Optional thinking ability among hospital-treated deliberate self-harm patients: a 1-year follow-up study.

Science.gov (United States)

McAuliffe, Carmel; Corcoran, Paul; Hickey, Portia; McLeavey, Breda C

2008-03-01

To investigate the association between optional thinking (the ability to generate alternative solutions to interpersonal problems) in deliberate self-harm (DSH) patients and repeated self-harm. A prospective study of the association between optional thinking in interpersonal problem solving and repeated DSH within 12 months. A non-consecutive sample (N=152) of DSH patients presenting to the Accident and Emergency department of an acute hospital in Cork city, Ireland, was assessed using a structured interview schedule including the Suicide Intent Scale, the Hopelessness Scale, and the Optional Thinking Test. Repetition within 1 year was established by checking Accident and Emergency records at all three city hospitals. Participants were categorized as repeaters if they engaged in at least one further hospital-treated DSH episode, or non-repeaters. Approximately two-thirds (63.1%) of the sample had engaged in at least one act of DSH prior to their index episode. During follow-up 31 individuals (20.4%) repeated. History of self-harm was significantly associated with prospective repetition when considered alongside all the other predictor variables. Among first evers, low scores on the optional thinking test were significantly associated with the increased risk of repetition within 12 months. Among those with previous DSH, there was no evidence of an association between optional thinking and repetition within 12 months. Poor optional thinking is associated with increased risk of repeated deliberate self-harm in those who present with a first self-harm episode. Interventions to improve optional thinking skills, delivered soon after a first DSH presentation, may be useful in preventing repetition.

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).

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.

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.

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

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.

American options under stochastic volatility

NARCIS (Netherlands)

Chockalingam, A.; Muthuraman, K.

2011-01-01

The problem of pricing an American option written on an underlying asset with constant price volatility has been studied extensively in literature. Real-world data, however, demonstrate that volatility is not constant, and stochastic volatility models are used to account for dynamic volatility

The Chinese brain drain and policy options.

Science.gov (United States)

Chang, P; Deng, Z

1992-01-01

The authors discuss the growing problem caused by the increasing reluctance of Chinese receiving higher education overseas to return to China following completion of their studies. They note that the Tiananmen incident of June 1989 exacerbated this problem. The policy options open to the Chinese government are reviewed.

An approximate moving boundary method for American option pricing

NARCIS (Netherlands)

Chockalingam, A.; Muthuraman, K.

2015-01-01

We present a method to solve the free-boundary problem that arises in the pricing of classical American options. Such free-boundary problems arise when one attempts to solve optimal-stopping problems set in continuous time. American option pricing is one of the most popular optimal-stopping problems

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.

Study of the Cherokee Nuclear Station: projected impacts, monitoring plan, and mitigation options for Cherokee County, South Carolina

International Nuclear Information System (INIS)

Peelle, E.; Schweitzer, M.; Scharre, P.; Pressman, B.

1979-07-01

This report inventories Cherokee County's capabilities and CNS project characteristics, projects expected impacts from the interaction of the two defines four options for Cherokee County decision makers, and presents a range of possible mitigation and monitoring plans for dealing with the problems identified. The four options and general implementation guidelines for each are presented after reviewing pertinent features of other mitigation and monitoring plans. The four options include (1) no action, (2) preventing impacts by preventing growth, (3) selective growth in designated areas as services can be supplied, and (4) maximum growth designed to attract as many in-movers as possible through a major program of capital investiments in public and private services. With the exception of the no action option, all plans deal with impacts according to some strategy determined by how the County wishes to manage growth. Solutions for impact problems depend on which growth strategy is selected and what additional resources are secured during the impact period. A monitoring program deals with the problems of data and projections uncertainty, while direct action is proposed to deal with the institutional problems of delay of the needed access road, timeing and location problems from the tax base mismatch, and lack of local planning capability

Study of the Cherokee Nuclear Station: projected impacts, monitoring plan, and mitigation options for Cherokee County, South Carolina

Energy Technology Data Exchange (ETDEWEB)

Peelle, E.; Schweitzer, M.; Scharre, P.; Pressman, B.

1979-07-01

This report inventories Cherokee County's capabilities and CNS project characteristics, projects expected impacts from the interaction of the two defines four options for Cherokee County decision makers, and presents a range of possible mitigation and monitoring plans for dealing with the problems identified. The four options and general implementation guidelines for each are presented after reviewing pertinent features of other mitigation and monitoring plans. The four options include (1) no action, (2) preventing impacts by preventing growth, (3) selective growth in designated areas as services can be supplied, and (4) maximum growth designed to attract as many in-movers as possible through a major program of capital investiments in public and private services. With the exception of the no action option, all plans deal with impacts according to some strategy determined by how the County wishes to manage growth. Solutions for impact problems depend on which growth strategy is selected and what additional resources are secured during the impact period. A monitoring program deals with the problems of data and projections uncertainty, while direct action is proposed to deal with the institutional problems of delay of the needed access road, timeing and location problems from the tax base mismatch, and lack of local planning capability.

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.

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...

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...

Waste package emplacement borehole option study

International Nuclear Information System (INIS)

Streeter, W.S.

1992-03-01

This study evaluates the cost and thermal effects of various waste package emplacement configurations that differ in emplacement orientation, number of containers per borehole, and standoff distance at the potential Yucca Mountain nuclear waste repository. In this study, eight additional alternatives to the vertical and horizontal orientation options presented in the Site Characterization Plan Conceptual Design Report are considered. Typical panel layout configurations based on thermal analysis of the waste and cost estimates for design and construction, operations, and closure and decommissioning were made for each emplacement option. For the thermal analysis average waste 10 years out of reactor and the SIM code were used to determine whether the various configurations temperatures would exceed the design criteria for temperature. This study does not make a recommendation for emplacement configuration, but does provide information for comparison of alternatives

Nuclear Power Options Viability Study. Volume 4. Bibliography

Energy Technology Data Exchange (ETDEWEB)

Trauger, D B; White, J D; Sims, J W [eds.

1986-09-01

Documents in the Nuclear Power Options Viability Study (NPOVS) bibliography are classified under one of four headings or categories as follows: nuclear options; light water reactors; liquid metal reactors; and high temperature reactors. The collection and selection of these documents, beginning early in 1984 and continuing through March of 1986, was carried out in support of the study's objective: to explore the viabilities of several nuclear electric power generation options for commercial deployment in the United States between 2000 and 2010. There are approximately 550 articles, papers, reports, and books in the bibliography that have been selected from some 2000 surveyed. The citations have been made computer accessible to facilitate rapid on-line retrieval by keyword, author, corporate author, title, journal name, or document number.

Nuclear Power Options Viability Study. Volume 4. Bibliography

International Nuclear Information System (INIS)

Trauger, D.B.; White, J.D.; Sims, J.W.

1986-09-01

Documents in the Nuclear Power Options Viability Study (NPOVS) bibliography are classified under one of four headings or categories as follows: nuclear options; light water reactors; liquid metal reactors; and high temperature reactors. The collection and selection of these documents, beginning early in 1984 and continuing through March of 1986, was carried out in support of the study's objective: to explore the viabilities of several nuclear electric power generation options for commercial deployment in the United States between 2000 and 2010. There are approximately 550 articles, papers, reports, and books in the bibliography that have been selected from some 2000 surveyed. The citations have been made computer accessible to facilitate rapid on-line retrieval by keyword, author, corporate author, title, journal name, or document number

Smoothing the payoff for efficient computation of Basket option prices

KAUST Repository

Bayer, Christian; Siebenmorgen, Markus; Tempone, Raul

2017-01-01

We consider the problem of pricing basket options in a multivariate Black–Scholes or Variance-Gamma model. From a numerical point of view, pricing such options corresponds to moderate and high-dimensional numerical integration problems with non

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

Science.gov (United States)

Sharma, Neha; Debnath, Shoubhik; Dutt, Varun

2018-01-01

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

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

Directory of Open Access Journals (Sweden)

Neha Sharma

2018-03-01

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

Options for the solution of the problem of insulators contamination; Alternativas de solucion al problema de contaminacion en aisladores

Energy Technology Data Exchange (ETDEWEB)

Fierro Chavez, Jose Luis [Instituto de Investigaciones Electricas, Cuernavaca (Mexico)

1996-12-31

In accordance with Comision Federal de Electricidad (CFE) statistics, the insulators contamination is cataloged as the second cause of transmission power lines outages. In this article a revision of the different available options for the solution or diminution of this problem, is presented. The application of these options must be made within a technico-economic and cost-benefit frame. [Espanol] De acuerdo con estadisticas de la Comision Federal de Electricidad (CFE) la contaminacion del aislamiento esta catalogada como la segunda causa de salidas de las lineas de transmision. En este articulo se presenta una revision de las diferentes alternativas disponibles para solucionar o disminuir este problema. La aplicacion de estas alternativas debe hacerse dentro de un marco tecnicoeconomico y de costo-beneficio.

Options for the solution of the problem of insulators contamination; Alternativas de solucion al problema de contaminacion en aisladores

Energy Technology Data Exchange (ETDEWEB)

Fierro Chavez, Jose Luis [Instituto de Investigaciones Electricas, Cuernavaca (Mexico)

1997-12-31

In accordance with Comision Federal de Electricidad (CFE) statistics, the insulators contamination is cataloged as the second cause of transmission power lines outages. In this article a revision of the different available options for the solution or diminution of this problem, is presented. The application of these options must be made within a technico-economic and cost-benefit frame. [Espanol] De acuerdo con estadisticas de la Comision Federal de Electricidad (CFE) la contaminacion del aislamiento esta catalogada como la segunda causa de salidas de las lineas de transmision. En este articulo se presenta una revision de las diferentes alternativas disponibles para solucionar o disminuir este problema. La aplicacion de estas alternativas debe hacerse dentro de un marco tecnicoeconomico y de costo-beneficio.

The feasibility study I on the blanket fuel options for the ATW/HYPER

Energy Technology Data Exchange (ETDEWEB)

Hwang, Woan; Lee, Byoung Oon; Lee, Bong Sang; Park, Won Seok; Meyer, M.K; Hayes, S.L

2001-01-01

The choice of a blanket fuel cycle technology and the fuel type for HYPER/ATW are important to develop an ADS with better economics, performance and safety. Even though several fuel types have been considered as an alternative of the blanket fuels for HYPER/ATW, the metal alloy and the dispersion fuels were selected as the candidate fuels for ADS, and the technical feasibilities for both fuels are evaluated in this report. General performance characteristics, fabrication abilities, technical aspects, safety aspects, economics, and non-proliferation aspects for each fuel type are reviewed and evaluated. And some technological problems are addressed in this report, focused on the development strategy, the roadmaps, and the flexibility to meet the missions and specific designs. This study has been performed at the first stage of conceptual design. Since it is under the lack of physical properties for each fuel material, no an attempt is made to select the best fuel option, but the more better fuel options are recommended.

The feasibility study I on the blanket fuel options for the ATW/HYPER

International Nuclear Information System (INIS)

Hwang, Woan; Lee, Byoung Oon; Lee, Bong Sang; Park, Won Seok; Meyer, M.K; Hayes, S.L.

2001-01-01

The choice of a blanket fuel cycle technology and the fuel type for HYPER/ATW are important to develop an ADS with better economics, performance and safety. Even though several fuel types have been considered as an alternative of the blanket fuels for HYPER/ATW, the metal alloy and the dispersion fuels were selected as the candidate fuels for ADS, and the technical feasibilities for both fuels are evaluated in this report. General performance characteristics, fabrication abilities, technical aspects, safety aspects, economics, and non-proliferation aspects for each fuel type are reviewed and evaluated. And some technological problems are addressed in this report, focused on the development strategy, the roadmaps, and the flexibility to meet the missions and specific designs. This study has been performed at the first stage of conceptual design. Since it is under the lack of physical properties for each fuel material, no an attempt is made to select the best fuel option, but the more better fuel options are recommended

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 ...

The Impact of the Prior Density on a Minimum Relative Entropy Density: A Case Study with SPX Option Data

Directory of Open Access Journals (Sweden)

Cassio Neri

2014-05-01

Full Text Available We study the problem of finding probability densities that match given European call option prices. To allow prior information about such a density to be taken into account, we generalise the algorithm presented in Neri and Schneider (Appl. Math. Finance 2013 to find the maximum entropy density of an asset price to the relative entropy case. This is applied to study the impact of the choice of prior density in two market scenarios. In the first scenario, call option prices are prescribed at only a small number of strikes, and we see that the choice of prior, or indeed its omission, yields notably different densities. The second scenario is given by CBOE option price data for S&P500 index options at a large number of strikes. Prior information is now considered to be given by calibrated Heston, Schöbel–Zhu or Variance Gamma models. We find that the resulting digital option prices are essentially the same as those given by the (non-relative Buchen–Kelly density itself. In other words, in a sufficiently liquid market, the influence of the prior density seems to vanish almost completely. Finally, we study variance swaps and derive a simple formula relating the fair variance swap rate to entropy. Then we show, again, that the prior loses its influence on the fair variance swap rate as the number of strikes increases.

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.

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

Next Generation Melter Optioneering Study - Interim Report

International Nuclear Information System (INIS)

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

2010-01-01

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

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

International Nuclear Information System (INIS)

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

1986-03-01

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

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)

Tank Space Options Report

International Nuclear Information System (INIS)

BOYLES, V.C.

2001-01-01

schedule for the Waste Treatment Plant. Some of the options would diminish the operational flexibility inherent in the current baseline and increase the risk of inability to accommodate significant Waste Treatment Plant startup problems, the potential loss of use of a double-shell tank, and other unforeseen events that could require additional tank space beyond that currently assumed necessary. The most promising options require more study to establish feasibility, enhance cost estimates, and understand operations impact of abnormal tank space utilization and need scenarios

Cementitious waste option scoping study report

International Nuclear Information System (INIS)

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

1998-02-01

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

Cementitious waste option scoping study report

Energy Technology Data Exchange (ETDEWEB)

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

1998-02-01

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

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.

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

Directory of Open Access Journals (Sweden)

Shuang Li

2014-01-01

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

Mother's perceptions of child mental health problems and services: A cross sectional study from Lahore.

Science.gov (United States)

Imran, Nazish; Ashraf, Sania; Shoukat, Rabia; Pervez, Muhammad Ijaz

2016-01-01

To assess the perceptions of mothers regarding child mental health problems, its causes, preferred treatment options, and to determine whom they would consult, if their child had a psychiatric illness. Following informed consent, a questionnaire covering perceptions regarding various aspects of child mental illness was used for data collection from mothers. They were asked to identify the symptoms and behaviours they considered psychopathological in children, which treatments they would prefer, where they would turn for help with a mentally ill child, and their understanding of the causes of child psychiatric disorders in addition to ways to increase awareness of child psychiatric issues in the society. Ninety one mothers participated in the study. They equally perceived emotional, behavioural and cognitive symptoms as suggestive of mental ill health in childhood. Mothers perceived multiple causes of child mental health problems, including family problems, economic difficulties, social adversity and possession by evil spirits. A substantial proportion preferred medication, recitation of Holy Quran and psychotherapy as the preferred treatment options. Overall, mothers preferred consulting health professionals than religious scholars and faith healers. They were keen for steps to increase mental health awareness within their society. Despite different cultural perspective, mothers exhibit good understanding of symptoms of child mental health issues and appear open to various services and treatment options. Understanding parental perceptions and expectations from child psychiatric services are crucial in increasing families' engagement in treatment.

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.

A parabolic variational inequality arising from the valuation of strike reset options

Science.gov (United States)

Yang, Zhou; Yi, Fahuai; Dai, Min

A strike reset option is an option that allows its holder to reset the strike price to the prevailing underlying asset price at a moment chosen by the holder. The pricing model of the option can be formulated as a one-dimensional parabolic variational inequality, or equivalently, a free boundary problem, where the free boundary just corresponds to the optimal reset strategy adopted by the holder of the option. This paper is concerned with the theoretical analysis of the model. The existence and uniqueness of the solution are established. Furthermore, we study properties of the free boundary. The monotonicity and C smoothness of the free boundary are proven in some situations.

Is sustainable housing an option for LDC's?

NARCIS (Netherlands)

Erkelens, P.A.

2001-01-01

Although the housing shortage is an everlasting problem in less developed countries (LDC's), the solution for this problem should also satisfy modern environmental requirements. This paper analyses housing options that also comply with the requirements for sustainability. This analysis is based on

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

Patient inertia and the status quo bias: when an inferior option is preferred.

Science.gov (United States)

Suri, Gaurav; Sheppes, Gal; Schwartz, Carey; Gross, James J

2013-09-01

Medical noncompliance is a major public-health problem. One potential source of this noncompliance is patient inertia. It has been hypothesized that one cause of patient inertia might be the status quo bias-which is the tendency to select the default choice among a set of options. To test this hypothesis, we created a laboratory analogue of the decision context that frequently occurs in situations involving patient inertia, and we examined whether participants would stay with a default option even when it was clearly inferior to other available options. Specifically, in Studies 1 and 2, participants were given the option to reduce their anxiety while waiting for an electric shock. When doing nothing was the status quo option, participants frequently did not select the option that would reduce their anxiety. In Study 3, we demonstrated a simple way to overcome status quo bias in a context relevant to patient inertia.

Current problems of nuclear arms: some options

International Nuclear Information System (INIS)

Bocharov, I.F.

1992-01-01

Possible solutions of certain problems of the soviet nuclear weapons resulting from spontaneously changing military-political situation and social-economical living conditions on geostrategical space of the former USSR are discussed. Reliable stabilization of military-political situation on the former USSR territory is required for solving the above problems, which in its turn will possibly require active efforts of the international community. The idea on creation the Committee on non-prolifiration by the UN Security Council is proposed

Basket Option Pricing Using GP-GPU Hardware Acceleration

KAUST Repository

Douglas, Craig C.; Lee, Hyoseop

2010-01-01

We introduce a basket option pricing problem arisen in financial mathematics. We discretized the problem based on the alternating direction implicit (ADI) method and parallel cyclic reduction is applied to solve the set of tridiagonal matrices

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.

