Electrical grid requirements to be met by superconducting components of energy supply systems; Elektrische Netzanforderungen an supraleitende Komponenten der Energieversorgung

Energy Technology Data Exchange (ETDEWEB)

Hoelter, D W; Radtke, U

1995-05-01

Suoerconducting components will reduce the effective losses of electrical equipment to practically zero. The new technology will bring about novel components with completely new or modified properties and capacities, and thus a number of economic advantages for grid operation. The novel components opened up by superconductivity technology are of particular interest to maximum and high-voltage applications. Components such as generators and transformers will be enhanced in their electrical performance, and effects of synergism are expected to be achieved in multi-functional applications of SMES and through specific combination of the components current limiter and cable, and transformer. (orig./MM) [Deutsch] Supraleitende Betriebsmittel reduzieren die Wirkverluste elektrischer Betriebsmittel praktisch auf null. Daraus resultieren Betriebsmittel mit neuen bzw. veraenderten elektrischen Eigenschaften, die fuer das Netz eine Reihe von Verbesserungen mit sich bringen koennen. Mit Supraleitung werden neuartige Betriebsmittel moeglich und fuer die Hoechst- und Hochspannungsebene wirtschaftlich attraktiv. Andere supraleitende Betriebsmittel wie Generator und Transformator erhalten verbesserte elektrische Eigenschaften. Synergieeffekte sind beim multi-funktionalen Einsatz des SMES und bei Kombination der Betriebsmittel Strombegrenzer und Kabel sowie Transformator zu erwarten. (orig./MM)

Melatonin - a key to the evaluation of the effects of electric; Melatonin - Schluessel fuer die Bewertung der Wirkung elektrischer und magnetischer Felder?

Energy Technology Data Exchange (ETDEWEB)

Wunstorf, B.; Lichtenberg, W. [Fachhochschule Hamburg (Germany). Fachbereich Oekotrophologie; Boikat, U. [BAGS, Amt fuer Gesundheit, Hamburg (Germany)

2000-09-01

The human pineal gland produces melatonin in a circadian rhythm. The substance has different functions - as a hormone, as an antioxidant and as a neurotransmitter. The secretion of melatonin and its tumor inhibition function can be influenced by electric and magnetic fields. Investigations have been carried out with rodents which have a melatonin rhythm similar to humans; nevertheless, they show a high variability between the species. The present state of knowledge only allows limited use of melatonin as an indicator for the impact of electric and magnetic fields. (orig.) [German] In der Epiphyse des Menschen wird in circadianem Rhythmus Melatonin produziert und ausgeschuettet. Die Substanz hat unterschiedliche Funktionen - als Hormon, Antioxidans und Neurotransmitter. Seine Ausschuettung und seine tumorhemmende Funktion koennen durch elektrische und magnetische Felder beeinflusst werden. Anhand von Nagern, die einen dem Menschen aehnlichen Melatoninrhythmus haben, allerdings eine hohe Speziesvarianz aufweisen, wurden diese Funktionen untersucht. Nach dem jetzigen Kenntnisstand eignet sich Melatonin nur bedingt als Indikator fuer die Wirkungen elektrischer und magnetischer Felder. (orig.)

Army symposium: Electrical energy engineering today; Wehrtechnisches Symposium: Moderne elektrische Energietechnik

Energy Technology Data Exchange (ETDEWEB)

Busse, H. (ed.) [Bundesakademie fuer Wehrverwaltung und Wehrtechnik, Mannheim (Germany). Fachgebiet Elektrotechnik und Elektroenergiewesen

2000-05-01

This symposium was held in Mannheim on May 20/21, 2000. All aspects of energy engineering were discussed, including electrochemical energy sources like accumulator batteries and fuel cells. The proceedings volume contains 26 papers which reflect the state of the art and current trends in electrical energy engineering in the German army. [German] Das Wehrtechnische Symposium 'Moderne elektrische Energietechnik' wurde von der Lehrabteilung Wehrtechnik der Bundesakademie fuer Wehrverwaltung und Wehrtechnik in Mannheim in der Zeit vom 20.05.-21.05.2000 durchgefuehrt. Das Programm enthaelt die aktuellen Themen der elektrischen Energietechnik. Die elektroschemischen Energiequellen (Batterien und Brennstoffzellen) wurden in das Programm integriert. Dadurch konnte das gesamte Spektrum der Energietechnik vielschichtig dargestellt und in der Diskussion unter z.T. sehr verschiedenen Gesichtspunkten beleuchtet werden. Die im vorliegenden Tagungsband abgedruckten 26 Skripte wurden weder gekuerzt noch ergaenzt. Sie zeigen insgesamt den aktuellen Stand und die erfolgversprechenden Entwicklungstendenzen der elektrischen Energietechnik in der Bundeswehr auf. (orig.)

L E E guide on electric power supply in high rise buildings. tot. rev. ed.; L E E. Leitfaden Elektrische Energie im Hochbau

Energy Technology Data Exchange (ETDEWEB)

Hennings, D.; Hinz, E.; Steinmueller, B.; Grossklos, M.

2000-07-01

Energy policy aiming at sustainability must take account of the noxious effects of fossil fuels. This guide will help to solve this problem. It is an easy to handle tool for integral planning and optimisation of electric power supply in administrative and office buildings, with a standard projecting procedure, a method for improving electric systems in buildings on the basis of characteristic values, and hints for planning and optimisation. It addresses builder owners and investors as well as architects, planners, engineers and energy consultants all of whom may be concerned in the planning of a building and its technical facilities. [German] Eine am Ziel der Nachhaltigkeit orientierte Energiepolitik muss Konsequenzen draus ziehen, dass der Einsatz der fossilen Energietraeger, auf denen unsere Energieversorgung bisher basiert, mit schaedlichen Umweltauswirkungen verbunden ist. Kohlendioxid und andere klimarelevante Spurengase heizen die Erdatmosphaere auf und drohen zur Klimakatastrophe zu fuehren; Stickoxid und Schwefeldioxid belasten mit dem sauren Regen Boden, Gewaesser und ganze Oekosysteme. Der vorliegende Leitfaden 'Elektrische Energie im Hochbau' will hier Abhilfe schaffen. Er stellt ein gut zu handhabendes Werkzeug dar, mit dessen Hilfe eine integrale Planung und Optimierung des rationellen Einsatzes elektrischer Energie in Dienstleistungsgebaeuden moeglich ist. Inhalte des Leitfadens sind die Darstellung des Planungsablaufs, ein Kennwertverfahren zur Verwertung und Verbesserung von elektrischen Anwendungen im Gebaeudebereich als Massnahme zur Investitions- und Betriebskostenreduzierung sowie Hinweise fuer Planung und Optimierung. Der Leitfaden richtet sich sowohl an die Bauherren bzw. Investoren als auch die an der Gebaeude- und Technikplanung Beteiligten, also die Architekten, Planer, Ingenieure und Energieberater. (orig.)

Potential of sustainable energy with regard to engineering structures. WINN Energy from Water; Potentie duurzame energie bij kunstwerken. WINN Energie uit water

Energy Technology Data Exchange (ETDEWEB)

De Jong, R.J. [Deltares, Delft (Netherlands); Slootjes, N. [HKV Lijn in Water, Lelystad (Netherlands); Van den Noortgaete, T. [Royal Haskoning, Amersfoort (Netherlands)

2009-11-15

This exploratory study focuses on the options of generating electrical energy from flowing water of constructions. Machines that could be suitable for other locations are also indicated. Remarks on deployment of hydropower in future constructions are also included [Dutch] Deze verkennende studie richt zich op de mogelijkheden bij bestaande kunstwerken elektrische energie uit stromend water op te wekken. Mogelijke machines voor andere locaties worden ook aangegeven. Opmerkingen over toepassing van waterkracht bij toekomstige werken zijn ook opgenomen.

Electrically driven heat pumps. Latest results from research and field tests; Elektrisch angetriebene Waermepumpen. Aktuelle Ergebnisse aus Forschung und Feldtests

Energy Technology Data Exchange (ETDEWEB)

Braungardt, Simon; Guenther, Danny; Miara, Marek; Wapler, Jeannette [Fraunhofer-Institut fuer Solare Energiesysteme (ISE), Freiburg im Breisgau (Germany); Wessing, Werner [E.ON Ruhrgas AG, Essen (Germany)

2013-11-01

Electric heat pumps have become firmly established in the German heating market. In recent years they have gained an eight to ten per cent share of the market. Approximately every fourth new building is heated with a heat pump. Whereas until a few years ago ground source heat pumps were still sold the most, the sales figures have shifted in recent years in favour of air source heat pumps. Carefully planned, heat pump systems compare very economically with other heating systems, whereby their higher procurement costs are offset by their lower energy and operating costs. Heat pumps are also competitive in terms of their ecological balance. This situation is continually improving with the growing proportion of renewable energies used for supplying electricity. [German] Auf dem deutschen Heizungsmarkt haben sich elektrische Waermepumpen als feste Groesse etabliert. Ihr Marktanteil lag in den letzten Jahren zwischen acht und zehn Prozent. Etwa jeder vierte Neubau wird mit einer Waermepumpe beheizt. Waehrend vor einigen Jahren noch ueberwiegend Erdreich-Waermepumpen verkauft wurden, haben sich die Verkaufszahlen in den letzten Jahren zugunsten der Aussenluft-Waermepumpen verschoben. Sorgfaeltig geplant, koennen Waermepumpenanlagen oekonomisch sehr gut gegenueber anderen Heizsystemen bestehen. Den hoeheren Anschaffungskosten stehen niedrigere Energie- und Betriebskosten gegenueber. Auch in der oekologischen Bilanz sind Waermepumpen konkurrenzfaehig. Die Position verbessert sich stetig mit dem wachsenden Anteil erneuerbarer Energien bei der Stromversorgung.

Grundlagen der Nachrichtenübertragung

Science.gov (United States)

Plaßmann, Wilfried

Die Nachrichtentechnik hat die Aufgabe, Nachrichten auszutauschen. Nachrichten sind z. B. Fragen, Beobachtungen und Befehle. Unter dem Begriff Nachrichtenübertragung wird hier die elektrische Nachrichtenübertragung verstanden, denn zur Übermittlung von Nachrichten werden Spannungen und Ströme sowie elektrische und magnetische Felder eingesetzt. Die Übertragung beginnt mit der Nachrichtenquelle, die die Nachrichten aussendet, und endet mit der Nachrichtensenke, die sie empfängt. Zwischen beiden liegt das elektrische Nachrichtenübertragungssystem, dessen Funktionseinheiten dargestellt sind und erläutert werden.

Hydrogen as a clean energy option; Option Wasserstoff als sauberer Energietraeger

Energy Technology Data Exchange (ETDEWEB)

Newi, G. [Consulectra Unternehmensberatung GmbH, Hamburg (Germany)

1998-06-01

Many visionary action programmes are based on the conviction that hydrogen produced from renewable, environmentally sustainable resources is the chemical energy carrier of the future. In Hamburg there have been various pilot projects over the past ten years which deal explicitly with problems of infrastructure relating to the integration of renewable energy sources in the existing energy supply. One such example is the fuel cell block heating station in Hamburg Behrenfeld which has been supplying residential buildings for some time now. Another is a practice-oriented pilot project involving a hydrogen-fuelled PAFC with 220 kW thermal and 200 kW electrical power output. The hydrogen is supplied by a 60 m-3 LH{sub 2} tank, the first of its kind to be approved by the authorities and accepted by the public. [Deutsch] Viele visionaere Aktionsprogramme sehen aus dauerhaft umweltvertraeglichen Quellen erzeugten Wasserstoff als chemischen Energietraeger der Zukunft. In Hamburg gibt es seit rd. 10 Jahren verschiedene Pilotprojekte, die sich insbesondere mit Fragen der Infrastruktur zur Integration erneuerbarer Energiequellen in die bestehende Energieversorgung befassen. Ein Beispiel ist das in Hamburg-Behrenfeld seit einiger Zeit betriebene Brennstoffzellen-Blockheizkraftwerk zur Versorgung von Wohngebaeuden. Als praxisbezogenes Pilotprojekt wird u.a. eine H{sub 2}-versorgte PAFC mit 220 kW thermischer und 200 kW elektrischer Leistung betrieben. Die Wasserstoffversorgung aus einem oberirdischen 60 m{sup 3} LH{sub 2}-Tank wurde erstmals in dieser Anwendungsform behoerdlich genehmigt und von der Oeffentlichkeit akzeptiert. (orig./MSK)

Energy options

International Nuclear Information System (INIS)

Hampton, Michael

1999-01-01

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

Powerful near-surface geothermal energy with vertical groundwater circulation; Leistungsfaehige oberflaechennahe Geothermie mit vertikaler Grundwasserzirkulation

Energy Technology Data Exchange (ETDEWEB)

Viernickel, Michael [Geo-En Energy Technologies GmbH, Berlin (Germany). Bereich Produktentwicklung und Projektierung komplexer Energiesysteme unter Einsatz von Geothermie

2013-03-15

The conversion of energy supply based on renewable energies will be electricity based and the efficient provision of heating and cooling can be done by electric heat pumps. In cities, however, where the open areas for geothermal systems are scarce, groundwater-based systems can be a powerful option. The development of a large heat reservoir via a single bore is possible with vertical groundwater circulation systems and is described here. [German] Der Umbau der Energieversorgung auf erneuerbare Energien wird Strom basiert sein und eine effiziente Bereitstellung von Waerme und Kaelte kann durch elektrische Waermepumpen erfolgen. Innerstaedtisch sind die Freiflaechen fuer Geothermieanlagen allerdings knapp, so dass Grundwasser basierte Anlagen eine leistungsfaehige Option darstellen koennen. Die Erschliessung eines grossen Waerme-Reservoirs ueber nur eine Bohrung ist mit vertikalen Grundwasserzirkulationsanlagen moeglich und wird hier beschrieben.

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

Science.gov (United States)

2010-10-01

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

Regional power distribution in the competitive market environment; Die regionale Stromverteilung im liberalisierten Markt

Energy Technology Data Exchange (ETDEWEB)

Marquis, G.; Birkner, P. [Lech-Elektrizitaetswerke AG, Augsburg (Germany). Abt. Netzbetrieb

2000-05-01

Regional or local electricity suppliers as the owners of the local or regional distribution networks are responsible for reliable power supply to the end-use customers in their area, and have to guarantee the required voltage quality. Thus regional suppliers' major business is power procurement and distribution, as well as load and voltage management in the distribution systems. The article discusses the new challenges and obligations of distribution providers arising from the conditions of power trading in deregulated markets, referring to major aspects such as efficiency enhancements in network design and operation, and customized supply quality. (orig./CB) [German] Der Kunde erhaelt die elektrische Energie in der von ihm gewuenschten Spannungsstufe und an dem von ihm gewuenschten Ort. Regionalversorger sind also schwerpunktmaessig in Energieeinkauf und -vertrieb sowie in der Veredelung elektrischer Energie in Form von Transformation und Verteilung taetig. Im Folgenden werden die veraenderten Anforderungen an ein elektrisches Verteilungsnetz beschrieben, die sich aus der Liberalisierung des Strommarktes ergeben. Neben noetigen Effizienzsteigerungen in Konstruktion und Betrieb elektrischer Netze ist als wesentliche Konsequenz des Wettbewerbs die kundenspezifische Versorgungsqualitaet zu nennen. (orig.)

Energy exotic options

International Nuclear Information System (INIS)

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

1999-01-01

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

Hydrogen in Ecomare. Options for uses; Waterstof bij Ecomare. Opties voor inzet

Energy Technology Data Exchange (ETDEWEB)

Kraaij, G.J. [ECN Waterstof en Schoon Fossiel, Petten (Netherlands)

2009-02-15

Hydrogen is a clean fuel with very low emissions. In fuel cells the hydrogen can be converted to electricity with a high efficiency that can be used in electric transport and stationary applications. In order to promote and demonstrate this aspect ECN has investigated which applications Ecomare can use and demonstrate. Ecomare is the centre for Wadden and North Sea on Texel. The following options are investigated: Bicycles with fuel cells on hydrogen; Small utility vehicles with fuel cells on hydrogen; Back-up systems with fuel cells on hydrogen; Combined heat and power system with fuel cells on natural gas. The availability of transport systems with fuel cells is still small; from the bicycle market the cargobike from Masterflex is the best option. The cargobike will become available by mid 2009. The small utility vehicle that is potentially available is the VEM vehicle as developed in the Hychain project. For both vehicles the hydrogen logistic requires special attention since nonstandard hydrogen storage cylinders are used. For the stationary applications the demonstration aspect is less compared to the transport applications. The back-up systems are no necessity for Ecomare and the heat requirement in summertime is to small to for possible combined heat and power systems using fuel cells. Special attention is required for permits from the local authorities and fire department, and the transport of hydrogen by the ferry to Texel. [Dutch] Waterstof is bij gebruik een schone brandstof; er komen nauwelijks emissies bij vrij. Met behulp van brandstofcellen kan waterstof met een hoog rendement omgezet worden in elektriciteit, eventueel te gebruiken voor elektrisch vervoer. Om deze aspecten te promoten en tijdens het gebruik te laten zien wil Ecomare door ECN laten onderzoeken welke waterstoftoepassingen bij Ecomare ingezet kunnen worden. De volgende 4 opties zijn verder onderzocht: Fietsen met brandstofcellen op waterstof; Klein bedrijfsvoertuig met brandstofcellen

20 CFR 416.2035 - Optional supplementation: Additional State options.

Science.gov (United States)

2010-04-01

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

Analysis of Options Contract, Option Pricing in Agricultural Products

Directory of Open Access Journals (Sweden)

H. Tamidy

2016-03-01

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

Comparison between three option, four option and five option multiple choice question tests for quality parameters: A randomized study.

Science.gov (United States)

Vegada, Bhavisha; Shukla, Apexa; Khilnani, Ajeetkumar; Charan, Jaykaran; Desai, Chetna

2016-01-01

Most of the academic teachers use four or five options per item of multiple choice question (MCQ) test as formative and summative assessment. Optimal number of options in MCQ item is a matter of considerable debate among academic teachers of various educational fields. There is a scarcity of the published literature regarding the optimum number of option in each item of MCQ in the field of medical education. To compare three options, four options, and five options MCQs test for the quality parameters - reliability, validity, item analysis, distracter analysis, and time analysis. Participants were 3 rd semester M.B.B.S. students. Students were divided randomly into three groups. Each group was given one set of MCQ test out of three options, four options, and five option randomly. Following the marking of the multiple choice tests, the participants' option selections were analyzed and comparisons were conducted of the mean marks, mean time, validity, reliability and facility value, discrimination index, point biserial value, distracter analysis of three different option formats. Students score more ( P = 0.000) and took less time ( P = 0.009) for the completion of three options as compared to four options and five options groups. Facility value was more ( P = 0.004) in three options group as compared to four and five options groups. There was no significant difference between three groups for the validity, reliability, and item discrimination. Nonfunctioning distracters were more in the four and five options group as compared to three option group. Assessment based on three option MCQs is can be preferred over four option and five option MCQs.

Solar-driven refrigeration technologies; Koeltechnologieen op zonne-energie

Energy Technology Data Exchange (ETDEWEB)

De Cillis, S.; Infante Ferreira, C.A. [Technische Universiteit Delft, Delft (Netherlands); Krieg, J. [Unilever Foods and Health Research Institute, Vlaardingen (Netherlands)

2005-12-01

A review is presented of solar driven refrigeration technologies. A subdivision is made between electric driven and thermal driven systems. Their potential and stage of development are discussed. The electric driven systems include Stirling, thermo-acoustic, thermoelectric, electrochemical and membrane assisted absorption systems. The thermal driven systems include absorption and adsorption systems. A model is used to compare the performance of the different solutions. [Dutch] Dit artikel geeft een overzicht van zon-aangedreven koeltechnologieen. Er wordt onderscheid gemaakt tussen elektrisch en thermisch aangedreven systemen. Hun potentieel en niveau van ontwikkeling worden besproken. De elektrisch aangedreven systemen omvatten Stirling, thermo-akoestisch, thermo-elektrisch, elektrochemisch en membraanondersteund absorptiesystemen.De warmte-aangedreven systemen omvatten absorptie en adsorptie. Er wordt gebruik gemaakt van een model om de prestaties van de verschillende alternatieven onderling te vergelijken.

Einfluss von Thujonen und Omeprazol auf die Aktivität der glatten Muskelzelle im Ileum der Ratte

OpenAIRE

Huhnstock, Stefan

2010-01-01

Untersucht wurde der Einfluss von Thujonen (α Thujon, αβThujon, natürliches Mischthujon) und Omeprazol auf die Ruheaktivität, den Basaltonus, die pharmakologisch vorstimulierte glatte Muskulatur ,sowie die elektrisch induzierte Kontraktionen und die elektrisch induzierte Relaxation unter nicht-adrenergen nicht-cholinergen Bedingungen an der glatten Muskelzelle im Ileum von Ratten. Auf die Ruheaktivität und den Basaltonus hatten die Substanzen keinen Einfluss. Thujone hatten einen signifikante...

Exotic Options: a Chooser Option and its Pricing

Directory of Open Access Journals (Sweden)

Raimonda Martinkutė-Kaulienė

2012-12-01

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

Australian Asian Options

OpenAIRE

Manuel Moreno; Javier F. Navas

2003-01-01

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

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

Directory of Open Access Journals (Sweden)

Nicoleta Vintila

2007-07-01

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

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

OpenAIRE

Tim Collier

2005-01-01

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

ACCOUNTING FOR OPTIONS AND ANALYSIS OF USE OF OPTION COMBINATION STRATEGIES

Directory of Open Access Journals (Sweden)

I. Derun

2016-08-01

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

Rehabilitation Options

Science.gov (United States)

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

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

Science.gov (United States)

2010-01-01

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

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.

