Concord") were also evaluated for comparison. Panelists familiar with muscadine grapes used the hedonic general labeled magnitude scale (HgLMS, -100 = strongest disliking of any kind ever experienced, +100 = strongest liking of any kind ever experienced) to rate overall liking and the liking of appearance, flavor, pulp texture, and skin texture. Puncture testing was done to assess grape berry texture, and compositional attributes soluble solids and pH were also measured. The sensory results indicated that the grapes were variable with overall liking scores from 12.2 to 39.6. The factors highly correlated with overall liking scores were muscadine flavor, pulp and skin liking, while a significant negative correlation was found between skin liking and skin texture and mechanical texture measures. The muscadine grapes with the highest overall liking scores were Ga. 5-1-34 and Ga. 2-8-21. Principal component analysis confirmed that grapes with a thinner skin and a higher pH tended to group around overall liking and flavor points. These results indicate that even among panelists familiar with muscadine grapes, skin thickness is a negative characteristic. Breeding for thinner skins may be a positive step in muscadines gaining a more widespread appeal in the fresh fruit market. © 2016 Institute of Food Technologists®.

  9. Intraday Trading Patterns in the Equity Warrants and Equity Options Markets: Australian Evidence

    Directory of Open Access Journals (Sweden)

    Lydia Segara

    2007-06-01

    Full Text Available This paper extends the microstructure literature, by examining the previouslyundocumented intraday trading patterns in trading volume, price volatility, order depthand relative spreads for both the warrant and option market in Australia. Comparisons ofintraday variations across these derivative securities allows for insight to be drawn intocompeting market microstructure theories and provides the opportunity to examinewhether market design differences explain variations in observed intraday patterns. Wefind that intraday trading patterns documented in the warrant and option markets can beexplained by their market designs, along with theories relating to time-varying informationasymmetry and time-varying hedging trades around nontrading periods.

  10. Launching Markets for Stock Index Futures and Options: Case of Korea

    OpenAIRE

    Yu-Kyung Kim

    1998-01-01

    This paper discusses experiences on launching Korea’s first-ever regulated derivatives market, namely stock index futures, on May 3, 1996, and subsequent opening of a stock index options market on July 7, 1997. It illustrates what went on as the Korea Stock Exchange was making a decision on its opening and describes the current status of the derivatives market.

  11. Market-oriented health care reforms: trends and future options.

    Science.gov (United States)

    van de Ven, W P

    1996-09-01

    In many (predominantly) publicly financed health care systems market-oriented health care reforms are being implemented or have been proposed. The purpose of these reforms is to make resource allocation in health care more efficient, more innovative and more responsive to consumers preferences while maintaining equity. At the same time, the advances in technology result in a divergence of consumers' preferences with respect to health care and urge society to (re)think about the meaning of the solidarity principle in health care. In this paper we indicate some international trends in health care reforms and explore some potential future options. From an international perspective we can observe a trend towards universal mandatory health insurance, contracts between third-party purchasers and the providers of care, competition among providers of care and a strengthening of primary care. These trends can be expected to continue. A more controversial issue is whether there should also be competition among the third-party purchasers and whether in the long run there will occur a convergence towards some "ideal" model. Although regulated competition in health care can be expected to yield more value for money, it might yield both more efficiency and higher total costs. It has been argued that equity can be maintained in a competitive health care system if we interpret equity as "equal access to cost-effective care within a reasonable period of time". Because the effectiveness of care has to be considered in relation to the medical indication and the condition of the patient, the responsibility for cost-effective care rests primarily with the providers of care. Guidelines and protocols should be developed by the profession and sustained by financial incentives embedded in contracts. It has been argued that the third-party purchasers could start to concentrate on the contracts with the primary care physicians. Contracts with other providers could then be a natural

  12. Pricing the Option to Surrender in Incomplete Markets

    DEFF Research Database (Denmark)

    Consiglio, Andrea; De Giovanni, Domenico

    New international accounting standards require insurers to reflect the value of embedded options and guarantees in their products. Pricing techniques based on the Black & Scholes paradigm are often used, however, the hypotheses underneath this model are rarely met. We propose a framework that enc......New international accounting standards require insurers to reflect the value of embedded options and guarantees in their products. Pricing techniques based on the Black & Scholes paradigm are often used, however, the hypotheses underneath this model are rarely met. We propose a framework...... that encompasses the most known sources of incompleteness. We show that the surrender option, joined with a wide range of claims embedded in insurance contracts, can be priced through our tool, and deliver hedging portfolios to mitigate the risk arising from their positions. We provide extensive empirical analysis...... to highlight the effect of incompleteness on the fair value of the option....

  13. The value of millisecond expiry options in spot foreign exchange markets

    Directory of Open Access Journals (Sweden)

    John Stevenson

    2016-12-01

    Full Text Available The spot foreign exchange marketplaces are split into two types by their respective trading rules: markets with conventional resting orders versus markets with resting that orders that include optionality. This optionality is owned by the counterparty who placed the resting order and provides the option to refuse the aggressive order matched against the resting order. This paper describes and contrasts these two types of markets. A valuation method for these very short expiry options on the later marketplace is proposed. Appropriate historical volatility metrics are defined and applied for these uniquely short expiry timescales. These historical volatility and valuation methods are used to describe some historical intraday periods, and are applied to various trading scenarios. Unique behaviors driven by the value of these options are highlighted. The benefits and risks of trading on these markets are described in light of this valuation approach. The effects of various addition constraints on the liquidity providers for these optionality matching marketplaces are introduced. Through judicious timing of order placement and appropriate constraints on the behaviors of the liquidity providers on these markets, the result is shown to be tighter spreads, greater breath and depth of liquidity, and the high fill ratios than the more conventional non-optionality matching markets.

  14. How acceptable is social marketing for more healthful eating?

    DEFF Research Database (Denmark)

    Aschemann-Witzel, Jessica; Eulert, Federico Jose Armando Perez C.; Niedzwiedzka, Barbara

    2013-01-01

    The social marketing approach – that is to say applying marketing concepts and methods for social purposes – is not yet customary in promoting a balanced diet. Key success factors for communicating health-related information were identified in a case study exploring successful commercial food...... marketing. In a subsequent Delphi expert survey, it was discussed which resources and skills are needed to successfully implement these factors in public campaigns. Most experts advocated their use, but suggested a number of conditions for their responsible use. They discussed public authorities’ strengths...

  15. An Empirical Study Of User Acceptance Of Online Social Networks Marketing

    Directory of Open Access Journals (Sweden)

    Olumayowa Mulero

    2013-07-01

    Full Text Available The explosion of Internet usage has drawn the attention of researchers towards online Social Networks Marketing (SNM. Research has shown that a number of the Internet users are distrustful and indecisive, when it comes to the use of social networks marketing system. Therefore, there is a need for researchers to identify some of the factors that determine users’ acceptance of social networks marketing using Technology Acceptance Model (TAM. This study extended the Technology Acceptance Model theoretical framework to predict consumer acceptance of social networks marketing within Western Cape Province of South Africa. The research model was tested using data collected from 470 questionnaires and analysed using linear regression. The results showed that user intentions to use SNM are strongly and positively correlated with user acceptance of using SNM systems. Empirical results confirmed that perceived credibility and perceived usefulness are the strongest determinant in predicting user intentions to use SNM system.

  16. The no-arbitrage efficiency test of the OMX Index option market

    DEFF Research Database (Denmark)

    Hou, Ai Jun; Wiktorsson, Magnus; Zhao, RuiZhi

    2012-01-01

    In this paper, we test the market efficiency of the OMXS30 Index option market. The market efficiency definition is the absence of arbitrage oppor- tunity in the market. We first check the arbitrage opportunity by examining the boundary conditions and the Put-Call-Parity that must be satisfied...... in the market. Then a variance based efficiency test is performed by establish- ing a risk neutral portfolio and re-balance the initial portfolio in different trading strategies. In order to choose the most appropriate model for option price and hedging strategies, we calibrate several most applied models, i.......e. the BS, Merton, Heston, Bates model and Affine Jump Diffusion models. Our results indicate that the AJD model significantly outperforms other models in the option price forecast and the trading strategies. The bound- ary and the PCP test and the dynamic hedging strategy results evidence...

  17. Prospects for natural gas in Europe. Market potential, political intervention and technological options

    International Nuclear Information System (INIS)

    Kabelitz, K.R.

    1997-01-01

    The potential market demand, the emerging fundamental political intervention in the European gas and electricity markets and the technological options available will give the gas industry in Europe a different appearance at the beginning of the 21. century. One of the key questions is: will the political intervention and technological options and innovations assist and promote the realisation of market potential? At the moment, it cannot be stated definitely whether the currently available technological options will allow the significant cost reductions hoped for in the entire gas chain to become reality in good time. Under these circumstances, a major mismatch would emerge between the market potential predicted for natural gas in Europe and the actual market development. (R.P.)

  18. Entry into the electricity market: Uncertainty, competition, and mothballing options

    Energy Technology Data Exchange (ETDEWEB)

    Takashima, Ryuta [Department of Nuclear Engineering and Management, University of Tokyo, 7-3-1 Hongo, Bunkyo-ku, Tokyo 113-8656 (Japan)], E-mail: takashima@n.t.u-tokyo.ac.jp; Goto, Makoto [Department of Industrial and Management Systems Engineering, Waseda University, 3-4-1 Okubo, Shinjyuku-ku, Tokyo 169-8555 (Japan); Kimura, Hiroshi; Madarame, Haruki [Nuclear Professional School, University of Tokyo, 2-22 Shirane, Shirakata, Tokai-mura, Naka-Gun, Ibaraki-ken 319-1188 (Japan)

    2008-07-15

    The present paper analyzes the entry strategies into the electricity market of two firms that have power plants under price uncertainty and competition. We consider the symmetric and asymmetric two firms, which have either a thermal power plant or a nuclear power plant. The differences between the thermal power plant and the nuclear power plant, such as the cost structure and operational flexibility are modeled. The threshold values of market entry are calculated for each firm with either the thermal power plant or the nuclear power plant as the leader or the follower. We show the dependence of cost structures on entry thresholds of the leader and the follower into the electricity market. For various market and cost conditions, the diagrams of the leader are also shown.

  19. Entry into the electricity market: Uncertainty, competition, and mothballing options

    International Nuclear Information System (INIS)

    Takashima, Ryuta; Goto, Makoto; Kimura, Hiroshi; Madarame, Haruki

    2008-01-01

    The present paper analyzes the entry strategies into the electricity market of two firms that have power plants under price uncertainty and competition. We consider the symmetric and asymmetric two firms, which have either a thermal power plant or a nuclear power plant. The differences between the thermal power plant and the nuclear power plant, such as the cost structure and operational flexibility are modeled. The threshold values of market entry are calculated for each firm with either the thermal power plant or the nuclear power plant as the leader or the follower. We show the dependence of cost structures on entry thresholds of the leader and the follower into the electricity market. For various market and cost conditions, the diagrams of the leader are also shown

  20. The Northeast heating fuel market: Assessment and options; TOPICAL

    International Nuclear Information System (INIS)

    None

    2000-01-01

    In response to a Presidential request, this study examines how the distillate fuel oil market (and related energy markets) in the Northeast behaved in the winter of 1999-2000, explains the role played by residential, commercial, industrial, and electricity generation sector consumers in distillate fuel oil markets and describes how that role is influenced by the structure of tie energy markets in the Northeast. In addition, this report explores the potential for nonresidential users to move away from distillate fuel oil and how this might impact future prices, and discusses conversion of distillate fuel oil users to other fuels over the next 5 years. Because the President's and Secretary's request focused on converting factories and other large-volume users of mostly high-sulfur distillate fuel oil to other fuels, transportation sector use of low-sulfur distillate fuel oil is not examined here

  1. The Northeast heating fuel market: Assessment and options

    Energy Technology Data Exchange (ETDEWEB)

    None

    2000-07-01

    In response to a Presidential request, this study examines how the distillate fuel oil market (and related energy markets) in the Northeast behaved in the winter of 1999-2000, explains the role played by residential, commercial, industrial, and electricity generation sector consumers in distillate fuel oil markets and describes how that role is influenced by the structure of tie energy markets in the Northeast. In addition, this report explores the potential for nonresidential users to move away from distillate fuel oil and how this might impact future prices, and discusses conversion of distillate fuel oil users to other fuels over the next 5 years. Because the President's and Secretary's request focused on converting factories and other large-volume users of mostly high-sulfur distillate fuel oil to other fuels, transportation sector use of low-sulfur distillate fuel oil is not examined here.

  2. Consumer Acceptance of Functional Foods and Their Ingredients: Positioning Options for Innovations at the Borderline Between Foods and Drugs

    NARCIS (Netherlands)

    Bornkessel, S.; Bröring, S.; Omta, S.W.F.

    2011-01-01

    Consumer acceptance is pivotal for the market success of new functional food products. Thereby, the acceptance is mainly influenced by three factors: consumer characteristics, purchasing situation and products characteristics. The study at hand analyses these influence factors using the example of

  3. Option Pricing under Risk-Minimization Criterion in an Incomplete Market with the Finite Difference Method

    Directory of Open Access Journals (Sweden)

    Xinfeng Ruan

    2013-01-01

    Full Text Available We study option pricing with risk-minimization criterion in an incomplete market where the dynamics of the risky underlying asset is governed by a jump diffusion equation with stochastic volatility. We obtain the Radon-Nikodym derivative for the minimal martingale measure and a partial integro-differential equation (PIDE of European option. The finite difference method is employed to compute the European option valuation of PIDE.

  4. Generation capacity adequacy in deregulated markets : options for Alberta

    International Nuclear Information System (INIS)

    Ayres, M.

    2004-01-01

    The Canadian Energy Research Institute (CERI) is a Calgary-based non-profit organization that conducts studies on energy and related environmental issues to help Canadian business and government organizations. This paper summarized the information in a two volume CERI study report which assessed generation capacity issues in deregulated electricity markets in Canada. The study observed the restructuring experience in several jurisdictions and described how, or if, energy-only markets are succeeding in ensuring capacity additions. Supply-side and demand-side mechanisms have been proposed as solutions to address these problems. Theoretical and practical issues of adequacy that are most relevant from a Canadian perspective were presented. In fully developed energy markets, the price of energy reflects scarcity. When generating resources are abundant prices are low. Since investment decisions are based on price expectations, it is unlikely that deregulated markets in their current state can offer adequate generation for the long term. It was concluded that long-term investment will occur with competitive markets and by adding a capacity mechanism to the market design. tabs., figs

  5. Understanding complex dynamics in derivatives finance: why do options markets smile?

    NARCIS (Netherlands)

    Qiu, G.; Kandhai, D.; Johnson, N.F.; Sloot, P.M.A.

    2012-01-01

    The origin of the volatility smile phenomenon observed in options markets has eluded the financial world for more than two decades. We provide a new explanation of this phenomenon using a microscopic multi-agent description of markets. In our model individual trading behavior is explicitly included

  6. Organizational options for a future Romanian electricity market

    International Nuclear Information System (INIS)

    Constantinescu, J.; Patterson, W.

    1996-01-01

    All over the world the implementation of energy efficient and clean technologies can be hardly considered without opening the way to competition and the involvement of private investment. If such terms are valid for reach countries there are even more adequate for economies in transition like Romania's, which inherited and obsolete productive equipment, can mobilize insufficient resources for development-modernization and exhibits a quasi-unanimous option of adhering at European Union. (author). 3 tabs., 11 refs

  7. Advertising value of mobile marketing through acceptance among youth in Karachi

    OpenAIRE

    Syed Akbar, Suleman; Azam, Rehan; Muhammad, Danish

    2012-01-01

    The purpose of this paper is to investigate the key influencing factors towards mobile marketing acceptance among youth in Karachi. It further analyzes the impact of mobile marketing acceptance on its advertising value. To achieve the objective of this study a convenient sample of 247 respondents from University students, Government officials and business organizations in Karachi is taken over a two-week period during the spring of 2012. After validating the instrument, correlation analysis i...

  8. Pricing Vulnerable Options with Market Prices of Common Jump Risks under Regime-Switching Models

    Directory of Open Access Journals (Sweden)

    Miao Han

    2018-01-01

    Full Text Available This paper investigates the valuation of vulnerable European options considering the market prices of common systematic jump risks under regime-switching jump-diffusion models. The way of regime-switching Esscher transform is adopted to identify an equivalent martingale measure for pricing vulnerable European options. Explicit analytical pricing formulae for vulnerable European options are derived by risk-neutral pricing theory. For comparison, the other two cases are also considered separately. The first case considers all jump risks as unsystematic risks while the second one assumes all jumps risks to be systematic risks. Numerical examples for the valuation of vulnerable European options are provided to illustrate our results and indicate the influence of the market prices of jump risks on the valuation of vulnerable European options.

  9. Incentives for new antibiotics: the Options Market for Antibiotics (OMA) model.

    Science.gov (United States)

    Brogan, David M; Mossialos, Elias

    2013-11-07

    Antimicrobial resistance is a growing threat resulting from the convergence of biological, economic and political pressures. Investment in research and development of new antimicrobials has suffered secondary to these pressures, leading to an emerging crisis in antibiotic resistance. Current policies to stimulate antibiotic development have proven inadequate to overcome market failures. Therefore innovative ideas utilizing market forces are necessary to stimulate new investment efforts. Employing the benefits of both the previously described Advanced Market Commitment and a refined Call Options for Vaccines model, we describe herein a novel incentive mechanism, the Options Market for Antibiotics. This model applies the benefits of a financial call option to the investment in and purchase of new antibiotics. The goal of this new model is to provide an effective mechanism for early investment and risk sharing while maintaining a credible purchase commitment and incentives for companies to ultimately bring new antibiotics to market. We believe that the Options Market for Antibiotics (OMA) may help to overcome some of the traditional market failures associated with the development of new antibiotics. Additional work must be done to develop a more robust mathematical model to pave the way for practical implementation.

  10. Assessing the options for a competitive electricity market in Israel

    International Nuclear Information System (INIS)

    Tishler, A.; Newman, J.; Spekterman, I.; Woo, C.K.

    2008-01-01

    In July 2006, the Israeli government affirmed its 2003 decision to reform the Israeli electricity industry, currently dominated by the Israel Electric Corporation (IEC), a government-owned vertically integrated electric utility. The reform calls for the deregulation and privatization of the generation and customer service segments of the industry, leaving transmission and distribution (T and D) regulated to provide open access to all end-users. This paper projects the performance of the post-reform market structure for the period 2007-2030 relative to that of the status quo. The post-reform generation market's prices are determined according to the Cournot conjecture. To mitigate excessive price volatility and surges, the generation market also includes a firm that is contracted to make peak electricity sales to customers at a pre-determined price, only when the competitive price exceeds the pre-determined level. Our results show (a) the post-reform retail prices for end-users will exceed those under the status quo; (b) the post-reform profits may not be sufficient to keep firms operating combined cycle generation units financially viable; and (c) the net benefit from deregulating the electricity sector in Israel will most likely be negative. (author)

  11. World Market Development and Consumer Acceptance of Irradiation Technology

    Directory of Open Access Journals (Sweden)

    Behnoush Maherani

    2016-11-01

    Full Text Available Food irradiation is an efficient technology that can be used to ensure food safety by eliminating insects and pathogens to prolong the shelf life. The process could be applied to fresh or frozen products without affecting the nutritional value. Presently more than 60 countries have adopted the technology. However, the technology adaptation differs from one country to another and, in some cases, consumers’ misunderstanding and lack of acceptance may hinder the technology adaptation process. This review summarizes the development of irradiation treatment worldwide and consumer attitudes towards the introduction of this technology. Also, the wholesomeness, beneficial effects, and regulation of irradiation are assessed.

  12. 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....

  13. Protecting children from harmful food marketing: options for local government to make a difference.

    Science.gov (United States)

    Harris, Jennifer L; Graff, Samantha K

    2011-09-01

    The obesity epidemic cannot be reversed without substantial improvements in the food marketing environment that surrounds children. Food marketing targeted to children almost exclusively promotes calorie-dense, nutrient-poor foods and takes advantage of children's vulnerability to persuasive messages. Increasing scientific evidence reveals potentially profound effects of food marketing on children's lifelong eating behaviors and health. Much of this marketing occurs in nationwide media (eg, television, the Internet), but companies also directly target children in their own communities through the use of billboards and through local environments such as stores, restaurants, and schools. Given the harmful effect of this marketing environment on children's health and the industry's reluctance to make necessary changes to its food marketing practices, government at all levels has an obligation to act. This article focuses on policy options for municipalities that are seeking ways to limit harmful food marketing at the community level.

  14. Real options and a large producer: the case of electricity markets

    International Nuclear Information System (INIS)

    Keppo, J.

    2003-01-01

    In this paper we extend the real option theory to consider the situation of a large producer and we employ the model to electricity markets. This is important because many producers in these markets affect the market supply and, therefore, also the electricity price. This production price effect influences not only on the assets that the energy company owns but also on its investment opportunities. We show that this production's price effect has to be considered in the investment analysis if the company is not able to hedge the price effect in the financial markets and if there is no competition on the investment opportunity. (author)

  15. Market segmentation for multiple option healthcare delivery systems--an application of cluster analysis.

    Science.gov (United States)

    Jarboe, G R; Gates, R H; McDaniel, C D

    1990-01-01

    Healthcare providers of multiple option plans may be confronted with special market segmentation problems. This study demonstrates how cluster analysis may be used for discovering distinct patterns of preference for multiple option plans. The availability of metric, as opposed to categorical or ordinal, data provides the ability to use sophisticated analysis techniques which may be superior to frequency distributions and cross-tabulations in revealing preference patterns.

  16. Environmental and economic analyses of waste disposal options for traditional markets in Indonesia

    International Nuclear Information System (INIS)

    Aye, Lu; Widjaya, E.R.

    2006-01-01

    Waste from traditional markets in Indonesia is the second largest stream of municipal solid waste after household waste. It has a higher organic fraction and may have greater potential to be managed on a business scale compared to household wastes. The attributed reason is that in general the wastes generated from traditional markets are more uniform, more concentrated and less hazardous than waste from other sources. This paper presents the results of environmental and economic assessments to compare the options available for traditional market waste disposal in Indonesia. The options compared were composting in labour intensive plants, composting in a centralised plant that utilised a simple wheel loader, centralised biogas production and landfill for electricity production. The current open dumping practice was included as the baseline case. A life cycle assessment (LCA) was used for environmental analysis. All options compared have lower environmental impacts than the current practice of open dumping. The biogas production option has the lowest environmental impacts. A cost-benefit analysis, which considered greenhouse gas savings, was used for the economic assessment. It was found that composting at a centralised plant is the most economically feasible option under the present Indonesian conditions. The approach reported in this study could be applied for 'a pre-feasibility first cut comparison' that includes environmental aspects in a decision-making framework for developing countries even though European emission factors were used

  17. Market price of risk implied by Asian-style electricity options and futures

    Energy Technology Data Exchange (ETDEWEB)

    Weron, Rafal [Hugo Steinhaus Center for Stochastic Methods, Institute of Mathematics and Computer Science, Wroclaw University of Technology, 50-370 Wroclaw (Poland)

    2008-05-15

    In this paper we propose a jump-diffusion type model which recovers the main characteristics of electricity spot price dynamics in the Nordic market, including seasonality, mean-reversion and spiky behavior. We show how the calibration of the market price of risk to actively traded futures contracts allows for efficient valuation of Nord Pool's Asian-style options written on the spot electricity price. Furthermore, we study the evolution of the market price of risk (and the risk premium) over a three year time period and compare the obtained results with those reported in the literature. (author)

  18. Market price of risk implied by Asian-style electricity options and futures

    International Nuclear Information System (INIS)

    Weron, Rafal

    2008-01-01

    In this paper we propose a jump-diffusion type model which recovers the main characteristics of electricity spot price dynamics in the Nordic market, including seasonality, mean-reversion and spiky behavior. We show how the calibration of the market price of risk to actively traded futures contracts allows for efficient valuation of Nord Pool's Asian-style options written on the spot electricity price. Furthermore, we study the evolution of the market price of risk (and the risk premium) over a three year time period and compare the obtained results with those reported in the literature. (author)

  19. A conceptual investigation of variables affecting the success and acceptance of SMS Marketing in Iran.

    Science.gov (United States)

    Adhami, A; Rabiee, A; Adhami, M

    2015-01-01

    This paper's aim was to develop a conceptual overview of SMS marketing and delineate factors of new communications technologies on business practice. This study, which was a descriptive survey, was built on primary and secondary data source including a literature review of SMS marketing and a Questionnaire were used as the primary means of collecting secondary data. The sample size of 300 patients was determined according to the Cochran formula. Moreover, data analysis was done in SPSS by using linear regression, chi-square, t-test and Binomial test. According to the research, sex, age, education, relevance, timeliness, reliability to sender, sense of control were variables affecting the SMS marketing acceptance. This paper was qualitative and provided a solid conceptual foundation for the future empirical research on e- marketing. The potential limitation was related to the broad user of computer and mobile. In this research, we considered SMS marketing, Mobile marketing, SMS advertising as the same subject. This research will be a useful resource with important insight into the factors that may encourage or determine consumer acceptance of this new form of direct marketing. This paper addressed an important timely issue, and added to the body of literature and knowledge focusing on e-marketing.

  20. Relationship on the Price Sensitivity and Actual Market Acceptance Degree of Metallic Materials

    Directory of Open Access Journals (Sweden)

    Jing Muxue

    2017-01-01

    Full Text Available In order to find out the relationship between the price sensitivity and actual market acceptance degree of metallic materials, the database ensemble learning model is proposed in this paper. Due to the variety and class imbalance of customers, a database marketing model based on supervised clustering and ensemble learning is used for the model. The results show that the database ensemble learning model can thus improve the calculation accuracy and time-efficiency substantially.

  1. 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)

  2. Investigation of non-Gaussian effects in the Brazilian option market

    Science.gov (United States)

    Sosa-Correa, William O.; Ramos, Antônio M. T.; Vasconcelos, Giovani L.

    2018-04-01

    An empirical study of the Brazilian option market is presented in light of three option pricing models, namely the Black-Scholes model, the exponential model, and a model based on a power law distribution, the so-called q-Gaussian distribution or Tsallis distribution. It is found that the q-Gaussian model performs better than the Black-Scholes model in about one third of the option chains analyzed. But among these cases, the exponential model performs better than the q-Gaussian model in 75% of the time. The superiority of the exponential model over the q-Gaussian model is particularly impressive for options close to the expiration date, where its success rate rises above ninety percent.

  3. 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.

  4. Systems, not pills: The options market for antibiotics seeks to rejuvenate the antibiotic pipeline.

    Science.gov (United States)

    Brogan, David M; Mossialos, Elias

    2016-02-01

    Over the past decade, there has been a growing recognition of the increasing growth of antibiotic resistant bacteria and a relative decline in the production of novel antibacterial therapies. The combination of these two forces poses a potentially grave threat to global health, in both developed and developing countries. Current market forces do not provide appropriate incentives to stimulate new antibiotic development, thus we propose a new incentive mechanism: the Options Market for Antibiotics. This mechanism, modelled on the principle of financial call options, allows payers to buy the right, in early stages of development, to purchase antibiotics at a discounted price if and when they ever make it to market approval. This paper demonstrates the effect of such a model on the expected Net Present Value of a typical antibacterial project. As part of an integrated strategy to confront the impending antibiotic crisis, the Options Market for Antibiotics may effectively stimulate corporate and public investment into antibiotic research and development. Copyright © 2016. Published by Elsevier Ltd.

  5. Sustainable design options for the German electricity market. A comparison of the energy-only market with capacity markets

    International Nuclear Information System (INIS)

    Keles, Dogan; Renz, Lea; Bublitz, Andreas; Zimmermann, Florian; Genoese, Massimo; Fichtner, Wolf

    2016-01-01

    This study intensively discusses the further developments of the electricity market design in Germany based on substantial scientific insights. For this purpose, an agent-based simulation model is applied to evaluate the operability of the energy only market extended with a strategic reserve. Furthermore, the effects of the implementation of a centralized or decentralized capacity market are analyzed.

  6. Beyond pure offsetting: Assessing options to generate Net-Mitigation-Effects in carbon market mechanisms

    International Nuclear Information System (INIS)

    Warnecke, Carsten; Wartmann, Sina; Höhne, Niklas; Blok, Kornelis

    2014-01-01

    The current project-based carbon market mechanisms such as the Clean Development Mechanism (CDM) and the Joint Implementation (JI) do not have a direct impact on global greenhouse gas emission levels, because they only replace or offset emissions. Nor do they contribute to host country's national greenhouse gas emission reduction targets. Contributions to net emission reductions in host countries is likely to become mandatory in new mechanisms under development such as in the framework for various approaches, a new market-based mechanism and even in a reformed JI. This research analysed the question if approaches for carbon market-based mechanisms exist that allow the generation of net emission reductions in host countries while keeping project initiation attractive. We present a criteria-based assessment method and apply it for four generic options in existing mechanisms and derive implications for future mechanism frameworks. We identified the application of “discounts” on the amount of avoided emissions for the issuance of carbon credits and “standardisation below business as usual” as most promising options over “limiting the crediting period” and “over-conservativeness”. We propose to apply these options differentiated over project types based on internal rate of return to ensure cost-efficiency and attractiveness. - Highlights: • Options for net emission reductions of market-based mechanisms are assessed. • Research combines past and current views for project and sector-based mechanisms. • Implementation ensures initiation of mitigation activities is not discouraged. • Important insights for methodological design of new market-based mechanisms. • Profitability-based approach for project-based mechanisms suggested

  7. With or without you: consumer acceptance of two national brand portfolio extension options

    NARCIS (Netherlands)

    Bakker, Diederich; Nenycz-Thiel, Magda

    2011-01-01

    The aim of this paper is to investigate which portfolio extension option: either a cheaper subbrand or a private label endorsed by the national brand is better from the consumer perspective. Two hypothetical product concepts from a leading beer brand were tested among Dutch consumers. The findings

  8. The Pricing of Tail Risk and the Equity Premium: Evidence from International Option Markets

    DEFF Research Database (Denmark)

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

    We explore the pricing of tail risk as manifest in index options across international equity markets. The risk premium associated with negative tail events displays persistent shifts, unrelated to volatility. This tail risk premium is a potent predictor of future equity returns, while option......-implied volatility only forecasts the future return variation. Hence, compensation for negative jump risk is the primary driver of the equity premium across all indices, whereas the reward for pure diffusive variance risk is largely unrelated to future equity returns. We also document pronounced commonalities...

  9. Heston Model Calibration in the Brazilian Foreign Exchange (FX Options Market

    Directory of Open Access Journals (Sweden)

    Joe Akira Yoshino

    2004-06-01

    Full Text Available Despite the relatively recent advance in the derivative industry, the European FX option market uses simple models such as Black (1976 or Garman and Kohlhagen (1983. This widespread practice hides very important quantitative effects that could be better explored by using alternative pricing models such as the one that incorporates the stochastic volatility features. Understanding and calibrating this type of pricing model represents a challenge in the current state of art in financial engineering, specially in emerging markets that are characterized by strong volatilities, periodic changing regimes and in most case suffering of liquidity, specially during the crisis. In this sense, this paper shows how to implement the Hestons Model for the Brazilian FX option market. This approach uses the volatility matrix provided by a pool of domestic market players. Although the Hestons Model presents a formal analytical solution it does not require simulation-, the closed form solutions show a mathematical complexity. Thus, the main objective of this work is to implement this model in the Brazilian FX market.

  10. Market completeness. How options affect hedging and investments in the electricity sector

    International Nuclear Information System (INIS)

    Willems, Bert; Morbee, Joris

    2010-01-01

    The high volatility of electricity markets gives producers and retailers an incentive to hedge their exposure to electricity prices by buying and selling derivatives. This paper studies how welfare and investment incentives are affected when an increasing number of derivatives are introduced. It develops an equilibrium model of the electricity market with risk averse firms and a set of traded financial products, more specifically: a forward contract and an increasing number of options. We first show that aggregate welfare (the sum of individual firms' utility) increases with the number of derivatives offered, although most of the benefits are captured with one to three options. Secondly, power plant investments typically increase because additional derivatives enable better hedging of investments. However, the availability of derivatives sometimes leads to 'crowding-out' of physical investments because firms' limited risk-taking capabilities are being used to speculate on financial markets. Finally, we illustrate that players basing their investment decisions on risk-free probabilities inferred from market prices, may significantly overinvest when markets are not sufficiently complete. (author)

  11. Marketing communication expenditures and financial capital—the impact of marketing as an option

    NARCIS (Netherlands)

    Hodgson, V.L.; Hodgson, A.

    2008-01-01

    This paper examines the financial effectiveness of marketing communication expenditure (MCE) as an instrument to increase risk-weighted capital. We nest a cross-sectional time-series panel model within the risk-adjusted earnings principles of Ohlson (1995), and apply the model to a dataset of NSW

  12. Trading in Target Stocks Before Takeover Announcements: An Analysis of Stock and Option Markets

    OpenAIRE

    Marcus Clements; Harminder Singh; Antonie Van Eekelen

    2007-01-01

    In this study we examine both informed trading and contraire trading preceding takeover announcements on US target firms. Our findings suggest that both informed trading and contraire trading exists within the period preceding takeover announcements on both the stock and option markets as evident through abnormal returns and trading volumes. In regard to contraire trading, this study investigates possible explanations for its existence including liquidity clustering, falsely informed trading ...

  13. Risk Neutral Option Pricing With Neither Dynamic Hedging nor Complete Markets

    OpenAIRE

    Nassim N. Taleb

    2014-01-01

    Proof that under simple assumptions, such as constraints of Put-Call Parity, the probability measure for the valuation of a European option has the mean derived from the forward price which can, but does not have to be the risk-neutral one, under any general probability distribution, bypassing the Black-Scholes-Merton dynamic hedging argument, and without the requirement of complete markets and other strong assumptions. We confirm that the heuristics used by traders for centuries are both mor...

  14. Evaluation of the Acceptance Journeys Social Marketing Campaign to Reduce Homophobia.

    Science.gov (United States)

    Hull, Shawnika J; Davis, Catasha R; Hollander, Gary; Gasiorowicz, Mari; Jeffries, William L; Gray, Simone; Bertolli, Jeanne; Mohr, Anneke

    2017-01-01

    To evaluate the effectiveness of the Acceptance Journeys social marketing campaign to reduce homophobia in the Black community in Milwaukee, Wisconsin. We assessed the campaign's effectiveness using a rolling cross-sectional survey. Data were collected annually online between 2011 and 2015. Each year, a unique sample of Black and White adults, aged 30 years and older, were surveyed in the treatment city (Milwaukee) and in 2 comparison cities that did not have antihomophobia campaigns (St. Louis, MO, and Cleveland, OH; for total sample, n = 3592). Black self-identification and Milwaukee residence were significantly associated with exposure to the campaign, suggesting successful message targeting. The relationship between exposure and acceptance of gay men was significantly mediated through attitudes toward gay men, perceptions of community acceptance, and perceptions of the impact of stigma on gay men, but not through rejection of stereotypes. This model accounted for 39% of variance in acceptance. This evidence suggests that the Acceptance Journeys model of social marketing may be a promising strategy for addressing homophobia in US Black communities.

  15. The Nuclear Energy Option for the U.S. - How Far Are We from Public Acceptance?

    International Nuclear Information System (INIS)

    Biedscheid, J.A.; Devarakonda, M.

    2004-01-01

    The recent rise of oil and gasoline prices accompanied by reluctant acknowledgement that traditional sources of energy are limited has renewed public interest in renewable energy sources. This perspective on energy is focusing attention on and facilitating acceptance of alternative energy concepts, such as solar, wind, and biomass. The nuclear energy alternative, while clean with potentially abundant fuel supplies and associated with low costs, is burdened with the frequently negative public opinion reserved for things nuclear. Coincident with the heightened examination of alternative energy concepts, 2004 marks the 25-year anniversary of the Three Mile Island accident. Since this pivotal accident in 1979, no new reactor licenses have been granted in the U.S. The resolution of the issues of nuclear waste management and disposition are central to and may advance public discussions of the future use of nuclear energy. The U.S. Department of Energy (DOE) is currently preparing the licensing application for Yucca Mountain, which was designated in 2003 as the site for a high-level waste and spent nuclear fuel repository in the U.S. The DOE also has been operating a deep geologic repository for the permanent disposal of transuranic (TRU) waste since 1999. The operational status of the Waste Isolation Pilot Plant (WIPP) as a repository for TRU waste was successfully realized along with the lesson learned that stakeholder trust and acceptance are as critical to the success of a repository program as the resolution of technical issues and obtaining regulatory approvals. For the five years of its operation and for decades prior, the challenge of attaining public acceptance of the WIPP has persisted for reasons aligned with the opposition to nuclear energy. Due to this commonality, the nuclear waste approach to public acceptance, with its pros and cons, provides a baseline for the examination of an approach for the public acceptance of nuclear energy in the U.S. This paper

  16. Technology acceptance model and the paths to online customer loyalty in an emerging market

    Directory of Open Access Journals (Sweden)

    Nguyen Thi Tuyet Mai

    2013-12-01

    Full Text Available The technology acceptance model (TAM has been well-known for decades. However, the global adoption of the Internet creates new interests in utilizing TAM in e-commerce and the post-consumption intention, especially in emerging markets. Data was collected from 758 online customers via a web-based survey in Vietnam. Particular contribution of the results is that perceived usefulness, perceived ease of use, fairness, trust and the quality of the customer interface have direct or indirect impacts on customer satisfaction and customer loyalty. Moreover, in emerging markets, trust was outlined as the strongest factor contributing to customer satisfaction and leading to customer loyalty.

