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.

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

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.

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.

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

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)

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...

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)

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)

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.

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.

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…

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.)

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...

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...

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 ...

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)

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.

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....

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)

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…

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

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

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.

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...

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.

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

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.

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.

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

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)

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.

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

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.

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.

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.

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)

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....

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

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

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

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

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

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

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.

Analysis of Options Contract, Option Pricing in Agricultural Products

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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

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.

Exotic Options: a Chooser Option and its Pricing

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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.

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)

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)

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...

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.

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.

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)

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.

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

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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.

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

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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.

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.

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.

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

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.

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

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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

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

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.

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)

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 ...

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

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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.

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...

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)

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...

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

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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

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

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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.

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

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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.

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)

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...

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...

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.

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....

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....

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

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)

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

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....

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.

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.

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.

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.

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 ...

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.

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.

Perpetual American options within CTRWs

Science.gov (United States)

Montero, Miquel

2008-06-01

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

Perpetual American options within CTRW's

OpenAIRE

Montero, Miquel

2007-01-01

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

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.

[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.

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...

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...

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)

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...

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...

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...

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...

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.

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.

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.

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

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.

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.

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...

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…

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....

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

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.

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.

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.

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)

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...

Can the regulated market help foster a free market for wind energy in Brazil?

International Nuclear Information System (INIS)

Dalbem, Marta Corrêa; Brandão, Luiz Eduardo Teixeira; Gomes, Leonardo Lima

2014-01-01

Wind energy has been negotiated in Brazil's regulated market through auctions organized by the government. Bilateral negotiations in the free market have been scarce. In 2011 wind farms were allowed to bid in ‘A minus 5 (A−5)' auctions, for energy with first delivery date 5 years ahead. This new design was expected to stimulate negotiations in the free market, as the 20-year contract in the regulated market eases financing while the 5-year grace period grants wind farms the option to sell whatever energy is generated beforehand in the free market. We modeled bidders' price decision in A−5 auctions as Real Options and concluded that given the low prices averaging USD 50/MW h, winners are tempted to defer investment, expecting more favorable equipment and energy prices, or a better knowledge of the wind site. Construction is likely to begin in 2–3 years, with little time left for the free market. Bidders that consider the option of eventually abandoning the project are more price competitive, increasing chances that some wind farms will never materialize. Therefore, this attempt to foster the free market may not pay-off and, moreover, it may have the unfavorable effect of turning Brazil's energy expansion planning a more difficult task. - Highlights: • Tight auction prices make winners exercise options to defer construction. • Investors that consider the option to abandon the project tend to win the auction. • High chances of default, when investors take abandonment options into account. • Auctioning wind farms for energy delivery 5 yr later will not foster a free market

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

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)

"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...

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

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

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.

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...

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)

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

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.

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.

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...

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.

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

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.

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.

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

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®.

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.

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...

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

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

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.

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)

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

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.

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

Efficiency of European emissions markets: Lessons and implications

International Nuclear Information System (INIS)

Krishnamurti, Chandrasekhar; Hoque, Ariful

2011-01-01

While prior studies have shown that emission rights and futures contracts on emission rights are efficiently priced, there are no studies on the efficiency of the options market. Therefore, this study fills the gap. We examine empirical evidence regarding the efficiency of the options market for emissions rights in Europe. We employ the put-call parity approach to test the efficiency of options on emission rights traded in the European market. This implies that firms can trade options on emission rights in addition to other existing strategies in order to manage their greenhouse gas emissions. - Highlights: → Efficiency of the European options market for emissions. → Design implications for the development of emissions trading schemes in other countries. → Governance issues pertaining to emissions trading.

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

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

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

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...

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.

Recovering Risk-Neutral Densities from Brazilian Interest Rate Options

Directory of Open Access Journals (Sweden)

José Renato Haas Ornelas

2011-03-01

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

Nonlinear Schrödinger approach to European option pricing

Science.gov (United States)

Wróblewski, Marcin

2017-05-01

This paper deals with numerical option pricing methods based on a Schrödinger model rather than the Black-Scholes model. Nonlinear Schrödinger boundary value problems seem to be alternatives to linear models which better reflect the complexity and behavior of real markets. Therefore, based on the nonlinear Schrödinger option pricing model proposed in the literature, in this paper a model augmented by external atomic potentials is proposed and numerically tested. In terms of statistical physics the developed model describes the option in analogy to a pair of two identical quantum particles occupying the same state. The proposed model is used to price European call options on a stock index. the model is calibrated using the Levenberg-Marquardt algorithm based on market data. A Runge-Kutta method is used to solve the discretized boundary value problem numerically. Numerical results are provided and discussed. It seems that our proposal more accurately models phenomena observed in the real market than do linear models.

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.

Asymmetric Exchange Rate Exposures: A Search for the Effect of Real Options

DEFF Research Database (Denmark)

Aabo, Tom

2001-01-01

Real options like the ability to reallocate production resources can lead to an asymmetric exchange rate exposure. Using a stock market approach in which the exchange rate exposure is derived from the information content in the stock prices this study examines the extra-market exchange rate...... exposures of a group of blue chip, industrial companies listed on the Copenhagen Stock Exchange. In these companies the existence of real options is an integrated part of the exchange rate exposure management process. The result of the stock market approach is mixed. Statistically significant asymmetric...... exchange rate exposures are identified successfully but the asymmetries can only to a limited extent be explained by the existence of real options. Financial options and pricing to market are competing explanations. Omitted variable bias further blurs the picture. These problems and the concept of path...

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...

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

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.

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...

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...

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...

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.

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

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.

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

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...

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

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.

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.

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...

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)

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)

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

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 ...

Joint Pricing of VIX and SPX Options with Stochastic Volatility and Jump models

DEFF Research Database (Denmark)

Kokholm, Thomas; Stisen, Martin

2015-01-01

to existing literature, we derive numerically simpler VIX option and futures pricing formulas in the case of the SVJ model. Moreover, the paper is the first to study the pricing performance of three widely used models to SPX options and VIX derivatives.......With the existence of active markets for volatility derivatives and options on the underlying instrument, the need for models that are able to price these markets consistently has increased. Although pricing formulas for VIX and vanilla options are now available for commonly employed models...... and variance (SVJJ) are jointly calibrated to market quotes on SPX and VIX options together with VIX futures. The full flexibility of having jumps in both returns and volatility added to a stochastic volatility model is essential. Moreover, we find that the SVJJ model with the Feller condition imposed...

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.

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

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

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.

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

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.

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...

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

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. ...

Using electricity options to hedge against financial risks of power producers

DEFF Research Database (Denmark)

Pineda Morente, Salvador; Conejo, Antonio J.

2013-01-01

or unexpected unit failures faced by power producers. A multi-stage stochastic model is described in this tutorial paper to determine the optimal forward and option contracting decisions for a risk-averse power producer. The key features of electricity options to reduce both price and availability risks......As a consequence of competition in electricity markets, a wide variety of financial derivatives have emerged to allow market agents to hedge against risks. Electricity options and forward contracts constitute adequate instruments to manage the financial risks pertaining to price volatility...

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.

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...

Understanding transmission and distribution pricing options and proposals

International Nuclear Information System (INIS)

Shalaby, A.

1998-01-01

Issues regarding power transmission and distribution pricing were addressed in view of the importance of pricing to electricity restructuring and policy developments. Specific facts, policy directions, options and challenges peculiar to Ontario were highlighted, and recent Ontario legislation affecting the electricity industry was updated. The importance of transmission tariffs to open markets was reviewed with special reference to Canada because of their role in internal restructuring and in gaining fuller access to U.S. markets. The objectives of transmission and distribution pricing, the principles for network pricing, and the range of available options were considered with specific reference to Ontario. In comparing Ontario to other jurisdictions, it was acknowledged that the same problems that plagued other jurisdictions introducing deregulation, are also prominent in Ontario. As has been observed elsewhere, there has been no progress on transmission and distribution pricing options. There are significant implementation and transition challenges waiting for solutions. Issues beyond Ontario, such as trading with the United States, wider reach of the Independent Market Operator, agreements with other IMOs, etc., are still largely unresolved

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.

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.

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.

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

Directory of Open Access Journals (Sweden)

Claudio Henrique Barbedo

2010-04-01

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

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

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...

Real Silver and Its Investment and Business Options

Directory of Open Access Journals (Sweden)

Novotný Josef

2016-06-01

Full Text Available The article deals with investment and business opportunities offered by silver. Silver is the metal used in industry and for investing at financial markets. The main problem related to this real commodity is the issue of “the undervaluation” of its investment options, if compared to gold. If considering silver as the investment option, its investment potential is significantly enhanced by its industrial usage. The aim of this paper is to highlight business and investment opportunities for both professionals and non professional investors at the commodity markets. The price growth of this investment and industrial metal can generate profits for the investors. And on the other hand, industries which cannot do without silver in their production may efficiently utilize the knowledge of setting up its price at the markets.

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...

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...

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...

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...

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

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

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.

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...

Stock price dynamics and option valuations under volatility feedback effect

Science.gov (United States)

Kanniainen, Juho; Piché, Robert

2013-02-01

According to the volatility feedback effect, an unexpected increase in squared volatility leads to an immediate decline in the price-dividend ratio. In this paper, we consider the properties of stock price dynamics and option valuations under the volatility feedback effect by modeling the joint dynamics of stock price, dividends, and volatility in continuous time. Most importantly, our model predicts the negative effect of an increase in squared return volatility on the value of deep-in-the-money call options and, furthermore, attempts to explain the volatility puzzle. We theoretically demonstrate a mechanism by which the market price of diffusion return risk, or an equity risk-premium, affects option prices and empirically illustrate how to identify that mechanism using forward-looking information on option contracts. Our theoretical and empirical results support the relevance of the volatility feedback effect. Overall, the results indicate that the prevailing practice of ignoring the time-varying dividend yield in option pricing can lead to oversimplification of the stock market dynamics.

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.

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)

Time Charters with Purchase Options in Shipping: Valuation and Risk Management

DEFF Research Database (Denmark)

Jørgensen, Peter Løchte; De Giovanni, Domenico

The paper studies the valuation and optimal management of Time Charters with Purchase Options (T/C-POPs) which is a specific type of asset lease with embedded options that is common in shipping markets. T/C-POPs are economically significant and sometimes account for more than half of the stock...... market value of listed shipping companies. The main source of risk in markets for maritime transportation is the freight rate, and we therefore specify a single-factor continuous time model for the dynamic evolution of freight rates which allows us to price a wide variety of freight rate related...

Time Charters with Purchase Options in Shipping: Valuation and Risk Management

DEFF Research Database (Denmark)

Jørgensen, Peter Løchte; De Giovanni, Domenico

2010-01-01

The article studies the valuation and optimal management of Time Charters with Purchase Options (T/C-POPs), which is a specific type of asset lease with embedded options that is common in shipping markets. T/C-POPs are economically significant and sometimes account for more than half of the stock...... market value of listed shipping companies. The main source of risk in markets for maritime transportation is the freight rate, and we therefore specify a single-factor continuous time model for the dynamic evolution of freight rates that allows us to price a wide variety of freight rate...

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

Energy technology R&D portfolio management: Modeling uncertain returns and market diffusion

International Nuclear Information System (INIS)

Bistline, John E.