Elektrische Energieversorgung

Science.gov (United States)

Schulz, Detlef

Nur mit einer zuverlässigen und wirtschaftlichen elektrischen Energieversorgung ist eine nachhaltige gesellschaftliche Entwicklung von Industrienationen möglich. Gleichzeitig muss diese selbst so nachhaltig, d. h. umweltverträglich gestaltet werden, dass auch zukünftige Generationen nicht in ihrer Entfaltung behindert werden. Eine versorgungssichere, wirtschaftliche und umweltverträgliche Energiebereitstellung ergibt sich nicht zwingend allein aus einer technisch evolutionären Entwicklung und ist auch bis heute nicht ausschließlich nur mit einer der bekannten Wandlungstechnologien nachweislich realisierbar.

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

Directory of Open Access Journals (Sweden)

Salvador Cruz Rambaud

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

Traffic Light Options

DEFF Research Database (Denmark)

Jørgensen, Peter Løchte

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

Traffic Light Options

DEFF Research Database (Denmark)

Jørgensen, Peter Løchte

2007-01-01

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

The origins of options.

Science.gov (United States)

Smaldino, Paul E; Richerson, Peter J

2012-01-01

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

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

Science.gov (United States)

2010-07-01

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

Options with Extreme Strikes

Directory of Open Access Journals (Sweden)

Lingjiong Zhu

2015-07-01

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

Treatment Options for Retinoblastoma

Science.gov (United States)

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

Polish Toxic Currency Options

Directory of Open Access Journals (Sweden)

Waldemar Gontarski

2009-06-01

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

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

Science.gov (United States)

Yoshihara, Hiroyuki

2014-07-01

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

TANK SPACE OPTIONS REPORT

International Nuclear Information System (INIS)

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

2009-01-01

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

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

OpenAIRE

El Aoud , Sofiene

2015-01-01

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

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

Directory of Open Access Journals (Sweden)

Salvador Cruz Rambaud

2016-01-01

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

Forecasting with Option-Implied Information

DEFF Research Database (Denmark)

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

2013-01-01

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

Option price and market instability

Science.gov (United States)

Baaquie, Belal E.; Yu, Miao

2017-04-01

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

Options Study - Phase II

Energy Technology Data Exchange (ETDEWEB)

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

2010-09-01

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

Efficient Trajectory Options Allocation for the Collaborative Trajectory Options Program

Science.gov (United States)

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

2017-01-01

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

Early Option Exercise

DEFF Research Database (Denmark)

Heje Pedersen, Lasse; Jensen, Mads Vestergaard

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

Early Option Exercise

DEFF Research Database (Denmark)

Jensen, Mads Vestergaard; Heje Pedersen, Lasse

2016-01-01

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

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

Expensing options solves nothing.

Science.gov (United States)

Sahlman, William A

2002-12-01

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

Distributed Energy Implementation Options

Energy Technology Data Exchange (ETDEWEB)

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

2017-09-13

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

32 CFR 48.201 - Options.

Science.gov (United States)

2010-07-01

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

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...

Treatment Options for Wilms Tumor

Science.gov (United States)

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

Treatment Options for Myelodysplastic Syndromes

Science.gov (United States)

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

Treatment Option Overview (Prostate Cancer)

Science.gov (United States)

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

Treatment Option Overview (Myelodysplastic Syndromes)

Science.gov (United States)

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

Treatment Option Overview (Esophageal Cancer)

Science.gov (United States)

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

Treatment Option Overview (Childhood Rhabdomyosarcoma)

Science.gov (United States)

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

Treatment Option Overview (Penile Cancer)

Science.gov (United States)

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

Treatment Option Overview (Vulvar Cancer)

Science.gov (United States)

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

Treatment Option Overview (Pancreatic Cancer)

Science.gov (United States)

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

Treatment Option Overview (Adrenocortical Carcinoma)

Science.gov (United States)

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

Treatment Options for Childhood Rhabdomyosarcoma

Science.gov (United States)

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

Treatment Options for Kaposi Sarcoma

Science.gov (United States)

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

Treatment Options for Childhood Craniopharyngioma

Science.gov (United States)

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

Option-implied term structures

OpenAIRE

Vogt, Erik

2014-01-01

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

Treatment Option Overview (Myelodysplastic/Myeloproliferative Neoplasms)

Science.gov (United States)

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

Efficient option valuation of single and double barrier options

Science.gov (United States)

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

2017-12-01

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

2005 resource options report

International Nuclear Information System (INIS)

Morris, T.

2005-01-01

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

Probabilistic methods in exotic option pricing

NARCIS (Netherlands)

Anderluh, J.H.M.

2007-01-01

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

Dopamine Modulates Option Generation for Behavior.

Science.gov (United States)

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

2018-05-21

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

The Factor Structure in Equity Options

DEFF Research Database (Denmark)

Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

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

The information content of options

OpenAIRE

Navon, Yonatan

2017-01-01

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

48 CFR 17.107 - Options.

Science.gov (United States)

2010-10-01

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

Balancing of solar heating options

NARCIS (Netherlands)

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

1984-01-01

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

Stock option repricing in Europe

NARCIS (Netherlands)

Sauer, M.; Sautner, Z.

2008-01-01

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

48 CFR 2917.207 - Exercising options.

Science.gov (United States)

2010-10-01

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

38 CFR 6.10 - Options.

Science.gov (United States)

2010-07-01

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

Perpetual Cancellable American Call Option

OpenAIRE

Emmerling, Thomas J.

2010-01-01

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

48 CFR 317.107 - Options.

Science.gov (United States)

2010-10-01

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

38 CFR 8.25 - Options.

Science.gov (United States)

2010-07-01

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

Bounds for Asian basket options

Science.gov (United States)

Deelstra, Griselda; Diallo, Ibrahima; Vanmaele, Michèle

2008-09-01

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

Breast Cancer: Treatment Options

Science.gov (United States)

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

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

Science.gov (United States)

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

2016-06-01

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

24 CFR 206.19 - Payment options.

Science.gov (United States)

2010-04-01

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

Traditional preventive treatment options

DEFF Research Database (Denmark)

Longbottom, C; Ekstrand, K; Zero, D

2009-01-01

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

24 CFR 35.120 - Options.

Science.gov (United States)

2010-04-01

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

FTR-option formulation and pricing

International Nuclear Information System (INIS)

Parmeshwaran, Vijay; Muthuraman, Kumar

2009-01-01

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

Valuing real options: frequently made errors

OpenAIRE

Fernández, Pablo

2002-01-01

In this paper we analyze frequently made errors when valuing real options. The best way of doing it is through examples. We start by analyzing Damodaran's proposal to value the option to expand the business of Home Depot. Some of the errors and problems of this and other approaches are: - Assuming that the option is replicable and using Black and Scholes' formula. - The estimation of the option's volatility is arbitrary and has a decisive effect on the option's value. - As there is no riskles...

26 CFR 1.544-4 - Options.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 7 2010-04-01 2010-04-01 true Options. 1.544-4 Section 1.544-4 Internal Revenue... (CONTINUED) Personal Holding Companies § 1.544-4 Options. The shares of stock which may be acquired by reason of an option shall be considered to be constructively owned by the individual having the option to...

Illiquidity Premia in the Equity Options Market

DEFF Research Database (Denmark)

Christoffersen, Peter; Goyenko, Ruslan; Jacobs, Kris

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

45 CFR 1306.34 - Combination program option.

Science.gov (United States)

2010-10-01

... 45 Public Welfare 4 2010-10-01 2010-10-01 false Combination program option. 1306.34 Section 1306... START PROGRAM HEAD START STAFFING REQUIREMENTS AND PROGRAM OPTIONS Head Start Program Options § 1306.34 Combination program option. (a) Combination program option requirements: (1) Grantees implementing a...

48 CFR 517.207 - Exercise of options.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Exercise of options. 517... METHODS AND CONTRACT TYPES SPECIAL CONTRACTING METHODS Options 517.207 Exercise of options. Before exercising an option, you must: (a) Synopsize it unless you meet of the following conditions: (1) The option...

24 CFR 982.625 - Homeownership option: General.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Homeownership option: General. 982... Types Homeownership Option § 982.625 Homeownership option: General. (a) The homeownership option is used... family assisted under the homeownership option may be a newly admitted or existing participant in the...

Tien procent minder emissies (interview met Chris Karman)

NARCIS (Netherlands)

Wolkers, H.; Karman, C.C.

2012-01-01

De nieuwe havensleepboot E3-Tug bespaart brandstof en vermindert emissies. IMARES Wageningen UR ontwikkelde de software die een optimale combinatie berekent van de elektrische en de dieselvoortstuwing.

Option Derivatives in Electricity Hedging

Directory of Open Access Journals (Sweden)

P. Pavlátka

2010-01-01

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

Analytic American Option Pricing and Applications

OpenAIRE

Sbuelz, A.

2003-01-01

I use a convenient value breakdown in order to obtain analytic solutions for finitematurity American option prices.Such a barrier-option-based breakdown yields an analytic lower bound for the American option price, which is as price-tight as the Barone-Adesi and Whaley (1987) analytic value proxy for short and medium maturities and exhibits good convergence to the Merton (1973) perpetual option price for large maturities.

Option-implied measures of equity risk

DEFF Research Database (Denmark)

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

2012-01-01

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

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.

Treatment Options by Stage (Pancreatic Cancer)

Science.gov (United States)

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

Treatment Options by Stage (Esophageal Cancer)

Science.gov (United States)

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

Treatment Options by Stage (Vulvar Cancer)

Science.gov (United States)

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

Treatment Options by Stage (Penile Cancer)

Science.gov (United States)

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

Treatment Options for Non-Hodgkin Lymphoma

Science.gov (United States)

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

Treatment Options by Stage (Prostate Cancer)

Science.gov (United States)

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

Treatment Options by Stage (Adrenocortical Carcinoma)

Science.gov (United States)

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

Treatment Options for Childhood Hodgkin Lymphoma

Science.gov (United States)

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

Treatment Options for Adult Hodgkin Lymphoma

Science.gov (United States)

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

Treatment Option Overview (Chronic Lymphocytic Leukemia)

Science.gov (United States)

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

Hairy Cell Leukemia Treatment Option Overview

Science.gov (United States)

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

Treatment Option Overview (Small Intestine Cancer)

Science.gov (United States)

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

Treatment Option Overview (Adult Hodgkin Lymphoma)

Science.gov (United States)

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

Treatment Option Overview (Merkel Cell Carcinoma)

Science.gov (United States)

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

Treatment Option Overview (Childhood Hodgkin Lymphoma)

Science.gov (United States)

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

Treatment Options for AIDS-Related Lymphoma

Science.gov (United States)

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

Treatment Options for Renal Cell Cancer

Science.gov (United States)

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

Treatment Options for Gastrointestinal Carcinoid Tumors

Science.gov (United States)

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

Treatment Options by Stage (Gastric Cancer)

Science.gov (United States)

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

Treatment Options by Stage (Thyroid Cancer)

Science.gov (United States)

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

Treatment Options for Chronic Myelogenous Leukemia

Science.gov (United States)

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

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....

Option Pricing using Realized Volatility

DEFF Research Database (Denmark)

Stentoft, Lars Peter

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

Americal options analyzed differently

NARCIS (Netherlands)

Nieuwenhuis, J.W.

2003-01-01

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

Alternative Fuels Data Center: Biodiesel Equipment Options

Science.gov (United States)

Equipment Options to someone by E-mail Share Alternative Fuels Data Center: Biodiesel Equipment Options on Facebook Tweet about Alternative Fuels Data Center: Biodiesel Equipment Options on Twitter Bookmark Alternative Fuels Data Center: Biodiesel Equipment Options on Google Bookmark Alternative Fuels

78 FR 7997 - Noncompensatory Partnership Options

Science.gov (United States)

2013-02-05

... Noncompensatory Partnership Options AGENCY: Internal Revenue Service (IRS), Department of the Treasury. ACTION... noncompensatory options and convertible instruments issued by a partnership. The final regulations generally provide that the exercise of a noncompensatory option does not cause the recognition of immediate income...

Portfolio insurance using traded options

OpenAIRE

Machado-Santos, Carlos

2001-01-01

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

48 CFR 3017.202 - Use of options.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Use of options. 3017.202... ACQUISITION REGULATION (HSAR) CONTRACT METHODS AND CONTRACT TYPES SPECIAL CONTRACTING METHODS Options. 3017.202 Use of options. (a) Contracting officers shall not use unpriced options. ...

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....

Fourier and wavelet option pricing methods

NARCIS (Netherlands)

S.C. Maree (Stef); L. Ortiz Gracia (Luis); C.W. Oosterlee (Cornelis); M.A.H. Dempster; J. Kanniainen (Juho); J. Keane (John); E. Vynckier (Erik)

2018-01-01

textabstractIn this overview chapter, we will discuss the use of exponentially converging option pricing techniques for option valuation. We will focus on the pricing of European options, and they are the basic instruments within a calibration procedure when fitting the parameters in asset dynamics.

Option trading and individual investor performance

NARCIS (Netherlands)

Bauer, R.; Cosemans, M.; Eichholtz, P.

2009-01-01

This paper examines the impact of option trading on individual investor performance. The results show that most investors incur substantial losses on their option investments, which are much larger than the losses from equity trading. We attribute the detrimental impact of option trading on investor

American option pricing with stochastic volatility processes

Directory of Open Access Journals (Sweden)

Ping LI

2017-12-01

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

The Pricing of Foreign Currency Futures Options

OpenAIRE

Chang Mo Ahn

1996-01-01

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

48 CFR 317.207 - Exercise of options.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Exercise of options. 317... METHODS AND CONTRACT TYPES SPECIAL CONTRACTING METHODS Options 317.207 Exercise of options. (h) Before exercising an option for a subsequent performance period/additional quantity under a multiple-year contract...

48 CFR 1517.207 - Exercise of options.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Exercise of options. 1517... CONTRACTING METHODS AND CONTRACT TYPES SPECIAL CONTRACTING METHODS Options 1517.207 Exercise of options. (a) Unless otherwise approved by the Chief of the Contracting Office, contracts for services employing option...

24 CFR 982.636 - Homeownership option: Portability.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Homeownership option: Portability... Types Homeownership Option § 982.636 Homeownership option: Portability. (a) General. A family may... described in §§ 982.353 and 982.355 apply to the homeownership option and the administrative...

Heterogeneous Beliefs, Public Information, and Option Markets

DEFF Research Database (Denmark)

Qin, Zhenjiang

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

48 CFR 3417.207 - Exercise of options.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Exercise of options. 3417... REGULATION CONTRACTING METHODS AND CONTRACT TYPES SPECIAL CONTRACTING METHODS Options 3417.207 Exercise of options. If any provision in a contract requires that an option may only be exercised within a specified...

48 CFR 17.207 - Exercise of options.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Exercise of options. 17... METHODS AND CONTRACT TYPES SPECIAL CONTRACTING METHODS Options 17.207 Exercise of options. (a) When exercising an option, the contracting officer shall provide written notice to the contractor within the time...

48 CFR 817.202 - Use of options.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Use of options. 817.202... AND CONTRACT TYPES SPECIAL CONTRACTING METHODS Options 817.202 Use of options. All solicitations... four one-year renewal options as prescribed in FAR Subpart 17.2. The contracting officer must forward...

48 CFR 536.270 - Exercise of options.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Exercise of options. 536... Construction 536.270 Exercise of options. (a) If exercising an option, notify the contractor, in writing, within the time period specified in the contract. (b) Exercise options only after determining that all...

Analytic American Option Pricing and Applications

NARCIS (Netherlands)

Sbuelz, A.

2003-01-01

I use a convenient value breakdown in order to obtain analytic solutions for finitematurity American option prices.Such a barrier-option-based breakdown yields an analytic lower bound for the American option price, which is as price-tight as the Barone-Adesi and Whaley (1987) analytic value proxy

48 CFR 517.202 - Use of options.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Use of options. 517.202... AND CONTRACT TYPES SPECIAL CONTRACTING METHODS Options 517.202 Use of options. (a) Supplies or services. (1) You should use options when they meet one or more of the following objectives: (i) Reduce...

48 CFR 217.207 - Exercise of options.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Exercise of options. 217..., DEPARTMENT OF DEFENSE CONTRACTING METHODS AND CONTRACT TYPES SPECIAL CONTRACTING METHODS Options 217.207 Exercise of options. (c) In addition to the requirements at FAR 17.207(c), exercise an option only after...

48 CFR 17.202 - Use of options.

Science.gov (United States)

2010-10-01

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

32 CFR 644.168 - Exercise of options.

Science.gov (United States)

2010-07-01

... 32 National Defense 4 2010-07-01 2010-07-01 true Exercise of options. 644.168 Section 644.168... ESTATE HANDBOOK Acquisition Procurement of Options Prior to Real Estate Directives (military) § 644.168 Exercise of options. Upon issuance of a real estate directive for acquisition of the optioned real property...

Tank Space Options Report

International Nuclear Information System (INIS)

BOYLES, V.C.

2001-01-01

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

Budget Options

National Research Council Canada - National Science Library

2000-01-01

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

Treatment Options for Actinic Keratosis

Science.gov (United States)

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

Treatment Option Overview (Vaginal Cancer)

Science.gov (United States)

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

Treatment Option Overview (Anal Cancer)

Science.gov (United States)

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

24 CFR 221.775 - Option period.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Option period. 221.775 Section 221.775 Housing and Urban Development Regulations Relating to Housing and Urban Development (Continued... § 221.775 Option period. The mortgagee may exercise its option to assign within one year following the...

24 CFR 221.770 - Assignment option.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Assignment option. 221.770 Section... § 221.770 Assignment option. A mortgagee holding a conditional or firm commitment issued on or before... mortgagee's approved underwriter on or before November 30, 1983) has the option to assign, transfer and...

48 CFR 2917.202 - Use of options.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Use of options. 2917.202... CONTRACT TYPES SPECIAL CONTRACTING METHODS Options 2917.202 Use of options. The HCA may, in unusual circumstances, approve option quantities in excess of the 50 percent limit prescribed in FAR 17.203(g)(2). The...

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

42 CFR 457.70 - Program options.

Science.gov (United States)

2010-10-01

... 42 Public Health 4 2010-10-01 2010-10-01 false Program options. 457.70 Section 457.70 Public... Plans for Child Health Insurance Programs and Outreach Strategies § 457.70 Program options. (a) Health benefits coverage options. A State may elect to obtain health benefits coverage under its plan through— (1...

24 CFR 221.255 - Assignment option.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Assignment option. 221.255 Section... Assignment option. (a) A mortgagee holding a mortgage insured pursuant to a conditional or firm commitment issued on or before November 30, 1983 has the option to assign, transfer and deliver to the Commissioner...

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.

48 CFR 217.202 - Use of options.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Use of options. 217.202... OF DEFENSE CONTRACTING METHODS AND CONTRACT TYPES SPECIAL CONTRACTING METHODS Options 217.202 Use of options. (1) See PGI 217.202 for guidance on the use of options. (2) See 234.005-1 for limitations on the...

48 CFR 252.217-7001 - Surge option.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Surge option. 252.217-7001... Clauses 252.217-7001 Surge option. As prescribed in 217.208-70(b), use the following clause: Surge Option (AUG 1992) (a) General. The Government has the option to— (1) Increase the quantity of supplies or...

Transportation Options | Climate Neutral Research Campuses | NREL

Science.gov (United States)

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

Pricing American and Asian Options

OpenAIRE

Pat Muldowney

2015-01-01

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

THE REAL OPTIONS OF CAPITAL BUDGET

Directory of Open Access Journals (Sweden)

Antonio Lopo Martins

2008-07-01

Full Text Available The traditional techniques of capital budget, as the deducted cash flow and the net value present, do not incorporate existing flexibilities in an investment project, they tend to distort the value of certain investments, mainly those that are considered in scenes of uncertainty and risk. Therefore, this study intends to demonstrate that the Real Options Theory (TOR is a useful methodology to evaluate and to indicate the best option for project of expansion investment. To reach the considered objective the procedure method was used a case study, having as unit of case the Resort Praia Hotel do Litoral Norte of Salvador. This study was developed of the following form: first it identified the traditional net value present and later it was incorporated the volatileness of each analyzed uncertainty. Second, as the real options are analogous to the financial options, it was necessary to identify elements that composed the terminologies of the financial options with intention to get the value of the real option. For this model of options pricing of Black & Scholes jointly with a computational simulator was used (SLS to get the expanded net value present. As a result of this study it was possible to evidence that using the traditional tool of capital budget Net Value Present (VPL is negative, therefore the project of expansion of the Hotel would be rejected. While for the application of methodology TOR the project presents positive Expanded Present Value which would represent an excellent chance of investment. Key-word: Capital budget, Real options, Analysis of investments.

45 CFR 1306.33 - Home-based program option.

Science.gov (United States)

2010-10-01

... 45 Public Welfare 4 2010-10-01 2010-10-01 false Home-based program option. 1306.33 Section 1306.33... PROGRAM HEAD START STAFFING REQUIREMENTS AND PROGRAM OPTIONS Head Start Program Options § 1306.33 Home-based program option. (a) Grantees implementing a home-based program option must: (1) Provide one home...

Taxing Options: Do Ceos Respond To Favorable Tax Treatment Of Stock Options?

OpenAIRE

Martin Gritsch; Tricia Coxwell Snyder

2007-01-01

CEO stock option compensation increased tremendously during the 1990s. During this period, the spread between the marginal income and capital gains tax rates increased substantially, creating the potential for tax avoidance. Using ExecuComp data from 1992-2000, we estimate CEOs’ responsiveness to changes in these tax rates. Our findings show that an increase in the marginal income and a decrease in the capital gains tax rate create a significant increase in stock option compensation. Furtherm...

Thermal test options

International Nuclear Information System (INIS)

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

1993-02-01

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

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.