  17. Applications of Real Options in the Real Estate Market Focusing the City of Rio de Janeiro

    Directory of Open Access Journals (Sweden)

    Priscilla Yung Medeiros

    2003-06-01

    Full Text Available An investment opportunity in the real state market can be compared with an option and, because of this analogy, we can make use of the real options theory to determinate not only the best timing to begin a new property development, but also to determine the optimal density to develop in a specific property. To investigate these two main decisions, we are going to base our research on the model developed by Williams (1991 and extend it in a way to include taxes and a discount in the net cash inflow caused by the times spent in the construction process. An empirical analysis of the of the residential real estate market in the city of Rio de Janeiro is going to be developed in a way to verify the compatibility of the theoretical model developed here according to the reality of this market. We found that the extensions proposed to the basic model of Williams (1991 had significant effects in the theoretical model. We could also confirm empirically that the theoretical results are compatible to the reality of this market.

  18. Variation in information use in the evaluation of the social acceptability of nuclear waste management options

    International Nuclear Information System (INIS)

    Allen, P.T.

    1991-01-01

    This article considers how technical information is used in forming judgements about such complex technological phenomena as nuclear waste management. Public understanding and acceptance of innovations is also considered, particularly where health and safety issues are involved. Education of the public is not a total solution. Many problems include political, social or ethical aspects which impinge on how they are judged by non-scientists. In addition, the vested interests of various parties must be weighed. A field-based experiment is described which is designed to illustrate the difference between ''normal'' and ''normative'' evaluation procedures used by both technically experienced and lay participants. (UK)

  19. Functional food. Product development, marketing and consumer acceptance--a review.

    Science.gov (United States)

    Siró, István; Kápolna, Emese; Kápolna, Beáta; Lugasi, Andrea

    2008-11-01

    It was mainly the advances in understanding the relationship between nutrition and health that resulted in the development of the concept of functional foods, which means a practical and new approach to achieve optimal health status by promoting the state of well-being and possibly reducing the risk of disease. Functional foods are found virtually in all food categories, however products are not homogeneously scattered over all segments of the growing market. The development and commerce of these products is rather complex, expensive and risky, as special requirements should be answered. Besides potential technological obstacles, legislative aspects, as well as consumer demands need to be taken into consideration when developing functional food. In particular, consumer acceptance has been recognized as a key factor to successfully negotiate market opportunities. This paper offers a brief overview of the current functional food market situation in USA, Japan and some European countries completed with some comments on functional food future potential. It explores the main challenges of such product development focusing on the different factors determining the acceptance of functional food. Furthermore it discusses some prominent types of these food products currently on the market.

  20. Energy efficiency business options for industrial end users in Latin American competitive energy markets: The case of Colombia

    Science.gov (United States)

    Botero, Sergio

    2002-01-01

    Energy markets today in Latin America and worldwide are being restructured from monopolies, either state-owned or privately-owned, to be more openly competitive and incorporate more participation from the private sector. Thus, the schemes that were formerly developed to foster end use energy efficiency are no longer applicable because they were based on mandatory regulations made with political decisions, without sufficiently considering economic feasibility. A consensus exists that the only way energy efficiency could survive in this new paradigm is by being market oriented, giving better services, and additional options to users. However; there is very little information on what end users prefer, and which options would most satisfy customers. Using Colombia as a case study, this research determines and categorizes the energy efficiency business options for large energy end users that can freely participate in the competitive energy market. The energy efficiency market is understood as a market of services aiming to increase efficiency in energy use. These services can be grouped into seven business options. A survey, following the descriptive method, was sent to energy end users in order to determine their preferences for specific energy efficiency business options, as well as the decision-making criteria taken into account for such options. This data was categorized in ten industry groups. As a conclusion, energy efficiency providers should adapt not only to the economic activity or processes of each customer, but also to the potential business options. It was also found that not all industries consider performance contracting as their most preferred option, as a matter of fact, some industries show much higher preference for conventional business options. Among end users, the divergence in option preferences contrasted with the convergence in decision-making criteria. The decision-making criteria "cost-benefit ratio" overwhelmed all other criterion. End users

  1. Excision and primary closure of pilonidal sinus disease: worthwhile option with an acceptable recurrence rate.

    LENUS (Irish Health Repository)

    Gilani, S N S

    2012-01-31

    BACKGROUND: Treatment of pilonidal sinus disease is controversial. Many claim policy of marsupialisation and healing by secondary intention. This is demanding in terms of nursing care and time lost from work. AIMS: To examine outcome of excision and primary closure of chronic pilonidal disease on recurrence rate and patient\\'s daily activities. PATIENTS AND METHODS: One hundred and fourteen consecutive elective patients who had excision and primary closure of pilonidal sinus disease were reviewed. The demographic data and the post-operative outcome were studied. RESULTS: The recurrence of pilonidal sinus was noted in 9% of patients, wound breakdown occasioning delayed healing in 9%, patients able to drive by day 16 on average. The mean time to return to work was 20.5 days; duration of analgesia, 2.4 days; and duration of antibiotic treatment, 4.7 days. CONCLUSION: Excision and primary closure of chronic pilonidal sinus has low recurrence rate with early return to activities. Primary closure appears to be a cost-effective option for uncomplicated pilonidal sinus disease.

  2. Is the nacelle mounted anemometer an acceptable option in performance testing?

    Energy Technology Data Exchange (ETDEWEB)

    Dahlberg, J A [FFA, The Aeronautical Research Inst. of Sweden, Bromma (Sweden); Frandsen, S; Madsen, H A; Antoniou, I; Friis Pedersen, T [Risoe National Lab., Roskilde (Denmark); Hunter, R [RES, Renewable Energy Systems, Glasgow, Scotland (United Kingdom); Klug, H [DEWI, Wilhelmshaven (Germany)

    1999-03-01

    Although the nacelle anemometer method has been used for power verification purposes for several years, it is only relatively recently that a full understanding of its limitations has emerged. the technique is totally dependent upon the assumption that the nacelle to free wind speed relationship established for a reference turbine in free air can be applied universally to other turbines. Facts emerged from research projects have shown that this assumption is unjustified. In the present paper facts are presented of which some have not been identified nor presented before. E.g. the effect related to wake conditions is novel as a phenomena and the size of the effect can be considerable. The analysis shows that the total error caused by the effects considered in this paper can, in the worst case reach unacceptable high values, 24%, but by taking precautionary measures the errors can be kept at acceptable low levels, 4%. It is found probable that the future use of nacelle anemometry for power performance verification will be subject to strong restrictions. (au)

  3. Bringing biofuels on the market. Options to increase EU biofuels volumes beyond the current blending limits

    Energy Technology Data Exchange (ETDEWEB)

    Kampman, B.; Van Grinsven, A.; Croezen, H. [CE Delft, Delft (Netherlands); Verbeek, R.; Van Mensch, P.; Patuleia, A. [TNO, Delft, (Netherlands)

    2013-07-15

    This handbook on biofuels provides a comprehensive overview of different types of biofuels, and the technical options that exist to market the biofuels volumes expected to be consumed in the EU Member States in 2020. The study concludes that by fully utilizing the current blending limits of biodiesel (FAME) in diesel (B7) and bioethanol in petrol (E10) up to 7.9% share of biofuels in the EU transport sector can be technically reached by 2020. Increasing use of advanced biofuels, particularly blending of fungible fuels into diesel (eg. HVO and BTL) and the use of higher ethanol blends in compatible vehicles (e.g. E20), can play an important role. Also, the increased use of biomethane (in particular bio-CNG) and higher blends of biodiesel (FAME) can contribute. However, it is essential for both governments and industry to decide within 1 or 2 years on the way ahead and take necessary actions covering both, the fuels and the vehicles, to ensure their effective and timely implementation. Even though a range of technical options exist, many of these require considerable time and effort to implement and reach their potential. Large scale implementation of the options beyond current blending limits requires new, targeted policy measures, in many cases complemented by new fuel and vehicle standards, adaptation of engines and fuel distribution, etc. Marketing policies for these vehicles, fuels and blends are also likely to become much more important than in the current situation. Each Member State may develop its own strategy tailored to its market and policy objectives, but the EU should play a crucial facilitating role in these developments.

  4. Is intraperitoneal chemotherapy still an acceptable option in primary adjuvant chemotherapy for advanced ovarian cancer?

    Science.gov (United States)

    Monk, B J; Chan, J K

    2017-11-01

    The role of intraperitoneal (i.p.) chemotherapy in treating newly diagnosed advanced epithelial ovarian cancer (EOC) has been the subject of controversy for almost three decades. Three large intergroup phase III trials (GOG 104, 114, 172) have demonstrated a survival benefit associated with i.p. over intravenous (i.v.) therapy in advanced, low-volume EOC. Despite the positive clinical trial results and a subsequent National Cancer Institute alert in 2006, i.p. treatment has not been widely accepted as the standard of care in the United States and is infrequently used in Europe. The hesitancy of clinicians to use i.p. therapy is likely attributed to higher toxicity, inconvenience, catheter complications, and clinical trial design issues. On the other hand, In a long-term follow-up report from these trials, we showed that the effect of i.p. chemotherapy extends beyond 10 years and that the more cycles of i.p. therapy portends for improved survival over similar cycles of i.v. therapy with younger patients having a higher likelihood of completing 6 cycles of i.p. More recently, a fourth randomized phase III trial, GOG 252, failed to show a survival advantage associated with i.p. cisplatin and i.p. carboplatin over dose-dense i.v. paclitaxel and carboplatin. Since the use of bevacizumab was incorporated in all arms of the study, this anti-vascular agent may have equalized or negated the clinical advantage of i.p. chemotherapy and dose-dense weekly as suggested in GOG 262. We are awaiting the results of the Asian iPocc trial comparing dose-dense paclitaxel to i.p. chemotherapy without bevacizumab, though the differences in the tumor histology and pharmacokinetics in Asian versus non-Asian patients may influence the interpretation of the results worldwide. In this review, we review the polarizing opinions on the relevance of i.p. therapy in today's clinical armamentarium. Never before, have oncologists examined the same datasets with divergent conclusions. This topic is

  5. DOES THE IMAGE OF INDONESIAN CONTEMPORARY ARTISTS MATTER? A THEORETICAL REVIEW ON BRAND IMAGE, ACCEPTANCE & MARKET OPPORTUNITY

    Directory of Open Access Journals (Sweden)

    Samuel PD Anantadjaya

    2015-06-01

    Full Text Available The issue surrounding brand image is always fascinating to ponder. This is true not only for products/services, but also for organizations and individuals. Like it or not, individuals are prone toward creating brand image to excel in life. From the understanding on products/services, personal marketing for artists are deemed necessary. Following the study on personal brand image, it is fascinating to evaluate the likelihood of impact toward public/market acceptance, and whether the level of public/market acceptance influences the level of market opportunity for those artists. Hence, it is expected that the relationships are adequately robust.

  6. Marketing energy conservation options to Northwest manufactured home buyers. Revision 1

    Energy Technology Data Exchange (ETDEWEB)

    Hendrickson, P.L.; Mohler, B.L.; Taylor, Z.T.; Lee, A.D.; Onisko, S.A.

    1985-10-01

    Manufactured, or HUD-Code, homes comprise a growing share of the housing stock in the Northwest, as well as nationally. Their relatively low cost has made them especially attractive to lower income families, first-time home-buyers, and retired persons. The characteristics of manufactured home (MH) buyers, the unique energy consumption characteristics of the homes, and their increasing market share make this market an especially critical one for energy consumption and conservation planning in the Northwest. This study relies on extensive, existing survey data and new analyses to develop information that can potentially assist the design of a marketing plan to achieve energy conservation in new manufactured homes. This study has the objective of assisting BPA in the development of a regional approach in which numerous organizations and parties would participate to achieve conservation in new manufactured homes. A previous survey and information collected for this study from regional dealers and manufacturers provide an indication of the energy conservation options being sold to manufactured home buyers in the PNW. Manufacturers in the Northwest appear to sell homes that usually exceed the HUD thermal requirements. Manufacturers typically offer efficiency improvements in packages that include fixed improvements in insulation levels, glazing, and infiltration control. Wholesale costs of these packages range from about $100 to $1500. Typical packages include significant upgrades in floor insulation values with modest upgrades in ceilings and walls. This study identifies trends and impacts that a marketing plan should consider to adequately address the financial concerns of manufactured home buyers.

  7. Application of Binomial Model and Market Asset Declaimer Methodology for Valuation of Abandon and Expand Options. The Case Study

    Directory of Open Access Journals (Sweden)

    Paweł Mielcarz

    2007-06-01

    Full Text Available The article presents a case study of valuation of real options included in a investment project. The main goal of the article is to present the calculation and methodological issues of application the methodology for real option valuation. In order to do it there are used the binomial model and Market Asset Declaimer methodology. The project presented in the article concerns the introduction of radio station to a new market. It includes two valuable real options: to abandon the project and to expand.

  8. [Results of the marketing research study "Acceptance of physician's office computer systems"].

    Science.gov (United States)

    Steinhausen, D; Brinkmann, F; Engelhard, A

    1998-01-01

    We report on a market research study on the acceptance of computer systems in surgeries. 11,000 returned questionnaires of surgeons--user and nonuser--were analysed. We found out that most of the surgeons used their computers in a limited way, i.e. as a device for accounting. Concerning the level of utilisation there are differentials of Men-Women, West-East and Young-Old. In this study we also analysed the computer using behaviour of gynaecologic surgeons. As a result two third of all nonusers are not intending to utilise a computer in the future.

  9. Promoting functional foods as acceptable alternatives to doping: potential for information-based social marketing approach.

    Science.gov (United States)

    James, Ricky; Naughton, Declan P; Petróczi, Andrea

    2010-11-10

    Substances with performance enhancing properties appear on a continuum, ranging from prohibited performance enhancing drugs (PED) through dietary supplements to functional foods (FF). Anti-doping messages designed to dissuade athletes from using PEDs have been typically based on moralising sport competition and/or employing scare campaigns with focus on the negative consequences. Campaigns offering comparable and acceptable alternatives are nonexistent, nor are athletes helped in finding these for themselves. It is timely that social marketing strategies for anti-doping prevention and intervention incorporate media messages that complement the existing approaches by promoting comparable and acceptable alternatives to doping. To facilitate this process, the aim of this study was to ascertain whether a single exposure knowledge-based information intervention led to increased knowledge and subsequently result in changes in beliefs and automatic associations regarding performance enhancements. In a repeated measure design, 115 male recreational gym users were recruited and provided with a brief information pamphlet on nitrite/nitrate and erythropoietin as a comparison. Measures of knowledge, beliefs and automatic associations were taken before and after the intervention with at least 24 hours between the two assessments. The psychological tests included explicit measures of beliefs and cognitive attitudes toward FF and PED using a self-reported questionnaire and computerised assessments of automatic associations using the modified and shortened version of the Implicit Association Test. The information based intervention significantly increased knowledge (p social marketing campaigns for drug free sport should follow appropriate market segmentation and use targeted messages via promoting the natural form as opposed to the purified form of the main active ingredient.

  10. Promoting functional foods as acceptable alternatives to doping: potential for information-based social marketing approach

    Directory of Open Access Journals (Sweden)

    Petróczi Andrea

    2010-11-01

    Full Text Available Abstract Background Substances with performance enhancing properties appear on a continuum, ranging from prohibited performance enhancing drugs (PED through dietary supplements to functional foods (FF. Anti-doping messages designed to dissuade athletes from using PEDs have been typically based on moralising sport competition and/or employing scare campaigns with focus on the negative consequences. Campaigns offering comparable and acceptable alternatives are nonexistent, nor are athletes helped in finding these for themselves. It is timely that social marketing strategies for anti-doping prevention and intervention incorporate media messages that complement the existing approaches by promoting comparable and acceptable alternatives to doping. To facilitate this process, the aim of this study was to ascertain whether a single exposure knowledge-based information intervention led to increased knowledge and subsequently result in changes in beliefs and automatic associations regarding performance enhancements. Methods In a repeated measure design, 115 male recreational gym users were recruited and provided with a brief information pamphlet on nitrite/nitrate and erythropoietin as a comparison. Measures of knowledge, beliefs and automatic associations were taken before and after the intervention with at least 24 hours between the two assessments. The psychological tests included explicit measures of beliefs and cognitive attitudes toward FF and PED using a self-reported questionnaire and computerised assessments of automatic associations using the modified and shortened version of the Implicit Association Test. Results The information based intervention significantly increased knowledge (p p p Conclusion Evidence was found that even a single exposure to a persuasive positive message can lead to belief change and can create new or alter existing associations - but only in the specific domain. Interventions to change outcome expectations in a positive

  11. Survey Probability and Factors affecting Farmers Participation in Future and Option Markets Case Study: Cotton product in Gonbad kavos city

    Directory of Open Access Journals (Sweden)

    F. sakhi

    2016-03-01

    Full Text Available Introduction: Farmers are facing with a variety of natural and unnatural risks in agricultural activities, and thus their income is unstable. A wide range of risks such as risks of production, price risk, financial and human risks, influence the income of agricultural products. One of the major risks that farmers faced is the risk of price volatility of agricultural products. Cotton is one of the agricultural products with high real price volatility. Numerous tools for marketing and risk management for agricultural products in the face of price risks are available. Futures and options contracts may be the most important available tools (to reduce price volatility in agricultural products. The purpose of the current study was to look at the possibility of farmers participations in the future and option markets that presented as a means to reduce the cotton prices volatility. The dependent variable for this purpose had four categories and these included: participate in both the market, participation in the future market, participation in the option market and participation in both future and option markets. Materials and Methods: data gathered with interview and completing 200 questionnaires of cotton growers using simple random sampling. Multinomial Logit Regression Model was used for data analysis. Results and Discussion: To measure content validity of the preliminary study the validity of confirmatory factor analysis were used. For calculating reliability, the pre-test done with 30 questionnaires and reliability, coefficient Cronbach alpha was 0.79. The independence of dependent variables categories was confirmed by Hausman test results. The Likelihood ratio and Wald showed these categories are not combinable. Results indicated into period 2014 -2015 and the sample under study, 35% of cotton growers unwilling to participate in future and option markets. Farmers willingness to participate in future and option market was 19% and %21

  12. Market Reaction to the Approval of Stock Option Plans: an Event Study of Bovespa Listed Companies

    Directory of Open Access Journals (Sweden)

    Fernanda Finotti Cordeiro Perobelli

    2009-07-01

    Full Text Available This paper aims to verify market reactions to Employee Stock Options Plans (ESOP proposals and awards in the Brazilian Stock Exchange from July 1994 to March 2007. In order to achieve such objective, event studies methodology was applied and the original sample (comprised by all companies that adopted ESOP during the survey period was divided according to employees’ eligibility to ESOP and CEOs bargain power. Using non-parametric tests (Sign Test e Wilcoxon Rank Sum Test, we could verify that announcements of ESOP proposals and ESOP awards were not related to positive abnormal returns. As the opposite, returns around those announcements dates were negatives, in general. Such pattern could be explained by some theoretical consequences of ESOP plans: increase in the CEOs risky behavior, constrains in the dividend policy and CEOs opportunistic behavior by managing the timing of their voluntary disclosures around stock option awards. We also found evidences suggesting that employees´ eligibility is related to abnormal returns. When all employees are awarded, returns are even more negative. Possible explanations are indirect costs of capital pulverization and increase in the companies cost of capital due to the ESOP. Our findings suggest that an ESOP adoption in a poor governance environment can increase agency problems, instead of aligning CEOs and shareholders interests.

  13. Technology certification and technology acceptance: Promoting interstate cooperation and market development for innovative technologies

    International Nuclear Information System (INIS)

    Brockbank, B.R.

    1995-03-01

    In the past two years, public and private efforts to promote development and deployment of innovative environmental technologies have shifted from the analysis of barriers to the implementation of a variety of initiatives aimed at surmounting those barriers. Particular attention has been directed at (1) streamlining fragmented technology acceptance processes within and among the states, and (2) alleviating disincentives, created by inadequate or unverified technology cost and performance data, for users and regulators to choose innovative technologies. Market fragmentation currently imposes significant cost burdens on technology developers and inhibits the investment of private capital in environmental technology companies. Among the responses to these problems are state and federal technology certification/validation programs, efforts to standardize cost/performance data reporting, and initiatives aimed at promoting interstate cooperation in technology testing and evaluation. This paper reviews the current status of these initiatives, identifies critical challenges to their success, and recommends strategies for addressing those challenges

  14. Continuous-Time Portfolio Selection and Option Pricing under Risk-Minimization Criterion in an Incomplete Market

    Directory of Open Access Journals (Sweden)

    Xinfeng Ruan

    2013-01-01

    Full Text Available We study option pricing with risk-minimization criterion in an incomplete market where the dynamics of the risky underlying asset are governed by a jump diffusion equation. We obtain the Radon-Nikodym derivative in the minimal martingale measure and a partial integrodifferential equation (PIDE of European call option. In a special case, we get the exact solution for European call option by Fourier transformation methods. Finally, we employ the pricing kernel to calculate the optimal portfolio selection by martingale methods.

  15. Public acceptance, market development and commercialization of food irradiation technology in Bangladesh

    International Nuclear Information System (INIS)

    Karim, A.

    2001-01-01

    Current status of food irradiation technology in Bangladesh with respect to public acceptance, commercial application, trade development and present research and development activities are summarized in the paper. Irradiated food products are generally accepted by people. To further boost public opinion on the usefulness of the technology, two national seminars were successfully organized in 1995 and 1996 respectively with wide participation and media coverage. A number of non-traditional items such as beef casing, flour, turtle meat, macaroni, peat soil, etc. were irradiated and successfully marketed during the last 5 years. Bangladesh adopted a ''Specification for Authorisation of Irradiation by Groups/Classes of Foods'' in 1995 in line with the ICGFI Guidelines. The Bangladesh Standard is essentially similar to the Harmonised Regulations adopted for the RCA countries in April 1998. About 1300 metric tons of different food items were irradiated for commercial purposes at the Gammatech Irradiation Facility in Chittagong during the past 5 years. Present research activities in Bangladesh include irradiation disinfestations of nematodes in ginger and turmeric, and mites and thrips from cut flowers. Work on identification of fruit flies, mites and thrips by using sensitive protein markers is in progress. (author)

  16. Organic and conventional nonflavored yogurts from the Italian market: study on sensory profiles and consumer acceptability.

    Science.gov (United States)

    Toschi, Tullia Gallina; Bendini, Alessandra; Barbieri, Sara; Valli, Enrico; Cezanne, Marie Louise; Buchecker, Kirsten; Canavari, Maurizio

    2012-11-01

    The sensory properties of food products are an important success factor, especially in the organic market, where many producers and distributors of organic food claim superior taste for their products compared to the conventional alternative. For this reason consumer expectations and preferences, as well as the sensory properties of conventional and organic yogurt, have to be investigated in depth. In this work, the sensory profiling and consumer data of six nonflavored organic and conventional Italian yogurts were elaborated. Some results on the data segmentation (heavy and light users of organic food) and on the effect of information on liking (blind and labeled test) were obtained. Multivariate analysis was carried out to study how the sensory characteristics of 'natural yogurts' drive consumer liking. Consumers' preferences were oriented towards a creamy mouthfeel and smooth visual appearance and for a less acid and fresh taste. In particular, a conventional yogurt was the least accepted, because it was not creamy enough. This paper shows there is room to improve unflavored yogurt to better meet consumer expectations. Sensory profiling did not allow a distinction in odor/taste/texture between organic and conventional samples. However, three of four organic samples were in the region of highest consumer acceptability, fitting well consumers' preference. There was no clear tendency that heavy or light users scored differently in the blind and labeled tests regarding overall liking but, for all, the most liked conventional yogurt scored higher when labeled as organic. Copyright © 2012 Society of Chemical Industry.

  17. Analyzing the effect of customer loyalty on virtual marketing adoption based on theory of technology acceptance model

    Directory of Open Access Journals (Sweden)

    Peyman Ghafari Ashtiani

    2016-08-01

    Full Text Available One of the most advantages of the internet and its expansion is probably due to its easy and low cost access to unlimited information and easy and fast information exchange. The accession of communication technology for marketing area and emergence of the Internet leads to creation and development of new marketing models such as viral marketing. In fact, unlike other marketing methods, the most powerful tool for selling products and ideas are not done by a marketer to a customer but from a customer to another one. The purpose of this research is to analyze the relationship between customers' loyalty and the acceptance of viral marketing based on the theory of technology acceptance model (TAM model among the civil engineers and architects who are the members of Engineering Council in Isfahan (ECI. The research method is descriptive–survey and it is applicable in target. The statistical population includes civil engineers and architects who are the members of Engineering Council in Isfahan including 14400 members. The sample size was determined 762 members based on Cochran sampling formula, the sample was selected as accessible. The data was collected by field method. Analyzing the data and recent research hypothesis, the data was extracted from the questionnaires. Then, all the data was analyzed by computer and SPSS and LISREL software. According to the results of the data, the loyalty of the civil engineers and architects members of ECI was associated with the acceptance and practical involvement of viral marketing.

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

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Hansen, Charlotte Strunk

    2002-01-01

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

  19. Market testing and consumer acceptance of irradiated rice (Oryza sativa indica Linn.)

    International Nuclear Information System (INIS)

    Ungsunantwiwat, Ampai; Sophonsa, Sombut

    2001-01-01

    Special grade A fragrant rice (Jasmine rice) of 13% moisture content was obtained from a local miller in Bangkok. Low density polyethylene, 29.5 cm in width x 45 cm in length and 200 micron in thickness, was used to pack the rice with a net weight of 5 kg. The irradiated food label was printed on one side of the bag to comply with food control regulations. The color and the ink for marking were tested for gamma radiation compatibility. A total of 800 bags of rice, with a total gross weight of 4,000 kg, were irradiated at a minimum absorbed dose at 0.5 kGy for insect disinfestation. Radiation treatment was carried out using a multi-purpose, carrier type gamma irradiator (Model JS-8900, Serial No. IR-155) located at the Thai Irradiation Center. Irradiated rice was distributed on a weekly basis to food stores in Bangkok and Pathum Thani, as well as to various governmental organizations and interested individuals. The product was sold at 60 bahts per bag (approx. US$ 2.4) to retailers. Various commercial brands of non-irradiated rice of 5 kg size, were available in the market at 52 to 78 bahts per bag (approx. US $ 2.08 to 3.12), depending on quality and brand name. During the distribution, a leaflet of educational information was given to the consumer. A simple questionnaire used in the marketing trial indicated that 72% of the consumers bought irradiated rice because of the good quality of the product based on visual inspection, and 28% of them were willing to try the new product. Most consumers preferred irradiated rice to chemical treatment (fumigation) for insect disinfestation. However, most consumers were not sure if they would like to buy irradiated rice again unless its cooking quality was acceptable. Market testing of irradiated rice in the upper-class market or supermarket was unsuccessful because of limitations in the sale and service conditions. To meet the requirement of the supermarket retailer, irradiated rice had to be supplied on a monthly basis, with

  20. Policy options when giving negative externalities market value. Clean energy policymaking and restructuring the Western Australian energy sector

    International Nuclear Information System (INIS)

    McHenry, Mark

    2009-01-01

    Uncertainty surrounds the choice of instruments that internalise fossil-fuel pollution at the local, regional and global level. This work outlines the considerable growth in the Western Australian (WA) energy sector and explores the available options and potential hazards of using specific instruments to internalise externalities. These core options are discussed with respect to liberalising energy markets, providing private investment certainty, and imparting commentary on the developments and consequences of reform in the WA context. As a large energy exporter, providing certainty for the WA energy sector investment and the community is necessary to maintain the current prosperity. Remarkably, in the decades of market reform progress, the absence of one essential element is evident: economic externalities. Policymakers are under increasing pressure to understand economic reform, new energy markets and the multifaceted repercussions they entail. With modern energy reform sitting squarely within the milieu of more efficient governments and climate policy, there are clear economic advantages to internalising negative and positive externalities and other market distortions during energy market developments. Ignoring market failures when commercialising government-owned energy utilities in de-regulated and competitive markets invites continued ad-hoc government interference that generates investment uncertainty in addition to a perplexed electorate. (author)

  1. 77 FR 24941 - Vantage Wind Energy LLC; Order Accepting Updated Market Power Analysis and Providing Direction on...

    Science.gov (United States)

    2012-04-26

    ... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER10-956-003] Vantage Wind.... 1. In this order, the Commission accepts an updated market power analysis filed by Vantage Wind Energy LLC (Vantage Wind). As discussed below, the Commission concludes that Vantage Wind continues to...

  2. Can marketing increase the legitimacy and acceptance of nuclear waste management?

    International Nuclear Information System (INIS)

    Kurki, Osmo

    1999-01-01

    Full text: In Finland the most important decision concerning the nuclear waste management is a decision in principle. The decision in principle of the Council of State is needed for the final disposal of nuclear waste. Decision is made by the Finnish Government and then approved or rejected by the Finnish Parliament. According to Posiva's plan we are going to apply for the decision this spring. If we succeed, a site for the final disposal will be chosen and all investigations concentrated to the selected area. For now we have four candidate areas. The decision will be political - it is a fact. To be able to get the decision in principle approved requires that at least half of the 200 representatives of the parliament vote yes. To get acceptance both in national and municipal levels is an exceptionally hard task. AR possible communication and marketing mixes are needed in order to reach the goal. During Posiva's brief history three national marketing campaigns have been made. The results have been encouraging. Swedish nuclear transport vessel M/S Sigyn has played an essential part in an our national marketing campaigns. An exhibition onboard has visited several harbours in Finland. This year Posiva's marketing event was divided in three parts - Advertising campaign, - Sigyn's visit to Helsinki, the capital city of Finland, - Expert seminars. All parts were linked to each other. We launched the campaign three weeks before Sigyn's visit. Main message was: 'Not everyone has to be highly precise with their facts. We must.' The main goal of the advertisements published in national magazines and newspapers was to increase the publicity of Posiva and the Finnish solution for the nuclear waste management. At the same time we hoped to create public debate and open discussion, which is always needed in a democratic society before important national decisions. We also used movie advertising. A humoristic approach, which is always a demanding genre, was chosen. The results of

  3. Acceptability of lifelong treatment among HIV-positive pregnant and breastfeeding women (Option B+) in selected health facilities in Zimbabwe: a qualitative study.

    Science.gov (United States)

    Chadambuka, Addmore; Katirayi, Leila; Muchedzi, Auxilia; Tumbare, Esther; Musarandega, Reuben; Mahomva, Agnes I; Woelk, Godfrey

    2017-07-25

    Zimbabwe's Ministry of Health and Child Care (MOHCC) adopted 2013 World Health Organization (WHO) prevention of mother-to-child HIV transmission (PMTCT) guidelines recommending initiation of HIV-positive pregnant and breastfeeding women (PPBW) on lifelong antiretroviral treatment (ART) irrespective of clinical stage (Option B+). Option B+ was officially launched in Zimbabwe in November 2013; however the acceptability of life-long ART and its potential uptake among women was not known. A qualitative study was conducted at selected sites in Harare (urban) and Zvimba (rural) to explore Option B+ acceptability; barriers, and facilitators to ART adherence and service uptake. In-depth interviews (IDIs), focus group discussions (FGDs) and key informant interviews (KIIs) were conducted with PPBW, healthcare providers, and community members. All interviews were audio-recorded, transcribed, and translated; data were coded and analyzed in MaxQDA v10. Forty-three IDIs, 22 FGDs, and five KIIs were conducted. The majority of women accepted lifelong ART. There was however, a fear of commitment to taking lifelong medication because they were afraid of defaulting, especially after cessation of breastfeeding. There was confusion around dosage; and fear of side effects, not having enough food to take drugs, and the lack of opportunities to ask questions in counseling. Participants reported the need for strengthening community sensitization for Option B+. Facilitators included receiving a simplified pill regimen; ability to continue breastfeeding beyond 6 months like HIV-negative women; and partner, community and health worker support. Barriers included distance of health facility, non-disclosure of HIV status, poor male partner support and knowing someone who had negative experience on ART. This study found that Option B+ is generally accepted among PPBW as a means to strengthen their health and protect their babies. Consistent with previous literature, this study demonstrated the

  4. Acceptability of lifelong treatment among HIV-positive pregnant and breastfeeding women (Option B+ in selected health facilities in Zimbabwe: a qualitative study

    Directory of Open Access Journals (Sweden)

    Addmore Chadambuka

    2017-07-01

    Full Text Available Abstract Background Zimbabwe’s Ministry of Health and Child Care (MOHCC adopted 2013 World Health Organization (WHO prevention of mother-to-child HIV transmission (PMTCT guidelines recommending initiation of HIV-positive pregnant and breastfeeding women (PPBW on lifelong antiretroviral treatment (ART irrespective of clinical stage (Option B+. Option B+ was officially launched in Zimbabwe in November 2013; however the acceptability of life-long ART and its potential uptake among women was not known. Methods A qualitative study was conducted at selected sites in Harare (urban and Zvimba (rural to explore Option B+ acceptability; barriers, and facilitators to ART adherence and service uptake. In-depth interviews (IDIs, focus group discussions (FGDs and key informant interviews (KIIs were conducted with PPBW, healthcare providers, and community members. All interviews were audio-recorded, transcribed, and translated; data were coded and analyzed in MaxQDA v10. Results Forty-three IDIs, 22 FGDs, and five KIIs were conducted. The majority of women accepted lifelong ART. There was however, a fear of commitment to taking lifelong medication because they were afraid of defaulting, especially after cessation of breastfeeding. There was confusion around dosage; and fear of side effects, not having enough food to take drugs, and the lack of opportunities to ask questions in counseling. Participants reported the need for strengthening community sensitization for Option B+. Facilitators included receiving a simplified pill regimen; ability to continue breastfeeding beyond 6 months like HIV-negative women; and partner, community and health worker support. Barriers included distance of health facility, non-disclosure of HIV status, poor male partner support and knowing someone who had negative experience on ART. Conclusions This study found that Option B+ is generally accepted among PPBW as a means to strengthen their health and protect their babies

  5. A STUDY ON INFORMAL MARKET CLUSTER ACTIVITIES CONCENTRATING AROUND MENDI MARKET AREA: IS RELOCATION THE BEST OPTION?

    Directory of Open Access Journals (Sweden)

    Undiri Kima

    2015-02-01

    Full Text Available The market provides a means of survival for the local and urban communities. The local farmers, local artisans, and other informal sectors find the market as their source of income and food and a place of relaxation. They find the market as a place where they meet friends. The article seeks to understand and analyze how informal sectors cluster groups agglomerate in and around the Mendi Local Market (LM area of Papua New Guinea. This research has made particular reference to Street Vendors (SV who are operating their daily activities in and along the market corridor and exert their influences to the LM and the public. The study provides the scenario to understand the impact of the social relations of the informal street vendors and their daily associated influences on LM. This article seeks to trace and to understand how informal market clusters are operating and concentrating around the local market. The conclusion suggests that the relationships of the informal sector, street vendors, and local market should be promoted through an appropriate inclusive policy and regulatory environment.The market provides a means of survival for the local and urban communities. The local farmers, local artisans, and other informal sectors find the market as their source of income and food and a place of relaxation. They find the market as a place where they meet friends. The article seeks to understand and analyze how informal sectors cluster groups agglomerate in and around the Mendi Local Market (LM area of Papua New Guinea. This research has made particular reference to Street Vendors (SV who are operating their daily activities in and along the market corridor and exert their influences to the LM and the public. The study provides the scenario to understand the impact of the social relations of the informal street vendors and their daily associated influences on LM. This article seeks to trace and to understand how informal market clusters are operating

  6. Learning Marketing Accounting Skills in the Introductory Marketing Course: The Development, Use, and Acceptance of a Self-Study Tutorial

    Science.gov (United States)

    Chen, Yi Ju; Greenberg, Barnett; Dickson, Peter; Goodrich, Jonathan

    2012-01-01

    A self-study tutorial designed to teach, through a learning-by-doing application, how important marketing accounting is to the whole firm, and why every business graduate should have a solid understanding of marketing accounting is tested using an exam and satisfaction survey. Performance on the exam and satisfaction with the tutorial depended…

  7. From Market Uncertainty to Policy Uncertainty for Investment in Power Generation: Real Options for NPP on Electricity Market

    International Nuclear Information System (INIS)

    Tomsic, Zeljko

    2014-01-01

    In the electricity sector, market participants must make decisions about capacity choice in a situation of radical uncertainty about future market conditions. Sector is normally characterised by non-storability and periodic and stochastic demand fluctuations. In these cases capacity determination is a decision for the long term, whereas production is adjusted in the short run. Capacities need to be installed well in advance (decision for investment even earlier because of long construction time and even longer in case of NPP to prepare all needed legal, financial and physical infrastructure), at times when firms face considerable demand and cost uncertainty when choosing their capacity. Paper looks on the main contributions in investment planning under uncertainty, in particular in the electricity market for capital intensive investments like NPP. The relationship between market and non-market factors (recent UK policy example) in determining investment signals in competitive electricity markets was analysed. Paper analyse the ability of competitive electricity markets to deliver the desired quantity and type of generation capacity and also investigates the variety of market imperfections operating in electricity generation and their impact on long-term dynamics for generation capacity, the most capital-intensive of the liberalised functions in the electricity supply industry. Paper analyses how price formation influences investment signals. Today, investment decisions are made by several operators that act independently. Number of factors (including market power, wholesale price volatility, lack of liquidity in the wholesale and financial market, policy and regulatory risks etc.) contribute to polluting the price signal and generating sub-optimal behaviour. Climate change policies can easily distort market signals, insulating renewables generation from market dynamics. This in turn reduces the proportion of the market that is effectively opened to competitive

  8. The green electricity market model. Proposal for an optional, cost-neutral direct marketing model for supplying electricity customers

    International Nuclear Information System (INIS)

    Heinemann, Ronald

    2014-01-01

    One of the main goals of the Renewable Energy Law (EEG) is the market integration of renewable energy resources. For this purpose it has introduced compulsory direct marketing on the basis of a moving market premium. At the same time the green electricity privilege, a regulation which made it possible for customers to be supplied with electricity from EEG plants, has been abolished without substitution with effect from 1 August 2014. This means that, aside from other direct marketing channels, which will not be economically viable save for in a few exceptional cases, it will no longer be possible in future to sell electricity from EEG plants to electricity customers under the designation ''electricity from renewable energy''. The reason for this is that electricity sold under the market premium model can no longer justifiably be said to originate from renewable energy. As a consequence, almost all green electricity products sold in Germany carry a foreign green electricity certificate.