The Impact on Family Functioning of Social Media Use by Depressed Adolescents: A Qualitative Analysis of the Family Options Study

OpenAIRE

Lewis, Andrew J.; Knight, Tess; Germanov, Galit; Benstead, Michelle Lisa; Joseph, Claire Ingrid; Poole, Lucinda

2015-01-01

Background: Adolescent depression is a prevalent mental health problem, which can have a major impact on family cohesion. In such circumstances, excessive use of the Internet by adolescents may exacerbate family conflict and lack of cohesion. The current study aims to explore these patterns within an intervention study for depressed adolescents.Method: The current study draws upon data collected within the Family Options randomized controlled trial that examined family-based interventions for...

Advanced Demonstration and Test Reactor Options Study

Energy Technology Data Exchange (ETDEWEB)

Petti, David Andrew [Idaho National Lab. (INL), Idaho Falls, ID (United States); Hill, R. [Argonne National Lab. (ANL), Argonne, IL (United States); Gehin, J. [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Gougar, Hans David [Idaho National Lab. (INL), Idaho Falls, ID (United States); Strydom, Gerhard [Idaho National Lab. (INL), Idaho Falls, ID (United States); Heidet, F. [Argonne National Lab. (ANL), Argonne, IL (United States); Kinsey, J. [Idaho National Lab. (INL), Idaho Falls, ID (United States); Grandy, Christopher [Argonne National Lab. (ANL), Argonne, IL (United States); Qualls, A. [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Brown, Nicholas [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Powers, J. [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Hoffman, E. [Argonne National Lab. (ANL), Argonne, IL (United States); Croson, D. [Idaho National Lab. (INL), Idaho Falls, ID (United States)

2017-01-01

Global efforts to address climate change will require large-scale decarbonization of energy production in the United States and elsewhere. Nuclear power already provides 20% of electricity production in the United States (U.S.) and is increasing in countries undergoing rapid growth around the world. Because reliable, grid-stabilizing, low emission electricity generation, energy security, and energy resource diversity will be increasingly valued, nuclear power’s share of electricity production has a potential to grow. In addition, there are non electricity applications (e.g., process heat, desalination, hydrogen production) that could be better served by advanced nuclear systems. Thus, the timely development, demonstration, and commercialization of advanced nuclear reactors could diversify the nuclear technologies available and offer attractive technology options to expand the impact of nuclear energy for electricity generation and non-electricity missions. The purpose of this planning study is to provide transparent and defensible technology options for a test and/or demonstration reactor(s) to be built to support public policy, innovation and long term commercialization within the context of the Department of Energy’s (DOE’s) broader commitment to pursuing an “all of the above” clean energy strategy and associated time lines. This planning study includes identification of the key features and timing needed for advanced test or demonstration reactors to support research, development, and technology demonstration leading to the commercialization of power plants built upon these advanced reactor platforms. This planning study is consistent with the Congressional language contained within the fiscal year 2015 appropriation that directed the DOE to conduct a planning study to evaluate “advanced reactor technology options, capabilities, and requirements within the context of national needs and public policy to support innovation in nuclear energy�

Advanced Demonstration and Test Reactor Options Study

International Nuclear Information System (INIS)

Petti, David Andrew; Hill, R.; Gehin, J.; Gougar, Hans David; Strydom, Gerhard; Heidet, F.; Kinsey, J.; Grandy, Christopher; Qualls, A.; Brown, Nicholas; Powers, J.; Hoffman, E.; Croson, D.

2017-01-01

Global efforts to address climate change will require large-scale decarbonization of energy production in the United States and elsewhere. Nuclear power already provides 20% of electricity production in the United States (U.S.) and is increasing in countries undergoing rapid growth around the world. Because reliable, grid-stabilizing, low emission electricity generation, energy security, and energy resource diversity will be increasingly valued, nuclear power's share of electricity production has a potential to grow. In addition, there are non electricity applications (e.g., process heat, desalination, hydrogen production) that could be better served by advanced nuclear systems. Thus, the timely development, demonstration, and commercialization of advanced nuclear reactors could diversify the nuclear technologies available and offer attractive technology options to expand the impact of nuclear energy for electricity generation and non-electricity missions. The purpose of this planning study is to provide transparent and defensible technology options for a test and/or demonstration reactor(s) to be built to support public policy, innovation and long term commercialization within the context of the Department of Energy's (DOE's) broader commitment to pursuing an 'all of the above' clean energy strategy and associated time lines. This planning study includes identification of the key features and timing needed for advanced test or demonstration reactors to support research, development, and technology demonstration leading to the commercialization of power plants built upon these advanced reactor platforms. This planning study is consistent with the Congressional language contained within the fiscal year 2015 appropriation that directed the DOE to conduct a planning study to evaluate 'advanced reactor technology options, capabilities, and requirements within the context of national needs and public policy to support innovation in nuclear energy'. Advanced reactors are

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.

Exit problems of Lévy processes with applications in finance

NARCIS (Netherlands)

Pistorius, M.R.

2003-01-01

In this thesis we study the pricing of options of American type in a continuous time setting. We begin with a general introduction where we briefly sketch history and different aspects of the option pricing problem. In the first chapter we consider four perpetual options of American type driven by a

Towards more financing options for energy efficient buildings and houses

International Nuclear Information System (INIS)

Vethman, P.; Menkveld, M.

2012-02-01

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

Adaptive [theta]-methods for pricing American options

Science.gov (United States)

Khaliq, Abdul Q. M.; Voss, David A.; Kazmi, Kamran

2008-12-01

We develop adaptive [theta]-methods for solving the Black-Scholes PDE for American options. By adding a small, continuous term, the Black-Scholes PDE becomes an advection-diffusion-reaction equation on a fixed spatial domain. Standard implementation of [theta]-methods would require a Newton-type iterative procedure at each time step thereby increasing the computational complexity of the methods. Our linearly implicit approach avoids such complications. We establish a general framework under which [theta]-methods satisfy a discrete version of the positivity constraint characteristic of American options, and numerically demonstrate the sensitivity of the constraint. The positivity results are established for the single-asset and independent two-asset models. In addition, we have incorporated and analyzed an adaptive time-step control strategy to increase the computational efficiency. Numerical experiments are presented for one- and two-asset American options, using adaptive exponential splitting for two-asset problems. The approach is compared with an iterative solution of the two-asset problem in terms of computational efficiency.

Volatility and dividend risk in perpetual American options

Science.gov (United States)

Montero, Miquel

2007-04-01

American options are financial instruments that can be exercised at any time before expiration. In this paper we study the problem of pricing this kind of derivatives within a framework in which some of the properties—volatility and dividend policy—of the underlaying stock can change at a random instant of time, but in such a way that we can forecast their final values. Under this assumption we can model actual market conditions because some of the most relevant facts that may potentially affect a firm will entail sharp predictable effects. We will analyse the consequences of this potential risk on perpetual American derivatives, a topic connected with a wide class of recurrent problems in physics: holders of American options must look for the fair price and the optimal exercise strategy at once, a typical question of free absorbing boundaries. We present explicit solutions to the most common contract specifications and derive analytical expressions concerning the mean and higher moments of the exercise time.

Gambling frequency, gambling problems and concerned significant others of problem gamblers in Finland: cross-sectional population studies in 2007 and 2011.

Science.gov (United States)

Salonen, Anne H; Alho, Hannu; Castrén, Sari

2015-05-01

This study compares past-year gambling frequency, gambling problems and concerned significant others (CSOs) of problem gamblers in Finland by age, from 2007 and 2011. We used random sample data collected in 2007 (n = 4722) and 2011 (n = 4484). The data were weighted, based on gender, age and region of residence. We measured the past-year gambling frequency using a categorical variable, while gambling severity was measured with the South Oaks Gambling Screen. We identified CSOs by a single question including seven response options. Chi-Squared and Fisher's exact tests were used. Overall, the past-year gambling frequency change was statistically significant between 2007 and 2011. Among 18-64-year-old Finnish people, the proportion of non-gamblers decreased. Yet, among 15-17-year-old respondents, non-gambling increased and gambling problems decreased. Among 18-24 year olds, the proportion of close ones with gambling problems also decreased. On the other hand, the proportion of family members with gambling problems increased among the 50-64 year olds. The increase in adult gambling participation was mainly explained by infrequent gambling. The proportion of gambling problems from the gamblers' and CSOs' perspective remained unchanged, yet significant changes were observed within age groups. The short-term changes in under-age gambling problems were desirable. Future studies should explore the adaptation and access hypotheses alongside gambling problems. © 2015 the Nordic Societies of Public Health.

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

Science.gov (United States)

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

1990-01-01

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

Nonlinear Schrödinger approach to European option pricing

Science.gov (United States)

Wróblewski, Marcin

2017-05-01

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

The Study on Policy Options for Siting Hazardous Energy Facility

Energy Technology Data Exchange (ETDEWEB)

Kim, Jin Oh [Korea Energy Economics Institute, Euiwang (Korea)

2000-10-01

The problem of site allocation on locally unwanted land uses related to energy utilities that extended most recently is becoming a new energy policy issue due to the improvement of national standard of living and livelihood quality. Residents do not generally agree on establishing the construction of public energy utilities in their village due to NIMBY syndrome while they basically agree to have them. These circumstances made a big problem against mass production of industry society and the improvement of the national welfare. Locally unwanted land use related to energy utilities includes waste incineration system, nuclear power plant, coal fired power plant, oil and Gas storage tank, briquette manufacturing plant and etc. Opportunity for SOC projects carried out by central and local government is lost because of the regional egoism. The site dispute between government and residents obstructs optimal energy supply to be necessary for industry growth and the national welfare. The main objective of this study is to propose the policy option for finding a solution after surveying theory and background of site troubles and dispute factors. Final results of this study propose a solution on structural and institutional dispute. The former introduces three kinds of approaches such as tradition, compensation and negotiation. The transition of an environmentally sound energy consumption pattern and the improvement of energy efficiency could be carried out by traditional approaches. To claim the damage and offer the accommodation facilities could be settled by compensational approaches. The establishment of regional decentralization on NIMBY facilities could be settled by negotiatory approaches through fair share criteria. The latter proposes 1) 'polluter pays principle', 2) internalization of social cost and benefit on air or water pollution, 3) the behind - the - scene negotiation in a bid to settle a site dispute, 4) and supporting system for peripheral areas

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

International Nuclear Information System (INIS)

Trabia, Xavier

1992-01-01

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

Disposal Options for Low and Intermediate-Level Radioactive Waste: Comparative Study

International Nuclear Information System (INIS)

Abdellatif, M.M.

2013-01-01

This study presents the status of current disposal options for Low and Intermediate- Level Radioactive Waste (LILRW) generated in different countries and outlines the potential for future disposal option/s of these wastes in Egypt. Since approaches used in other countries may provide useful lessons for managing Egyptian radioactive wastes. This study was based on data for19 countries repositories and we focused on 6 countries, which considered as leaders in the field of disposal of rad waste. Several countries have plans for repositories which are sufficiently advanced that it was based on their own of their extensive experience with nuclear power generation and with constructing and operating LLRW disposal facilities. On the other hand, our programme for site selection and host rock characterization for low and intermediate level radioactive waste disposal is under study. We are preparing our criteria for selecting a national repository for LIL rad waste.

A note on the pricing of the perpetual American capped power put option

OpenAIRE

Sakagami, Yoshitaka

2012-01-01

We give an explicit solution to the perpetual American capped power put option pricing problem in the Black-Scholes-Merton Model. The approach is mainly based on free-boundary formulation and verification. For completeness we also give an explicit solution to the perpetual American standard power (≥1) option pricing problem.

Greenhouse gas abatement in Senegal. A case study of least-cost options

International Nuclear Information System (INIS)

Amous, S.; Revet, D.; Sokona, Y.

1994-01-01

The first stage of the study was to make a preliminary inventory of greenhouse gas (GHG) emissions for the base year 1988. Following this seven no regret technical options for emission reduction were investigated and the costs calculated, allowing the identification of three least-cost options. The three least-cost options must be implemented first because of their negative costs. The economic benefits of both abatement scenarios are characterized by a negative global cost whatever the discount rate is. (author)

Low-level radioactive waste management options

International Nuclear Information System (INIS)

Schmalz, R.F.

1989-01-01

This paper discusses the non-technical problems associated with the social and political obstacles to the secure disposal of low level radioactive waste. The author reviews thirty years' experience managing non-military wastes. The merits of available options are considered

Implied Stopping Rules for American Basket Options from Markovian Projection

KAUST Repository

Bayer, Christian; Hä ppö lä , Juho; Tempone, Raul

2017-01-01

This work addresses the problem of pricing American basket options in a multivariate setting, which includes among others, the Bachelier and the Black-Scholes models. In high dimensions, nonlinear partial differential equation methods for solving the problem become prohibitively costly due to the curse of dimensionality. Instead, this work proposes to use a stopping rule that depends on the dynamics of a low-dimensional Markovian projection of the given basket of assets. It is shown that the ability to approximate the original value function by a lower-dimensional approximation is a feature of the dynamics of the system and is unaffected by the path-dependent nature of the American basket option. Assuming that we know the density of the forward process and using the Laplace approximation, we first efficiently evaluate the diffusion coefficient corresponding to the low-dimensional Markovian projection of the basket. Then, we approximate the optimal early-exercise boundary of the option by solving a Hamilton-Jacobi-Bellman partial differential equation in the projected, low-dimensional space. The resulting near-optimal early-exercise boundary is used to produce an exercise strategy for the high-dimensional option, thereby providing a lower bound for the price of the American basket option. A corresponding upper bound is also provided. These bounds allow to assess the accuracy of the proposed pricing method. Indeed, our approximate early-exercise strategy provides a straightforward lower bound for the American basket option price. Following a duality argument due to Rogers, we derive a corresponding upper bound solving only the low-dimensional optimal control problem. Numerically, we show the feasibility of the method using baskets with dimensions up to fifty. In these examples, the resulting option price relative errors are only of the order of few percent.

Implied Stopping Rules for American Basket Options from Markovian Projection

KAUST Repository

Bayer, Christian

2017-05-01

This work addresses the problem of pricing American basket options in a multivariate setting, which includes among others, the Bachelier and the Black-Scholes models. In high dimensions, nonlinear partial differential equation methods for solving the problem become prohibitively costly due to the curse of dimensionality. Instead, this work proposes to use a stopping rule that depends on the dynamics of a low-dimensional Markovian projection of the given basket of assets. It is shown that the ability to approximate the original value function by a lower-dimensional approximation is a feature of the dynamics of the system and is unaffected by the path-dependent nature of the American basket option. Assuming that we know the density of the forward process and using the Laplace approximation, we first efficiently evaluate the diffusion coefficient corresponding to the low-dimensional Markovian projection of the basket. Then, we approximate the optimal early-exercise boundary of the option by solving a Hamilton-Jacobi-Bellman partial differential equation in the projected, low-dimensional space. The resulting near-optimal early-exercise boundary is used to produce an exercise strategy for the high-dimensional option, thereby providing a lower bound for the price of the American basket option. A corresponding upper bound is also provided. These bounds allow to assess the accuracy of the proposed pricing method. Indeed, our approximate early-exercise strategy provides a straightforward lower bound for the American basket option price. Following a duality argument due to Rogers, we derive a corresponding upper bound solving only the low-dimensional optimal control problem. Numerically, we show the feasibility of the method using baskets with dimensions up to fifty. In these examples, the resulting option price relative errors are only of the order of few percent.

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

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

OpenAIRE

Ekström, Erik; Hobson, David

2009-01-01

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

Organizational options for preventing work-related stress in knowledge work

DEFF Research Database (Denmark)

Ipsen, Christine; Jensen, Per Langaa

2012-01-01

Recent studies point to work-related stress as an increasing problem for knowledge workers. However, the working life in knowledge-intensive companies is often described as good and stimulating. The aim of this study is to explore the organizational options for preventing work-related problems...... in knowledge work. This calls for a study of the characteristics of knowledge work, stress management interventions and an in-depth analysis of the organizational factors causing frustrations and work-related problems in relation to knowledge work. In a qualitative study, 27 respondents were interviewed....... They represented different stakeholders in five Danish knowledge-intensive companies, which comprised two consultancies and three engineering consulting companies. The study shows that knowledge work comprises a paradox, since the same work-related or organizational issues could be experienced as both...

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

Political Status of Puerto Rico: Options for Congress

Science.gov (United States)

2010-05-19

basis would voters select the status quo option during the second plebiscite? Second, could the inclusion of the commonwealth option on the second...Values and Institutions (Cambridge, Harvard University Press, 1969), p. 262. C. Arthur Borg, “The Problem of Puerto Rico’s Political Status, Revista ...University Press of Kansas, 1975), p. 185.] See also Roberta A. Johnson, “The 1967 Puerto Rican Plebiscite: The People Decide,” Revista /Review

Evaluation of dairy effluent management options using multiple criteria analysis.

Science.gov (United States)

Hajkowicz, Stefan A; Wheeler, Sarah A

2008-04-01

This article describes how options for managing dairy effluent on the Lower Murray River in South Australia were evaluated using multiple criteria analysis (MCA). Multiple criteria analysis is a framework for combining multiple environmental, social, and economic objectives in policy decisions. At the time of the study, dairy irrigation in the region was based on flood irrigation which involved returning effluent to the river. The returned water contained nutrients, salts, and microbial contaminants leading to environmental, human health, and tourism impacts. In this study MCA was used to evaluate 11 options against 6 criteria for managing dairy effluent problems. Of the 11 options, the MCA model selected partial rehabilitation of dairy paddocks with the conversion of remaining land to other agriculture. Soon after, the South Australian Government adopted this course of action and is now providing incentives for dairy farmers in the region to upgrade irrigation infrastructure and/or enter alternative industries.

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.

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.

Deterministic versus Stochastic Sensitivity Analysis in Investment Problems : An Environmental Case Study

NARCIS (Netherlands)

van Groenendaal, W.J.H.; Kleijnen, J.P.C.

2001-01-01

Sensitivity analysis in investment problems is an important tool to determine which factors can jeopardize the future of the investment.Information on the probability distribution of those factors that affect the investment is mostly lacking.In those situations the analysts have two options: (i)

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

U.S. weapons-usable plutonium disposition policy: Implementation of the MOX fuel option

Energy Technology Data Exchange (ETDEWEB)

Woods, A.L. [ed.] [Amarillo National Resource Center for Plutonium, TX (United States); Gonzalez, V.L. [Texas A and M Univ., College Station, TX (United States). Dept. of Political Science

1998-10-01

A comprehensive case study was conducted on the policy problem of disposing of US weapons-grade plutonium, which has been declared surplus to strategic defense needs. Specifically, implementation of the mixed-oxide fuel disposition option was examined in the context of national and international nonproliferation policy, and in contrast to US plutonium policy. The study reveals numerous difficulties in achieving effective implementation of the mixed-oxide fuel option including unresolved licensing and regulatory issues, technological uncertainties, public opposition, potentially conflicting federal policies, and the need for international assurances of reciprocal plutonium disposition activities. It is believed that these difficulties can be resolved in time so that the implementation of the mixed-oxide fuel option can eventually be effective in accomplishing its policy objective.