Treatment Options for Adult Soft Tissue Sarcoma

Science.gov (United States)

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

Treatment Options by Stage (Merkel Cell Carcinoma)

Science.gov (United States)

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

Treatment Options by Stage (Chronic Lymphocytic Leukemia)

Science.gov (United States)

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

Treatment Options for Hodgkin Lymphoma during Pregnancy

Science.gov (United States)

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

Treatment Option Overview (Adult Soft Tissue Sarcoma)

Science.gov (United States)

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

Treatment Option Overview (Adult Non-Hodgkin Lymphoma)

Science.gov (United States)

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

Treatment Option Overview (Small Cell Lung Cancer)

Science.gov (United States)

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

Treatment Option Overview (Adult Acute Lymphoblastic Leukemia)

Science.gov (United States)

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

Treatment Options for Adult Acute Lymphoblastic Leukemia

Science.gov (United States)

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

Treatment Options for Adult Acute Myeloid Leukemia

Science.gov (United States)

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

Options for human intrusion

International Nuclear Information System (INIS)

Bauser, M.; Williams, R.

1993-01-01

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

Option Panels in Pure-Jump Settings

DEFF Research Database (Denmark)

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

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

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

Report on "American Option Pricing and Hedging Strategies"

OpenAIRE

Zhang, Jinshan

2007-01-01

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

Monte Carlo Simulation of an American Option

Directory of Open Access Journals (Sweden)

Gikiri Thuo

2007-04-01

Full Text Available We implement gradient estimation techniques for sensitivity analysis of option pricing which can be efficiently employed in Monte Carlo simulation. Using these techniques we can simultaneously obtain an estimate of the option value together with the estimates of sensitivities of the option value to various parameters of the model. After deriving the gradient estimates we incorporate them in an iterative stochastic approximation algorithm for pricing an option with early exercise features. We illustrate the procedure using an example of an American call option with a single dividend that is analytically tractable. In particular we incorporate estimates for the gradient with respect to the early exercise threshold level.

Observing Optional Number in DDC Edition 23

Directory of Open Access Journals (Sweden)

Rotmianto Mohamad

2018-01-01

Full Text Available Dewey Decimal Classification is a most popular classification system in the world because of its completeness and most up-to-date. There are many optional number in this classification system, although it rarely to be discussed even it is important to known well about that optional number, especially for a librarian as classifier. This paper is a literature study about Dewey Decimal Classification Edition 23, to describe about optional numbers, particularly the number in relationship with Indonesia’s subject and discipline. This paper is to avoid misunderstanding in interpreted about optional number among librarians, especially for who that does not understand well about optional numbers.

Acquisitions Through a Behavioral and Real Options Lens

NARCIS (Netherlands)

J.C.M. Kil (Joris)

2013-01-01

textabstractThis thesis combines four studies that contribute to our understanding of corporate acquisitions by taking a behavioral and real options perspective. Chapter 2 classifies acquisitions based on real option characteristics and shows option type (single vs. compound) and option nature

Energy options for residential buildings assessment

International Nuclear Information System (INIS)

Rezaie, Behnaz; Dincer, Ibrahim; Esmailzadeh, Ebrahim

2013-01-01

Highlights: ► Studying various building energy options. ► Assessing these options from various points. ► Comparing these options for better environment and sustainability. ► Proposing renewable energy options as potential solutions. - Abstract: The building sector, as one of the major energy consumers, demands most of the energy research to assess different energy options from various aspects. In this paper, two similar residential buildings, with either low or high energy consumption patterns, are chosen as case studies. For these case studies, three different renewable energy technology and three different hybrid systems are designed for a specified size. Then, the environmental impact indices, renewable energy indices, and the renewable exergy indices have been estimated for every energy options. Results obtained show that the hybrid systems (without considering the economics factors) are superior and having top indices. The importance of the energy consumption patterns in buildings are proven by the indices. By cutting the energy consumption to about 40% the environment index would increase by more than twice (2.1). Utilization of the non-fossil fuels is one part of the solution to environmental problems while energy conservation being the other. It has been shown that the re-design of the energy consumption model is less complex but more achievable for buildings.

Design Evolution Study - Aging Options

International Nuclear Information System (INIS)

McDaniel, P.

2002-01-01

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

17 CFR 33.3 - Unlawful commodity option transactions.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Unlawful commodity option... REGULATION OF DOMESTIC EXCHANGE-TRADED COMMODITY OPTION TRANSACTIONS § 33.3 Unlawful commodity option... of, or maintain a position in, any commodity option transaction subject to the provisions of this...

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...

The Real Options Attached to an Investment Project

Directory of Open Access Journals (Sweden)

Mihai-Cristian DINICĂ

2011-12-01

Full Text Available The real options capture the importance of the managerial team’s role in creating value through investment projects. The investments in real assets have a set of options that managers can exercise during the period of the project to increase the value of the assets or to limit the eventual losses. This options have their own value.The traditional methods for investment project evaluatioan, based on discounted cash flows, have some major disadvantages: they assume the irreversibility of a decision, do not take into account the interactions between decisions in several periods and treat the investment as pasive. The evaluation using real options undertake this disadvantage. The paper shows the main types of real options, together with their elements and captures the impact of these options on the value of the investment. The main two models used to evaluate real options, the binomial model and Black-Scholes model, are explained and used to compute the value of real options attached to an investment project.

Effecten van bosbegrazing op het humusprofiel van arme zandgronden onder naaldbos

NARCIS (Netherlands)

Kemmers, R.H.; Mekkink, P.; Smit, A.; Sevink, J.

1996-01-01

In het veld zijn de effecten van bosbegrazing op strooiselvoorraden onderzocht. Biomassa, pH, organische-stofgehalte, elektrisch geleidingsvermogen, elementenvoorraden en stikstofmineralisatie van strooisellagen werden gemeten na nul, twee en vijf jaar begrazing. De ondergrondse en bovengrondse

17 CFR 32.3 - Unlawful commodity option transactions.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Unlawful commodity option... REGULATION OF COMMODITY OPTION TRANSACTIONS § 32.3 Unlawful commodity option transactions. (a) On and after... extend credit in lieu thereof) from an option customer as payment of the purchase price in connection...

40 CFR 35.6345 - Equipment disposal options.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 1 2010-07-01 2010-07-01 false Equipment disposal options. 35.6345 Section 35.6345 Protection of Environment ENVIRONMENTAL PROTECTION AGENCY GRANTS AND OTHER FEDERAL... options. The following disposal options are available: (a) Use the equipment on another CERCLA project and...

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

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)

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.

Public opinion on water reuse options

International Nuclear Information System (INIS)

Bruvold, W.H.

1988-01-01

Public policy on waste water reuse options must be informed by public opinion because it is the public who must pay the cost of developing the option and who will be served by the option in the future. For public policy on reuse, guidance for innovative reuse is not as simple as first believed. It seems that public opinion regarding actual community reuse options is affected by the linkage of several factors, including water conservation, health protection, treatment and distribution costs, and environmental enhancement. Probability sampling was used in 7 studies to select respondents who were queried regarding their opinions on various reclaimed water uses such as ranging from cooling tower water to full domestic use. These 7 are briefly reviewed

7 CFR 457.172 - Coverage Enhancement Option.

Science.gov (United States)

2010-01-01

... 7 Agriculture 6 2010-01-01 2010-01-01 false Coverage Enhancement Option. 457.172 Section 457.172..., DEPARTMENT OF AGRICULTURE COMMON CROP INSURANCE REGULATIONS § 457.172 Coverage Enhancement Option. The Coverage Enhancement Option for the 2009 and succeeding crop years are as follows: FCIC policies: United...

Numerical Algorithm for Delta of Asian Option

Directory of Open Access Journals (Sweden)

Boxiang Zhang

2015-01-01

Full Text Available We study the numerical solution of the Greeks of Asian options. In particular, we derive a close form solution of Δ of Asian geometric option and use this analytical form as a control to numerically calculate Δ of Asian arithmetic option, which is known to have no explicit close form solution. We implement our proposed numerical method and compare the standard error with other classical variance reduction methods. Our method provides an efficient solution to the hedging strategy with Asian options.

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.

48 CFR 552.217-70 - Evaluation of Options.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Evaluation of Options. 552... Evaluation of Options. As prescribed in 517.208(a), insert the following provision: Evaluation of Options... period price. When option year pricing is based on a formula (e.g., changes in the Producer Price Index...

14 CFR 380.33a - Operator's option plan.

Science.gov (United States)

2010-01-01

... 14 Aeronautics and Space 4 2010-01-01 2010-01-01 false Operator's option plan. 380.33a Section 380... option plan. (a) For the purposes of this part, an operator's option plan contract that states... flight leg. (b) Operator's option plan contracts shall state, in addition to the information required by...

24 CFR 206.26 - Change in payment option.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Change in payment option. 206.26... in payment option. (a) General. The payment option may be changed as provided in this section. (b... credit payment option. Until the repairs are completed, the mortgagee shall make no line of credit...

5 CFR 870.704 - Amount of Option A.

Science.gov (United States)

2010-01-01

... 5 Administrative Personnel 2 2010-01-01 2010-01-01 false Amount of Option A. 870.704 Section 870... of Option A. (a) The amount of Option A coverage an annuitant or compensationer can continue is $10,000. (b) An annuitant's or compensationer's Option A coverage reduces by 2 percent of the original...

Research into real-option evaluation method

International Nuclear Information System (INIS)

Shiba, Tsuyoshi; Wakamatsu, Hitoshi

2002-03-01

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

Netzformen und VDE-Bestimmungen

Science.gov (United States)

Bernstein, Herbert

Der Verband Deutscher Elektrotechniker (VDE) hat eine Reihe von Vorschriften ausgearbeitet, die dem Schutz von Leben und Sachen beim Umgang mit elektrischer Energie dienen. Besonders wichtig sind die in den VDE-Bestimmungen 0100 und 0411 festgelegten Vorschriften.

Wheelchair incidents

NARCIS (Netherlands)

van Drongelen AW; Roszek B; Hilbers-Modderman ESM; Kallewaard M; Wassenaar C; LGM

2002-01-01

Het RIVM heeft een onderzoek uitgevoerd naar rolstoelgerelateerde incidenten. Ongelukken met elektrische en handmatige rolstoelen, welke waren gerapporteerd aan de Amerikaanse FDA, de Britse MDA en het Nederlandse centrum voor Kwaliteits- en Bruikbaarheidsonderzoek van Hulpmiddelen (KBOH) zijn

32 CFR 48.203 - Election of options.

Science.gov (United States)

2010-07-01

... 32 National Defense 1 2010-07-01 2010-07-01 false Election of options. 48.203 Section 48.203 National Defense Department of Defense OFFICE OF THE SECRETARY OF DEFENSE PERSONNEL, MILITARY AND CIVILIAN RETIRED SERVICEMAN'S FAMILY PROTECTION PLAN Election of Options § 48.203 Election of options. (a) A member...

45 CFR 1306.32 - Center-based program option.

Science.gov (United States)

2010-10-01

... 45 Public Welfare 4 2010-10-01 2010-10-01 false Center-based program option. 1306.32 Section 1306... START PROGRAM HEAD START STAFFING REQUIREMENTS AND PROGRAM OPTIONS Head Start Program Options § 1306.32 Center-based program option. (a) Class size. (1) Head Start classes must be staffed by a teacher and an...

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.

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.

38 CFR 9.4 - Beneficiaries and options.

Science.gov (United States)

2010-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Beneficiaries and options... SERVICEMEMBERS' GROUP LIFE INSURANCE AND VETERANS' GROUP LIFE INSURANCE § 9.4 Beneficiaries and options. Any designation of beneficiary or election of settlement options is subject to the provisions of 38 U.S.C. 1970...

40 CFR 80.163 - Detergent certification options.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 16 2010-07-01 2010-07-01 false Detergent certification options. 80... options. To be used to satisfy the detergency requirements under § 80.161(a), a detergent additive must be certified in accordance with the requirements of one or more of the options and suboptions described in this...

Treatment Options by Stage (Vaginal Cancer)

Science.gov (United States)

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

Treatment Options for Chronic Myeloproliferative Neoplasms

Science.gov (United States)

... factors affect prognosis (chance of recovery) and treatment options for primary myelofibrosis. Prognosis (chance of recovery ) depends ... factors affect prognosis (chance of recovery) and treatment options for essential thrombocythemia. Prognosis (chance of recovery ) and ...

Treatment Options for Nonmelanoma Skin Cancer

Science.gov (United States)

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

Treatment Option Overview (Chronic Myeloproliferative Neoplasms)

Science.gov (United States)

... factors affect prognosis (chance of recovery) and treatment options for primary myelofibrosis. Prognosis (chance of recovery ) depends ... factors affect prognosis (chance of recovery) and treatment options for essential thrombocythemia. Prognosis (chance of recovery ) and ...

Observing Optional Number in DDC Edition 23

Directory of Open Access Journals (Sweden)

Mohamad Rotmianto

2015-04-01

Full Text Available Dewey Decimal Classification is a most popular classification system in the world because of its completeness and most up-to-date. There are many optional number in this classification system, although it rarely to be discussed even it is important to known well about that optional number, especially  for  a  librarian  as  classifier.  This  paper  is  a  literature  study  about  Dewey  Decimal Classification  Edition  23,  to  describe  about  optional  numbers,  particularly  the  number  in relationship with Indonesia’s subject and discipline. This paper is to avoid misunderstanding in interpreted about optional number among librarians, especially for who that does not understand well about optional numbers.

Novel preventive treatment options

DEFF Research Database (Denmark)

Longbottom, C; Ekstrand, K; Zero, D

2009-01-01

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

Low activity resin processing and disposal options review

International Nuclear Information System (INIS)

Gardner, F.

1996-01-01

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

Help Options in CALL: A Systematic Review

Science.gov (United States)

Cardenas-Claros, Monica S.; Gruba, Paul A.

2009-01-01

This paper is a systematic review of research investigating help options in the different language skills in computer-assisted language learning (CALL). In this review, emerging themes along with is-sues affecting help option research are identified and discussed. We argue that help options in CALL are application resources that do not only seem…

Option Fixation: A Cognitive Contributor to Overconfidence

Science.gov (United States)

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

2007-01-01

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

A hybrid modeling approach for option pricing

Science.gov (United States)

Hajizadeh, Ehsan; Seifi, Abbas

2011-11-01

The complexity of option pricing has led many researchers to develop sophisticated models for such purposes. The commonly used Black-Scholes model suffers from a number of limitations. One of these limitations is the assumption that the underlying probability distribution is lognormal and this is so controversial. We propose a couple of hybrid models to reduce these limitations and enhance the ability of option pricing. The key input to option pricing model is volatility. In this paper, we use three popular GARCH type model for estimating volatility. Then, we develop two non-parametric models based on neural networks and neuro-fuzzy networks to price call options for S&P 500 index. We compare the results with those of Black-Scholes model and show that both neural network and neuro-fuzzy network models outperform Black-Scholes model. Furthermore, comparing the neural network and neuro-fuzzy approaches, we observe that for at-the-money options, neural network model performs better and for both in-the-money and an out-of-the money option, neuro-fuzzy model provides better results.

Thermoelectric effects in magnetic nanostructures

NARCIS (Netherlands)

Bakker, Frank Lennart

2012-01-01

Elektronentransport is een belangrijk natuurkundig verschijnsel dat vaak wordt gebruikt in de hedendaagse technologie. Alle elektrische apparaten, variërend van stofzuigers tot computerchips, zijn in principe gebaseerd op dit type transport. Ondanks dat elektronen meerdere eigenschappen hebben,

Doelmatigheid van TENS-therapie bij subacute lumbosacrale radiculaire pijn (≤ 6 maanden) in vergelijking met een transforaminale epidurale injectie

NARCIS (Netherlands)

Dr. J.H. Groenewoud; E.E. Vegt; K.D. Meijers-Verhoeven

2015-01-01

Introductie Transcutane Elektrische Neuro Stimulatie (TENS) kan een bijdrage leveren aan de behandeling van lumbosacrale radiculaire pijn (LRP) maar wordt wegens onvoldoende evidence niet als standaard geadviseerd. Doel Vergelijken van het effect van TENS-behandeling met een transforaminale

The implied volatility of index options: the evidence of options on the Australian SPI 200 index futures

OpenAIRE

Tanha, Hassan

2017-01-01

This thesis is a study of the implied volatility component of the Black and Scholes option-pricing model. A recurring finding in the thesis is that in-the-money and out-of ¬the-money options should not be regarded as being on a continuum, but rather as being inherently "different." Additionally, differences across these options are accounted for in relation to behavioural and consumption based models, which, in turn, provide an explanation for the volatility smile. These findings provide a re...

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...

Option Strike Price and Managerial Investment Decisions

Institute of Scientific and Technical Information of China (English)

刘鸿雁; 张维

2003-01-01

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

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...

Proceedings of the Management options information seminar

International Nuclear Information System (INIS)

2002-01-01

This seminar was held in order to provide an opportunity to participants to broaden their knowledge concerning the numerous management options that are available when dealing with emissions generated by the electric power sector. It also represented an opportunity to gather information with regard to a host of different options to support the Electricity Project Team. The presentations centred on topics such as assessment, design and development of management options for the emissions of the electric power industry in Alberta. The legal, economic, social and environmental aspects were considered by the speakers for the options, and the perspectives included experience gained from hands on projects and initiatives. The reasons underlying the selection of options were revealed and lessons learned examined. Of the 14 presentations and the closing remarks speech, two presentations were included in this database. refs., tabs., figs

Options theory and strategic investment decisions

International Nuclear Information System (INIS)

Mann, D.; Goobie, G.; MacMillan, L.

1992-01-01

The possible use of options pricing theory for evaluating long-term capital investments is discussed. Using the Black and Scholes option pricing model, five variables were evaluated for a hypothetical oil sands project. These variables are: stock price as determined by the earning power of the company; exercise price which equals the investment cost of the project; price standard deviation which is assumed to be 50%; the length of time for which the company will maintain its option to invest in the project, and finally the risk free rate which is approximately equal to the yield in long term government securities. A sensitivity analysis on these variables can provide management with information on how best to influence the option value. A more in-depth analysis could provide valuable information about strategic choice for large projects. 5 refs., 3 figs

A Comparison of Retrievability: Celect versus Option Filter.

Science.gov (United States)

Ryu, Robert K; Desai, Kush; Karp, Jennifer; Gupta, Ramona; Evans, Alan Emerson; Rajeswaran, Shankar; Salem, Riad; Lewandowski, Robert J

2015-06-01

To compare the retrievability of 2 potentially retrievable inferior vena cava filter devices. A retrospective, institutional review board-approved study of Celect (Cook, Inc, Bloomington, Indiana) and Option (Rex Medical, Conshohocken, Pennsylvania) filters was conducted over a 33-month period at a single institution. Fluoroscopy time, significant filter tilt, use of adjunctive retrieval technique, and strut perforation in the inferior vena cava were recorded on retrieval. Fisher exact test and Mann-Whitney-Wilcoxon test were used for comparison. There were 99 Celect and 86 Option filters deployed. After an average of 2.09 months (range, 0.3-7.6 mo) and 1.94 months (range, 0.47-9.13 mo), respectively, 59% (n = 58) of patients with Celect filters and 74.7% (n = 65) of patients with Option filters presented for filter retrieval. Retrieval failure rates were 3.4% for Celect filters versus 7.7% for Option filters (P = .45). Median fluoroscopy retrieval times were 4.25 minutes for Celect filters versus 6 minutes for Option filters (P = .006). Adjunctive retrieval techniques were used in 5.4% of Celect filter retrievals versus 18.3% of Option filter retrievals (P = .045). The incidence of significant tilting was 8.9% for Celect filters versus 16.7% for Option filters (P = .27). The incidence of strut perforation was 43% for Celect filters versus 0% for Option filters (P Option filters were not significantly different. However, retrieval of the Option filter required a significantly increased amount of fluoroscopy time compared with the Celect filter, and there was a significantly greater usage of adjunctive retrieval techniques for the Option filter. The Celect filter had a significantly higher rate of strut perforation. Copyright © 2015 SIR. Published by Elsevier Inc. All rights reserved.

Cross-sectoral assessment of mitigation options

DEFF Research Database (Denmark)

Halsnæs, K.

1997-01-01

similarly been assessed in the country study for Zimbabwe, The options include in particular efficiency improvements in industrial plants and in the energy sector, A new methodological issue in the country study for Zimbabwe is the comparable assessment of greenhouse gas reductions options for multiple...... emission sources and gases. The paper reports the result of the integrated assessment of CO2 and CH4 reduction options for energy, agriculture, forestry and waste management for Zimbabwe, This leads up to a final discussion on methodological issues involved in cross-sectoral mitigation assessment. (C) 1997...

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...

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.

Treatment Options by Stage (Small Cell Lung Cancer)

Science.gov (United States)

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

Gas sensing with field-effect transistors

NARCIS (Netherlands)

Andringa, Anne-Marije

2013-01-01

Kleine en goedkope elektronische gassensoren kunnen worden ingezet voor allerlei toepassingen, zoals het meten van de luchtkwaliteit in de binnen- of buitenlucht, het stellen van medische diagnoses of het bewaken van de voedselkwaliteit. Doordat elektronische sensors elektrisch kunnen worden

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

Shungnak Energy Configuration Options.

Energy Technology Data Exchange (ETDEWEB)

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

2017-10-01

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

The safeguards options study

Energy Technology Data Exchange (ETDEWEB)

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

1995-04-01

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

The safeguards options study

International Nuclear Information System (INIS)

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

1995-04-01

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

Deliberating emission reduction options

Energy Technology Data Exchange (ETDEWEB)

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

2012-06-15

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

Deliberating emission reduction options

Energy Technology Data Exchange (ETDEWEB)

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

2012-06-15

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

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)

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.

Short-Term Market Risks Implied by Weekly Options

DEFF Research Database (Denmark)

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

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

Developments in electrical neurostimulation for angina

NARCIS (Netherlands)

de Vries, Jessica

2007-01-01

Als de hartspier niet voldoende bloed toegevoerd krijgt, ontstaat een drukkend gevoel of pijn op de borst. Angina pectoris heet deze aandoening, die veelal met medicijnen, dotteren en/of een bypassoperatie bestreden wordt. Elektrische neurostimulatie (ENS) is een effectieve therapievorm voor

Management options for recycling radioactive scrap metals

Energy Technology Data Exchange (ETDEWEB)

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

1997-02-01

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

Option generation in decision making: ideation beyond memory retrieval.