2016-01-01

Highlights: • Analyzes energy R&D decisions with uncertainty in research outcomes and markets. • R&D is shown to be more valuable in second-best planning and policy environments. • Deterministic R&D approaches likely undervalue the optionality of technologies. - Abstract: The allocation of research and development (R&D) funds across a portfolio of programs must simultaneously consider uncertainty from research outcomes and from market acceptance of the resulting technologies. We introduce a stochastic R&D portfolio management framework for addressing both sources of uncertainty and present numerical results for energy technology R&D strategy under uncertainties in climate policy and natural gas prices. Numerical experiments indicate that R&D may be more valuable in second-best planning environments where decision-makers use expected-value approaches, and recourse investments occur after R&D has reduced costs. We also find that deterministic R&D valuation approaches likely overestimate the expected value of R&D success but undervalue the optionality and hedging potential of technologies relative to sequential decision-making approaches under uncertainty. The results also highlight the role of R&D in second-best policy environments.

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.

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 ...

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...

Combination of real options and game-theoretic approach in investment analysis

Science.gov (United States)

Arasteh, Abdollah

2016-09-01

Investments in technology create a large amount of capital investments by major companies. Assessing such investment projects is identified as critical to the efficient assignment of resources. Viewing investment projects as real options, this paper expands a method for assessing technology investment decisions in the linkage existence of uncertainty and competition. It combines the game-theoretic models of strategic market interactions with a real options approach. Several key characteristics underlie the model. First, our study shows how investment strategies rely on competitive interactions. Under the force of competition, firms hurry to exercise their options early. The resulting "hurry equilibrium" destroys the option value of waiting and involves violent investment behavior. Second, we get best investment policies and critical investment entrances. This suggests that integrating will be unavoidable in some information product markets. The model creates some new intuitions into the forces that shape market behavior as noticed in the information technology industry. It can be used to specify best investment policies for technology innovations and adoptions, multistage R&D, and investment projects in information technology.

A closed form solution for vulnerable options with Heston’s stochastic volatility

International Nuclear Information System (INIS)

Lee, Min-Ku; Yang, Sung-Jin; Kim, Jeong-Hoon

2016-01-01

Over-the-counter stock markets in the world have been growing rapidly and vulnerability to default risks of option holders traded in the over-the-counter markets became an important issue, in particular, since the global finance crisis and Eurozone crisis. This paper studies the pricing of European-type vulnerable options when the underlying asset follows the Heston dynamics. In this paper, we obtain a closed form analytic formula of the option price as a stochastic volatility extension of the classical Heston formula and find how the stochastic volatility effect on the Black–Scholes price as well as on the decreasing speed of the option price with credit risk depends on moneyness.

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-...

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)

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....

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...

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

Survey on Impact of Public push on Sustainability marketing mix and Sustainability marketing mix on Sustainability marketing success

OpenAIRE

iman mousavian; bahram kheiry; vahidreza mirabi

2014-01-01

Partaking the movement in reaching a more sustainable planet, organizations should reconsider their marketing strategies according to the social and environmental impacts. Even though, attaining sustainability would become a serious challenge for them, but there exist no other options for the third millennium. The main purpose of this study is to investigate the Impact of public push on the sustainability marketing mix, as well as the effect of sustainability marketing mix on sustainability m...

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...

Green marketing in the Massachusetts electric company retail competition pilot program

Energy Technology Data Exchange (ETDEWEB)

Rothstein, S.M.; Fang, J.M.

1997-10-01

With electric industry restructuring initiatives being introduced on the state and federal levels, retail access pilot programs serve an important function for examining competitive market issues, as well as marketing strategies and customer reactions to different power supply options. The experience gained through these pilots provides important insights into future power market operations, including the market for green power. The Massachusetts Electric Company`s (MECo`s) Choice: New England pilot for residential and small-business customers was a voluntary program developed primarily to test the billing and metering logistics that distribution companies will need in the competitive market. The pilot also offered a preview of program implementation and marketing under customer choice. It was the first retail competition pilot to explicitly include green power options in program design. The MECo pilot`s energy suppliers were selected through the issuance of a request for proposals (RFP). Respondents were asked to submit bids in one or more of three energy supply categories-price, green, and other options. These options were developed by the pilot administrator through internal meetings, discussions with state officials and other stakeholders, and a review of information from other similar pilots. For the green option, the pilot administrator did not establish a green standard. Instead, suppliers were allowed to submit offers that promoted environmental stewardship. Customer response to the different green options are reported. The pilot results clearly demonstrate that, in a competitive situation, there is interest in a variety of energy supply options, including green options. 2 tabs.

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

Mathematics, Pricing, Market Risk Management and Trading Strategies for Financial Derivatives (1/3)

CERN Multimedia

CERN. Geneva; Coffey, Brian

2009-01-01

Abstract: An introduction to the mathematics and practicalities of market trading and risk management for financial derivatives, the course will focus on examples from the short-term and long term Foreign Exchange (FX) and Interest Rate (IR) derivatives markets. Topics: - Government Bonds and IR Curves - Stochastic FX, Black-Scholes Vanilla FX Options and Martingales - Risk Management and Market Trading for Vanilla FX Options, Market Implied Volatility, Valuation and Risk Management, Market Trading Strategies - Stochastic IR Curves and Implied Volatility, IR Derivatives - Long Term FX Options: Interaction of Stochastic FX and Stochastic IR Vanilla Foreign Exchange (FX) Options - $ Government Bonds, Interest Rate (IR) Curves, Continuous IR - Domestic ($) and Foreign (Yen) Government Bonds, IR curves - Stochastic Spot FX, Forward FX: Ito processes for $ and Yen Investors - Black-Scholes Vanilla FX Options, Connection to Heat/Diffusion Equation - Stochastic Differential Equations with Mart...

Options for the management of Chernobyl-restricted areas in England and Wales

International Nuclear Information System (INIS)

Nisbet, Anne; Woodman, Rona

2000-01-01

Areas in England and Wales are still subject to restrictions on the movement, sale and slaughter of sheep because activity concentrations of 137 Cs in sheepmeat may exceed the 1000 Bq kg -1 limit imposed after the Chernobyl nuclear power plant accident. The operation of various monitoring programmes has enabled lamb production to be sustained in restricted areas. Under present circumstances, it is predicted that some restrictions will remain until at least 2003. This paper describes an assessment of the practicability and cost-effectiveness of five alternative management options: utilisation of existing improved land for the purposes of clean feeding; improvement of unimproved upland grazing for the purposes of clean feeding; provision of housing and clean feed; administration of boli containing ammonium ferric hexacyanoferrate; and monitoring at the market place. The practicability of each option, which encompasses technical feasibility, capacity, cost, impact and acceptability, was assessed through a series of case studies carried out on farms in the restricted area of north Wales, and through consultation with a range of organisations with interests in farming and/or the environment. Recommendations are made for the future management of the restricted areas

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

Management and marketing for the general practice dental office.

Science.gov (United States)

Clarkson, Earl; Bhatia, Sanjeev

2008-07-01

This article reviews trends in the dental marketplace. Marketing is an essential element of dentistry. Communicating treatment options with patients is one aspect of marketing. Treatment planning helps patients understand the relationships between oral health, occlusion, temporomandibular joint function, and systemic health. Through marketing, dental practice owners inform patients of ever-changing treatment modalities. Understanding treatment options allows patients to make better, informed choices. More options leads to a higher level of care and more comprehensive dental treatment. Managing a practice requires tracking its financial health. Economic statistics measure the effect of management decisions that mark the direction of a dental practice.

Adequacy of supply standards for the electricity market: from obligations to informal market signals

International Nuclear Information System (INIS)

Werven, Michiel J.N. van; Nooij, Michiel de; Scheepers, Martin J.J.

2005-06-01

The adequacy of supply standard is ultimately based on a loss of load probability in combination with assumptions about the extent to which the national system can count on assistance of adjoining electricity supply systems during times of shortages. It can be used to calculate the required generation capacity in an ex-ante market analysis using different future scenarios. This standard in combination with monitoring of (future) market developments on the basis of several market indicators, can give a signal to market participants with respect to the expected adequacy of supply in the longer term. Market participants are informed about the actual and expected future status of adequacy of supply in the market. It is, however, very important that the assessment and the resulting signal should not be used by the government to intervene in the market, but only to improve market transparency and assist producers, suppliers, and consumers in their decisions towards an effective and efficient response on long-term market developments. Specific policy measures based on the monitoring results could provoke strategic behaviour of market participants. The signalising standard might be a powerful instrument in helping to solve the generation adequacy problem. This solution can be seen as a compromise between options that fully rely on an optimal response by the free electricity market and options where governments take the full responsibility

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

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

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...

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.

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

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.

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.

Proposed radiological protection criteria for waste disposal options

International Nuclear Information System (INIS)

Hill, M.D.

1981-01-01

Criteria which are based solely on the consequences of releases of radionuclides, that is doses to man, are inappropriate for decisions on the acceptability of many of the disposal options for solid wastes. The risks associated with disposal options in which the intention is to isolate wastes from the biosphere for any length of time have two major components: the probability that a release of radionuclides will occur and the probability that subsequent radiation doses will give rise to deleterious effects. It is therefore necessary to develop criteria which embody the basic radiological principle of keeping risks to acceptable levels and take account of both components of risk. In this paper proposed criteria are described and some of the implications of adopting these criteria are discussed. (author)

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.

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...

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

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.

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.

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

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.

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

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...

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 ...

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.

DISPOSITION PATHS FOR ROCKY FLATS GLOVEBOXES: EVALUATING OPTIONS

International Nuclear Information System (INIS)

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

2003-01-01

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

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.

17 CFR 32.13 - Exemption from prohibition of commodity option transactions for trade options on certain...

Science.gov (United States)

2010-04-01

... trade option merchant's internal controls with respect to market risk, credit risk, and other risks... disclosure statement: This brief statement does not disclose all of the risks and other significant aspects... futures exchange. You may be able to obtain a similar contract or execute a similar risk management...

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.)

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.

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

Closed-form pricing formula for exchange option with credit risk

International Nuclear Information System (INIS)

Kim, Geonwoo; Koo, Eunho

2016-01-01

In this paper, we study the valuation of Exchange option with credit risk. Since the over-the-counter (OTC) markets have grown rapidly in size, the counterparty default risk is very important and should be considered for the valuation of options. For modeling of credit risk, we use the structural model of Klein [13]. We derive the closed-form pricing formula for the price of the Exchange option with credit risk via the Mellin transform and provide the experiment results to illustrate the important properties of option with numerical graphs.

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.…

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...

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

Research on Agricultural Product Options Pricing Based on Lévy Copula

Science.gov (United States)

Qiu, Hong

2017-11-01

China is a large agricultural country, and the healthy development of agriculture is related to the stability of the whole society. With the advancement of modern agriculture and the expansion of agricultural scale, the demand for farmers to avoid market risks is increasingly urgent. Option trading has the effect of attracting farmers’ intervention, promoting order agriculture development, perfecting agricultural support policy and promoting the development of agricultural futures market. Relative to the futures, the option transaction because the margin is low, reducing the trader’s entry threshold, you can make more small and medium investors to participate. This is not only active in the futures market, but also for many small and medium investors to provide effective financial management tools.

VaR and CVaR Implied in Option Prices

Directory of Open Access Journals (Sweden)

Giovanni Barone Adesi

2016-02-01

Full Text Available VaR (Value at Risk and CVaR (Conditional Value at Risk are implied by option prices. Their relationships to option prices are derived initially under the pricing measure. It does not require assumptions about the distribution of portfolio returns. The effects of changes of measure are modest at the short horizons typically used in applications. The computation of CVaR from option price is very convenient, because this measure is not elicitable, making direct comparisons of statistical inferences from market data problematic.