U.S. weapons-useable plutonium disposition policy: Implementation of the MOX fuel option

International Nuclear Information System (INIS)

Woods, A.L.; Gonzalez, V.L.

1998-10-01

A comprehensive case study was conducted on the policy problem of disposing of US weapons-grade plutonium, which has been declared surplus to strategic defense needs. Specifically, implementation of the mixed-oxide fuel disposition option was examined in the context of national and international nonproliferation policy, and in contrast to US plutonium policy. The study reveals numerous difficulties in achieving effective implementation of the mixed-oxide fuel option including unresolved licensing and regulatory issues, technological uncertainties, public opposition, potentially conflicting federal policies, and the need for international assurances of reciprocal plutonium disposition activities. It is believed that these difficulties can be resolved in time so that the implementation of the mixed-oxide fuel option can eventually be effective in accomplishing its policy objective

VAMOS: The verification and monitoring options study: Current research options for in-situ monitoring and verification of contaminant remediation and containment within the vadose zone

International Nuclear Information System (INIS)

Betsill, J.D.; Gruebel, R.D.

1995-09-01

The Verification and Monitoring Options Study Project (VAMOS) was established to identify high-priority options for future vadose-zone environmental research in the areas of in-situ remediation monitoring, post-closure monitoring, and containment emplacement and verification monitoring. VAMOS examined projected needs not currently being met with applied technology in order to develop viable monitoring and verification research options. The study emphasized a compatible systems approach to reinforce the need for utilizing compatible components to provide user friendly site monitoring systems. To identify the needs and research options related to vadose-zone environmental monitoring and verification, a literature search and expert panel forums were conducted. The search included present drivers for environmental monitoring technology, technology applications, and research efforts. The forums included scientific, academic, industry, and regulatory environmental professionals as well as end users of environmental technology. The experts evaluated current and future monitoring and verification needs, methods for meeting these needs, and viable research options and directions. A variety of high-priority technology development, user facility, and technology guidance research options were developed and presented as an outcome of the literature search and expert panel forums

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

DEFF Research Database (Denmark)

Aabo, Tom

2001-01-01

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

Spent Nuclear Fuel Option Study on Hybrid Reactor for Waste Transmutation

International Nuclear Information System (INIS)

Hong, Seong Hee; Kim, Myung Hyun

2016-01-01

DUPIC nuclear fuel can be used in hybrid reactor by compensation of subcritical level through (U-10Zr) fuel. Energy production performance of Hyb-WT with DUPIC is grateful because it has high EM factor and performs waste transmutation at the same time. However, waste transmutation performance should be improved by different fissile fuel instead of (U-10Zr) fuel. SNF (Spent Nuclear Fuel) disposal is one of the problems in the nuclear industry. FFHR (Fusion-Fission Hybrid Reactor) is one of the most attractive option on reuse of SNF as a waste transmutation system. Because subcritical system like FFHR has some advantages compared to critical system. Subcritical systems have higher safety potential than critical system. Also, there is suppressed excess reactivity at BOC (Beginning of Cycle) in critical system, on the other hand there is no suppressed reactivity in subcritical system. Our research team could have designed FFHR for waste transmutation; Hyb-WT. Various researches have been conducted on fuel and coolant option for optimization of transmutation performance. However, Hyb-WT has technical disadvantage. It is required fusion power (Pfus) which is the key design parameter in FFHR is increased for compensation of decreasing subcritical level. As a result, structure material integrity is damaged under high irradiation condition by increasing Pfus. Also, deep burn of reprocessed SNF is limited by weakened integrity of structure material. Therefore, in this research, SNF option study will be conducted on DUPIC (Direct Use of Spent PWR Fuel in CANDU Reactor) fuel, TRU fuel and DUPIC + TRU mixed fuel for optimization of Hyb-WT performance. Goal of this research is design check for low required fusion power and high waste transmutation. In this paper, neutronic analysis is conducted on Hyb-WT with DUPIC nuclear fuel. When DUPIC nuclear fuel is loaded in fast neutron system, supplement fissile materials need to be loaded together for compensation of low criticality

Spent Nuclear Fuel Option Study on Hybrid Reactor for Waste Transmutation

Energy Technology Data Exchange (ETDEWEB)

Hong, Seong Hee; Kim, Myung Hyun [Kyung Hee University, Yongin (Korea, Republic of)

2016-05-15

DUPIC nuclear fuel can be used in hybrid reactor by compensation of subcritical level through (U-10Zr) fuel. Energy production performance of Hyb-WT with DUPIC is grateful because it has high EM factor and performs waste transmutation at the same time. However, waste transmutation performance should be improved by different fissile fuel instead of (U-10Zr) fuel. SNF (Spent Nuclear Fuel) disposal is one of the problems in the nuclear industry. FFHR (Fusion-Fission Hybrid Reactor) is one of the most attractive option on reuse of SNF as a waste transmutation system. Because subcritical system like FFHR has some advantages compared to critical system. Subcritical systems have higher safety potential than critical system. Also, there is suppressed excess reactivity at BOC (Beginning of Cycle) in critical system, on the other hand there is no suppressed reactivity in subcritical system. Our research team could have designed FFHR for waste transmutation; Hyb-WT. Various researches have been conducted on fuel and coolant option for optimization of transmutation performance. However, Hyb-WT has technical disadvantage. It is required fusion power (Pfus) which is the key design parameter in FFHR is increased for compensation of decreasing subcritical level. As a result, structure material integrity is damaged under high irradiation condition by increasing Pfus. Also, deep burn of reprocessed SNF is limited by weakened integrity of structure material. Therefore, in this research, SNF option study will be conducted on DUPIC (Direct Use of Spent PWR Fuel in CANDU Reactor) fuel, TRU fuel and DUPIC + TRU mixed fuel for optimization of Hyb-WT performance. Goal of this research is design check for low required fusion power and high waste transmutation. In this paper, neutronic analysis is conducted on Hyb-WT with DUPIC nuclear fuel. When DUPIC nuclear fuel is loaded in fast neutron system, supplement fissile materials need to be loaded together for compensation of low criticality

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...

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

Science.gov (United States)

Bouchaud, Jean-Philippe; Sornette, Didier

1994-06-01

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

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

OpenAIRE

Diallo, Ibrahima

2010-01-01

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

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.

Basket Option Pricing Using GP-GPU Hardware Acceleration

KAUST Repository

Douglas, Craig C.

2010-08-01

We introduce a basket option pricing problem arisen in financial mathematics. We discretized the problem based on the alternating direction implicit (ADI) method and parallel cyclic reduction is applied to solve the set of tridiagonal matrices generated by the ADI method. To reduce the computational time of the problem, a general purpose graphics processing units (GP-GPU) environment is considered. Numerical results confirm the convergence and efficiency of the proposed method. © 2010 IEEE.

Correlated continuous time random walk and option pricing

Science.gov (United States)

Lv, Longjin; Xiao, Jianbin; Fan, Liangzhong; Ren, Fuyao

2016-04-01

In this paper, we study a correlated continuous time random walk (CCTRW) with averaged waiting time, whose probability density function (PDF) is proved to follow stretched Gaussian distribution. Then, we apply this process into option pricing problem. Supposing the price of the underlying is driven by this CCTRW, we find this model captures the subdiffusive characteristic of financial markets. By using the mean self-financing hedging strategy, we obtain the closed-form pricing formulas for a European option with and without transaction costs, respectively. At last, comparing the obtained model with the classical Black-Scholes model, we find the price obtained in this paper is higher than that obtained from the Black-Scholes model. A empirical analysis is also introduced to confirm the obtained results can fit the real data well.

Dynamics Model Applied to Pricing Options with Uncertain Volatility

Directory of Open Access Journals (Sweden)

Lorella Fatone

2012-01-01

model is proposed. The data used to test the calibration problem included observations of asset prices over a finite set of (known equispaced discrete time values. Statistical tests were used to estimate the statistical significance of the two parameters of the Black-Scholes model: the volatility and the drift. The effects of these estimates on the option pricing problem were investigated. In particular, the pricing of an option with uncertain volatility in the Black-Scholes framework was revisited, and a statistical significance was associated with the price intervals determined using the Black-Scholes-Barenblatt equations. Numerical experiments involving synthetic and real data were presented. The real data considered were the daily closing values of the S&P500 index and the associated European call and put option prices in the year 2005. The method proposed here for calibrating the Black-Scholes dynamics model could be extended to other science and engineering models that may be expressed in terms of stochastic dynamical systems.

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.

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...

A fast numerical method for the valuation of American lookback put options

Science.gov (United States)

Song, Haiming; Zhang, Qi; Zhang, Ran

2015-10-01

A fast and efficient numerical method is proposed and analyzed for the valuation of American lookback options. American lookback option pricing problem is essentially a two-dimensional unbounded nonlinear parabolic problem. We reformulate it into a two-dimensional parabolic linear complementary problem (LCP) on an unbounded domain. The numeraire transformation and domain truncation technique are employed to convert the two-dimensional unbounded LCP into a one-dimensional bounded one. Furthermore, the variational inequality (VI) form corresponding to the one-dimensional bounded LCP is obtained skillfully by some discussions. The resulting bounded VI is discretized by a finite element method. Meanwhile, the stability of the semi-discrete solution and the symmetric positive definiteness of the full-discrete matrix are established for the bounded VI. The discretized VI related to options is solved by a projection and contraction method. Numerical experiments are conducted to test the performance of the proposed method.

Model Calibration in Option Pricing

Directory of Open Access Journals (Sweden)

Andre Loerx

2012-04-01

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

Lunar Transportation Facilities and Operations Study, option 1

Science.gov (United States)

1991-05-01

Throughout the Option I period of the Lunar Transportation Facilities and Operations Study (LTFOS), McDonnell Douglas Space Systems Company - Kennedy Space Center (MDSSC-KSC) provided support to both the Planetary Surface Systems (PSS) Office at the National Aeronautics and Space Administration (NASA) at the Johnson Space Center and to the Flight and Ground Systems Projects Office (Payload Projects Management) at the Kennedy Space Center. The primary objective of the Option I phase of the study was to assist the above NASA centers in developing Space Exploration Initiative (SEI) concepts. MDSSC-KSC conducted three analyses which provided launch and landing detail to the proposed exploration concepts. One analysis, the Lunar Ejecta Assessment, was conducted to determine the effects of launch and landing a vehicle in a dusty environment. A second analysis, the Thermal/Micrometeoroid Protection Trade Study, was refined to determine the impacts that Reference Architecture Option 5A would have on thermal/micrometeoroid protection approaches. The third analysis, the Centaur Prelaunch Procedure Analysis, used a Centaur prelaunch test and checkout flow to identify key considerations that would be important if a Lunar Excursion Vehicle (LEV) was to use an expander cycle liquid oxygen-liquid hydrogen engine. Several 'quick look' assessments were also conducted. One quick look assessment, the Storable Propellant Quick Look Assessment, was conducted to identify design considerations that should be made if storable propellants were to be used instead of liquid oxygen and liquid hydrogen. The LEV Servicer Maintenance Analysis provided an early look at the effort required to maintain an LEV Servicer on the lunar surface. Also, support was provided to the PSS Logistics Manager to develop initial LEV Servicer cost inputs. Consideration was given to the advanced development that must be provided to accomplish a lunar and/or Mars mission. MDSS-KSC also provided support to both MASE

Augmented lagrange hopfield network for economic dispatch with multiple fuel options

International Nuclear Information System (INIS)

Dieu, Vo Ngoc; Ongsakul, Weerakorn; Polprasert, Jirawadee

2011-01-01

This paper proposes an augmented Lagrange Hopfield network (ALHN) for solving economic dispatch (ED) problem with multiple fuel options. The proposed ALHN method is a continuous Hopfield neural network with its energy function based on augmented Lagrangian function. The advantages of ALHN over the conventional Hopfield neural network are easier use, more general applications, faster convergence, better optimal solution, and larger scale of problem implementation. The method solves the problem by directly searching the most suitable fuel among the available fuels of each unit and finding the optimal solution for the problem based on minimization of the energy function of the continuous Hopfield neural network. The proposed method is tested on systems up to 100 units and the obtained results are compared to those from other methods in the literature. The results have shown that the proposed method is efficient for solving the ED problem with multiple fuel options and favorable for implementation in large scale problems.

Fuzzy Optimization of Option Pricing Model and Its Application in Land Expropriation

Directory of Open Access Journals (Sweden)

Aimin Heng

2014-01-01

Full Text Available Option pricing is irreversible, fuzzy, and flexible. The fuzzy measure which is used for real option pricing is a useful supplement to the traditional real option pricing method. Based on the review of the concepts of the mean and variance of trapezoidal fuzzy number and the combination with the Carlsson-Fuller model, the trapezoidal fuzzy variable can be used to represent the current price of land expropriation and the sale price of land on the option day. Fuzzy Black-Scholes option pricing model can be constructed under fuzzy environment and problems also can be solved and discussed through numerical examples.

Models for S&P500 Dynamics: Evidence from Realized Volatility, Daily Returns, and Option Prices

DEFF Research Database (Denmark)

Christoffersen, Peter; Jacobs, Kris; Mimouni, Karim

in the search for alternative specifications. We then estimate the models using maximum likelihood on S&P500 returns. Finally, we employ nonlinear least squares on a panel of option data. In comparison with earlier studies that explicitly solve the filtering problem, we analyze a more comprehensive option data......Most recent empirical option valuation studies build on the affine square root (SQR) stochastic volatility model. The SQR model is a convenient choice, because it yields closed-form solutions for option prices. However, relatively little is known about the resulting biases. We investigate...... alternatives to the SQR model, by comparing its empirical performance with that of five different but equally parsimonious stochastic volatility models. We provide empirical evidence from three different sources. We first use realized volatilities to assess the properties of the SQR model and to guide us...

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.)

The Perpetual American Put Option for Jump-Diffusions

OpenAIRE

Aase, Knut K.

2010-01-01

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

Chapter 13, Policy options: North America

Science.gov (United States)

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

2012-01-01

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

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

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

International Nuclear Information System (INIS)

Perelló, Josep; Masoliver, Jaume; Sircar, Ronnie

2008-01-01

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

Women's experiences of three early miscarriage management options: a qualitative study.

Science.gov (United States)

Smith, Lindsay F; Frost, Julia; Levitas, Ruth; Bradley, Harriet; Garcia, Jo

2006-03-01

Miscarriage affects around one in six pregnancies. Much research has taken place identifying the consequences of this for parents but is mainly quantitative. Of the limited qualitative studies, none have explored women's experiences of the methods of miscarriage management received. To assess the social and personal impact of different management methods (expectant, medical and surgical) on women's experience of first trimester miscarriage. Qualitative interviews using a topic guide with a purposive cohort of four categories of women (each management method plus non-participants) 6 months to 1 year after first trimester miscarriage. Focus groups with both research participants and health workers. Women from three hospitals in the South West of England that participated in the Miscarriage Treatment (MIST) trial. Seventy-two interviews were undertaken between September 1999 and June 2000. There were also five focus groups (47 participants) and two feedback sessions (8 participants) with written feedback from 12 women. Interviews lasted 0.5-2.5 hours generating over 2000 A4 pages of transcripts. The transcripts were analysed for common themes, using standard proformas, which were filled in by individual team members and then discussed by the whole research team. Iterative readings in the light of new emerging issues ensured that new themes could be identified throughout the analytical process. All transcripts were then encoded for the identified themes using NUDIST. Common themes emerged across all management options although some were specific to just one or two management options. The five major themes arising out of the data analysis were: intervention; experiences of care; finality; the 'baby'; and pain and bleeding. Women's experiences and beliefs vary widely and their preferences need to be considered in their early miscarriage management. The three methods have different benefits and problems from the women's point of view. Competence and caring from

Women's experiences of three early miscarriage management options a qualitative study

Science.gov (United States)

Smith, Lindsay F; Frost, Julia; Levitas, Ruth; Bradley, Harriet; Garcia, Jo

2006-01-01

Background Miscarriage affects around one in six pregnancies. Much research has taken place identifying the consequences of this for parents but is mainly quantitative. Of the limited qualitative studies, none have explored women's experiences of the methods of miscarriage management received. Aim To assess the social and personal impact of different management methods (expectant, medical and surgical) on women's experience of first trimester miscarriage. Design of study Qualitative interviews using a topic guide with a purposive cohort of four categories of women (each management method plus non-participants) 6 months to 1 year after first trimester miscarriage. Focus groups with both research participants and health workers. Setting Women from three hospitals in the South West of England that participated in the Miscarriage Treatment (MIST) trial. Method Seventy-two interviews were undertaken between September 1999 and June 2000. There were also five focus groups (47 participants) and two feedback sessions (8 participants) with written feedback from 12 women. Interviews lasted 0.5–2.5 hours generating over 2000 A4 pages of transcripts. The transcripts were analysed for common themes, using standard proformas, which were filled in by individual team members and then discussed by the whole research team. Iterative readings in the light of new emerging issues ensured that new themes could be identified throughout the analytical process. All transcripts were then encoded for the identified themes using NUDIST. Results Common themes emerged across all management options although some were specific to just one or two management options. The five major themes arising out of the data analysis were: intervention; experiences of care; finality; the ‘baby’; and pain and bleeding. Conclusions Women's experiences and beliefs vary widely and their preferences need to be considered in their early miscarriage management. The three methods have different benefits and

Manager’s Flexibility & Cancellation Option: Insights of a Case Study in the Latin American Oil Industry

Directory of Open Access Journals (Sweden)

Arthur Ridolfo Neto

2017-05-01

Full Text Available Purpose: This article focused on the main business insights of the use of Real Options valuation analysis in the eyes of a finance professional. It used a case study of an investment opportunity in the oil and gas field services industry in Latin America to discuss the methodology implementation and its insights. As a secondary objective, it discussed the insights and options embedded in this investment opportunity.Methodology: The investment opportunity was examined using the Real Options Analysis (ROA framework and the results compared to the traditional methodology of Net Present Value. The valuation technique was performed as if it had been applied at the time the project was approved.Findings: The most important of Real Option valuation is not the results, but how one arrives at them. After the project value is calculated and the project approved or not, the Real Option valuation requires and supports the monitoring of the project. By understanding how the options are created, managers can make better decisions about the project after it was approved.Practical implications: A relevant contribution from the study was the discussion, as a practitioner, of the methodology implementation in a real world corporation. Originality & value: The case study evaluated two types of real options: first, the effect of an option to cancel a contract that was assessed from the perspective of the client contracting the project; and second, the option to abandon and defer, from the perspective of the company that will perform the investment to provide the services. By incorporating the cost of the put option that the company puts forth for the client (cancellation option it reduces the project value by giving flexibility to its clients.