Science.gov (United States)

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

2014-01-01

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

Option generation in decision making: Ideation beyond memory retrieval

Directory of Open Access Journals (Sweden)

Fabio eDel Missier

2015-01-01

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

Space station data system analysis/architecture study. Task 2: Options development, DR-5. Volume 2: Design options

Science.gov (United States)

1985-01-01

The primary objective of Task 2 is the development of an information base that will support the conduct of trade studies and provide sufficient data to make key design/programmatic decisions. This includes: (1) the establishment of option categories that are most likely to influence Space Station Data System (SSDS) definition; (2) the identification of preferred options in each category; and (3) the characterization of these options with respect to performance attributes, constraints, cost and risk. This volume contains the options development for the design category. This category comprises alternative structures, configurations and techniques that can be used to develop designs that are responsive to the SSDS requirements. The specific areas discussed are software, including data base management and distributed operating systems; system architecture, including fault tolerance and system growth/automation/autonomy and system interfaces; time management; and system security/privacy. Also discussed are space communications and local area networking.

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

NARCIS (Netherlands)

Jamshidian, F.

2004-01-01

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

Propulsive options for a manned Mars transportation system

International Nuclear Information System (INIS)

Braun, R.D.; Blersch, D.J.

1989-01-01

In this investigation, five potential manned Mars transportation systems are compared. These options include: (1) a single vehicle, chemically propelled (CHEM) option, (2) a single vehicle, nuclear thermal propulsion (NTP) option, (3) a single vehicle solar electric propulsion (SEP) option, (4) a single vehicle hybrid nuclear electric propulsion (NEP)/CHEM option, and (5) a dual vehicle option (NEP cargo spacecraft and CHEM manned vehicle). In addition to utilizing the initial vehicle weight in low-earth orbit as a measure of mission feasibility, this study addresses the major technological barriers each propulsive scenario must surpass. It is shown that instead of a single clearly superior propulsion system, each means of propulsion may be favored depending upon the specified program policy and the extent of the desired manned flight time. Furthermore, the effect which aerobraking and multiple transfer cycles have upon mission feasibility is considered. 18 refs

42 CFR 408.65 - Payment options.

Science.gov (United States)

2010-10-01

... 42 Public Health 2 2010-10-01 2010-10-01 false Payment options. 408.65 Section 408.65 Public Health CENTERS FOR MEDICARE & MEDICAID SERVICES, DEPARTMENT OF HEALTH AND HUMAN SERVICES MEDICARE PROGRAM PREMIUMS FOR SUPPLEMENTARY MEDICAL INSURANCE Direct Remittance: Individual Payment § 408.65 Payment options...

49 CFR 190.209 - Response options.

Science.gov (United States)

2010-10-01

... 49 Transportation 3 2010-10-01 2010-10-01 false Response options. 190.209 Section 190.209 Transportation Other Regulations Relating to Transportation (Continued) PIPELINE AND HAZARDOUS MATERIALS SAFETY... PROCEDURES Enforcement § 190.209 Response options. Within 30 days of receipt of a notice of probable...

23 CFR 500.104 - State option.

Science.gov (United States)

2010-04-01

... 23 Highways 1 2010-04-01 2010-04-01 false State option. 500.104 Section 500.104 Highways FEDERAL HIGHWAY ADMINISTRATION, DEPARTMENT OF TRANSPORTATION TRANSPORTATION INFRASTRUCTURE MANAGEMENT MANAGEMENT AND MONITORING SYSTEMS Management Systems § 500.104 State option. Except as specified in § 500.105 (a...

Default options and neonatal resuscitation decisions.

Science.gov (United States)

Haward, Marlyse Frieda; Murphy, Ryan O; Lorenz, John M

2012-12-01

To determine whether presenting delivery room management options as defaults influences decisions to resuscitate extremely premature infants. Adult volunteers recruited from the world wide web were randomised to receive either resuscitation or comfort care as the delivery room management default option for a hypothetical delivery of a 23-week gestation infant. Participants were required to check a box to opt out of the default. The primary outcome measure was the proportion of respondents electing resuscitation. Data were analysed using χ(2) tests and multivariate logistic regression. Participants who were told the delivery room management default option was resuscitation were more likely to opt for resuscitation (OR 6.54 95% CI 3.85 to 11.11, pmanipulation. Further, this effect may operate in ways that a decision maker is not aware of and this raises questions of patient autonomy. Presenting delivery room options for extremely premature infants as defaults may compromise autonomous decision-making.

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...

42 CFR 436.229 - Optional targeted low-income children.

Science.gov (United States)

2010-10-01

... 42 Public Health 4 2010-10-01 2010-10-01 false Optional targeted low-income children. 436.229... Options for Coverage as Categorically Needy Options for Coverage of Families and Children and Aged, Blind, and Disabled Individuals, Including Pregnant Women § 436.229 Optional targeted low-income children...

24 CFR 982.628 - Homeownership option: Eligible units.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Homeownership option: Eligible units. 982.628 Section 982.628 Housing and Urban Development Regulations Relating to Housing and Urban... Types Homeownership Option § 982.628 Homeownership option: Eligible units. (a) Initial requirements...

Flexibility and Project Value: Interactions and Multiple Real Options

Science.gov (United States)

Čulík, Miroslav

2010-06-01

This paper is focused on a project valuation with embedded portfolio of real options including their interactions. Valuation is based on the criterion of Net Present Value on the simulation basis. Portfolio includes selected types of European-type real options: option to expand, contract, abandon and temporarily shut down and restart a project. Due to the fact, that in reality most of the managerial flexibility takes the form of portfolio of real options, selected types of options are valued not only individually, but also in combination. The paper is structured as follows: first, diffusion models for forecasting of output prices and variable costs are derived. Second, project value is estimated on the assumption, that no real options are present. Next, project value is calculated with the presence of selected European-type options; these options and their impact on project value are valued first in isolation and consequently in different combinations. Moreover, intrinsic value evolution of given real options with respect to the time of exercising is analysed. In the end, results are presented graphically; selected statistics and risk measures (Value at Risk, Expected Shortfall) of the NPV's distributions are calculated and commented.

Modelling Callable Annuity Bonds with Interest-Only Optionality

OpenAIRE

Holst, Anders; Nalholm, Morten

2004-01-01

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

34 CFR 300.110 - Program options.

Science.gov (United States)

2010-07-01

... 34 Education 2 2010-07-01 2010-07-01 false Program options. 300.110 Section 300.110 Education Regulations of the Offices of the Department of Education (Continued) OFFICE OF SPECIAL EDUCATION AND... DISABILITIES State Eligibility Other Fape Requirements § 300.110 Program options. The State must ensure that...

32 CFR 571.5 - Enlistment options.

Science.gov (United States)

2010-07-01

... 32 National Defense 3 2010-07-01 2010-07-01 true Enlistment options. 571.5 Section 571.5 National Defense Department of Defense (Continued) DEPARTMENT OF THE ARMY PERSONNEL RECRUITING AND ENLISTMENTS Recruiting and Enlistment Eligibility § 571.5 Enlistment options. Personnel who enlist in the Regular Army...

TIAA-CREF Retirement Options and Considerations.

Science.gov (United States)

Bastable, C. W.; Brady, Gerald P.

1979-01-01

The various retirement income options available to TIAA-CREF participants and federal taxes on each option are explained. The importance of early planning for retirement income is stressed and it is suggested that assessment of future financial needs will indicate the most appropriate settlement mode for retirement. (SF)

Federal Employees Health Benefits Program: Enrollment Options Following the Termination of a Plan or Plan Option. Final rule.

Science.gov (United States)

2015-10-28

The U.S. Office of Personnel Management (OPM) is issuing a final rule to amend the Federal Employees Health Benefits (FEHB) Program regulations regarding enrollment options following the termination of a plan or plan option.

Reducing the Deficit: Spending and Revenue Options

Science.gov (United States)

2011-03-01

Airports 109Option 22 Increase Fees for Aviation Security 110Option 23 Eliminate Intercity Rail Subsidies 111Option 24 Eliminate the Transit Starts...productivity. Charging users—such as drivers on highways, air travelers , users of waterways, and so forth—for services they receive from federal...can travel at high speed through the water from a ship to land. The Marine Corps regards the EFV as essential for the conduct of amphibi- ous warfare

Pawnee Nation Energy Option Analyses

Energy Technology Data Exchange (ETDEWEB)

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

2009-07-31

In 2003, the Pawnee Nation leadership identified the need for the tribe to comprehensively address its energy issues. During a strategic energy planning workshop a general framework was laid out and the Pawnee Nation Energy Task Force was created to work toward further development of the tribe’s energy vision. The overarching goals of the “first steps” project were to identify the most appropriate focus for its strategic energy initiatives going forward, and to provide information necessary to take the next steps in pursuit of the “best fit” energy options. Based on the request of Pawnee Nation’s Energy Task Force the research team, consisting Tribal personnel and Summit Blue Consulting, focused on a review of renewable energy resource development potential, funding sources and utility organizational along with energy savings options. Elements of the energy demand forecasting and characterization and demand side options review remained in the scope of work, but were only addressed at a high level. Description of Activities Performed Renewable Energy Resource Development Potential The research team reviewed existing data pertaining to the availability of biomass (focusing on woody biomass, agricultural biomass/bio-energy crops, and methane capture), solar, wind and hydropower resources on the Pawnee-owned lands. Using these data, combined with assumptions about costs and revenue streams, the research team performed preliminary feasibility assessments for each resource category. The research team also reviewed available funding resources and made recommendations to Pawnee Nation highlighting those resources with the greatest potential for financially-viable development, both in the near-term and over a longer time horizon. Energy Efficiency Options While this was not a major focus of the project, the research team highlighted common strategies for reducing energy use in buildings. The team also discussed the benefits of adopting a building energy code and

Spent fuel reprocessing options

International Nuclear Information System (INIS)

2008-08-01

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

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

17 CFR 230.238 - Exemption for standardized options.

Science.gov (United States)

2010-04-01

... options. 230.238 Section 230.238 Commodity and Securities Exchanges SECURITIES AND EXCHANGE COMMISSION... Exemption for standardized options. (a) Exemption. Except as expressly provided in paragraphs (b) and (c) of this section, the Act does not apply to any standardized option, as that term is defined by section 240...

Is it timing or backdating of option grants?

NARCIS (Netherlands)

van der Goot, T.

2010-01-01

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

78 FR 38843 - Single Application Option

Science.gov (United States)

2013-06-28

... Application Option AGENCY: U.S. Copyright Office, Library of Congress. ACTION: Interim final rule. SUMMARY: The U.S. Copyright Office is amending its regulations on an interim basis in order to establish a new... an additional option for individual authors/claimants registering a single (one) work that is not a...

75 FR 47710 - TRICARE; Extended Care Health Option

Science.gov (United States)

2010-08-09

... TRICARE; Extended Care Health Option AGENCY: Office of the Secretary, Department of Defense. ACTION: Final... Care Health Option (ECHO) from $2,500 per month to $36,000 per year, and for other non-legislated.... That program, known as the Extended Care Heath Option (ECHO), replaced the Program for Persons with...

10 CFR 490.307 - Option for Electric Utilities.

Science.gov (United States)

2010-01-01

... 10 Energy 3 2010-01-01 2010-01-01 false Option for Electric Utilities. 490.307 Section 490.307... Provider Vehicle Acquisition Mandate § 490.307 Option for Electric Utilities. (a) A covered person or its... selling, at wholesale or retail, electricity has the option of delaying the vehicle acquisition mandate...

Retrospective insights from real options in R&D

NARCIS (Netherlands)

Lint, L.J.O.

2000-01-01

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

Mouse-tracking evidence for parallel anticipatory option evaluation.

Science.gov (United States)

Cranford, Edward A; Moss, Jarrod

2017-12-23

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

Option valuation for energy issues

International Nuclear Information System (INIS)

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

2004-01-01

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

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

48 CFR 52.217-5 - Evaluation of Options.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Evaluation of Options. 52....217-5 Evaluation of Options. As prescribed in 17.208(c), insert a provision substantially the same as the following: Evaluation of Options (JUL 1990) Except when it is determined in accordance with FAR 17...

A comparison principle for an American option on several assets: Index and spread options

Directory of Open Access Journals (Sweden)

Peter Laurence

2003-07-01

Full Text Available Using the method of symmetrization, we compare the price of the American option on an index or spread to that of the solution of a parabolic variational inequality in one spatial variable. This comparison principle is established for a broad class of diffusion operators with time and state dependent coefficients. The purpose is to take a first step towards deriving symmmetrized problems whose solutions bound solutions of multidimensional American option problems with variable coefficients when the computation of the latter lies beyond the scope of the most powerful numerical methods.

Buridan's Ass and a Menu of Options.

OpenAIRE

Svetlana Boyarchenko

2005-01-01

The goal of the paper is to study how a menu of options affects decisions of a rational agent facing uncertainty over future payoff streams. Using the real options approach, we demonstrate that multiple options not only increase the barrier which the underlying stochastic variable has to reach in order investment became optimal, but cause the investor to be inactive even when the cost of investment is vanishing. As a technical contribution, the paper suggests a robust method of solution of a ...

Security option file - Exploitation (DOS-Expl)

International Nuclear Information System (INIS)

2016-01-01

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

Alternative disposal options for transuranic waste

International Nuclear Information System (INIS)

Loomis, G.G.

1994-01-01

Three alternative concepts are proposed for the final disposal of stored and retrieved buried transuranic waste. These proposed options answer criticisms of the existing U.S. Department of Energy strategy of directly disposing of stored transuranic waste in deep, geological salt formations at the Waste Isolation Pilot Plant (WIPP) in Carlsbad, New Mexico. The first option involves enhanced stabilization of stored waste by thermal treatment followed by convoy transportation and internment in the existing WIPP facility. This concept could also be extended to retrieved buried waste with proper permitting. The second option involves in-state, in situ internment using an encapsulating lens around the waste. This concept applies only to previously buried transuranic waste. The third option involves sending stored and retrieved waste to the Nevada Test Site and configuring the waste around a thermonuclear device from the U.S. or Russian arsenal in a specially designed underground chamber. The thermonuclear explosion would transmute plutonium and disassociate hazardous materials while entombing the waste in a national sacrifice area

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

The Early Exercise Premium Representation for American Options on Multiply Assets

International Nuclear Information System (INIS)

Klimsiak, Tomasz; Rozkosz, Andrzej

2016-01-01

In the paper we consider the problem of valuation of American options written on dividend-paying assets whose price dynamics follow the classical multidimensional Black and Scholes model. We provide a general early exercise premium representation formula for options with payoff functions which are convex or satisfy mild regularity assumptions. Examples include index options, spread options, call on max options, put on min options, multiply strike options and power-product options. In the proof of the formula we exploit close connections between the optimal stopping problems associated with valuation of American options, obstacle problems and reflected backward stochastic differential equations

Treatment Option Overview (Childhood Acute Lymphoblastic Leukemia)

Science.gov (United States)

... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) depends on: How ... cancer that does not respond to treatment. Treatment Option Overview Key Points There are different types of ...

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.

For the last time: stock options are an expense.

Science.gov (United States)

Bodie, Zvi; Kaplan, Robert S; Merton, Robert C

2003-03-01

Should stock options be recorded as an expense on a company's income statement and balance sheet, or should they remain where they are, relegated to footnotes? The extraordinary boom in share prices during the Internet bubble made critics of option expensing look like spoilsports. But since the crash, the debate has returned with a vengeance. And no wonder: The authors believe the case for expensing options is overwhelming. In this article, Nobel Iaureate Robert Merton, one of the inventors of the Black-Scholes option-pricing model; his coauthor on the classic textbook Finance, Zvi Bodie; and Robert Kaplan, creator of the Balanced Scorecard, examine and dismiss the principal claims put forward by those who continue to oppose options expensing. They demonstrate that stock-option grants do indeed have real cash-flow implications that need to be reported. They show that effective ways certainly exist to quantify those implications. They detail the distortions that relegating stock-option accounting to footnotes creates. And they show why reporting option costs should in no way hamper young companies in their efforts to provide incentives. Options are indeed a powerful incentive, the authors agree, and failing to record a transaction that creates such powerful effects is economically indefensible. Worse, it encourages companies to favor options over alternative incentive systems. It is not the proper role of accounting standards, the authors argue, to distort executive and employee compensation by subsidizing one particular form of compensation and no other. Companies should choose compensation methods according to their economic benefits--not the way they are reported.

Treatment Option Overview (Ovarian Germ Cell Tumors)

Science.gov (United States)

... Germ Cell Tumors Treatment (PDQ®)–Patient Version Treatment Option Overview Go to Health Professional Version Key Points ... and restore) the body’s blood cells. New treatment options Combination chemotherapy (the use of more than one ...

Lunar Cube Transfer Trajectory Options

Science.gov (United States)

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

2015-01-01

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

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.

Treatment Option Overview (Mycosis Fungoides and the Sezary Syndrome)

Science.gov (United States)

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

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

From the Grid to the Smart Grid, Topologically

NARCIS (Netherlands)

Pagani, Giuliano Andrea

2014-01-01

De energiesystemen van de toekomst zullen zeer verschillend zijn in vergelijking met de systemen van vandaag. Decentrale producties van energie door zonnepanelen, kleine windmolens of elektrische auto’s kunnen een nieuw paradigma van productie en verbruik creëren, waar elke gebruiker een producent

Lighting Options for Homes.

Energy Technology Data Exchange (ETDEWEB)

Baker, W.S.

1991-04-01

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

Evaluating State Options for Reducing Medicaid Churning

Science.gov (United States)

Swartz, Katherine; Short, Pamela Farley; Graefe, Deborah R.; Uberoi, Namrata

2015-01-01

Medicaid churning - the constant exit and re-entry of beneficiaries as their eligibility changes - has long been a problem for both Medicaid administrators and recipients. Churning will continue under the Affordable Care Act, because despite new federal rules, Medicaid eligibility will continue to be based on current monthly income. We developed a longitudinal simulation model to evaluate four policy options for modifying or extending Medicaid eligibility to reduce churning. The simulations suggest that two options, extending Medicaid eligibility either to the end of a calendar year or for twelve months after enrollment, would be far more effective in reducing churning than the other options of a three-month extension or eligibility based on projected annual income. States should consider implementation of the option that best balances costs, including both administration and services, with improved health of Medicaid enrollees. PMID:26153313

Options Counseling for the Pregnant Adolescent Patient.

Science.gov (United States)

Hornberger, Laurie L

2017-09-01

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

Berg River Textiles - Cleaner Production Option Report

DEFF Research Database (Denmark)

Wenzel, Henrik; Schneider, Zsig

schematics on the various wet treatment operations in the dyehouse, and water and energy balances were made to the extent data allowed. A number of options for saving water, energy and chemicals were identified. The potentials monetary savings and necessary investments were estimated, and a list of priority...... projects including milestone plans for their implementation was made. A saving potential of around 3 mill. R was identified with a pay-back period of around 0.2 years as average of the identified options. The company implemented a large number of the options right away....

Illiquidity Premia in the Equity Options Market

DEFF Research Database (Denmark)

Christoffersen, Peter; Goyenko, Ruslan; Jacobs, Kris

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

Valuating Privacy with Option Pricing Theory

Science.gov (United States)

Berthold, Stefan; Böhme, Rainer

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

Real options methodology in public-private partnership projects valuation

Directory of Open Access Journals (Sweden)

Rakić Biljana

2014-01-01

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

EXECUTIVE STOCK OPTION EXERCISING BEHAVIOR: EVIDENCE FROM BURSA MALAYSIA

OpenAIRE

Ahmad Ibn Ibrahimy; Dr. Rubi Ahmad

2012-01-01

In spite of the fact that shareholders exercise their options when it is in the money, s eparation of ownership and control creates the necessity of verifying the adoption of corporate governance mechanism, such as Executive Stock Option Scheme (ESOs). This study verifies the relationship between Executive Stock Option (ESO) exercise and firm performance to explore the exercise pattern of Malaysian executives whether there is any differences in trading option. We found a significant positive ...

Taxing Stock Options: Efficiency, Fairness and Revenue Implications

Directory of Open Access Journals (Sweden)

Jack M. Mintz

2015-10-01

Full Text Available The federal Liberals and the NDP are right about this much: There is a more sensible way to tax the stock options that are granted as compensation by corporations than the approach the federal government takes now. But both parties are wrong about how much revenue an appropriate change in current tax policy will add to the treasury. Far from the half-billion dollars or more that both parties claim they will raise in federal tax revenue by changing the taxation of stock options, the appropriate reform will virtually raise no revenue. It could actually result in marginally lower tax revenue. As it stands, stock options are treated differently than salary and other forms of cash compensation when it comes to taxing an employee or director, in that they are subject to only half taxation, similar to capital gains. They are also treated differently than cash compensation for the corporation granting the options, in that they cannot be deducted from corporate income tax. The federal NDP and Liberals have both accepted the growing criticism, which only intensified in the aftermath of the 2008 financial crisis, that the lower tax rate is an unfair tax break for those employees who receive stock options. Both parties have proposed to change that, leaving an exemption for startup companies only, with the NDP proposing full personal taxation for all stock options except for start-up companies and the Liberals proposing it for options-based compensation exceeding $100,000. Treating stock options the same as cash compensation would indeed be more tax efficient, reducing the distortionary effect that can influence company compensation packages to give more weight to stock options and less to cash than they might otherwise. But the only way to ensure that efficiency is by treating both the personal tax side of the benefit, and the corporate tax side of the benefit, in the same way as other employee compensation. That is, applying full taxation to the recipient

Technetium removal: preliminary flowsheet options

International Nuclear Information System (INIS)

Eager, K.M.