  9. 76 FR 6453 - Raynor Marketing, Ltd., Provisional Acceptance of a Settlement Agreement and Order

    Science.gov (United States)

    2011-02-04

    ... CONSUMER PRODUCT SAFETY COMMISSION [CPSC Docket No. 11-C0003] Raynor Marketing, Ltd., Provisional..., Raynor Marketing, Ltd. and the staff (``Staff'') of the United States Consumer Product Safety Commission... Street, Suite 205, McLean, VA 22101. Counsel for Raynor Marketing, Ltd. U.S. Consumer Product Safety...

  10. Intraday Lead-Lag Relationships between the Futures-, Options and Stock Market

    NARCIS (Netherlands)

    de Jong, F.C.J.M.; Donders, M.W.M.

    1996-01-01

    In rational, efficiently functioning and complete markets, returns on derivative and underlying securities should be perfectly contemporaneously correlated.Due to market imperfections, one of these markets may reflect information faster.The use of high-frequency data and the choice for a small unit

  11. A conceptual investigation of variables affecting the success and acceptance of SMS Marketing in Iran

    OpenAIRE

    Adhami, A; Rabiee, A; Adhami, M

    2015-01-01

    This paper?s aim was to develop a conceptual overview of SMS marketing and delineate factors of new communications technologies on business practice. This study, which was a descriptive survey, was built on primary and secondary data source including a literature review of SMS marketing and a Questionnaire were used as the primary means of collecting secondary data. The sample size of 300 patients was determined according to the Cochran formula. Moreover, data analysis was done in SPSS by usi...

  12. Recruiting Youth in the College Market. Current Practices and Future Policy Options

    National Research Council Canada - National Science Library

    Kilburn, M

    2003-01-01

    .... While the unusually strong labor market of the 1990s undoubtedly played some role in recent recruiting difficulties, another long-term demographic trend is likely to also contribute to recruiting woes...

  13. New types of contracts. Part 2. The natural gas spot market. Many options, many constraints

    International Nuclear Information System (INIS)

    Van Gelder, J.W.

    1999-01-01

    In two articles, new types of contracts such as swaps, futures and spot contracts are surveyed. How far has the Dutch liberalised market developed in this field? This article focuses on the spot market for gas, whilst in the previous issue attention was paid to the electricity market. Bilateral spot contracts have been used in the Netherlands for years and years. The only gas exchange in Europe, the International Petroleum Exchange (IPE), was established in London, UK, at the end of 1994. This is a screen exchange, just like the APX (Amsterdam Power Exchange), where natural gas traders can enter into various types of contracts. An organised gas exchange has as yet not been established on the continent. The most suitable candidate is Zeebrugge in Belgium, where all the large players are represented. To do so, however, more transparency is required on the transmission market so that supply and demand can find each other quickly at standard conditions

  14. Incentives for new antibiotics: the Options Market for Antibiotics (OMA) model

    OpenAIRE

    Brogan, David M; Mossialos, Elias

    2013-01-01

    Background Antimicrobial resistance is a growing threat resulting from the convergence of biological, economic and political pressures. Investment in research and development of new antimicrobials has suffered secondary to these pressures, leading to an emerging crisis in antibiotic resistance. Methods Current policies to stimulate antibiotic development have proven inadequate to overcome market failures. Therefore innovative ideas utilizing market forces are necessary to stimulate new invest...

  15. Regulatory Options for Local Reserve Energy Markets: Implications for Prosumers, Utilities, and other Stakeholders

    OpenAIRE

    Rosen, Christiane; Madlener, Reinhard

    2014-01-01

    While the share of fluctuating renewable energy resources is constantly increasing, the centralized, hierarchical organization of the current energy system cannot adequately accommodate such decentralized electricity generation. New ideas have been developed for improved integration, especially in the lead market Germany. One of these concepts is the microgrid, a grid within the grid. This paper presents a local reserve energy market, which can facilitate the operation and allow trading withi...

  16. 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.

  17. Implied adjusted volatility functions: Empirical evidence from Australian index option market

    Science.gov (United States)

    Harun, Hanani Farhah; Hafizah, Mimi

    2015-02-01

    This study aims to investigate the implied adjusted volatility functions using the different Leland option pricing models and to assess whether the use of the specified implied adjusted volatility function can lead to an improvement in option valuation accuracy. The implied adjusted volatility is investigated in the context of Standard and Poor/Australian Stock Exchange (S&P/ASX) 200 index options over the course of 2001-2010, which covers the global financial crisis in the mid-2007 until the end of 2008. Both in- and out-of-sample resulted in approximately similar pricing error along the different Leland models. Results indicate that symmetric and asymmetric models of both moneyness ratio and logarithmic transformation of moneyness provide the overall best result in both during and post-crisis periods. We find that in the different period of interval (pre-, during and post-crisis) is subject to a different implied adjusted volatility function which best explains the index options. Hence, it is tremendously important to identify the intervals beforehand in investigating the implied adjusted volatility function.

  18. Travel and Tourism Module. An Advanced-Level Option For Distribution and Marketing.

    Science.gov (United States)

    New York State Education Dept., Albany. Bureau of Occupational Education Curriculum Development.

    Intended as an advanced option for distributive education students in the twelfth grade, this travel and tourism module is designed to cover a minimum of ten weeks or a maximum of twenty weeks. Introductory material includes information on employment demands, administrative considerations, course format, teaching suggestions, expected outcomes,…

  19. Development of public acceptance and market success with very small nuclear power reactors (VSR)

    International Nuclear Information System (INIS)

    Lang, P

    2008-01-01

    This paper presents a case for public acceptance of very small nuclear reactors (VSR) as a socially welcomed, locally produced source of energy. It is argued that the subconscious associations and emotional responses that the public makes with size and appearance will often outweigh technical or economic advantages as the determining factor in their ultimate acceptance or rejection of a new power plant. The unique technical features of VSR effectively refute the three most commonly cited reasons for opposing nuclear power: cost, safety, and waste management. VSR also address the demands of environmentalists for small-scale, clean distributed energy production. (author)

  20. 'Acceptable rebellion': marketing hipster aesthetics to sell Camel cigarettes in the US.

    Science.gov (United States)

    Hendlin, Yogi; Anderson, Stacey J; Glantz, Stanton A

    2010-06-01

    The aim of the present work was to understand why and how RJ Reynolds and other tobacco companies have marketed tobacco products to young adult social trendsetting consumers (termed 'hipsters') to recruit trendsetters and average consumers to smoke. Analysis of tobacco industry documents and industry marketing materials. Since 1995, RJ Reynolds developed its marketing campaigns to better suit the lifestyle, image identity and attitudes of hip trendsetters (so-called 'hipsters'), and Camel's brand identity actively shifted to more closely convey the hipster persona. Camel emphasised in-venue events such as promotional music tours to link the brand and smoking to activities and symbols appealing to hipsters and their emulating masses. To reach this targeted and socially valuable trend-setting population, public health advocates must tap into hipster psychology and expose to the targeted community the tobacco company's efforts to infiltrate the hipster community to turn hipsters into tobacco-using role models.

  1. 17 CFR 240.15c3-1f - Optional market and credit risk requirements for OTC derivatives dealers (Appendix F to 17 CFR...

    Science.gov (United States)

    2010-04-01

    ... charges for market and credit risk pursuant to this Appendix F in lieu of computing securities haircuts...)(2)(vi). Credit Risk (d) The capital charge for credit risk arising from an OTC derivatives dealer's... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Optional market and credit...

  2. Advantages and drawbacks of creating futures markets and futures options in Latin America and the Caribbean

    International Nuclear Information System (INIS)

    Seetin, Mark; Bjorndalen, Jorgen; Pulgar, Maria Teresa; Merino, Guadalupe; Lerner, Eduardo; Baron, Sergio

    1999-01-01

    The use of future markets in the United States by means of NYMEX and IPE in London, working for more that 10 years in five products for which we normally see quotes on a daily basis in the Wall Street Journal above all, and for six years in gas, plus the seven electric power markets that already exist in the United States and the Scandinavian countries, plus the criteria provided for by the European Union, is crucial for the establishment of technical criteria and the establishment of necessary institutions. In other words, we already a sound background in what is done on this type of market and all of this is proof of what know-how is capable of but also of how delicate it can be, over time, to take decisions with respect to what our region does. (The author)

  3. Using simple wind-diesel systems without energy storage to obtain high penetration and market acceptance in the near future

    International Nuclear Information System (INIS)

    Lundsager, P.; Sherwin, R.W. Jr.

    1991-01-01

    A wind/diesel hybrid power system combines wind energy technology with diesel generation to provide continous AC electrical power with reduced fuel consumption. The objectives of this paper are to summarize the reasoning behind the simple Wind-Diesel system concept using low or negative load operation of the diesels, including the diesel backdrive technique proposed by Atlantic Orient, and to outline a strategy within an international framework to make simple Wind-Diesel systems with standard induction generator wind turbines commercially available and accepted by the market. (au) (11 refs.)

  4. Market driven strategy for acquisition of waste acceptance and transportation services for commercial spent fuel in the United States

    International Nuclear Information System (INIS)

    Lemeshewky, W.; Macaluso, C.; Smith, P.; Teer, B.

    1998-05-01

    The Department of Energy has the responsibility for the shipment of spent nuclear fuel (SNF) from commercial reactors to a Federal facility for storage and/or disposal. DOE has developed a strategy for a market driven approach for the acquisition of transportation services and equipment which will maximize the participation of private industry. To implement this strategy, DOE is planning to issue a Request for Proposal (RFP) for the provision of the required services and equipment to accept SNF from the utilities and transport the SNF to a Federal facility. The paper discusses this strategy and describes the RFP

  5. Co-Branding as a Market-Driven Strategic Financial Investment Option in the Hospitality Industry

    OpenAIRE

    Hahm, Sung-Pil

    2001-01-01

    The purpose of this study was to examine the trends in co-branding, especially when one brand is linked with another brand through a business strategy, in order to investigate the factors that lead to co-branding as a strategic investment option in the hospitality industry. Of primary interest was whether co-branding strategies are significant issues in the hospitality industry. This study also investigated the relationship between explicit and implicit requirements and timing of entry for co...

  6. Pension regulation and the market value of pension liabilities - A contingent claims analysis using Parisian options

    NARCIS (Netherlands)

    Broeders, D.; Chen, A.

    2008-01-01

    We analyze the market-consistent valuation of pension liabilities in a contingent claim framework whereby a knock-out barrier feature is applied to capture early regulatory closure of a pension plan. We investigate two cases which we call "immediate closure procedure" and "delayed closure

  7. 17 CFR 33.4 - Designation as a contract market for the trading of commodity options.

    Science.gov (United States)

    2010-04-01

    ... capable of being transferred, assigned or otherwise disposed of other than on or subject to the rules of... regulations: (A) The cash market for the underlying physical exhibits sufficient liquidity such that the... the board of trade. (b) Such board of trade adopts rules which: (1) Prescribe in regard to strike...

  8. Competition of two supply chains with different risk structures: applying market research option

    Directory of Open Access Journals (Sweden)

    A. Hafezolkotob

    2012-01-01

    Full Text Available Demand uncertainty obliges all participants through a supply chain to make decisions under uncertainty. These decisions extend across price, investment, production, and inventory quantities. We take account of competition between two supply chains under demand uncertainty. These chains internally are involved in vertical pricing competition; however, they externally participate in horizontal pricing and service level competitions by offering a single-type product to the market. Since firms may have various attitudes against demand uncertainty and its related risks, different risk structures for competitive supply chains are considered. We assume that risk-averse firms are able to decrease demand uncertainty by information gathered from market research. For risk-averse participants in a chain, market research investment is an appropriate ground for vertical coordination, which diminishes risk through a supply chain. Optimal strategies based on game theory are obtained for different risk structures; furthermore, for each structure the effects of risk sensitivity as well as market research efficiency on these optimal strategies are investigated. Finally, we propose two scenarios for information sharing between risk-averse participants.

  9. THE INTEGRATION OF YOUNG ECONOMISTS ON THE LABOUR MARKET. THE PROFESSION OPTION - A DECISION FOR CAREER AND FOR A LIFESTYLE

    Directory of Open Access Journals (Sweden)

    Borza Adriana

    2011-07-01

    Full Text Available Knowing the importance of the integration process of graduates of higher economic studies on a labour market that is becoming more and more demanding, as well as the fact that professional objectives realistic defined represent an essential demand of performance, the present paper aims to determine the relevance of personal decision capacities as a favouring factor of a concrete career option for economist students. Our research is based on information and statistical data obtained through applying tests and questionnaires on economist students from licence and master studies form three universities: University of Oradea, The West University of Timisoara and Stefan cel Mare University of Suceava, in the project called PRACTeam The practice of economist students. Inter-regional partnership on the labour market between universities and the business environment Project co-financed through the Social European Fund, Through the Operational Program Human Resource Development 2007 - 2013 'Invest in people!'. In essence we leave from the premises that the professional option reflects a specific side of individual's personality which does not choose only for a certain occupation but, implicitly for a certain lifestyle. As a diagnosis approach we assume axiomatic the thesis according to which the high level of congruence between the individual psychological availabilities and the occupational environment raises the satisfaction chance and professional success. The approach that we submit is an interdisciplinary one, as well as the research team formed of two economists and a psychologist. Our study proposes to identify the correlation between the individual decision ability of the subject and the compatibility between a specific interests set of abilities identified on the basis of individual tests. Also, on the basis of processing the results obtained of economist students at the personality tests, we will try to argument explaining the option of some

  10. Promoting functional foods as acceptable alternatives to doping: potential for information-based social marketing approach

    OpenAIRE

    Petróczi Andrea; Naughton Declan P; James Ricky

    2010-01-01

    Abstract Background Substances with performance enhancing properties appear on a continuum, ranging from prohibited performance enhancing drugs (PED) through dietary supplements to functional foods (FF). Anti-doping messages designed to dissuade athletes from using PEDs have been typically based on moralising sport competition and/or employing scare campaigns with focus on the negative consequences. Campaigns offering comparable and acceptable alternatives are nonexistent, nor are athletes he...

  11. Acceptable rebellion’: marketing hipster aesthetics to sell Camel cigarettes in the US

    Science.gov (United States)

    Hendlin, Yogi; Anderson, Stacey J; Glantz, Stanton A

    2011-01-01

    Objective The aim of the present work was to understand why and how RJ Reynolds and other tobacco companies have marketed tobacco products to young adult social trendsetting consumers (termed ‘hipsters’) to recruit trendsetters and average consumers to smoke. Methods Analysis of tobacco industry documents and industry marketing materials. Results Since 1995, RJ Reynolds developed its marketing campaigns to better suit the lifestyle, image identity and attitudes of hip trendsetters (so-called ‘hipsters’), and Camel’s brand identity actively shifted to more closely convey the hipster persona. Camel emphasised in-venue events such as promotional music tours to link the brand and smoking to activities and symbols appealing to hipsters and their emulating masses. Conclusions To reach this targeted and socially valuable trend-setting population, public health advocates must tap into hipster psychology and expose to the targeted community the tobacco company’s efforts to infiltrate the hipster community to turn hipsters into tobacco-using role models. PMID:20501494

  12. Real Options Effect of Uncertainty and Labor Demand Shocks on the Housing Market

    OpenAIRE

    Lee, Gabriel; Nguyen Thanh, Binh; Strobel, Johannes

    2016-01-01

    This paper shows that uncertainty affects the housing market in two significant ways. First, uncertainty shocks adversely affect housing prices but not the quantities that are traded. Controlling for a broad set of variables in fixed-effects regressions, we find that uncertainty shocks reduce housing prices and median sales prices in the amount of 1.4% and 1.8%, respectively, but the effect is not statistically significant for the percentage changes of all homes sold. Second, when...

  13. THE INTERNATIONALIZATION OF BUSINESS AS AN OPTION IN THE MARKETING STRATEGY OF THE ENTREPRENEUR

    Directory of Open Access Journals (Sweden)

    Cristina ALPOPI

    2010-01-01

    Full Text Available Both the process of creating a business, but especially during the course thereof, the entrepreneur should consider a future in terms of domestic and international presence. This would require a marketing strategy for attracting and maintaining loyal customers domestic and international, for whose implementation it should be mentioned for specific tactics, identify ways to internationalize the business and choose the most appropriate forms of advertising.

  14. Enlarging the EU's internal energy market: Why would third countries accept EU rule export?

    International Nuclear Information System (INIS)

    Prange-Gstoehl, Heiko

    2009-01-01

    Why would countries without a membership perspective seek integration into the EU's internal energy market? One major element of the EU's external energy policy is the export of EU energy norms and regulations to neighbourhood countries and beyond. A core legal instrument the EU uses in this context is the Energy Community Treaty (ECT). The ECT goes both geographically and regarding its depth significantly beyond neighbourhood or association policies, addressing potentially also countries in the 'far neighbourhood' and aiming at the creation of a Single Market for energy with these countries. While, however, EU candidate countries are obliged to adopt the 'acquis' before accessing the EU and therefore comply to EU rules already before they enter the Club, I argue that countries with no or only a vague membership perspective - i.e. countries where the EU cannot apply the 'conditionality' - approach (e.g., ENP countries)-aim at deeper integration with the EU because they are either eager to demonstrate their capability and potential to become part of the Club, they seek greater independence from a regional hegemon or they envisage significant economic gains as common norms, rules and standards are likely to increase economic exchange with the EU.

  15. Analysis of the Exchange Rate and Pricing Foreign Currency Options on the Croatian Market: the NGARCH Model as an Alternative to the Black-Scholes Model

    Directory of Open Access Journals (Sweden)

    Petra Posedel

    2006-12-01

    Full Text Available The interest of professional investors in financial derivatives on the Croatian market is steadily increasing and trading is expected to start after the establishment of the legal framework. The quantification of the fair price of such financial instruments is therefore becoming increasingly important. Once the derivatives market is formed, the use of the Black-Scholes option pricing model is also expected. However, contrary to the assumptions of the Black-Scholes model, research in the field of option markets worldwide suggests that the volatility of the time-series returns is not constant over time. The present study analyzes the implications of volatility that changes over time for option pricing. The nonlinear-in-mean asymmetric GARCH model that reflects asymmetry in the distribution of returns and the correlation between returns and variance is recommended. For the purpose of illustration, we use the NGARCH model for the pricing of foreign currency options. Possible prices for such options having different strikes and maturities are then determined using Monte Carlo simulations. The improvement provided by the NGARCH model is that the option price is a function of the risk premium embedded in the underlying asset. This contrasts with the standard preference-free option pricing result that is obtained in the Black-Scholes model.

  16. Interim Policy Options for Commercialization of Solar Heating and Cooling Systems.

    Science.gov (United States)

    Bezdek, Roger

    This interim report reviews the major incentive policy options available to accelerate market penetration of solar heating and cooling (SHAC) systems. Feasible policy options designed to overcome existing barriers to commercial acceptance and market penetration are identified and evaluated. The report is divided into seven sections, each dealing…

  17. Evaluating cash benefits as real options for a commodity producer in an emerging market

    Directory of Open Access Journals (Sweden)

    Fernando Antonio Lucena Aiube

    2009-07-01

    Full Text Available The amount of cash a firm should maintain is an old problem tackled by finance literature. The recent advances in finance, mainly in the derivatives area, has opened the opportunity to revisit this subject. Cossin and Hricko (2004 studied the benefits of cash holdings using the Real Options approach. We follow their ideas extending the problem to a specific commodity producer firm in an emerging economy. We evaluate the benefits considering that raising capital takes time (timing benefit and also the benefit of avoiding the issue of securities at unfavorable moments (underpricing benefit. We use numerical procedures to solve the problem. Despite the fact that the results are not totally intuitive, we verify that the timing benefit is much more relevant than that of avoiding the underpricing benefit and that firms in emerging economies have greater advantage holding cash than those in developed economies. There is empirical evidence of this last result in the literature.

  18. Combined photovoltaic and solar-thermal systems: overcoming barriers to market acceptance

    International Nuclear Information System (INIS)

    Collins, M.R.

    2005-01-01

    Combined Photovoltaic and Solar-Thermal Systems (PV/T Systems) combine Photovoltaic (PV) and solar thermal technologies into one system with both electrical and thermal energy output. PV/T systems have several perceived advantages to stand-alone PV or solar-thermal systems. The increased efficiency and dual nature of the systems make suitable for situations where installation space is limited, and for homeowners who are forced to decide between meeting thermal or electrical needs. The financial benefit of the combined system is also significant, as the long payback of PV systems is joined with a relatively short payback of solar thermal systems. A background of PV/T was presented, with details of classifications and the International Energy Association's program to evaluate the technical status of PV/T systems and formulate a roadmap for future development. It was noted that input from the Solar Heating and Cooling Program (SHCP) is needed to help identify market barriers in PV/T systems. This paper reviewed existing and potential PV/T systems and their technical status, and reported on the methodology established by IEA group 35. The systems were grouped according to thermal collector types of unglazed water collectors, glazed water collectors, unglazed air collectors, glazed air collectors, air-flow windows, and concentrating collectors. It was noted that a number of new systems are currently being developed, including concentrating collectors with water and air heating, unglazed air heating systems, and unglazed water heating systems. It was noted that apart from technical barriers, efficient design and performance prediction are also problematic, as tools for predicting performance do not exist. The same tools will be used to optimize PV/T system designs. It was suggested that standardized reporting methods, simulation and sizing tools and demonstration products need to be created and that regional certification issues need to be identified. Environmental

  19. Energy saving in energy market reform—The feed-in tariffs option

    International Nuclear Information System (INIS)

    Eyre, Nick

    2013-01-01

    The use of feed-in tariffs (FITs) is now widespread for renewable energy and under discussion for other low carbon electricity generation, but not for energy efficiency. There is a small literature on FITs for electricity demand reduction, but not energy efficiency more generally. This paper considers the general application of FITs on the demand side and sets out the economic arguments in the context of changing energy markets. It then discusses the implications of some practical issues, including the definitional problems arising from the difference between energy efficiency and demand reduction. Using experience from historical energy efficiency programmes, it considers the public benefits, payment methods and policy scope that need to be considered and how these might affect policy design. It makes some provisional estimates of economically justified payments in the context of the proposed UK energy market reform. It concludes that FITs for energy saving might be a powerful tool for incentivising energy efficiency. - Highlights: ► The concept of an energy saving feed-in tariff (ESFIT) is introduced and analysed. ► ESFITs are potentially an alternative to supplier energy efficiency obligations. ► To maximise effectiveness, ESFITs should be paid as capital grants. ► ESFITs are justifiable if there are premium prices for low carbon generation. ► Higher rates of ESFIT may be justified to overcome barriers to energy efficiency.

  20. Influence of wholesale lamb marketing options and merchandising styles on retail yield and fabrication time.

    Science.gov (United States)

    Lorenzen, C L; Martin, A M; Griffin, D B; Dockerty, T R; Walter, J P; Johnson, H K; Savell, J W

    1997-01-01

    Lamb carcasses (n = 94) from five packing plants, selected to vary in weight class and fat thickness, were used to determine retail yield and labor requirements of wholesale lamb fabrication. Carcasses were allotted randomly according to weight class to be fabricated as whole carcasses (n = 20), three-piece boxes (n = 22), or subprimals (n = 52). Processing times (seconds) were recorded and wholesale and retail weights (kilograms) were obtained to calculate retail yield. Subprimals were fabricated into bone-in retail cuts or boneless or semi-boneless retail cuts. Retail yield for subprimal lamb legs decreased from 85.3 +/- .6% for bone-in to 68.0 +/- .7% for a completely boneless retail product. Correspondingly, processing times increased from 126.1 +/- 5.4 s to 542.0 +/- 19.2 s for bone-in and boneless legs, respectively. For all subprimals, retail yield percentage tended to decrease and total processing time increase as cuts were fabricated to boneless or semi-boneless end points compared with a bone-in end point. Percentage retail yield did not differ (P > .05) among whole carcass, three-piece box, and subprimal marketing methods. Total processing time was shorter for subprimals (P < .05) than for the other two marketing methods.

  1. Theoretical aspects of the acceptance of new technologies on the smartphone market

    Science.gov (United States)

    Barkoczi, N.; Lobontiu, G.

    2017-05-01

    Adoption of new technologies on mobile phone market in the past 30 years has transformed the industry and had a large impact on the global economy. Technological progress, as the main factor in the adoption of new technologies, has enabled reduce costs and increase equipment performance. The smartphone is perceived by consumers as a sustainable element, to which the price sensitivity is less important. Consumers are willing to pay more in exchange for better quality and features of the product. Smartphones have changed the way people communicate with others, find information and manage their daily life. In addition, recent developments of new operating systems, abundant applications and competition between suppliers have facilitated a marked increase of the users' number.

  2. Radiopharmaceutical: options to marketing authorization; Le medicament radiopharmaceutique: les alternatives a l'AMM

    Energy Technology Data Exchange (ETDEWEB)

    Guilloteau, D.; Valat, Ch. [Centre Hospitalier Regional Universitaire, Service Medecine Nucleaire In Vitro, INSERM U 619, 37 - Tours (France); Verbruggen, A. [University Hospital Gasthuisberg, Lab. of Radiopharmaceutical Chemistry, Leuven (Belgium)

    2005-04-15

    In France, since the law 92-1279 (December 1992) the tracer used in nuclear medicine are considered as medicines, and all the regulations applicable to general medicines have to be followed for radiopharmaceuticals. The best situation in order to use radiopharmaceutical in nuclear medicine center is to use a tracer with a marketing authorization. However due to the very high cost to obtain this authorization, many tracers validated by scientific community will never been sold by pharmaceutical companies. However in respect with legal rules, it is possible to prepare these tracers in the hospital radiopharmacy, under the responsibility of the radio-pharmacist. We discuss here these different possibilities (magistral preparation...) and the conditions for these preparations. (author)

  3. Renewable energy and policy options in an integrated ASEAN electricity market: Quantitative assessments and policy implications

    International Nuclear Information System (INIS)

    Chang, Youngho; Li, Yanfei

    2015-01-01

    Energy market integration (EMI) in the ASEAN region is a promising solution to relieve the current immobilization of its renewable energy resources and would serve the fast increasing demand for electricity in the region. EMI could be further extended with coordinated policies in carbon pricing, renewable energy portfolio standards (RPS), and feed-in-tariffs (FIT) in the ASEAN countries. Using a linear dynamic programming model, this study quantitatively assesses the impacts of EMI and the above-mentioned policies on the development of renewable energy in the power generation sector of the region, and the carbon emissions reduction achievable with these policies. According to our results, EMI is expected to significantly promote the adoption of renewable energy. Along with EMI, FIT appears to be more cost-effective than RPS and is recommended for the ASEAN region, albeit political barriers for policy coordination among the countries might be a practical concern. In addition, an RPS of 30% electricity from renewable sources by 2030, which is considered politically a “low-hanging fruit”, would achieve moderate improvements in carbon emissions reductions and renewable energy development, while incurring negligible increases in the total cost of electricity. -- Highlights: •Energy market integration (EMI), carbon pricing, RPS, and FIT are examined for ASEAN. •EMI is a promising and feasible solution to promote renewable energy for ASEAN. •Along with EMI, FIT appears to be more cost-effective than RPS for ASEAN. •RPS of 30% by 2030 appears to be reasonable and feasible for ASEAN. •Coordinating FIT and RPS policies under EMI among ASEAN is advised

  4. The role of nuclear power and other options in competitive electricity market study using message model

    International Nuclear Information System (INIS)

    Scorpio Sri Herdinie and Edi Sartono

    2003-01-01

    The electricity demand in Indonesia is very high due to the National Economic Development based on industrialization and supported by a strong agriculture base. It can be noted that in the last five years, the annual electricity growth rate has been reaching around 15% per annum. Though during the economic crisis the electricity demand have time to reduction. Start early 2000s the economic growth in Indonesia will gradually increase. As a consequence, the electricity growth rate also increase in the next coming decades. MESSAGE (Model for Energy Supply Strategy Alternatives and their General Environmental Impacts) is a model designed for the optimization of energy system(i.e. energy supplies and utilization). The goal of this study is to support the national planning and decision making process in the energy and electricity sector in Indonesia with regard to the economic, health, environmental and safety aspects. The objective of this study is to analyse the role of Nuclear Power Plant in the whole energy systems by introducing the new electricity regulation and structure in the market. Seen that Nuclear Power Plant will be enter the Java Bali system in the period between 2015-2020. and will dominate the addition of capacities by the end period of study (year 2020-2025). Nuclear energy has very important long term roles in the energy scenario and it is possible to do the market competitive when the Multi buyer Multi Seller (MBMS) will be done in the system electricity in Indonesia(the government has changed the target of MBMS realization into 2007). (author)

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

    OpenAIRE

    Akihiko Takahashi; Kohta Takehara

    2007-01-01

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

  6. Market characteristics and awareness of managed care options among elderly beneficiaries enrolled in traditional Medicare.

    Science.gov (United States)

    Mittler, Jessica N; Landon, Bruce E; Zaslavsky, Alan M; Cleary, Paul D

    2011-10-14

    Medicare beneficiaries' awareness of Medicare managed care plans is critical for realizing the potential benefits of coverage choices. To assess the relationships of the number of Medicare risk plans, managed care penetration, and stability of plans in an area with traditional Medicare beneficiaries' awareness of the program. Cross-sectional analysis of Medicare Current Beneficiary Survey data about beneficiaries' awareness and knowledge of Medicare managed care plan availability. Logistic regression models used to assess the relationships between awareness and market characteristics. Traditional Medicare beneficiaries (n = 3,597) who had never been enrolled in Medicare managed care, but had at least one plan available in their area in 2002, and excluding beneficiaries under 65, receiving Medicaid, or with end stage renal disease. Traditional Medicare beneficiaries' knowledge of Medicare managed care plans in general and in their area. Having more Medicare risk plans available was significantly associated with greater awareness, and having an intermediate number of plans (2-4) was significantly associated with more accurate knowledge of Medicare risk plan availability than was having fewer or more plans. Medicare may have more success engaging consumers in choice and capturing the benefits of plan competition by more actively selecting and managing the plan choice set. Public Domain.

  7. Valuing put options on single stock futures: Does the put-call parity relationship hold in the South African derivatives market?

    Directory of Open Access Journals (Sweden)

    A Biebuyck

    2014-12-01

    Full Text Available This study attempts to determine whether mispricing of options on single stock futures is present in the South African derivatives market. The valuation of options on single stock futures is considered through the put-call parity relationship. The theoretical fair values obtained, are compared to the actual market values over a period of three years, that is, from 2009 to 2011. Only put options are considered in this research.The results show that arbitrage put option opportunities do present themselves for the chosen shares. The actual put options were found to be underpriced in 5 out of 6 (83% of the cases considered over the evaluation periods chosen. The mispricing was significant for both the BHP Billiton options with 100% and in the case of Sasol options (66% of the time. Whether profitable arbitrage opportunities is possible, will depend on the magnitude of the mispricing and the transaction fees payable. Further, more extensive research may help identify tendencies which may be of use for the formulation of arbitrage strategies

  8. The impact of the introduction of index options on volatility and liquidity on the underlying stocks : Empirical evidence from the Asian stock markets

    OpenAIRE

    Hasan, Md Kamrul; Chowdhury, Shabyashachi

    2011-01-01

    The impact of the introduction of derivatives on the underlying stock is a debatable topic among the researchers. The issue is quite controversial as contradictory results have been obtained by researchers in various stock markets. The purpose of this study is to examine the volatility and the liquidity effect on the underlying stock after the introduction of index options. We have investigated volatility and liquidity effect by collecting sample data from the stock markets of India, Korea, T...

  9. Austria's wind energy potential – A participatory modeling approach to assess socio-political and market acceptance

    International Nuclear Information System (INIS)

    Höltinger, Stefan; Salak, Boris; Schauppenlehner, Thomas; Scherhaufer, Patrick; Schmidt, Johannes

    2016-01-01

    Techno-economic assessments confirm the potential of wind energy to contribute to a low carbon bioeconomy. The increasing diffusion of wind energy, however, has turned wind energy acceptance into a significant barrier with respect to the deployment of wind turbines. This article assesses whether, and at what cost, Austrian renewable energy targets can be met under different expansion scenarios considering the socio-political and market acceptance of wind energy. Land-use scenarios have been defined in a participatory modeling approach with stakeholders from various interest groups. We calculated the levelized cost of electricity (LCOE) for all of the potential wind turbine sites, which we used to generate wind energy supply curves. The results show that wind energy production could be expanded to 20% of the final end energy demand in three out of four scenarios. However, more restrictive criteria increase LCOE by up to 20%. In contrast to common views that see local opposition against wind projects as the main barrier for wind power expansion, our participatory modeling approach indicates that even on the level of key stakeholders, the future possible contribution of wind energy to Austrian renewable energy targets reaches from almost no further expansion to very high shares of wind energy. - Highlights: • Including social barriers could reduce Austria’s wind potential from 92.78 to 3.89 TWh • Costs for attaining a 20% wind energy share vary by 20% between the scenarios • Socially acceptable wind area potential ranges from 0.1 to 3.9% of Austria’s total area • Excluding forest areas lowers the maximum wind energy potential by 45%

  10. Market driven strategy for acquisition of waste acceptance and transportation services for commercial spent fuel in the united states

    International Nuclear Information System (INIS)

    Lemeshewsky, W.; Macaluso, C.; Smith, P.; Teer, B.

    1998-01-01

    The Office of Civilian Radioactive Waste Management (OCRWM) in the United States Department of Energy (DOE) has the responsibility under the Nuclear Waste Policy Act of 1982 (the Act) for the shipment of spent nuclear fuel (SNF) from commercial reactors to a Federal facility for storage and/or disposal. The Act requires the use of private industry to the 'fullest extent possible' in the transportation of spent fuels. An OCRWM goal is to develop a safe, efficient and effective transportation system while meeting the mandate of the Act. OCRWM has then develop a strategy for a market driven approach for the acquisition of transportation services and equipment. To implement this strategy, OCRWM is planning to issue a Request for Proposal (RPF) for the provision of the required services and equipment to accept SNF from the utilities and transport the SNF to a Federal facility. Two draft RPFs have been issued with the second draft incorporating comments on the first draft from potential contractors and other interested parties. The overall strategy as outlined in the draft RPF relies on private industry to use the innovative powers of the marketplace to help DOE accomplish its mission objectives. DOE intends to pursue this procurement strategy whether or not the OCRWM program includes interim storage. The concept described in the draft RPF provides for DOE to purchase services and equipment from a contractor-operated waste acceptance and transportation organization. The contractor is expected to provide initial financing for the project including that necessary for initial acquisition of operational equipment, establish the necessary management organization, and mobilize the necessary resources and capabilities to provide the SNF delivery services at a fixed rate. DOE will retain final approval on all routes and maintain primary responsibility to the States, tribes, and local units of government for assuring appropriate interaction and consideration of their input on

  11. An ill-posed problem for the Black-Scholes equation for a profitable forecast of prices of stock options on real market data

    Science.gov (United States)

    Klibanov, Michael V.; Kuzhuget, Andrey V.; Golubnichiy, Kirill V.

    2016-01-01

    A new empirical mathematical model for the Black-Scholes equation is proposed to forecast option prices. This model includes new interval for the price of the underlying stock, new initial and new boundary conditions. Conventional notions of maturity time and strike prices are not used. The Black-Scholes equation is solved as a parabolic equation with the reversed time, which is an ill-posed problem. Thus, a regularization method is used to solve it. To verify the validity of our model, real market data for 368 randomly selected liquid options are used. A new trading strategy is proposed. Our results indicates that our method is profitable on those options. Furthermore, it is shown that the performance of two simple extrapolation-based techniques is much worse. We conjecture that our method might lead to significant profits of those financial insitutions which trade large amounts of options. We caution, however, that further studies are necessary to verify this conjecture.

  12. Enhancing Foreign Consumer Acceptance The Role of Capabilities of Creating Export-Market Oriented Products in Small and Medium-Sized Enterprises (SMEs

    Directory of Open Access Journals (Sweden)

    Firmanzah Firmanzah

    2008-06-01

    Full Text Available The main purpose of this paper is to measure the effects of SMEs capabilities on their export performance. This paper offers a model to test the effects of the capabilities of creating export-market oriented products (EMOPs on increasing SMEs’ export performance. Six hypotheses are developed to analyze causal effects of variables. Using 387 Indonesian SMEs as sample, hypotheses testing highlight the importance of SMEs’ capabilities of building export-market oriented products, which highly follow foreign (export market standards. Hence, these kinds of products increase foreign consumer acceptance. In general, this paper offers a possible explanation to predict the determinants of how SMEs’ can perform in the export market.

  13. Value-creating investment strategies to manage risk from structural market uncertainties: Switching and compound options in (V)HTR technologies - HTR2008-58157

    International Nuclear Information System (INIS)

    Lauferts, U.; Halbe, C.; Van Heek, A.