[Alaskan commodities irradiation project: An options analysis study

International Nuclear Information System (INIS)

Zarling, J.P.; Swanson, R.B.; Logan, R.R.

1989-09-01

The ninety-ninth US Congress commissioned a six-state food irradiation research and development program to evaluate the commercial potential of this technology. Hawaii, Washington, Iowa, Oklahoma and Florida as well as Alaska have participated in the national program; various food products including fishery products, red meats, tropical and citrus fruits and vegetables have been studied. The purpose of the Alaskan study was to review and evaluate those factors related to the technical and economic feasibility of an irradiator in Alaska. This options analysis study will serve as a basis for determining the state's further involvement in the development of food irradiation technology

Radiological impacts of spent nuclear fuel management options. A comparative study

International Nuclear Information System (INIS)

2000-01-01

Given its potential significance for public health and the environment, the impact of radioactive releases during important steps of nuclear energy production must be considered when selecting among different fuel cycles. With this in mind, the OECD Nuclear Energy Agency (NEA) has undertaken a comparative study to the radiological impacts of two main fuel cycle options : one with and one without reprocessing of spent nuclear fuel. The study compares the respective impacts of the two options based on generic models and assumptions as well as actual data. It concludes that the difference between them is not significant. A wealth of recent data assembled and evaluated by an international expert team is provided in annex. (authors)

Treatment options in otitis media with effusion.

Science.gov (United States)

Upadhya, Ila; Datar, J

2014-01-01

Secretary Otitis media with effusion (OME) is the accumulation of mucus in the middle ear and sometimes in the mastoid air cell system. The main etiological factor is alteration in mucociliary system of middle ear secondary to ET malfunction which may be primary or secondary. OME is the cause of concern due to its occurance in paediatric age group, highest at 2 years of age, presenting as impairment of hearing leading to delayed speech and language development, poor academic performance and behavioral problems. In spite of this there are no confirmed guidelines of treatment to overcome. Many treatment options are available medical as well as surgical. Prospective study conducted to evaluate various treatment options revealed that auto inflation of ET is the main stay of treatment. If the ET malfunction is due to any reasons like adenoids, deviated nasal septum, hypertrophied turbinates or any other cause surgical intervention of the same gives 100% results. Medical management gives good results but recurrence is equally common.

Technology assessment of various coal-fuel options

International Nuclear Information System (INIS)

Coenen, R.; Findling, B.; Klein-Vielhauer, S.; Nieke, E.; Paschen, H.; Tangen, H.; Wintzer, D.

1991-01-01

The technology assessment (TA) study of coal-based fuels presented in this report was performed for the Federal Ministry for Research and Technology. Its goal was to support decision-making of the Federal Ministry for Research and Technology in the field of coal conversion. Various technical options of coal liquefaction have been analyzed on the basis of hard coal as well as lignite -- direct liquefaction of coal (hydrogenation) and different possibilities of indirect liquefaction, that is the production of fuels (methanol, gasoline) by processing products of coal gasification. The TA study takes into consideration the entire technology chain from coal mining via coal conversion to the utilization of coal-based fuels in road transport. The analysis focuses on costs of the various options, overall economic effects, which include effects on employment and public budgets, and on environmental consequences compared to the use of liquid fuels derived from oil. Furthermore, requirements of infrastructure and other problems of the introduction of coal-based fuels as well as prospects for the export of technologies of direct and indirect coal liquefaction have been analyzed in the study. 14 figs., 10 tabs

Exit Options in Corporate Finance: Liquidity versus Incentives

OpenAIRE

Aghion, Philippe; Bolton, P.; Tirole, J.

2004-01-01

This paper provides a first study of the optimal design of active monitors' exit options in a problem involving a demand for liquidity and costly monitoring of the issuer. Optimal incentives to monitor the issuer may involve restricting the monitor's right to sell her claims on the firm's cash-flow early. But the monitor will then require a liquidity premium for holding such an illiquid claim. In general, therefore, there will be a trade off between incentives and liquidity. The paper highlig...

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

Science.gov (United States)

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

2018-01-01

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

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.

Determining ''Best Practicable Environmental Options'' for final waste disposal of radioactive waste

International Nuclear Information System (INIS)

Smith, Graham

1999-01-01

This presentation discusses some ideas on what the Best Practical Environmental Option (BPEO) process should include. A BPEO study to help develop a radioactive waste management strategy should not only look at post-closure safety of a facility. In the UK there was a 1986 Study of BPEOs for management of low and intermediate level radioactive wastes. This study tried to answer important questions such as (1) What are the practical options, (2) Which wastes should go to shallow burial, (3) Which wastes should go to sea disposal, (4) How does storage compare with disposal and (5) What are the cost and environmental trade-offs. The presentation discusses what was done to answer the questions. The BPEO Study resulted in major improved effort to characterise waste, much greater quantitative understanding of where and when the real costs, and environmental and radiological impacts arise. All options would be useful within a national strategy. But there was clearly a need for resolution of political acceptance problems, integration of policy with other hazardous waste management, and stronger legal framework

Improving Decision Making for Feeding Options in Advanced Dementia: A Randomized, Controlled Trial

Science.gov (United States)

Hanson, Laura C.; Carey, Timothy S.; Caprio, Anthony J.; Lee, Tae Joon; Ersek, Mary; Garrett, Joanne; Jackman, Anne; Gilliam, Robin; Wessell, Kathryn; Mitchell, Susan L.

2011-01-01

Background Feeding problems are common in dementia, and decision-makers have limited understanding of treatment options. Objectives To test whether a decision aid improves quality of decision-making about feeding options in advanced dementia. Design Cluster randomized controlled trial. Setting 24 nursing homes in North Carolina Participants Residents with advanced dementia and feeding problems and their surrogates. Intervention Intervention surrogates received an audio or print decision aid on feeding options in advanced dementia. Controls received usual care. Measurements Primary outcome was the Decisional Conflict Scale (range 1–5) measured at 3 months; other main outcomes were surrogate knowledge, frequency of communication with providers, and feeding treatment use. Results 256 residents and surrogate decision-makers were recruited. Residents’ average age was 85; 67% were Caucasian and 79% were women. Surrogates’ average age was 59; 67% were Caucasian, and 70% were residents’ children. The intervention improved knowledge scores (16.8 vs 15.1, paid about feeding options in advanced dementia reduced decisional conflict for surrogates and increased their knowledge and communication about feeding options with providers. PMID:22091750

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.

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...

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...

Preliminary study of possible ORELA replacement options

International Nuclear Information System (INIS)

Olsen, D.K.; Martin, J.A.; Horen, D.J.

1984-06-01

Based on two conceptual design studies performed by the LANL Accelerator Technology Division, the possibilities in terms of accelerator systems for replacing ORELA with a more intense Maxwellian-type continuous-energy neutron source are summarized and discussed. The neutron intensities from ORELA are compared with those from existing or potential accelerator systems used for cross-section and condensed-matter studies. The best replacement options seem to involve a spallation source from 200- to 400-MeV protons on an ORELA-like target. Pulsing and intensity desiderata with such a source are discussed which correspond to a spectrum-averaged 100-fold improved figure of merit over ORELA for TOF measurements with only a tenfold increased source strength. Existing accelerator designs seem to be inadequate for such a source. Consequently, two conceptual designs were developed for this study by the LANL Accelerator Technology Division. The first conceptual design is for a 200-MeV large linac capable of accelerating 1.3 A during a macropulse; this linac standing alone could serve as an ORELA replacement source. The second conceptual design is for a much smaller 250-MeV PIGMI linac with a 28-mA macropulse current which feeds a proton accumulator ring and bunch-compressor transport line. This linac-ring-compressor (LIRIC) option would give a more cost-effective neutron source for cross-section measurements, whereas the large linac, or a modified version of it, would give a much simpler system more suitable for expansion. In particular, both conceptual designs would incorporate the present ORELA building and would provide approximately 100-fold improved neutron sources over ORELA for cross-section measurements. The total estimated cost of the LIRIC system would be $43M (1984), whereas the cost of the large linac would be about a factor of two more. 55 references, 11 figures, 19 tables

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

Impact of Flexibility Options on Grid Economic Carrying Capacity of Solar and Wind: Three Case Studies

Energy Technology Data Exchange (ETDEWEB)

Denholm, Paul [National Renewable Energy Lab. (NREL), Golden, CO (United States); Novacheck, Joshua [National Renewable Energy Lab. (NREL), Golden, CO (United States); Jorgenson, Jennie [National Renewable Energy Lab. (NREL), Golden, CO (United States); O' Connell, Matthew [National Renewable Energy Lab. (NREL), Golden, CO (United States)

2016-12-01

In this study, we attempt to quantify the benefits of various options of grid flexibility by measuring their impact on two measures: economic carrying capacity and system costs. Flexibility can increase ECC and reduce overall system costs. In some cases, options that provide a limited increase in ECC can provide significant operational savings, thus demonstrating the need to evaluate flexibility options using multiple metrics. The value of flexibility options varies regionally due to different generation mixes and types of renewables. The more rapid decline in PV value compared to wind makes PV more dependent on adding flexibility options, including transmission and energy storage.

Study the Problem.

Science.gov (United States)

Choate, Joyce S.

1990-01-01

The initial step of a strategic process for solving mathematical problems, "studying the question," is discussed. A lesson plan for teaching students to identify and revise arithmetic problems is presented, involving directed instruction and supervised practice. (JDD)

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.

Tooth wear : a systematic review of treatment options

NARCIS (Netherlands)

Muts, Erik-Jan; van Pelt, Hans; Edelhoff, Daniel; Krejci, Ivo; Cune, Marco

2014-01-01

STATEMENT OF PROBLEM: Treatment of tooth wear is increasing. Because no evidence-based guidelines are available, the clinician may have difficulties deciding which treatment option to choose to resolve complex situations. PURPOSE: The purpose of this systematic review was to identify similarities

Smoothing the payoff for efficient computation of Basket option prices

KAUST Repository

Bayer, Christian

2017-07-22

We consider the problem of pricing basket options in a multivariate Black–Scholes or Variance-Gamma model. From a numerical point of view, pricing such options corresponds to moderate and high-dimensional numerical integration problems with non-smooth integrands. Due to this lack of regularity, higher order numerical integration techniques may not be directly available, requiring the use of methods like Monte Carlo specifically designed to work for non-regular problems. We propose to use the inherent smoothing property of the density of the underlying in the above models to mollify the payoff function by means of an exact conditional expectation. The resulting conditional expectation is unbiased and yields a smooth integrand, which is amenable to the efficient use of adaptive sparse-grid cubature. Numerical examples indicate that the high-order method may perform orders of magnitude faster than Monte Carlo or Quasi Monte Carlo methods in dimensions up to 35.

Impact of Flexibility Options on Grid Economic Carrying Capacity of Solar and Wind: Three Case Studies

Energy Technology Data Exchange (ETDEWEB)

Denholm, Paul [National Renewable Energy Lab. (NREL), Golden, CO (United States); Novacheck, Joshua [National Renewable Energy Lab. (NREL), Golden, CO (United States); Jorgenson, Jennie [National Renewable Energy Lab. (NREL), Golden, CO (United States); O' Connell, Matthew [National Renewable Energy Lab. (NREL), Golden, CO (United States)

2016-12-01

In this study, we attempt to quantify the benefits of various options of grid flexibility by measuring their impact on two measures: economic carrying capacity and system costs. Flexibility can increase economic carrying capacity and reduce overall system costs. In some cases, options that provide a limited increase in economic carrying capacity can provide significant operational savings, thus demonstrating the need to evaluate flexibility options using multiple metrics. The value of flexibility options varies regionally due to different generation mixes and types of renewables. The more rapid decline in PV value compared to wind makes PV more dependent on adding flexibility options, including transmission and energy storage.

Analysis on one type of swing option in the energy market

International Nuclear Information System (INIS)

Mistry, Hetal A.

2005-01-01

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

Time-changed geometric fractional Brownian motion and option pricing with transaction costs

Science.gov (United States)

Gu, Hui; Liang, Jin-Rong; Zhang, Yun-Xiu

2012-08-01

This paper deals with the problem of discrete time option pricing by a fractional subdiffusive Black-Scholes model. The price of the underlying stock follows a time-changed geometric fractional Brownian motion. By a mean self-financing delta-hedging argument, the pricing formula for the European call option in discrete time setting is obtained.

Pricing European option with transaction costs under the fractional long memory stochastic volatility model

Science.gov (United States)

Wang, Xiao-Tian; Wu, Min; Zhou, Ze-Min; Jing, Wei-Shu

2012-02-01

This paper deals with the problem of discrete time option pricing using the fractional long memory stochastic volatility model with transaction costs. Through the 'anchoring and adjustment' argument in a discrete time setting, a European call option pricing formula is obtained.

Bee diseases: Examining options for their management in Africa ...

African Journals Online (AJOL)

Bee diseases: Examining options for their management in Africa. ... In Europe and Asia, the problem of damage to bees by Varroa-Mites has ... has become more complicated, more work-intensive and more cost-intensive. ... from 32 Countries:.

Erectile dysfunction management options in Nigeria.

Science.gov (United States)

Afolayan, Anthony Jide; Yakubu, Musa Toyin

2009-04-01

In Nigeria, the prevalence of erectile dysfunction (ED) among patients attending primary care clinics, age-standardized to the U.S. population in 2000 is 57.4%. This is considered high enough to warrant the attention of scientist for critical studies and analysis. The high ED prevalence is associated with etiologies such as psychosexual factors, chronic medical conditions, and some lifestyles. ED constitutes a major public health problem, influencing the patient's well-being and quality of life. It also leads to broken homes and marriages, psychological, social, and physical morbidity. To give an account of various ED management options in Nigeria. Review of peer-reviewed literature, questionnaire, and ethnobotanical survey to some indigenous herb sellers and herbalists. Cross cultural perspectives of ED management in Nigeria. The review suggests that traditional (phytotherapy, zootherapy, and occultism) and nontraditional, orthodox practice (drug therapy, psychological, and behavioral counseling) are applicable to ED management in Nigeria. This review should help in creating awareness into various options available for managing ED in the country, but does not recommend self medication of any form, be it the use of orthodox or herbal remedy.

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

Science.gov (United States)

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

2014-01-01

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

PWR Core II blanket fuel disposition recommendation of storage option study

International Nuclear Information System (INIS)

Dana, C.M.

1995-01-01

After review of the options available for current storage of T Plant Fuel the recommended option is wet storage without the use of chillers. A test has been completed that verifies the maximum temperature reached is below the industrial standard for storage of spent fuel. This option will be the least costly and still maintain the fuel in a safe environment. The options that were evaluated included dry storage with and without chillers, and wet storage with and without chillers. Due to the low decay heat of the Shippingport Core II Blanket fuel assemblies the fuel pool temperature will not exceed 100 deg. F

Nuclear waste disposal: regional options for the Western Pacific

International Nuclear Information System (INIS)

Childs, I.

1985-01-01

The disposal of nuclear waste is a complex environmental problem involving the technology of containing a radiation hazard and the political problem of finding an acceptable site for a hazardous waste facility. The focus of discussion here is the degree to which Western Pacific countries are committed to nuclear power as an energy source, and the political and economic interdependencies in the region which will influence waste disposal options

Status of feasibility study for various technical options of FBR systems

International Nuclear Information System (INIS)

Kani, Yoshio

2000-01-01

JNC (Japan Nuclear Cycle Development Institute) has started a new research project of feasibility studies (F/S) for a wide variety option of fast breeder reactor (FBR) and related fuel cycle in order to develop an economically competitive FBR cycle system fro commercialization. JNC and the electric untilities in Japan have established a new organization in JNC to perform the F/S since July 1, 1999. The organization has undertaken feasibility studies (F/S) in order to determine promising FBR cycle concepts and define necessary RandD tasks. The long-term targets of commercialized FBR cycle system are set as ensuring safety, economic competitiveness relative to future LWRs, efficient utilization of resources, reduction in environmental burden, and enhancement of nuclear non-proliferation. This paper describes the progress of design studies for a wide variety of technical options of FBR plants in the framework of the F/S. We make efforts towards considering all key issues so as not to fail to notice the best concept in a commercialized stage. In the study of technical options, the identified coolant types are sodium, heavy metal (lead and lead-bismuth), gas (carbon dioxide and helium ) and water (boiling water, pressurized water and supercritical water). The classified types of fuel are mixed oxide, nitride and metal. Design studies of small size modular plant concepts are also performed. We study many reactor concepts in combination with a coolant type and a fuel type, understand characteristics of each reactor concept based on our experience and an extensive survey of literature, and make a draft design of each reactor concept for rough estimation of construction costs. We also check how far the concept accomplishes each index (safety, economy, resource utilization, etc.) of design requirements, and will select several promising reactor concepts. (author)

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

Energy Technology Data Exchange (ETDEWEB)

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

2015-10-15

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

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

International Nuclear Information System (INIS)

El Farouq, Naïma; Bernhard, Pierre

2015-01-01

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

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.

Fuzzy logic application for extruders replacement problem

Directory of Open Access Journals (Sweden)

Edison Conde Perez dos Santos

2017-03-01

Full Text Available In a scenario of uncertainty and imprecision, before taking the replacement analysis, a manager needs to consider the uncertain reality of a problem. In this scenario, the fuzzy logic makes an excellent option. Therefore, it is necessary to make a decision based on the fuzzy model. This study is based on the comparison of two methodologies used in the problem of asset replacement. The study, thus, was based on a comparison between two extruders for polypropylene yarn bibliopegy, comparing mainly the costs involved in maintaining the equipment.