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

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.

Pricing real estate index options under stochastic interest rates

Science.gov (United States)

Gong, Pu; Dai, Jun

2017-08-01

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

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.

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.

17 CFR 33.9 - Unlawful activities.

Science.gov (United States)

2010-04-01

... constitutes a guarantee of the fulfillment of the commodity option transaction; (c) Upon acceptance of an... rejection; (d) To manipulate or attempt to manipulate the market price of any commodity option on or subject... deemed to be a manipulation; and (e) Upon acceptance of an order for a commodity option transaction to...

Estimating the option value of a non-firm electricity tariff

International Nuclear Information System (INIS)

Moore, J.; Horii, B.; Price, S.; Olson, A.; Woo, C.K.

2010-01-01

We estimate the option value of a non-firm electricity tariff commonly used by a local distribution company (LDC) in its electricity demand response program. This option value captures the benefit that a LDC enjoys from not serving an end-use load during high-price hours in a wholesale electricity market. It is conservative in that it does not include the cost savings in meeting the LDC's resource adequacy requirement or deferring transmission and distribution (T and D) investments necessary for delivering reliable service. Illustrated by a Northern California example, our two-pronged approach entails (a) a set of summer monthly market price regressions to forecast daily spot price distributions that incorporate uncertainty in natural gas price and weather; and (b) a simulation exercise to quantify the tariff's value under a specific design. The results indicate that a non-firm service tariff can have varying option value estimates that are highly sensitive to the tariff's design, and that an incentive payment based on the option value alone is likely insufficient to attract customer participation in a non-firm service program. (author)

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%

Evaluation of Foreign Investment in Power Plants using Real Options

Science.gov (United States)

Kato, Moritoshi; Zhou, Yicheng

This paper proposes new methods for evaluating foreign investment in power plants under market uncertainty using a real options approach. We suppose a thermal power plant project in a deregulated electricity market. One of our proposed methods is that we calculate the cash flow generated by the project in a reference year using actual market data to incorporate periodic characteristics of energy prices into a yearly cash flow model. We make the stochastic yearly cash flow model with the initial value which is the cash flow in the reference year, and certain trend and volatility. Then we calculate the real options value (ROV) of the project which has abandonment options using the yearly cash flow model. Another our proposed method is that we evaluate foreign currency/domestic currency exchange rate risk by representing ROV in foreign currency as yearly pay off and exchanging it to ROV in domestic currency using a stochastic exchange rate model. We analyze the effect of the heat rate and operation and maintenance costs of the power plant on ROV, and evaluate exchange rate risk through numerical examples. Our proposed method will be useful for the risk management of foreign investment in power plants.

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...

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...

Market timing and the debt-equity choice

NARCIS (Netherlands)

Elliot, W.B.; Koeter-Kant, J.; Warr, R.S.

2008-01-01

We test the market timing theory of capital structure using an earnings-based valuation model that allows us to separate equity mispricing from growth options and time-varying adverse selection; thus avoiding the multiple interpretations of book-to-market ratio. We find that equity market mispricing

Social acceptance of renewable energy innovation: An introduction to the concept

International Nuclear Information System (INIS)

Wuestenhagen, Rolf; Wolsink, Maarten; Buerer, Mary Jean

2007-01-01

This paper introduces the special issue on Social Acceptance of Renewable Energy Innovation. It is a collection of best papers presented at an international research conference held in Tramelan (Switzerland) in February 2006. While there are ambitious government targets to increase the share of renewable energy in many countries, it is increasingly recognized that social acceptance may be a constraining factor in achieving this target. This is particularly apparent in the case of wind energy, which has become a subject of contested debates in several countries largely due to its visual impact on landscapes. This paper introduces three dimensions of social acceptance, namely socio-political, community and market acceptance. Factors influencing socio-political and community acceptance are increasingly recognized as being important for understanding the apparent contradictions between general public support for renewable energy innovation and the difficult realization of specific projects. The third dimension, market acceptance, has received less attention so far and provides opportunities for further research, particularly from management scholars

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...

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...

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...

Marketing Realities in Continuing Professional Education.

Science.gov (United States)

Craven, Ruth F.; DuHamel, Martha B.

2000-01-01

Describes tenets of continuing professional education marketing: identify target audience, define mission, assess community needs, identify competition, establish credibility, develop marketing plans, provide options, evaluate, and develop high-quality programs. Offers advice for pricing, cancellations, new courses, promotion expenses, direct…

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

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

Public acceptance of CO2 capture and storage technology : a survey of public opinion to explore influential factors

International Nuclear Information System (INIS)

Itaoka, K.; Saito, A.; Akai, M.

2005-01-01

A potentially effective tool in managing carbon emissions is carbon capture and storage technology (CCS). However, its effectiveness depends on its acceptability by the public, and very little is known about how willing the general public will accept various options of CCS. This paper presented the results of a study that assessed general perceptions of various forms of CCS and identified various factors that influence public acceptance of CCS. Two versions of a survey were administered and conducted in Tokyo and Sapporo, Japan in December 2003. The paper discussed the design of the questionnaire as well as the administration of the survey. One version of the survey provided limited education about CCS, while another version, provided more extensive information about CCS. The data analysis methodology was also described with reference to factor analysis, comparisons of means and rank order distributions, and multiple regression. Last, the study findings and results were presented. The findings suggest that the general public was supportive of CCS as part of a larger national climate policy, although it was opposed to the implementation of specific CCS options involving deep-sea dilution option of ocean storage, lake type option of ocean storage, onshore option of geological storage, and offshore option of geological storage. In addition, it was found that education about CCS affected public acceptance. The more information respondents obtained about CCS, the more likely they were to be supportive of those storage options, except for onshore option of geological storage. 4 refs., 3 tabs

Advanced policy options to regulate sugar-sweetened beverages to support public health.

Science.gov (United States)

Pomeranz, Jennifer L

2012-02-01

Consumption of sugar-sweetened beverages (SSBs) has increased worldwide. As public health studies expose the detrimental impact of SSBs, consumer protection and public health advocates have called for increased government control. A major focus has been on restricting marketing of SSBs to children, but many innovative policy options--legally defensible ways to regulate SSBs and support public health--are largely unexplored. We describe the public health, economic, and retail marketing research related to SSBs (including energy drinks). We review policy options available to governments, including mandatory factual disclosures, earmarked taxation, and regulating sales, including placement within retail and food service establishments, and schools. Our review describes recent international initiatives and classifies options available in the United States by jurisdiction (federal, state, and local) based on legal viability.

Ethical marketing in'aesthetic' ('esthetic') or'cosmetic dentistry'. Part 1.

Science.gov (United States)

Kelleher, Martin G D; Djemal, Serpil; Lewis, Nicholas

2012-06-01

Prior to undertaking any elective,'cosmetic' dental procedures, it is vital for the treating dentist to discuss the merits and drawbacks of all viable options. It is important that the patient understands what the consequences and limitations of treatment are likely to be, and what the potential failures could entail later in his/her life. Informed consent should be obtained (preferably in writing) and the clinical notes and records should be clearly documented, with accurate and concise details provided of all the investigations carried out, and their findings, as well as including details of the various discussions that have taken place. Dentists need to be aware of the existence of heightened expectations in this group of patients and be cautious about accepting patients who have unrealistic 'cosmetic' expectations. Where possible, cosmetic or aesthetic dental treatment should be provided which is minimally destructive and, in the long-term, be in the 'best interests' of the patient. Important matters such as the gaining of informed consent and maintaining meticulous, contemporaneous dental records will also be emphasized. It is hoped that the article will provide clear definitions of some commonly used terms such as 'ethical marketing', 'ethics', and 'values', which are often used in association with the marketing, planning and undertaking of supposedly 'cosmetic' dental procedures. The important role of less invasive alternative treatment options will also be emphasized. The aims of this article are to consider the common pitfalls that may arise when contemplating the marketing and provision of invasive,'cosmetic, dental restorations and to discuss how best to avoid a dento-legal claim where such treatment plans may not fulfil the patient's desired outcome.

Implied and realized volatility in the cross-section of equity options

DEFF Research Database (Denmark)

Ammann, Manuel; Skovmand, David; Verhofen, Michael

2009-01-01

Using a complete sample of US equity options, we analyze patterns of implied volatility in the cross-section of equity options with respect to stock characteristics. We find that high-beta stocks, small stocks, stocks with a low-market-to-book ratio, and non-momentum stocks trade at higher implied...

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.

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...

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...

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

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

On pricing futures options on random binomial tree

International Nuclear Information System (INIS)

Bayram, Kamola; Ganikhodjaev, Nasir

2013-01-01

The discrete-time approach to real option valuation has typically been implemented in the finance literature using a binomial tree framework. Instead we develop a new model by randomizing the environment and call such model a random binomial tree. Whereas the usual model has only one environment (u, d) where the price of underlying asset can move by u times up and d times down, and pair (u, d) is constant over the life of the underlying asset, in our new model the underlying security is moving in two environments namely (u 1 , d 1 ) and (u 2 , d 2 ). Thus we obtain two volatilities σ 1 and σ 2 . This new approach enables calculations reflecting the real market since it consider the two states of market normal and extra ordinal. In this paper we define and study Futures options for such models.

Is Stock Market Crash Predictable? The Case Study of Stock Markets in Malaysia, Indonesia, Korea and Singapore

OpenAIRE

Ng, Ho Keng

2008-01-01

What is the stock market? A stock market is a market place that enables trading of company stocks, other forms of securities (such as bonds, debentures, and equity securities) and derivatives (for example, futures, forwards, options, and swaps). Stock market is an important source for companies or fund raisers to raise money and for investors or traders to make or loose money. It is also a market place for speculators to make arbitraged investment for financial gain. Due to its complexity and...

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...

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.

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

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

Enabling optimal energy options under the Clean Development Mechanism

International Nuclear Information System (INIS)

Gilau, Asmerom M.; Van Buskirk, Robert; Small, Mitchell J.

2007-01-01

This paper addresses the cost effectiveness of renewable energy technologies in achieving low abatement costs and promoting sustainable developments under the Clean Development Mechanism (CDM). According to the results of our optimal energy option's analysis, at project scale, compared with a diesel-only energy option, photovoltaic (PV)-diesel (PVDB), wind-diesel (WDB) and PV-wind-diesel (PVWDB) hybrids are very cost-effective energy options. Moreover, energy options with high levels of renewable energy, including 100% renewables, have the lowest net present cost and they are already cost effective without CDM. On the other hand, while the removal of about 87% carbon dioxide emissions could be achieved at negative cost, initial investment could increase by a factor of 40, which is one of the primary barriers hindering wider renewable energy applications in developing countries, among others. Thus, in order to increase developing countries' participation in the carbon market, CDM policy should shift from a purely market-oriented approach to investigating how to facilitate renewable energy projects through barrier removal. Thus, we recommend that further research should focus on how to efficiently remove renewable energy implementation barriers as a means to improve developing countries' participation in meaningful emission reduction while at the same time meeting the needs of sustainable economic development

Low-e Storm Windows: Market Assessment and Pathways to Market Transformation

Energy Technology Data Exchange (ETDEWEB)

Cort, Katherine A.