1995-01-01

This document presents the results of a preliminary investigation into options for preliminary flowsheets for 99Tc removal from Hanford Site tank waste. A model is created to show the path of 99Tc through pretreatment to disposal. The Tank Waste Remediation (TWRS) flowsheet (Orme 1995) is used as a baseline. Ranges of important inputs to the model are developed, such as 99Tc inventory in the tanks and important splits through the TWRS flowsheet. Several technetium removal options are discussed along with sensitivities of the removal schemes to important model parameters

Conservation and Development Options existing on Uluguru ...

African Journals Online (AJOL)

Effective management of projects on Uluguru Mountains requires that both development and conservation options are weighed and that opportunities and challenges are considered. This study identified various conservation and development options existing on Uluguru Mountains and assessed the perceptions of the local ...

Individual stock-option prices and credit spreads

NARCIS (Netherlands)

Cremers, M.; Driessen, J.; Maenhout, P.; Weinbaum, D.

2008-01-01

This paper introduces measures of volatility and jump risk that are based on individual stock options to explain credit spreads on corporate bonds. Implied volatilities of individual options are shown to contain useful information for credit spreads and improve on historical volatilities when

Energy options?; Energie opties?

Energy Technology Data Exchange (ETDEWEB)

Van Sark, W. (ed.)

2006-05-15

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

Evaluating technology service options.

Science.gov (United States)

Blumberg, D F

1997-05-01

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

Real Options Analysis of Electricity Investments

Energy Technology Data Exchange (ETDEWEB)

Heggedal, Ane Marte

2012-07-01

This thesis utilizes real options analysis for evaluating investment opportunities in the electricity sector. It also formally tests how investors in hydropower plants have included uncertainty when considering their investment opportunities. The real options method applies financial options theory to quantify the value of management flexibility and is chosen due to three important characteristics of investments in the electricity sector. First; the investment is completely or partially irreversible, second; the investor can choose when to invest in the facility, and third; there is uncertainty in several factors affecting the cash flows of the investments. Factors of uncertainty include the development of electricity prices, policies, technological advances, and macroeconomics measures.Four papers are included in this thesis. Paper 1, Upgrading hydropower plants with storage: Timing and capacity choice, presents a valuation framework for deciding when to upgrade an existing hydropower plant and which capacity to choose. The second paper, Transmission capacity between Norway and Germany: A real options analysis, sheds light on when two electricity markets, in this case Norway and Germany, should be connected through a sub sea cable. The investor can choose when to invest and the capacity of the cable, and may also choose to invest sequentially. Paper 3, Optimal timing and capacity choice for pumped hydropower storage, investigates when investment in a pumped hydropower plant with storage should be undertaken and what the capacity of the facility should be. Whereas the three first papers investigate investment opportunities, Paper 4, Uncertain climate policy decisions and investment timing: Evidence from small hydropower plants, studies when investors in small hydropower plants chose to invest. The analyses disclose whether the net present value approach or the real options method best describe the investment decisions made by the investors. Viewing investment

Het motorrijwiel : handboek voor motor- en scooterrijders, motor- en scootermonteurs en -technici

NARCIS (Netherlands)

Seyffardt, A.L.W.

1961-01-01

INHOUD: 1. De werking van de motor ; 2. De hoofddelen van de motor ; 3. De kleppen en de klepbeweging ; 4. Balancering, de meercilinder motor ; 5. Bijzonderheden over de werking ; 6. De carburateur ; 7. De smering van de motor ; 8. De tweetaktmotor ; 9. De elektrische installatie ; 10. De

Error Analysis for Fourier Methods for Option Pricing

KAUST Repository

Häppölä, Juho

2016-01-06

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

49 CFR 1572.401 - Fee collection options.

Science.gov (United States)

2010-10-01

... 49 Transportation 9 2010-10-01 2010-10-01 false Fee collection options. 1572.401 Section 1572.401 Transportation Other Regulations Relating to Transportation (Continued) TRANSPORTATION SECURITY ADMINISTRATION... ASSESSMENTS Fees for Security Threat Assessments for Hazmat Drivers § 1572.401 Fee collection options. (a...

47 CFR 76.981 - Negative option billing.

Science.gov (United States)

2010-10-01

... 47 Telecommunication 4 2010-10-01 2010-10-01 false Negative option billing. 76.981 Section 76.981 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) BROADCAST RADIO SERVICES MULTICHANNEL VIDEO AND CABLE TELEVISION SERVICE Cable Rate Regulation § 76.981 Negative option billing. (a) A cable operator...

Mine Drainage Generation and Control Options.

Science.gov (United States)

Wei, Xinchao; Rodak, Carolyn M; Zhang, Shicheng; Han, Yuexin; Wolfe, F Andrew

2016-10-01

This review provides a snapshot of papers published in 2015 relevant to the topic of mine drainage generation and control options. The review is broken into 3 sections: Generation, Prediction and Prevention, and Treatment Options. The first section, mine drainage generation, focuses on the characterization of mine drainage and the environmental impacts. As such, it is broken into three subsections focused on microbiological characterization, physiochemical characterization, and environmental impacts. The second section of the review is divided into two subsections focused on either the prediction or prevention of acid mine drainage. The final section focuses on treatment options for mine drainage and waste sludge. The third section contains subsections on passive treatment, biological treatment, physiochemical treatment, and a new subsection on beneficial uses for mine drainage and treatment wastes.

Repowering options for steam power plants

International Nuclear Information System (INIS)

Wen, H.; Gopalarathinam, R.

1992-01-01

Repowering an existing steam power plant with a gas turbine offers an attractive alternative to a new plant or life extension, especially for unit sizes smaller than 300 MWe. Gas turbine repowering improves thermal efficiency and substantially increases the plant output. Based on recent repowering studies and projects, this paper examines gas turbine repowering options for 100 MWe, 200 MWe and 300 MWe units originally designed for coal firing and currently firing either coal or natural gas. Also discussed is the option for a phased future conversion of the repowered unit to fire coal-derived gas, should there be a fluctuation in the price or availability of natural gas. A modular coal gasification plant designed to shorten the conversion time is presented. Repowering options, performance, costs, and availability impacts are discussed for selected cases

Crude oil options market found to be efficient

International Nuclear Information System (INIS)

Anon.

1992-01-01

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

Designing flexible engineering systems utilizing embedded architecture options

Science.gov (United States)

Pierce, Jeff G.

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

48 CFR 1552.217-70 - Evaluation of contract options.

Science.gov (United States)

2010-10-01

... options. 1552.217-70 Section 1552.217-70 Federal Acquisition Regulations System ENVIRONMENTAL PROTECTION... 1552.217-70 Evaluation of contract options. As prescribed in 1517.208(a), insert the following solicitation provision in Requests for Proposals when the solicitation contains options. Evaluation of Contract...

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...

Gender and the knowledge of financing options by immigrant ...

African Journals Online (AJOL)

In addition, the knowledge of non-traditional equity financing options such as crowdfunding is weak. There is no significant gender difference in the knowledge of financing options by immigrant entrepreneurs. Recommendations to improve the knowledge of financing options are suggested. Keywords: gender, knowledge ...

Irregular grid methods for pricing high-dimensional American options

NARCIS (Netherlands)

Berridge, S.J.

2004-01-01

This thesis proposes and studies numerical methods for pricing high-dimensional American options; important examples being basket options, Bermudan swaptions and real options. Four new methods are presented and analysed, both in terms of their application to various test problems, and in terms of

Fundamentals of futures, options, basis and derivatives

Energy Technology Data Exchange (ETDEWEB)

Jones, D. [TD Securities Inc., Toronto, ON (Canada)

1997-08-01

Characteristic features of futures and options contracts, basis differentials and derivatives were defined and explained. A futures contract refers to an exchange-traded supply contract between a buyer and a seller where the buyer is obligated to take delivery and the seller is obligated to provide delivery of a fixed amount of a commodity at a predetermined price at a specified location. In contrast, an option contract gives the purchaser the right, but not the obligation, to buy or sell the underlying commodity at a certain price on or before an agreed date. Basis differential refers to the discount between two distinct delivery points to reflect the relative value of a commodity, such as natural gas, at those points. Advantages and disadvantages of futures and options contacts, the factors affecting options pricing, and basis differentials, and the methods of calculating basis differentials were described. The nature and intricacies of derivatives, their benefits, in particular their use as a tool for the effective management of the volatilities associated with the oil and gas industry were explained. Their shortcomings such as the high liquidity risk, were also described. Examples of derivative transactions were provided to illustrate the interrelationships of futures/options/derivatives, and their role in financial risk management.

Fundamentals of futures, options, basis and derivatives

International Nuclear Information System (INIS)

Jones, D.

1997-01-01

Characteristic features of futures and options contracts, basis differentials and derivatives were defined and explained. A futures contract refers to an exchange-traded supply contract between a buyer and a seller where the buyer is obligated to take delivery and the seller is obligated to provide delivery of a fixed amount of a commodity at a predetermined price at a specified location. In contrast, an option contract gives the purchaser the right, but not the obligation, to buy or sell the underlying commodity at a certain price on or before an agreed date. Basis differential refers to the discount between two distinct delivery points to reflect the relative value of a commodity, such as natural gas, at those points. Advantages and disadvantages of futures and options contacts, the factors affecting options pricing, and basis differentials, and the methods of calculating basis differentials were described. The nature and intricacies of derivatives, their benefits, in particular their use as a tool for the effective management of the volatilities associated with the oil and gas industry were explained. Their shortcomings such as the high liquidity risk, were also described. Examples of derivative transactions were provided to illustrate the interrelationships of futures/options/derivatives, and their role in financial risk management

Electromobility as a reasonable electrical interim storage? Perspectives; Elektromobilitaet als sinnvoller elektrischer Zwischenspeicher? Perspektiven

Energy Technology Data Exchange (ETDEWEB)

Taenzer, Guillem [IZES gGmbH, Saarbruecken (Germany)

2011-07-01

Electromobility seems a promising future technology in order to replace the combustion engine predominance in the individual traffic due to the upcoming shortage of resource and the climate relevance. In addition consists the potential of electric cars, insofar unused and attached to the energy grid, for contributions to the load balance, especially against the background of the developments goals of the renewable energies and its fluctuating supply. In the end these potentials are limited: electric cars, respectively the accumulators can only stabilize short-term load fluctuations (minute-related reserve, hours-related reserve) in the electric grid, long-term (seasonal) adjustment options are here not possible. Further problems to solve are the construction of an appropriate charge and feeding-back infrastructure with adequate power output > 10 kW as well as to attain an admissible consumer acceptance which divulge his cruising range in conjunction of negative consequence to the durability of the accumulator. Therefore the contribution of the electromobility to the energy system will be marginal but can deliver (for now) an input to the fluctuating load in the power grid, which should be exploited. (orig.)

Cryomechanisms and cryocomponents; Kryomechanismen und Kryokomponenten

Energy Technology Data Exchange (ETDEWEB)

Ruppert, U.; Szuecs, Z.

1990-09-01

Since now optimized electrical mechanisms and components for use at low temperature are scarcely available on the market. In the case of need mostly improvisation or modification of failed components is necessary. Within the frame of this contract a selection of typical components was developed and tested under respect to the special requirements are cryogenic conditions and production guidelines were worked out. In detail an electric motor, an angular encoder/decoder, electrical feedthroughs, a cold multiplexer and an electromotor using high-Tc-superconductor were manufactured. (orig./MM). [Deutsch] Bisher waren elektrische Mechanismen und Komponenten fuer den Einsatz bei tiefen Temperaturen auf dem Markt kaum erhaeltlich. Im Bedarfsfall musste meist improvisiert werden oder versagende Komponenten modifiziert werden. Im Rahmen dieses Vertrages wurde eine Auswahl typischer Komponenten im Hinblick auf die speziellen Anforderungen in der Kryotechnik entwickelt und getestet sowie Herstellungsrichtlinien erarbeitet. Es wurde im einzelnen ein Elektromotor, ein Winkelenkoder/Dekoder, elektrische Durchfuehrungen, ein kalter Multiplexer sowie ein Antriebsmotor unter Einsatz von Hoch-Tc-Supraleitern gebaut. (orig./MM).

Management of stage IV rectal cancer: Palliative options

Science.gov (United States)

Ronnekleiv-Kelly, Sean M; Kennedy, Gregory D

2011-01-01

Approximately 30% of patients with rectal cancer present with metastatic disease. Many of these patients have symptoms of bleeding or obstruction. Several treatment options are available to deal with the various complications that may afflict these patients. Endorectal stenting, laser ablation, and operative resection are a few of the options available to the patient with a malignant large bowel obstruction. A thorough understanding of treatment options will ensure the patient is offered the most effective therapy with the least amount of associated morbidity. In this review, we describe various options for palliation of symptoms in patients with metastatic rectal cancer. Additionally, we briefly discuss treatment for asymptomatic patients with metastatic disease. PMID:21412493

Option's value - Greek measures fluctuations and their consequences

Directory of Open Access Journals (Sweden)

Izabela Pruchnicka-Grabias

2004-01-01

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

Hazardous landfill management, control options

International Nuclear Information System (INIS)

Corbin, M.H.; Lederman, P.B.

1982-01-01

The land disposal of hazardous wastes has been a common practice over the last half century. The industrial and environmental communities, as well as the public, have an immediate challenge to control the contaminants that may be released from waste land disposal facilities. At the same time, land disposal continues to be, in many cases, the only available disposal technique that can be utilized in the next five years. Thus, it is extremely important that environmentally sound landfill management and control techniques be utilized, both for inactive and active sites. There are a number of key steps in developing a sound management and control plan. These include problem definition, personnel safety, characterization, evaluation of control options, cost-effectiveness analysis and development of an integrated control plan. A number of control options, including diversion, regrading, sealing, and leachate treatment are available and more cost effective in most cases than waste removal. These and other options, as well as the methodology to develop an integrated control plan, are discussed, together with examples. (Auth.)

48 CFR 52.217-3 - Evaluation Exclusive of Options.

Science.gov (United States)

2010-10-01

... Options. 52.217-3 Section 52.217-3 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION....217-3 Evaluation Exclusive of Options. As prescribed in 17.208(a), insert a provision substantially the same as the following in solicitations when the solicitation includes an option clause and does...

78 FR 68868 - First-Class Mail Postage Payment Option

Science.gov (United States)

2013-11-15

... Option AGENCY: Postal Regulatory Commission. ACTION: Notice. SUMMARY: The Commission is noticing a recent... the option of increasing the value of the pre-approved envelopes by applying a customized Picture... encourages increased mail volume (factors 1 and 7) and, by providing a more convenient option for sending...

Option pricing with COS method on Graphics Processing Units

NARCIS (Netherlands)

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

2009-01-01

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

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

42 CFR 438.356 - State contract options.

Science.gov (United States)

2010-10-01

... 42 Public Health 4 2010-10-01 2010-10-01 false State contract options. 438.356 Section 438.356 Public Health CENTERS FOR MEDICARE & MEDICAID SERVICES, DEPARTMENT OF HEALTH AND HUMAN SERVICES (CONTINUED) MEDICAL ASSISTANCE PROGRAMS MANAGED CARE External Quality Review § 438.356 State contract options...

Writing about Clients: Ethical Considerations and Options

Science.gov (United States)

Sperry, Len; Pies, Ronald

2010-01-01

Today, the decision to prepare clinical case material for publication is a decision that cannot be taken lightly. The decision involves reviewing ethical considerations and choosing among various options to safeguard client privacy. Such options include seeking the client's permission, disguising case material, and developing composite case…

Phytoremediation options for radioactively contaminated sites evaluated

International Nuclear Information System (INIS)

Vandenhove, Hildegarde

2013-01-01

Highlights: ► We present an overview of the most important site and environmental radioactive contamination problems encountered. ► The potential role of different phytomanagement options is discussed and illustrated with examples. ► The phytomanagement options considered are: soil phytoextraction, rhizofiltration, wetlands and alternative land use. - Abstract: The application of nuclear energy and the use of radionuclides for industrial, medical and research purposes have caused significant contamination of certain sites and their environment, which could result in health problems for several centuries if nothing is undertaken to remedy these situations. Except for the immediate environment of the facility, where decontamination activities may be feasible and affordable, the contamination often extents over a vast area and decontamination would be costly and could result in vast amounts of waste. Therefore, more realistic yet efficient remediation options should be searched for of which phytomanagement is among the potential options. A number of phytomanagement approaches will be discussed

Pricing the option adjust spread of Brazilian Eurobonds

OpenAIRE

Gonçalves, Franklin de O.

1997-01-01

This paper presents results of a pricing system to compute the option adjusted spread ("DAS") of Eurobonds issued by Brazilian firms. The system computes the "DAS" over US treasury rates taktng imo account the embedded options present on these bonds. These options can be calls ("callable bond"), puts ("putable bond") or combinations ("callable and putable bond"). The pricing model takes into account the evolution of the term structure along time, is compatible with the observab...

48 CFR 52.207-5 - Option To Purchase Equipment.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Option To Purchase....207-5 Option To Purchase Equipment. As prescribed in 7.404, insert a clause substantially the same as the following: Option To Purchase Equipment (FEB 1995) (a) The Government may purchase the equipment...

77 FR 26827 - Medicaid Program; Community First Choice Option

Science.gov (United States)

2012-05-07

... Medicare & Medicaid Services 42 CFR Part 441 Medicaid Program; Community First Choice Option; Final Rule #0... [CMS-2337-F] RIN 0938-AQ35 Medicaid Program; Community First Choice Option AGENCY: Centers for Medicare... Affordable Care Act, which establishes a new State option to provide home and community-based attendant...

48 CFR 52.217-6 - Option for Increased Quantity.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Option for Increased....217-6 Option for Increased Quantity. As prescribed in 17.208(d), insert a clause substantially the same as the following: Option for Increased Quantity (MAR 1989) The Government may increase the...

Options For The Disposition Of UK Civil Plutonium Stocks

Energy Technology Data Exchange (ETDEWEB)

Moore, R.G.; Zimmerman, C.H.; Scales, C.; Worrall, A.; Sims, H.E.; Fowler, L. [Nexia Solutions Ltd (United Kingdom)

2008-07-01

The UK Civil Pu Disposition project will identify and assess the viability of several technical options for dealing with the UK's civil separated Pu stockpile and the discriminators that will support technology option down-selection decisions. The overall aim will be to deliver feasible technical options and comprehensive information on political, economic, sociological, environmental and technical factors for each strategic option. This paper briefly describes the work completed to date to assess immobilisation and re-use technologies as disposition strategies and on the work that will identify discriminators to support technology down-selection. The Pu disposition project is anticipated to continue for several years while the necessary investigations are made to fully understand the various options. The work planned over this period is discussed. (authors)

Options For The Disposition Of UK Civil Plutonium Stocks

International Nuclear Information System (INIS)

Moore, R.G.; Zimmerman, C.H.; Scales, C.; Worrall, A.; Sims, H.E.; Fowler, L.

2008-01-01

The UK Civil Pu Disposition project will identify and assess the viability of several technical options for dealing with the UK's civil separated Pu stockpile and the discriminators that will support technology option down-selection decisions. The overall aim will be to deliver feasible technical options and comprehensive information on political, economic, sociological, environmental and technical factors for each strategic option. This paper briefly describes the work completed to date to assess immobilisation and re-use technologies as disposition strategies and on the work that will identify discriminators to support technology down-selection. The Pu disposition project is anticipated to continue for several years while the necessary investigations are made to fully understand the various options. The work planned over this period is discussed. (authors)

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 ...

Index options : Pricing, implied densities and returns

NARCIS (Netherlands)

Boes, M.J.

2006-01-01

Chapter 2 gives an overview of the literature that is directly related to the topics studied in this thesis. In Chapter 3 the impact of overnight periods on option prices is examined by estimating an option pricing model that takes overnight closures of exchanges explicitly into account. Chapter 4

Analytic solution for American strangle options using Laplace-Carson transforms

Science.gov (United States)

Kang, Myungjoo; Jeon, Junkee; Han, Heejae; Lee, Somin

2017-06-01

A strangle has been important strategy for options when the trader believes there will be a large movement in the underlying asset but are uncertain of which way the movement will be. In this paper, we derive analytic formula for the price of American strangle options. American strangle options can be mathematically formulated into the free boundary problems involving two early exercise boundaries. By using Laplace-Carson Transform(LCT), we can derive the nonlinear system of equations satisfied by the transformed value of two free boundaries. We then solve this nonlinear system using Newton's method and finally get the free boundaries and option values using numerical Laplace inversion techniques. We also derive the Greeks for the American strangle options as well as the value of perpetual American strangle options. Furthermore, we present various graphs for the free boundaries and option values according to the change of parameters.

Fast Spectrum Molten Salt Reactor Options

Energy Technology Data Exchange (ETDEWEB)

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

2011-07-01

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

Disposition Options for Uranium-233

International Nuclear Information System (INIS)

Beahm, E.C.; Dole, L.R.; Forsberg, C.W.; Icenhour, A.S.; Storch, S.N.

1999-01-01

The U.S. Department of Energy (DOE) Fissile Materials Disposition Program (MD), in support of the U.S. arms-control and nonproliferation policies, has initiated a program to disposition surplus weapons-usable fissile material by making it inaccessible and unattractive for use in nuclear weapons. Weapons-usable fissile materials include plutonium, high-enriched uranium (HEU), and uranium-233 (sup 233)U. In support of this program, Oak Ridge National Laboratory led DOE's contractor efforts to identify and characterize options for the long-term storage and disposal of excess (sup 233)U. Five storage and 17 disposal options were identified and are described herein

Thermometers: Understand the Options

Science.gov (United States)

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

Ghana and the nuclear power option

International Nuclear Information System (INIS)

Fletcher, J.J.; Ennison, I.