Feynman path integral application on deriving black-scholes diffusion equation for european option pricing

International Nuclear Information System (INIS)

Utama, Briandhika; Purqon, Acep

2016-01-01

Path Integral is a method to transform a function from its initial condition to final condition through multiplying its initial condition with the transition probability function, known as propagator. At the early development, several studies focused to apply this method for solving problems only in Quantum Mechanics. Nevertheless, Path Integral could also apply to other subjects with some modifications in the propagator function. In this study, we investigate the application of Path Integral method in financial derivatives, stock options. Black-Scholes Model (Nobel 1997) was a beginning anchor in Option Pricing study. Though this model did not successfully predict option price perfectly, especially because its sensitivity for the major changing on market, Black-Scholes Model still is a legitimate equation in pricing an option. The derivation of Black-Scholes has a high difficulty level because it is a stochastic partial differential equation. Black-Scholes equation has a similar principle with Path Integral, where in Black-Scholes the share's initial price is transformed to its final price. The Black-Scholes propagator function then derived by introducing a modified Lagrange based on Black-Scholes equation. Furthermore, we study the correlation between path integral analytical solution and Monte-Carlo numeric solution to find the similarity between this two methods. (paper)

ATR Spent Fuel Options Study

International Nuclear Information System (INIS)

Connolly, Michael James; Bean, Thomas E.; Brower, Jeffrey O.; Luke, Dale E.; Patterson, M. W.; Robb, Alan K.; Sindelar, Robert; Smith, Rebecca E.; Tonc, Vincent F.; Tripp, Julia L.; Winston, Philip L.

2017-01-01

The Advanced Test Reactor (ATR) is a materials and fuels test nuclear reactor that performs irradiation services for the U.S. Department of Energy (DOE) Office of Nuclear Energy (NE), Naval Reactors, the National Nuclear Security Administration (NNSA), and other research programs. ATR achieved initial criticality in 1967 and is expected to operate in support of needed missions until the year 2050 or beyond. It is anticipated that ATR will generate approximately 105 spent nuclear fuel (SNF) elements per year through the year 2050. Idaho National Laboratory (INL) currently stores 2,008 ATR SNF elements in dry storage, 976 in wet storage, and expects to have 1,000 elements in wet storage before January 2017. A capability gap exists at INL for long-term (greater than the year 2050) management, in compliance with the Idaho Settlement Agreement (ISA), of ATR SNF until a monitored retrievable geological repository is open. INL has significant wet and dry storage capabilities that are owned by the DOE Office of Environmental Management (EM) and operated and managed by Fluor Idaho, which include the Idaho Nuclear Technology and Engineering Center's (INTEC's) CPP-666, CPP-749, and CPP-603. In addition, INL has other capabilities owned by DOE-NE and operated and managed by Battelle Energy Alliance, LLC (BEA), which are located at the Materials and Fuel Complex (MFC). Additional storage capabilities are located on the INL Site at the Naval Reactors Facility (NRF). Current INL SNF management planning, as defined in the Fluor Idaho contract, shows INTEC dry fuel storage, which is currently used for ATR SNF, will be nearly full after transfer of an additional 1,000 ATR SNF from wet storage. DOE-NE tasked BEA with identifying and analyzing options that have the potential to fulfill this capability gap. BEA assembled a team comprised of SNF management experts from Fluor Idaho, Savannah River Site (SRS), INL/BEA, and the MITRE Corp with an objective of developing and analyzing

ATR Spent Fuel Options Study

Energy Technology Data Exchange (ETDEWEB)

Connolly, Michael James [Idaho National Lab. (INL), Idaho Falls, ID (United States); Bean, Thomas E. [Idaho National Lab. (INL), Idaho Falls, ID (United States); Brower, Jeffrey O. [Idaho National Lab. (INL), Idaho Falls, ID (United States); Luke, Dale E. [Idaho National Lab. (INL), Idaho Falls, ID (United States); Patterson, M. W. [Idaho National Lab. (INL), Idaho Falls, ID (United States); Robb, Alan K. [Idaho National Lab. (INL), Idaho Falls, ID (United States); Sindelar, Robert [Idaho National Lab. (INL), Idaho Falls, ID (United States); Smith, Rebecca E. [Idaho National Lab. (INL), Idaho Falls, ID (United States); Tonc, Vincent F. [Idaho National Lab. (INL), Idaho Falls, ID (United States); Tripp, Julia L. [Idaho National Lab. (INL), Idaho Falls, ID (United States); Winston, Philip L. [Idaho National Lab. (INL), Idaho Falls, ID (United States)

2017-01-01

The Advanced Test Reactor (ATR) is a materials and fuels test nuclear reactor that performs irradiation services for the U.S. Department of Energy (DOE) Office of Nuclear Energy (NE), Naval Reactors, the National Nuclear Security Administration (NNSA), and other research programs. ATR achieved initial criticality in 1967 and is expected to operate in support of needed missions until the year 2050 or beyond. It is anticipated that ATR will generate approximately 105 spent nuclear fuel (SNF) elements per year through the year 2050. Idaho National Laboratory (INL) currently stores 2,008 ATR SNF elements in dry storage, 976 in wet storage, and expects to have 1,000 elements in wet storage before January 2017. A capability gap exists at INL for long-term (greater than the year 2050) management, in compliance with the Idaho Settlement Agreement (ISA), of ATR SNF until a monitored retrievable geological repository is open. INL has significant wet and dry storage capabilities that are owned by the DOE Office of Environmental Management (EM) and operated and managed by Fluor Idaho, which include the Idaho Nuclear Technology and Engineering Center’s (INTEC’s) CPP-666, CPP-749, and CPP-603. In addition, INL has other capabilities owned by DOE-NE and operated and managed by Battelle Energy Alliance, LLC (BEA), which are located at the Materials and Fuel Complex (MFC). Additional storage capabilities are located on the INL Site at the Naval Reactors Facility (NRF). Current INL SNF management planning, as defined in the Fluor Idaho contract, shows INTEC dry fuel storage, which is currently used for ATR SNF, will be nearly full after transfer of an additional 1,000 ATR SNF from wet storage. DOE-NE tasked BEA with identifying and analyzing options that have the potential to fulfill this capability gap. BEA assembled a team comprised of SNF management experts from Fluor Idaho, Savannah River Site (SRS), INL/BEA, and the MITRE Corp with an objective of developing and analyzing

Comparative studies of energy supply options in Poland for 1997-2020

International Nuclear Information System (INIS)

2002-08-01

Poland depends heavily on coal to satisfy national demands for electricity. Currently, over 90% of electricity generation is produced by coal fired power plants. Because of the large dependence on coal and environmental impacts of large-scale coal combustion the country looks for a more diversified energy mix. As ways of diversification, Poland is considering the expanded role of natural gas and, potentially, nuclear power in the future energy mix. This publication describes the analysis of several diversification options for the Polish energy sector conducted by a national team in the framework of an IAEA Technical Cooperation project implemented in 1999-2000. The project provided a set of proven IAEA methodologies and tools that was utilized for a comprehensive analysis and comparison of the options including their economic competitiveness and environmental impacts. The publication is intended primarily for senior experts and technical staff in governmental organizations, research institutes, industries and utilities, who are in charge of technical analysis or decision making related to long term energy and power supply options. The report was prepared in 2001 by the staff of the Energy Market Agency (EMA, Warsaw, Poland) that was the leading Polish organization in carrying out the study

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

Directory of Open Access Journals (Sweden)

Fernanda Finotti Cordeiro Perobelli

2009-07-01

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

Options identification programme for demonstration of nuclear desalination

International Nuclear Information System (INIS)

1996-08-01

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

Preliminary study of the nuclear power option in Belarus

International Nuclear Information System (INIS)

Grusha, N.M.; Kazazyan, V.T.; Malykhin, A.P.; Mikhalevich, A.A.; Yakushau, A.P.; Yaroshevich, O.I.

1999-01-01

The Republic of Belarus possesses an economy with many energy intensive branches. At the same time the share of domestic energy resources is about 15% of total energy demand. The share of the payment for primary energy resources reaches 60% or USD 2 billion of the total energy import. That is comparable with the annual state budget. In addition to that, about half of the installed capacities have reached their operation life and 90% of the units have to be retrofitted or replaced until 2010. Thus, the problem of energy supply is one of the most important ones for Belarus' economy. The nuclear power appears to be one of the possible ways for solving the energy demand problem in Belarus which has, as in case of many countries of Central and South-Eastern Europe, limited energy resources. In 1992 - 1994 the works for studying the possibility of NPP siting were recommenced and six relatively competitive sites have been chosen out from 54 possible locations for NPP siting. Parallely, works on assessment of environmental NPP effect in these sites were carried out. As concerning the reactors to be purchased and installed in the sites selected, the following options were taken into consideration: PWR of American Company WESTINGHOUSE; PWR N4 of France Company FRAMATOME; PWR KONVOI of German Company SIEMENS. Also promising are the new generation of Russian Reactor NPP, namely NPP - 91, NPP - 92 and NPP with NGWWER - 640 reactors. Preliminary assessment having in view the feasibility characteristics, safety, reliability as well as the degree of completion shows the Russian projects NPP - 92 and NGWWER - 640 as more preferably at present. Concerning the radioactive waste management, sites for storing low and medium active waste have been determined as well as regions for high active waste disposal. At present Belarus Republic disposes of a definite production, engineering and scientific potential, which can be used when the nuclear power program will be launched. Construction

Analytic Approximations to the Free Boundary and Multi-dimensional Problems in Financial Derivatives Pricing

Science.gov (United States)

Lau, Chun Sing

This thesis studies two types of problems in financial derivatives pricing. The first type is the free boundary problem, which can be formulated as a partial differential equation (PDE) subject to a set of free boundary condition. Although the functional form of the free boundary condition is given explicitly, the location of the free boundary is unknown and can only be determined implicitly by imposing continuity conditions on the solution. Two specific problems are studied in details, namely the valuation of fixed-rate mortgages and CEV American options. The second type is the multi-dimensional problem, which involves multiple correlated stochastic variables and their governing PDE. One typical problem we focus on is the valuation of basket-spread options, whose underlying asset prices are driven by correlated geometric Brownian motions (GBMs). Analytic approximate solutions are derived for each of these three problems. For each of the two free boundary problems, we propose a parametric moving boundary to approximate the unknown free boundary, so that the original problem transforms into a moving boundary problem which can be solved analytically. The governing parameter of the moving boundary is determined by imposing the first derivative continuity condition on the solution. The analytic form of the solution allows the price and the hedging parameters to be computed very efficiently. When compared against the benchmark finite-difference method, the computational time is significantly reduced without compromising the accuracy. The multi-stage scheme further allows the approximate results to systematically converge to the benchmark results as one recasts the moving boundary into a piecewise smooth continuous function. For the multi-dimensional problem, we generalize the Kirk (1995) approximate two-asset spread option formula to the case of multi-asset basket-spread option. Since the final formula is in closed form, all the hedging parameters can also be derived in

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

Energy Technology Data Exchange (ETDEWEB)

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

2013-03-15

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

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

International Nuclear Information System (INIS)

Hanan, Deirdre; Burnley, Stephen; Cooke, David

2013-01-01

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

Study of the Alsys implementation of the Catalogue of Interface Features and Options for the Ada language for 80386 Unix

Science.gov (United States)

Gibson, James S.; Barnes, Michael J.; Ostermiller, Daniel L.

1993-01-01

A set of programs was written to test the functionality and performance of the Alsys Ada implementation of the Catalogue of Interface Features and Options (CIFO), a set of optional Ada packages for real-time applications. No problems were found with the task id, preemption control, or shared-data packages. Minor problems were found with the dispatching control, dynamic priority, events, non-waiting entry call, semaphore, and scheduling packages. The Alsys implementation is derived mostly from Release 2 of the CIFO standard, but includes some of the features of Release 3 and some modifications unique to Alsys. Performance measurements show that the semaphore and shared-data features are an order-of-magnitude faster than the same mechanisms using an Ada rendezvous. The non-waiting entry call is slightly faster than a standard rendezvous. The existence of errors in the implementation, the incompleteness of the documentation from the published standard impair the usefulness of this implementation. Despite those short-comings, the Alsys CIFO implementation might be of value in the development of real-time applications.

A scenario exploration of strategic land use options for the Loess Plateau in northern China

NARCIS (Netherlands)

Lu, C.H.; Ittersum, van M.K.; Rabbinge, R.

2004-01-01

Soil-loss, food insecurity, population pressure and low income of the rural population are interrelated problems in the Loess Plateau of northern China, and result in a spiral of unsustainability. This paper examines Ansai County as a case study to explore strategic land use options that may meet

A feasability study of possible machine options

International Nuclear Information System (INIS)

Asner, A.; Baconnier, Y.; Barbalat, O.; Bassetti, M.; Benvenuti, C.; Billinge, R.; Boussard, D.; Brandt, D.; Brianti, G.; Calder, R.; Evans, L.R.; Fasso, A.; Gareyte, J.; Garoby, R.; Goebel, K.; Groebner, O.; Haebel, E.; Hagedorn, D.; Henke, H.; Hilleret, N.; Hoefert, M.; Huebner, K.; Hutton, A.; Johnson, K.; Jowett, J.; Keil, E.; Laurent, J.M.; Lebrun, P.; Leroy, D.; Morpurgo, M.; Myers, S.; Perin, R.; Picasso, E.; Poncet, A.; Reinhardt, H.P.; Resegotti, L.; Rubbia, C.; Scandale, W.; Schmid, J.; Schnell, W.; Schoenbacher, H.; Stevenson, G.; Tortschanoff, T.; Vos, L.; Weisse, E.; Wilson, I.; Wolf, R.; Zotter, B.

1984-01-01

This feasibility study deals with proton-proton and proton-antiproton colliders with centre-of-mass energies from 10 to 18 TeV, which could be installed in the tunnel after the completion of LEP. Since the main purpose of the study is to determine the influence of limitations in space and technology, most of the work has been devoted to the proton-proton option at the higher energy which, while being the most demanding holds the promise of best performance (luminosity up to approx.= 10 33 cm -2 s -1 ) and greatest reliability. It turns out that the space in the tunnel above LEP will be quite adequate. Proton-antiproton operation would also be possible in such a machine at lower luminosity. Of course the tunnel could also house a single-channel proton-antiproton collider, operating up to the highest energy but at a lower luminosity. (orig.)

Approach to studying the nuclear power option in Malaysia

International Nuclear Information System (INIS)

Jamal Khair Ibrahim; Mohamad Zam Zam

1986-01-01

As a rapid growth in industrialisation and population policy, energy consumption in Malaysia has increased cosiderably. The nation is pursuing a course of diversification of primary energy sources: gas, hydro, coal and oil. Recently nuclear power programme is assessed and evaluated as another energy option in the fuel strategy. Studies of infrastructure, manpower technological and other related considerations are included. Impacts and policy implications of the introduction of nuclear power in Malaysia are also discussed. (A.J.)

Feasibility Study for the Ivano-Frankivsk District Heating Repowering: Analysis of Options

Energy Technology Data Exchange (ETDEWEB)

Markel, L.; Popelka, A.; Laskarevsky, V.

2002-03-20

Part of the U.S. Initiative on Joint Implementation with the Ukraine Inter-Ministerial Commission on Climate Change, financed by the US Department of Energy. The project was implemented by a team consisting of the US company SenTech, Inc. and the Ukrainian company Esco-West. The main objective of the effort was to assess available alternatives of Ivano-Frankivsk (I-F) District Heating repowering and provide information for I-F's investment decision process. This study provides information on positive and negative technical and economic aspects of available options. Three options were analyzed for technical merit and economic performance: 1. Installation of cogeneration system based on Gas Turbine (GT) and Heat Recovery Heat Exchanger with thermal capacity of 30 MW and electrical capacity of 13.5 MW. This Option assumes utilization of five existing boilers with total capacity of 221 MW. Existing boilers will be equipped with modern controls. Equipment in this Option was sized for longest operating hours, about 8000 based on the available summer baseload. 2. Installation of Gas Turbine Combined Cycle (GTCC) and Heat Recovery Steam Generator (HRSG) with thermal capacity 45 MW and electrical capacity of 58.7 MW. This Option assumes utilization of five existing boilers with total capacity of 221 MW. Existing boilers will be equipped with modern controls. The equipment was sized for medium, shoulder season thermal load, and some cooling was assumed during the summer operation for extension of operating hours for electricity production. 3. Retrofit of six existing boilers (NGB) with total thermal capacity of 255.9 MW by installation of modern control system and minor upgrades. This option assumes only heat production with minimum investment. The best economic performance and the largest investment cost would result from alternative GTCC. This alternative has positive Net Present Value (NPV) with discount rate lower than about 12%, and has IRR slightly above 12%. The

Strategic Options Development and Analysis

Science.gov (United States)

Ackermann, Fran; Eden, Colin

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

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....

Spatial management of invasive species : Pathways and policy options

NARCIS (Netherlands)

Sanchirico, James N.; Albers, Heidi J.; Fischer, Carolyn; Coleman, Conrad

2010-01-01

In addressing the problem of invasive species, decision makers have a variety of options, each targeting different aspects as it evolves over time and space. We develop a 2-region bioeconomic model that includes several transmission pathways that spread the invader. Within each region, inspections,

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...

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...

Nanotechnology for sustainability: what does nanotechnology offer to address complex sustainability problems?

Energy Technology Data Exchange (ETDEWEB)

Wiek, Arnim, E-mail: arnim.wiek@asu.edu; Foley, Rider W. [Arizona State University, School of Sustainability (United States); Guston, David H. [Arizona State University, Center for Nanotechnology in Society, Consortium for Science, Policy and Outcomes (United States)

2012-09-15

Nanotechnology is widely associated with the promise of positively contributing to sustainability. However, this view often focuses on end-of-pipe applications, for instance, for water purification or energy efficiency, and relies on a narrow concept of sustainability. Approaching sustainability problems and solution options from a comprehensive and systemic perspective instead may yield quite different conclusions about the contribution of nanotechnology to sustainability. This study conceptualizes sustainability problems as complex constellations with several potential intervention points and amenable to different solution options. The study presents results from interdisciplinary workshops and literature reviews that appraise the contribution of the selected nanotechnologies to mitigate such problems. The study focuses exemplarily on the urban context to make the appraisals tangible and relevant. The solution potential of nanotechnology is explored not only for well-known urban sustainability problems such as water contamination and energy use but also for less obvious ones such as childhood obesity. Results indicate not only potentials but also limitations of nanotechnology's contribution to sustainability and can inform anticipatory governance of nanotechnology in general, and in the urban context in particular.