    2008-01-01

    To measure the value of a technology investment under uncertainty with standard techniques like net present value (NPV) or return on investment (ROI) will often uncover the difficulty to present convincing business case. Projected cash flows are inefficient or the discount rate chosen to compensate for the risk is so high, that it is disagreeable to the investor s requirements. Decision making and feasibility studies have to look beyond traditional analysis to reveal the strategic value of a technology investment. Here, a Real Option Analysis (ROA) offers a powerful alternative to standard discounted cash-flow (DCF) methodology by risk-adjusting the cash flow along the decision path rather than risk adjusting the discount rate. Within the GEN IV initiative attention is brought not only towards better sustainability, but also to broader industrial application and improved financing. Especially the HTR design is full of strategic optionalities: The high temperature output facilitates penetration into other non-electricity energy markets like industrial process heat applications and the hydrogen market. The flexibility to switch output in markets with multi-source uncertainties reduces downside risk and creates an additional value of over 50% with regard to the Net Present Value without flexibility. The supplement value of deploying a modular (V)HTR design adds over 100% to the project value using real option evaluation tools. Focus of this paper was to quantify the strategic value that comes along a) with the modular design; a design that offers managerial flexibility adapting a step-by-step investment strategy to the actual market demand and b) with the option to switch between two modes of operation, namely electricity and hydrogen production. We will demonstrate that the effect of uncertain electricity prices can be dampened down with a modular HTR design. By using a real option approach, we view the project as a series of compound options - each option depending

  14. Ground-Source Heat Pumps. Overview of Market Status, Barriers to Adoption, and Options for Overcoming Barriers

    Energy Technology Data Exchange (ETDEWEB)

    Goetzler, William [Navigant Consulting, Inc., Chicago, IL (United States); Zogg, Robert [Navigant Consulting, Inc., Chicago, IL (United States); Lisle, Heather [Navigant Consulting, Inc., Chicago, IL (United States); Burgos, Javier [Navigant Consulting, Inc., Chicago, IL (United States)

    2009-02-03

    February 2009 final report submitted to DOE by Navigant Consulting, Inc. This report summarizes the status of ground-source heat pump (GSHP) technology and market penetration globally, estimates the energy saving potential of GSHPs in the U.S., identifies key market barriers that are inhibiting wider market adoption of GSHPs, and recommends initiatives that can be implemented or facilitated by the DOE to accelerate market adoption.

  15. What is the best way to enter Florida's real estate market in today's economy? : This may serve as a simple guide which offers options for a startup real estate company to enter any real estate market

    OpenAIRE

    Bryan, Paul

    2011-01-01

    P&I International real estate (PIIRE for short) is a real estate company which left the Florida real estate market in 2006. PIIRE is now seeking the best method to re-enter the Florida’s real estate market within the near future. The owners are seeking the best method to re-establish their real estate business in Florida. At this point the location in Florida has not yet been determined. The determining factors include financing options, business type entry mode, and governmental issues. ...

  16. Livestock Marketing.

    Science.gov (United States)

    Futrell, Gene; And Others

    This marketing unit focuses on the seasonal and cyclical patterns of livestock markets. Cash marketing, forward contracting, hedging in the futures markets, and the options markets are examined. Examples illustrate how each marketing tool may be useful in gaining a profit on livestock and cutting risk exposure. The unit is organized in the…

  17. Consumer acceptance and market development of irradiated food in Asia and the Pacific. Proceedings of a final research co-ordination meeting

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2001-05-01

    This publication covers the activities and accomplishments of eight countries that participated in a Co-ordinated Research Project (CRP) on Public Acceptance and Market Development of Irradiated Food in Asia and the Pacific, as presented at a final Research Coordination Meeting held in Bangkok, 20-25 September 1998. The CRP was implemented through research agreements with Bangladesh, China (one each for Shanghai and Beijing), the Republic of Korea, Malaysia, Pakistan, the Philippines, Sri Lanka, Thailand and Viet Nam, from 1994 to 1998. The technical work undertaken to bring food irradiation technology to the marketplace to address food security, public health and trade needs, is described. This covered the establishment of quality assurance procedures, the determination of irradiation doses for nontraditional as well as traditional foods, the conduct of techno-economic feasibility, and the identification of industry and consumer needs. In the majority of cases, R and D activities were undertaken in partnership with industry. Developments in the establishment and harmonization of regulations on food irradiation were also monitored. The participants made commendable progress in the marketing of irradiated food and in the understanding and promotion of consumer acceptance of the technology. This was demonstrated in the marketing of close to 179,000 tons of different food and related products through normal trading channels. While the volume of food irradiated varied with the capacity of irradiation plants in participating countries, the work showed that consumers would accept irradiated foods and that trade benefits would ensue from the application of the technology. Information dissemination was found to be a critical factor in public acceptance. The discussions at the final Research Co-ordination Meeting, which are also summarized in this publication, focused on key issues and recommendations to bring about the wider commercialization of food irradiation for the

  18. Consumer acceptance and market development of irradiated food in Asia and the Pacific. Proceedings of a final research co-ordination meeting

    International Nuclear Information System (INIS)

    2001-05-01

    This publication covers the activities and accomplishments of eight countries that participated in a Co-ordinated Research Project (CRP) on Public Acceptance and Market Development of Irradiated Food in Asia and the Pacific, as presented at a final Research Coordination Meeting held in Bangkok, 20-25 September 1998. The CRP was implemented through research agreements with Bangladesh, China (one each for Shanghai and Beijing), the Republic of Korea, Malaysia, Pakistan, the Philippines, Sri Lanka, Thailand and Viet Nam, from 1994 to 1998. The technical work undertaken to bring food irradiation technology to the marketplace to address food security, public health and trade needs, is described. This covered the establishment of quality assurance procedures, the determination of irradiation doses for nontraditional as well as traditional foods, the conduct of techno-economic feasibility, and the identification of industry and consumer needs. In the majority of cases, R and D activities were undertaken in partnership with industry. Developments in the establishment and harmonization of regulations on food irradiation were also monitored. The participants made commendable progress in the marketing of irradiated food and in the understanding and promotion of consumer acceptance of the technology. This was demonstrated in the marketing of close to 179,000 tons of different food and related products through normal trading channels. While the volume of food irradiated varied with the capacity of irradiation plants in participating countries, the work showed that consumers would accept irradiated foods and that trade benefits would ensue from the application of the technology. Information dissemination was found to be a critical factor in public acceptance. The discussions at the final Research Co-ordination Meeting, which are also summarized in this publication, focused on key issues and recommendations to bring about the wider commercialization of food irradiation for the

  19. 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 ...

  20. Valuing call options on single stock futures: Does the put-call parity relationship hold in the South African derivatives market?

    Directory of Open Access Journals (Sweden)

    Biebuyck, A.

    2014-09-01

    Full Text Available Research has shown that violations of put-call parity do occur and that these violations present an investor with opportunities to profit from arbitrage deals. Mispricing may lead to significant superior returns and maximisation of shareholders’ wealth if found and acted upon in a timely manner. This study attempts to determine whether this mispricing of financial derivatives is present in the South African derivatives market. This will be achieved through the valuation of options on single stock futures using the put-call parity relationship. The theoretical fair values obtained, is compared to the actual market values over a period of three years, that is, from 2009 to 2011. The results show that arbitrage opportunities do present themselves for the chosen shares. Further research may involve more shares over a longer period to determine whether any pattern may exist which may form the basis of an arbitrage trading strategy

  1. OPEC strategy on world petroleum market

    International Nuclear Information System (INIS)

    Boussena, S.

    1994-01-01

    OPEC has to choose between two options, either a regulated market or a situation of whole competition. The other big producers refuse to share responsibility of a market stabilization and oblige OPEC to a strategy 'uncertainty' which is in fact a 'non-interference' policy but it is not sure that OPEC accepts to be the only market regulator and then the residual supplier when supply is bigger than demand

  2. Evaluation of long-term natural gas marketing agreements: An application of commodity forward and option pricing theory

    International Nuclear Information System (INIS)

    Salahor, G.S.; Laughton, D.G.

    1993-01-01

    Methods that have been empirically validated in the analysis of short-term traded securities are adapted to evaluate long-term natural gas direct-sale contracts. A sample contract is examined from the perspective of the producer, and analyzed as a series of forward and option contracts. The assessment of contract value is based on the gas price forecast, the volatility in that forecast, and the valuation of risk caused by that volatility. The method presented allows the gas producer to quantify these elements, and to evaluate the variety of terms encountered in direct-sale natural gas agreements, including features such as load factors and penalty charges. The analysis uses as inputs a probabilistic price forecast and a determination of a price of risk for gas prices. Once the forecast volatility is derived from the probabilistic forecast, the forward contracts imbedded in the long-term gas contract can be valued with a risk-discounting model, and optional aspects can be evaluated using the Black-Scholes option pricing method. 10 refs., 3 figs., 2 tabs

  3. 17 CFR 33.6 - Suspension or revocation of designation as a contract market for the trading of commodity options.

    Science.gov (United States)

    2010-04-01

    ... or the underlying futures or cash markets, or is otherwise contrary to the public interest: Provided... trading presents a substantial risk to the public interest. (Approved by the Office of Management and Budget under control number 3038-0007) [46 FR 54529, Nov. 3, 1981, as amended at 46 FR 63036, Dec. 30...

  4. Designing a climate change policy for the international maritime transport sector: Market-based measures and technological options for global and regional policy actions

    International Nuclear Information System (INIS)

    Miola, A.; Marra, M.; Ciuffo, B.

    2011-01-01

    The international maritime transport sector has a significant abatement potential and some technical improvements that reduce GHG emissions would already be profitable without any policy in place. This paper analyses in-depth the limits and opportunities of policy options currently under consideration at the international level to stimulate the sector to reduce its GHG emissions. In particular, in order for the maritime transport sector to become more environmentally friendly, the flexible nature of international market-based measures and the European Union Emission Trading Scheme provide a definite window of opportunity without placing unnecessary high burden on the sector. However, the development of a regional policy, such as at European level, for the international maritime transport sector faces several obstacles: allocation of emissions, carbon leakage, permit allocation, treatment of the great variety in ship type, size and usage, and transaction cost. Global market-based policies could overcome most of these challenges. This paper provides an in-depth analysis of the policy instruments currently under discussion to reduce the sector's burden on the environment, and focuses on economic theory, legal principles, technological options, and the political framework that together make up the basis of decision-making regarding the international maritime transport sector's climate change policies. - Highlights: → Technologies for a more environmental friendly maritime transport sector and their cost-effectiveness. → How to combine ambitious CO 2 reduction goals with a sector-wide market-based policy. → Permits should be auctioned frequently and small emitters have to be excluded. → Inclusion of shipping in the EU ETS causes carbon leakage, so the policy should aim at expansion.

  5. Combined photovoltaic and solar-thermal systems: overcoming barriers to market acceptance. Paper no. IGEC-1-136

    International Nuclear Information System (INIS)

    Collins, M.R.

    2005-01-01

    In 1997, the International Energy Association's (IEA) Photovoltaic Power Systems Program (PVSP) initiated IEA Task 7 to evaluate the technical status of combined Photovoltaic and Solar-Thermal systems (PV/T), and to formulate a roadmap for future development. Because the Task was initiated by the PVSP, however, individuals from the Solar Heating and Cooling Program (SHCP) were not invited to participate, and the Task Group lacked any significant expertise with solar-thermal systems. When the Task submitted its final report in 2002, it consisted of an accounting of existing systems and a list of the perceived market barriers. Without input from the SHCP, however, no move could be made to actually address those barriers. IEA Task 7, however, did recognize that the participation of the SHCP was needed, and in 1999 made an effort to initiate some discussion between the PVSP and the SHCP. The result was IEA Task 35 - PV/T Systems, which met for the first time in January of 2005. The new group intends to reevaluate the findings of Task 7, and to develop the means by which these market barriers can be overcome. The current discussion will provide an overview of existing and potential PV/T systems and their technical status. Further, it will report on the methodology established by the Task 35 work group to overcome the aforementioned market barriers. (author)

  6. Medical Underwriting In Long-Term Care Insurance: Market Conditions Limit Options For Higher-Risk Consumers.

    Science.gov (United States)

    Cornell, Portia Y; Grabowski, David C; Cohen, Marc; Shi, Xiaomei; Stevenson, David G

    2016-08-01

    A key feature of private long-term care insurance is that medical underwriters screen out would-be buyers who have health conditions that portend near-term physical or cognitive disability. We applied common underwriting criteria based on data from two long-term care insurers to a nationally representative sample of individuals in the target age range (50-71 years) for long-term care insurance. The screening criteria put upper bounds on the current proportion of Americans who could gain coverage in the individual market without changes to medical underwriting practice. Specifically, our simulations show that in the target age range, approximately 30 percent of those whose wealth meets minimum industry standards for suitability for long-term care insurance would have their application for such insurance rejected at the underwriting stage. Among the general population-without considering financial suitability-we estimated that 40 percent would have their applications rejected. The predicted rejection rates are substantially higher than the rejection rates of about 20-25 percent of applicants in the actual market. In evaluating reforms for long-term care financing and their potential to increase private insurance rates, as well as to reduce financial pressure on public safety-net programs, policy makers need to consider the role of underwriting in the market for long-term care insurance. Project HOPE—The People-to-People Health Foundation, Inc.

  7. Marketing and Service Activities of the German Power Suppliers. Results of a recent investigation; Marketing-Outsourcing als strategische Option fuer Energieversorger. Effizienzsteigerungen und Kostensenkungen

    Energy Technology Data Exchange (ETDEWEB)

    Ruppert, G.; Sothmann, P. [MCG Marketing Consulting Group GmbH, Frankfurt am Main (Germany)

    2006-07-03

    Service activities have always played an important role for power suppliers. Facing the growing competitive environment, the enterprises' activities were given new directions, with more strength. The EU energy service regulation gives this subject even more importance. VDEW (Association of the Electricity Industry) has been regularly investigating the range of the services offered by the enterprises, for the last time by means of questionnaire in 2005. The findings give a general view of the marketing measures presently used by the enterprises and the services they offer. It was found out that services and special measures of customer care have kept their importance to customer binding and customer acquisition also in 2005.

  8. Marketing.

    Science.gov (United States)

    Chambers, David W

    2010-01-01

    There is not enough marketing of dentistry; but there certainly is too much selling of poor quality service that is being passed off as dentistry. The marketing concept makes the patient and the patients' needs the ultimate criteria of marketing efforts. Myths and good practices for effective marketing that will promote oral health are described under the traditional four "Ps" categories of "product" (best dental care), "place" (availability), "promotion" (advertising and other forms of making patients aware of available services and how to use them), and "price" (the total cost to patients of receiving care).

  9. Biometrics-based service marketing issues: exploring acceptability and risk factors of iris scans associated with registered travel programmes.

    Science.gov (United States)

    Smith, Alan D

    2008-01-01

    The marketability and viability of biometric technologies by companies marketing their own versions of pre-approved registered travel programmes have generated a number of controversies. Data were collected and analysed to formulate graphs, run regression and correlation analyses, and use Chi-square to formally test basic research propositions on a sample of 241 professionals in the Pittsburgh area. It was found that there was a significant relationship between the respondents' familiarity with new technology (namely web-enabled and internet sophistication) and knowledge of biometrics, in particular iris scans. Participants who frequently use the internet are more comfortable with innovative technology; although individuals with higher income levels have less trust in the government, it appeared that virtually everyone is concerned about trusting the government with their personal information. Healthcare professionals need to document the safety, CRM-related factors, and provide leadership in the international collaboration of biometric-related personal identification technologies, since they will be one of the main beneficiaries of the implementation of such technologies.

  10. A study of the effects of company size on systematic risk based on the capital asset pricing model among accepted companies in Tehran Stock Market ,

    Directory of Open Access Journals (Sweden)

    Reza Rostami

    2012-08-01

    Full Text Available Systematic risk (beta is one of the most effective factors in predicting the appropriate required rate of return of portfolios. Understanding systematic risk of usual portfolio of various companies helps investors consider financial investment, more confidentially. The aim of this study is to determine if there is any significant relationship between Company Size (Market value of stocks, Book value of stocks, level of company sale, trade volume of stocks, Price dividend ratio as independent variables and Systematic risk (Beta as dependent variables. The study chooses 112 companies accepted in Tehran Stock Market based on screening (systematic deletion in a six-year- period from 2005 to 2010. The required data were gathered from basic financial statement, committee reports, and other available documents in Tehran Stock Market. Regression and Pearson correlation were used to analyze the data. The results of the study revealed that there is a significant relationship between the variables. Some suggestions regarding the topic of the research are given too.

  11. Sustainable design options for the German electricity market. A comparison of the energy-only market with capacity markets; Zukunftsfaehige Designoptionen fuer den deutschen Strommarkt. Ein Vergleich des Energy-only-Marktes mit Kapazitaetsmaerkten

    Energy Technology Data Exchange (ETDEWEB)

    Keles, Dogan; Renz, Lea; Bublitz, Andreas; Zimmermann, Florian; Genoese, Massimo; Fichtner, Wolf [Karlsruher Institut fuer Technologie, Karlsruhe (Germany). Lehrstuhl fuer Energiewirtschaft; Hoefling, Holger; Sensfuss, Frank; Winkler, Jenny [Fraunhofer-Institut fuer System- und Innovationsforschung (ISI), Karlsruhe (Germany)

    2016-04-01

    This study intensively discusses the further developments of the electricity market design in Germany based on substantial scientific insights. For this purpose, an agent-based simulation model is applied to evaluate the operability of the energy only market extended with a strategic reserve. Furthermore, the effects of the implementation of a centralized or decentralized capacity market are analyzed.

  12. Acceptability and feasibility of infant-feeding options: experiences of HIV-infected mothers in the World Health Organization Kesho Bora mother-to-child transmission prevention (PMTCT) trial in Burkina Faso.

    Science.gov (United States)

    Cames, Cécile; Saher, Aisha; Ayassou, Kossiwavi A; Cournil, Amandine; Meda, Nicolas; Simondon, Kirsten Bork

    2010-07-01

    In Burkina Faso, prolonged breastfeeding with introduction of ritual fluids from birth is a deep-seated norm. We explored HIV-infected mothers' views and experiences of the acceptability and feasibility of the World Health Organization's recommended infant-feeding options within a mother-to-child-transmission prevention trial. A qualitative study was conducted on 17 formula-feeding and 19 breastfeeding mothers, from a larger cohort of 51 eligible HIV-infected women, consenting to participate in separate focus group discussions in early post-partum. Mothers opted for breastfeeding essentially out of fear of family rejection. Most of them were afraid of denigration for disrespecting tradition if they formula-fed or being suspected of HIV infection. Achieving exclusive breastfeeding remained a difficult challenge as they engaged in a continuous struggle with close elders to avoid fluid feeding. Additional stress and fatigue were fed by their perception of a high transmission risk through breast milk. Exclusive formula-feeding seemed easier to implement, especially as formula was provided free of charge. Formula-feeding mothers more frequently had a supportive partner, a strong personality and lived in better socio-economic conditions than breastfeeding mothers (76% had education and electricity supply vs. 42%, respectively). Exclusive breastfeeding for the first 6 months remains the most appropriate option for many HIV-infected mothers in sub-Saharan Africa. Its acceptability and feasibility urgently need to be improved by promoting it as the best feeding option for all infants. Other crucial interventions are the promotion of voluntary counselling and testing for couples, and greater partner involvement in infant-feeding counselling.

  13. Trends, options for market positioning and success factors in E-Mobility; Tendenzen, Positionierungsoptionen und Erfolgsfaktoren bei E-Mobilitaet. Nachhaltige Chancen fuer Elektrizitaetsversorger

    Energy Technology Data Exchange (ETDEWEB)

    Ermann, A. [The Advisory House AG, Zuerich (Switzerland); Pils, F.; Karring, K. [The Mobility House GmbH, Salzburg (Austria)

    2010-07-01

    This article discusses the trends in electro-mobility and the options available to electricity utilities when positioning themselves in this market. The factors influencing their success in doing this are also discussed. The general framework in which these activities are taking place are discussed as are the obstacles that hinder development in this area. The influence of society and politics, environmental, economical and ecological factors are looked at. Further, technological factors such as innovation and further development in the vehicle, battery and renewable energy areas are looked at. The necessary infrastructure for the operation of electrical vehicles is discussed. Case studies on electro-mobility are briefly presented and discussed. The necessary clear focus and the efficient use of the means available are stressed.

  14. Global Assessment of Hydrogen Technologies – Tasks 3 & 4 Report Economic, Energy, and Environmental Analysis of Hydrogen Production and Delivery Options in Select Alabama Markets: Preliminary Case Studies

    Energy Technology Data Exchange (ETDEWEB)

    Fouad, Fouad H.; Peters, Robert W.; Sisiopiku, Virginia P.; Sullivan Andrew J.; Gillette, Jerry; Elgowainy, Amgad; Mintz, Marianne

    2007-12-01

    This report documents a set of case studies developed to estimate the cost of producing, storing, delivering, and dispensing hydrogen for light-duty vehicles for several scenarios involving metropolitan areas in Alabama. While the majority of the scenarios focused on centralized hydrogen production and pipeline delivery, alternative delivery modes were also examined. Although Alabama was used as the case study for this analysis, the results provide insights into the unique requirements for deploying hydrogen infrastructure in smaller urban and rural environments that lie outside the DOE’s high priority hydrogen deployment regions. Hydrogen production costs were estimated for three technologies – steam-methane reforming (SMR), coal gasification, and thermochemical water-splitting using advanced nuclear reactors. In all cases examined, SMR has the lowest production cost for the demands associated with metropolitan areas in Alabama. Although other production options may be less costly for larger hydrogen markets, these were not examined within the context of the case studies.

  15. Potential of Briquetting as a Waste-Management Option for Handling Market-Generated Vegetable Waste in Port Harcourt, Nigeria

    Directory of Open Access Journals (Sweden)

    Olugbemiro M. Akande

    2018-03-01

    Full Text Available The conversion of biomass to high-density briquettes is a potential solution to solid waste problems as well as to a high dependence on fuel wood in developing countries. In this study, the potential of converting vegetable waste to briquettes using waste paper as a binder was investigated. A sample size of 30 respondents was interviewed using a self-administered questionnaire at the D-line fruit and vegetable market in Port Harcourt, Nigeria. Carrot and cabbage leaves were selected for briquetting based on their availability and heating value. This waste was sun-dried, pulverized, torrefied and fermented. Briquettes were produced with a manual briquette press after the processed vegetable waste was mixed with waste paper in four paper:waste ratios, i.e., 10:90, 15:85, 20:80 and 25:75. The moisture content, densities and cooking efficiency of the briquettes were determined using the oven-drying method, the water-displacement method, and the water-boiling test, respectively. There was no observed trend in moisture content values of the briquettes, which varied significantly between 3.0% and 8.5%. There was no significant variation in the densities, which ranged from 0.79 g/cm3 to 0.96 g/cm3 for all the briquette types. A degree of compaction above 300% was achieved for all the briquette types. Water-boiling test results revealed that 10:90 paper:sun-dried cabbage briquettes had the highest ignitability of 0.32 min. Torrefied carrot briquettes with 25% paper had the least boiling time and the highest burning rates of 9.21 min and 4.89 g/min, respectively. It was concluded that cabbage and carrot waste can best be converted into good-quality briquettes after torrefaction.

  16. Options theory

    International Nuclear Information System (INIS)

    Markland, J.T.

    1992-01-01

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

  17. 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

  18. Acceptability and feasibility of mHealth and community-based directly observed antiretroviral therapy to prevent mother-to-child HIV transmission in South African pregnant women under Option B+: an exploratory study

    Science.gov (United States)

    Nachega, Jean B; Skinner, Donald; Jennings, Larissa; Magidson, Jessica F; Altice, Frederick L; Burke, Jessica G; Lester, Richard T; Uthman, Olalekan A; Knowlton, Amy R; Cotton, Mark F; Anderson, Jean R; Theron, Gerhard B

    2016-01-01

    Objective To examine the acceptability and feasibility of mobile health (mHealth)/short message service (SMS) and community-based directly observed antiretroviral therapy (cDOT) as interventions to improve antiretroviral therapy (ART) adherence for preventing mother-to-child human immunodeficiency virus (HIV) transmission (PMTCT). Design and methods A mixed-method approach was used. Two qualitative focus group discussions with HIV-infected pregnant women (n=20) examined the acceptability and feasibility of two ART adherence interventions for PMTCT: 1) SMS text messaging and 2) patient-nominated cDOT supporters. Additionally, 109 HIV-infected, pregnant South African women (18–30 years old) receiving PMTCT services under single-tablet antiretroviral therapy regimen during pregnancy and breastfeeding and continuing for life (“Option B+”) were interviewed about mobile phone access, SMS use, and potential treatment supporters. Setting A community primary care clinic in Cape Town, South Africa. Participants HIV-infected pregnant women. Main outcomes Acceptability and feasibility of mHealth and cDOT interventions. Results Among the 109 women interviewed, individual mobile phone access and SMS use were high (>90%), and 88.1% of women were interested in receiving SMS ART adherence support messages such as reminders, motivation, and medication updates. Nearly all women (95%) identified at least one person close to them to whom they had disclosed their HIV status and would nominate as a cDOT supporter. Focus group discussions revealed that cDOT supporters and adherence text messages were valued, but some concerns regarding supporter time availability and risk of unintended HIV status disclosure were expressed. Conclusion mHealth and/or cDOT supporter as interventions to improve ART adherence are feasible in this setting. However, safe HIV status disclosure to treatment supporters and confidentiality of text messaging content about HIV and ART were deemed crucial. PMID

  19. Consumer Acceptance of Eco-Labeled Fish: A Mexican Case Study

    OpenAIRE

    Pérez-Ramírez, Mónica; Almendarez-Hernández, Marco; Avilés-Polanco, Gerzaín; Beltrán-Morales, Luis

    2015-01-01

    Fish eco-labeling is a market-based incentive program for sustainable fisheries. This paper examines consumers’ acceptance of eco-labeled fish by using data from a pilot study conducted in a coastal area of northwestern Mexico. An ordered probit model was applied, using 364 observations. The results show that most respondents favor the idea of eco-labeled fish as a sustainable option and know that this is a costlier option. Income level, consumers’ occupation and frequency of fish consumption...

  20. Marketing of electricity from photovoltaic and wind power plants. An overview of the legal framework and the various options in marketing electricity from fluctuating energy resources; Die Vermarktung von Strom aus Photovoltaik- und Windenergieanlagen. Ein Ueberblick ueber den Rechtsrahmen und die verschiedenen Optionen der Vermarktung von Strom aus fluktuierenden Energietraegern

    Energy Technology Data Exchange (ETDEWEB)

    Herz, Steffen; Valentin, Florian [von Bredow Valentin Partnerschaft von Rechtsanwaelten, Berlin (Germany)

    2013-01-15

    This article gives an overview of the marketing options available to operators of photovoltaic and wind power plants today. These include in particular the marketing channels specified in the newly incorporated Part 3a of the 2012 Renewable Energy Law (EEG), the use of the market premium and the green electricity privilege. Under certain conditions there is also some scope today for developing marketing models outside the purview of the EEG. Within this category the article takes a look at the options of self-supply and direct supply. In this context it also describes and assesses the market integration model that was newly introduced to the EEG in August 2012 through what has come to be known as the PV Amendment.

  1. 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...

  2. 75 FR 34509 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

    Science.gov (United States)

    2010-06-17

    ... Commission staff to provide for uniform market- wide trading pause standards for certain individual stocks..., consistent with its existing rotation processes, the Exchange would accept opening-only orders during the... reopening, a rotation shall be held in the options on CBOE in accordance with Rule 6.2B, Hybrid Opening...

  3. An investigation of dematerialization planning options at tourism destinations: Technical and behavioural dimensions

    OpenAIRE

    Kelly, Joseph

    2006-01-01

    The goal of this dissertation is to develop a conceptual framework and associated methods for evaluating alternative tourism planning strategies in terms of dematerialization and acceptability amongst tourists. Its objectives are to (1) examine the technical potential of dematerialization planning options in tourism destinations, (2) investigate tourist perspectives concerning destination planning alternatives that promote dematerialization, (3) assess the travel market responses and demateri...

  4. The 2009 Health Confidence Survey: public opinion on health reform varies; strong support for insurance market reform and public plan option, mixed response to tax cap.

    Science.gov (United States)

    Fronstin, Paul; Helman, Ruth

    2009-07-01

    PUBLIC SUPPORT FOR HEALTH REFORM: Findings from the 2009 Health Confidence Survey--the 12th annual HCS--indicate that Americans have already formed strong opinions regarding various aspects of health reform, even before details have been released regarding various key factors. These issues include health insurance market reform, the availability of a public plan option, mandates on employers and individuals, subsidized coverage for the low-income population, changes to the tax treatment of job-based health benefits, and regulatory oversight of health care. These opinions may change as details surface, especially as they concern financing options. In the absence of such details, the 2009 HCS finds generally strong support for the concepts of health reform options that are currently on the table. U.S. HEALTH SYSTEM GETS POOR MARKS, BUT SO DOES A MAJOR OVERHAUL: A majority rate the nation's health care system as fair (30 percent) or poor (29 percent). Only a small minority rate it excellent (6 percent) or very good (10 percent). While 14 percent of Americans think the health care system needs a major overhaul, 51 percent agree with the statement "there are some good things about our health care system, but major changes are needed." NATIONAL HEALTH PLAN ELEMENTS RATED HIGHLY: Between 68 percent and 88 percent of Americans either strongly or somewhat support health reform ideas such as national health plans, a public plan option, guaranteed issue, expansion of Medicare and Medicaid, and employer and individual mandates. MIXED REACTION TO HEALTH BENEFITS TAX CAP: Reaction to capping the current tax exclusion of employment-based health benefits is mixed. Nearly one-half of Americans (47 percent) would switch to a lower-cost plan if the tax exclusion were capped, 38 percent would stay on their current plan and pay the additional taxes, and 9 percent don't know. CONTINUED FAITH IN EMPLOYMENT-BASED BENEFITS, BUT DOUBTS ON AFFORDABILITY: Individuals with employment

  5. 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.

  6. 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.

  7. On the Black-Scholes European Option Pricing Model Robustness and Generality

    Science.gov (United States)

    Takada, Hellinton Hatsuo; de Oliveira Siqueira, José

    2008-11-01

    The common presentation of the widely known and accepted Black-Scholes European option pricing model explicitly imposes some restrictions such as the geometric Brownian motion assumption for the underlying stock price. In this paper, these usual restrictions are relaxed using maximum entropy principle of information theory, Pearson's distribution system, market frictionless and risk-neutrality theories to the calculation of a unique risk-neutral probability measure calibrated with market parameters.

  8. Equity Portfolio Management Using Option Price Information

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by using...... stocks' exposure to crude oil option information. Option-implied information can also help construct better mean-variance portfolios and better estimates of market beta....

  9. 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 ...

  10. Strategic growth options

    NARCIS (Netherlands)

    Kulatilaka, N.; Perotti, E.C.

    1998-01-01

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

  11. Acceptability and feasibility of mHealth and community-based directly observed antiretroviral therapy to prevent mother-to-child HIV transmission in South African pregnant women under Option B+: an exploratory study

    Directory of Open Access Journals (Sweden)

    Nachega JB

    2016-04-01

    University, Cape Town, South Africa Objective: To examine the acceptability and feasibility of mobile health (mHealth/short message service (SMS and community-based directly observed antiretroviral therapy (cDOT as interventions to improve antiretroviral therapy (ART adherence for preventing mother-to-child human immunodeficiency virus (HIV transmission (PMTCT. Design and methods: A mixed-method approach was used. Two qualitative focus group discussions with HIV-infected pregnant women (n=20 examined the acceptability and feasibility of two ART adherence interventions for PMTCT: 1 SMS text messaging and 2 patient-nominated cDOT supporters. Additionally, 109 HIV-infected, pregnant South African women (18–30 years old receiving PMTCT services under single-tablet antiretroviral therapy regimen during pregnancy and breastfeeding and continuing for life (“Option B+” were interviewed about mobile phone access, SMS use, and potential treatment supporters. Setting: A community primary care clinic in Cape Town, South Africa. Participants: HIV-infected pregnant women. Main outcomes: Acceptability and feasibility of mHealth and cDOT interventions. Results: Among the 109 women interviewed, individual mobile phone access and SMS use were high (>90%, and 88.1% of women were interested in receiving SMS ART adherence support messages such as reminders, motivation, and medication updates. Nearly all women (95% identified at least one person close to them to whom they had disclosed their HIV status and would nominate as a cDOT supporter. Focus group discussions revealed that cDOT supporters and adherence text messages were valued, but some concerns regarding supporter time availability and risk of unintended HIV status disclosure were expressed. Conclusion: mHealth and/or cDOT supporter as interventions to improve ART adherence are feasible in this setting. However, safe HIV status disclosure to treatment supporters and confidentiality of text messaging content about HIV and ART were

  12. Analysis of Nova 1 strategy formed by barrier options and its application in hedging against a price drop in oil market

    Directory of Open Access Journals (Sweden)

    Michal Šoltés

    2015-12-01

    Full Text Available This paper investigates hedging analysis against an underlying price drop by using the Nova 1 strategy formed by standard vanilla and barrier options. There are used European down and knock-in put options together with barrier call options. Derived income functions from the secured positions in analytical expressions are presented. Based on the theoretical results, the hedged portfolio is applied to SPDR SandP Oil and Gas Exploration and Production ETF. The proposed hedging variants are analysed and compared with the recommendation of the best possibilities for investors.

  13. Application of the Technology Acceptance Model and the Technology–Organisation–Environment Model to examine social media marketing use in the South African tourism industry

    Directory of Open Access Journals (Sweden)

    Rosemary Matikiti

    2018-04-01

    Full Text Available Background: In tourism, globally there is a growing interest in social media marketing research. However, most previous research on social media marketing has focused on large tourism enterprises such as chain hotels, leaving out small tourism businesses such as travel agencies and tour operators.   Objective: The aim of this research was to establish factors that influence attitude towards the use of social media marketing by travel agencies and tour operators in South Africa.   Method: The study adopteda quantitative approach through the use of questionnaires. Data used in the analysis were collected from 150 travel agencies and tour operators by means of a structured questionnaire. Multiple regression analysis and one-way ANOVA were used for data analysis.   Results: The results showed that managerial support and managers’ level of education are the two main internal factors which influence attitude towards the use of social media marketing. Pressure from competitors, perceived benefits and perceived ease of use were found to be the most prominent external factors which influence the use of social media marketing. The results also revealed that technical knowledge moderates the relationship between attitude towards social media marketing and the level of social media marketing usage.   Conclusion: The study concludes with these recommendations: Management of travel agencies, tour operating businesses and the South African government should support the use of social media marketing by small tourism businesses through providing training and workshops on social media marketing for the employees to acquire the required skills.

  14. Alternative energy options

    International Nuclear Information System (INIS)

    Bennett, K.F.

    1983-01-01

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

  15. 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.

  16. Market power and technological bias in electricity generation markets

    International Nuclear Information System (INIS)

    Twomey, Paul; Neuhoff, Karsten

    2005-01-01

    It is difficult or very costly to avoid all market power in electricity markets. A recurring response is that a limited amount of market power is accepted with the justification that it is necessary to produce revenues to cover some of the fixed costs. It is assumed that all market participants benefit equally from the increased prices. However, this assumption is not satisfied if different production technologies are used. We assess the case of a generation mix of conventional generation and intermittent generation with exogenously varying production levels. If all output is sold in the spot market, then intermittent generation benefits less from market power than conventional generation. If forward contracts or option contracts are signed, then market power might be reduced but the bias against returns to intermittent generators persists. Thus allowing some level of market power as a means of encouraging investment in new generation may result in a bias against intermittent technologies or increase the costs of strategic deployment to achieve renewable quotas. (Author)

  17. Potential for the development of a marketing option for the specialty local Ban pork of a Thai ethnic smallholder cooperative group in Northwest Vietnam.

    Science.gov (United States)

    Le, Thi Thanh Huyen; Muth, Philipp C; Markemann, André; Schöll, Kerstin; Zárate, Anne Valle

    2016-02-01

    Based on 12 years of research (SFB 564 "The Uplands Program"), a community-based breeding and marketing cooperative group was transferred to an ethnic farmer group. This study analyses the potential for developing a marketing channel for specialty local Ban pork as an alternative to supplying the local markets to ensure long-term sustainability of the communal local pig breeding and production system. Data on pig-keeping were investigated from 378 farmers who wanted to enroll in the cooperative group in 10 villages (near town, intermediate, and remote zones) in Son La province. The data on Ban pig marketing activities of the cooperative group were investigated for all of its 180 members. Information on the market demand for Ban pigs were collected by interviewing 57 traders in Hanoi city and Son La province. The results show a dominance of local Ban in remote areas, and a preference for crossbreds with exotics in closer-to-town areas. Before farmers joined the cooperative group, the commercialization of pigs in remote villages accounted for only 3.0 pigs/farm/year compared to 9.3 pigs/farm/year in the intermediate zone and 11.2 pigs/farm/year near town. Potential markets have been identified for each product category of the cooperative group. Pure Ban pigs with a weight of 10-15 kg were preferred most by customers in Hanoi city. The regular feedback of information on niche markets for different products has increased the awareness of farmers about the competitiveness of the local pig products, and the power of collective action in the market. Selected pure Ban pigs were increasingly sold to food stores in Hanoi with high prices. Farmers received an average of 9000 VND more compared to the local market price for each kg of live weight. The respective added value for the cooperative group amounted to 11,300 VND/kg live weight. The added value from selling specialty Ban pigs regularly to markets, encouraged farmers toward a market in local pig production and

  18. Having Many Choice Options Seems Like a Great Idea, but...: Student Perceptions about the Level of Choice for a Project Topic in a Marketing Course

    Science.gov (United States)

    Ackerman, David S.; Gross, Barbara L.; Sawhney Celly, Kirti

    2014-01-01

    Many educators today emphasize student engagement and self-regulated learning, including giving students choices. However, research suggests that too much choice can have negative consequences such as feelings of stress and regret. An experimental design wherein students were offered different numbers of choice options when previewing, as in a…

  19. Does Knowledge Contribute to the Acceptance of Demand Response?

    Directory of Open Access Journals (Sweden)

    Salla Annala

    2014-03-01

    Full Text Available More flexible demand side would benefit the electricity markets, networks and sustainable power generation in many ways. The success of demand response programs, however, relies on consumer acceptance. This paper reviews previous studies about acceptability of different kinds of residential demand response programs. Furthermore, it discusses whether consumers who are more aware of the principles and benefits of demand response have more positive attitudes towards demand response programs. The results of the literature review and two survey studies suggest that price and security of supply are currently bigger motives to change consumption behaviour than environmental issues and that the savings expected to trigger any action (and to lead to lasting change in behaviour may be relatively high. Therefore, the framing of demand response programs goals may affect the acceptance. Additionally, consumers seem to prefer simple price structures that remain constant for a long time to more dynamic options.