2013-06-08

Field studies sponsored by the U.S. Department of Energy (DOE) have shown that the use of low-e storm windows can lead to significant heating and cooling energy savings in residential homes. This study examines the market for low-e storm windows based on market data, case studies, and recent experience with weatherization deployment programs. It uses information from interviews conducted with DOE researchers and industry partners involved in case studies and early deployment efforts related to low-e storm windows. In addition, this study examines potential barriers to market acceptance, assesses the market and energy savings potential, and identifies opportunities to transform the market for low-e storm windows and overcome market adoption barriers.

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...

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.

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

Real Options in Defense R and D: A Decision Tree Analysis Approach for Options to Defer, Abandon, and Expand

Science.gov (United States)

2016-12-01

the sale of assets for salvage value. However, for defense R&D projects, since there is no secondhand market for the projects, this option is...Peli, 2001; Panayi & Trigeorgis, 1998; Perlitz et al., 1999). Moreover, there are also very comprehensive books on the theory and practice of

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

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...

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.

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)

Risk management solutions for the new energy market

International Nuclear Information System (INIS)

Saba, A.

2001-01-01

Ontario Power Generation (OPG) is one of five successor companies of former Ontario Hydro. With a current capacity of more than 30,000 MW, OPG is the fourth largest power generator in North America. Its generation mix includes 50 per cent nuclear with the balance being between fossil fuel and hydro energy. This power point presentation discussed the role of OPG in Ontario's new deregulated market place. The market is immature and new billing schemes are in the process of being introduced. This presentation discussed hourly market clearing price (spot market) and the need for hourly data, or interval meters. Issues regarding increased price volatility, load variability and how consumers can avoid high prices through load control were also discussed. In Ontario's new market place, the purchasing options for electric power include the wholesale market participant, retailers of electricity, retail participants, default supply and self generation. A brief review of each of these procurement options was included with this presentation. tabs., figs

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...

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...

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.

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

The impact of microgeneration upon the Dutch balancing market

International Nuclear Information System (INIS)

Van der Veen, Reinier A.C.; De Vries, Laurens J.

2009-01-01

The share of microgeneration (power generation at the level of households and small businesses) in the Dutch electricity system continues to grow. Over time, this development may pose a threat to the reliability and efficiency of the Dutch electricity balancing market. We investigated possible changes to the design of the Dutch balancing market that can maintain or even improve upon its current operational performance level. The first step of the research was an analysis of the existing Dutch balancing market. It consists of three main instruments: programme responsibility, the single buyer market for regulating and reserve power (RRP), and imbalance settlement. The balancing market currently functions satisfactorily. Subsequently, the effects of large-scale development of microgeneration in the Netherlands were evaluated with a qualitative scenario analysis. Four microgeneration scenarios and two methods for allocating the household electricity consumption and generation were considered. The four scenarios concerned large-scale penetration of PV, heat-led micro CHP, electricity-led micro CHP operated by the household consumer, and electricity-led micro CHP operated by the supply company. The last scenario was found to have the strongest positive net effect. Finally, six design options were identified for improving the Dutch balancing market design in case the share of microgeneration would increase substantially. Of these six options, adjusting the profile methodology and the regulation of smart meters are no-regret options that can be implemented immediately. The attractiveness of the other options depends upon the microgeneration portfolio that emerges, the manageability of large metering data flows, and the nature of the technical effects of large-scale microgeneration penetration.

75 FR 67794 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Granting...

Science.gov (United States)

2010-11-03

... Rule Change, as Modified by Amendment No. 1, to Trade Options on Leveraged Exchange- Traded Notes and... of options on leveraged (multiple or inverse) exchange-traded notes (``ETNs''), and (b) broaden the..., commodities, currencies, derivative instruments, or market indexes of the foregoing. Index-Linked Securities...

78 FR 28912 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Science.gov (United States)

2013-05-16

...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of... is hereby given that on April 30, 2013, The NASDAQ Stock Market LLC (``NASDAQ'' or ``Exchange... ``Options Pricing,'' at Section 2 governing pricing for NASDAQ members using the NASDAQ Options Market...

Integrating Ethics into the Marketing Curriculum.

Science.gov (United States)

Martin, James H.

1990-01-01

Describes how John Carroll University successfully integrated ethics into existing marketing courses. Provides a summary of the current literature on marketing ethics, discusses the educational goals that are met by integrating ethics into the curriculum, examines available curricular options, and details the design and implementation of a segment…

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).

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)

Taking climate to the market

International Nuclear Information System (INIS)

Boyle, S.

1998-01-01

Since the 1997 Kyoto Protocol set binding targets for greenhouse gas reductions, there has been a rapid increase in interest in emissions trading. This is based on the premise that reduction options may be cheaper in countries such as those of eastern Europe and the developing world, than in others such as the USA and Norway. As long as real emission reductions take place, and given that climate change is a global problem, setting up an emissions trading market should provide a much cheaper option than reductions applied solely at a national level. The real prospects for a viable market, what it will look like, and the deals already taking place are examined. (UK)

The Information Content of Treasury Bond Options Concerning Future Volatility and Price Jumps

DEFF Research Database (Denmark)

Busch, Thomas; Christensen, Bent Jesper; Nielsen, Morten Ørregaard

We study the relation between realized and implied volatility in the bond market. Realizedvolatility is constructed from high-frequency (5-minute) returns on 30 year Treasury bond futures.Implied volatility is backed out from prices of associated bond options. Recent nonparametric statisticaltech......We study the relation between realized and implied volatility in the bond market. Realizedvolatility is constructed from high-frequency (5-minute) returns on 30 year Treasury bond futures.Implied volatility is backed out from prices of associated bond options. Recent nonparametric...... components. We also introduce a new vector HAR (VecHAR) modelfor the resulting simultaneous system, controlling for possible endogeneity of implied volatility inthe forecasting equations. We show that implied volatility is a biased and inefficient forecast in thebond market. However, implied volatility does...

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.

Management options for food production systems affected by a nuclear accident. Task 2 options for minimising the production of contaminated milk

CERN Document Server

Smith, J G; Mercer, J A; Nisbet, A F; Wilkins, B T

2002-01-01

This report describes an evaluation of three possible means by which the production of waste milk could be reduced following a nuclear accident. The three options studied are the reduction of contaminated pasture in the diet, the drying off of lactating dairy cattle and the slaughter of dairy cattle. The practicability of each of these is considered using criteria such as technical feasibility, capacity, cost, impact and acceptability, where appropriate. In theory reductions in waste milk arisings can be achieved with each option, however, there are a number of limitations associated with their practical application.

Green Power Marketing in the United States: A Status Report (2008 Data)

Energy Technology Data Exchange (ETDEWEB)

Bird, L.; Kreycik, C.; Friedman, B.

2009-09-01

Voluntary consumer decisions to buy electricity supplied from renewable energy sources represent a powerful market support mechanism for renewable energy development. In the early 1990s, a small number of U.S. utilities began offering 'green power' options to their customers. Since then, these products have become more prevalent, both from traditional utilities and from renewable energy marketers operating in states that have introduced competition into their retail electricity markets or offering renewable energy certificates (RECs) online. Today, more than half of all U.S. electricity customers have an option to purchase some type of green power product directly from a retail electricity provider, while all consumers have the option to purchase RECs. This report documents green power marketing activities and trends in the United States including utility green pricing programs offered in regulated electricity markets; green power marketing activity in competitive electricity markets, as well as green power sold to voluntary purchasers in the form of RECs; and renewable energy sold as greenhouse gas offsets in the United States. These sections are followed by a discussion of key market trends and issues. The final section offers conclusions and observations.

Green Power Marketing in the United States. A Status Report (2008 Data)

Energy Technology Data Exchange (ETDEWEB)

Bird, Lori [National Renewable Energy Lab. (NREL), Golden, CO (United States); Kreycik, Claire [National Renewable Energy Lab. (NREL), Golden, CO (United States); Friedman, Barry [National Renewable Energy Lab. (NREL), Golden, CO (United States)

2009-09-01

Voluntary consumer decisions to buy electricity supplied from renewable energy sources represent a powerful market support mechanism for renewable energy development. In the early 1990s, a small number of U.S. utilities began offering 'green power' options to their customers. Since then, these products have become more prevalent, both from traditional utilities and from renewable energy marketers operating in states that have introduced competition into their retail electricity markets or offering renewable energy certificates (RECs) online. Today, more than half of all U.S. electricity customers have an option to purchase some type of green power product directly from a retail electricity provider, while all consumers have the option to purchase RECs. This report documents green power marketing activities and trends in the United States including utility green pricing programs offered in regulated electricity markets; green power marketing activity in competitive electricity markets, as well as green power sold to voluntary purchasers in the form of RECs; and renewable energy sold as greenhouse gas offsets in the United States. These sections are followed by a discussion of key market trends and issues. The final section offers conclusions and observations.

Arbitrage free pricing of forward and futures in the energy market

International Nuclear Information System (INIS)

Kloster, Kristian

2003-01-01

contract is settled. To demonstrate the performance of my model, I will find different forward curves with different delivery times and compare them with actual forward curves from Akershus energy. Then I deduce an option price with a forward/futures as an underlying asset. The option price, will be a generalized version of the Black 76 model. Black 76 is the most applicable and used option pricing model in the Nordic energy market. The thesis is organized as follows: Chapter 1 has been a general introduction to the electricity market, and the topics I will look at in this thesis. In chapter 2 I will look at some properties of the energy prices. In chapter 3 and 4, I introduce the model for the spot price dynamics, and look at some properties for the model. I also discuss equivalent Martingale measure in view of this. I derive the forward/futures prices and I look at some fitting techniques to estimate my variables in chapter 5 and 6. In chapter 7 I will present the performance of the model. I deduce an option price in chapter 8. Chapter 9 will be a discussion of my findings. Some basic theorems and solution algorithms are left to an appendix. The main objectives of this thesis were to derive a formula for arbitrage free pricing of forward and futures contracts in the energy market, and also derive an option price using the forward as an underlying asset. The first chapters provided me with the material I needed to derive these formulas. In chapter 7 I tested my theoretical model against forward curves in the market. There are several possible explanations for the results from chapter 7. One possibility is that. the stochastic spot model is poor for electricity prices, and perhaps works better for other energy markets. My Ornstein-Uhlenbeck process is only driven by Wiener noise and no Levy noise. An inclusion of a Levy term could increase the prediction in case of sudden shifts in the spot price. The Nordic electricity market is a new market, which is very sensitive to

Economics of Alaska North Slope gas utilization options

International Nuclear Information System (INIS)

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

1996-08-01

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

Imports/exports issues and options : discussion paper

International Nuclear Information System (INIS)

2001-01-01

The Alberta marketplace is ideally located for connections to British Columbia, the Pacific Northwest, Saskatchewan, Manitoba and the Mid-Continental Area Power Pool (MAPP). Alignment with other markets becomes an important issue and provides challenges that must be overcome. It provides an opportunity for expanded trade in Alberta based loads and generation. The Real Time (RT) market for the trading of physical, dispatchable energy and the forwards markets (financial and intended to go to delivery through the RT market) are comprised in the Alberta marketplace. The development of a complete marketplace for electricity is fully supported by the Power Poll of Alberta. Developments in those two markets allow greater opportunity for a review of the interconnections in the Alberta electricity market. In this document, an attempt is made to identify issues relating to the imports and exports and develop alternative mechanisms to resolve these issues. Three main objectives were put forth: identify a better mechanism to meet the requirements of the Pool Price Deficiency Regulation (PPDR), identify a better mechanism to allow imports and exports to participate in the Alberta market that takes into consideration the impact of transmission constraints, and to better align with external markets. An hour ahead firm market for interconnections was one option that addresses the issues under consideration

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.