2000-01-01

For every country, dependable and continuous supply of electricity is a prerequisite for ensuring sustainable development. In Ghana, Ghanaians have currently known the consequences of disrupted and inadequate supply of electricity. Globally too the call of ''Agenda 21'' of the Rio de Janeiro Conference (Earth Summit) to engage in the development and supply of electricity in a sustainable manner imposes on us certain limitations in our choice of energy option to utilise. Taking into account the high economic and population growths with the subsequent increase in demand for electricity in the 21st century, the fact that Ghana has no coal and imports oil which will be in dwindling supply in the 21st century and that the total hydro supply in Ghana will not be sufficient for our electricity demand in the next century, this paper proposes that Ghana starts now to plan for the introduction of the nuclear option so that in the long term we may have in place an environmentally friendly, dependable and reliable supply of energy. The paper also highlights the economic competitiveness of nuclear power over the other energy options in Ghana and addresses the apprehension and misunderstanding surrounding the nuclear power option. (author)

OIL AND GAS FUTURES AND OPTIONS MARKET

Directory of Open Access Journals (Sweden)

Ante Nosić

2017-01-01

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

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

NARCIS (Netherlands)

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

2016-01-01

The 12-item "observing patient involvement" (OPTION(12))-instrument is commonly used to assess the extent to which healthcare providers involve patients in health-related decision-making. The five-item version (OPTION(5)) claims to be a more efficient measure. In this study we compared the Dutch

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

NARCIS (Netherlands)

Stubenrouch, F.E.; Pieterse, A.H.; Falkenberg, R.; Santema, T.K.; Stiggelbout, A.M.; Weijden, G.D.E.M. van der; Aarts, J.W.M.; Ubbink, D.T.

2016-01-01

OBJECTIVE: The 12-item "observing patient involvement" (OPTION(12))-instrument is commonly used to assess the extent to which healthcare providers involve patients in health-related decision-making. The five-item version (OPTION(5)) claims to be a more efficient measure. In this study we compared

48 CFR 536.213-371 - Bids that include options.

Science.gov (United States)

2010-10-01

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

76 FR 10735 - Medicaid Program; Community First Choice Option

Science.gov (United States)

2011-02-25

... for Medicare & Medicaid Services 42 CFR Part 441 Medicaid Program; Community First Choice Option... Part 441 [CMS-2337-P] RIN 0938-AQ35 Medicaid Program; Community First Choice Option AGENCY: Centers for... Section 2401 of the Affordable Care Act (ACA) which establishes a new State option to provide home and...

48 CFR 52.217-8 - Option To Extend Services.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Option To Extend Services....217-8 Option To Extend Services. As prescribed in 17.208(f), insert a clause substantially the same as the following: Option To Extend Services (NOV 1999) The Government may require continued performance...

Hybrid options for treating cardiac disease.

Science.gov (United States)

Umakanthan, Ramanan; Leacche, Marzia; Zhao, David X; Gallion, Anna H; Mishra, Prabodh C; Byrne, John G

2011-01-01

The options for treating heart disease have greatly expanded during the course of the last 2 1/2 decades with the advent of hybrid technology. The hybrid option for treating cardiac disease implies using the technology of both interventional cardiology and cardiac surgery to treat cardiac disease. This rapidly developing technology has given rise to new and creative techniques to treat cardiac disease involving coronary artery disease, coronary artery disease and cardiac valve disease, and atrial fibrillation. It has also led to the establishment of new procedural suites called hybrid operating rooms that facilitate the integration of technologies of interventional cardiology catheterization laboratories with those of cardiac surgery operating rooms. The development of hybrid options for treating cardiac disease has also greatly augmented teamwork and collaboration between interventional cardiologists and cardiac surgeons. Copyright © 2011 Elsevier Inc. All rights reserved.

CANDU Digital Control Computer upgrade options

International Nuclear Information System (INIS)

De Jong, M.S.; De Grosbois, J.; Qian, T.

1997-01-01

This paper reviews the evolution of Digital Control Computers (DCC) in CANDU power plants to the present day. Much of this evolution has been to meeting changing control or display requirements as well as the replacement of obsolete, or old and less reliable technology with better equipment that is now available. The current work at AECL and Canadian utilities to investigate DCC upgrade options, alternatives, and strategies are examined. The dependence of a particular upgrade strategy on the overall plant refurbishment plans are also discussed. Presently, the upgrade options range from replacement of individual obsolete system components, to replacement of the entire DCC hardware without changing the software, to complete replacement of the DCCs with a functionally equivalent system using new control computer equipment and software. Key issues, constraints and objectives associated with these DCC upgrade options are highlighted. (author)

Pricing and Hedging Quanto Options in Energy Markets

DEFF Research Database (Denmark)

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

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

Selection of appropriate greenhouse gas mitigation options

Energy Technology Data Exchange (ETDEWEB)

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

1999-10-01

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

The incremental cost of switching from Option B to Option B+ for the prevention of mother-to-child transmission of HIV.

Science.gov (United States)

O'Brien, Lisa; Shaffer, Nathan; Sangrujee, Nalinee; Abimbola, Taiwo O

2014-03-01

To estimate the incremental cost over 5 years of a policy switch from the Option B to the Option B+ protocol for the prevention of mother-to-child transmission (PMTCT) of the human immunodeficiency virus (HIV). Data from cost studies and other published sources were used to determine the cost, per woman and per cohort (1000 breastfeeding and 1000 non-breastfeeding women), of switching from Option B (maternal triple antiretroviral [ARV] regimen during pregnancy and breastfeeding plus daily nevirapine for the infant for 6 weeks) to Option B+ (maternal triple ARV regimen initiated during pregnancy and continued for life). The variables used to model the different scenarios were maternal CD4+ T lymphocyte (CD4+ cell) count (350-500 versus > 500 cells/µl), rate of decline in CD4+ cells (average, rapid, slow), breastfeeding status (yes, no) and breastfeeding duration (12, 18 or 24 months). For women with CD4+ cell counts of 350-500 cells/µl, the incremental cost per 1000 women was 157,345 United States dollars (US$) for breastfeeding women and US$ 92,813 for non-breastfeeding women. For women with CD4+ cell counts > 500 cells/µl, the incremental cost per 1000 women ranged from US$ 363,443 to US$ 484,591 for breastfeeding women and was US$ 605,739 for non-breastfeeding women. From a cost perspective, a policy switch from Option B to Option B+ is feasible in PMTCT programme settings where resources are currently being allocated to Option B.

Idaho's Energy Options

Energy Technology Data Exchange (ETDEWEB)

Robert M. Neilson

2006-03-01

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

On option purchase agreements for new generation capacity

International Nuclear Information System (INIS)

Ramesh, V.C.

1996-01-01

Given the increasing competition in the power generation sector, and the resulting uncertainty surrounding long-term investments in new generation projects, utilities are beginning to hedge their risks using financial instruments called options. The purpose of this paper is to explain, in a tutorial fashion, the issues involved in an option contract for new generation capacity (long-term firm energy). Particular emphasis is placed on the valuation of such options. The concepts are explained with illustrative examples

Franchise ownership redirection: real options perspective

OpenAIRE

Nugroho, Lukito Adi

2016-01-01

Background: For over 40 years, the franchise ownership redirection hypothesis has attracted the attention of many scholars. This study, differing from previous ones, proposes an alternative approach for this hypothesis using a real options framework with the extension of agency theory. Method: The real options model is built using the least square Monte Carlo method, where the franchisor's decision to franchise is perceived as a deferred investment while maintaining the right of future acquis...

Treatment options for Primary CNS Lymphoma.

Science.gov (United States)

Laghari, Altaf Ali; Ahmed, Syed Ijlal; Jabbar, Adnan; Shamim, Muhammad Shahzad

2018-03-01

Primary CNS lymphoma (PCNSL) is a rare and aggressive brain tumour that is uniformly fatal. The rarity of the disease and the poor response to treatment makes it difficult to reach a consensus with regards to treatment options. In this review, the authors have discussed different treatment modalities used in the management of PCNSL including chemotherapy, surgery and radiation, as well as the results of recent clinical trials on treatment options for PCNSL.

42 CFR 447.51 - Requirements and options.

Science.gov (United States)

2010-10-01

... 42 Public Health 4 2010-10-01 2010-10-01 false Requirements and options. 447.51 Section 447.51 Public Health CENTERS FOR MEDICARE & MEDICAID SERVICES, DEPARTMENT OF HEALTH AND HUMAN SERVICES..., Premium Or Similar Cost Sharing Charge § 447.51 Requirements and options. (a) The plan must provide that...

Flexible Work Options within the Organisational System

Science.gov (United States)

Albion, Majella J.; Chee, Munli

2006-01-01

The availability of flexible work options provides an opportunity for individuals to shape their careers in order to optimise their work and life goals. This study takes a systems theory approach to examine how the use of flexible work options influences relationships and interactions in the workplace. The "Flexible Work Options…

41 CFR 101-39.004 - Optional operations.

Science.gov (United States)

2010-07-01

...-INTERAGENCY FLEET MANAGEMENT SYSTEMS 39.0-General Provisions § 101-39.004 Optional operations. Nothing in this part shall preclude the establishment or operation of interagency fleet management systems by GSA or by... 41 Public Contracts and Property Management 2 2010-07-01 2010-07-01 true Optional operations. 101...

Asteroid Redirect Robotic Mission: Robotic Boulder Capture Option Overview

Science.gov (United States)

Mazanek, Daniel D.; Merrill, Raymond G.; Belbin, Scott P.; Reeves, David M.; Earle, Kevin D.; Naasz, Bo J.; Abell, Paul A.

2014-01-01

The National Aeronautics and Space Administration (NASA) is currently studying an option for the Asteroid Redirect Robotic Mission (ARRM) that would capture a multi-ton boulder (typically 2-4 meters in size) from the surface of a large (is approximately 100+ meter) Near-Earth Asteroid (NEA) and return it to cislunar space for subsequent human and robotic exploration. This alternative mission approach, designated the Robotic Boulder Capture Option (Option B), has been investigated to determine the mission feasibility and identify potential differences from the initial ARRM concept of capturing an entire small NEA (4-10 meters in size), which has been designated the Small Asteroid Capture Option (Option A). Compared to the initial ARRM concept, Option B allows for centimeter-level characterization over an entire large NEA, the certainty of target NEA composition type, the ability to select the boulder that is captured, numerous opportunities for mission enhancements to support science objectives, additional experience operating at a low-gravity planetary body including extended surface contact, and the ability to demonstrate future planetary defense strategies on a hazardous-size NEA. Option B can leverage precursor missions and existing Agency capabilities to help ensure mission success by targeting wellcharacterized asteroids and can accommodate uncertain programmatic schedules by tailoring the return mass.

45 CFR 7.4 - Option to acquire foreign rights.

Science.gov (United States)

2010-10-01

... 45 Public Welfare 1 2010-10-01 2010-10-01 false Option to acquire foreign rights. 7.4 Section 7.4... Option to acquire foreign rights. In any case where it is determined that all domestic rights should be...-wide regulations issued thereunder, that the Government shall reserve an option to require the...

5 CFR 870.1205 - Electing portability for Option B.

Science.gov (United States)

2010-01-01

... 5 Administrative Personnel 2 2010-01-01 2010-01-01 false Electing portability for Option B. 870... portability for Option B. (a) The employing agency must notify the employee/assignee(s) of the loss of coverage and the right to elect portability for Option B either before or immediately after the event...

34 CFR 7.4 - Option to acquire foreign rights.

Science.gov (United States)

2010-07-01

... 34 Education 1 2010-07-01 2010-07-01 false Option to acquire foreign rights. 7.4 Section 7.4 Education Office of the Secretary, Department of Education EMPLOYEE INVENTIONS § 7.4 Option to acquire... issued thereunder, that the Government shall reserve an option to require the assignment of such rights...

42 CFR 435.229 - Optional targeted low-income children.

Science.gov (United States)

2010-10-01

... 42 Public Health 4 2010-10-01 2010-10-01 false Optional targeted low-income children. 435.229... Coverage of Families and Children § 435.229 Optional targeted low-income children. The agency may provide Medicaid to— (a) All individuals under age 19 who are optional targeted low-income children as defined in...

Precision Spectroscopy of Neutral Radium: Towards Searches for Permanent Electric Dipole Moments : Towards searches for permanent electric dipole moments

NARCIS (Netherlands)

Santra, Bodhaditya

2013-01-01

De drie discrete symmetrieën ladingconjugatie (C), pariteit (P) en tijdsomkeer (T) zijn onderdeel van het Standaard Model. Het behoud en de schending van deze symmetrieën leggen een enorme beperking op aan de theorie. De schending van CP kan bestudeerd worden door naar permanente elektrische

Quantum finance Hamiltonian for coupon bond European and barrier options.

Science.gov (United States)

Baaquie, Belal E

2008-03-01

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

26 CFR 1.318-3 - Estates, trusts, and options.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Estates, trusts, and options. 1.318-3 Section 1... (CONTINUED) INCOME TAXES Definitions; Constructive Ownership of Stock § 1.318-3 Estates, trusts, and options... illustrating the use of these factors and methods. (c) The application of section 318(a) relating to options...

Comparative evaluation of radioactive waste management options. Final report

International Nuclear Information System (INIS)

Appel, D.; Kreusch, J.; Neumann, W.

2001-05-01

A comprehensive presentation of the various radioactive waste options under debate has not been made so far, let alone a comparative evaluation of the options with respect to their substantiated or assumed advantages or drawbacks. However, any appropriate discussion about the pros and cons of the specific options for final decision making has to be based on a comprehensive knowledge base drawn from profound comparative evaluation of essential options. Therefore, the study reported in this publication was to serve three major purposes: Presentation of the conditions and waste management policies and approaches in selected countries, in order to compile information about the various policy goals and the full scope of argumentation, as well as the range of individual arguments used for or against specific options. - Derivation of a methodology for evaluation, including development of criteria for a comparative and qualitative evaluation of options. - Identification of possible implications for a waste management strategy for Germany, derived from the results of the comparative evaluation and the examination of the reasonings and argumentation used in the various countries. (orig./CB) [de

Volatility Informed Trading in the Options Market: Evidence from India

Directory of Open Access Journals (Sweden)

Rajesh Pathak

2015-12-01

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

Investigation of Neptunium Precipitator Cleanout Options

International Nuclear Information System (INIS)

Hill, B.C.

2003-01-01

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

Electricity price and Southern California's water supply options

Energy Technology Data Exchange (ETDEWEB)

Dale, Larry [Lawrence Berkeley National Laboratory, Camilla Dunham Whitehead, Andre Fargeix, Golden Gate Economics, 1 Cycltron Road, Berkeley, CA 94720 (United States)

2004-11-01

This paper evaluates the impact of fluctuating electricity prices on the cost of five options to increase the water supply to urban areas in Southern California-new surface storage, water purchases, desalination, wastewater recycling, and conservation.We show that the price of electricity required to produce and transport water influences the cost of water supply options and may alter the decision makers economic ranking of these options. When electricity prices are low, water purchase is the cost effective option. When prices exceed US$ 86/MWh, conservation of electricity and water through installation of high efficiency clothes washers is the most effective option.

Treatment Option Overview (Wilms Tumor and Other Childhood Kidney Tumors)

Science.gov (United States)

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

Treatment Option Overview (Childhood Acute Myeloid Leukemia/Other Myeloid Malignancies)

Science.gov (United States)

... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... the cancer does not respond to treatment. Treatment Option Overview Key Points There are different types of ...

Pricing and Hedging Quanto Options in Energy Markets

DEFF Research Database (Denmark)

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

2015-01-01

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

Stock Option Compensation and Managerial Turnover

OpenAIRE

Raluca Georgiana NASTASESCU

2009-01-01

This study examines the association between managerial turnover and equity-based compensation. I investigate whether stock options act to bond executives to their firms and whether retention of managers is a motivation of companies in designing CEO incentive contracts. The results show that stock options do negatively influence the probability of a CEO leaving the company. The monetary cost of losing the value of equity-based compensation package keeps the manager with his company. I also fin...

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)

Slowing global warming biotically - Options for the United States

International Nuclear Information System (INIS)

Anon.

1991-01-01

Each of the five biotic approaches introduced in Chapter 2 is applicable to some extent in the US. Taking US land-use characteristics into account, a menu of policy options tailored to US carbon storage opportunities is presented. Several of the options are capable of significantly reducing net US carbon emissions; several offer corollary benefits in areas other than global warming mitigation. The time frame and costs of the different options vary widely, although in most cases some level of implementation appears economically justified even without considering global warming. The approach, projected costs, and advantages of seven different policy options are profiled

TMI abnormal wastes disposal options

International Nuclear Information System (INIS)

Ayers, A.L. Jr.

1984-03-01

A substantial quantity of high beta-gamma/high-TRU contaminated wastes are expected from cleanup activities of Unit 2 of the Three Mile Island Nuclear Power Station. Those wastes are not disposable because of present regulatory constraints. Therefore, they must be stored temporarily. This paper discusses three options for storage of those wastes at the Idaho National Engineering Laboratory: (1) storage in temporary storage casks; (2) underground storage in vaults; and (3) storage in silos at a hot shop. Each option is analyzed and evaluated. Also included is a discussion of future disposal strategies, which might be pursued when a suitable federal or commercial repository is built

Safety options for the 1300 MWe program

International Nuclear Information System (INIS)

Cayol, A.; Dupuis, M.C.; Fourest, B.; Oury, J.M.

1980-04-01

Standardization of the nuclear plants built in France implies an examination of the main technical safety options to be taken for a given type of reactor. By this procedure the subjects for which detailed studies will be needed to confirm the decisions made for the project can be defined in advance. In this context the technical safety option analysis for the 1300 MWe plants was conducted from the end of 1975 to the middle of 1978 according to usual regulation examination practice. The main conclusions are presented on the following subjects: safety methods; technical options concerning the containment vessel, primary fluid activity, fuel elements, steam generators; general organization of the lay-out [fr

Treatment Options By Stage (Ovarian Germ Cell Tumors)

Science.gov (United States)

... Germ Cell Tumors Treatment (PDQ®)–Patient Version Treatment Option Overview Go to Health Professional Version Key Points ... and restore) the body’s blood cells. New treatment options Combination chemotherapy (the use of more than one ...

Bayesian Option Pricing Using Mixed Normal Heteroskedasticity Models

DEFF Research Database (Denmark)

Rombouts, Jeroen V.K.; Stentoft, Lars Peter

While stochastic volatility models improve on the option pricing error when compared to the Black-Scholes-Merton model, mispricings remain. This paper uses mixed normal heteroskedasticity models to price options. Our model allows for significant negative skewness and time varying higher order...... moments of the risk neutral distribution. Parameter inference using Gibbs sampling is explained and we detail how to compute risk neutral predictive densities taking into account parameter uncertainty. When forecasting out-of-sample options on the S&P 500 index, substantial improvements are found compared...

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

Science.gov (United States)

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

2016-01-01

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

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.

Supply Chain Bilateral Coordination with Option Contracts under Inflation Scenarios

Directory of Open Access Journals (Sweden)

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.

Use of the Generating Options for Active Risk Control (GO-ARC) Technique can lead to more robust risk control options.

Science.gov (United States)

Card, Alan J; Simsekler, Mecit Can Emre; Clark, Michael; Ward, James R; Clarkson, P John

2014-01-01

Risk assessment is widely used to improve patient safety, but healthcare workers are not trained to design robust solutions to the risks they uncover. This leads to an overreliance on the weakest category of risk control recommendations: administrative controls. Increasing the proportion of non-administrative risk control options (NARCOs) generated would enable (though not ensure) the adoption of more robust solutions. Experimentally assess a method for generating stronger risk controls: The Generating Options for Active Risk Control (GO-ARC) Technique. Participants generated risk control options in response to two patient safety scenarios. Scenario 1 (baseline): All participants used current practice (unstructured brainstorming). Scenario 2: Control group used current practice; intervention group used the GO-ARC Technique. To control for individual differences between participants, analysis focused on the change in the proportion of NARCOs for each group. Proportion of NARCOs decreased from 0.18 at baseline to 0.12. Intervention group: Proportion increased from 0.10 at baseline to 0.29 using the GO-ARC Technique. Results were statistically significant. There was no decrease in the number of administrative controls generated by the intervention group. The Generating Options for Active Risk Control (GO-ARC) Technique appears to lead to more robust risk control options.

The enhancement of the deteriorated South African bond options market

Directory of Open Access Journals (Sweden)

Coert Frederik Erasmus

2015-06-01

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

Options for rural electrification in Arua District, Uganda

International Nuclear Information System (INIS)

Onzia, Joseph; Núñez Bosch, Osvaldo Manuel

2015-01-01

This study proposed a power generation system suitable for rural area application. The electrification options were proposed for secondary schools, health centres, households and trading centre loads using solar PV system, diesel fired generators, biogas co-fired diesel generators and grid extension. The study is based on simulation, modeling and optimization of renewable energy system. Designs for the options considered were based on the electricity demand and environmental conditions of Arua district. From the designs, capital costs for each option were determined. This was used in carrying out simulations in HOMER computer program to come up with the most cost effective options. Sensitivity analysis was carried out to determine the effects of variation in costs such as diesel price and capital cost of solar PV system.Based on simulation results, it has been found that the trading centre, with 500 kW of electrical demand, must be electrified using the grid extension. The breakeven grid distance is 75.1 km. Grid extension become cost effective compared to diesel generators and solar PV system within this distance. The load at household level ranges from as low as 16 W to 5 kW. For 103 W peak load, the most cost effective option was solar PV system. The second best option was biogas co-fired diesel generator. For schools and health centres with load of up to 15 kW, biogas co-fired generator is the best compared to the total cost of 18 kW diesel fired generator which is higher. Therefore, where biogas cannot be generated, diesel generators should be used. Based on the amount of pollutants produced, a biogas co-fired diesel generator is the best option. (full text)

Options for rural electrification in Mexico

International Nuclear Information System (INIS)

Vera, J.G.