  20. Budget Options

    National Research Council Canada - National Science Library

    2000-01-01

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

  1. Marketing marketing

    NARCIS (Netherlands)

    dr. Karel Jan van Alsem

    2013-01-01

    In deze installatierede betoogt Karel Jan Alsem dat marketing een grotere strategische rol in organisaties zou moeten krijgen. Want marketing is bij uitstek de verbinding tussen klantwensen en het DNA van een organisatie. Doordat merken gemiddeld voor mensen niet heel belangrijk zijn, is goede

  2. 77 FR 35944 - Renewal of the Global Markets Advisory Committee

    Science.gov (United States)

    2012-06-15

    ... international standards for regulating futures, swaps, options, and derivatives markets, as well as..., competitive, and financially sound futures and options markets. Meetings of the Global Markets Advisory... COMMODITY FUTURES TRADING COMMISSION Renewal of the Global Markets Advisory Committee AGENCY...

  3. Wind power: basic challenge concerning social acceptance

    NARCIS (Netherlands)

    Wolsink, M.; Meyers, R.A.

    2012-01-01

    This reference article gives an overview of social acceptance (acceptance by all relevant actors in society) of all relevant aspects of implementation and diffusion of wind power. In social acceptance three dimensions of acceptance are distinguished (socio-political -; community -; market

  4. Outsourcing Marketing Activities - a strategic option for energy suppliers. Increasing efficiency and reducing costs; Netzvertraeglichkeitspruefungen nach dem Erneuerbare-Energien-Gesetz. Verpflichtung zur Vorlage der Netzdaten

    Energy Technology Data Exchange (ETDEWEB)

    Weissenborn, C. [Bereich Recht und Umwelt, Verband der Elektrizitaetswirtschaft - VDEW - e.V., Berlin (Germany)

    2006-07-03

    The transfer or certain functions in a company which do not belong to the originary core of the business to specialists has becom a normal attitude in economy nowadays. Thus it is no longer something special to decide for outsourcing facturing, personnel, legal or IT service departments. Up to now, marketing was not included in such considerations, not in energy industry at least. The following article shows that this might change in the years to come and explains which advantages could be achieved by outsourcing marketing activities and transferring them to third parties.

  5. 7 CFR 1210.323 - Acceptance.

    Science.gov (United States)

    2010-01-01

    ... Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING AGREEMENTS AND ORDERS; MISCELLANEOUS COMMODITIES), DEPARTMENT OF AGRICULTURE WATERMELON RESEARCH AND PROMOTION PLAN Watermelon Research and Promotion Plan National Watermelon Promotion Board § 1210.323 Acceptance...

  6. 7 CFR 1207.323 - Acceptance.

    Science.gov (United States)

    2010-01-01

    ... Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING AGREEMENTS AND ORDERS; MISCELLANEOUS COMMODITIES), DEPARTMENT OF AGRICULTURE POTATO RESEARCH AND PROMOTION PLAN Potato Research and Promotion Plan National Potato Promotion Board § 1207.323 Acceptance. Each person...

  7. The design of European energy markets by means of decisions of commitment acceptance of the European Commission. Pt. 1; Die Gestaltung der europaeischen Energiemaerkte durch Verpflichtungszusagenentscheidungen der Kommission. T. 1

    Energy Technology Data Exchange (ETDEWEB)

    Gussone, Peter [Bundeskartellamt, Bonn (Germany). ECN-Koordinationsstelle

    2011-03-10

    The compartmentalization of national energy markets is the leitmotif of anti-trust against the greatest European energy utilities. With far-reaching commitments of the utilities the European Commission attempted a rapid end of abusive practices and a market opening. A discouragement of claim for damages under private law from customers has been accepted. There is a lack of a final reasoned statement of the behavior being in violation with competition law with a binding effect also for the courts. The impressive balance of the European Commission shows a partial failure of the regulation in the grid operation. E.ON (Munich, Federal Republic of Germany) has sold its high voltage network. RWE AG (Essen, Federal Republic of Germany) sold its transmission system. Eni Gas and Power GmbH (Duesseldorf, Federal Republic of Germany) will sell large portions of its international transmission system. The large vertically integrated utilities may not agree on long-term supply and resale restrictions.

  8. 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

  9. Market failures and government policies in gas markets

    International Nuclear Information System (INIS)

    Mulder, M; Zwart, G.

    2006-02-01

    This memorandum analyses the fundamental characteristics of the natural gas market and its consequences for government policies. In the past, the European gas market was dominated by state-owned monopolists but since the start of the liberalisation, privatisation and re-regulation in the early 1990s, the market has fundamentally changed. Nevertheless, governments are still involved in the gas industry, not only in gas exporting countries such as Russia, but also in a country like the Netherlands where the government has imposed a cap on production from the main gas field (Groningen) as well as owns shares in the main wholesale trader (Gasunie Trade and Supply) which has the obligation to accept all gas offered by producers on the small fields. In the main report of this project we present a cost-benefit analysis of the Dutch gas-depletion policy. In this memorandum we explore the natural-gas market more broadly, looking for factors why government intervention may be needed using the welfare-economic approach according to which government intervention should be based on the presence of market failures. After a brief description of the main characteristics of the gas industry, we systematically analyse sources of market failures, such as geopolitical factors, economies of scale and externalities, and finally go into the question which policy options may be chosen to address those market failures

  10. Manufactura/Mercadeo y Distribucion. Libro del Profesor (Manufacturing/Marketing & Distribution. Teacher's Guide). B6. CHOICE (Challenging Options in Career Education).

    Science.gov (United States)

    Mid-Hudson Migrant Education Center, New Paltz, NY.

    The guide, written in Spanish, comprises the fifth grade unit of a career education curriculum developed for migrant students. The unit focuses on 11 occupations in manufacturing, marketing, and distribution: union representative, welder, machinist, assembly worker, textile designer, chemist, buyer, sales representative, accountant, commercial…

  11. Equity Portfolio Management Using Option Price Information

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by usi...

  12. Study of Agricultural Product Options Pricing

    Science.gov (United States)

    HONG, Qiu

    2017-09-01

    China is a large agricultural country, and the healthy development of agriculture is related to the stability of the whole society. The agricultural production and management of agricultural products are confronted with many risks, especially the market risks. Option contract is the object of option market transaction, so it is very important to study the option contract of agricultural products. Option trading separates the risk and profit, so that the trader can avoid the risk while retaining the opportunity to obtain income. The option has the characteristics of low transaction cost, simple and efficient, so it is suitable for small and medium investors.

  13. Nuclear Option in Korea

    International Nuclear Information System (INIS)

    Han, K. I.

    2002-01-01

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

  14. The green electricity market model. Proposal for an optional, cost-neutral direct marketing model for supplying electricity customers; Das Gruenstrommarktmodell. Vorschlag fuer ein optionales und kostenneutrales Direktvermarktungsmodell zur Versorgung von Stromkunden

    Energy Technology Data Exchange (ETDEWEB)

    Heinemann, Ronald [NATURSTROM AG, Berlin (Germany)

    2014-07-01

    One of the main goals of the Renewable Energy Law (EEG) is the market integration of renewable energy resources. For this purpose it has introduced compulsory direct marketing on the basis of a moving market premium. At the same time the green electricity privilege, a regulation which made it possible for customers to be supplied with electricity from EEG plants, has been abolished without substitution with effect from 1 August 2014. This means that, aside from other direct marketing channels, which will not be economically viable save for in a few exceptional cases, it will no longer be possible in future to sell electricity from EEG plants to electricity customers under the designation ''electricity from renewable energy''. The reason for this is that electricity sold under the market premium model can no longer justifiably be said to originate from renewable energy. As a consequence, almost all green electricity products sold in Germany carry a foreign green electricity certificate.

  15. 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

  16. Options contracts in the nuclear fuel industry

    International Nuclear Information System (INIS)

    Fuller, D.M.

    1995-01-01

    This article discusses options trading in the nuclear fuels industry. Although there now exists no formal options market in the nuclear industry, flexibilities, or embedded options, are actually quite common in the long-term supply contracts. The value of these flexibilities can be estimated by applying the methods used to evaluate options. The method used is the Black-Scholes Model, and it is applied to a number of examples

  17. Left atrial appendage occlusion with Amplatzer Cardio Plug is an acceptable therapeutic option for prevention of stroke recurrence in patients with non-valvular atrial fibrillation and contraindication or failure of oral anticoagulation with acenocumarol

    OpenAIRE

    Hawkes, Maximiliano A.; Pertierra, Lucía; Rodriguez-Lucci, Federico; Pujol-Lereis, Virginia A.; Ameriso, Sebastián F.

    2016-01-01

    ABSTRACT Left atrial appendage occlusion (LAAO) appears as a therapeutic option for some atrial fibrillation patients not suitable for oral anticoagulation because an increased hemorrhagic risk or recurrent ischemic events despite anticoagulant treatment. Methods Report of consecutive atrial fibrillation patients treated with LAAO with Amplatzer Cardio Plug because contraindication or failure of oral anticoagulation with acenocumarol. CHA2DS2VASC, HAS-BLED, NIHSS, mRS, procedural complicati...

  18. Improving eye safety in citrus harvest crews through the acceptance of personal protective equipment, community-based participatory research, social marketing, and community health workers.

    Science.gov (United States)

    Tovar-Aguilar, J Antonio; Monaghan, Paul F; Bryant, Carol A; Esposito, Andrew; Wade, Mark; Ruiz, Omar; McDermott, Robert J

    2014-01-01

    For the last 10 years, the Partnership for Citrus Workers Health (PCWH) has been an evidence-based intervention program that promotes the adoption of protective eye safety equipment among Spanish-speaking farmworkers of Florida. At the root of this program is the systematic use of community-based preventive marketing (CBPM) and the training of community health workers (CHWs) among citrus harvester using popular education. CBPM is a model that combines the organizational system of community-based participatory research (CBPR) and the strategies of social marketing. This particular program relied on formative research data using a mixed-methods approach and a multilevel stakeholder analysis that allowed for rapid dissemination, effective increase of personal protective equipment (PPE) usage, and a subsequent impact on adoptive workers and companies. Focus groups, face-to-face interviews, surveys, participant observation, Greco-Latin square, and quasi-experimental tests were implemented. A 20-hour popular education training produced CHWs that translated results of the formative research to potential adopters and also provided first aid skills for eye injuries. Reduction of injuries is not limited to the use of safety glasses, but also to the adoption of timely intervention and regular eye hygiene. Limitations include adoption in only large companies, rapid decline of eye safety glasses without consistent intervention, technological limitations of glasses, and thorough cost-benefit analysis.

  19. Mixed waste management options

    International Nuclear Information System (INIS)

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

    1992-01-01

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

  20. Exchange Options

    NARCIS (Netherlands)

    Jamshidian, F.

    2007-01-01

    The contract is described and market examples given. Essential theoretical developments are introduced and cited chronologically. The principles and techniques of hedging and unique pricing are illustrated for the two simplest nontrivial examples: the classical Black-Scholes/Merton/Margrabe exchange

  1. Joining forces for the environment; Cooperative marketing in the 'Initiatives Erdgas and Umwelt' promotes environmentally acceptable technical solutions. Gemeinsam fuer die Umwelt; Kooperatives Marketing im 'Initiativkreis Erdgas und Umwelt' foerdert umweltorientierte Problemloesungen

    Energy Technology Data Exchange (ETDEWEB)

    Windfeder, H. (Ruhrgas AG, Essen (Germany))

    Device manufactures, craftsmans businesses and the gas economy have joined together to establish a marketing cooperative to be named ''Initiativkreis Erdgas and Umwelt''. This association offers the participating branches a platform for presenting their joint service offer for an energy-saving environmentally benign heat supply. Communication activities extend to the areas advertising, sales promotion, press activities and public relations work. (BWI)

  2. 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

  3. Of magic wands and kaleidoscopes: fixing problems in the individual market.

    Science.gov (United States)

    Hall, Mark A

    2002-01-01

    Policy analysts sometimes imagine that problems in the individual market can be fixed by waving a magic wand that makes the individual market function more like the group market. However, prior studies reveal that purchasing cooperatives fail to achieve substantial economies of scale; market reforms that reduce the impact of medical underwriting are difficult to implement in the individual market; and it may not be as easy as imagined to induce people to purchase over the Internet or from new or smaller companies that are at higher risk for exiting the market. The best solution is to limit the use of subsidies to certain purchasing options, such as with purchasing cooperatives that abide by rating, issuance, and renewability rules. What is not acceptable is to hand people subsidies and send them to the unstructured and relatively unregulated individual market, nor will it work to give people unhindered choice between two basically different market segments.

  4. 26 CFR 1.422-2 - Incentive stock options defined.

    Science.gov (United States)

    2010-04-01

    ... demonstrated, for example, that the fair market value of the stock at the date of grant was based upon an... price being lower than the fair market value on which the option price was based. (3) Notwithstanding... provide that the option price per share is not less than the fair market value of the share on the date of...

  5. 17 CFR 32.11 - Suspension of commodity option transactions.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Suspension of commodity option... REGULATION OF COMMODITY OPTION TRANSACTIONS § 32.11 Suspension of commodity option transactions. (a... accept money, securities or property in connection with, the purchase or sale of any commodity option, or...

  6. Margin Requirements and Equity Option Returns

    DEFF Research Database (Denmark)

    Hitzemann, Steffen; Hofmann, Michael; Uhrig-Homburg, Marliese

    In equity option markets, traders face margin requirements both for the options themselves and for hedging-related positions in the underlying stock market. We show that these requirements carry a significant margin premium in the cross-section of equity option returns. The sign of the margin...... premium depends on demand pressure: If end-users are on the long side of the market, option returns decrease with margins, while they increase otherwise. Our results are statistically and economically significant and robust to different margin specifications and various control variables. We explain our...... findings by a model of funding-constrained derivatives dealers that require compensation for satisfying end-users’ option demand....

  7. Margin Requirements and Equity Option Returns

    DEFF Research Database (Denmark)

    Hitzemann, Steffen; Hofmann, Michael; Uhrig-Homburg, Marliese

    In equity option markets, traders face margin requirements both for the options themselves and for hedging-related positions in the underlying stock market. We show that these requirements carry a significant "margin premium" in the cross-section of equity option returns. The sign of the margin...... premium depends on demand pressure: If end-users are on the long side of the market, option returns decrease with margins, while they increase otherwise. Our results are statistically and economically significant and robust to different margin specifications and various control variables. We explain our...... findings by a model of funding-constrained derivatives dealers that require compensation for satisfying end-users’ option demand....

  8. 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.

  9. OPSİYON DUYARLILIK PARAMETRELERİNİN İNCELENMESİNE YÖNELİK BİR ARAŞTIRMA (REVIEW OF OPTION SENSITIVITY PARAMETERS

    Directory of Open Access Journals (Sweden)

    Ali KABAKÇI

    2012-04-01

    Full Text Available Traders of option market prefer to use basic pricing model with few parameters than use new and untested models due to the need and purchasing decisions of hedge transactions. A pricing model with less and reliable parameters is beneficial for option traders in terms of use. Therefore, prices that are commonly received by traders form an important indicator of decision making for traders. Price that is easily calculated and generally accepted has fair price quality and affects purchasing decisions directly. Besides purchasing decisions, traders must protect the portfolios against risk. Thus, especially in option transactions, option sensitivity parameters which are improved on options should be used.In this research, the effect of option sensitivity parameters on option price changes is examined. Option prices are formed by deriving stock prices with Geometric Brownian Movement and sensitivity parameters are calculated by using prices. In research, Black&Scholes Option Pricing Theory is used so; assumptions of model is accepted but drawbacks of assumptions are discussed.

  10. The challenge of a ban on animal testing for the development of a regulated legal market for new psychoactive substances (NPS) ('legal highs') in New Zealand: Issues and options for resolution.

    Science.gov (United States)

    Rychert, Marta; Wilkins, Chris

    2015-12-01

    In mid-July 2013, New Zealand passed the Psychoactive Substances Act (PSA), which allowed 'low risk' psychoactive products ('legal highs') to be approved for legal sale. In early May 2014, following public protest, the Psychoactive Substances Amendment Act (PSAA) was passed banning animal testing of psychoactive products, potentially making the new regime unworkable. To investigate strategies to overcome the impasse created by the animal testing ban. Solutions to the impasse were investigated using 'scenario' and 'stakeholder' analysis. Legislation, parliamentary debates, and regulatory statements related to the PSA and animal testing were reviewed. Strategies to resolve the impasse were discussed with stakeholders including the Psychoactive Substances Regulatory Authority (PSRA) officials, health officials, a legal high industry lawyer, and a leading legal highs manufacturer. This process generated six possible scenarios and five decision-making criteria of key importance to major stakeholders. Scenarios were then evaluated based on feedback from the industry and regulators. The six scenarios were: (1) pragmatic modification of the animal testing ban; (2) waiting until new non-animal test models are internationally accepted; (3) use of non-validated replacement test methods; (4) judicial challenge of the animal testing ban; (5) 'creative compliance' by only presenting human clinical trial results; and (6) philosophical re-conceptualisation of the 'benefits' from psychoactive products. Options 1 and 5 appear to be the most attractive overall solutions. However, both rely on a new political consensus and astute framing of the issues by political communicators. Political decision makers may be happy to accept Scenario 2 which would impose significant delays. A 'failed' pharmaceutical product with psychoactive effects may have the test data required to be approved under Scenarios 1 and 5. Ultimately, the pleasurable benefits from psychoactive products may need to be

  11. 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 ...

  12. Consumer Acceptability Of Irradiated Foods

    International Nuclear Information System (INIS)

    Awoyinka, A.; Akingbohungbe, A.E.

    1994-01-01

    Three commonly used food items; maize, beans and smoked fish were irradiated and consumer acceptability was tested through a questionnaire method. Subjects were residents in Ile-Ife, Nigeria. Respondents attitudes towards the processing and tasting of the food were very positive and the possibility of marketing the foods was suggested by them

  13. Acceptability, acceptance and decision making

    International Nuclear Information System (INIS)

    Ackerschott, H.

    2002-01-01

    There is a fundamental difference between the acceptability of a civilizatory or societal risk and the acceptability of the decision-making process that leads to a civilizatory or societal risk. The analysis of individual risk decisions - regarding who, executes when which indisputably hazardous, unhealthy or dangerous behaviour under which circumstances - is not helpful in finding solutions for the political decisions at hand in Germany concerning nuclear energy in particular or energy in general. The debt for implementation of any technology, in the sense of making the technology a success in terms of broad acceptance and general utilisation, lies with the particular industry involved. Regardless of the technology, innovation research identifies the implementation phase as most critical to the success of any innovation. In this sense, nuclear technology is at best still an innovation, because the implementation has not yet been completed. Fear and opposition to innovation are ubiquitous. Even the economy - which is often described as 'rational' - is full of this resistance. Innovation has an impact on the pivotal point between stability, the presupposition for the successful execution of decisions already taken and instability, which includes insecurity, but is also necessary for the success of further development. By definition, innovations are beyond our sphere of experience; not at the level of reliability and trust yet to come. Yet they are evaluated via the simplifying heuristics for making decisions proven not only to be necessary and useful, but also accurate in the familiar. The 'settlement of the debt of implementation', the accompanying communication, the decision-making procedures concerning the regulation of averse effects of the technology, but also the tailoring of the new technology or service itself must be directed to appropriate target groups. But the group often aimed at in the nuclear debate, the group, which largely determines political

  14. New options for purchasing electricity

    International Nuclear Information System (INIS)

    2003-10-01

    This guide is intended for small to medium commercial customers in Alberta and explains new options for purchasing electricity. Small to medium customers include corner stores, community centres, schools, small office buildings, and light industrial businesses. In the 1990s, private power producers in Alberta built 3,000 megawatts of new generation, adding 30 per cent more supply to the power grid in the province. Prices in the deregulated electricity market have fluctuated with natural gas prices, changing weather and changing power demands. The competitive electricity market was opened on January 1, 2001 in Alberta, offering consumers purchasing choices such as green power, multi-year contracts, or electricity rates under the Regulated Rate Option (RRO). The RRO was a transition mechanism that will end by December 31, 2003 at which time, small to medium commercial customers will have the option to shop around for competitive electricity contracts that provide a fixed price of power over time, or they can opt to stay with their current supplier and receive a regulated flow-through of market prices. Under the flow-through option, risk of future deferral charges is reduced, but electricity prices will probably change between billing periods. 1 fig

  15. Policy options

    International Nuclear Information System (INIS)

    Miller, A.

    1990-01-01

    The obstacles to bringing about consumer response to environmental dangers are particularly challenging for global problems like ozone depletion and the greenhouse effect. In this situation, there is the danger of what is commonly termed the tragedy of the commons, the ecological destruction that can occur from uncontrolled use of shared resources like the atmosphere. There is probably no country for which reductions in global warming provide an adequate economic incentive to reduce greenhouse gas emissions unilaterally, even though such action could yield substantial global benefits. From any one country's viewpoint, the costs of controlling emissions may exceed the benefits since, without international agreement, reductions achieved by one nation may be offset by another. Therefore, even though the entire world may be better off as a result of efforts to lower emissions, new economic incentives are necessary to lead the market to a socially efficient outcome. This paper describes the range of domestic and international policies that could be adopted to reduce emissions of greenhouse gases, and also discusses the results of modeling analyses of government actions that could reduce or increase such emissions

  16. 卖空约束下金融市场欧式期权定价研究%Pricing European Options in a Financial Market with Short-sale Constraints

    Institute of Scientific and Technical Information of China (English)

    黎露

    2012-01-01

    摘 要:针对存在卖空约束金融市场上的期权定价问题,总结了3种定价方法,并在讨论超复制方法的基础上计算出无套利区间和唯一平价.重点分析了在超复制方法的模型中考虑参数股息率g(t),得出了无套利区间端点的更加有效的表述形式.%Aiming at the option pricing method in a financial market with short - sale constraints,three most important methods in this area were summarized. And especially based on the super - replicating method, the arbitrage - free interval and the u-nique fair price were figured out. Furthermore,the new parameter - dividend rate g(t) in the model was investigated and a more effective representation was obtained for the endpoints of the arbitrage - free interval.

  17. Toward an acceptable nuclear future

    International Nuclear Information System (INIS)

    Weinberg, A.M.

    1977-11-01

    The nuclear option is in danger of being foreclosed. The trend toward antinuclearism may be reversed if concerns about low-level radiation insult can be shown ultimately to be without foundation; evidence for this speculation is presented. Nevertheless it is suggested that the nuclear enterprise itself must propose new initiatives to increase the acceptability of nuclear energy. A key element of an acceptable nuclear future is cluster siting of reactors. This siting plan might be achieved by confining new reactors essentially to existing sites

  18. The Factor Structure in Equity Options

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

    2018-01-01

    Equity options display a strong factor structure. The first principal components of the equity volatility levels, skews, and term structures explain a substantial fraction of the crosssectional variation. Furthermore, these principal components are highly correlated with the S&P 500 index option...... volatility, skew, and term structure, respectively. We develop an equity option valuation model that captures this factor structure. The model predicts that firms with higher market betas have higher implied volatilities, steeper moneyness slopes, and a term structure that covaries more with the market...

  19. The Factor Structure in Equity Options

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

    Equity options display a strong factor structure. The first principal components of the equity volatility levels, skews, and term structures explain a substantial fraction of the cross-sectional variation. Furthermore, these principal components are highly correlated with the S&P500 index option...... volatility, skew, and term structure respectively. We develop an equity option valuation model that captures this factor structure. The model predicts that firms with higher market betas have higher implied volatilities, steeper moneyness slopes, and a term structure that co-varies more with the market...

  20. Dynamics of Markets

    Science.gov (United States)

    McCauley, Joseph L.

    2004-06-01

    Standard texts and research in economics and finance ignore the absence of evidence from the analysis of real, unmassaged market data to support the notion of Adam Smith's stabilizing Invisible Hand. In stark contrast, this text introduces a new empirically-based model of financial market dynamics that explains the volatility of prices options correctly and clarifies the instability of financial markets. The emphasis is on understanding how real markets behave, not how they hypothetically 'should' behave.

  1. Ekologický marketing

    OpenAIRE

    Neznaj, Radek

    2009-01-01

    The work addresses issues of ecological marketing, specifically focuses on the marketing mix of organic products. The intention is to point out guidelines and outline options that may be the potential of products development in line with environmental objectives and the enterprise. The work is divided into three parts. The first part briefly shows the evolution of marketing and its current form, including current trends and events that led to the emergence of ecological marketing. This sectio...

  2. Problems and challenges in social marketing.

    Science.gov (United States)

    Bloom, P N; Novelli, W D

    1981-01-01

    This article reviews the problems that arise when general marketing principles are applied to social programs. Social marketing is conceptualized as the design, implementation, and control of programs seeking to increase the acceptability of a social ideal or practice in a target group. These problems can occur in 8 basic decision-making areas: market analysis, market segmentation, product strategy development, pricing strategy development, channel strategy development, communications strategy development, organizational design and planning, and evaluation. Social marketers find that they have less good secondary data about their consumers, more problems obtaining valid and reliable measures of relevant variables, more difficulty sorting out the relative influence of determinants of consumer behavior, and more problems getting consumer research funded than marketers in the commercial sector. They tend to have less flexibility in shaping their products and more difficulty formulating product concepts. Problems associated with establishing, utilizing, and controlling distribution channels comprise another major difference between social and more conventional forms of marketing. Social marketers also find that their communications options are somewhat limited as a result of problems associated with use of paid advertisements, pressures not to use certain types of appeals in their messages, and the need to communicate large amounts of information in their messages. Moreover, social marketers must function in organizations where marketing activities are poorly understood, underappreciated, and inappropriately located. Finally, they face problems trying to define effectiveness measures or estimating the contribution their program has made toward the achievement of certain objectives. If all these problems are anticipated and handled creatively, social marketing efforts can succeed.

  3. 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

  4. 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)

  5. Automotive turbogenerator design options

    Energy Technology Data Exchange (ETDEWEB)

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

    1998-12-31

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

  6. Financing options in Mexico's energy industry

    Energy Technology Data Exchange (ETDEWEB)

    McKenna, J.J. (PricewaterhouseCoopers Securities, Houston, TX (United States))

    1999-01-01

    A series of brief notes accompanied this presentation which was divided into seven sections entitled: (1) capital markets update, (2) Mexican financial market update, (3) financing options in the energy industry, (4) the Venezuelan experience at La Apertura, (5) private and strategic equity alternatives, (6) Pricewaterhouse Coopers Securities, and (7) Mexico energy 2005 prediction. The paper focused on how the financial crisis and merger activity in Latin America will impact electricity reform in Mexico. It was noted that under Mexico's Policy Proposal for Electricity Reform of the Mexican Electricity Industry, the financial community will seek to back companies in power generation, transportation and distribution. The difficulty of financing government businesses undergoing privatization was also discussed with particular emphasis on the challenge of accepting political and regulatory risks. The Latin private equity market and Canadian investment in Mexico was also reviewed. Since NAFTA (North American Free Trade Agreement) went into affect in 1994, Canadian investment in Mexico has more than tripled. Canadian companies have invested more than C$1.7 billion in Mexico since NAFTA. Pricewaterhouse Coopers Securities is a global investment bank which sees large opportunities in the Mexican energy market. They predict that in five years, Mexico will experience a gradual liberalization of the oil and gas sector, and a full liberalization of the gas pipeline and distribution business and the power generation, transmission and distribution business. 3 figs.

  7. Financing options in Mexico`s energy industry

    Energy Technology Data Exchange (ETDEWEB)

    McKenna, J.J. [PricewaterhouseCoopers Securities, Houston, TX (United States)

    1999-10-01

    A series of brief notes accompanied this presentation which was divided into seven sections entitled: (1) capital markets update, (2) Mexican financial market update, (3) financing options in the energy industry, (4) the Venezuelan experience at La Apertura, (5) private and strategic equity alternatives, (6) Pricewaterhouse Coopers Securities, and (7) Mexico energy 2005 prediction. The paper focused on how the financial crisis and merger activity in Latin America will impact electricity reform in Mexico. It was noted that under Mexico`s Policy Proposal for Electricity Reform of the Mexican Electricity Industry, the financial community will seek to back companies in power generation, transportation and distribution. The difficulty of financing government businesses undergoing privatization was also discussed with particular emphasis on the challenge of accepting political and regulatory risks. The Latin private equity market and Canadian investment in Mexico was also reviewed. Since NAFTA (North American Free Trade Agreement) went into affect in 1994, Canadian investment in Mexico has more than tripled. Canadian companies have invested more than C$1.7 billion in Mexico since NAFTA. Pricewaterhouse Coopers Securities is a global investment bank which sees large opportunities in the Mexican energy market. They predict that in five years, Mexico will experience a gradual liberalization of the oil and gas sector, and a full liberalization of the gas pipeline and distribution business and the power generation, transmission and distribution business. 3 figs.

  8. Contemplating future energy options

    International Nuclear Information System (INIS)

    Pooley, D.

    2005-01-01

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

  9. 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.

  10. EFFECT OF ADDITION OF PULP CASHEW ON THE SENSORY ACCEPTANCE OF INTEGRAL YOGURT SWEETENED WITH HONEY

    Directory of Open Access Journals (Sweden)

    Maiane Alves de Macedo

    2014-02-01

    Full Text Available The yogurt production in Brazil increased substantially every year. Yogurt is considered a healthy food and the diversity of this product allows great overall acceptance. This work proposed to prepare a full yogurt smoothie with cashew pulp and sweetened with honey to submit good sensory characteristics and to determine the nutritional value of the formulation with better response acceptability. Three preparations with 5, 15 and 25% w/w of cashew pulp and 15% w/w of honey were evaluated with sensory analyses comprising overall acceptability, preference and purchase intent. Information table was used to determine the parameters required for nutrition labeling of the best formulation. These results showed the preparation containing 25%w/w of cashew pulp as the better choice by the sensory panel. The results suggest a feasible option and revels the cashew as a good material source to the dairy market.

  11. 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.

  12. Mental health policy: Options for South Africa

    Directory of Open Access Journals (Sweden)

    Y. G. Pillay

    1993-03-01

    Full Text Available This paper emphasizes the need for mental health professionals to become involved in developing mental health policies in South Africa. In particular, it examines three options that are currently the focus of attention with respect to national health options, i.e. a free market system, a national health service (NHS and a national health insurance system (NHIS. While the paper does not provide support for any one of these options it does attempt to investigate some of the implications of each option for the funding and delivery of mental health care.

  13. Nuclear technology options

    International Nuclear Information System (INIS)

    Salvatores, Massimo

    2013-01-01

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

  14. 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

    For more than 20 years there has been a concerted international effort toward addressing climate change. International conventions, such as the United Nations Foreign Convention on Climate Change (UNFCCC; ratified in 1994), have been established by committed nations seeking to address global climate change through the reduction of greenhouse gases emitted into the Earth's atmosphere (Global CCS Institute, 2011). Long recognised as the most crucial of the greenhouse gases to impact global warming, the majority of carbon dioxide's anthropogenic global emissions are directly related to fuel combustion of which both Australia and the Netherlands' energy production is significantly reliant. Both these nations will need to consider many opinions and make hard decisions if alternative energy options are to be implemented at the scale that is required to meet international emission targets. The decisions that are required not only need to consider the many options available but also their consequences. Along with politicians, policy developers and industry, the general public also need to be active participants in deciding which energy options, and their subsequent consequences, are acceptable for implementation at the national level. Access to balanced and factual information is essential in establishing informed opinions on the many policy options available. Past research has used several methods to measure public perceptions and opinions yet for complex issues, such as emission reduction, some of these methods have shown to be problematic. For example, semi structured interviews can provide data that is flexible and context rich yet is does also come with the limitations such as it seldom provides a practical assessment that can be utilised from researcher to researcher, across disciplines and public participation techniques. Surveys on the other hand usually address these limitations but surveys that do not encourage comparison of information or ask participants to

  15. 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

    For more than 20 years there has been a concerted international effort toward addressing climate change. International conventions, such as the United Nations Foreign Convention on Climate Change (UNFCCC; ratified in 1994), have been established by committed nations seeking to address global climate change through the reduction of greenhouse gases emitted into the Earth's atmosphere (Global CCS Institute, 2011). Long recognised as the most crucial of the greenhouse gases to impact global warming, the majority of carbon dioxide's anthropogenic global emissions are directly related to fuel combustion of which both Australia and the Netherlands' energy production is significantly reliant. Both these nations will need to consider many opinions and make hard decisions if alternative energy options are to be implemented at the scale that is required to meet international emission targets. The decisions that are required not only need to consider the many options available but also their consequences. Along with politicians, policy developers and industry, the general public also need to be active participants in deciding which energy options, and their subsequent consequences, are acceptable for implementation at the national level. Access to balanced and factual information is essential in establishing informed opinions on the many policy options available. Past research has used several methods to measure public perceptions and opinions yet for complex issues, such as emission reduction, some of these methods have shown to be problematic. For example, semi structured interviews can provide data that is flexible and context rich yet is does also come with the limitations such as it seldom provides a practical assessment that can be utilised from researcher to researcher, across disciplines and public participation techniques. Surveys on the other hand usually address these limitations but surveys that do not encourage comparison of information or ask

  16. Comparing water options for irrigation farmers using Modern Portfolio Theory

    NARCIS (Netherlands)

    Gaydon, D.S.; Meinke, H.B.; Rodriguez, D.; McGrath, D.J.

    2012-01-01

    For irrigation farmers, the deregulation of water markets and consequent emergence of water as a tradeable commodity calls for a method of comparing traditional on-farm water options (growing crops) with off-farm market options (selling water seasonally, or selling water licences permanently). The

  17. 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 ...

  18. 7 CFR 982.454 - Sureties acceptable to the Board.

    Science.gov (United States)

    2010-01-01

    ....454 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements and Orders; Fruits, Vegetables, Nuts), DEPARTMENT OF AGRICULTURE HAZELNUTS... condition of accepting any surety, the Board may require such financial statements or other information...

  19. 76 FR 78708 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

    Science.gov (United States)

    2011-12-19

    ... marketability (defined as a number of ticks away from the current market), size, complex order type and complex order origin type (i.e., non-broker-dealer public customer, broker- dealers that are not Market-Makers or specialists on an options exchange, and/or Market-Makers or specialists on an options exchange...

  20. Understanding Retailers’ Acceptance of Virtual Stores

    OpenAIRE

    Irene Y.L. Chen

    2010-01-01

    The acceptance of e-commerce among consumers has stimulated the rise of virtual stores. Increasing traditional retailers or people who do not have sufficient capital for maintaining a brick-and-mortar store have considered using virtual stores to reach global market. In the e-commerce literature, there has been rich research evidence concerning consumers’ acceptance of virtual stores. However, rigorous academic research on retailers’ acceptance of virtual stores is relatively scarce today. Th...

  1. 78 FR 68983 - Cotton Futures Classification: Optional Classification Procedure

    Science.gov (United States)

    2013-11-18

    ...-AD33 Cotton Futures Classification: Optional Classification Procedure AGENCY: Agricultural Marketing... regulations to allow for the addition of an optional cotton futures classification procedure--identified and... response to requests from the U.S. cotton industry and ICE, AMS will offer a futures classification option...

  2. 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

  3. Incentive effects of performance-vested stock options

    NARCIS (Netherlands)

    Kuang, Y.

    2007-01-01

    The vesting of traditional stock options (TSOs) only depends on the passage of time and managerial compensation might merely reflect price increases in a rising market. As a reform on traditional stock option plans, performance targets have been introduced as a condition for option vesting. The use

  4. Static super-replicating strategies for a class of exotic options

    NARCIS (Netherlands)

    Chen, X.; Deelstra, G.; Dhaene, J.; Vanmaele, M.

    2008-01-01

    In this paper, we investigate static super-replicating strategies for European-type call options written on a weighted sum of asset prices. This class of exotic options includes Asian options and basket options among others. We assume that there exists a market where the plain vanilla options on the

  5. Market making vs. market manipulation : an Alberta perspective

    International Nuclear Information System (INIS)

    Johnston, P.M.

    1998-01-01

    The Alberta Stock Exchange's (ASE's) filing and disclosure requirements for market making and promotion contracts are outlined. The discussion focuses on the differences between market making and market manipulation, acceptable and unacceptable methods of market making and promotion and common trading and securities legislation violations associated with these types of activities

  6. Equity Options During the Shorting Ban of 2008

    Directory of Open Access Journals (Sweden)

    Nusret Cakici

    2018-03-01

    Full Text Available The Securities and Exchange Commission’s 2008 emergency order introduced a shorting ban of some 800 financials traded in the US. This paper provides an empirical analysis of the options market around the ban period. Using transaction level data from OPRA (The Options Price Reporting Authority, we study the options volume, spreads, pricing measures and option trade volume informativeness during the ban. We also consider the put–call parity relationship. While mostly statistically significant, economic magnitudes of our results suggest that the impact of the ban on the equity options market was likely not as dramatic as initially thought.

  7. Capacity subscription and its market design impact

    International Nuclear Information System (INIS)

    Doorman, Gerard; Solem, Gerd

    2005-04-01

    Capacity Subscription (CS) implies that consumers buy (subscribe to) a certain amount of capacity. Their demand is limited to this capacity when the total power system is short of capacity and the System Operator activates controllable Load Limiting Devices (LLDs). The objective is to maintain system security by avoiding involuntary load shedding. The report describes a market design with CS. As a case study, an analysis is made of the changes in the market design of the Nordic system that would be necessary to implement CS. First the present Nordic market design is described. Focus is on the various market participants, their roles within various time horizons and their interactions. So it is described how CS works, why it works and what is necessary to make it work. Subsequently the necessary changes in the Nordic market structure are described. The major changes are the installation of the LLDs, the establishment of the necessary infrastructure to control the LLDs and the rules governing their control and the establishment of a capacity market. The major rule is that the System Operator announces LLD activation when a shortage situation is expected. In the capacity market generators offer available capacity during system peak conditions, while consumers bid their need for capacity. Market participants are the same as on the spot market, while small consumers buy through retailer. Generators are obliged to offer the capacity sold on the capacity market on the spot market during LLD activation. Failure to do so results in a penalty payment. The report further discusses issues like the need for verification procedures, import and export, generation pooling, the handling of small consumers, reserves and a possible implementation path of CS. With respect to transmission constraints it is argued that market splitting can be a viable option. It is concluded that CS can be a possible solution to maintain generation adequacy, but there are some serious challenges. The

  8. Enhanced wood fuel handling: market and design studies

    Energy Technology Data Exchange (ETDEWEB)

    Landen, R.; Rippengal, R.; Redman, A.N.