Nanotechnology for sustainability: what does nanotechnology offer to address complex sustainability problems?

International Nuclear Information System (INIS)

Wiek, Arnim; Foley, Rider W.; Guston, David H.

2012-01-01

Nanotechnology is widely associated with the promise of positively contributing to sustainability. However, this view often focuses on end-of-pipe applications, for instance, for water purification or energy efficiency, and relies on a narrow concept of sustainability. Approaching sustainability problems and solution options from a comprehensive and systemic perspective instead may yield quite different conclusions about the contribution of nanotechnology to sustainability. This study conceptualizes sustainability problems as complex constellations with several potential intervention points and amenable to different solution options. The study presents results from interdisciplinary workshops and literature reviews that appraise the contribution of the selected nanotechnologies to mitigate such problems. The study focuses exemplarily on the urban context to make the appraisals tangible and relevant. The solution potential of nanotechnology is explored not only for well-known urban sustainability problems such as water contamination and energy use but also for less obvious ones such as childhood obesity. Results indicate not only potentials but also limitations of nanotechnology’s contribution to sustainability and can inform anticipatory governance of nanotechnology in general, and in the urban context in particular.

The perpetual American put option for jump-diffusions with applications

OpenAIRE

Aase, Knut K.

2005-01-01

In this paper, we solve an optimal stopping problem with an infinite time horizon, when the state variable follows a jump-diffusion. Under certain conditions our solution can be interpreted as the price of an American perpetual put option, when the underlying asset follows this type of process. We present several examples demonstrating when the solution can be interpreted as a perpetual put price. This takes us into a study of how to risk adjust jump-diffusions. One key observatio...

Controlled Ecological Life Support Systems (CELSS) conceptual design option study

Science.gov (United States)

Oleson, Melvin; Olson, Richard L.

1986-01-01

Results are given of a study to explore options for the development of a Controlled Ecological Life Support System (CELSS) for a future Space Station. In addition, study results will benefit the design of other facilities such as the Life Sciences Research Facility, a ground-based CELSS demonstrator, and will be useful in planning longer range missions such as a lunar base or manned Mars mission. The objectives were to develop weight and cost estimates for one CELSS module selected from a set of preliminary plant growth unit (PGU) design options. Eleven Space Station CELSS module conceptual PGU designs were reviewed, components and subsystems identified and a sensitivity analysis performed. Areas where insufficient data is available were identified and divided into the categories of biological research, engineering research, and technology development. Topics which receive significant attention are lighting systems for the PGU, the use of automation within the CELSS system, and electric power requirements. Other areas examined include plant harvesting and processing, crop mix analysis, air circulation and atmosphere contaminant flow subsystems, thermal control considerations, utility routing including accessibility and maintenance, and nutrient subsystem design.

A Multi-Criteria Decision Analysis of Waste Treatment Options for Food and Biodegradable Waste Management in Japan

Directory of Open Access Journals (Sweden)

Micky A. Babalola

2015-10-01

Full Text Available Dealing with large-scale Food and Biodegradable Waste (FBW often results in many logistical problems and environmental impacts to be considered. These can become great hindrances when the integration of solid waste management is concerned. Extra care is needed to plan such waste disposal or treatment services and facilities, especially with respect to the ecological impact. Decision-making with regards to the sustainable use of these facilities also involves tradeoffs between a number of conflicting objectives, since increasing one benefit may decrease the others. In this study a Multi-Criteria Decision Analysis (MCDA is presented to evaluate different waste management options and their applicability in Japan. The analytical process aims at selecting the most suitable waste treatment option, using pairwise comparisons conducted within a decision hierarchy that was developed through the Analytical Hierarchy Process (AHP. The results of this study show that anaerobic digestion should be chosen as the best FBW treatment option with regards to resource recovery. The study also presents some conditions and recommendations that can enhance the suitability of other options like incineration and composting.

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.

Warranty of Misinforming as an Option in Product Utilization Process

Directory of Open Access Journals (Sweden)

Dimitar Grozdanov Christozov

2016-05-01

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

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

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.

Applying real options in investment decisions relating to environmental pollution

Energy Technology Data Exchange (ETDEWEB)

Lin, Tyrone T. [Department of International Business, National Dong Hwa University, 1, Sec. 2, Da Hsueh Road, Shou-Feng, Hualien 974, Taiwan (China)]. E-mail: tjlin@mail.ndhu.edu.tw; Ko, C.-C. [Department of International Trade, Jin Wen Institute of Technology, Taiwan (China); Yeh, H.-N. [Graduate School of Management, Ming Chuan University, Taiwan (China)

2007-04-15

This study focuses on how to assess the optimal environmental investment decisions under economic and ecological uncertainty, and establishes the continuous time model using the real option approach to optimize environmental pollution policy. Unlike traditional cost benefit analysis, this work extends the model of [Pindyck, R.S., 2002. Optimal timing problems in environmental economics. Journal of Economic Dynamics and Control 26(9-10), 1677-1697], and attempts to identify the storage threshold of pollution stocks and the optimal timing for implementing environmental pollution decisions.

Applying real options in investment decisions relating to environmental pollution

International Nuclear Information System (INIS)

Lin, Tyrone T.; Ko, C.-C.; Yeh, H.-N.

2007-01-01

This study focuses on how to assess the optimal environmental investment decisions under economic and ecological uncertainty, and establishes the continuous time model using the real option approach to optimize environmental pollution policy. Unlike traditional cost benefit analysis, this work extends the model of [Pindyck, R.S., 2002. Optimal timing problems in environmental economics. Journal of Economic Dynamics and Control 26(9-10), 1677-1697], and attempts to identify the storage threshold of pollution stocks and the optimal timing for implementing environmental pollution decisions

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) ...

Declining average daily census. Part 1: Implications and options.

Science.gov (United States)

Weil, T P

1985-12-01

A national trend toward declining average daily (inpatient) census (ADC) started in late 1982 even before the Medicare prospective payment system began. The decrease in total days will continue despite an increasing number of aged persons in the U.S. population. This decline could have been predicted from trends during 1978 to 1983, such as increasing available beds but decreasing occupancy, 100 percent increases in hospital expenses, and declining lengths of stay. Assuming that health care costs will remain as a relatively fixed part of the gross national product and no major medical advances will occur in the next five years, certain implications and options exist for facilities experiencing a declining ADC. This article discusses several considerations: Attempts to improve market share; Reduction of full-time equivalent employees; Impact of greater acuity of illness among remaining inpatients; Implications of increasing the number of physicians on medical staffs; Option of a closed medical staff by clinical specialty; Unbundling with not-for-profit and profit-making corporations; Review of mergers, consolidations, and multihospital systems to decide when this option is most appropriate; Sale of a not-for-profit hospital to an investor-owned chain, with implications facing Catholic hospitals choosing this option; Impact and difficulty of developing meaningful alternative health care systems with the hospital's medical staff; Special problems of teaching hospitals; The social issue of the hospital shifting from the community's health center to a cost center; Increased turnover of hospital CEOs; With these in mind, institutions can then focus on solutions that can sometimes be used in tandem to resolve this problem's impact. The second part of this article will discuss some of them.

Health facility challenges to the provision of Option B+ in western Kenya: a qualitative study.

Science.gov (United States)

Helova, Anna; Akama, Eliud; Bukusi, Elizabeth A; Musoke, Pamela; Nalwa, Wafula Z; Odeny, Thomas A; Onono, Maricianah; Spangler, Sydney A; Turan, Janet M; Wanga, Iris; Abuogi, Lisa L

2017-03-01

Current WHO guidelines recommend lifelong antiretroviral therapy (ART) for all HIV-positive individuals, including pregnant and breastfeeding women (Option B+) in settings with generalized HIV epidemics. While Option B+ is scaled-up in Kenya, insufficient adherence and retention to care could undermine the expected positive impact of Option B+. To explore challenges to the provision of Option B+ at the health facility level, we conducted forty individual gender-matched in-depth interviews with HIV-positive pregnant/postpartum women and their male partners, and four focus groups with thirty health care providers at four health facilities in western Kenya between September-November 2014. Transcripts were coded with the Dedoose software using a coding framework based on the literature, topics from interview guides, and emerging themes from transcripts. Excerpts from broad codes were then fine-coded using an inductive approach. Three major themes emerged: 1) Option B+ specific challenges (same-day initiation into treatment, health care providers unconvinced of the benefits of Option B+, insufficient training); 2) facility resource constraints (staff and drug shortages, long queues, space limitations); and 3) lack of client-friendly services (scolding of patients, inconvenient operating hours, lack of integration of services, administrative requirements). This study highlights important challenges at the health facility level related to Option B+ rollout in western Kenya. Addressing these specific challenges may increase linkage, retention and adherence to life-long ART treatment for pregnant HIV-positive women in Kenya, contribute towards elimination of mother-to-child HIV transmission, and improve maternal and child outcomes.

ART attrition and risk factors among Option B+ patients in Haiti: A retrospective cohort study.

Directory of Open Access Journals (Sweden)

Nancy Puttkammer

Full Text Available In October 2012, the Haitian Ministry of Health endorsed the "Option B+" strategy to eliminate mother-to-child transmission of HIV and achieve HIV epidemic control. The objective of this paper is to assess and identify risk factors for attrition from the national ART program among Option B+ patients in the 12 months after ART initiation.This retrospective cohort study included patients newly initiating ART from October 2012-August 2013 at 68 ART sites covering 45% of all newly enrolled ART patients in all regions of Haiti.With data from electronic medical records, we carried out descriptive analysis of sociodemographic, clinical, and pregnancy-related correlates of ART attrition, and used a modified Poisson regression approach to estimate relative risks in a multivariable model.There were 2,166 Option B+ patients who initiated ART, of whom 1,023 were not retained by 12 months (47.2%. One quarter (25.3% dropped out within 3 months of ART initiation. Protective factors included older age, more advanced HIV disease progression, and any adherence counseling prior to ART initiation, while risk factors included starting ART late in gestation, starting ART within 7 days of HIV testing, and using an atypical ART regimen.Our study demonstrates early ART attrition among Option B+ patients and contributes evidence on the characteristics of women who are most at risk of attrition in Haiti. Our findings highlight the importance of targeted strategies to support retention among Option B+ patients.

Evaluation of a community health worker intervention and the World Health Organization's Option B versus Option A to improve antenatal care and PMTCT outcomes in Dar es Salaam, Tanzania: study protocol for a cluster-randomized controlled health systems implementation trial.

Science.gov (United States)

Sando, David; Geldsetzer, Pascal; Magesa, Lucy; Lema, Irene Andrew; Machumi, Lameck; Mwanyika-Sando, Mary; Li, Nan; Spiegelman, Donna; Mungure, Ester; Siril, Hellen; Mujinja, Phares; Naburi, Helga; Chalamilla, Guerino; Kilewo, Charles; Ekström, Anna Mia; Fawzi, Wafaie W; Bärnighausen, Till W

2014-09-15

Mother-to-child transmission of HIV remains an important public health problem in sub-Saharan Africa. As HIV testing and linkage to PMTCT occurs in antenatal care (ANC), major challenges for any PMTCT option in developing countries, including Tanzania, are delays in the first ANC visit and a low overall number of visits. Community health workers (CHWs) have been effective in various settings in increasing the uptake of clinical services and improving treatment retention and adherence. At the beginning of this trial in January 2013, the World Health Organization recommended either of two medication regimens, Option A or B, for prevention of mother-to-child transmission of HIV (PMTCT). It is still largely unclear which option is more effective when implemented in a public healthcare system. This study aims to determine the effectiveness, cost-effectiveness, acceptability, and feasibility of: (1) a community health worker (CWH) intervention and (2) PMTCT Option B in improving ANC and PMTCT outcomes. This study is a cluster-randomized controlled health systems implementation trial with a two-by-two factorial design. All 60 administrative wards in the Kinondoni and Ilala districts in Dar es Salaam were first randomly allocated to either receiving the CHW intervention or not, and then to receiving either Option B or A. Under the standard of care, facility-based health workers follow up on patients who have missed scheduled appointments for PMTCT, first through a telephone call and then with a home visit. In the wards receiving the CHW intervention, the CHWs: (1) identify pregnant women through home visits and refer them to antenatal care; (2) provide education to pregnant women on antenatal care, PMTCT, birth, and postnatal care; (3) routinely follow up on all pregnant women to ascertain whether they have attended ANC; and (4) follow up on women who have missed ANC or PMTCT appointments. ClinicalTrials.gov: EJF22802. Registration date: 14 May 2013.

Utilizing waste heat. Energy recovery options for trade and industry

Energy Technology Data Exchange (ETDEWEB)

Krieg, W

1988-08-01

The article shows options for efficient and low-cost thermal energy recovery. Heat recovery involves a number of problems, e.g. the type of waste heat, the uses of the energy recovered, and the best way of utilizing it. There is no generally applicable way of solving these problems. Some practical examples are presented. Economically efficient solutions require detailed technical knowledge as well as a good portion of creativity and imagination. (BR).

Safety-related topics from the Nuclear Power Options Viability Study

International Nuclear Information System (INIS)

Trauger, D.B.; White, J.D.

1986-01-01

The Nuclear Power Options Viability Study (NPOVS) evaluated innovative reactor concepts, and this article reviews NPOVS findings, with emphasis on safety and licensing. The reactors studied were of light-water, liquid-metal, and helium-cooled concepts, and most were of modular design. Prelicensed standard plants offer an important step toward regulatory stability and early licensing approvals with public participation before major expenditures. Advanced reactors with passive safety features offer the possibility of performance-based regulation. The concepts studied appear to be potentially viable, but more complete designs will be required before economic evaluations can be definitive

The development of reforestation options for dryland farmland in ...

African Journals Online (AJOL)

This zone is beset with land degradation problems, such as salinity and wind erosion, and there has been considerable effort in the last three decades to develop reforestation options to stabilise the landscapes. Traditional forestry approaches using pulp wood or sawlog production in this zone have been limited by ...

Digitisation as part of traditional conservation: Options of digitisation ...

African Journals Online (AJOL)

The call for complete accessibility of more and more archival material, which is being voiced increasingly on account of the options available with digitisation and the Internet, also involves many different problems which archives cannot solve so easily. In Germany there are institutions which could perform the digitisation of ...

Numerical Methods for Pricing American Options with Time-Fractional PDE Models

Directory of Open Access Journals (Sweden)

Zhiqiang Zhou

2016-01-01

Full Text Available In this paper we develop a Laplace transform method and a finite difference method for solving American option pricing problem when the change of the option price with time is considered as a fractal transmission system. In this scenario, the option price is governed by a time-fractional partial differential equation (PDE with free boundary. The Laplace transform method is applied to the time-fractional PDE. It then leads to a nonlinear equation for the free boundary (i.e., optimal early exercise boundary function in Laplace space. After numerically finding the solution of the nonlinear equation, the Laplace inversion is used to transform the approximate early exercise boundary into the time space. Finally the approximate price of the American option is obtained. A boundary-searching finite difference method is also proposed to solve the free-boundary time-fractional PDEs for pricing the American options. Numerical examples are carried out to compare the Laplace approach with the finite difference method and it is confirmed that the former approach is much faster than the latter one.

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...

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

Directory of Open Access Journals (Sweden)

Ariful Hoque

2013-06-01

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

MORSE/STORM: A generalized albedo option for Monte Carlo calculations

International Nuclear Information System (INIS)

Gomes, I.C.; Stevens, P.N.

1991-09-01

The advisability of using the albedo procedure for the Monte Carlo solution of deep penetration shielding problems that have ducts and other penetrations has been investigated. The use of albedo data can dramatically improve the computational efficiency of certain Monte Carlo calculations. However, the accuracy of these results may be unacceptable because of lost information during the albedo event and serious errors in the available differential albedo data. This study was done to evaluate and appropriately modify the MORSE/BREESE package, to develop new methods for generating the required albedo data, and to extend the adjoint capability to the albedo-modified calculations. Major modifications to MORSE/BREESE include an option to save for further use information that would be lost at the albedo event, an option to displace the point of emergence during an albedo event, and an option to use spatially dependent albedo data for both forward and adjoint calculations, which includes the point of emergence as a new random variable to be selected during an albedo event. The theoretical basis for using TORT-generated forward albedo information to produce adjuncton albedos was derived. The MORSE/STORM package was developed to perform both forward and adjoint modes of analysis using spatially dependent albedo data. Results obtained with MORSE/STORM for both forward and adjoint modes were compared with benchmark solutions. Excellent agreement and improved computational efficiency were achieved, demonstrating the full utilization of the albedo option in the MORSE code. 7 refs., 17 figs., 15 tabs

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...

Deliberating emission reduction options

Energy Technology Data Exchange (ETDEWEB)

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

2012-06-15

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

Deliberating emission reduction options

Energy Technology Data Exchange (ETDEWEB)

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

2012-06-15

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

An assessment of energy options for a remote first nation community. Paper no. IGEC-1-055

International Nuclear Information System (INIS)

Ianniciello, C.; Wild, P.; Pitt, L.; Artz, S.

2005-01-01

Development of renewable energy systems for remote communities is gaining interest among government, utilities, NGOs and the communities themselves as a means of improving lifestyles of community members and showcasing renewable energy systems. The Huu-ay-aht First Nation, whose traditional territory is located on the west side of Vancouver Island in British Columbia, is a community which has energy related problems and energy related opportunities. The objective of this study is to assess possible energy options for the Huu-ay-aht First Nation traditional territory. Current and future energy services within the territory were used as the starting point for developing energy system options. Extensive consultation with community members was instrumental in clearly defining the objectives of the study and understanding the territory's energy demand. The energy demand assessment included an estimation of the electric, heating and transportation loads in the community, an assessment of efficiency and demand side management (DSM) options, and an estimation of potential future demand scenarios. Energy resources were assessed, with viable ones retained for consideration in potential energy system options. The information from the community consultations, demand estimates and resource assessments are being used in the development and analysis of energy system options to support the Huu-ay-aht's energy needs and community goals. (author)

Heat in the city. An inventory of knowledge and knowledge deficiencies regarding heat stress in Dutch cities and options for its mitigation

Energy Technology Data Exchange (ETDEWEB)

Salcedo Rahola, B.; Mulder, K. [Delft University of Technology, Delft (Netherlands); Van Oppen, P. [Stichting Bouwresearch SBR, Rotterdam (Netherlands)

2009-03-15

This report gives an overview of heat stress problems in urban areas of the Netherlands and various options for mitigating this stress. Climate change is causing more occurrences of heat waves. Urban areas in particular will suffer the most, as they are warmer than the countryside. What is known about the magnitude of heat stress in Dutch urban areas? What are the consequences? What research is needed to clarify its effects? Which options in particular could do with further study in order to prevent fatalities, maintain comfort levels and avoid increases in energy consumption for summer cooling? This report aims at identifying: the foreseeable problems of urban heat in the Netherlands; the specifics (geographic, cultural, economic, technological) that apply to the Netherlands; the most promising options for mitigating urban heat; and the priorities for further research.