1992-01-01

This paper summarizes a study which examined 19 commercially available options for electrifying remote communities in Mexico. Characteristics of a typical community are defined and, using 7 of the technologies, power systems are designed capable of supporting this community. The performance of these systems is evaluated with respect to their ability to satisfy 11 technical design objectives, 5 socioeconomic objectives, and their impact on the environment. A photovoltaic- diesel generator hybrid system with wind generator option is recommended for the typical community

Stock Options Economic Determinants of Brazilian Listed Companies

Directory of Open Access Journals (Sweden)

Isaac Gezer Silva de Oliveira

2018-01-01

Full Text Available It aim to identify the economic determinants that influence the use of stock options plans in Brazilian public companies listed on the Brazilian Securities, Commodities, and Futures Exchange (BM&FBovespa. Theoretically, the study relies on agency theory and corporate governance and executive compensation body of knowledge. Four research hypotheses were drawn concerning financial performance and corporate value; indebtedness; ownership concentration; and size. The sample was comprised of 100 companies with greater liquidity shares and volume for six years (from 2010 to2015.Data were examined from the logistic regression panel. The results lead to the rejection of the first and the fourth hypo the sesindicating, in the case of H1, that the higher financial performance the lower is probability of use stock options and, in the case of H4, that the higher size is related the lower is probability of use of stock options in their incentive plans for executives. The third hypothesis (H3 was not rejected, indicating that the ownership concentration relates negatively with the use of stock options. Regarding the second hypothesis (H2, the results did not present statistical significance indicating the absence of a relationship between indebtedness and the use of stock options. As a summary of the results it was found that the use of stock options tend to be used by lower companies, with lower ownership concentration and lower financial performance.

Electric power distribution. Elektrische Energieverteilung

Energy Technology Data Exchange (ETDEWEB)

Fricke, H; Frohne, H; Vaske, P

1982-01-01

The first chapter on electric power supply networks discusses transmitting media, their characteristic values, and the dimensioning of electric lines and networks; cables are given particular attention. High-voltage d.c. transmission and reactive power compensation are discussed. The next chapter describes the calculation of short-circuits and earth leakages for various neutral circuits on the basis of symmetric components. The newly introduced mesh current method for complex calculation of electric networks makes use of the potential of pocket computers. Chapter 3 discusses protective devices, i.e. earth systems and electronic protection. The next two chapters describe switch gear and power plants, including recent technical changes. The final chapter, which discusses the electric power industry, has been rewritten and extended. Methods of calculation, e.g. annual cost and cash value, are applied to transmitting media and plants. There is an extensive appendix with characteristic values of cables and overhead lines, graphical symbols, distinguishing signs of wiring diagrams, a bibliography of books, DIN standards, VDE specifications, and formulas.

Option Valuation with Observable Volatility and Jump Dynamics

DEFF Research Database (Denmark)

Christoffersen, Peter; Feunou, Bruno; Jeon, Yoontae

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

Bayesian Option Pricing using Mixed Normal Heteroskedasticity Models

DEFF Research Database (Denmark)

Rombouts, Jeroen; Stentoft, Lars

2014-01-01

Option pricing using mixed normal heteroscedasticity models is considered. It is explained how to perform inference and price options in a Bayesian framework. The approach allows to easily compute risk neutral predictive price densities which take into account parameter uncertainty....... In an application to the S&P 500 index, classical and Bayesian inference is performed on the mixture model using the available return data. Comparing the ML estimates and posterior moments small differences are found. When pricing a rich sample of options on the index, both methods yield similar pricing errors...... measured in dollar and implied standard deviation losses, and it turns out that the impact of parameter uncertainty is minor. Therefore, when it comes to option pricing where large amounts of data are available, the choice of the inference method is unimportant. The results are robust to different...

Review of options for managing iodine-125 wastes

International Nuclear Information System (INIS)

Lock, P.J.; Wakerley, M.W.

1991-01-01

Data on the nature, radioactive content and management options used for I-125 wastes that are produced in England and Wales and fall within the provisions of the Radioactive Substances Act 1960 have been collated. The options for, and impacts of the disposal of these wastes have been reviewed and discussed. In addition storage for decay has been reviewed. The necessary storage requirements and methods of storage for the various waste forms have been examined. Conclusions are drawn with respect to the potential/suitability of the various waste management options. (author)

Error Analysis for Fourier Methods for Option Pricing

KAUST Repository

Hä ppö lä , Juho

2016-01-01

We provide a bound for the error committed when using a Fourier method to price European options when the underlying follows an exponential Levy dynamic. The price of the option is described by a partial integro-differential equation (PIDE

Multivariate Option Pricing with Time Varying Volatility and Correlations

DEFF Research Database (Denmark)

Rombouts, Jeroen V.K.; Stentoft, Lars Peter

In recent years multivariate models for asset returns have received much attention, in particular this is the case for models with time varying volatility. In this paper we consider models of this class and examine their potential when it comes to option pricing. Specifically, we derive the risk...... neutral dynamics for a general class of multivariate heteroskedastic models, and we provide a feasible way to price options in this framework. Our framework can be used irrespective of the assumed underlying distribution and dynamics, and it nests several important special cases. We provide an application...... to options on the minimum of two indices. Our results show that not only is correlation important for these options but so is allowing this correlation to be dynamic. Moreover, we show that for the general model exposure to correlation risk carries an important premium, and when this is neglected option...

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.

47 CFR 1.2103 - Competitive bidding design options.

Science.gov (United States)

2010-10-01

... 47 Telecommunication 1 2010-10-01 2010-10-01 false Competitive bidding design options. 1.2103 Section 1.2103 Telecommunication FEDERAL COMMUNICATIONS COMMISSION GENERAL PRACTICE AND PROCEDURE Competitive Bidding Proceedings General Procedures § 1.2103 Competitive bidding design options. (a) The...

24 CFR 982.630 - Homeownership option: Homeownership counseling.

Science.gov (United States)

2010-04-01

... counseling. 982.630 Section 982.630 Housing and Urban Development Regulations Relating to Housing and Urban... Types Homeownership Option § 982.630 Homeownership option: Homeownership counseling. (a) Before... pre-assistance homeownership and housing counseling program required by the PHA (pre-assistance...

5 CFR 410.203 - Options for developing employees.

Science.gov (United States)

2010-01-01

...-development activities, coaching, mentoring, career development counseling, details, rotational assignments... Planning and Evaluating Training § 410.203 Options for developing employees. Agencies may use a full range of options to meet their mission-related organizational and employee development needs, such as...

New Commitment Options: Compatibility with Emissions Trading

Energy Technology Data Exchange (ETDEWEB)

NONE

2006-07-01

This paper considers different options for quantitative greenhouse gas emission commitments from the standpoint of their technical compatibility with emissions trading. These are dynamic targets, binding targets with price caps, non-binding targets, sector-wide targets/mechanisms, action targets, allowances and endowments, and long-term permits. This paper considers these options from the standpoint of their compatibility with emissions trading.

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.

Levelized cost-risk reduction prioritization of waste disposal options

International Nuclear Information System (INIS)

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

1992-01-01

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

Retrieval options study

International Nuclear Information System (INIS)

1980-03-01

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

GARCH Option Valuation: Theory and Evidence

DEFF Research Database (Denmark)

Christoffersen, Peter; Jacobs, Kris; Ornthanalai, Chayawat

We survey the theory and empirical evidence on GARCH option valuation models. Our treatment includes the range of functional forms available for the volatility dynamic, multifactor models, nonnormal shock distributions as well as style of pricing kernels typically used. Various strategies...... for empirical implementation are laid out and we also discuss the links between GARCH and stochastic volatility models. In the appendix we provide Matlab computer code for option pricing via Monte Carlo simulation for nonaffine models as well as Fourier inversion for affine models....

The implication of missing the optimal-exercise time of an American option

NARCIS (Netherlands)

Chockalingam, A.; Feng, H.

2015-01-01

The optimal-exercise policy of an American option dictates when the option should be exercised. In this paper, we consider the implications of missing the optimal exercise time of an American option. For the put option, this means holding the option until it is deeper in-the-money when the optimal

Recognition For Index Option Contracts U nder IAS 39 And IFRS 9 – The Case Of Option Contracts Bound To BIST 30 Index

Directory of Open Access Journals (Sweden)

Nevran Karaca

2014-09-01

Full Text Available There is a limited number of academic studies about accoun ting for derivative products but non of them relating to the accounting for index option contracts. Within the scope of the study, it is aimed to indicate accounting regulations and procedures to be followed under IAS 39 and IFRS 9 for option contracts whi ch traded in Futures and Options Exchange. The BIST 30 index option contracts having the highest volume of transaction and traded in VIOP is the main subject of the study via this objective. It is aimed to make the issue explicit by the help of a fictional ized example about these contracts.

77 FR 19278 - Informational Meeting on Nuclear Fuel Cycle Options

Science.gov (United States)

2012-03-30

... DEPARTMENT OF ENERGY Informational Meeting on Nuclear Fuel Cycle Options AGENCY: Office of Fuel... activities leading to a comprehensive evaluation and screening of nuclear fuel cycle options in 2013. At this... fuel cycle options developed for the evaluation and screening provides a comprehensive representation...

Risky business: rhesus monkeys exhibit persistent preferences for risky options.

Science.gov (United States)

Xu, Eric R; Kralik, Jerald D

2014-01-01

Rhesus monkeys have been shown to prefer risky over safe options in experiential decision-making tasks. These findings might be due, however, to specific contextual factors, such as small amounts of fluid reward and minimal costs for risk-taking. To better understand the factors affecting decision-making under risk in rhesus monkeys, we tested multiple factors designed to increase the stakes including larger reward amounts, distinct food items rather than fluid reward, a smaller number of trials per session, and risky options with greater variation that also included non-rewarded outcomes. We found a consistent preference for risky options, except when the expected value of the safe option was greater than the risky option. Thus, with equivalent mean utilities between the safe and risky options, rhesus monkeys appear to have a robust preference for the risky options in a broad range of circumstances, akin to the preferences found in human children and some adults in similar tasks. One account for this result is that monkeys make their choices based on the salience of the largest payoff, without integrating likelihood and value across trials. A related idea is that they fail to override an impulsive tendency to select the option with the potential to obtain the highest possible outcome. Our results rule out strict versions of both accounts and contribute to an understanding of the diversity of risky decision-making among primates.

Option valuation with the simplified component GARCH model

DEFF Research Database (Denmark)

Dziubinski, Matt P.

We introduce the Simplified Component GARCH (SC-GARCH) option pricing model, show and discuss sufficient conditions for non-negativity of the conditional variance, apply it to low-frequency and high-frequency financial data, and consider the option valuation, comparing the model performance...

INVESTMENT IN ANTIVIRAL DRUGS : A REAL OPTIONS APPROACH

NARCIS (Netherlands)

Attema, Arthur E.; Lugner, Anna K.; Feenstra, Talitha L.

2010-01-01

Real options analysis is a promising approach to model investment under uncertainty. We employ this approach to value stockpiling of antiviral drugs as a precautionary measure against a possible influenza pandemic. Modifications of the real options approach to include risk attitude and deviations

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....

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

DEFF Research Database (Denmark)

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

2012-01-01

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

Nail Psoriasis: A Review of Treatment Options.

Science.gov (United States)

Pasch, Marcel C

2016-04-01

Nail involvement affects 80-90 % of patients with plaque psoriasis, and is even more prevalent in patients with psoriatic arthritis. This review is the result of a systemic approach to the literature and covers topical, intralesional, conventional systemic, and biologic systemic treatments, as well as non-pharmacological treatment options for nail psoriasis. The available evidence suggests that all anti-tumor necrosis factor-α, anti-interleukin (IL)-17, and anti-IL-12/23 antibodies which are available for plaque psoriasis and psoriatic arthritis are highly effective treatments for nail psoriasis. Conventional systemic treatments, including methotrexate, cyclosporine, acitretin, and apremilast, as well as intralesional corticosteroids, can also be effective treatments for nail psoriasis. Topical treatments, including corticosteroids, calcipotriol, tacrolimus, and tazarotene, have also been shown to have a position in the treatment of nail psoriasis, particularly in mild cases. Finally, non-pharmacological treatment options, including phototherapy, photodynamic therapy, laser therapy, and several radiotherapeutic options, are also reviewed but cannot be advised as first-line treatment options. Another conclusion of this review is that the lack of a reliable core set of outcomes measures for trials in nail psoriasis hinders the interpretation of results, and is urgently needed.

Optional inferior vena caval filters: where are we now?

LENUS (Irish Health Repository)

Keeling, A N

2008-08-01

With the advent of newer optional\\/retrievable inferior vena caval filters, there has been a rise in the number of filters inserted globally. This review article examines the currently available approved optional filter models, outlines the clinical indications for filter insertion and examines the expanding indications. Additionally, the available evidence behind the use of optional filters is reviewed, the issue of anticoagulation is discussed and possible future filter developments are considered.

Heterogeneity and option pricing

NARCIS (Netherlands)

Benninga, Simon; Mayshar, Joram

2000-01-01

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

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

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

76 FR 6095 - Commodity Options and Agricultural Swaps

Science.gov (United States)

2011-02-03

... options authorized under Sec. 32.4 (e.g. options on coffee, sugar, cocoa, and other agricultural products...) imposing clearing and trade execution requirements on standardized derivative products; (3) creating robust..., soybean meal, livestock, livestock products, and frozen concentrated orange juice (but not onions). \\22...

26 CFR 1.1092(c)-3 - Qualifying over-the-counter options.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Qualifying over-the-counter options. 1.1092(c)-3...-counter options. (a) In general. Under section 1092(c)(4)(B)(i), an equity option is not a qualified covered call option unless it is traded on a national securities exchange that is registered with the...

Improving the attractiveness of CDM projects through allowing and incorporating options

International Nuclear Information System (INIS)

Carmichael, David G.; Ballouz, Joseph J.; Balatbat, Maria C.A.

2015-01-01

The paper puts forward a proposal that, within Clean Development Mechanism (CDM) projects, investors be allowed to benefit from options; this will require a CDM rule change. Through the presence of options, the downside risk resulting from low carbon prices and/or low achieved emission reductions on projects can be limited, while any upside resulting from high carbon prices and/or high achieved emission reductions can be taken advantage of. It is demonstrated that the presence of options improves the financial attractiveness of CDM projects, and this is at no detriment to any stakeholder. The flow-on from the proposal is that more CDM projects should be realisable if options are available, and this in turn will lead to reduced global emissions and improved sustainability. The proposal is supported by the necessary theory and is demonstrated on two registered CDM projects, one on hydropower and one on wind power. - Highlights: • The paper proposes that options be allowed within CDM projects. • Introducing options will require a CDM rule change. • Options improve the financial attractiveness of CDM projects. • Allowing options comes at no cost or detriment to any party. • Allowing options is a win–win situation to both society and the project proponent.

Asset allocation using option-implied moments

Science.gov (United States)

Bahaludin, H.; Abdullah, M. H.; Tolos, S. M.

2017-09-01

This study uses an option-implied distribution as the input in asset allocation. The computation of risk-neutral densities (RND) are based on the Dow Jones Industrial Average (DJIA) index option and its constituents. Since the RNDs estimation does not incorporate risk premium, the conversion of RND into risk-world density (RWD) is required. The RWD is obtained through parametric calibration using the beta distributions. The mean, volatility, and covariance are then calculated to construct the portfolio. The performance of the portfolio is evaluated by using portfolio volatility and Sharpe ratio.

Charge your electric vehicle when driving?; Rijdend je EV opladen?

Energy Technology Data Exchange (ETDEWEB)

Ishii, M.

2012-07-05

In late June 2012 a team of Japanese Toyota and ToyohashiUniversity of Technology (TUT) successfully developed and demonstrated a new induction charging method for electric vehicles (EV) [Dutch] Eind junidemonstreerde een Japans team van Toyota en ToyohashiUniversity of Technology (TUT) met succes een nieuwe inductie oplaadmethode voor elektrisch vervoer (EV)

Investing in Marine Scrubber under Uncertainty with Real Option Thinking

DEFF Research Database (Denmark)

Jiang, Liping; Hansen, Carsten Ørts

works that examine the economic feasibility of scrubber retrofitting through the net present value rule, this paper applies the Real Option Analysis to find the optimal investment strategies. The proposed decision-making framework addresses the uncertainty and the value of deferral option embedded...... in the scrubber investment. The multiple sources of investment uncertainties are explicitly analyzed and integrated in the modeling by using Rainbow option. The results demonstrate that the value of the scrubber investment has significantly increased for several cases by considering the deferral option....... It is thus important for ship owners to consider the available options before proceeding with abandoning or investing strategy. The proposed framework can be widely applied to other ship retrofitting investment evaluations, which include similar investment alternatives and uncertainties....

ETVS - a process for decentral processing of liquid, pasty and solid organic residues into electrical energy and ash, optionally with hydrosoft high-pressure dewatering, fluidized-bed drying, fluidized-bed gasification and heat-and-power cogeneration using product gas; ETVS - Ein Verfahren zur dezentralen Verwertung von fluessigen, pastoesen und festen biologischen Reststoffen in elektrische Energie und Asche, bedarfsweise mit Hydrosoft-Hochdruckentwaesserung, Wirbelschicht-Trockner, Wirbelschicht-Vergaser und Produktgas-Kraft-Waerme-Kopplung

Energy Technology Data Exchange (ETDEWEB)

Eder, C.; Eder, G. [Christian Eder Technology, Neunkirchen (Germany); Wied, E. [Bisanz GmbH, Saarbruecken (Germany)

1999-07-01

By means of the ETVS process, predominantly liquid organic residues can be converted into electrical energy and mineral ash decentrally, i.e. where they accrue. The process is exemplified with reference to sewage sludge. Sludge containing at least about 4 % dry residue is dewatered to the highest dry substance content possible. The obtained filter cakes are indirectly dried in a fluidized-bed drier using internal process waste heat. Then the organic sewage sludge constituents are gasified in an atmospheric fluidized bed system. The cleaned product gas is used to generate power in a cogeneration power plant, meeting the sewage treatment plant's in-house power demand. The ETVS process is self-sufficient in terms of thermal energy requirement from an initial dry substance content of the filter cake > 40 %. Incineration is a means of disposing of sewage sludge in accordance with the boundary conditions for sewage sludge disposal from 2005, laid down in the technical code on municipal waste. Combining the ETVS process with modern biological treatment stages makes for a substantial cut in the construction and operating cost of sewage treatment plants. (orig.) [German] Mit dem ETVS-Verfahren koennen ueberwiegend fluessige biologische Reststoffe dezentral, d.h. an der Anfallstelle in eigennutzbare elektrische Energie und mineralische Asche umgewandelt werden. Das Verfahren wird am Klaerschlamm beispielhaft dargestellt. Der Klaerschlamm wird ab einem Trockensubstanzgehalt von ca. 4%TR auf moeglichst hohe Trockensubstanzgehalte entwaessert und die dabei erzeugten Filterkuchen mit internen Prozessabwaermen in einem Wirbelschichttrockner indirekt getrocknet. Die organischen Bestandteile des Klaerschlammes werden anschliessend in einer ebenfalls atmosphaerischen Wirbelschichtanlage vergast. Der mit dem gereinigten Produktgas in einer KWK-Anlage erzeugte Strom wird zur Deckung des Eigenbedarfs der Klaeranlage verwandt. Durch die Veraschung liefert das ab einem

A technique for choosing an option for SDH network upgrade

Directory of Open Access Journals (Sweden)

V. A. Bulanov

2014-01-01

Full Text Available Rapidly developing data transmission technologies result in making the network equipment modernization inevitable. There are various options to upgrade the SDH networks, for example, by increasing the capacity of network overloaded sites, the entire network capacity by replacement of the equipment or by creation of a parallel network, by changing the network structure with the organization of multilevel hierarchy of a network, etc. All options vary in a diversity of parameters starting with the solution cost and ending with the labor intensiveness of their realization. Thus, there are no certain standard approaches to the rules to choose an option for the network development. The article offers the technique for choosing the SHD network upgrade based on method of expert evaluations using as a tool the software complex that allows us to have quickly the quantitative characteristics of proposed network option. The technique is as follows:1. Forming a perspective matrix of services inclination to the SDH networks.2. Developing the several possible options for a network modernization.3. Formation of the list of criteria and a definition of indicators to characterize them by two groups, namely costs of the option implementation and arising losses; positive effect from the option introduction.4. Criteria weight coefficients purpose.5. Indicators value assessment within each criterion for each option by each expert. Rationing of the obtained values of indicators in relation to the maximum value of an indicator among all options.6. Calculating the integrated indicators of for each option by criteria groups.7. Creating a set of Pareto by drawing two criteria groups of points, which correspond to all options in the system of coordinates on the plane. Option choice.In implementation of point 2 the indicators derivation owing to software complex plays a key role. This complex should produce a structure of the network equipment, types of multiplexer sections

Option Pricing with Time-changed Lévy Processes

DEFF Research Database (Denmark)

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

2013-01-01

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

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.

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.

Management options of varicoceles

Directory of Open Access Journals (Sweden)

Peter Chan

2011-01-01

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

NASA's Asteroid Redirect Mission: The Boulder Capture Option

Science.gov (United States)

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

2014-01-01

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

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.

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.

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

Depleted uranium disposal options evaluation

International Nuclear Information System (INIS)

Hertzler, T.J.; Nishimoto, D.D.; Otis, M.D.

1994-05-01

The Department of Energy (DOE), Office of Environmental Restoration and Waste Management, has chartered a study to evaluate alternative management strategies for depleted uranium (DU) currently stored throughout the DOE complex. Historically, DU has been maintained as a strategic resource because of uses for DU metal and potential uses for further enrichment or for uranium oxide as breeder reactor blanket fuel. This study has focused on evaluating the disposal options for DU if it were considered a waste. This report is in no way declaring these DU reserves a ''waste,'' but is intended to provide baseline data for comparison with other management options for use of DU. To PICS considered in this report include: Retrievable disposal; permanent disposal; health hazards; radiation toxicity and chemical toxicity

Real options and volume uncertainty by field development projects

International Nuclear Information System (INIS)

Ekern, S.; Stensland, G.