    1997-09-01

    This report examines the potential for the manufacture and sale of novel wood fuel handling systems as a means of addressing users' concerns regarding current capital costs and potential high labour costs of non-automated systems. The report considers fuel handling technology that is basically appropriate for wood-fired heating systems of between c.100kW and c.1MW maximum continuous rating. This report details work done by the project collaborators in order to: (1) assess the current status of wood fuel handling technology; (2) evaluate the market appetite for improved wood fuel handling technology; (3) derive capital costs which are acceptable to customers; (4) review design options; and (5) select one or more design options worthy of further development. The current status of wood fuel handling technology is determined, and some basic modelling to give guidance on acceptable capital costs of 100-1000kW wood fuel handling systems is undertaken. (author)

  9. Postmodernist marketing

    Directory of Open Access Journals (Sweden)

    Biljana Radenković-Šošić

    2016-02-01

    Full Text Available The traits of postmodernist communication with consumers are based on the transmission of postmodernist concepts in the area of marketing and communication with consumers. The paper offers an overview of the basic semiological points of interpretation of commercial messages, especially the semiotic square pioneered by Jean-Marie Floch, as well as offering an analysis of commercial messages according to the most prominent traits of postmodernist marketing: creating the effect of hyperreality, fragmentary communication, and displacement of reality, bringing opposites together and accepting difference. The results of the analysis confirm the hypothesized high level of congruence of certain postmodernist traits of marketing with messages which emphasize the ludist and utopian values of products.

  10. The Risk Premia Embedded in Index Options

    DEFF Research Database (Denmark)

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

    We study the dynamic relation between market risks and risk premia using time series of index option surfaces. We find that priced left tail risk cannot be spanned by market volatility (and its components) and introduce a new tail factor. This tail factor has no incremental predictive power...... for future volatility and jump risks, beyond current and past volatility, but it critical in predicting future market equity and variance risk premia. Our findings suggest a wide wedge between the dynamics of market risks and their compensation, with the latter typically displaying a far more persistent...

  11. The Risk Premia Embedded in Index Options

    DEFF Research Database (Denmark)

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

    We study the dynamic relation between market risks and risk premia using time series of index option surfaces. We find that priced left tail risk cannot be spanned by market volatility (and its components) and introduce a new tail factor. This tail factor has no incremental predictive power...... for future volatility and jump risks, beyond current and past volatility, but is critical in predicting future market equity and variance risk premia. Our findings suggest a wide wedge between the dynamics of market risks and their compensation, with the latter typically displaying a far more persistent...

  12. 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.

  13. 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.

  14. GATS Mode 4 Negotiation and Policy Options

    Directory of Open Access Journals (Sweden)

    Kil-Sang Yoo

    2004-06-01

    Full Text Available This study reviews the characteristics and issues of GATS Mode 4 and guesses the effects of Mode 4 liberalization on Korean economy and labor market to suggest policy options to Korea. Mode 4 negotiation started from the trade perspective, however, since Mode 4 involves international labor migration, it also has migration perspective. Thus developed countries, that have competitiveness in service sector, are interested in free movement of skilled workers such as intra-company transferees and business visitors. On the other hand, developing countries, that have little competitiveness in service sector, are interested in free movement of low-skilled workers. Empirical studies predict that the benefits of Mode 4 liberalization will be focused on developed countries rather than developing countries. The latter may suffer from brain drain and reduction of labor supply. Nevertheless developed countries are reluctant to Mode 4 negotiation because they can utilize skilled workers from developing countries by use of their own temporary visa programs. They are interested in Mode 4 related with Mode 3 in order to ease direct investment and movement of natural persons to developing countries. Regardless of the direction of a single undertaking of Mode 4 negotiation, the net effects of Mode 4 liberalization on Korean economy and labor market may be negative. The Korean initial offer on Mode 4 is the same as the UR offer. Since Korean position on Mode 4 is most defensive, it is hard to expect that Korean position will be accepted as the single undertaking of Mode 4 negotiation. Thus Korea has to prepare strategic package measures to minimize the costs of Mode 4 liberalization and improve competitiveness of service sector.

  15. Financial markets as adaptive systems

    Science.gov (United States)

    Potters, M.; Cont, R.; Bouchaud, J.-P.

    1998-02-01

    We show, by studying in detail the market prices of options on liquid markets, that the market has empirically corrected the simple, but inadequate Black-Scholes formula to account for two important statistical features of asset fluctuations: "fat tails" and correlations in the scale of fluctuations. These aspects, although not included in the pricing models, are very precisely reflected in the price fixed by the market as a whole. Financial markets thus behave as rather efficient adaptive systems.

  16. The natural gas market

    International Nuclear Information System (INIS)

    Lagrasta, F.; Kaminski, V.; Prevatt, R.

    1999-01-01

    This chapter presents a brief history of the natural gas market highlighting the changes in the gas market and examining risk management in practice detailing the types of price risks, and the use of hedging using forwards and swaps. Options to manage risk are identified, and the role of risk management in financing, the role of the intermediary, and the market outlook are discussed. Panels describing the market structure, storage and natural gas risk management, the art of risk management, the winter 1995-96 basis blowout, spark spreads, the UK gas market and Europe, and weather derivatives are presented

  17. African American and Latino low income families' food shopping behaviors: promoting fruit and vegetable consumption and use of alternative healthy food options.

    Science.gov (United States)

    Fish, Caitlin A; Brown, Jonisha R; Quandt, Sara A

    2015-04-01

    Minority families often reside in neighborhoods with few supermarkets or alternative healthy food options (e.g., farmers markets, community gardens), making fresh produce difficult to obtain. This qualitative study identified factors influencing fruit and vegetable shopping and use of alternative healthy food options. Forty-eight minority women with children completed interviews regarding food shopping habits and use of and attitudes toward alternative healthy food options. Interviews were subjected to thematic analysis. Produce shopping was motivated by costs and family preferences. For African American women, poor cooking skills restricted the variety of fruits and vegetables purchased. Latinas were receptive to alternative healthy food options, but did not use them because these sources were inconvenient. African American women were not receptive to them. Improving cooking skills and perceptions of acceptable foods may be as important as increased access to promote greater consumption of fruits and vegetables.

  18. Euro Membership as a Real Option Trigger

    DEFF Research Database (Denmark)

    Aabo, Tom; Pantzalis, Christos

    2007-01-01

    -adopters (UK, Sweden, and Denmark) to exercise various forms of real options such as to establish alliances / partnerships, to enter new markets / market segments, to switch suppliers, and to generally expand in the Euro-area. The study furthermore shows that small, profitable and financially constrained firms...... are particularly likely to exercise such real options triggered by the introduction of the Euro. The results go beyond the immediate trade effects, which empirical studies have shown to be weak and without trade diversion as to the three non-adopters, and provide important insights about the potential long...

  19. Essay on Option Pricing, Hedging and Calibration

    DEFF Research Database (Denmark)

    da Silva Ribeiro, André Manuel

    Quantitative finance is concerned about applying mathematics to financial markets.This thesis is a collection of essays that study different problems in this field: How efficient are option price approximations to calibrate a stochastic volatilitymodel? (Chapter 2) How different is the discretely...... of dynamics? (Chapter 5) How can we formulate a simple free-arbitrage model to price correlationswaps? (Chapter 6) A summary of the work presented in this thesis: Approximation Behooves Calibration In this paper we show that calibration based on an expansion approximation for option prices in the Heston...... stochastic volatility model gives stable, accurate, and fast results for S&P500-index option data over the period 2005 to 2009. Discretely Sampled Variance Options: A Stochastic Approximation Approach In this paper, we expand Drimus and Farkas (2012) framework to price variance options on discretely sampled...

  20. 77 FR 56247 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Suspension of and...

    Science.gov (United States)

    2012-09-12

    ... subdivision thereof.'' \\4\\ CBOE Volatility Index[supreg] (``VIX'') measures market expectations of near term... and sell option volatility. VIX option prices reflect the market's expectation of the VIX level at... TPHs with a qualifying affiliate to pay lower fees for large customer VIX options transactions.\\11\\ The...

  1. Market trials of irradiated chicken

    International Nuclear Information System (INIS)

    Fox, John A.; Olson, Dennis G.

    1998-01-01

    The potential market for irradiated chicken breasts was investigated using a mail survey and a retail trial. Results from the mail survey suggested a significantly higher level of acceptability of irradiated chicken than did the retail trial. A subsequent market experiment involving actual purchases showed levels of acceptability similar to that of the mail survey when similar information about food irradiation was provided

  2. Traditional preventive treatment options

    DEFF Research Database (Denmark)

    Longbottom, C; Ekstrand, K; Zero, D

    2009-01-01

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

  3. Breast Cancer: Treatment Options

    Science.gov (United States)

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

  4. International Emissions Trading : Design and Political Acceptability

    NARCIS (Netherlands)

    Boom, Jan Tjeerd

    2006-01-01

    This thesis discusses the design and political acceptability of international emissions trading. It is shown that there are several designs options for emissions trading at the national level that have a different impact on output and thereby related factors such as employment and consumer prices.

  5. Option Price Estimations and Speculative Trading In Knowledge Society

    Directory of Open Access Journals (Sweden)

    Ovidiu TURCOANE

    2012-01-01

    Full Text Available Derivatives market has known an enormous and continuous development from the late 1970s, thanks to the most celebrated Black-Scholes-Merton formula. The impact on global economy is also tremendous, but due to the high leverage of speculative option trading there is a perpetual danger of economic collapse. This paper gives a short description of knowledge society and proposes methods for option price estimation based on implied volatility, skewness and kurtosis. ‘Free-lunch’ is hardly achievable if one predicts the option price using the knowledgeable information from the market and there is almost impossible to speculate, rather than to hedge, when trading option.

  6. Forward reliability markets: Less risk, less market power, more efficiency

    International Nuclear Information System (INIS)

    Cramton, Peter; Stoft, Steven

    2008-01-01

    A forward reliability market is presented. The market coordinates new entry through the forward procurement of reliability options - physical capacity bundled with a financial option to supply energy above a strike price. The market assures adequate generating resources and prices capacity from the bids of competitive new entry in an annual auction. Efficient performance incentives are maintained from a load-following obligation to supply energy above the strike price. The capacity payment fully hedges load from high spot prices, and reduces supplier risk as well. Market power is reduced in the spot market, since suppliers enter the spot market with a nearly balanced position in times of scarcity. Market power in the reliability market is addressed by not allowing existing supply to impact the capacity price. The approach, which has been adopted in New England and Colombia, is readily adapted to either a thermal system or a hydro system. (author)

  7. Marketing: A Definition for Community Colleges.

    Science.gov (United States)

    Kotler, Philip; Goldgehn, Leslie A.

    1981-01-01

    Defines marketing and discusses the eight steps of the marketing process. Emphasizes the necessity of having one individual or committee responsible for coordinating marketing functions. Notes that marketing's success depends on its acceptance by all levels of the institution. Lists the benefits of implementing marketing in a community college.…

  8. Positioning marketing in the hospital's power structure.

    Science.gov (United States)

    Beckham, D

    1984-08-01

    Although hospitals are increasingly recognizing the importance of marketing, many have difficulty assimilating what has been primarily an industrial concern into a health care environment. The author explains the function of marketing in health care, the outlook and expectations of a good marketing executive, and why hospital management and the medical staff may have difficulty accepting marketing and the expectations of the marketing executive.

  9. 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.

  10. 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

  11. 78 FR 28911 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving...

    Science.gov (United States)

    2013-05-16

    ... trade options during normal business hours even if the primary market for the underlying security is not... options during normal business hours if there is ample liquidity in the underlying market for the security... ``one or more of the markets trading the underlying security.'' In effect, the proposal would allow the...

  12. 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.

  13. Scale and the acceptability of nuclear energy

    International Nuclear Information System (INIS)

    Wilbanks, T.J.

    1984-01-01

    A rather speculative exploration is presented of scale as it may affect the acceptability of nuclear energy. In our utilization of this energy option, how does large vs. small relate to attitudes toward it, and what can we learn from this about technology choices in the United States more generally. In order to address such a question, several stepping-stones are needed. First, scale is defined for the purposes of the paper. Second, recent experience with nuclear energy is reviewed: trends in the scale of use, the current status of nuclear energy as an option, and the social context for its acceptance problems. Third, conventional notions about the importance of scale in electricity generation are summarized. With these preliminaries out of the way, the paper then discusses apparent relationships between scale and the acceptance of nuclear energy and suggests some policy implications of these preliminary findings. Finally, some comments are offered about general relationships between scale and technology choice

  14. The Social Acceptance of Carbon Dioxide Utilisation: A Review and Research Agenda

    International Nuclear Information System (INIS)

    Jones, Christopher R.; Olfe-Kräutlein, Barbara; Naims, Henriette; Armstrong, Katy

    2017-01-01

    CO 2 utilisation technologies—also called carbon dioxide utilisation (CDU) and carbon capture and utilisation (CCU)—convert CO 2 via physical, chemical, or biological processes into carbon-based products. CO 2 utilisation technologies are viewed as a means of helping to address climate change and broadening the raw material base for commodities that can be sold to generate economic revenue. However, while technical research and development into the feasibility of CO 2 utilisation options are accelerating rapidly; at present, there has been limited research into the social acceptance of the technology and CO 2 -derived products. This review article outlines and explores three key dimensions of social acceptance (i.e., socio-political, market, and community acceptance) pertaining to innovation within CO 2 utilisation. The article highlights the importance of considering issues of social acceptance as an aspect of the research, development, demonstration, and deployment process for CO 2 utilisation and explores how key stakeholders operating on each dimension might affect the innovation pathways, investment, and siting decisions relating to CO 2 utilisation facilities and CO 2 -derived products. Beyond providing a state-of-the-art review of current research into the social acceptance of CO 2 utilisation, this article also outlines an agenda for future research in the field.

  15. The Social Acceptance of Carbon Dioxide Utilisation: A Review and Research Agenda

    Energy Technology Data Exchange (ETDEWEB)

    Jones, Christopher R., E-mail: c.r.jones@sheffield.ac.uk [UK Centre for Carbon Dioxide Utilisation (CDUUK), University of Sheffield, Sheffield (United Kingdom); Environment and Behaviour Research Group (EBRG), Department of Psychology, University of Sheffield, Sheffield (United Kingdom); Olfe-Kräutlein, Barbara; Naims, Henriette [Institute for Advanced Sustainability Studies (IASS), Potsdam (Germany); Armstrong, Katy [UK Centre for Carbon Dioxide Utilisation (CDUUK), University of Sheffield, Sheffield (United Kingdom)

    2017-06-09

    CO{sub 2} utilisation technologies—also called carbon dioxide utilisation (CDU) and carbon capture and utilisation (CCU)—convert CO{sub 2}via physical, chemical, or biological processes into carbon-based products. CO{sub 2} utilisation technologies are viewed as a means of helping to address climate change and broadening the raw material base for commodities that can be sold to generate economic revenue. However, while technical research and development into the feasibility of CO{sub 2} utilisation options are accelerating rapidly; at present, there has been limited research into the social acceptance of the technology and CO{sub 2}-derived products. This review article outlines and explores three key dimensions of social acceptance (i.e., socio-political, market, and community acceptance) pertaining to innovation within CO{sub 2} utilisation. The article highlights the importance of considering issues of social acceptance as an aspect of the research, development, demonstration, and deployment process for CO{sub 2} utilisation and explores how key stakeholders operating on each dimension might affect the innovation pathways, investment, and siting decisions relating to CO{sub 2} utilisation facilities and CO{sub 2}-derived products. Beyond providing a state-of-the-art review of current research into the social acceptance of CO{sub 2} utilisation, this article also outlines an agenda for future research in the field.

  16. Acquisitions and Real Options : The Greenfield Alternative

    NARCIS (Netherlands)

    Brouthers, Keith D.; Dikova, Desislava

    P>Although acquisitions are a popular way to enter new markets, empirical evidence tends to indicate few benefits accrue to acquiring firms. This might be the case because firms use acquisitions when they should be employing an alternative mode of expansion. Applying real options theory to this

  17. Chapter 13, Policy options: North America

    Science.gov (United States)

    Jane Barr; James Dobrowolski; John Campbell; Philippe Le Prestre; Lori Lynch; Marc Sydnor; Robert Adler; Jose Etcheverry; Alexander Kenny; Catherine Hallmich; Jim Lazar; Russell M. Meyer; Robin Newmark; Janet Peace; Julie A. Suhr Pierce; Stephen. Yamasaki

    2012-01-01

    As previously indicated, GEO-5 shifts the GEO focus from identifying environmental problems to identifying solutions that governments can then prioritize. This chapter provides examples of a number of policy options and market mechanisms that have shown some success in improving environmental conditions in North America. They are organized by priority environmental...

  18. Option value of electricity demand response

    Energy Technology Data Exchange (ETDEWEB)

    Sezgen, Osman; Goldman, C.A. [Lawrence Berkeley National Laboratory, 1 Cyclotron Road, Berkeley CA 94720 (United States); Krishnarao, P. [Citigroup Energy Inc., 1301 Fannin St, Houston, TX 77002 (United States)

    2007-02-15

    As electricity markets deregulate and energy tariffs increasingly expose customers to commodity price volatility, it is difficult for energy consumers to assess the economic value of investments in technologies that manage electricity demand in response to changing energy prices. The key uncertainties in evaluating the economics of demand-response technologies are the level and volatility of future wholesale energy prices. In this paper, we demonstrate that financial engineering methodologies originally developed for pricing equity and commodity derivatives (e.g., futures, swaps, options) can be used to estimate the value of demand-response technologies. We adapt models used to value energy options and assets to value three common demand-response strategies: load curtailment, load shifting or displacement, and short-term fuel substitution-specifically, distributed generation. These option models represent an improvement to traditional discounted cash flow methods for assessing the relative merits of demand-side technology investments in restructured electricity markets. (author)

  19. Option value of electricity demand response

    International Nuclear Information System (INIS)

    Sezgen, Osman; Goldman, C.A.; Krishnarao, P.

    2007-01-01

    As electricity markets deregulate and energy tariffs increasingly expose customers to commodity price volatility, it is difficult for energy consumers to assess the economic value of investments in technologies that manage electricity demand in response to changing energy prices. The key uncertainties in evaluating the economics of demand-response technologies are the level and volatility of future wholesale energy prices. In this paper, we demonstrate that financial engineering methodologies originally developed for pricing equity and commodity derivatives (e.g., futures, swaps, options) can be used to estimate the value of demand-response technologies. We adapt models used to value energy options and assets to value three common demand-response strategies: load curtailment, load shifting or displacement, and short-term fuel substitution-specifically, distributed generation. These option models represent an improvement to traditional discounted cash flow methods for assessing the relative merits of demand-side technology investments in restructured electricity markets. (author)

  20. Consumer acceptance of irradiated food

    Energy Technology Data Exchange (ETDEWEB)

    Loaharanu, P [Head, Food Preservation Section, Joint FAO/ IAEA Division of Nuclear Techniques in Food and Agriculture, Wagramerstr. 5, A-1400, Vienna (Austria)

    1998-12-31

    There was a widely held opinion during the 1970`s and 1980`s that consumers would be reluctant to purchase irradiated food, as it was perceived that consumers would confuse irradiated food with food contaminated by radionuclides. Indeed, a number of consumer attitude surveys conducted in several western countries during these two decades demonstrated that the concerns of consumers on irradiated food varied from very concerned to seriously concerned.This paper attempts to review parameters conducting in measuring consumer acceptance of irradiated food during the past three decades and to project the trends on this subject. It is believed that important lessons learned from past studies will guide further efforts to market irradiated food with wide consumer acceptance in the future. (Author)

  1. Consumer acceptance of irradiated food

    Energy Technology Data Exchange (ETDEWEB)

    Loaharanu, P. [Head, Food Preservation Section, Joint FAO/ IAEA Division of Nuclear Techniques in Food and Agriculture, Wagramerstr. 5, A-1400, Vienna (Austria)

    1997-12-31

    There was a widely held opinion during the 1970`s and 1980`s that consumers would be reluctant to purchase irradiated food, as it was perceived that consumers would confuse irradiated food with food contaminated by radionuclides. Indeed, a number of consumer attitude surveys conducted in several western countries during these two decades demonstrated that the concerns of consumers on irradiated food varied from very concerned to seriously concerned.This paper attempts to review parameters conducting in measuring consumer acceptance of irradiated food during the past three decades and to project the trends on this subject. It is believed that important lessons learned from past studies will guide further efforts to market irradiated food with wide consumer acceptance in the future. (Author)

  2. Consumer acceptance of irradiated food

    International Nuclear Information System (INIS)

    Loaharanu, P.

    1997-01-01

    There was a widely held opinion during the 1970's and 1980's that consumers would be reluctant to purchase irradiated food, as it was perceived that consumers would confuse irradiated food with food contaminated by radionuclides. Indeed, a number of consumer attitude surveys conducted in several western countries during these two decades demonstrated that the concerns of consumers on irradiated food varied from very concerned to seriously concerned.This paper attempts to review parameters conducting in measuring consumer acceptance of irradiated food during the past three decades and to project the trends on this subject. It is believed that important lessons learned from past studies will guide further efforts to market irradiated food with wide consumer acceptance in the future. (Author)

  3. Market development in the natural gas market

    International Nuclear Information System (INIS)

    Kuenneke, R.W.; Arentsen, M.J.; Manders, A.M.P.; Plettenburg, L.A.

    1998-01-01

    Options for the liberalization of the Dutch natural gas market have been investigated. Three models are compared and assessed for the impacts on the economic performance, the national interests and the so-called public tasks. The results of the report can be used to base the proposals for a new Natural Gas Act, which is expected to be sent to the Dutch parliament in the spring of 1999. The three liberalization models are specified according to the different phases in the industrial column of natural gas. Except for transport (limited possibilities) and distribution (monopolistic character and thus not suitable for market development), market development is possible in all the phases of the column. The models are the cooperation model (equal position for the natural gas trade company Gasunie and the natural gas distribution companies, and management of the natural gas infrastructure and the Dutch gas reserves by means of mutual tuning, cooperation and coordination), the EZ-model (price mechanism for the tariffs for natural gas, and access to the natural gas network through negotiated third party access (TPA) with indicative prices and conditions), and the market model (optimal use of market development options to stimulate the economic performance, introduction of price mechanism options, access through regulated TPA with tariffs, based on long-term marginal costs, role of the government limited to a favorable policy with respect to access to the network, competition and security of the interests which arise from the exploitation of the Dutch natural gas fields). 26 refs

  4. How and why to retain customers of electric power energy compared to the free market access options; Como e porque fidelizar clientes de energia eletrica face as opcoes de acesso ao mercado livre. As alternativas de uma concessionaria de distribuicao

    Energy Technology Data Exchange (ETDEWEB)

    Silva, Ana Lucia Rodrigues da; Prado Junior, Fernando Amaral de Almeida [Sinerconsult Consultoria Treinamento e Participacoes Ltda., Sao Paulo, SP (Brazil)

    2006-07-01

    This paper discusses the main points of competitive electricity market in Brazil and the utilities challenges. The pro and con's of evasion of customers for the competitive market are evaluated in disco optical. Also are discussed the alternatives for a useful relationship with clients. Practical actions are proposed for the authors for obtaining better benefit/cost relationship and quality improving that induces better quality perception for the client. (author)

  5. A New Development in Online Marketing: Introducing Digital Inbound Marketing

    Directory of Open Access Journals (Sweden)

    Alin OPREANA

    2015-08-01

    Full Text Available Particularly in online settings, marketing is undergoing a transformation. Online business can no longer rely on traditional marketing tactics and campaigns to attract, retain and expand consumers because there is a transformation in how people interact with brands and companies, how they shop and buy in online and offline settings. Traditional marketing is no longer a viable option because it focuses on pushing a message out. In online business framework, a new marketing development has arisen, namely digital inbound marketing. This new marketing type is focused on attracting valuable consumers (potential, existing, or aspirational that choose to interact with a particular company that provides them with something useful. In this paper, we propose a definition for digital inbound marketing and examine the online strategies associated with this concept: brand-focused marketing communications, content marketing, social media marketing, and search engine optimization.

  6. 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.

  7. 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.

  8. 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...

  9. Risk management with options and futures under liquidity risk

    OpenAIRE

    Adam-Müller, A F A; Panaretou, A

    2009-01-01

    Futures hedging creates liquidity risk through marking to market. Liquidity risk matters if interim losses on a futures position have to be financed at a markup over the risk-free rate. This study analyzes the optimal risk management and production decisions of a firm facing joint price and liquidity risk. It provides a rationale for the use of options on futures in imperfect capital markets. If liquidity risk materializes, the firm sells options on futures in order to partly cover this liqui...

  10. 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

  11. Consumer Acceptance of Dry Dog Food Variations

    Science.gov (United States)

    Donfrancesco, Brizio Di; Koppel, Kadri; Swaney-Stueve, Marianne; Chambers, Edgar

    2014-01-01

    Simple Summary The objectives of this study were to compare the acceptance of different dry dog food products by consumers, determine consumer clusters for acceptance, and identify the characteristics of dog food that drive consumer acceptance. Pet owners evaluated dry dog food samples available in the US market. The results indicated that appearance of the sample, especially the color, influenced pet owner’s overall liking more than the aroma of the product. Abstract The objectives of this study were to compare the acceptance of different dry dog food products by consumers, determine consumer clusters for acceptance, and identify the characteristics of dog food that drive consumer acceptance. Eight dry dog food samples available in the US market were evaluated by pet owners. In this study, consumers evaluated overall liking, aroma, and appearance liking of the products. Consumers were also asked to predict their purchase intent, their dog’s liking, and cost of the samples. The results indicated that appearance of the sample, especially the color, influenced pet owner’s overall liking more than the aroma of the product. Overall liking clusters were not related to income, age, gender, or education, indicating that general consumer demographics do not appear to play a main role in individual consumer acceptance of dog food products. PMID:26480043

  12. Marketing your equine practice.

    Science.gov (United States)

    Magnus, Robert P

    2009-12-01

    The take-home message in marketing your equine practice is simple: understand your position in the target market and the buying behavior of your current and prospective customers. Time well spent on analysis and evaluation of options can maximize customer value in the services and products you offer. This allows you to capture profit and to attain your personal and professional goals as an equine practitioner.

  13. Patients’ acceptance of corticotomy-assisted orthodontics

    Science.gov (United States)

    Zawawi, Khalid H

    2015-01-01

    Objective To study patients’ acceptance of corticotomy-assisted orthodontics as a treatment option. Methods Adult patients seeking orthodontic treatment were asked to complete two sets of questionnaires; the first set included questions about age, sex, and level of education and general questions about orthodontic treatment; and the second set was related to the corticotomy-assisted orthodontics. Before answering the corticotomy questions, a brief description of the clinical procedure was explained and photographs of an actual procedure were shown. Results A total of 150 subjects were approached and 129 (86%) agreed to answer the questionnaires (72 male and 57 female patients). Of these, only 3.1% did hear about corticotomy and 7.8% selected corticotomy instead of extraction. Fear from the surgery (53.2%) was the most frequent reason for not selecting corticotomy followed by fear from pain (36.9%). The acceptance of corticotomy between males and females was similar. No relationship was found between the level of education and prior knowledge of the procedure, P=0.857. Prior knowledge about corticotomy was not a factor in selecting it as a treatment option (P=0.556) to reduce the treatment time (P=0.427). Conclusion The acceptance of corticotomy-assisted orthodontics as a treatment option was low. Fear from the surgery was the main reason for not selecting it. The acceptance of corticotomy-assisted orthodontics was not related to patient’s level of education or sex. PMID:26316719

  14. Responsible technology acceptance

    DEFF Research Database (Denmark)

    Toft, Madeleine Broman; Schuitema, Geertje; Thøgersen, John

    2014-01-01

    As a response to climate change and the desire to gain independence from imported fossil fuels, there is a pressure to increase the proportion of electricity from renewable sources which is one of the reasons why electricity grids are currently being turned into Smart Grids. In this paper, we focus...... on private consumers’ acceptance of having Smart Grid technology installed in their home. We analyse acceptance in a combined framework of the Technology Acceptance Model and the Norm Activation Model. We propose that individuals are only likely to accept Smart Grid technology if they assess usefulness...... in terms of a positive impact for society and the environment. Therefore, we expect that Smart Grid technology acceptance can be better explained when the well-known technology acceptance parameters included in the Technology Acceptance Model are supplemented by moral norms as suggested by the Norm...

  15. 78 FR 54970 - Cotton Futures Classification: Optional Classification Procedure

    Science.gov (United States)

    2013-09-09

    ... Service 7 CFR Part 27 [AMS-CN-13-0043] RIN 0581-AD33 Cotton Futures Classification: Optional Classification Procedure AGENCY: Agricultural Marketing Service, USDA. ACTION: Proposed rule. SUMMARY: The... optional cotton futures classification procedure--identified and known as ``registration'' by the U.S...

  16. Entrepreneurship and Strategic Options in a Development Context

    DEFF Research Database (Denmark)

    Sørensen, Olav Jull; Dao, Li Thuy

    2009-01-01

    The aim of the chapter is to reveal the strategic options of a small-scale garment producer in a development context. The chapter uses the Critical Incedents Method to identify major event related to resource, competence and market development. It is found that entrepreneurial spirit to cope...... with constraints enable the entrepreneurs to generate severeal strategic options....

  17. THE EFFECTS OF CHANGING MARGIN LEVELS ON FUTURES OPTIONS PRICE

    Institute of Scientific and Technical Information of China (English)

    Yanling GU; Juan LI

    2006-01-01

    The paper studies the effects of changing margin levels on the price of futures options and how to organize a market maker's position. Black model (1976) becomes a special case of this paper.The paper prices futures options by duplicating them and adopting the theory of Backward Stochastic Differential Equations (BSDEs for short). Furthermore, the price of a futures option is the unique solution to a nonlinear BSDE.

  18. Can we compare SMS marketing to traditional marketing communications?

    OpenAIRE

    Roozen, Irene; Genin, Emile

    2008-01-01

    Nowadays most companies acknowledge the importance of SMS marketing in reaching and interacting with their customers (Kavassalis et al. 2003; Dickinger et al. 2004; Tsang, Ho & Liang 2004; Sharl, Dickinger & Murphy 2005; Muk 2007). However, there is much discussion in the press regarding the effectiveness when it comes to SMS marketing. Are customers willing to accept, reading and using SMS messages: how effective is SMS marketing compared to traditional marketing communications? The goal of ...

  19. Segmenting a general practitioner market to improve recruitment outcomes.

    Science.gov (United States)

    Hemphill, Elizabeth; Kulik, Carol T

    2011-05-01

    Recruitment is an ongoing challenge in the health industry with general practitioner (GP) shortages in many areas beyond rural and Indigenous communities. This paper suggests a marketing solution that identifies different segments of the GP market for recruitment strategy development. In February 2008, 96 GPs in Australia responded to a mail questionnaire (of which 85 questionnaires were useable). A total of 350 GPs were sent the questionnaire. Respondents considered small sets of attributes in the decision to accept a new job at a general practice and selected the most and least important attribute from each set. We identified latent class clusters (cohorts) of GPs from the most-least important data. Three cohorts were found in the GP market, distinguishing practitioners who emphasised job, family or practice attributes in their decision to join a practice. Few significant demographic differences exist between the cohorts. A segmented GP market suggests two alternative recruitment strategies. One option is for general practices to target members of a single cohort (family-, job-, or practice-focussed GPs). The other option is for general practices to diversify their recruitment strategies to target all three cohorts (family-, job- and practice-focussed GPs). A single brand (practice) can have multiple advertising strategies with each strategy involving advertising activities targeting a particular consumer segment.

  20. COMMUNICATING WITH TARGET MARKET ENVIRONMENT

    OpenAIRE

    Stanka Djurić; Svetlana Trajković

    2016-01-01

    The generally accepted definition that related to conceptual determination of market communication has not been performed. However, market communication can be defined as a set of activities and natural relationships that companies in various branches of authorities and business activities are established with other business organizations, and in order to establish a successful primary market communication, establishing a larger market share and the effective realization of the final go...

  1. 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.

  2. Americal options analyzed differently

    NARCIS (Netherlands)

    Nieuwenhuis, J.W.

    2003-01-01

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

  3. Market Potential for Non-electric Applications of Nuclear Energy

    International Nuclear Information System (INIS)

    Konishi, T.; Kononov, S.; Kupitz, J.; McDonald, A.; Rogner, H.H.; Nisan, S.

    2002-01-01

    The paper presents results of a recent IAEA study to assess the market potential for non-electric applications of nuclear energy in the near (before 2020) and long term (2020-2050). The applications covered are district heating, desalination, industrial heat supply, ship propulsion, energy supply for spacecraft, and, to a lesser extent, 'innovative' applications such as hydrogen production, coal gasification, etc. While technical details are covered only briefly, emphasis is placed on economics and other factors that may promote or hinder the penetration of nuclear options in the markets for non-electric energy services. The study makes a distinction between the market size (demand for a given service) and the market potential for nuclear penetration (which may be smaller because of technical or non-technical constraints). Near-term nuclear prospects are assessed on the basis of on-going projects in the final stages of design or under construction. For the long term, use has been made of a qualitative scale ranging from 0 to 2 for five critical areas: market structure, demand pressure, technical basis, economic competitiveness, and public acceptance. The paper presents the resulting evaluation of long-term prospects for nuclear energy entering into non-electric markets. (authors)

  4. Nonsurgical Treatment Options for Basal Cell Carcinoma

    International Nuclear Information System (INIS)

    Lien, M. H.; Sondak, V. K.; Sondak, V. K.

    2011-01-01

    Basal cell carcinoma (BCC) remains the most common form of non melanoma skin cancer (NMSC) in Caucasians, with perhaps as many as 2 million new cases expected to occur in the United States in 2010. Many treatment options, including surgical interventions and nonsurgical alternatives, have been utilized to treat BCC. In this paper, two non-surgical options, imiquimod therapy and photodynamic therapy (PDT), will be discussed. Both modalities have demonstrated acceptable disease control rates, cosmetically superior outcomes, and short-term cost-effectiveness. Further studies evaluating long-term cure rates and long-term cost effectiveness of imiquimod therapy and PDT are needed.

  5. 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...

  6. 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...

  7. Age Differences in Consumer Decision Making under Option Framing: From the Motivation Perspective

    OpenAIRE

    Peng, Huamao; Xia, Shiyong; Ruan, Fanglin; Pu, Bingyan

    2016-01-01

    Option framing effect is the phenomena that participants often accept more options when they are asked to delete undesired options from a full model (subtractive framing) than they do when they are instructed to add desired options to a base model (additive framing). Whether the same effect exists in different age groups is less well known. To explore the roles of age and purchase motivations on the option framing effect for automobiles purchases, this study adopted a 3 (age group: younger, m...

  8. 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.

  9. Local acceptance of existing biogas plants in Switzerland

    International Nuclear Information System (INIS)

    Soland, Martin; Steimer, Nora; Walter, Götz

    2013-01-01

    After the Swiss government's decision to decommission its five nuclear power plants by 2035, energy production from wind, biomass, biogas and photovoltaic is expected to increase significantly. Due to its many aspects of a direct democracy, high levels of public acceptance are necessary if a substantial increase in new renewable energy power plants is to be achieved in Switzerland. A survey of 502 citizens living near 19 biogas plants was conducted as the basis for using structural equation modeling to measure the effects of perceived benefits, perceived costs, trust towards the plant operator, perceived smell, information received and participation options on citizens’ acceptance of “their” biogas plant. Results show that local acceptance towards existing biogas power plants is relatively high in Switzerland. Perceived benefits and costs as well as trust towards the plant operator are highly correlated and have a significant effect on local acceptance. While smell perception and information received had a significant effect on local acceptance as well, no such effect was found for participation options. Reasons for the non-impact of participation options on local acceptance are discussed, and pathways for future research are presented. - Highlights: • Acceptance of biogas plants by local residents in Switzerland is relatively high. • Local acceptance is highly affected by perceived outcomes and citizens’ trust. • Smell perception increases perceived costs and reduces perceived benefits and trust. • Information offers reduce perceived costs and increase trust and perceived benefits. • Participation offers do not have any effect on local acceptance

  10. Electric glass capturing markets

    Energy Technology Data Exchange (ETDEWEB)

    Wikman, K.; Wikstroem, T.

    1996-11-01

    Electric glass has found its place on the construction market. In public buildings, electrically heatable windows are becoming the leading option for large glass walls. Studies on detached houses, both new and renovated, show that floor heating combined with electrically heatable windowpanes is the best choice with respect to resident`s comfort. (orig.)

  11. A Methodology for Estimating Large-Customer Demand Response MarketPotential

    Energy Technology Data Exchange (ETDEWEB)

    Goldman, Charles; Hopper, Nicole; Bharvirkar, Ranjit; Neenan,Bernie; Cappers,Peter

    2007-08-01

    Demand response (DR) is increasingly recognized as an essential ingredient to well-functioning electricity markets. DR market potential studies can answer questions about the amount of DR available in a given area and from which market segments. Several recent DR market potential studies have been conducted, most adapting techniques used to estimate energy-efficiency (EE) potential. In this scoping study, we: reviewed and categorized seven recent DR market potential studies; recommended a methodology for estimating DR market potential for large, non-residential utility customers that uses price elasticities to account for behavior and prices; compiled participation rates and elasticity values from six DR options offered to large customers in recent years, and demonstrated our recommended methodology with large customer market potential scenarios at an illustrative Northeastern utility. We observe that EE and DR have several important differences that argue for an elasticity approach for large-customer DR options that rely on customer-initiated response to prices, rather than the engineering approaches typical of EE potential studies. Base-case estimates suggest that offering DR options to large, non-residential customers results in 1-3% reductions in their class peak demand in response to prices or incentive payments of $500/MWh. Participation rates (i.e., enrollment in voluntary DR programs or acceptance of default hourly pricing) have the greatest influence on DR impacts of all factors studied, yet are the least well understood. Elasticity refinements to reflect the impact of enabling technologies and response at high prices provide more accurate market potential estimates, particularly when arc elasticities (rather than substitution elasticities) are estimated.