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.

Use of real options in nuclear power plant valuation in the presence of uncertainty with CO2 emission credit

International Nuclear Information System (INIS)

Kiriyama, Eriko; Suzuki, Atsuyuki

2004-01-01

The purpose of this study is to analyze the value of an investment in power generation assets that do not emit CO 2 , by using a real option model. This study evaluates the effects of future uncertainty on investment decision-making, by focusing on the uncertainty of CO 2 emission credits [yen/t-CO 2 ] in the fairly near future in Japan. Electric utilities are required to keep plans to prepare for various future uncertainties such as the price of CO 2 emission credits. The real option approach can evaluate the option value of decision-making under uncertainty. This study examined the option value of a power plant [yen/KW] to evaluate the effects of an externality under uncertainty. The results showed that nuclear power would have the most value under the forthcoming CO 2 emission limitations. In order to secure the effectiveness of measures against global warming, we should reconsider the roles of nuclear power plants in Japan. Finally, the real option model is shown to be an effective candidate for a decision-making support tool to deal with problems in energy environmental policy. (author)

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 ...

A feasibility study on nuclear power options in Mongolia

International Nuclear Information System (INIS)

Minato, A.; Sekimoto, H.; Amartaivan, T.

2010-10-01

There is a growing interest among utilities in the United States in small and medium reactors due primarily to the smaller investment and perhaps shorter construction time involved as compared to those large reactors. The potential market for small reactors (those below 300 M We) exists, specially with sizes of 50 and 100 M We. A feasibility study was conducted on nuclear power options for Ulaanbaatar, Mongolia, a country which has a potential market for small reactors. The study was focused on an optimization of a combination of coal-fired and nuclear power plants taking into account Mongolia's future nuclear program plan, future population and economic growth, and the increased electricity and district heating demands. (Author)

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...

Understanding transmission and distribution pricing options and proposals

International Nuclear Information System (INIS)

Shalaby, A.

1998-01-01

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

A discontinuous Galerkin method for numerical pricing of European options under Heston stochastic volatility

Science.gov (United States)

Hozman, J.; Tichý, T.

2016-12-01

The paper is based on the results from our recent research on multidimensional option pricing problems. We focus on European option valuation when the price movement of the underlying asset is driven by a stochastic volatility following a square root process proposed by Heston. The stochastic approach incorporates a new additional spatial variable into this model and makes it very robust, i.e. it provides a framework to price a variety of options that is closer to reality. The main topic is to present the numerical scheme arising from the concept of discontinuous Galerkin methods and applicable to the Heston option pricing model. The numerical results are presented on artificial benchmarks as well as on reference market data.

An irregular grid approach for pricing high-dimensional American options

NARCIS (Netherlands)

Berridge, S.J.; Schumacher, J.M.

2008-01-01

We propose and test a new method for pricing American options in a high-dimensional setting. The method is centered around the approximation of the associated complementarity problem on an irregular grid. We approximate the partial differential operator on this grid by appealing to the SDE

An Irregular Grid Approach for Pricing High-Dimensional American Options

NARCIS (Netherlands)

Berridge, S.J.; Schumacher, J.M.

2004-01-01

We propose and test a new method for pricing American options in a high-dimensional setting.The method is centred around the approximation of the associated complementarity problem on an irregular grid.We approximate the partial differential operator on this grid by appealing to the SDE

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....

Pricing real estate index options under stochastic interest rates

Science.gov (United States)

Gong, Pu; Dai, Jun

2017-08-01

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

Study of application of option B at integrated leakage tests on Swedish reactor containments; Utredning om tillaempning av option B vid integrala taethetsprover paa svenska reaktorinneslutningar

Energy Technology Data Exchange (ETDEWEB)

Karlsson, Roger [Royal Inst. of Tech., Stockholm (Sweden). Dept. of Reactor Technology

2004-12-15

The task of the reactor containment is to protect the environment from radioactive release from the nuclear power plant. The containment is a passive component and one can therefore not verify its success criteria during normal operation. To verify the integrity of the containment one has to perform integrated leakage tests (type A tests). These tests are performed in accordance with either option A or B in the American regulation Appendix J 10 CFR 50. The choice of option is up to the licensee. Option A does not consider the leakage history of the containment. The test interval is fixed and set to three tests equally distributed over ten years. The test pressure shall be at least half of the design basis accident pressure (DBA-pressure). Option B does take the leakage history into consideration and is therefore performance-based. The test interval can be chosen to a maximum of ten years. The test pressure shall be the DBA-pressure. In Sweden the type A tests are performed in accordance with option A. The purpose of this investigation is to investigate whether option B can be used in Sweden without any significant risk impact. Performance of a type A test with half of the design pressure can result in an undetected leak. If a leak is of such characteristic that it does not show any leakage behaviour until it is exposed to a certain level of pressure where it can open itself, the leak can be missed during a test with too low pressure. On the other hand, option B demands a higher test pressure which contributes to the risk during the performance of the type A test. The advantage of a more correct result from the type A test is considered to be greater than the disadvantage of a high test-pressure. Hence, Type A test shall be performed with the realistic DBA-pressure. The work has included a literature study, telephone interviews, local meetings and analyses of existing PSA results and reports in the subject. An investigation of the On-Line Monitoring (OLM) method is

R and D options for demand side management in Japanese electric utilities

International Nuclear Information System (INIS)

Yamamoto, Takahiko

1996-01-01

Japanese electric demand has been steadily increasing in accordance with the economic growth. However, Japanese electric utilities are facing several problems; increasing construction cost of power facilities, siting constraints and the environmental issue of greenhouse gas emissions. To overcome these problems, electric utilities have been promoting demand-side-management (DSM) activities as well as supplier-side measures, with some presently being carried out through promoting energy conservation technologies and introducing electric tariff options of specific contracts for residential/commercial and industrial consumers. Japanese electric utilities have been carrying out R and D for the future, in particular, energy storage and heat storage which contribute to the improvement of load factor. In this paper, I would like to outline the R and D options for DSM in Japan. (author)

Incentives, equity and the Able Chooser Problem.

Science.gov (United States)

Grill, Kalle

2017-03-01

Health incentive schemes aim to produce healthier behaviours in target populations. They may do so both by making incentivised options more salient and by making them less costly. Changes in costs only result in healthier behaviour if the individual rationally assesses the cost change and acts accordingly. Not all people do this well. Those who fail to respond rationally to incentives will typically include those who are least able to make prudent choices more generally. This group will typically include the least advantaged more generally, since disadvantage inhibits one's effective ability to choose well and since poor choices tend to cause or aggravate disadvantage. Therefore, within the target population, health benefits to the better off may come at the cost of aggravated inequity. This is one instance of a problem I name the Able Chooser Problem, previously emphasised by Richard Arneson in relation to coercive paternalism. I describe and discuss this problem by distinguishing between policy options and their effects on the choice situation of individuals. Both positive and negative incentives, as well as mandates that are less than perfectly effective, require some sort of rational deliberation and action and so face the Able Chooser Problem. In contrast, effective restriction of what options are physically available, as well as choice context design that makes some options more salient or appealing, does not demand rational agency. These considerations provide an equity-based argument for preferring smart design of our choice and living environment to incentives and mandates. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://www.bmj.com/company/products-services/rights-and-licensing/.

Impact of FFS on farmer's adoption of IPM options for tomato: A case study from the Gezira State, Sudan

Directory of Open Access Journals (Sweden)

Ahmed Mirghani Abdel Rahman

2012-09-01

Full Text Available In Sudan pests and diseases are the major problem of vegetables production. Tomato crop is considered as the most important vegetable crop in the country according to its economic and nutrition value. There are many pest and diseases retarding tomato production such as whitefly, American bollworm, TYLCV and powdery mildew. Therefore some IPM options for tomato and onion were validated in FFS in order to help farmers in controlling the most important pests and diseases. The main objective of this study was to determine the impact of FFS on farmer's adoption of IPM options for tomato in the Gezira State, Sudan. Field survey was used to collect data from three Farmer Field Schools in the Gezira State namely: Um Dagarsi, Hantoub and Faris in the 2009/2010 growing season. All FFS participants were used, i.e. 30 FFS- participants from each school. Equal number of non-FFS participants (90 was used for comparison, by using the simple random sampling technique. The collected data were statistically analyzed and interpreted using percentage, frequency distribution and chi-square test. The results showed that the FFS schools were positively affected farmer's adoption of IPM options for tomato. It can be concluded that the FFS approach is very efficient in the transfer of farm technology for vegetable farmers through their participation in various activities of FFS schools. Thus, FFS approach must become national policy, share authority of extension organizations in control and execution of FFS activities with farmer unions for more effective participations of clientele in all activities of the schools and More efforts should be exerted in distribution of all inputs to farmers with reasonable prices through various agricultural centres.

Stock and option portfolio using fuzzy logic approach

Science.gov (United States)

Sumarti, Novriana; Wahyudi, Nanang

2014-03-01

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

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.

Game Options approach in bankruptcy triggering asset value

Directory of Open Access Journals (Sweden)

Abdelmajid El hajaji

2019-07-01

Full Text Available In this paper, we develop a new numerical method, game theory and option pricing to compute a bankruptcy triggering asset value. we will draw our attention to determining a the numerical asset value, or price of a share, at which a bankruptcy is triggered. This paper develops and analyze a cubic spline collocation method for approximating solutions of the problem. This method converges quadratically. In addition, this article also provides with a real-life case study of the investment bank, and the optimal bankruptcy strategy in this particular case. As we will observe, the bankruptcy trigger computed in this example could have served as a good guide for predicting fall of this investment bank.

Real Silver and Its Investment and Business Options

Directory of Open Access Journals (Sweden)

Novotný Josef

2016-06-01

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

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.

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

Vaal Triangle air pollution health study. Addressing South African problems

Energy Technology Data Exchange (ETDEWEB)

Terblanche, P.; Nel, R. [CSIR Environmental Services, Pretoria (South Africa); Surridge, T. [Dept. of Mineral and Energy Affairs (South Africa); Annegarn, H. [Annegarn Environmental Research, Johannesburg (South Africa); Tosen, G. [Eskom, Johannesburg (South Africa); Pols, A. [CSIR Informationtek, Pretoria (South Africa)

1995-12-31

Situated in the central region of South Africa, the Vaal Triangle is an area which plays a vital role in driving the economic dynamo of South Africa. Also, because of the concentration of heavy industry, it is an area which provides a challenge in effective air pollution control. The Vaal Triangle lies within the Vaal River Basin, at an altitude of 1 500 m above sea level. Meteorological conditions in the area are highly conducive to the formation of surface temperature inversions, resulting in a poor dispersion potential. Because of multiple sources of air pollution in the area, poor dispersion conditions increase the risk pollution build-up and subsequent adverse impacts. The situation is further exacerbated by the continued combustion of coal in households, even after the electrification of residences. This is particularly chronic in the developing communities and during winter. Vaal Triangle Air Pollution Health Study (VAPS) was initiated in 1990 by the Department of Health, the Medical Research Council and major industries in the area to determine effects of air pollution on the health of the community. The final results of that study summarised in this article, and options to ameliorate problems are addressed. (author)

Vaal Triangle air pollution health study. Addressing South African problems

Energy Technology Data Exchange (ETDEWEB)

Terblanche, P; Nel, R [CSIR Environmental Services, Pretoria (South Africa); Surridge, T [Dept. of Mineral and Energy Affairs (South Africa); Annegarn, H [Annegarn Environmental Research, Johannesburg (South Africa); Tosen, G [Eskom, Johannesburg (South Africa); Pols, A [CSIR Informationtek, Pretoria (South Africa)

1996-12-31

Situated in the central region of South Africa, the Vaal Triangle is an area which plays a vital role in driving the economic dynamo of South Africa. Also, because of the concentration of heavy industry, it is an area which provides a challenge in effective air pollution control. The Vaal Triangle lies within the Vaal River Basin, at an altitude of 1 500 m above sea level. Meteorological conditions in the area are highly conducive to the formation of surface temperature inversions, resulting in a poor dispersion potential. Because of multiple sources of air pollution in the area, poor dispersion conditions increase the risk pollution build-up and subsequent adverse impacts. The situation is further exacerbated by the continued combustion of coal in households, even after the electrification of residences. This is particularly chronic in the developing communities and during winter. Vaal Triangle Air Pollution Health Study (VAPS) was initiated in 1990 by the Department of Health, the Medical Research Council and major industries in the area to determine effects of air pollution on the health of the community. The final results of that study summarised in this article, and options to ameliorate problems are addressed. (author)

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...

Problems in determining the optimal use of road safety measures

DEFF Research Database (Denmark)

Elvik, Rune

2014-01-01

for intervention that ensures maximum safety benefits. The third problem is how to develop policy options to minimise the risk of indivisibilities and irreversible choices. The fourth problem is how to account for interaction effects between road safety measures when determining their optimal use. The fifth......This paper discusses some problems in determining the optimal use of road safety measures. The first of these problems is how best to define the baseline option, i.e. what will happen if no new safety measures are introduced. The second problem concerns choice of a method for selection of targets...... problem is how to obtain the best mix of short-term and long-term measures in a safety programme. The sixth problem is how fixed parameters for analysis, including the monetary valuation of road safety, influence the results of analyses. It is concluded that it is at present not possible to determine...

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.

Innovation and risk-averse firms: Options on carbon allowances as a hedging tool

International Nuclear Information System (INIS)

Szolgayová, Jana; Golub, Alexander; Fuss, Sabine

2014-01-01

In a regulated world where government seeks to decarbonize the energy sector, firms face both indirect and direct costs of emitting CO 2 . This study seeks to take the perspective of the firm, which needs to maximize profits implying minimization of (carbon) cost as well. In this study, the firm can compose the cost-optimal portfolio of (a) investing into carbon-saving technology, which is currently expensive, (b) investing into carbon-saving technology R and D and adopt this technology at a later point, (c) buying allowances per ton of emitted CO 2 in a carbon market (alternatively this could be formulated as a tax), and (d) buying offsets traded in the same market, which are based on reduced emissions from deforestation and degradation (REDD+). Uncertainties in the cost of carbon coming from a lack of commitment in policy-making leading to fluctuations in markets and uncertainty in the payoff of R and D activities could provide disincentives to incur large up-front sunk cost and raise the economic value of being flexible. We apply a real options approach with stochastic carbon-saving technology costs and stochastic CO 2 costs. Assuming that firms are risk-averse, they will not only value flexibility, but also risk reductions from diversification over the different (carbon mitigation) options. - Highlights: • We study the compliance problem of a private firm under both regulatory and technological uncertainty in an optimal control setting. • When firms are risk-averse, forest-backed offset options will be part of the compliance portfolio. • R and D creates valuable options on new technology

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...

Valuation of European Call Option via Inverse Fourier Transform

Directory of Open Access Journals (Sweden)

Rubenis Oskars

2017-12-01

Full Text Available Very few models allow expressing European call option price in closed form. Out of them, the famous Black- Scholes approach sets strong constraints - innovations should be normally distributed and independent. Availability of a corresponding characteristic function of log returns of underlying asset in analytical form allows pricing European call option by application of inverse Fourier transform. Characteristic function corresponds to Normal Inverse Gaussian (NIG probability density function. NIG distribution is obtained based on assumption that time series of log returns follows APARCH process. Thus, volatility clustering and leptokurtic nature of log returns are taken into account. The Fast Fourier transform based on trapezoidal quadrature is numerically unstable if a standard cumulative probability function is used. To solve the problem, a dampened cumulative probability is introduced. As a computation tool Matlab framework is chosen because it contains many effective vectorization tools that greatly enhance code readability and maintenance. The characteristic function of Normal Inverse Gaussian distribution is taken and exercised with the chosen set of parameters. Finally, the call price dependence on strike price is obtained and rendered in XY plot. Valuation of European call option with analytical form of characteristic function allows further developing models with higher accuracy, as well as developing models for some exotic options.

Direct Tests on Individual Behaviour in Small Decision-Making Problems

Directory of Open Access Journals (Sweden)

Takemi Fujikawa

2007-10-01

Full Text Available This paper provides an empirical and experimental analysis of individual decision making in small decision-making problems with a series of laboratory experiments. Two experimental treatments with binary small decision-making problems are implemented: (1 the search treatment with the unknown payoff distribution to the decision makers and (2 the choice treatment with the known payoff distribution. A first observation is that in the search treatment the tendency to select best reply to the past performances, and misestimation of the payoff distribution can lead to robust deviations from expected value maximisation. A second observation is concerned with choice problems with two options with the same expected value: one option is more risky with larger payoff variability; the other option is moderate with less payoff variability. Experimental results show that it is likely that the more the decision makers choose a risky option, the higher they can achieve high points, ex post. Finally, I investigate the exploration tendency. Comparison of results between the search treatment and the choice treatment reveals that the additional information to the decision makers enhances expected value maximisation.

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...

A Model-Free No-arbitrage Price Bound for Variance Options

Energy Technology Data Exchange (ETDEWEB)

Bonnans, J. Frederic, E-mail: frederic.bonnans@inria.fr [Ecole Polytechnique, INRIA-Saclay (France); Tan Xiaolu, E-mail: xiaolu.tan@polytechnique.edu [Ecole Polytechnique, CMAP (France)

2013-08-01

We suggest a numerical approximation for an optimization problem, motivated by its applications in finance to find the model-free no-arbitrage bound of variance options given the marginal distributions of the underlying asset. A first approximation restricts the computation to a bounded domain. Then we propose a gradient projection algorithm together with the finite difference scheme to solve the optimization problem. We prove the general convergence, and derive some convergence rate estimates. Finally, we give some numerical examples to test the efficiency of the algorithm.