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

Electricity Market Manipulation: How Behavioral Modeling Can Help Market Design

Energy Technology Data Exchange (ETDEWEB)

Gallo, Giulia [National Renewable Energy Lab. (NREL), Golden, CO (United States)

2015-12-18

The question of how to best design electricity markets to integrate variable and uncertain renewable energy resources is becoming increasingly important as more renewable energy is added to electric power systems. Current markets were designed based on a set of assumptions that are not always valid in scenarios of high penetrations of renewables. In a future where renewables might have a larger impact on market mechanisms as well as financial outcomes, there is a need for modeling tools and power system modeling software that can provide policy makers and industry actors with more realistic representations of wholesale markets. One option includes using agent-based modeling frameworks. This paper discusses how key elements of current and future wholesale power markets can be modeled using an agent-based approach and how this approach may become a useful paradigm that researchers can employ when studying and planning for power systems of the future.

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

Humps in the volatility structure of the crude oil futures market: New evidence

International Nuclear Information System (INIS)

Chiarella, Carl; Kang, Boda; Nikitopoulos, Christina Sklibosios; Tô, Thuy-Duong

2013-01-01

This paper analyses the volatility structure of commodity derivatives markets. The model encompasses hump-shaped, unspanned stochastic volatility, which entails a finite-dimensional affine model for the commodity futures curve and quasi-analytical prices for options on commodity futures. Using an extensive database of crude oil futures and futures options spanning 21 years, we find the presence of hump-shaped, partially spanned stochastic volatility in the crude oil market. The hump shaped feature is more pronounced when the market is more volatile, and delivers better pricing as well as hedging performance under various dynamic factor hedging schemes. - Highlights: • This paper analyses the volatility structure of commodity derivatives markets. • 21-years of data on crude oil futures and futures options is used. • The crude oil futures market has hump-shaped, unspanned stochastic volatility. • The hump shaped feature is more pronounced when the market is more volatile. • Hump shape delivers better pricing and hedging compared to exponential decay

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 ...

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

Directory of Open Access Journals (Sweden)

Wai-Ki Ching

2007-10-01

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

75 FR 1437 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving a...

Science.gov (United States)

2010-01-11

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-61274; File No. SR-CBOE-2009-089] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving a Proposed Rule... announce to members via Regulatory Circular any determination regarding the routing of market stock-option...

Strategies for risk management using the paper markets [to minimize oil price risks

International Nuclear Information System (INIS)

Annesley, M.

1993-01-01

The severe price movement experienced within energy markets during the last few years have awakened significant interest in hedging, and other uses of the futures, options, forward and derivative markets, to minimise price risk. There are two basic strands of structure of the markets now available for risk mangement. The first of these is the Exchange markets (IPE, NYMEX, and SIMEX) providing various futures and options alternatives; the second is the forward cargo contracts. The liquidity in these forward cargo markets, is variable but the contracts do provide some hedging and price risk management opportunities, which supplement and complement the Exchange markets, particularly for the professional risk managers and market makers. A range of forward markets is potentially available serving all regions. The more recent development of widely used derivative contracts, notably the swaps and price triggering in physical sale contracts, gives further alternatives from which interested companies may choose. The derivative market, although by definition off-exchange' may use either the Exchanges, forward markets or various oil publications for establishing their prices. Therefore, Exchange futures and options, forward markets and either standard or individually tailored derivatives all provide possible solutions to the risk management needs of coping with today's volatile prices. (author)

Behavioral Preferences for Individual Securities : The Case for Call Warrants and Call Options

NARCIS (Netherlands)

Ter Horst, J.R.; Veld, C.H.

2002-01-01

Since 1998, large investment banks have flooded the European capital markets with issues of call warrants.This has led to a unique situation in the Netherlands, where now call warrants, traded on the stock exchange, and long-term call options, traded on the options exchange, exist.Both entitle their

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.

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...

E-commerce platform acceptance suppliers, retailers, and consumers

CERN Document Server

Chan, Hing; Yip, Nick

2014-01-01

This book aims to offer a comprehensive overview of the issues facing organizations when deciding whether to accept e-commerce as a platform for business. It provides a detailed evaluation of how the implementation of e-commerce may affect all parties within the supply chain: suppliers, retailers and consumers. It also compares various opportunities and threats of accepting e-commerce in order to conclude whether it might offer access to a new digital era, or whether it is an uncertain option yielding potential pitfalls. This book helps to reveal existing and future consequences of e-commerce acceptance, which are crucial for business decisions and operations in the present and going forward. It therefore provides a unique insight into emerging e-commerce platform acceptance, and is one of the first to provide a holistic perspective of how each party in the supply chain is affected  by e-commerce acceptance. E-commerce is bringing into view more flexible, effective and efficient ways of conducting business a...

Are Financial Markets an Aspect of Quantum World?

Directory of Open Access Journals (Sweden)

O. Racorean

2015-01-01

Full Text Available Writing the article “Time independent pricing of options in range bound markets” [1], the question in the title came naturally to my mind. It is stated, in the above article, that in certain market conditions the stock price is subjected to an equation that exactly matches a time independent Schrodinger equation. The time independent equation for options valuation is used further to explain a stock market phenomenon that resembles an α particle decay tunneling effect. The transmission coefficient for the stock price tunneling effect it is also deduced. Although, it may not have important impact in quantum physics, the philosophical aspects residing in the use of quantum mechanics for stock market specific are very important.

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.

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

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.

Multirole cargo aircraft options and configurations. [economic analysis

Science.gov (United States)

Conner, D. W.; Vaughan, J. C., III

1979-01-01

A future requirements and advanced market evaluation study indicates derivatives of current wide-body aircraft, using 1980 advanced technology, would be economically attractive through 2008, but new dedicated airfreighters incorporating 1990 technology, would offer little or no economic incentive. They would be economically attractive for all payload sizes, however, if RD and T costs could be shared in a joint civil/military arrangement. For the 1994-2008 cargo market, option studies indicate Mach 0.7 propfans would be economically attractive in trip cost, aircraft price and airline ROI. Spanloaders would have an even lower price and higher ROI but would have a relatively high trip cost because of aerodynamic inefficiencies. Dedicated airfreighters using propfans at Mach 0.8 cruise, laminar flow control, or cryofuels, would not provide any great economic benefits. Air cushion landing gear configurations are identified as an option for avoiding runway constraints on airport requirements and/or operational constraints are noted.

Nitrogen ion implantation: Barriers to industrial acceptance and prospects for the future

International Nuclear Information System (INIS)

Alexander, R.B.

1989-01-01

Nitrogen ion implantation has been used to improve the wear and fatigue resistance of metals in industrial applications since the process was developed at the UK Harwell Laboratory in the 1970s. However, implantation service companies like Ion Surface Technology have found so far that the market for nitrogen implantation is limited. Both market and technical barriers exist to more widespread acceptance in industry. Market factors include cost, industrial conservatism, and production priorities in manufacturing. Technical factors include the size of available implanters, the line-of-sight limitation of ion implantation, sputtering, and other process limitations such as shallow penetration depth. Several recent technical developments that should greatly increase market acceptance are described: 1. large-scale nitrogen implanters, 2. the non-line-of-sight plasma source ion implantation process, and 3. ion assisted coating techniques. (orig.)

Management options for food production systems affected by a nuclear accident. Task 3: diversion of crops grown for human consumption to animal feed

International Nuclear Information System (INIS)

Brown, J.; Wilkins, B.T.; Nisbet, A.F.

2002-01-01

This report forms part of a series describing a study to evaluate selected options for the management of food production systems affected by a nuclear accident. This report considers the scope for the redirection of contaminated foods grown for human consumption to animal feeds and addresses whether crops grown for human consumption can be used as animal feeds for animal production systems; what the likely impact on contamination levels in animal products is; whether amounts of waste food could be reduced in the event of a nuclear accident; and whether the option is acceptable to the farming industry, retail trade and consumers. The study identified that foods intended for human consumption can be used as animal feeds for beef cattle and sheep and, to a limited extent, for breeding sows but it is essential that a suitable nutritional balance is maintained. The scope to provide suitable alternative diets is, however, limited and is dependent upon the time of year at which the deposition occurs. If crops were contaminated at the relevant CFIL, not all of the alternative diets considered would result in animal products that were below the corresponding CFIL value, thus limiting any benefit in implementing the option. Except possibly in the most extreme of circumstances, this management option would not be considered acceptable by consumers or by the retail trade and farmers would only implement such a measure if there was a suitable market for the resultant produce. This work was undertaken under the Environmental Assessments Department and Emergency Response Group's Quality Management System, which has been approved by Lloyd's Register Quality Assurance to the Quality Management Standards ISO 9001:2000 and TickIT Guide Issue 5, certificate number 956546. (author)

A strategy of the company performance in the international market

Directory of Open Access Journals (Sweden)

Savić Marko

2014-01-01

Full Text Available The aim of this paper is to determine an appropriate framework of strategic performance of companies in the international market. A company that plans to enter into the international market has to prepare well, has to choose adequate strategy, should have thought-market performance and developed marketing program which follows the activity of company. The choice of the appropriate strategy for company's entry into foreign markets affects the long term stability of the market functions and determines the scope of operations abroad by which the company can successfully develop its own abilities as well as to incur risks and uncertainties. There is a constant change in the environment, and by being aware of the changes, we choose between different options the company is opting for when selecting the international market entry strategy. The company should through the country entry analysis and entry forms; examine options that have greater significance in terms of its strategic objectives at the international market. Selecting the right strategy is the key issue that the company which wants to enter into international market is facing with.

Residential/commercial market for energy technologies

Energy Technology Data Exchange (ETDEWEB)

Glesk, M M

1979-08-01

The residential/commercial market sector, particularly as it relates to energy technologies, is described. Buildings account for about 25% of the total energy consumed in the US. Market response to energy technologies is influenced by several considerations. Some considerations discussed are: industry characteristics; market sectors; energy-consumption characeristics; industry forecasts; and market influences. Market acceptance may be slow or nonexistent, the technology may have little impact on energy consumption, and redesign or modification may be necessary to overcome belatedly perceived market barriers. 7 figures, 20 tables.

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

International Nuclear Information System (INIS)

Perelló, Josep; Masoliver, Jaume; Sircar, Ronnie

2008-01-01

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

A Contribution to Theory Building for Mobile Marketing: Categorizing Mobile Marketing Campaigns through Case Study Research

OpenAIRE

Pousttchi, Key; Wiedemann, Dietmar Georg

2006-01-01

Marketing experts consider the mobile device as an extremely promising marketing tool as it supports them to cope with their major challenge: getting time and attention from customers. Current mobile marketing research mostly covers success factors and acceptance analysis. Categorization, when addressed, lacks in appropriate foundation and is not linked to objectives at all. In this article we examine 55 case studies in order to identify relevant characteristics of mobile marketing campaigns....

Efficiency improvement opportunities in TVs: Implications for market transformation programs

International Nuclear Information System (INIS)

Park, Won Young; Phadke, Amol; Shah, Nihar; Letschert, Virginie

2013-01-01

Televisions (TVs) account for a significant portion of residential electricity consumption and global TV shipments are expected to continue to increase. We assess the market trends in the energy efficiency of TVs that are likely to occur without any additional policy intervention and estimate that TV efficiency will likely improve by over 60% by 2015 with savings potential of 45 terawatt-hours [TW h] per year in 2015, compared to today’s technology. We discuss various energy-efficiency improvement options and evaluate the cost effectiveness of three of them. At least one of these options improves efficiency by at least 20% cost effectively beyond ongoing market trends. We provide insights for policies and programs that can be used to accelerate the adoption of efficient technologies to further capture global energy savings potential from TVs which we estimate to be up to 23 TW h per year in 2015. - Highlights: • We analyze the impact of the recent TV market transition on TV energy consumption. • We review TV technology options that could be realized in the near future. • We assess the cost-effectiveness of selected energy-efficiency improvement options. • We estimate global electricity savings potential in selected scenarios. • We discuss possible directions of market transformation programs

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...