  12. Management options in the food chain for accidental radionuclide deposition

    International Nuclear Information System (INIS)

    Rantavaara, A.

    2005-12-01

    Finland with four other countries participated in the European Union's network project FARMING in 2000 - 2004. The aim of the project was to invite participants from each country representing the food supply chain in a stakeholder group and advance with the groups the networking in building preparedness for accidental contamination of the food production systems. The task of the groups was to evaluate the practicability of management options suggested for reduction of radiation exposure through foodstuffs, and for disposal of waste generated in implementation of these options. The criteria for practicability were effectiveness in reduction of radiation exposure through foodstuffs, technical feasibility, capacity, costs for implementation, secondary costs for waste disposal, socio-economic impact, and acceptability concerning ecology and protection of environment and landscape. Practicable management options aimed at sustainable restoration of food production systems after accidental contamination. The Finnish stakeholder group represented farm production, processing industry, food marketing, catering, advisor organisations for households and agriculture, consumers, nature conservation, the media, experts on environmental impact and authorities responsible for production, safety and security of foodstuffs, food supply and feedstuffs. The group was expected to examine the effect of the Finnish, and, also more generally, northern production conditions on the practicability of the suggested management options. The stakeholder group members first familiarized themselves with intervention after accidental contamination of a large milk production area and thereafter with practicability of individual management options. The evaluation was based on the group members' complementary expertise that very well covered the chain 'from field to fork' whether the issue was related to legislation, production methods, logistics, environmental impacts, or the issues of consumers and

  13. 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

  14. 77 FR 57171 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of...

    Science.gov (United States)

    2012-09-17

    ... series, the size of the COA-eligible order and any contingencies, but not the side of the market... current market), size, complex order type, and complex order origin type (i.e. non-broker-dealer public customer, broker- dealers that are not Market-Makers or specialists on an options exchange, and/or Market...

  15. 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

  16. 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.

  17. 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...

  18. 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...

  19. Market access through bound tariffs

    DEFF Research Database (Denmark)

    Sala, Davide; Yalcin, Erdal; Schröder, Philipp

    2010-01-01

    on the risk that exporters face in destination markets. The present paper formalizes the underlying interaction of risk, fixed export costs and firms' market entry decisions based on techniques known from the real options literature; doing so we highlight the important role of bound tariffs at the extensive...... margin of trade. We find that bound tariffs are more effective with higher risk destination markets, that a large binding overhang may still command substantial market access, and that reductions in bound tariffs generate effective market access even when bound rates are above current and longterm...

  20. Market Access through Bound Tariffs

    DEFF Research Database (Denmark)

    Sala, Davide; Schröder, Philipp J.H.; Yalcin, Erdal

    on the risk that exporters face in destination markets. The present paper formalizes the underlying interaction of risk, fixed export costs and firms' market entry decisions based on techniques known from the real options literature; doing so we highlight the important role of bound tariffs at the extensive...... margin of trade. We find that bound tariffs are more effective with higher risk destination markets, that a large binding overhang may still command substantial market access, and that reductions in bound tariffs generate effective market access even when bound rates are above current and long...

  1. OPTIONS D'INTENSIFICATION DURABLE DES CULTURES ...

    African Journals Online (AJOL)

    (Received 14 August, 2001 ; accepted 10 May, 2002) RÉSUMÉ Pour intensifier de manière durable les cultures vivrières dans les zones de terres de barre dégradées au sud du Togo, plusieurs options ont été évaluées avec les paysans. Grâce à des entretiens collectifs de type participatif, sept différents groupes ...

  2. Option pricing: Stock price, stock velocity and the acceleration Lagrangian

    Science.gov (United States)

    Baaquie, Belal E.; Du, Xin; Bhanap, Jitendra

    2014-12-01

    The industry standard Black-Scholes option pricing formula is based on the current value of the underlying security and other fixed parameters of the model. The Black-Scholes formula, with a fixed volatility, cannot match the market's option price; instead, it has come to be used as a formula for generating the option price, once the so called implied volatility of the option is provided as additional input. The implied volatility not only is an entire surface, depending on the strike price and maturity of the option, but also depends on calendar time, changing from day to day. The point of view adopted in this paper is that the instantaneous rate of return of the security carries part of the information that is provided by implied volatility, and with a few (time-independent) parameters required for a complete pricing formula. An option pricing formula is developed that is based on knowing the value of both the current price and rate of return of the underlying security which in physics is called velocity. Using an acceleration Lagrangian model based on the formalism of quantum mathematics, we derive the pricing formula for European call options. The implied volatility of the market can be generated by our pricing formula. Our option price is applied to foreign exchange rates and equities and the accuracy is compared with Black-Scholes pricing formula and with the market price.

  3. Consumer Acceptance of Dry Dog Food Variations

    Directory of Open Access Journals (Sweden)

    Brizio Di Donfrancesco

    2014-06-01

    Full Text Available The objectives of this study were to compare the acceptance of different dry dog food products by consumers, determine consumer clusters for acceptance, and identify the characteristics of dog food that drive consumer acceptance. Eight dry dog food samples available in the US market were evaluated by pet owners. In this study, consumers evaluated overall liking, aroma, and appearance liking of the products. Consumers were also asked to predict their purchase intent, their dog’s liking, and cost of the samples. The results indicated that appearance of the sample, especially the color, influenced pet owner’s overall liking more than the aroma of the product. Overall liking clusters were not related to income, age, gender, or education, indicating that general consumer demographics do not appear to play a main role in individual consumer acceptance of dog food products.

  4. Thermometers: Understand the Options

    Science.gov (United States)

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

  5. Aceitação de cultivares de bananas resistentes à Sigatoka Negra junto ao consumidor da região Nordeste do Brasil Acceptance of banana cultivars resistant to Black Sigatoka by the consumer market of Northeast Brazilian region

    Directory of Open Access Journals (Sweden)

    Deborah dos Santos Garruti

    2012-05-01

    Full Text Available O Mal da Sigatoka Negra é devastador para as cultivares tradicionais de banana. No Brasil, cultivares resistentes estão sendo desenvolvidas, mas se a preferência do consumidor não for considerada, o programa de melhoramento pode falhar. Neste trabalho, a aceitabilidade de quatro cultivares resistentes foi acessada no Nordeste brasileiro e comparada a quatro variedades comerciais. Dois grupos de consumidores participaram: adultos jovens e donas de casa. Escala hedônica foi aplicada para aparência externa dos cachos, aceitação global e aceitação por atributos dos frutos (aparência sem a casca, aroma, sabor e textura, além de testes de preferência e intenção de compra. Os dados foram submetidos à ANOVA e Mapa de Preferência Interno. Mulheres e jovens mostraram opiniões semelhantes. As cultivares 'Preciosa' e 'Pacovan Ken' mostraram ser as mais promissoras, sendo que a primeira já pode substituir as cultivares comerciais 'Prata' e 'Pacovan' sem prejudicar a sua aceitabilidade, mas a 'Pacovan Ken' ainda precisa ser melhorada quanto à aparência.The Black Sigatoka Disease is devastating to traditional banana cultivars. In Brazil, resistant cultivars are being developed but if the consumer's preference is not taken into account, the breeding program may not succeed. In this research the acceptability of four resistant cultivars was accessed in the Northeastern Brazilian region and compared to four commercial varieties. Two groups of consumers participated: young adults and housewives. Hedonic scale was applied to external appearance of bunches, global acceptance and acceptance of fruits' attributes (appearance without peel, aroma, flavor and texture. Preference and purchase intent were also evaluated. Data were submitted to ANOVA and Preference Mapping. Women and young adults showed similar opinions. 'Preciosa' and 'Pacovan Ken' cultivars showed to be the most promising ones. 'Preciosa' can already substitute the commercial 'Prata

  6. Information features and activities needed to build public acceptance for the first nuclear power plant in Indonesia

    International Nuclear Information System (INIS)

    Santosa, H.B.

    1998-01-01

    The global tendency toward sustainable development and free market policies, combined with the fuzzy thinking of Indonesian people and the Indonesian anti-nuclear groups, provide an opportunity to formulate options to disseminate information and conduct related activities. Obtaining successful public acceptance depends on the spectrum of cooperation and achievement of mutual understanding between Nuclear Power Plant (NPP) vendors, relevant Indonesian institutions and the nuclear communities in ASEAN and Asian countries. The most significant factor in getting good public acceptance of nuclear power usage is the proof that Indonesian engineers and scientists working with NPPs are competent and that there is a clear national benefit. However all information should be packaged in a proper way, suitable to public needs, and distributed in a way that makes optimal use of existing methods of distribution. The governmental and traditional social system methods of interaction cannot be avoided. (authors)

  7. Options introduction and volatility in the EU ETS

    International Nuclear Information System (INIS)

    Chevallier, Julien; Le Pen, Yannick; Sevi, Benoit

    2009-01-01

    To improve risk management in the European Union Emissions Trading Scheme (EU ETS), the European Climate Exchange (ECX) has introduced option instruments in October 2006 after regulatory authorization. The central question we address is: can we identify a potential destabilizing effect of the introduction of options on the underlying market (EU ETS futures)? Indeed, the literature on commodities futures suggest that the introduction of derivatives may either decrease (due to more market depth) or increase (due to more speculation) volatility. As the identification of these effects ultimately remains an empirical question, we use daily data from April 2005 to April 2008 to document volatility behavior in the EU ETS. By instrumenting various GARCH models, endogenous break tests, and rolling window estimations, our results overall suggest that the introduction of the option market had no effect on the volatility in the EU ETS. These finding are robust to other likely influences linked to energy and commodity markets. (authors)

  8. Options for human intrusion

    International Nuclear Information System (INIS)

    Bauser, M.; Williams, R.

    1993-01-01

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

  9. Marketing; Il marketing

    Energy Technology Data Exchange (ETDEWEB)

    Muscigna, M [ENEA, Centro Ricerche Casaccia, S. Maria di Galeria, RM (Italy). Dipt. Innovazione

    1999-07-01

    The report discusses marketing strategies oriented to the organizations and analyzes its critical factors, which determine the success of the organization activity. [Italian] Il rapporto analizza i caratteri delle strategie del marketing orientato all'impresa. Vengono infine analizzati i fattori critici che determinano il successo o l'insuccesso delle scelte aziendali.

  10. Marketing; Il marketing

    Energy Technology Data Exchange (ETDEWEB)

    Muscigna, M. [ENEA, Centro Ricerche Casaccia, S. Maria di Galeria, RM (Italy). Dipt. Innovazione

    1999-07-01

    The report discusses marketing strategies oriented to the organizations and analyzes its critical factors, which determine the success of the organization activity. [Italian] Il rapporto analizza i caratteri delle strategie del marketing orientato all'impresa. Vengono infine analizzati i fattori critici che determinano il successo o l'insuccesso delle scelte aziendali.

  11. 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.

  12. Designing Pareto-superior demand-response rate options

    International Nuclear Information System (INIS)

    Horowitz, I.; Woo, C.K.

    2006-01-01

    We explore three voluntary service options-real-time pricing, time-of-use pricing, and curtailable/interruptible service-that a local distribution company might offer its customers in order to encourage them to alter their electricity usage in response to changes in the electricity-spot-market price. These options are simple and practical, and make minimal information demands. We show that each of the options is Pareto-superior ex ante, in that it benefits both the participants and the company offering it, while not affecting the non-participants. The options are shown to be Pareto-superior ex post as well, except under certain exceptional circumstances. (author)

  13. Indirect reciprocity with optional interactions.

    Science.gov (United States)

    Ghang, Whan; Nowak, Martin A

    2015-01-21

    Indirect reciprocity is a mechanism for the evolution of cooperation that is relevant for prosocial behavior among humans. Indirect reciprocity means that my behavior towards you also depends on what you have done to others. Indirect reciprocity is associated with the evolution of social intelligence and human language. Most approaches to indirect reciprocity assume obligatory interactions, but here we explore optional interactions. In any one round a game between two players is offered. A cooperator accepts a game unless the reputation of the other player indicates a defector. For a game to take place, both players must accept. In a game between a cooperator and a defector, the reputation of the defector is revealed to all players with probability Q. After a sufficiently large number of rounds the identity of all defectors is known and cooperators are no longer exploited. The crucial condition for evolution of cooperation can be written as hQB>1, where h is the average number of rounds per person and B=(b/c)-1 specifies the benefit-to-cost ratio. We analyze both stochastic and deterministic evolutionary game dynamics. We study two extensions that deal with uncertainty: hesitation and malicious gossip. Copyright © 2014 Elsevier Ltd. All rights reserved.

  14. 76 FR 78706 - Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-12-19

    ... considering the order's marketability (defined as a number of ticks away from the current market), size... that are not Market-Makers or specialists on an options exchange, and/or Market-Makers or specialists... within a number of ticks away from the current market (calculated based on the derived net price of the...

  15. 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

  16. Deflation; Determinants, Risks, and Policy Options

    OpenAIRE

    Taimur Baig; Jörg Decressin; Tarhan Feyzioglu; Manmohan S. Kumar; Chris Faulkner-MacDonagh

    2003-01-01

    Deflation can be costly and difficult to anticipate, and concerns of a generalized decline in prices in both industrial and emerging market economies have increased recently. This paper investigates the causes and consequences of deflation, the risk of deflation globally and in individual countries, and policy options. The authors discuss issues related to the measurement, determinants, and costs of deflation and examine previous episodes of deflation. They compute an index of deflation vulne...

  17. Coarse Thinking and Pricing a Financial Option

    OpenAIRE

    Siddiqi, Hammad

    2009-01-01

    Mullainathan et al [Quarterly Journal of Economics, May 2008] present a formalization of the concept of coarse thinking in the context of a model of persuasion. The essential idea behind coarse thinking is that people put situations into categories and the values assigned to attributes in a given situation are affected by the values of corresponding attributes in other co-categorized situations. We derive a new option pricing formula based on the assumption that the market consists of coars...

  18. Consumer Acceptance of Eco-Labeled Fish: A Mexican Case Study

    Directory of Open Access Journals (Sweden)

    Mónica Pérez-Ramírez

    2015-04-01

    Full Text Available Fish eco-labeling is a market-based incentive program for sustainable fisheries. This paper examines consumers’ acceptance of eco-labeled fish by using data from a pilot study conducted in a coastal area of northwestern Mexico. An ordered probit model was applied, using 364 observations. The results show that most respondents favor the idea of eco-labeled fish as a sustainable option and know that this is a costlier option. Income level, consumers’ occupation and frequency of fish consumption are factors taken into account in the buying decision. Price was not a statistically significant factor affecting purchase decision. The study suggests that employed consumers with knowledge of labels may prioritize their demand for eco-labeled fish. Thus, providing a clear definition of sustainability that increases consumer awareness might be a promising strategy in developing the market for eco-labeled fish. The results and their implications could be employed as an element for future development of consumer policies related to fish sustainability.

  19. Fundamentals for a voluntary CO{sub 2} agreement and commitments in the building area - Analysis of the market, interests and acceptance; Grundlagen fuer freiwillige CO{sub 2} - Vereinbarungen und Verpflichtungen im Gebaeudebereich

    Energy Technology Data Exchange (ETDEWEB)

    Ott, W.; Kaufmann, Y.; Arend, M.

    2002-07-01

    This final report for the Swiss Federal Office of Energy (SFOE) presents the results of a study made to provide answers to questions concerning the fundaments necessary for establishing an agreement on the reduction of carbon dioxide emissions in the building area. Various market segments and interest-groups were examined and their readiness to enter into voluntary agreements on the reduction of CO{sub 2} emissions assessed. Also, possible long-term changes in energy consumption and CO{sub 2} emissions were examined and the availability of data for 1990 and 2000 looked at. The results of the market analysis are presented and the refurbishment potential during the period 2000 - 2010 is assessed. Possible problems involving investment cost allocation are discussed. The report goes on to describe models for the definition of agreements in the building area and examines current hurdles that stand in the way of such agreements. Details of the mechanisms involved such as steering levies, refunds etc. are discussed and the opinions of a selection of real-estate owners and management companies on the topic are presented.

  20. [Community marketing of contraceptives].

    Science.gov (United States)

    Urrutia, J M

    1987-09-01

    The 5-year-old community contraceptive distribution program developed by PROFAMILIA, Colombia's private family planning organization, has given excellent results, but several cost-effectiveness comparisons with social marketing programs have suggested that commercial distribution programs are superior. The community contraceptive distribution program has a high content of information and education activities, which produced significant increases in knowledge and use of contraception in the communities covered. It has been a fundamental support for the social marketing program, creating much of the demand for contraceptive products that the social marketing program has filled. The social marketing program has given good results in terms of volume of sales and in cost-effectiveness since 1976, prompting calls for replacement of the community contraceptive distribution program by the social marketing program in those sectors where knowledge and use of contraception have achieved acceptable levels. An experiment in the Department of Santander in 1984 and 1985 gave very favorable results, suggesting that community contraceptive distribution programs should be replaced by social marketing programs in all more developed markets. But economic problems in 1985 and the decision of manufacturers to decrease the profit margin for PROFAMILIA jeopardized the social marketing program. The community distribution program covered about 20% of the market. Reduced profits in the social marketing program threatened its continued expansion, at the same time that potential demand was growing because of increases in the fertile aged population and increased use of contraception. To meet the need, PROFAMILIA combined the community contraceptive distribution and social marketing programs into a new entity to be called community marketing. The strategy of the community marketing program will be to maintain PROFAMILIA's participation in the market and aid the growth of demand for

  1. Perceived Influences on Farmers' Market Use among Urban, WIC-enrolled Women.

    Science.gov (United States)

    Di Noia, Jennifer; Monica, Dorothy; Cullen, Karen Weber; Thompson, Debbe

    2017-09-01

    We identified perceived barriers and facilitators to purchasing fruits and vegetables (FV) at farmers' markets, FV shopping practices, and reactions to a planned online lesson to promote farmers' market use among urban, inner-city WIC-enrolled women. Thirteen focus groups were conducted with 3-5 participants each (N = 54). Common barriers were structural (transportation issues) and informational (not knowing the locations of markets). Improving access (by increasing the number of area markets, expanding market hours and locations, and increasing transportation options to markets) and raising awareness of the importance of eating healthfully were common facilitators. Information was sought on the locations of farmers who accept FV vouchers provided by WIC, FV sold at farmers' markets, reasons to eat locally grown FV, and FV food safety and preparation skills. Questions were raised about the accessibility of an online lesson; providing information via inperson seminars and handouts also was recommended. Although purchasing FV at supermarkets and corner stores and bodegas was common, concerns were expressed about the freshness, cost, quality, and variety of produce sold at these venues. Findings aid understanding of factors to consider in designing interventions to promote farmers' market use in this population.

  2. 77 FR 42539 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

    Science.gov (United States)

    2012-07-19

    ... which broker-dealers do not have. Further, Market-Makers/DPMs/e-DPMs pay a $0.65 per contract Marketing... executions by broker-dealers in non- Penny Pilot equity options and index, ETF, ETN and HOLDRs options... (``AIM'') when the professional, voluntary professional or broker- dealer is on the Agency/Primary side...

  3. 76 FR 72488 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

    Science.gov (United States)

    2011-11-23

    ... Stock Market LLC for the NASDAQ Options Market (``NOM''), and NASDAQ OMX PHLX, Inc. (``PHLX'').\\8\\ \\6... investment and risk management strategies and decisions. The Exchange further believes this proposed rule change will provide investors with additional Weekly option classes for investment, trading and risk...

  4. The emerging petrocoke market

    International Nuclear Information System (INIS)

    Dymond, R.

    1999-01-01

    This article focuses on the growing acceptance of petroleum coke as a fuel, and examines the marketing of the coke, world and US production of petroleum coke, its properties and quality, and its contamination by sulphur and trace metals. Details are given of the use of the coke as a carbon source and also as a solid fuel, export markets, and current market trends . Tables illustrating the world production of petrocoke by region, typical end-uses, and planned/announced capacity additions are provided as well as charts indicating the world profile for petroleum coke

  5. 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 ...

  6. 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 ...

  7. 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 ...

  8. 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 ...

  9. 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 ...

  10. 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 ...

  11. 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 ...

  12. 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 ...

  13. 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 ...

  14. 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 ...

  15. 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 ...

  16. 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 ...

  17. 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 ...

  18. Proposal of marketing comunication for selected product

    OpenAIRE

    Dovičin, Martin

    2015-01-01

    This bachelor thesis is dedicated to analysis of marketing communication for se- lected product on the Internet and afterwards propose appropriate marketing communication strategy on the Internet. The thesis also describes the available options of marketing communication on the internet and defines the differences in consumer behaviour related to the online environment.

  19. Etika Marketing Syariah

    Directory of Open Access Journals (Sweden)

    Luqman Nurhisam

    2017-12-01

    Full Text Available Marketing activities (marketing which is the activity of distributing goods and services ranging from producers to the hands of consumers. In this case there are some fundamental questions that encompass marketing activities (marketing; ranging from what is marketed, who is marketing, to how goods and services are marketed through the activities of marketing functions such as purchase, sales, transportation, and so forth. The problem that arises then is, most of the producers/the company with the marketers (marketers who do not consider the moral and ethical aspects of marketing the products they offer, the most important for them is how to make the products they offer acceptable and successful and control the market share. Especially if the marketer is pressed by the target company that must be achieved and the bonus will be obtained, then to achieve the target, not infrequently a marketer doing various ways, to the point of crashing the signs and ethics that have been established in religion. This study aims to analyze how the ethical aspect in the concept and practice in marketing (marketing sharia by the company / producer of goods and services. The research method used in this research is descriptive qualitative analysis, using linguistic or language approach that is describe the concept and structure of marketing language as it is. From this study it can be concluded that the majority of scholars allow the concepts and practices in sharia marketing, seen from the process of creation, the process of bidding, as well as the process of change of value (value in sharia marketing there should be no things that conflict with the principles that exist in sharia. As long as it can be guaranteed, and deviation of principles in sharia does not occur in any transaction inside marketing, it can be allowed in syarak. As well as in the ethical aspect has also fulfilled the spiritual elements that are spiritual based, the divinity is sourced from the

  20. Acceptance procedures: Microfilm printer

    Science.gov (United States)

    Lockwood, H. E.

    1973-01-01

    Acceptance tests were made for a special order automatic additive color microfilm printer. Tests include film capacity, film transport, resolution, illumination uniformity, exposure range checks, and color cuing considerations.

  1. On risks and acceptability

    International Nuclear Information System (INIS)

    Watson, S.R.

    1981-01-01

    A very attractive notion is that it should be possible not only to determine how much risk is associated with any particular activity, but also to determine if that risk is acceptable. Stated boldly this seems an entirely unobjectionable and indeed a very acceptable notion. There is, however, underlying this idea, a mistaken view of risk which we might refer to as the ''phlogiston'' theory of risk. In this paper, presented at the SRP meeting on Ethical and Legal Aspects of Radiological Protection, the phlogiston theory of risk is described; secondly, it will be argued that it is too simple a theory to be realistic or useful; and thirdly, the management of risk will be placed in a wider decision framework. Acceptability, it will be argued is highly dependent on context, and it is not possible, therefore, to lay down generally applicable notions of acceptability. (author)

  2. Acceptable noise level

    DEFF Research Database (Denmark)

    Olsen, Steen Østergaard; Nielsen, Lars Holme; Lantz, Johannes

    2012-01-01

    The acceptable noise level (ANL) is used to quantify the amount of background noise that subjects can accept while listening to speech, and is suggested for prediction of individual hearing-aid use. The aim of this study was to assess the repeatability of the ANL measured in normal-hearing subjects...... using running Danish and non-semantic speech materials as stimuli and modulated speech-spectrum and multi-talker babble noises as competing stimuli....

  3. Operations Acceptance Management

    OpenAIRE

    Suchá, Ivana

    2010-01-01

    This paper examines the process of Operations Acceptance Management, whose main task is to control Operations Acceptance Tests (OAT). In the first part the author focuses on the theoretical ground for the problem in the context of ITSM best practices framework ITIL. Benefits, process pitfalls and possibilities for automation are discussed in this part. The second part contains a case study of DHL IT Services (Prague), where a solution optimizing the overall workflow was implemented using simp...

  4. Acceptable noise level

    DEFF Research Database (Denmark)

    Olsen, Steen Østergaard; Nielsen, Lars Holme; Lantz, Johannes

    2012-01-01

    The acceptable noise level (ANL) is used to quantify the amount of background noise that subjects can accept while listening to speech, and is suggested for prediction of individual hearing-aid use. The aim of this study was to assess the repeatability of the ANL measured in normal-hearing subjec...... using running Danish and non-semantic speech materials as stimuli and modulated speech-spectrum and multi-talker babble noises as competing stimuli....

  5. THE ENVIRONMENTAL TECHNOLOGIES ACCEPTANCE (ETA) PROGRAM

    International Nuclear Information System (INIS)

    Behr-Andres, Christina B.

    2001-01-01

    The Environmental Technologies Acceptance (ETA) Program at the Energy and Environmental Research Center (EERC) is intended to advance the development, commercial acceptance, and timely deployment of selected private sector technologies for the cleanup of sites in the nuclear defense complex as well as the greater market. As shown in Table 1, this cooperative agreement funded by the National Energy Technology Laboratory (NETL) consists of three tasks: Technology Selection, Technology Development, and Technology Verification. As currently conceived, the ETA will address the needs of as many technologies as appropriate under its current 3-year term. This report covers activities during the first 6 months of the 3-year ETA program

  6. Market Makers' Supply and Pricing of Financial Market Liquidity

    OpenAIRE

    Shen, Pu; Starr, Ross M.

    2000-01-01

    This study models the bid-ask spread in financial markets as a function of asset price variability and order flow. The market-maker is characterized as passively accepting orders to buy and to sell a security at the market's prevailing price (plus or minus half the bid-ask spread). The bid-ask spread adjusts to cover market-makers' average costs. The bid-ask spread then varies positively with: the security's price volatility, the volatility of order flow, and the absolute value of the market-...

  7. Delta-gamma-theta Hedging of Crude Oil Asian Options

    Directory of Open Access Journals (Sweden)

    Juraj Hruška

    2015-01-01

    Full Text Available Since Black-Scholes formula was derived, many methods have been suggested for vanilla as well as exotic options pricing. More of investing and hedging strategies have been developed based on these pricing models. Goal of this paper is to derive delta-gamma-theta hedging strategy for Asian options and compere its efficiency with gamma-delta-theta hedging combined with predictive model. Fixed strike Asian options are type of exotic options, whose special feature is that payoff is calculated from the difference of average market price and strike price for call options and vice versa for the put options. Methods of stochastic analysis are used to determine deltas, gammas and thetas of Asian options. Asian options are cheaper than vanilla options and therefore they are more suitable for precise portfolio creation. On the other hand their deltas are also smaller as well as profits. That means that they are also less risky and more suitable for hedging. Results, conducted on chosen commodity, confirm better feasibility of Asian options compering with vanilla options in sense of gamma hedging.

  8. Design for Global Markets

    DEFF Research Database (Denmark)

    Boztepe, Suzan

    2009-01-01

    In a global economy, no company can safely assume that their products will be accepted in foreign markets. One key issue is to understand and meet the latent needs of culturally diverse target markets. This book examines from a user perspective the issue of developing new products for global...... markets. Given that main goal of any design is to create value for users, Boztepe argues that the concept of user value could be a driving force in design decision-making regarding product development for global markets. Through interviews with women about their kitchen practices and observations...... framework to assists marketers, product designers and managers to deal with the complex issue of designing and tailoring products for local needs....

  9. 78 FR 10671 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of...

    Science.gov (United States)

    2013-02-14

    ... customer bases of potential product users and they have indicated a preference that premium pricing for... market participants clarity as to the minimum pricing increments for mini-options, the filing would harmonize penny pricing between mini-options and standard options on the same security. \\3\\ See Securities...

  10. 75 FR 29597 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving...

    Science.gov (United States)

    2010-05-26

    ..., as Modified by Amendment No. 1 Thereto, To List and Trade CBOE Gold ETF Volatility Index Options May... proposed rule change to list and trade options on the CBOE Gold ETF Volatility Index (``GVZ''). On March 22... methodology applied to options on the SPDR Gold Trust (``GLD''). GVZ is an up-to-the-minute market estimate of...

  11. Age Differences in Consumer Decision Making under Option Framing: From the Motivation Perspective

    Directory of Open Access Journals (Sweden)

    Huamao Peng

    2016-11-01

    Full Text Available Option framing effect is the phenomena that participants often accept more options when they are asked to delete undesired options from a full model (subtractive framing than they do when they are instructed to add desired options to a base model (additive framing. Whether the same effect exists in different age groups is less well known. To explore the roles of age and purchase motivations on the option framing effect for automobiles purchases, this study adopted a 3(age group: younger, middle-aged, vs. older ×2(option framing: additive vs. subtractive ×2(focus condition: information vs. emotion mixed design. To manipulate purchase motivations, participants in the three age groups were instructed to focus on the ratio of utility and price of options (information-focus or the extent of pleasure induced by the options (emotion-focus when they made purchase decisions in two framing conditions. The results revealed similar option framing effect across all age groups in the information-focus condition regarding the total price paid for accepted options. In contrast, the framing effect was not found in the emotion-focus condition. In addition, older adults accepted more options and an overall higher price than younger and middle-aged adults in both focus conditions. This difference was more obvious in the emotion-focus condition than in the information-focus condition. Moreover, both the number of accepted options and the total accepted price of the younger group in the information-focus condition were higher than those in the emotion-focus condition, whereas the older and middle-aged groups accepted same number of options and price between two focus conditions. These results imply that purchase motivation is a moderator of the option framing effect and age characteristics linked with motivations must be considered in sales.

  12. Age Differences in Consumer Decision Making under Option Framing: From the Motivation Perspective.

    Science.gov (United States)

    Peng, Huamao; Xia, Shiyong; Ruan, Fanglin; Pu, Bingyan

    2016-01-01

    Option framing effect is the phenomena that participants often accept more options when they are asked to delete undesired options from a full model (subtractive framing) than they do when they are instructed to add desired options to a base model (additive framing). Whether the same effect exists in different age groups is less well known. To explore the roles of age and purchase motivations on the option framing effect for automobiles purchases, this study adopted a 3 (age group: younger, middle-aged, vs. older) × 2 (option framing: additive vs. subtractive) × 2 (focus condition: information vs. emotion) mixed design. To manipulate purchase motivations, participants in the three age groups were instructed to focus on the ratio of utility and price of options (information-focus) or the extent of pleasure induced by the options (emotion-focus) when they made purchase decisions in two framing conditions. The results revealed similar option framing effect across all age groups in the information-focus condition regarding the total price paid for accepted options. In contrast, the framing effect was not found in the emotion-focus condition. In addition, older adults accepted more options and an overall higher price than younger and middle-aged adults in both focus conditions. This difference was more obvious in the emotion-focus condition than in the information-focus condition. Moreover, both the number of accepted options and the total accepted price of the younger group in the information-focus condition were higher than those in the emotion-focus condition, whereas the older and middle-aged groups accepted same number of options and price between two focus conditions. These results imply that purchase motivation is a moderator of the option framing effect and age characteristics linked with motivations must be considered in sales.

  13. DOE to accept bids for Elk Hills crude

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This paper reports that the Department of Energy will accept bids in a reoffering sale covering 53,400 b/d of Elk Hills field oil but later may exercise an option to cut sales volumes and ship 20,000 b/d to Strategic Petroleum Reserve sites in Texas. DOE rejected all 19 bids submitted in an earlier semiannual sale of crude oil from the California naval petroleum reserve, saying they were too low. DOE the, The unique combination of federal and state government policies affecting the movement of oil into and out of the California market has contributed to a situation in which it apparently is very difficult for the government to receive a price for Elk Hills oil that satisfies the minimum price tests that govern the sale of Elk Hills oil. The 12 winning bids in the reoffering sale averaged $13.58/bbl, with bids for the higher quality Stevens zone crude averaging $13.92/bbl, about 67 cents/bbl higher than bids rejected last month. DOE the 20,000 b/d is all local pipelines can ship to the interstate All-American pipeline for transfer to Texas beginning in June

  14. The PV market

    International Nuclear Information System (INIS)

    Hammond, B.

    1992-01-01

    This paper forecasts the photovoltaic (PV) market growth for the 1990s. Ten years of PV history are reviewed and used to establish market trends in terms of average selling price (ASP) and kilowatts shipped by market segment. The market is segmented into indoor consumer, stand-alone, and grid-connected applications. Indoor consumer presently represents a saturated market and is fairly predictable. The stand-alone market (i.e. not connected to the utility grid) is fairly stable and predictable. The utility PV market however is highly dependent on a number of market factors such as the cost of conventional energy the cost of PV systems utility acceptance of PV and regulatory controls. Government and institutional regulations, environmental issues, and OPEC and Middle East politics will have the greatest impact on the cost of conventional fuels. Private and federal investment in PV technology development could have a significant impact on the cost of PV systems. Forecasts are provided through the year 2000 for indoor consumer stand-alone and utility markets

  15. 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...

  16. Novel preventive treatment options

    DEFF Research Database (Denmark)

    Longbottom, C; Ekstrand, K; Zero, D

    2009-01-01

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

  17. 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

  18. Thermal test options

    International Nuclear Information System (INIS)

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

    1993-02-01

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

  19. Lighting Options for Homes.

    Energy Technology Data Exchange (ETDEWEB)

    Baker, W.S.

    1991-04-01

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

  20. Brazilian soybean cultivars: tofu-making characteristics and acceptance by consuming marketCultivares brasileiras de soja: características para a produção de tofu e aceitação pelo mercado consumidor

    Directory of Open Access Journals (Sweden)

    Sandra Helena Prudencio

    2011-12-01

    Full Text Available In this investigation, eight Brazilian soybean cultivars were evaluated with respect to their tofu-making potential and final products underwent sensory acceptance. Grains from each cultivar showed differences related to size, seedcoat content and water absorption capacity. All cultivars displayed similar tofu yield, but resultant products presented distinct hardness. Mean values obtained on attribute acceptance testing showed tofu were different in terms of flavor and texture but not in global evaluation. Internal Preference Mapping indicated consumer segmentation in three different groups. This information could guide tofu manufacturers in raw material selection, in order to define one or more soybean cultivars that better satisfy the expectations of the consumers.Neste trabalho, oito cultivares de soja brasileira foram avaliadas quanto ao seu potencial para produção de tofu e os produtos finais do processamento foram submetidos à aceitação sensorial. Os grãos das cultivares apresentaram diferenças em termos de tamanho (11-22 g/100 grãos, conteúdo de cascas (6,3-8,3 g casca/100 g grãos e capacidade de absorção de água (121-140 g água/100 g grãos. Todas as cultivares foram semelhantes no rendimento em tofu (média de 271 g tofu/100g grãos, mas os produtos resultantes apresentaram dureza distinta (2,3-3,8 N. As médias obtidas no teste de aceitação de atributos evidenciaram diferenças entre os tofus, em termos de sabor (notas entre 5,3 e 6,2 e textura (notas entre 5,6 e 6,4, mas não na aceitação global (média de 5,8. O Mapa de Preferência Interno mostrou uma segmentação dos consumidores em três grupos distintos. Esta informação pode nortear uma empresa fabricante de tofu na escolha da matéria-prima, definindo uma ou mais cultivares de soja que melhor atendam às expectativas dos consumidores.

  1. Pawnee Nation Energy Option Analyses

    Energy Technology Data Exchange (ETDEWEB)

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

    2009-07-21

    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. Financial incentives for project development are generally structured to provide tribes with access to conventional financing mechanisms. Grant funding for project construction is currently difficult to obtain. Substantial new opportunities for bio-fuel development may exist in the next few years with passage of the 2007 Farm Bill, and through opportunities made available through Oklahoma’s new Bio-energy Center. A review of potential alternatives to Pawnee Nation’s current electricity supply scenario revealed that a range of options could be viable. These include the following scenarios: business as usual, alternative supply, negotiate lower rates with City of Pawnee, focus on reducing energy usage, develop electric utility organization. Under any circumstances, Pawnee Nation should purse strategies to reduce energy usage, as this is the simplest means of reducing electric costs and environmental impacts. The research team also recommends that Pawnee Nation initiate some focused discussions with the City of Pawnee, with GRDA, and with IEC to discuss its wholesale supply purchase options. These discussions will better inform the Pawnee Energy Team of the specific pros and cons of its wholesale power supply options, and will assist the Team’s broader decision-making on utility-related issues. The ultimate path chosen by Pawnee Nation will depend on further consideration of priorities and potential barriers by Pawnee

  2. 76 FR 62484 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-10-07

    ... Proposed Rule Change To Modify NASDAQ Options Market Rules Chapter VII, Section 6, Market Maker Quotations... NASDAQ Options Market (``NOM'') to amend Chapter VII, Section 6, Market Maker Quotations, to permit wider..., also known as quotation spread parameters, establish the maximum permissible width between a Market...

  3. Hospital usage of marketing research over a ten year period.

    Science.gov (United States)

    Sanchez, P M

    1995-01-01

    The acceptance and use of marketing techniques and concepts in the health care area is a phenomenon well known to most marketers. Prior to 1979, marketing in the health care field was relatively unknown. Since that time, however, the growth of health care marketing has not been accompanied by commensurate growth in marketing research efforts.

  4. 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…

  5. Heterogeneity and option pricing

    NARCIS (Netherlands)

    Benninga, Simon; Mayshar, Joram

    2000-01-01

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

  6. Option Pricing and Momentum

    NARCIS (Netherlands)

    Rodriguez, J.C.