1993-12-01

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

42 CFR 457.410 - Health benefits coverage options.

Science.gov (United States)

2010-10-01

... 42 Public Health 4 2010-10-01 2010-10-01 false Health benefits coverage options. 457.410 Section 457.410 Public Health CENTERS FOR MEDICARE & MEDICAID SERVICES, DEPARTMENT OF HEALTH AND HUMAN... State Plan Requirements: Coverage and Benefits § 457.410 Health benefits coverage options. (a) Types of...

Fibromyalgia Pathogenesis and Treatment Options Update.

Science.gov (United States)

Chinn, Steven; Caldwell, William; Gritsenko, Karina

2016-04-01

This review article presents and summarizes up-to-date literature on the clinical manifestations, diagnosis, pathophysiological mechanisms, and treatment options for fibromyalgia patients. First, the most recent diagnostic criteria for fibromyalgia, as put forth by the American College of Rheumatology will be summarized. Clinical features, including chronic widespread pain, hyperalgesia, mood disorders, anxiety, and disturbed sleep patterns will be explored in-depth. The pathogenesis and pathophysiology of fibromyalgia involves alterations in multiple ascending and descending central nervous system pathways, as well as peripheral pathways, leading to heightened pain sensitivity. Risk factors have been studied extensively, and the most recent research focuses on various genetic influences and the contributions of stress and poor sleep. Lastly, the discussion in this article focuses on treatment options for fibromyalgia; some have been mainstay options for many years. Pharmacological agents include tricyclic antidepressants, anti-epileptic drugs, selective serotonin reuptake inhibitors, norepinephrine/serotonin reuptake inhibitors, as well as some investigational agents. The evidence behind non-pharmacologic treatments, including massage therapy, exercise, and acupuncture, are discussed.

Optimal scheduling in call centers with a callback option

OpenAIRE

Legros , Benjamin; Jouini , Oualid; Koole , Ger

2016-01-01

International audience; We consider a call center model with a callback option, which allows to transform an inbound call into an outbound one. A delayed call, with a long anticipated waiting time, receives the option to be called back. We assume a probabilistic customer reaction to the callback offer (option). The objective of the system manager is to characterize the optimal call scheduling that minimizes the expected waiting and abandonment costs. For the single-server case, we prove that ...

Comparative assessment of electricity generation options for Mexico

International Nuclear Information System (INIS)

Cecilia, Martin Del Campo; Francois, Juan Luis

2009-01-01

This paper presents an approach to the evaluation of sustainability of energy options for the electricity generation in Mexico. The study evaluated technologies that could be planned in the short term because their high maturity. The purpose was to rank the energy options based on the evaluation of a set of criteria grouped in impact areas for each dimension of the sustainability: economic, environmental and social. Obviously, no single technology exhibited superior performance on the basis of all the criteria and it was necessary to apply a mult criteria decision analysis (MCDA). In total this study all the decision elements were combined and integrated in an inference fuzzy logic system that takes into account the weights of different indicators. The methodology was applied to compare five technologies based on wind, nuclear, natural gas, coal, hydro and oil resources under the current Mexican conditions. In view of the features of the energy options, oil and gas are subject to limited energy resources. Coal and oil show relatively unfavorable ecological and accident risk characteristics. Gas is by far the option with the best performance among the fossil fuel options. In the case of nuclear energy, the economic, environmental and health indicators are highly favorable, however, social indicators for nuclear energy are unfavorable but they are also very controversial and additional studies must be carried out. The global sustainability of hydro, nuclear, wind and natural gas resulted very close; so these energy options must be considered in the generation expansion planning studies to search the expansion plans with the better combination of generation, energetic diversification and emissions, between other criteria

Option Pricing and Momentum

NARCIS (Netherlands)

Rodriguez, J.C.

2007-01-01

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

Overview of magnet design options: Deliverable D5.1

CERN Document Server

AUTHOR|(CDS)2069265; Toral, Fernando

2016-01-01

This document describes the design options for 16 T superconducting dipole magnets for the FCC hadron collider explored in the frame of the activities of WP5. All options have been considered under comparable assumptions and managed using the same tools to ensure a correct judgement and comparison of their relevant pros and cons. Three baseline design configurations have been explored: 1) block-coils, 2) cosine-theta and 3) common-coils. A fourth option, the canted cosine-theta, has been initiated by Swiss (PSI, not part of EuroCirCol) and US (LBNL, EuroCirCol partner) laboratories. The studies show that, adopting a reference margin to the load line of 14 % and with reasonable assumptions on the conductor performance, the total amount of conductor needed for the entire collider is between 7.5 and 10 ktons. depending on the option. The cosine-theta uses less conductor and the canted cosine-theta uses the largest amount. The characterisation of the magnet design options is complete and the work to finalize and ...

Option contracts in fresh produce supply chain with circulation loss

Directory of Open Access Journals (Sweden)

Chong Wang

2013-03-01

Full Text Available Purpose: The purpose of this paper is to investigate management decisions via option contracts in a two-stage supply chain in which a fresh produce supplier sells to a retailer, considering the circulation loss of the fresh produce. Design/methodology/approach: Authors propose a Stackelberg model to analyze the supply chain members’ decisions in the decentralized supply chain compared with the integrated one under the newsvendor framework. Findings: The results illustrate that there exists a unique optimal option order quantity for the retailer and a unique optimal option order price for the supplier giving certain conditions; furthermore, option contracts cannot coordinate the fresh produce supply chain when the retailer only orders options. Originality/value: Agricultural products especially fresh produce’s characteristics such as circulation loss and high risk are considered. Option contracts and game theory are combined to manage the fresh produce supply chain’s risk. The proposed tool and models are hoped to shed light to the future works in the field of supply chain risk management.

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.

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

Energy Technology Data Exchange (ETDEWEB)

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

2016-03-11

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

Western Option - Disarmament of Russian Weapon Plutonium

International Nuclear Information System (INIS)

Tveiten, B.; Petroll, M.R.

2002-01-01

The Western Option concept describes an approach to the conversion of weapon-grade plutonium from Russian nuclear warheads under the special aspects of meeting the criteria of irreversible utilization. Putting this concept of plutonium conversion into non-weapon-grade material into effect would make a major contribution to improving security worldwide. This study is based on an agreement between the Russian Federation and the United States of America concluded in September 2000. It provides for the conversion of 34 t of weapon-grade plutonium in each of the two states. This goal is also supported by other G8 countries. While the United States performs its part of the agreement under its sole national responsibility, the Russian program needs financial support by Western states. Expert groups have pointed out several options as a so-called basic scenario. The funds of approx. US Dollar 2 billion required to put them into effect have not so far been raised. The Western Option approach described in this contribution combines results of the basic scenario with other existing experience and with technical solutions available for plutonium conversion. One of the attractions of the Western Option lies in its financial advantages, which are estimated to amount to approx. US Dollar 1 billion. (orig.) [de

Spent fuel storage options: a critical appraisal

International Nuclear Information System (INIS)

Singh, K.P.; Bale, M.G.

1990-01-01

The delayed decisions on nuclear fuel reprocessing strategies in the USA and other countries have forced the development of new long-term irradiated fuel storage techniques, to allow a larger volume of fuel to be held on the nuclear station site after removal from the reactor. The nuclear power industry has responded to the challenge by developing several viable options for long-term onsite storage, which can be employed individually or in tandem. They are: densification of storage in the existing spent fuel pool; building another fuel pool facility at the plant site; onsite cask park, and on site vault clusters. Desirable attributes of a storage option are: Safety: minimise the number of fuel handling steps; Economy: minimise total installed, and O and M cost; Security: protection from anti-nuclear protesters; Site adaptability: available site space, earthquake characteristics of the region and so on; Non-intrusiveness: minimise required modifications to existing plant systems; Modularisation: afford the option to adapt a modular approach for staged capital outlays; and Maturity: extent of industry experience with the technology. A critical appraisal is made of each of the four aforementioned storage options in the light of these criteria. (2 figures, 1 table, 4 references) (Author)

A Selected Annotated Bibliography on Work Time Options.

Science.gov (United States)

Ivantcho, Barbara

This annotated bibliography is divided into three sections. Section I contains annotations of general publications on work time options. Section II presents resources on flexitime and the compressed work week. In Section III are found resources related to these reduced work time options: permanent part-time employment, job sharing, voluntary…

7 CFR 319.40-6 - Universal importation options.

Science.gov (United States)

2010-01-01

... 7 Agriculture 5 2010-01-01 2010-01-01 false Universal importation options. 319.40-6 Section 319.40-6 Agriculture Regulations of the Department of Agriculture (Continued) ANIMAL AND PLANT HEALTH... Unmanufactured Wood Articles § 319.40-6 Universal importation options. (a) Logs. Logs may be imported if prior to...

77 FR 25319 - Commodity Options

Science.gov (United States)

2012-04-27

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

Insert earphone calibration for hear-through options

DEFF Research Database (Denmark)

Hoffmann, Pablo F.; Christensen, Flemming; Hammershøi, Dorte

2013-01-01

A hear-through option in earphones exists when the earphone has a microphone mounted on the outside of the earphone thus allowing the user to hear the surroundings - or not. Although routing the microphone signal to the earphone driver is relatively straightforward, the physical presence of the e......A hear-through option in earphones exists when the earphone has a microphone mounted on the outside of the earphone thus allowing the user to hear the surroundings - or not. Although routing the microphone signal to the earphone driver is relatively straightforward, the physical presence...... of the earphone will modify the natural acoustics of the external ear, and some form of compensation is required to make the microphone-earphone combination acoustically transparent. Here we derive a general expression for the design target response of insert earphones with hear-through options emphasizing...

Retrieval options study

Energy Technology Data Exchange (ETDEWEB)

1980-03-01

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

Fuel cells for the electricity supply of plants remote from the grid; Brennstoffzellen fuer die Elektrizitaetsversorgung von netzfernen Anlagen

Energy Technology Data Exchange (ETDEWEB)

Ledjeff, K

1996-12-31

The solar house at Freiburg, which is independent for energy, obtains all its energy only from the radiation impinging on the outside of the building. The space heating, provision of hot water, energy for cooking and electricity are provided by conversion of solar energy. A photo-electric generator supplies electricity which, apart from direct consumption, can be stored in a lead battery and the hydrogen system. The hydrogen system is the last link in the chain of the energy converter and represents the only energy supply if the thermal and electrical systems cannot any longer be supplied by the sun. The hydrogen system must therefore cover the energy demand in winter, consisting of a small heater for space heating and of course the fuel cell for providing electricity. The ideal fuel cell system for the solar house, which is independent for energy, is the PEMFC with an output of 500 W-1 kW. (orig./MM) [Deutsch] Das Energieautarke Solarhaus in Freiburg bezieht die gesamte Energie nur aus der auf die Gebaeudehuelle auftreffende Strahlung. Die Raumheizung, die Warmwasserbereitung, die Energie zum Kochen und der elektrische Strom werden durch die Umwandlung von Sonnenenergie bereitgestellt. Ein Photovoltaik-Generator liefert elektrische Energie, die neben dem direkten Verbrauch in eine Bleibatterie und das Wasserstoffsystem zur Speicherung eingespeist werden kann. Die Wasserstoffspeicherung erfolgt als Gas bei einem Druck von 30 bar. Das Wasserstoffsystem ist das letzte Glied in der Kette der Energiewandler und stellt den einzigen Energievorrat dar, wenn die thermischen und elektrischen Systeme nicht mehr solar versorgt werden koennen. Das Wasserstoffsystem muss daher den Energiebedarf im Winter decken, das sich ein kleiner Nachheizer fuer die Raumheizung und natuerlich die Brennstoffzelle zur Bereitstellung elektrischer Energie. Das ideale Brennstoffzellensystem fuer das Energieautarke Solarhaus ist die PEMFC mit einer Leistung von 500 W-1 kW. (orig./MM)

Options for Steam Generator Decommissioning

International Nuclear Information System (INIS)

Krause, Gregor; Amcoff, Bjoern; Robinson, Joe

2016-01-01

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

The Pricing of Options on Assets with Stochastic Volatilities.

OpenAIRE

Hull, John C; White, Alan D

1987-01-01

One option-pricing problem which has hitherto been unsolved is the pricing of European call on an asset which has a stochastic volatility. This paper examines this problem. The option price is determined in series form for the case in which the stochastic volatility is independent of the stock price. Numerical solutions are also produced for the case in which the volatility is correlated with the stock price. It is found that the Black-Scholes price frequently overprices options and that the ...

Technological options for acid rain control

International Nuclear Information System (INIS)

Princiotta, F.T.; Sedman, C.B.

1993-01-01

The paper discusses technological options for acid rain control. Compliance with Title IV of the Clean Air Act Amendments of 1990 will require careful scrutiny of a number of issues before selecting control options to reduce sulfur dioxide (SO2) and nitrogen oxide (NOx) emissions. One key consideration is the effect of fuel switching or control technology upon the existing dust collector, with additional air toxics legislation looming ahead. A number of likely SO2 and NOx retrofit technologies and estimated costs are presented, along with results of retrofit case studies. New hybrid particulate controls are also being developed to meet future requirements

Neural Networks as Semiparametric Option Pricing Tool

Czech Academy of Sciences Publication Activity Database

Baruník, Jozef; Baruníková, M.

2011-01-01

Roč. 18, č. 28 (2011), s. 66-83 ISSN 1212-074X R&D Projects: GA ČR GD402/09/H045; GA ČR GA402/09/0965 Grant - others:GA ČR(CZ) GA402/09/0732 Institutional research plan: CEZ:AV0Z10750506 Keywords : option valuation * neural network * S&P 500 index options Subject RIV: AH - Economics http://library.utia.cas.cz/separaty/2011/E/barunik-0367688.pdf

New Options, Old Concerns.

Science.gov (United States)

O'Neil, John

1996-01-01

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

A CDO option market model on standardized CDS index tranches

DEFF Research Database (Denmark)

Dorn, Jochen

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

Denali, Tulip, and Option Inferior Vena Cava Filter Retrieval: A Single Center Experience.

Science.gov (United States)

Ramaswamy, Raja S; Jun, Emily; van Beek, Darren; Mani, Naganathan; Salter, Amber; Kim, Seung K; Akinwande, Olaguoke

2018-04-01

To compare the technical success of filter retrieval in Denali, Tulip, and Option inferior vena cava filters. A retrospective analysis of Denali, Gunther Tulip, and Option IVC filters was conducted. Retrieval failure rates, fluoroscopy time, sedation time, use of advanced retrieval techniques, and filter-related complications that led to retrieval failure were recorded. There were 107 Denali, 43 Option, and 39 Tulip filters deployed and removed with average dwell times of 93.5, 86.0, and 131 days, respectively. Retrieval failure rates were 0.9% for Denali, 11.6% for Option, and 5.1% for Tulip filters (Denali vs. Option p = 0.018; Denali vs. Tulip p = 0.159; Tulip vs. Option p = 0.045). Median fluoroscopy time for filter retrieval was 3.2 min for the Denali filter, 6.75 min for the Option filter, and 4.95 min for the Tulip filter (Denali vs. Option p Option p = 0.67). Advanced retrieval techniques were used in 0.9% of Denali filters, 21.1% in Option filters, and 10.8% in Tulip filters (Denali vs. Option p Option p Option filter when compared to both the Denali and Tulip filters. Retrieval of the Denali filter required significantly less amount of fluoroscopy time and use of advanced retrieval techniques when compared to both the Option and Tulip filters. The findings of this study indicate easier retrieval of the Denali and Tulip IVC filters when compared to the Option filter.

Treatment Option Overview (Plasma Cell Neoplasms Including Multiple Myeloma)

Science.gov (United States)

... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) depends on the ... going up even though treatment is given. Treatment Option Overview Key Points There are different types of ...

Option Pricing with Asymmetric Heteroskedastic Normal Mixture Models

DEFF Research Database (Denmark)

Rombouts, Jeroen V. K; Stentoft, Lars

2015-01-01

We propose an asymmetric GARCH in mean mixture model and provide a feasible method for option pricing within this general framework by deriving the appropriate risk neutral dynamics. We forecast the out-of-sample prices of a large sample of options on the S&P 500 index from January 2006 to December...

Engineering Options Assessment Report. Nitrate Salt Waste Stream Processing

Energy Technology Data Exchange (ETDEWEB)

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

2015-11-13

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

Engineering Options Assessment Report: Nitrate Salt Waste Stream Processing

Energy Technology Data Exchange (ETDEWEB)

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

2015-11-18

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

A Consistent Pricing Model for Index Options and Volatility Derivatives

DEFF Research Database (Denmark)

Cont, Rama; Kokholm, Thomas

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

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

International Nuclear Information System (INIS)

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

1993-06-01

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

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

Energy Technology Data Exchange (ETDEWEB)

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

1993-06-01

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

The research for flexible product family manufacturing based on real options

Directory of Open Access Journals (Sweden)

Maozhu Jin

2015-01-01

Full Text Available Purpose: The goal of this paper is to find the best production strategy for product mix, which means the largest value of the options. And finally, give a case and find the solution of the optimal production strategy for product mix. Design/methodology/approach: This article, based on the production with characteristics of a call option and 0-1 integer programming model, build new-products mix strategy, and through case demonstrate that traditional method underestimates the value of the products mix. Finding: According to market being volatility and uncertainty and the production can being delayed, firms can flexibly arrange the best time for products to manufacture. Use real options theory to analyze product decision and the best production timing decision. Find the total options value is higher than the traditional methods. Research limitations/implications: We are not applied to real option pricing theory in modular flexible production system. We just applied real option pricing theory to the product platform. The basic model needs to improve. While the thinking of this paper provides some research ideas for flexible production systems based on real option in further research. Practical Implications: The introduction of the real option make the company can achieve dynamic planning and flexible management for production of products mix and get the better benefit. Originality/value: The central contribution of this paper is to introduce the option mechanism in the production timing for the product mix.

Applying real options analysis to assess cleaner energy development strategies

International Nuclear Information System (INIS)

Cheng, Ching-Tsung; Lo, Shang-Lien; Lin, Tyrone T.

2011-01-01

The energy industry, accounts for the largest portion of CO 2 emissions, is facing the issue of compliance with the national clean energy policy. The methodology for evaluating the energy mix policy is crucial because of the characteristics of lead time embedded with the power generation facilities investment and the uncertainty of future electricity demand. In this paper, a modified binomial model based on sequential compound options, which may account for the lead time and uncertainty as a whole is established, and a numerical example on evaluating the optional strategies and the strategic value of the cleaner energy policy is also presented. It is found that the optimal decision at some nodes in the binomial tree is path dependent, which is different from the standard sequential compound option model with lead time or time lag concept. The proposed modified binomial sequential compound real options model can be generalized and extensively applied to solve the general decision problems that deal with the long lead time of many government policies as well as capital intensive investments. - Highlights: → Introducing a flexible strategic management approach for government policy making. → Developing a modified binomial real options model based on sequential compound options. → Proposing an innovative model for managing the long term policy with lead time. → Applying to evaluate the options of various scenarios of cleaner energy strategies.

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.

Real options valuation of fusion energy R and D programme

International Nuclear Information System (INIS)

Bednyagin, Denis; Gnansounou, Edgard

2011-01-01

This paper aims to perform a real options valuation of fusion energy R and D programme. Strategic value of thermonuclear fusion technology is estimated here based on the expected cash flows from construction and operation of fusion power plants and the real options value arising due to managerial flexibility and the underlying uncertainty. First, a basic investment option model of Black-Scholes type is being considered. Then, a fuzzy compound real R and D option model is elaborated, which reflects in a better way the multi-stage nature of the programme and takes into account the imprecision of information as one of the components of the overall programme uncertainty. Two different strategies are compared: 'Baseline' corresponding to a relatively moderate pace of fusion research, development, demonstration and deployment activities vs. 'Accelerated' strategy, which assumes a rapid demonstration and massive deployment of fusion. The conclusions are drawn from the model calculations regarding the strategic value of fusion energy R and D and the advantages of accelerated development path. - Research highlights: → Real options analysis of fusion R and D, demonstration and deployment (RDDD) programme. → ENPV of fusion RDDD programme is calculated using stochastic probabilistic simulation. → Fusion RDDD programme exhibits substantial positive real options value: Euro 245 billion. → Fuzzy compound real option valuation method provides more robust results.

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

Energy Technology Data Exchange (ETDEWEB)

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

2017-03-01

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

The incremental cost of switching from Option B to Option B+ for the prevention of mother-to-child transmission of HIV

Science.gov (United States)

Shaffer, Nathan; Sangrujee, Nalinee; Abimbola, Taiwo O

2014-01-01

Abstract Objective To estimate the incremental cost over 5 years of a policy switch from the Option B to the Option B+ protocol for the prevention of mother-to-child transmission (PMTCT) of the human immunodeficiency virus (HIV). Methods Data from cost studies and other published sources were used to determine the cost, per woman and per cohort (1000 breastfeeding and 1000 non-breastfeeding women), of switching from Option B (maternal triple antiretroviral [ARV] regimen during pregnancy and breastfeeding plus daily nevirapine for the infant for 6 weeks) to Option B+ (maternal triple ARV regimen initiated during pregnancy and continued for life). The variables used to model the different scenarios were maternal CD4+ T lymphocyte (CD4+ cell) count (350–500 versus > 500 cells/µl), rate of decline in CD4+ cells (average, rapid, slow), breastfeeding status (yes, no) and breastfeeding duration (12, 18 or 24 months). Findings For women with CD4+ cell counts of 350–500 cells/µl, the incremental cost per 1000 women was 157 345 United States dollars (US$) for breastfeeding women and US$ 92 813 for non-breastfeeding women. For women with CD4+ cell counts > 500 cells/µl, the incremental cost per 1000 women ranged from US$ 363 443 to US$ 484 591 for breastfeeding women and was US$ 605 739 for non-breastfeeding women. Conclusion From a cost perspective, a policy switch from Option B to Option B+ is feasible in PMTCT programme settings where resources are currently being allocated to Option B. PMID:24700975