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

Proportional Transaction Costs in the Robust Control Approach to Option Pricing: The Uniqueness Theorem

Energy Technology Data Exchange (ETDEWEB)

El Farouq, Naïma, E-mail: naima.elfarouq@univ-bpclermont.fr [Université Blaise Pascal (Clermont-Ferrand II) (France); Bernhard, Pierre, E-mail: pierre.bernhard@inria.fr [INRIA Sophia Antipolis-Méditerranée (France)

2015-10-15

We prove the missing uniqueness theorem for the viscosity solution of a quasi-variational inequality related to a minimax impulse control problem modeling the option pricing with proportional transactions costs. This result makes our robust control approach of option pricing in the interval market model essentially complete.

The role of managerial stock option programs in governance: evidence from REIT stock repurchases

NARCIS (Netherlands)

Ghosh, C.; Giambona, E.; Harding, J.P.; Sezer, O.; Sirmans, C.F.

2010-01-01

This article examines the role of stock option programs and executive holdings of stock options in real estate investment trust (REIT) governance. We study the issue by analyzing how the market reaction to a stock repurchase announcement varies as a function of the individual REIT's governance

Proportional Transaction Costs in the Robust Control Approach to Option Pricing: The Uniqueness Theorem

International Nuclear Information System (INIS)

El Farouq, Naïma; Bernhard, Pierre

2015-01-01

We prove the missing uniqueness theorem for the viscosity solution of a quasi-variational inequality related to a minimax impulse control problem modeling the option pricing with proportional transactions costs. This result makes our robust control approach of option pricing in the interval market model essentially complete

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...

Management options for food production systems affected by a nuclear accident. Task 2: options for minimising the production of contaminated milk

International Nuclear Information System (INIS)

Smith, J.G.; Nisbet, A.F.; Mercer, J.A.; Brown, J.; Wilkins, B.T.

2002-01-01

This report describes an evaluation of three possible means by which the production of waste milk could be reduced following a nuclear accident. The three options studied are the reduction of contaminated pasture in the diet, the drying off of lactating dairy cattle and the slaughter of dairy cattle. The practicability of each of these is considered using criteria such as technical feasibility, capacity, cost, impact and acceptability, where appropriate. In theory reductions in waste milk arisings can be achieved with each option, however, there are a number of limitations associated with their practical application. (author)

Formulating New Directions with Strategic Marketing Planning.

Science.gov (United States)

Crompton, John L.

1983-01-01

This article describes both a short- and long-term strategic marketing planning approach for the parks and recreation manager. Both plans involve a needs assessment, objective development, marketing plans, and evaluations. Also discussed is a continuum of stragetic program options ranging from developing new programs to terminating existing…

Strategic PSYOP Management: A Marketing Management Approach

Science.gov (United States)

2005-03-01

advertising , and public relations. This study will not examine advanced marketing strategies designed for intra- market competition. E. METHODOLOGY The...doctrine, and ultimately develop a national PSYOP marketing strategy . Without accepting these principles PSYOP will be limited to ineffective advertising ...implementations of marketing strategies into U.S. doctrine, a hypothetical case study of recommended changes, and conclusion. G. CONCLUSION U.S. suffers

Optimal stopping and perpetual options for Lévy processes

OpenAIRE

Ernesto Mordecki

2002-01-01

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

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)

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.

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.

Switching between Domestic Market Activity, Export and FDI

DEFF Research Database (Denmark)

Hiller, Sanne; Yalcin, Erdal

-concentration trade-off with a stochastic productivity evolution, we analyze the transition dynamics between domestic market serving, exporting and FDI. We find that a stochastic productivity development generates hysteresis, and thereby confirm a general real option result. Market serving mode switching is driven...

Growing markets to sustain oil sands development

International Nuclear Information System (INIS)

Wise, T.H.

2003-01-01

The utilization of Alberta bitumen for the clean fuels market depends on upgrading, transportation, and refining processes. Forecasts show that oil sands production, which includes synthetic crude oil (SCO), will surpass declining conventional production in Western Canada. Several issues pose a challenge to the oil sands processing industry. The producers' market is affected by crude oil prices, market expansion options, diluent availability/cost, supply cost competitiveness, and regional processing. The common market issues include light/heavy crude prices, oil sands crude qualities, prices of oil sands crudes, pipeline infrastructure, and competitive supplies. The issues facing the refiners are: refining margins, security of crude supply, refined product quality, and competitive product supply. A brief review of markets for Canadian crude oil, including synthetic crude, was provided. The share of the Midwest market by Alberta must be retained and increased. The market expansion options were reviewed for both downstream (refining) and upstream (upgrading) operations. To reach more distant markets such as Southern Midwest, Washington, and California, new pipeline capacity would be required. The market is nearly saturated for Canada's heavy oil supply. More upgrading will be required as bitumen production increases. Market growth is still possible for Canada's SCO but according to forecasts, the market could also become saturated. To increase demand and allow supplies to grow, SCO prices may fall below light crude prices. It was noted that a balance must be achieved in order for producers to increase production and for refiner/upgraders to expand their conversion capacity. tabs., figs

DEVELOPMENT OF DERIVATIVE MARKET IN 2000-2012

Directory of Open Access Journals (Sweden)

Evgeniya V. Vasina

2014-01-01

Full Text Available At the end of XIX century futures exchange emerged, in the early 70-ies XX century - option exchange of financial derivatives. These exchanges gave a huge boost to the development of market of the operations with derivative financial instruments. In fact, in the 1970-1980-ies a new market segment was actually formed - the stock and financial derivatives. Trade in financial derivatives began in the OTC market, which accounts for most of the trade of derivatives. Today volumes of the OTC market of derivatives are several times greater than the volume of world trade and world GDP. From 2000 to 2007 derivative OTC market grew rapidly. In 2007-2008 there is a decline in trade of derivatives, but already in 2009 the world market of OTC derivatives returned to pre-crisis growth rates. Among all the instruments of the OTC market of derivatives swaps on interest rates stand out in the volumes, which even in the crisis of2007-2008 slightly, but increased. Analysis of indicators of the global OTC market of derivatives reveals the predominance of instruments on interest rates: their share in the total world market in 2012 amounted to about 77%. If we consider the structure of the OTC market of derivatives on type contracts, in 2012 most of the contracts (66% belonged to the swaps. As regards the structure of the world market of exchange derivatives, in 2012 the options had the largest share - 54 %, futures accounted for 46 %. Among all the exchange instruments on interest rates held 92%.

Development Of Derivative Market In 2000-2012

Directory of Open Access Journals (Sweden)

Evgeniya V. Vasina

2014-01-01

Full Text Available At the end of XIX century futures exchange emerged, in the early 70-ies XX century - option exchange of financial derivatives. These exchanges gave a huge boost to the development of market of the operations with derivative financial instruments. In fact, in the 1970-1980-ies a new market segment was actually formed - the stock and financial derivatives. Trade in financial derivatives began in the OTC market, which accounts for most of the trade of derivatives. Today volumes of the OTC market of derivatives are several times greater than the volume of world trade and world GDP. From 2000 to 2007 derivative OTC market grew rapidly. In 2007-2008 there is a decline in trade of derivatives, but already in 2009 the world market of OTC derivatives returned to pre-crisis growth rates. Among all the instruments of the OTC market of derivatives swaps on interest rates stand out in the volumes, which even in the crisis of2007-2008 slightly, but increased. Analysis of indicators of the global OTC market of derivatives reveals the predominance of instruments on interest rates: their share in the total world market in 2012 amounted to about 77%. If we consider the structure of the OTC market of derivatives on type contracts, in 2012 most of the contracts (66% belonged to the swaps. As regards the structure of the world market of exchange derivatives, in 2012 the options had the largest share - 54 %, futures accounted for 46 %. Among all the exchange instruments on interest rates held 92%.

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.

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.

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.

Market opportunities and challenges for oil sands

International Nuclear Information System (INIS)

Wise, T.H.

2004-01-01

The use of Alberta bitumen as a clean fuel depends on upgrading, transportation, and refining processes. Forecasts show that oil sands production, which includes synthetic crude oil (SCO), will surpass declining conventional production from the Western Canada Sedimentary Basin. The challenges facing the oils sands processing industry include: crude oil prices which affect the producer's market; market expansion options; diluent availability/cost; supply cost competitiveness; and, regional processing. The common market issues include light/heavy crude prices, oil sands crude qualities, prices of oil sands crudes, pipeline infrastructure, and competitive supplies. The issues facing the refiners are: refining margins, security of crude supply, refined product quality, and competitive product supply. It was noted that Alberta must retain or increase its share of the Midwest market. The market expansion options were reviewed for both downstream (refining) and upstream (upgrading) operations. New pipeline capacity is needed to reach more distant markets such as Southern Midwest, Washington, and California. The market is nearly saturated for Canada's heavy oil supply. More upgrading will be required as bitumen production increases. Market growth is still possible for Canada's SCO but according to forecasts, the market could also become saturated. To increase demand and allow supplies to grow, SCO prices may fall below light crude prices. It was noted that a balance must be achieved in order for producers to increase production and for refiner/upgraders to expand their conversion capacity. 13 figs

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.

Marketing Culture. Summary of the conference Marketing culture in modern organization held on 1 June 2001 at Warsaw University.

OpenAIRE

Piotr Modzelewski

2001-01-01

What do we mean when we refer to "marketing"? Are they the same thing as "marketing culture", but in a people context? Is "marketing the same as salels"? How can we find an acceptable balance between the strategy and the tactics? These are important questions, because our answers have important implications.

Will novel protein foods beat meat? : consumer acceptance of meat substitutes - a multidisciplinary research approach

NARCIS (Netherlands)

Hoek, A.C.

2010-01-01

Meat production places a heavy burden on the environment and therefore options are sought to reduce meat consumption. One option is to let new meat substitutes take the place of meat on the plate. This can only succeed when these products are acceptable to consumers. The thesis investigated which

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

Africa and global recessions: Options for reducing vulnerability in ...

African Journals Online (AJOL)

Africa and global recessions: Options for reducing vulnerability in future. ... It concludes that traditional or conventional, market-based approaches do not adequately explain the root causes of global recessions and that the dominant counter-cyclical Keynesian-type fiscal and monetary policies that characterised the ...

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

A Game of Two Elderly Care Facilities: Competition, Mothballing Options, and Policy Implications

Directory of Open Access Journals (Sweden)

Congcong Wang

2016-01-01

Full Text Available This article develops a model to investigate the entry strategies of private investors to the elderly care service market, with the purpose of explaining the reasons behind dilemma of low signing rate plaguing China’s Public-Private Partnership projects. We focus on the competition between two private investors with or without mothballing options under price uncertainty. After the derivation of equilibria of entry strategies, we employ numerical examples to analyze the dependencies of entry thresholds on market parameters, cost parameters, subsidy, and possession of mothballing option. Conclusions are drawn and some policy implications are given with the intention to alleviate the problem of low signing rate.