    2007-01-01

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

  7. Idaho's Energy Options

    Energy Technology Data Exchange (ETDEWEB)

    Robert M. Neilson

    2006-03-01

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

  8. 1991 Acceptance priority ranking

    International Nuclear Information System (INIS)

    1991-12-01

    The Standard Contract for Disposal of Spent Nuclear Fuel and/or High- Level Radioactive Waste (10 CFR Part 961) that the Department of Energy (DOE) has executed with the owners and generators of civilian spent nuclear fuel requires annual publication of the Acceptance Priority Ranking (APR). The 1991 APR details the order in which DOE will allocate Federal waste acceptance capacity. As required by the Standard Contract, the ranking is based on the age of permanently discharged spent nuclear fuel (SNF), with the owners of the oldest SNF, on an industry-wide basis, given the highest priority. the 1991 APR will be the basis for the annual allocation of waste acceptance capacity to the Purchasers in the 1991 Annual Capacity Report (ACR), to be issued later this year. This document is based on SNF discharges as of December 31, 1990, and reflects Purchaser comments and corrections, as appropriate, to the draft APR issued on May 15, 1991

  9. Natural gas marketing and transportation

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    This book covers: Overview of the natural gas industry; Federal regulation of marketing and transportation; State regulation of transportation; Fundamentals of gas marketing contracts; Gas marketing options and strategies; End user agreements; Transportation on interstate pipelines; Administration of natural gas contracts; Structuring transactions with the nonconventional source fuels credit; Take-or-pay wars- a cautionary analysis for the future; Antitrust pitfalls in the natural gas industry; Producer imbalances; Natural gas futures for the complete novice; State non-utility regulation of production, transportation and marketing; Natural gas processing agreements and Disproportionate sales, gas balancing, and accounting to royalty owners

  10. Market, Regulation, Market, Regulation

    DEFF Research Database (Denmark)

    Frankel, Christian; Galland, Jean-Pierre

    2015-01-01

    barriers to trade in Europe, realized the free movement of products by organizing progressively several orders of markets and regulation. Based on historical and institutional documents, on technical publications, and on interviews, this article relates how the European Commission and the Member States had......This paper focuses on the European Regulatory system which was settled both for opening the Single Market for products and ensuring the consumers' safety. It claims that the New Approach and Standardization, and the Global Approach to conformity assessment, which suppressed the last technical...... alternatively recourse to markets and to regulations, at the three main levels of the New Approach Directives implementation. The article focuses also more specifically on the Medical Devices sector, not only because this New Approach sector has long been controversial in Europe, and has recently been concerned...

  11. Understanding Retailers’ Acceptance of Virtual Stores

    Directory of Open Access Journals (Sweden)

    Irene Y.L. Chen

    2010-09-01

    Full Text Available The acceptance of e-commerce among consumers has stimulated the rise of virtual stores. Increasing traditional retailers or people who do not have sufficient capital for maintaining a brick-and-mortar store have considered using virtual stores to reach global market. In the e-commerce literature, there has been rich research evidence concerning consumers’ acceptance of virtual stores. However, rigorous academic research on retailers’ acceptance of virtual stores is relatively scarce today. This study draws upon the theory of planned behavior and information richness theory to propose an integrated theoretical model. A field survey is used to collect data from e-tailers. The data are analyzed to examine the six relationships posited in the research model. Findings of this study provide a further research avenue for e-commerce, and implications for those who are managing or considering using virtual stores.

  12. Issues affecting the acceptance of hydrogen fuel

    International Nuclear Information System (INIS)

    Schulte, I.; Hart, D.; Vorst, R. van der

    2004-01-01

    While the topic of hydrogen as an alternative vehicle fuel is gaining increasing attention internationally, one significant aspect of its introduction has been given less attention than others: the public acceptance of such a new technology and fuel. After reviewing the existing literature on acceptance, risk perception and customer satisfaction, this paper describes the development of a model that illustrates important aspects in influencing a person's attitude towards a new product. 'Values', 'wants' and 'perception' are the three components found to influence acceptance, they themselves are affected by 'social background' and 'experience'. Suggestions are then given on how to use marketing methods, education projects and product exposure in order to maximise the likelihood of a successful introduction of hydrogen as an alternative fuel. (author)

  13. Mathematics, Pricing, Market Risk Management and Trading Strategies for Financial Derivatives (2/3)

    CERN Multimedia

    CERN. Geneva; Coffey, Brian

    2009-01-01

    Market Trading and Risk Management of Vanilla FX Options - Measures of Market Risk - Implied Volatility - FX Risk Reversals, FX Strangles - Valuation and Risk Calculations - Risk Management - Market Trading Strategies

  14. An Empirical Test of Efficiency of Exchange-Traded Currency Options in India

    OpenAIRE

    Aparna Bhat; Kirti Arekar

    2015-01-01

    The objective of this paper is to examine efficiency of the exchange-traded currency options market in India. Put-call-futures parity for the USD-INR currency options is studied by analyzing daily closing prices of options and futures for thirty two months on the National Stock Exchange. The study reveals frequent violations of the put-call-futures parity creating significant arbitrage opportunities. The pattern of mispricing varies when examined for time to maturity, option moneyness, liquid...

  15. Carbon dioxide removal and tradeable put options at scale

    Science.gov (United States)

    Lockley, Andrew; Coffman, D.’Maris

    2018-05-01

    Options are derivative contracts that give the purchaser the right to buy (call options) or sell (put options) a given underlying asset at a particular price at a future date. The purchaser of a put option may exercise the right to sell the asset to the issuer at any point in the future before the expiration of the contract. These rights may be contracted directly between two parties (i.e. over-the-counter), or may be sold publicly on formal exchanges, such as the Chicago Board Options Exchange. If the latter, they are called tradeable put options (TPOs) because they can be bought and sold by third-parties via a secondary market. The World Bank has a Pilot Auction Facility for methane and carbon mediation which uses TPOs in carbon-relevant markets, giving producers (of e.g. forest restoration) a floor price for their product [1]. This enables long-term producer planning. We discuss the potentially broader use of these options contracts in carbon dioxide removal (CDR) markets generally and at scale. We conclude that they can, if priced correctly, encourage rapid investment both in CDR technology and in operational capacity. TPOs could do this without creating the same type of systemic risk associated with other instruments (e.g. long-dated futures). Nevertheless, the widespread use of such instruments potentially creates novel risks. These include the political risk of premature closure [2] (conventionally rendered as ‘counting your chickens before they are hatched’) and the economic risk of overpaying for carbon removal services. These instruments require careful structuring, and do not inoculate the CDR market against regulatory disruption, or political pressure. Accordingly, we note the potential for the development of TPO markets in CDR, but we urge caution in respect of identified risks.

  16. Displacement compressors - acceptance tests

    CERN Document Server

    International Organization for Standardization. Geneva

    1996-01-01

    ISO 1217:2009 specifies methods for acceptance tests regarding volume rate of flow and power requirements of displacement compressors. It also specifies methods for testing liquid-ring type compressors and the operating and testing conditions which apply when a full performance test is specified.

  17. From motivation to acceptability

    DEFF Research Database (Denmark)

    Nordfalk, Francisca; Olejaz, Maria; Jensen, Anja M. B.

    2016-01-01

    Background: Over the past three decades, public attitudes to organ donation have been a subject of numerous studies focusing on donor motivation. Here, we present a fresh approach. We suggest focusing on public acceptability instead of motivation. The point is to understand public attitudes well...

  18. Approaches to acceptable risk

    International Nuclear Information System (INIS)

    Whipple, C.

    1997-01-01

    Several alternative approaches to address the question open-quotes How safe is safe enough?close quotes are reviewed and an attempt is made to apply the reasoning behind these approaches to the issue of acceptability of radiation exposures received in space. The approaches to the issue of the acceptability of technological risk described here are primarily analytical, and are drawn from examples in the management of environmental health risks. These include risk-based approaches, in which specific quantitative risk targets determine the acceptability of an activity, and cost-benefit and decision analysis, which generally focus on the estimation and evaluation of risks, benefits and costs, in a framework that balances these factors against each other. These analytical methods tend by their quantitative nature to emphasize the magnitude of risks, costs and alternatives, and to downplay other factors, especially those that are not easily expressed in quantitative terms, that affect acceptance or rejection of risk. Such other factors include the issues of risk perceptions and how and by whom risk decisions are made

  19. A Jump-Diffusion Model for Option Pricing

    OpenAIRE

    S. G. Kou

    2002-01-01

    Brownian motion and normal distribution have been widely used in the Black--Scholes option-pricing framework to model the return of assets. However, two puzzles emerge from many empirical investigations: the leptokurtic feature that the return distribution of assets may have a higher peak and two (asymmetric) heavier tails than those of the normal distribution, and an empirical phenomenon called "volatility smile" in option markets. To incorporate both of them and to strike a balance between ...

  20. Prospect theory: An application to European option pricing

    OpenAIRE

    Martina Nardon; Paolo Pianca

    2012-01-01

    Empirical studies on quoted options highlight deviations from the theoretical model of Black and Scholes; this is due to different causes, such as assumptions regarding the price dynamics, markets frictions and investors' attitude toward risk. In this contribution, we focus on this latter issue and study how to value European options within the continuous cumulative prospect theory. According to prospect theory, individuals do not always take their decisions consistently with the maximization...

  1. Inbound marketing

    OpenAIRE

    Popek, Tomáš

    2011-01-01

    In my work I focus on Inbound Marketing, which represents a new perspective on marketing, that has not been given the attention it deserves. It is a combination of existing and proven marketing methods that are used to obtain new customers with minimal marketing costs to the organization. The first section of my work is devoted to defining the concept of Inbound Marketing definitions and explanations. Furthermore, I present a list of instruments used in Inbound Marketing, and showcase the def...

  2. 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.

  3. The pricing of European options on two underlying assets with delays

    Science.gov (United States)

    Lin, Lisha; Li, Yaqiong; Wu, Jing

    2018-04-01

    In the paper, the pricing of European options on two underlying assets with delays is discussed. By using the approach of equivalent martingale measure transformation, the market is proved to be complete. With exchange option as a particular example, we obtain the explicit pricing formula in a subinterval of option period. The robust Euler-Maruyama method is combined with the Monte Carlo simulation to compute exchange option prices within the whole option period. Numerical experiments indicate that there is an increasing possibility of the difference between the delayed and Black-Scholes option prices with the increase of delay.

  4. Conic financial markets and corporate finance

    NARCIS (Netherlands)

    Madan, D.B.; Schoutens, W.

    2010-01-01

    Markets passively accept a convex cone of cash flows that contains the the nonnegative cash flows. Different markets are defined by different cones and conditions are established to exclude the possibility of arbitrage between markets. Operationally these cones are defined by positive expectation

  5. Marketing and medicine: a questionable mix.

    Science.gov (United States)

    Moran, Michael E; Baum, Neil H

    2012-01-01

    Historically, medicine has been an evolving art and science. It never remains the same. Only in the past few decades has it been acceptable for doctors to market and promote their practices. This article will review the history of medical marketing and provide ethical examples of marketing that might be available to any physician, in any practice, and in any geographic location.

  6. Dynamics of Markets

    Science.gov (United States)

    McCauley, Joseph L.

    2009-09-01

    Preface; 1. Econophysics: why and what; 2. Neo-classical economic theory; 3. Probability and stochastic processes; 4. Introduction to financial economics; 5. Introduction to portfolio selection theory; 6. Scaling, pair correlations, and conditional densities; 7. Statistical ensembles: deducing dynamics from time series; 8. Martingale option pricing; 9. FX market globalization: evolution of the dollar to worldwide reserve currency; 10. Macroeconomics and econometrics: regression models vs. empirically based modeling; 11. Complexity; Index.

  7. ALMR market assessment

    International Nuclear Information System (INIS)

    MacGregor, P.R.; Yates, R.L.

    1992-09-01

    This report examines the potential market size for electrical generating capacity requirements from the year 2010 through the year 2030 in the United States. In particular, the report explores the ability of the Advanced Liquid Metal Reactor (ALMR) to be a viable generating capacity option in terms of competing economics during that period. In this study, the impact of cost sensitivities, including ALMR capital costs and fossil fuel prices, on the economic potential of the ALMR are analyzed as well

  8. Management options of varicoceles

    Directory of Open Access Journals (Sweden)

    Peter Chan

    2011-01-01

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

  9. Energy options?; Energie opties?

    Energy Technology Data Exchange (ETDEWEB)

    Van Sark, W. (ed.)

    2006-05-15

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

  10. Evaluating technology service options.

    Science.gov (United States)

    Blumberg, D F

    1997-05-01

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

  11. The Speculative Nature of Stock Market

    Directory of Open Access Journals (Sweden)

    Bogdan-Gabriel FILIPESCU

    2011-12-01

    Full Text Available This paper focuses on the speculative nature of the stock market in Romania, emphasizing the basic rules and risks associated with stock transactions. On the one hand, the speculative nature may be considered as a mandatory feature of the stock market, for the purposes of supporting a fair and efficient functioning stock system. On the other hand, the term "speculative" can be also interpreted in a negative direction, i.e. in combination with market manipulation or market abuse. Related to this latter interpretation, the study refers to European legislation on market abuse, accepted market practices and those that constitute market manipulation.

  12. 75 FR 33788 - Renewal of the Global Markets Advisory Committee

    Science.gov (United States)

    2010-06-15

    ... appropriate international standards for regulating futures and derivatives markets, as well as intermediaries... financially sound futures and options markets. Meetings of the Global Markets Advisory Committee are open to... COMMODITY FUTURES TRADING COMMISSION Renewal of the Global Markets Advisory Committee AGENCY...

  13. Towards more financing options for energy efficient buildings and houses

    International Nuclear Information System (INIS)

    Vethman, P.; Menkveld, M.

    2012-02-01

    This article offers an impression of the problems related to the limited financial options for energy efficient buildings and dwellings and possible solutions. It is based on a recent ECN study (RE-BIZZ) and several interviews about this topic with financers. There is a need for a more business appreciation of market parties such as financers for energy efficiency in buildings to increase financing options. The market needs the help of the government, which can help to remove barriers and hence make financing more appealing. [nl

  14. Optioner eller betingede aktier?

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Thorsell, Christopher

    2016-01-01

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

  15. 76 FR 7614 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

    Science.gov (United States)

    2011-02-10

    ... activated, an ``eligible market order'' means a stock-option order that is within designated size and order... ticks away from the current market), size, complex order type and complex order origin types (i.e., non... Auction. Generally, if a market order cannot be filled in whole or in a permissible ratio at the...

  16. 77 FR 76578 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of...

    Science.gov (United States)

    2012-12-28

    ... volatility level. Occasionally, certain market activity occurs that makes it difficult to effect these types... options and a combination strategy outside of the currently prevailing market quotes in the individual... settlement price.\\10\\ In essence, CME has a market for complex, multi-part order strategies that is entirely...

  17. Shungnak Energy Configuration Options.

    Energy Technology Data Exchange (ETDEWEB)

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

    2017-10-01

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

  18. The safeguards options study

    Energy Technology Data Exchange (ETDEWEB)

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

    1995-04-01

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

  19. The safeguards options study

    International Nuclear Information System (INIS)

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

    1995-04-01

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

  20. 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.

  1. Value oriented strategic marketing

    Directory of Open Access Journals (Sweden)

    Milisavljević Momčilo

    2013-01-01

    Full Text Available Changes in today's business environment require companies to orient to strategic marketing. The company accepting strategic marketing has a proactive approach and focus on continuous review and reappraisal of existing and seeking new strategic business areas. Difficulties in achieving target profit and growth require turning marketing from the dominant viewpoint of the tangible product to creating superior value and developing relationships with customers. Value orientation implies gaining competitive advantage through continuous research and understanding of what value represents to the consumers and discovering new ways to meet their required values. Strategic marketing investment requires that the investment in the creation of values should be regularly reviewed in order to ensure a focus on customers with high profit potential and environmental value. This increases customer satisfaction and retention and long-term return on investment of companies.

  2. Disposal options for disused radioactive sources

    International Nuclear Information System (INIS)

    2005-01-01

    This report presents a review of relevant information on the various technical factors and issues, as well as approaches and relevant technologies, leading to the identification of potential disposal options for disused radioactive sources. The report attempts to provide a logical 'road map' for the disposal of disused radioactive sources, taking into consideration the high degree of variability in the radiological properties of such types of radioactive waste. The use of borehole or shaft type repositories is highlighted as a potential disposal option, particularly for those countries that have limited resources and are looking for a simple, safe and cost effective solution for the disposal of their radioactive source inventories. It offers information about usage and characteristics of radioactive sources, disposal considerations, identification and screening of disposal options as well as waste packaging and acceptance criteria for disposal. The information provided in the report could be adapted or adopted to identify and develop specific disposal options suitable for the type and inventory of radioactive sources kept in storage in a given Member State

  3. Assessment of market potential of compressed air energy storage systems

    Science.gov (United States)

    Boyd, D. W.; Buckley, O. E.; Clark, C. E., Jr.

    1983-12-01

    This report describes an assessment of potential roles that EPRI might take to facilitate the commercial acceptance of compressed air energy storage (CAES) systems. The assessment is based on (1) detailed analyses of the market potential of utility storage technologies, (2) interviews with representatives of key participants in the CAES market, and (3) a decision analysis synthesizing much of the information about market and technology status. The results indicate a large potential market for CAES systems if the overall business environment for utilities improves. In addition, it appears that EPRI can have a valuable incremental impact in ensuring that utilities realize the potential of CAES by (1) continuing an aggressive information dissemination and technology transfer program, (2) working to ensure the success of the first United States CAES installation at Soyland Power Cooperative, (3) developing planning methods to allow utilities to evaluate CAES and other storage options more effectively and more realistically, and (4) supporting R and D to resolve residual uncertainties in first-generation CAES cost and performance characteristics. Previously announced in STAR as N83-25121

  4. Skewed Normal Distribution Of Return Assets In Call European Option Pricing

    Directory of Open Access Journals (Sweden)

    Evy Sulistianingsih

    2011-12-01

    Full Text Available Option is one of security derivates. In financial market, option is a contract that gives a right (notthe obligation for its owner to buy or sell a particular asset for a certain price at a certain time.Option can give a guarantee for a risk that can be faced in a market.This paper studies about theuse of Skewed Normal Distribution (SN in call europeanoption pricing. The SN provides aflexible framework that captures the skewness of log return. We obtain aclosed form solution forthe european call option pricing when log return follow the SN. Then, we will compare optionprices that is obtained by the SN and the Black-Scholes model with the option prices of market. Keywords: skewed normaldistribution, log return, options.

  5. Hedging tools and cross market applications

    International Nuclear Information System (INIS)

    Schlenker, C.

    1997-01-01

    The nature of the basic tools of the market - put, call, and swap - their various combinations and how they are used in various market transactions were explained. The role and effect of the use of these tools on prices, price fluctuations and risks were outlined. Predictions for the future for producers (reduced use of price optimization and its replacement by price diversification strategies, realignment of risk management tools to be in accord with the changed marketing techniques), and for end users (focus on managing short term fluctuations in input costs, short-term price fixing, more frequent utilization of traditional option strategies and spread options), were summarized. For the electricity market in particular, the prominence of gas-fired generation units as options on the spread between gas and electricity, providing opportunities for outperformance options was predicted

  6. European option pricing under the Student's t noise with jumps

    Science.gov (United States)

    Wang, Xiao-Tian; Li, Zhe; Zhuang, Le

    2017-03-01

    In this paper we present a new approach to price European options under the Student's t noise with jumps. Through the conditional delta hedging strategy and the minimal mean-square-error hedging, a closed-form solution of the European option value is obtained under the incomplete information case. In particular, we propose a Value-at-Risk-type procedure to estimate the volatility parameter σ such that the pricing error is in accord with the risk preferences of investors. In addition, the numerical results of us show that options are not priced in some cases in an incomplete information market.

  7. Payout phase in DC pension funds – policy option - Theoretical considerations and Albanian available options

    Directory of Open Access Journals (Sweden)

    Enkeleda Shehi

    2015-11-01

    Full Text Available The aim of this paper is to provide a brief overview of the third pillar of pensions in Albania and what are the different alternatives related to the payout. Referring to the actual development of this market in Albania, experience of the actors involved, I find it indispensable and necessary to provide some theoretical background and considerations, and then build up a simple model of projection of a pension scheme cost and a model for payout alternatives for the Albanian pension funds. A great deal of importance is shown towards posing the assumptions. Also, the paper gives an explanation about the differences among different payout options and suggests the best option for the existing pension funds in Albania. The best option represents my conclusion and recommendation for the actual third pillar of pensions and the others that might join latter. To sum up, the first conclusion of the paper is that the annuity option is the best alternative for the payout phase of the pensions. It has the advantage of providing the highest protection against the risk of longevity. The second conclusion is that based on other countries experiences, the annuity market have to be developed hand in hand with the pension system development. Therefore Albania should rely on and follow this experience.

  8. Waste acceptance and logistics

    International Nuclear Information System (INIS)

    Carlson, James H.

    1992-01-01

    There are three major components which are normally highlighted when the Civilian Radioactive Waste Management Program is discussed - the repository, the monitored retrievable storage facility, and the transportation system. These are clearly the major physical system elements and they receive the greatest external attention. However, there will not be a successful, operative waste management system without fully operational waste acceptance plans and logistics arrangements. This paper will discuss the importance of developing, on a parallel basis to the normally considered waste management system elements, the waste acceptance and logistics arrangements to enable the timely transfer of spent nuclear fuel from more than one hundred and twenty waste generators to the Federal government. The paper will also describe the specific activities the Program has underway to make the necessary arrangements. (author)

  9. Recent developments in European energy markets

    International Nuclear Information System (INIS)

    Schubert, E.

    1981-01-01

    The industrial development in Europe which has created a remarkable prosperity was originally based on the availability of indigenous energy. At a later stage Europe accepted the offer of low cost crude from the world market. Since a few years we have lost our influence to moderately adjust prises to the changing circumstances in the world market for primary energies since - the multinationally operating companies have lost their balancing power and - the direct dialogue between producing and consuming countries has so far not resulted in any success. The use of the flowery expression energy crisis pretends that we are suffering from a lack of available primary energy. But the actual situation is more to the contrary. At the privailing energy price level there is a manifold offer. Considerable efforts, however, are necessary to create the prerequisits for an utilization of the options among different primary energies. Infrastructures have to be changed requiring impulse on the part of the state. There is no reason to assume a limited availability of crude oil and petroleum products for the use in such sectors in which an early substitution would cause an excessive economic burden. Besides lignite only nuclear energy does offer for the time beeing a remarkable contribution for a reduction of the energy bill in Europe. Starting with the power plants of the first generation which are sufficiently tested and via the breeder technology nuclear power production will most probably approach the aime of the utilization of renewable energies at reasonable costs over the long term. (orig.) [de

  10. COMMUNICATING WITH TARGET MARKET ENVIRONMENT

    Directory of Open Access Journals (Sweden)

    Stanka Djurić

    2016-07-01

    Full Text Available The generally accepted definition that related to conceptual determination of market communication has not been performed. However, market communication can be defined as a set of activities and natural relationships that companies in various branches of authorities and business activities are established with other business organizations, and in order to establish a successful primary market communication, establishing a larger market share and the effective realization of the final goal, and certainly in market conditions that is profit. Activity which the company conducts are reduced to preparatory activities for the establishment of better relations with market operators, defining long-term strategies for successful business communication. The company has contact with their immediate environment, both internal and external. This, external environment emphasizing significantly because it consists of other economic organizations and entities, legal and regulatory bodies and consumers in order to take better starting position, preservation of the existing market share and also or extension thereof.

  11. Environment and public acceptance

    International Nuclear Information System (INIS)

    Gauvenet; Bresson; Braillard; Ertaud; Ladonchamps, de; Toureau

    1976-01-01

    The problems involved in the siting of nuclear power stations at a local level are of a political economic, social or ecological order. The acceptance of a nuclear station mostly depends on its interest for the local population. In order to avoid negative reactions, the men who are responsible must make the harmonious integration of the station within the existing economic and social context their first priority [fr

  12. Nuclear power and acceptation

    International Nuclear Information System (INIS)

    Speelman, J.E.

    1990-01-01

    In 1989 a workshop was held organized by the IAEA and the Argonne National Laboratory. The purpose was to investigate under which circumstances a large-scale extension of nuclear power can be accepted. Besides the important technical information, the care for the environment determined the atmosphere during the workshop. The opinion dominated that nuclear power can contribute in tackling the environment problems, but that the social and political climate this almost makes impossible. (author). 7 refs.; 1 fig.; 1 tab

  13. Acceptance of Swedish e-health services

    Directory of Open Access Journals (Sweden)

    Mary-Louise Jung

    2010-11-01

    Full Text Available Mary-Louise Jung1, Karla Loria11Division of Industrial Marketing, e-Commerce and Logistics, Lulea University of Technology, SwedenObjective: To investigate older people’s acceptance of e-health services, in order to identify determinants of, and barriers to, their intention to use e-health.Method: Based on one of the best-established models of technology acceptance, Technology Acceptance Model (TAM, in-depth exploratory interviews with twelve individuals over 45 years of age and of varying backgrounds are conducted.Results: This investigation could find support for the importance of usefulness and perceived ease of use of the e-health service offered as the main determinants of people’s intention to use the service. Additional factors critical to the acceptance of e-health are identified, such as the importance of the compatibility of the services with citizens’ needs and trust in the service provider. Most interviewees expressed positive attitudes towards using e-health and find these services useful, convenient, and easy to use.Conclusion: E-health services are perceived as a good complement to traditional health care service delivery, even among older people. These people, however, need to become aware of the e-health alternatives that are offered to them and the benefits they provide.Keywords: health services, elderly, technology, Internet, TAM, patient acceptance, health-seeking behavior

  14. European consumers' acceptance of beef processing technologies

    DEFF Research Database (Denmark)

    de Barcellos, Marcia Dutra; Kügler, Jens Oliver; Grunert, Klaus G.

    2010-01-01

    The use of new technologies in beef production chains may affect consumers' opinion of meat products. A qualitative study was performed to investigate consumers' acceptance of seven beef processing technologies: marinating by injection aiming for increased 1) healthiness; 2) safety; and 3) eating...... adults (19-60 years old) participated in eight focus groups in Spain, France, Germany and the UK. Results suggested a relationship between acceptance of new beef products, technology familiarity and perceived risks related to its application. Excessive manipulation and fear of moving away from 'natural......' beef were considered negative outcomes of technological innovations. Beef processing technologies were predominantly perceived as valuable options for convenience shoppers and less demanding consumers. Overall, respondents supported the development of 'non-invasive' technologies that were able...

  15. Option Agreement and the Promise to Contract as Established in the New Romanian Civil Code

    OpenAIRE

    Ilie,Urs

    2013-01-01

    In the Romanian private law, the option agreement is not a unilateral promise to sell, neither a variety of the unilateral promise to sell, but a contract with an option right. The option agreement is a contract with an option right, under which one of the parties shall undertake to stick to its offer to enter into a given contract, as he has already consented to that, whereas the other party, the beneficiary, shall be entitled to accept or refuse the offer; the use of the acceptance right is...

  16. 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.

  17. 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.

  18. Real option valuation of power transmission investments by stochastic simulation

    International Nuclear Information System (INIS)

    Pringles, Rolando; Olsina, Fernando; Garcés, Francisco

    2015-01-01

    Network expansions in power markets usually lead to investment decisions subject to substantial irreversibility and uncertainty. Hence, investors need valuing the flexibility to change decisions as uncertainty unfolds progressively. Real option analysis is an advanced valuation technique that enables planners to take advantage of market opportunities while preventing or mitigating losses if future conditions evolve unfavorably. In the past, many approaches for valuing real options have been developed. However, applying these methods to value transmission projects is often inappropriate as revenue cash flows are path-dependent and affected by a myriad of uncertain variables. In this work, a valuation technique based on stochastic simulation and recursive dynamic programming, called Least-Square Monte Carlo, is applied to properly value the deferral option in a transmission investment. The effect of option's maturity, the initial outlay and the capital cost upon the value of the postponement option is investigated. Finally, sensitivity analysis determines optimal decision regions to execute, postpone or reject the investment projects. - Highlights: • A modern investment appraisal method is applied to value power transmission projects. • The value of the option to postpone decision to invest in transmission projects is assessed. • Simulation methods are best suited for valuing real options in transmission investments

  19. Option volatility and the acceleration Lagrangian

    Science.gov (United States)

    Baaquie, Belal E.; Cao, Yang

    2014-01-01

    This paper develops a volatility formula for option on an asset from an acceleration Lagrangian model and the formula is calibrated with market data. The Black-Scholes model is a simpler case that has a velocity dependent Lagrangian. The acceleration Lagrangian is defined, and the classical solution of the system in Euclidean time is solved by choosing proper boundary conditions. The conditional probability distribution of final position given the initial position is obtained from the transition amplitude. The volatility is the standard deviation of the conditional probability distribution. Using the conditional probability and the path integral method, the martingale condition is applied, and one of the parameters in the Lagrangian is fixed. The call option price is obtained using the conditional probability and the path integral method.

  20. Sustainable Marketing

    NARCIS (Netherlands)

    Dam, van Y.K.

    2017-01-01

    In this article, three different conceptions of sustainable marketing are discussed and compared. These different conceptions are referred to as social, green, and critical sustainable marketing. Social sustainable marketing follows the logic of demand-driven marketing management and places the

  1. Age and Acceptance of Euthanasia.

    Science.gov (United States)

    Ward, Russell A.

    1980-01-01

    Study explores relationship between age (and sex and race) and acceptance of euthanasia. Women and non-Whites were less accepting because of religiosity. Among older people less acceptance was attributable to their lesser education and greater religiosity. Results suggest that quality of life in old age affects acceptability of euthanasia. (Author)

  2. Expensing stock options: a fair-value approach.

    Science.gov (United States)

    Kaplan, Robert S; Palepu, Krishna G

    2003-12-01

    Now that companies such as General Electric and Citigroup have accepted the premise that employee stock options are an expense, the debate is shifting from whether to report options on income statements to how to report them. The authors present a new accounting mechanism that maintains the rationale underlying stock option expensing while addressing critics' concerns about measurement error and the lack of reconciliation to actual experience. A procedure they call fair-value expensing adjusts and eventually reconciles cost estimates made at grant date with subsequent changes in the value of the options, and it does so in a way that eliminates forecasting and measurement errors over time. The method captures the chief characteristic of stock option compensation--that employees receive part of their compensation in the form of a contingent claim on the value they are helping to produce. The mechanism involves creating entries on both the asset and equity sides of the balance sheet. On the asset side, companies create a prepaid-compensation account equal to the estimated cost of the options granted; on the owners'-equity side, they create a paid-in capital stock-option account for the same amount. The prepaid-compensation account is then expensed through the income statement, and the stock option account is adjusted on the balance sheet to reflect changes in the estimated fair value of the granted options. The amortization of prepaid compensation is added to the change in the option grant's value to provide the total reported expense of the options grant for the year. At the end of the vesting period, the company uses the fair value of the vested option to make a final adjustment on the income statement to reconcile any difference between that fair value and the total of the amounts already reported.

  3. Consumer Acceptance of a Polyphenolic Coffee Beverage.

    Science.gov (United States)

    Nguyen, Thuy; Kuchera, Meredith; Smoot, Katie; Diako, Charles; Vixie, Beata; Ross, Carolyn F

    2016-10-05

    The objective of this study was to determine if Chardonnay grape seed pomace (GSP), a waste stream of wine production, could be used as a functional ingredient in brewed coffee. Two consumer panels were conducted to assess the acceptance of coffee at coffee replacement (w/w) values of 0% (control), 6.25%, 12.50%, 18.75%, or 25% GSP. The 1st consumer panel (n = 80) assessed the coffee samples served "black." The 2nd panel (n = 67) assessed the coffee samples with adjustment (that is, sweeteners, milk, and cream) options available. Consumer sensory evaluation involved evaluating the 5 treatments individually for acceptance of appearance, aroma, taste/flavor, and overall acceptance using a 9-point hedonic scale. A check-all-that-apply questionnaire surveyed the sensory attributes describing aroma, appearance, and taste/flavor of the samples. Oxygen radical absorbance capacity was used to measure the effects of antioxidant levels in GSP coffee samples. Results showed that GSP could be added at 6.25% replacement without significantly affecting the overall consumer acceptance of coffee compared to the control (0% GSP). Above 6.25% GSP supplementation, the coffee beverage was described as more tan, milky, watery/dilute, and mild, and was generally less accepted by the consumers. GSP also increased the antioxidant capacity of the coffee compared to the control (0% GSP), with no significant differences among replacement values. Therefore, 6.25% GSP replacement is recommended for creating coffee beverages acceptable to consumers. Further in vivo investigation may substantiate the free-radical scavenging capacity of GSP coffee and its potential health benefits. © 2016 Institute of Food Technologists®.

  4. Treatment Options for Actinic Keratosis

    Science.gov (United States)

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

  5. Treatment Option Overview (Vaginal Cancer)

    Science.gov (United States)

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

  6. Treatment Option Overview (Anal Cancer)

    Science.gov (United States)

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

  7. Pricing American and Asian Options

    OpenAIRE

    Pat Muldowney

    2015-01-01

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

  8. TRICARE Marketing

    Science.gov (United States)

    1999-10-21

    definitive. It stated that: Marketing is much more than advertising or promotion materials. Marketing is a foundation for building a business strategy ; it...objectives, and strategies for marketing TRICARE. However, the Director provided the plan for information; none of the recipients of the plan were...overarching goal and extensively in the marketing strategies section. Specifically, the Marketing Plan states that strategies employed to accomplish

  9. Hospital marketing.

    Science.gov (United States)

    Carter, Tony

    2003-01-01

    This article looks at a prescribed academic framework for various criteria that serve as a checklist for marketing performance that can be applied to hospital marketing organizations. These guidelines are drawn from some of Dr. Noel Capon of Columbia University's book Marketing Management in the 21st Century and applied to actual practices of hospital marketing organizations. In many ways this checklist can act as a "marketing" balanced scorecard to verify performance effectiveness and develop opportunities for innovation.

  10. Internet marketing

    OpenAIRE

    Zelený, Martin

    2009-01-01

    In the bachelor thesis are introduced theoretical concepts of the Internet and marketing, accented the need of marketing mix along with its specifics of the internet environment. Next is interpreted which tools can be used for marketing of firms and which marketing instruments are to be deployed. Final chapter illustrates socio-demographics of Czech internet users along with media market allocation from the perspective of all media as well as in the segment of the Internet.

  11. Money Markets

    OpenAIRE

    Marvin Goodfriend

    2011-01-01

    Money markets offer monetary services and short-term finance in the capital market with the credit support of institutional sponsors. Investors finance money market instruments at low interest because their salability on short notice confers an implicit monetary services yield. Low interest attracts borrowers to money markets. The fragile equilibrium depends on collective confidence in the credit quality of instruments supplied to the market. Federal Reserve monetary and credit policies have ...

  12. how acceptable are the prevention of mother to child transmission

    African Journals Online (AJOL)

    or mother continue to use ARV.9 The baby's chance of survival is increased ... and acceptability of the infant feeding options for HIV positive mothers. Pretesting of the questionnaire was conducted among pregnant women attending ANC at the University College ... when any cell had a value less than five. Student's t test.

  13. The BOT option: conflicts and compromises

    International Nuclear Information System (INIS)

    David, A.K.; Fernando, P.N.

    1995-01-01

    The build, operate and transfer (BOT) and the build, operate and own (BOO) arrangements have emerged as the most important private power investment options in developing countries. Although there is a huge market for such arrangements, since they are complex to negotiate, involve perceptions of risk that are not always properly understood and involve unusual cost, contracting, cash flow and returns to equity issues, the number of projects successfully launched have been few. This paper is concerned with exploring these issues in a systematic way, dispelling certain myths and discussing how mutually useful arrangements can be reached between a host utility and private developers on a fair and level playing field. (author)

  14. Applying Marketing in the Public School Setting

    Science.gov (United States)

    Pettinga, Deidre M.; Angelov, Azure D. S.; Bateman, David F.

    2015-01-01

    Traditional public schools no longer have a guaranteed market share of students, or tax dollars, based on geographic location. Families with little to no options in the past about where their child would attend school, now have many. In response to the expanding options available to them--in the form of charter schools and vouchers--families today…

  15. Options on capacity imbalance

    International Nuclear Information System (INIS)

    Roggen, M.

    2002-01-01

    Since the start of this year, the Dutch energy company Nuon has been using a computer system to formulate real-time responses to national capacity imbalances in the electricity supply market. The work earns Nuon a fixed fee from TenneT (Dutch Transmission System Operator) and ensures a more stable imbalance price for everyone. The key to success has been the decision to start the project from scratch [nl

  16. Noncommutative Valuation of Options

    Science.gov (United States)

    Herscovich, Estanislao

    2016-12-01

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

  17. 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

  18. 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

  19. Emerging Options and Opportunities in Civilian Aeronautics

    Science.gov (United States)

    Bushnell, Dennis M.

    2012-01-01

    This paper addresses the major problems/issues with civilian aeronautics going forward, the contextual ongoing technology revolutions, the several emerging civilian aeronautical "Big Ideas" and associated enabling technological approaches. The ongoing IT Revolution is increasingly providing, as 5 senses virtual presence/reality becomes available, along with Nano/Molecular Manufacturing, virtual alternatives to Physical transportation for both people and goods. Paper examines the potential options available to aeronautics to maintain and perhaps grow "market share" in the context of this evolving competition. Many of these concepts are not new, but the emerging technology landscape is enhancing their viability and marketability. The concepts vary from the "interesting" to the truly revolutionary and all require considerable research. Paper considers the speed range from personal/general aviation to supersonic transports and technologies from energetics to fabrication.

  20. Achalasia: Treatment Options Revisited

    Directory of Open Access Journals (Sweden)

    Willemijntje A Hoogerwerf

    2000-01-01

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