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....

78 FR 16895 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Science.gov (United States)

2013-03-19

... Inc. (``GOOG'') and Amazon.com Inc. (``AMZN'').\\3\\ Mini-option trading is expected to commence in... ensure that only complex and stock-option orders that seek to achieve legitimate investment strategies... market participant's ability to achieve the legitimate investment strategies that complex and stock...

Wind Generators and Market Power

DEFF Research Database (Denmark)

Misir, Nihat

price thresholds are significantly higher when the monopolist at the peakload level owns both types of generators. Furthermore, when producing electricity with the peakload generator, the monopolist can avoid facing prices below marginal cost by owning a certain share of the wind generators.......Electricity production from wind generators holds significant importance in European Union’s 20% renewable energy target by 2020. In this paper, I show that ownership of wind generators affects market outcomes by using both a Cournot oligopoly model and a real options model. In the Cournot...... oligopoly model, ownership of the wind generators by owners of fossil-fueled (peakload) generators decreases total peakload production and increases the market price. These effects increase with total wind generation and aggregate wind generator ownership. In the real options model, start up and shut down...

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

D-brane solutions under market panic

Science.gov (United States)

Pincak, Richard

The relativistic quantum mechanic approach is used to develop stock market dynamics. The relativistic is conceptional here as the meaning of big external volatility or volatility shock on a financial market. We used a differential geometry approach with the parallel transport of prices to obtain a direct shift of the stock price movement. The prices are represented here as electrons with different spin orientation. Up and down orientations of the spin particle are likened here to an increase or a decrease of stock prices. The parallel transport of stock prices is enriched by Riemann curvature, which describes some arbitrage opportunities in the market. To solve the stock-price dynamics, we used the Dirac equation for bispinors on the spherical brane-world. We found out that when a spherical brane is abbreviated to the disk on the equator, we converge to the ideal behavior of financial market where Black-Scholes as well as semi-classical equations are sufficient. Full spherical brane-world scenarios can describe non-equilibrium market behavior where all arbitrage opportunities as well as transaction costs are taken into account. Real application of the model to the option pricing was done. The model developed in this paper brings quantitative different results of option pricing dynamics in the case of nonzero Riemann curvature.

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…

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

77 FR 47887 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Science.gov (United States)

2012-08-10

... options markets, such as surveillance for position limit violations, manipulation, frontrunning and... Stock Market, LLC (``NASDAQ'') all charge ORFs. The ORF is designed to recover a material portion of the... surveillance for position limit violations, manipulation, frontrunning and contrary exercise advice violations...

A survey on the effects of aggressive marketing, price leadership and product focus on marketing channels in relationship-oriented marketing

Directory of Open Access Journals (Sweden)

Ali Ghanbarzad

2014-04-01

Full Text Available In this paper, we have performed a survey to study the effects of aggressive marketing, price leadership and product focus on marketing channels in relationship-oriented marketing. The study adopts a model developed earlier by Rokkan and Haugland (2002 [Rokkan, A. I., & Haugland, S. A. (2002. Developing relational exchange: effectiveness and power. European Journal of Marketing, 36(1/2, 211-230.]. The study has been executed among all managers of a firm named PET Technologies. There were 30 managers working for the proposed case study of this paper and we have designed a questionnaire in Likert scale and distributed it among all managers of this firm. Cronbach alpha is calculated as 0.931, which is well above the minimum acceptable level of 0.70. The results have confirmed that all thee marketing strategies influence on relationship-oriented marketing, positively.

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)

Options: the value of flexibilities in long term uranium contracts

International Nuclear Information System (INIS)

Major-Sosias, M.A.

1996-01-01

It has been commonplace for uranium suppliers to offer utilities long-term contracts with significant quantity flexibilities. These are attractive to the utility for which the consumption of fuel is dependent on variable reactor performance and have given the suppliers an additional competitive tool. The return to a uranium market in which near-term supply is likely to be tight is a disincentive to suppliers to offer new contracts with flexibilities. Typical recent flexibility offers have been significantly less generous than in the past. A methodology is outlined which can be used to give a theoretical estimate of the value of the flexibility provision to the supplier and buyer. It is based on the similarity between flexibility provision and option contracts in the securities and commodity markets. By regarding flexibilities as ''embedded options'' it is possible to apply to them the Black-Scholes option pricing formula as long as the necessary inputs, such as the price of uranium, the loan rate and the volatility, are available. The formula does have its shortfalls, however; in particular, it cannot incorporate the political perturbations that are continually taking place in the uranium industry. (13 figures, 15 references). (UK)

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.

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

Directory of Open Access Journals (Sweden)

Fei Lung Yuen

2011-12-01

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

THE 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

The Value of Transparency in Distributed Solar PV Markets

Energy Technology Data Exchange (ETDEWEB)

OShaughnessy, Eric J [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Zamzam, Ahmed S [National Renewable Energy Laboratory (NREL), Golden, CO (United States)

2017-12-01

Market transparency refers to the degree of customer awareness of product options and fair market prices for a given good. In The Value of Transparency in Distributed Solar PV Markets, we use residential solar photovoltaic (PV) quote data to study the value of transparency in distributed solar PV markets. We find that improved market transparency results in lower installation offer prices. Further, the results of this study suggest that PV customers benefit from gaining access to more PV quotes.

EU ETS Allocation. Evaluation of present system and options beyond 2012

Energy Technology Data Exchange (ETDEWEB)

Sijm, J.P.M. (ed.) [ECN Policy Studies, Petten (Netherlands); Berk, M.M.; Den Elzen, M.G.J.; Van den Wijngaart, R.A. [Netherlands Environmental Assessment Agency NMP, Bilthoven (Netherlands)

2007-03-15

This study assesses various options for EU (European Union) burden sharing and EU ETS (Emissions Trading System) allocation beyond 2012, based on a sample of policy evaluation criteria and a review of the literature on (1) international and EU burden sharing of future GHG mitigation commitments, and (2) allocation of GHG emission allowances among countries, sectors and emitting installations. It shows that these options score differently with regard to a variety of individual evaluation criteria (such as environmental effectiveness, economic efficiency, social equity or political acceptability), while the overall performance of these options depends on both the selection, interpretation, weighing and adding of these criteria.

Dynamic effects on the acceptance of hydrogen technologies - an international comparison

International Nuclear Information System (INIS)

Heinz, Boris; Erdmann, Georg

2008-01-01

Social acceptance plays an important role for the future hydrogen economy and a broad market launch of hydrogen technologies. Neglecting the aspect of public acceptance and attitude may become a serious obstacle for the establishment of a mass market infrastructure. With a standardized questionnaire and a standardized procedure, personal interviews were conducted with at least 300 persons in Amsterdam, Barcelona, Berlin, Hamburg, London, Luxembourg, Madrid and Reykjavik, in total with 3352 persons. Thus the dynamics of the public attitude toward hydrogen were analyzed, whereby the possibility of setbacks and accidents was taken into consideration. Whereas 68% of the interviewed persons would be supportive of the aforementioned technologies, an amount of 31% was determined to be volatile. An amount of 77% stated that they would use a hydrogen bus instead of a conventional one if they could choose, but an amount of 21% was indifferent. It will be shown how these amounts can affect the balance of acceptance and how stable the acceptance of hydrogen technologies can be considered in the evaluated six countries. (author)

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.

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

A report on the development of China's market economy 2005

Institute of Scientific and Technical Information of China (English)

LI Xiaoxi

2006-01-01

This paper dicusses on the issue of the development of China's market economy from six aspects.(1)Basic Content and Conclusions on the development of China's market economy.(2)Further progress in building market-oriented economy in China.(3)Assessment of the degree of market economy development in China.(4)New progress in 2004 in developing market economy in China.(5)A general analysis of twelve key questions concerning market economy.(6)Resolution of the"non-market economy"issue:a win-win option.

Fractal asset returns, arbitrage and option pricing

International Nuclear Information System (INIS)

Potgieter, Petrus H.

2009-01-01

In the discrete-time fractional random walk model a market with one risky asset affords an arbitrage opportunity as described by Cutland et al. [Cutland NJ, Kopp PE, Willinger W. Stock price returns and the Joseph effect: a fractional version of the Black-Scholes model. In: Russo Francesco, Bolthausen Erwin, Dozzi Marco, editors. Seminar on 6 stochastic analysis, random fields and applications, pp. 327-351. Seminar on stochastic analysis, random fields and applications. Ascona: Centro Stefano Franscini; 1993, Progress in probability 36. Birkhauser Verlag; 1995.] and Sottinen [Sottinen Tommi. Fractional Brownian motion, random walks and binary market models. Finance Stoch 2001;5(3):343-355]. We briefly discuss these results and compute a numerical example in a fractional binomial model as illustration and mention an option pricing model for assets the returns of which are driven by a fractional Brownian motion [Yaozhong Hu, Bernt Oksendal. Fractional white noise calculus and applications to finance. Infin Dimens Anal Quant Probability Rel Top 2003;6:1-32, ISSN 0219-0257; Fajardo J, Cajueiro DO. Volatility estimation and option pricing with fractional Brownian motion, October 2003. Available from: (http://ideas.repec.org/p/ibm/finlab/flwp53.html)].

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)

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)

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)

An integrated pan-European ancillary services market for frequency control

International Nuclear Information System (INIS)

Scherer, Marc; Zima, Marek; Andersson, Göran

2013-01-01

Real-time balancing of mismatches between consumption and production is one of the key elements for the secure operation of power systems. This takes place within the framework of ancillary services managed by respective national transmission system operating companies. The objective of this paper is to investigate the option of one integrated pan-European ancillary services market. Our contribution is twofold: quantifying the potential benefit of such an option and outlining a possible approach to such an option highlighting its positive properties as well as risks and challenges. In several recently published considerations of pan-European electricity supply models this topic has not been adequately addressed, but we believe it is one of the crucial subjects in shaping the future electricity supply in Europe. -- Author-Highlights: •We investigated the option of a one-area market for frequency control in Continental Europe. •For the current situation a centralised approach may lead to a significant reduction of control reserves. •In the long run it is a possibility to avoid a tremendous increase of needed control reserves. •The implementation of an integrated market is not to be underestimated

Modeling spot markets for electricity and pricing electricity derivatives

Science.gov (United States)

Ning, Yumei

Spot prices for electricity have been very volatile with dramatic price spikes occurring in restructured market. The task of forecasting electricity prices and managing price risk presents a new challenge for market players. The objectives of this dissertation are: (1) to develop a stochastic model of price behavior and predict price spikes; (2) to examine the effect of weather forecasts on forecasted prices; (3) to price electricity options and value generation capacity. The volatile behavior of prices can be represented by a stochastic regime-switching model. In the model, the means of the high-price and low-price regimes and the probabilities of switching from one regime to the other are specified as functions of daily peak load. The probability of switching to the high-price regime is positively related to load, but is still not high enough at the highest loads to predict price spikes accurately. An application of this model shows how the structure of the Pennsylvania-New Jersey-Maryland market changed when market-based offers were allowed, resulting in higher price spikes. An ARIMA model including temperature, seasonal, and weekly effects is estimated to forecast daily peak load. Forecasts of load under different assumptions about weather patterns are used to predict changes of price behavior given the regime-switching model of prices. Results show that the range of temperature forecasts from a normal summer to an extremely warm summer cause relatively small increases in temperature (+1.5%) and load (+3.0%). In contrast, the increases in prices are large (+20%). The conclusion is that the seasonal outlook forecasts provided by NOAA are potentially valuable for predicting prices in electricity markets. The traditional option models, based on Geometric Brownian Motion are not appropriate for electricity prices. An option model using the regime-switching framework is developed to value a European call option. The model includes volatility risk and allows changes

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...

78 FR 53812 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate...

Science.gov (United States)

2013-08-30

... Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change... Proprietary Trader Program (S501) Continuing Education Regulatory Element Session on the BOX Market LLC (``BOX'') options facility. While changes to the fee schedule pursuant to this proposal will be effective upon...

77 FR 9275 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Science.gov (United States)

2012-02-16

...., CBOE Gold ETF Volatility Index (``GVZ'') options. The Exchange believes the level of the fees furthers... ETF Volatility Index, the CBOE Brazil ETF Volatility Index and CBOE Oil ETF Volatility Index February... Schedule to establish fees for transactions in options on the CBOE Emerging Market ETF Volatility Index...

77 FR 20680 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Science.gov (United States)

2012-04-05

... index options; and $0.40 per contract in volatility index options. The Exchange notes that CBOE Market.... The Exchange also notes that the $0.25 per contract transaction rates for Professionals and Voluntary... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-66704; File No. SR-CBOE-2012-030] Self...

North American natural gas outlook : does gas remain a fuel option for oil sands?

International Nuclear Information System (INIS)

George, R.R.

2003-01-01

This paper presents a North America natural gas outlook from Purvin and Gertz, an international energy consulting firm that has 30 years experience in providing strategic, commercial and technical advice to the petroleum industry. In particular, this presentation focuses on natural gas market fundamentals and how they may impact on oil sands development. It includes charts and graphs depicting NYMEX natural gas outlooks to July, 2009 and examines how supply will react to major changes in Canada's supply portfolio. It was noted that oil sands development is a driver for natural gas demand in Alberta. The existing regional gas pipeline infrastructure was presented and the market impact on upgrader options was discussed. The author suggests that if gas prices are too high, there are other fuel options for steam and power generation. These include bitumen, asphalt, coke, coal and nuclear. However, these options have additional costs, uncertainties and environmental issues. A key factor for success would be to have a clear understanding of the benefits and risks between these fuel options. 1 tab., 9 figs

Pricing summer day options by good-deal bounds

International Nuclear Information System (INIS)

Kanamura, Takashi; Ohashi, Kazuhiko

2009-01-01

Despite the worldwide popularity of CDD- and HDD-type weather derivatives based on temperature, a different class of weather derivatives, so-called summer day options, is more popular in Japan; the payoffs are determined by the number of summer days (i.e., the days whose average temperature is above 25 C) during the contract period. In this paper, we price such summer day options by the good-deal bounds of Cochrane and Saa-Requejo [Cochrane, J.H., and J. Saa-Requejo, 2000, Beyond Arbitrage: Good-Deal Asset Price Bounds in Incomplete Markets, Journal of Political Economy 108, 79-119.], using temperature data for Tokyo. (author)

Efficiency of S&P CNX Nifty Index Option of the National Stock Exchange (NSE, India, using Box Spread Arbitrage Strategy

Directory of Open Access Journals (Sweden)

G. P. Girish

2014-09-01

Full Text Available Box spread is a trading strategy in which one simultaneously buys and sells options having the same underlying asset and time to expiration, but different exercise prices. This study examined the efficiency of European style S&P CNX Nifty Index options of National Stock Exchange, (NSE India by making use of high-frequency data on put and call options written on Nifty (Time-stamped transactions data for the time period between 1st January 2002 and 31st December 2005 using box-spread arbitrage strategy. The advantages of box-spreads include reduced joint hypothesis problem since there is no consideration of pricing model or market equilibrium, no consideration of inter-market non-synchronicity since trading box spreads involve only one market, computational simplicity with less chances of mis-specification error, estimation error and the fact that buying and selling box spreads more or less replicates risk-free lending and borrowing. One thousand three hundreds and fifty eight exercisable box-spreads were found for the time period considered of which 78 Box spreads were found to be profitable after incorporating transaction costs (32 profitable box spreads were identified for the year 2002, 19 in 2003, 14 in 2004 and 13 in 2005 The results of our study suggest that internal option market efficiency has improved over the years for S&P CNX Nifty Index options of NSE India.

The use of content marketing strategy tools in the Polish research institutes

Directory of Open Access Journals (Sweden)

Świeczak Witold

2016-12-01

Full Text Available In the article were described issues associated with the use by scientific institutions content marketing strategy tools. This article shows the extent to which tools of modern marketing are used in the Internet communication by scientific institutions. Currently content marketing concept is accepted not only as a fashionable trend of modern marketing but above all, it is treated as an important tool to improve enough Internet message, to effectively interest to the users. A optimal selection and use content marketing tools it provides opportunities for enhancing efficiency in the reception (acceptance of the generated message.

Midwest gas and power markets, hubs, pipelines, and interconnects

International Nuclear Information System (INIS)

Wirick, J.

2001-01-01

The existing interstate pipelines and proposed pipeline projects for the Chicago hub area were illustrated. The presentation explained why energy suppliers in the current competitive market need to balance and manage energy and transportation services for gas-fired power generators in terms of hourly winter and summer peaking services. The new infrastructure of the energy market will include new pipelines, storage and balancing to meet the ever increasing power demand. One of the options to meet power demand is to increase natural gas supply, transportation, storage, and hourly balancing capabilities. Other options are to build nuclear or coal-fired power generating facilities, or to go with renewables such as solar and wind power. Energy conservation and the reduction of natural gas usage per capita is another option to eliminate blackouts. This presentation also addressed the role that local distribution companies (LDC) and unbundling will play in the choice of these options. tabs., figs

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

International Nuclear Information System (INIS)

Dias, Marco Antonio Guimaraes

2004-01-01

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

An introduction to capital markets products, strategies, participants

CERN Document Server

Chisholm, Andrew M

2002-01-01

This comprehensive resource provides a complete introduction to global capital markets by explaining key instruments used in markets and their practical applications. An Introduction to Capital Marketsassumes no starting knowledge of the subject and begins with a general overview of the structure of the capital markets industry. Readers will quickly learn about swaps applications, options trading strategies, and much more. This introduction to financial markets offer valuable insights for anyone interested in the theory, practice, products, and applications within this field.

On the Effectiveness of Marketing Planning

OpenAIRE

JS Armstrong

2005-01-01

Managers are often told that formal planning helps. It is useful to examine whether this is good advice. Thus, I applaud this effort to study marketing planning in New Zealand. Nevertheless, I find it difficult to accept the conclusions drawn by the authors of “Marketing Planning in New Zealand” (MPNZ). I am concerned with the definition of marketing planning, the criteria, and the design of the study.

Migration of Price Discovery With Constrained Futures Markets

OpenAIRE

Anthony D. Hall; Paul Kofman; Steve Manaster

2001-01-01

This paper investigates the information content of futures option prices when the futures price is regulated while the futures option price itself is not. The New York Board of Trade provides the empirical setting for this type of dichotomy in regulation. Most commodity derivatives markets regulate prices of all derivatives on a particular commodity simultaneously. NYBOT has taken an almost unique position by imposing daily price limits on their futures contracts while leaving the options pri...

Competing with giants. Survival strategies for local companies in emerging markets.

Science.gov (United States)

Dawar, N; Frost, T

1999-01-01

The arrival of a multinational corporation often looks like a death sentence to local companies in an emerging market. After all, how can they compete in the face of the vast financial and technological resources, the seasoned management, and the powerful brands of, say, a Compaq or a Johnson & Johnson? But local companies often have more options than they might think, say the authors. Those options vary, depending on the strength of globalization pressures in an industry and the nature of a company's competitive assets. In the worst case, when globalization pressures are strong and a company has no competitive assets that it can transfer to other countries, it needs to retreat to a locally oriented link within the value chain. But if globalization pressures are weak, the company may be able to defend its market share by leveraging the advantages it enjoys in its home market. Many companies in emerging markets have assets that can work well in other countries. Those that operate in industries where the pressures to globalize are weak may be able to extend their success to a limited number of other markets that are similar to their home base. And those operating in global markets may be able to contend head-on with multinational rivals. By better understanding the relationship between their company's assets and the industry they operate in, executives from emerging markets can gain a clearer picture of the options they really have when multinationals come to stay.

Business models and financing options for a rapid scale-up of rooftop solar power systems in Thailand

International Nuclear Information System (INIS)

Tongsopit, Sopitsuda; Moungchareon, Sunee; Aksornkij, Apinya; Potisat, Tanai

2016-01-01

Diverse solar PV business models and financing options exist in the international landscape, helping expand and accelerate the adoption of rooftop solar PV systems. The conditions for their emergence are context specific, depending on the policies, regulations, incentives, and market conditions of each country. After a review of the international landscape, this paper compiles and analyzes business models and financing options for rooftop solar PV investment in Thailand that have emerged during the period between 2013 and 2015. Despite policy discontinuity for the support of rooftop solar systems, diverse business models and financing options are driving market expansion and expanding solar access to more Thai consumers. Drawing on our policy and regulatory analyses and in-depth interviews with business representatives, we identify four types of business models and one financing option. The business models include Roof Rental, Solar PPA, Solar Leasing, and Community Solar, and the financing option is the solar loan. We analyze the drivers for their emergence, barriers to their success, and the risks from the business owners' and consumers' viewpoints. Our policy recommendation is focused on crafting a net-metering regulation with evidence-based studies on the potential costs and benefits to different stakeholders. - Highlights: •Advances understanding on PV business models in urban developing countries' context. •Reviews emerging rooftop solar business models in Thailand. •Thailand has a dynamic solar market despite policy uncertainties.

THE PRICE ON THE ORGANIC PRODUCT MARKET

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ATĂNĂSOAIE GEORGE SEBASTIAN

2013-08-01

Full Text Available The main objective of this paper is to present prices on PAE market (PAE- organic foods market. Prices areanalyzed in terms of importance and the main factors that contribute to their establishment (quality of products,distribution channels, certification and eco-labeling system, customer segments and market development stage.The paper shows that are used three strategic options of prices: prices with high rigidity located in a low or highlevel and fluctuating prices, characterized by variations on short periods of time. Price is a very importantbarrier to market development but this importance can be mitigated through appropriate communicationpolicies with the market, which are essential especially for markets in early stages of development

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.

Supply Chain Bilateral Coordination with Option Contracts under Inflation Scenarios

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Nana Wan

2015-01-01

Full Text Available There exist obvious changes in price and demand during the inflationary period, both of which are regarded as the key factors leading to supply chain uncertainty. In this paper, we focus our discussion on price increase and demand contraction caused by inflation, integrate the effect of inflation and option contracts within the model framework, and analyze how to use option contracts to achieve supply chain coordination under inflation scenarios. We consider a one-period two-stage supply chain consisting of one supplier and one retailer and explore the effect of inflation on the optimal ordering and production decisions under three different types of contracts: wholesale price contracts, option contracts, and portfolio contracts. Moreover, we explore the impact of option contracts on the supply chain through using wholesale price contracts model as the benchmark. We find that the retailer prefers adopting portfolio contracts, but the supplier prefers providing option contracts under inflation scenarios. Ultimately, option contracts will be implemented owing to the supplier’s market dominant position. In addition, we discuss the supply chain bilateral coordination mechanism with option contracts from the perspectives of two members and derive that option contracts can coordinate the supply chain and achieve Pareto improvement under inflation scenarios.