Options for electric power generation and distribution in developing countries: proceedings of the GTDC symposium'95

International Nuclear Information System (INIS)

1995-01-01

This book contains the proceedings of the symposium on options for electric power generation and distribution in developing countries organised by Global Technology Development Centre (GTDC), Vienna in cooperation with Agency for Non-Conventional Energy and Rural Technology (ANERT), Thiruvananthapuram. The focus of the symposium was on problems of electricity generation and distribution mainly in the developing countries of the world and the issues addressed included : 1) an overview of existing electric power services; 2) options on fuel and technology; 3) options on operation of electricity utilities; 4) options on financing investments and planning of capacity extension or replacement. Papers relevant to INIS are indexed separately

The future of the nuclear option

International Nuclear Information System (INIS)

Frost, B.R.T.

1992-01-01

This paper reports on the future of the nuclear option. No nuclear power reactors have been ordered in the U.S.A. since 1975, but the number of operating reactors has increased to the 115 operating today. The demand for electric power continues to grow. At this time, concern over the environmental effects of fossil fuels has grown; global warming and acid rain effects are major determinants of energy policy. In these circumstances nuclear power may be the only viable option to meet the growing demand for electricity. In the past decade the nuclear power industry has addressed its major critics by standardizing designs, improving operator training, and developing safe methods of disposing of waste products. Fast breeder reactors have taken a new lease on life through the American Integral Fast Reactor (IFR) design which is inherently safe, proliferation resistant, and helps the waste-disposal problem. It will probably not be commercially available until well into the next century. The extension of reactor life raises questions of long-term thermal and radiation effects

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

Alternative disposal options for alpha-mixed low-level waste

International Nuclear Information System (INIS)

Loomis, G.G.; Sherick, M.J.

1995-01-01

This paper presents several disposal options for the Department of Energy alpha-mixed low-level waste. The mixed nature of the waste favors thermally treating the waste to either an iron-enriched basalt or glass waste form, at which point a multitude of reasonable disposal options, including in-state disposal, are a possibility. Most notably, these waste forms will meet the land-ban restrictions. However, the thermal treatment of this waste involves considerable waste handling and complicated/expensive offgas systems with secondary waste management problems. In the United States, public perception of offgas systems in the radioactive incinerator area is unfavorable. The alternatives presented here are nonthermal in nature and involve homogenizing the waste with cryogenic techniques followed by complete encapsulation with a variety of chemical/grouting agents into retrievable waste forms. Once encapsulated, the waste forms are suitable for transport out of the state or for actual in-state disposal. This paper investigates variances that would have to be obtained and contrasts the alternative encapsulation idea with the thermal treatment option

Alternative disposal options for alpha-mixed low-level waste

Energy Technology Data Exchange (ETDEWEB)

Loomis, G.G.; Sherick, M.J. [Idaho National Engineering Lab., Idaho Falls, ID (United States)

1995-12-31

This paper presents several disposal options for the Department of Energy alpha-mixed low-level waste. The mixed nature of the waste favors thermally treating the waste to either an iron-enriched basalt or glass waste form, at which point a multitude of reasonable disposal options, including in-state disposal, are a possibility. Most notably, these waste forms will meet the land-ban restrictions. However, the thermal treatment of this waste involves considerable waste handling and complicated/expensive offgas, systems with secondary waste management problems. In the United States, public perception of off gas systems in the radioactive incinerator area is unfavorable. The alternatives presented here are nonthermal in nature and involve homogenizing the waste with cryogenic techniques followed by complete encapsulation with a variety of chemical/grouting agents into retrievable waste forms. Once encapsulated, the waste forms are suitable for transport out of the state or for actual in-state disposal. This paper investigates variances that would have to be obtained and contrasts the alternative encapsulation idea with the thermal treatment option.

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

Study on Alternative Cargo Launch Options from the Lunar Surface

Energy Technology Data Exchange (ETDEWEB)

Cheryl A. Blomberg; Zamir A. Zulkefli; Spencer W. Rich; Steven D. Howe

2013-07-01

In the future, there will be a need for constant cargo launches from Earth to Mars in order to build, and then sustain, a Martian base. Currently, chemical rockets are used for space launches. These are expensive and heavy due to the amount of necessary propellant. Nuclear thermal rockets (NTRs) are the next step in rocket design. Another alternative is to create a launcher on the lunar surface that uses magnetic levitation to launch cargo to Mars in order to minimize the amount of necessary propellant per mission. This paper investigates using nuclear power for six different cargo launching alternatives, as well as the orbital mechanics involved in launching cargo to a Martian base from the moon. Each alternative is compared to the other alternative launchers, as well as compared to using an NTR instead. This comparison is done on the basis of mass that must be shipped from Earth, the amount of necessary propellant, and the number of equivalent NTR launches. Of the options, a lunar coil launcher had a ship mass that is 12.7% less than the next best option and 17 NTR equivalent launches, making it the best of the presented six options.

Parametric system studies of candidate TF coil system options for the Tokamak Fusion Core Experiment (TFCX)

International Nuclear Information System (INIS)

Reiersen, W.T.; Flanagan, C.A.; Miller, J.B.

1983-01-01

System studies were performed to determine the sensitivity of hybrid and superconducting toroidal field (TF) coil system options to maximum field at the TF coil and to field enhancement due to resistive insert coils. The studies were performed using Tokamak Fusion Core Experiment (TFCX) design assumptions, guidelines, and criteria and involved iterative execution of the Fusion Engineering Design Center (FEDC) systems code, magnetohydrodynamics (MHD) equilibrium code, and EFFI (a code to evaluate magnetic field strength). The results indicate that for TFCX with no minimum wall loading specified, a design point chosen solely on the basis of cost would likely be in the low-field region of design space where the cost advantage of hybrids is least apparent. However, as the desired neutron wall loading increases, the hybrid option suggests an increasing cost advantage over the all-superconducting option; this cost advantage is countered by increased complexity in design -- particularly in assembly and maintenance

Parametric system studies of candidate TF coil system options for the Tokamak Fusion Core Experiment (TFCX)

International Nuclear Information System (INIS)

Reiersen, W.T.; Flanagan, C.A.; Miller, J.B.

1983-01-01

System studies were performed to determine the sensitivity of hybrid and superconducting toroidal field (TF) coil system options to maximum field at the TF coil and to field enhancement due to resistive insert coils. The studies were performed using Tokamak Fusion Core Experiment (TFCX) design assumptions, guidelines, and criteria and involved iterative execution of the Fusion Engineering Design Center (FEDC) systems code, magnetohydrodynamics (MHD) equilibrium code, and EFFI (a code to evaluate magnetic field strength). The results indicate that for TFCX with no minimum wall loading specified, a design point chosen solely on the basis of cost would likely be in the low-field region of design space where the cost advantage of hybrids is least apparent. However, as the desired neutron wall loading increases, the hybrid option suggests an increasing cost advantage over the all-superconducting option; this cost advantage is countered by increased complexity in design - particularly in assembly and maintenance

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.

Comparative cost-effectiveness of Option B+ for prevention of mother to child transmission of HIV in Malawi: Mathematical modelling study

Science.gov (United States)

Tweya, Hannock; Keiser, Olivia; Haas, Andreas D.; Tenthani, Lyson; Phiri, Sam; Egger, Matthias; Estill, Janne

2016-01-01

Objective To estimate the cost-effectiveness of prevention of mother to child transmission (MTCT) of HIV with lifelong antiretroviral therapy (ART) for pregnant and breastfeeding women (‘Option B+’) compared to ART during pregnancy or breastfeeding only unless clinically indicated (‘Option B’). Design Mathematical modelling study of first and second pregnancy, informed by data from the Malawi Option B+ programme. Methods Individual-based simulation model. We simulated cohorts of 10,000 women and their infants during two subsequent pregnancies, including the breastfeeding period, with either Option B+ or B. We parameterised the model with data from the literature and by analysing programmatic data. We compared total costs of ante-natal and post-natal care, and lifetime costs and disability-adjusted life-years (DALYs) of the infected infants between Option B+ and Option B. Results During the first pregnancy, 15% of the infants born to HIV-infected mothers acquired the infection. With Option B+, 39% of the women were on ART at the beginning of the second pregnancy, compared to 18% with Option B. For second pregnancies, the rates MTCT were 11.3% with Option B+ and 12.3% with Option B. The incremental cost-effectiveness ratio comparing the two options ranged between about US$ 500 and US$ 1300 per DALY averted. Conclusion Option B+ prevents more vertical transmissions of HIV than Option B, mainly because more women are already on ART at the beginning of the next pregnancy. Option B+ is a cost-effective strategy for PMTCT if the total future costs and lost lifetime of the infected infants are taken into account. PMID:26691682

Systems engineering study: tank 241-C-103 organic skimming,storage, treatment and disposal options

Energy Technology Data Exchange (ETDEWEB)

Klem, M.J.

1996-10-23

This report evaluates alternatives for pumping, storing, treating and disposing of the separable phase organic layer in Hanford Site Tank 241-C-103. The report provides safety and technology based preferences and recommendations. Two major options and several varations of these options were identified. The major options were: 1) transfer both the organic and pumpable aqueous layers to a double-shell tank as part of interim stabilization using existing salt well pumping equipment or 2) skim the organic to an above ground before interim stabilization of Tank 241-C-103. Other options to remove the organic were considered but rejected following preliminary evaluation.

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.

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.

A very efficient approach for pricing barrier options on an underlying described by the mixed fractional Brownian motion

International Nuclear Information System (INIS)

Ballestra, Luca Vincenzo; Pacelli, Graziella; Radi, Davide

2016-01-01

We deal with the problem of pricing barrier options on an underlying described by the mixed fractional Brownian model. To this aim, we consider the initial-boundary value partial differential problem that yields the option price and we derive an integral representation of it in which the integrand functions must be obtained solving Volterra equations of the first kind. In addition, we develop an ad-hoc numerical procedure to solve the integral equations obtained. Numerical simulations reveal that the proposed method is extremely accurate and fast, and performs significantly better than the finite difference method.

Assessment of the mitigation options in the energy system in Bulgaria

Energy Technology Data Exchange (ETDEWEB)

Christov, C.; Vassilev, C.; Simenova, K. [and others

1996-12-31

Bulgaria signed the Framework Convention on Climate Change at the UNCEP in Rio in June 1992. The parliament ratified the Convention in March 1995. In compliance with the commitments arising under the Convention, Bulgaria elaborates climate change polity. The underlying principles in this policy are Bulgaria to joint the international efforts towards solving climate change problems to the extent that is adequate to both the possibilities of national economy and the options to attract foreign investments. All policies and measures implemented should be as cost-effective as possible. The Bulgarian GHG emission profile reveals the energy sector as the most significant emission source and also as an area where the great potential for GHG emissions reduction exists. This potential could be achieved in many cases by relatively low cost or even no-cost options. Mitigation analysis incorporates options in energy demand and energy supply within the period 1992-2020.

Implementation and assessment of improved models and options in TRAC-BF1

International Nuclear Information System (INIS)

Analytis, G.Th.

1996-07-01

A summary of modifications and options introduced in TRAC-BF1 is presented and it is shown that the predicting capabilities of the modified version of the core are greatly improved. These changes include the introduction of a different heat transfer package during reflooding, the implementation of a simple single-phase limit procedure for forcing the two phases to acquire the same velocity if one phase disappears, a close assessment of the annular flow interfacial shear correlation, implementation of a simple radiation model which seems to alleviate some numerical-oscillations problems induced by the existing highly complex model. Furthermore, different options were introduced and tested like upwinding some terms of the momentum equations (which seems to solve a number of problems reported in the past), the second upwind scheme for the convective terms of the phasic momentum equations and the implementation and assessment of a completely different annular flow interfacial shear correlation. The modified TRAC-BF1 is assessed against some bottom-flooding separate-effect experiments, a 'benchmark' top flooding simulation as well as against the TLTA test Nr. 6423. In the process of this task, the different options are assessed and discussed and is shown that the predictions of the modified code are physically sound and close to the measurements, while almost all the predicted variables are free of unphysical spurious oscillations. The modifications introduced solve a number of problems associated with the frozen version of the code and result in a version which can be confidently used for LB-LOCA analyses. (author) 19 figs., 16 refs

NASTRAN thermal analyzer: Theory and application including a guide to modeling engineering problems, volume 2. [sample problem library guide

Science.gov (United States)

Jackson, C. E., Jr.

1977-01-01

A sample problem library containing 20 problems covering most facets of Nastran Thermal Analyzer modeling is presented. Areas discussed include radiative interchange, arbitrary nonlinear loads, transient temperature and steady-state structural plots, temperature-dependent conductivities, simulated multi-layer insulation, and constraint techniques. The use of the major control options and important DMAP alters is demonstrated.

European Option Pricing with Transaction Costs in Lévy Jump Environment

Directory of Open Access Journals (Sweden)

Jiayin Li

2014-01-01

Full Text Available The European option pricing problem with transaction costs is investigated for a risky asset price model with Lévy jump. By the aid of arbitrage pricing theory and the generalized Itô formula (which includes Poisson jump, the explicit solution to the risk asset price model is given. According to arbitrage-free principle, we first discretize the continuous-time model. Then, in each small time interval, the transaction costs are introduced. By using the Δ-hedging strategy, the explicit solutions of the European options pricing formula with transaction costs are given for the risky asset price model with Lévy jump.

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....

On Mean-Variance Hedging of Bond Options with Stochastic Risk Premium Factor

NARCIS (Netherlands)

Aihara, ShinIchi; Bagchi, Arunabha; Kumar, Suresh K.

2014-01-01

We consider the mean-variance hedging problem for pricing bond options using the yield curve as the observation. The model considered contains infinite-dimensional noise sources with the stochastically- varying risk premium. Hence our model is incomplete. We consider mean-variance hedging under the

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 ...

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.

HIV-positive pregnant and postpartum women's perspectives about Option B+ in Malawi: a qualitative study.

Science.gov (United States)

Katirayi, Leila; Namadingo, Hazel; Phiri, Mafayo; Bobrow, Emily A; Ahimbisibwe, Allan; Berhan, Aida Yemane; Buono, Nicole; Moland, Karen Marie; Tylleskär, Thorkild

2016-01-01

The implementation of lifelong antiretroviral treatment (ART) for all pregnant women (Option B+) in Malawi has resulted in a significant increase in the number of HIV-positive pregnant women initiating treatment. However, research has highlighted the challenge of retaining newly initiated women in care. This study explores barriers and facilitators that affect a woman's decision to initiate and to adhere to Option B+. A total of 39 in-depth interviews and 16 focus group discussions were conducted. Eligible women were ≥18 years old, living with HIV and either pregnant and receiving antenatal care from a study site or had delivered a child within the last 18 months, breastfed their child and received services at one of the study sites. Eligible women were identified by healthcare workers (HCWs) in the antenatal clinic and ART unit. Focus groups were also conducted with HCWs employed in these departments. Qualitative data were analyzed using Maxqda version 10 (VERBI Software, Berlin, Germany). The general perception towards the drug regimen used in Option B+ was positive; women reported fewer side effects and acknowledged the positive benefits of ART. Women felt hopeful about prolonging their life and having an HIV-uninfected baby, yet grappled with the fact that ART is a lifelong commitment. Women and HCWs discussed challenges with the counselling services for prevention of mother-to-child HIV transmission under the new Option B+ guidelines, and many women struggled with initiating ART on the same day as learning their HIV status. Women wanted to discuss their circumstances with their husbands first, receive a CD4 count and obtain an HIV test at another facility to confirm their HIV status. HCWs expressed concern that women might just agree to take the drugs to please them. HCWs also discussed concerns around loss to follow-up and drug resistance. Although Option B+ has significantly increased the number of women initiating ART, there are still challenges that need

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 ...

Current treatment options for vulvovaginal candidiasis caused by azole-resistant Candida species.

Science.gov (United States)

Sobel, J D; Sobel, R

2018-06-22

Clinicians are increasingly challenged by patients with refractory vulvovaginal candidiasis (VVC) caused by azole-resistant Candida species. Fluconazole resistant C.albicans is a growing and perplexing problem following years of indiscriminate drug prescription and unnecessary drug exposure and for which there are few therapeutic alternatives. Regrettably, although the azole class of drugs has expanded, new classes of antifungal drugs have not been forthcoming, limiting effective treatment options in patients with azole resistant Candida vaginitis. Areas covered: This review covers published data on epidemiology, pathophysiology and treatment options for women with azole-resistant refractory VVC. Expert opinion: Fluconazole resistant C.albicans adds to the challenge of azole resistant non-albicans Candida spp. Both issues follow years of indiscriminate drug prescription and unnecessary fluconazole exposure. Although an understanding of azole resistance in yeast has been established, this knowledge has not translated into useful therapeutic advantage. Treatment options for such women with refractory symptoms are extremely limited. New therapeutic options and strategies are urgently needed to meet this challenge of azole drug resistance.

A Pilot Study on Applying Risk Informed Application Option 2 to Two Systems in UCN 3

International Nuclear Information System (INIS)

Kim, Kil Yoo; Hwang, Mee Jeong; Yang, Joon Eon

2005-01-01

To reduce the unnecessary burden of a regulation, NRC prepared three options for the risk informed regulatory framework known as Option 1, Option 2 and Option 3. In Option 2, all safety related Structure, System and Components (SSCs) and non-safety related SSCs are evaluated from a safety point of view, and the low safety significant SSCs belonging to the safety related group are called 'Risk Informed Safety Class (RISC) - 3' SSCs. The 'RISC-3' SSCs can be exempted from the special treatment requirements such as a seismic and environmental requirement, of 10 CFR 50. For Option 2, 10 CFR 50.69 was issued by US NRC, and NEI 00-04 was prepared by US industry as a categorization guideline for 10 CFR 50.69, and US NRC endorsed the NEI 00-04 methodology for Option 2 in Reg. Guide 1.201. This paper describes the Option 2 method applied to the high pressure safety injection system (HPSI) and the essential service water system (ESW) of UCN 3

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...

Therapeutic options to manage bleeding in a dentist’s office

Science.gov (United States)

Rostetter, Claudio; Finkenstädt, Tim; Rücker, Martin; Lübbers, Heinz-Theo

2018-06-18

This manuscript provides an overview of therapeutic options for the problem of bleeding in a dentist’s office. Bleeding after tooth extraction is a very common finding in dental medicine and persistent blood in the mouth is obviously uncomfortable and sometimes terrifying for the patient. Most bleedings can be stopped simply with compression, in some cases a homeostatic therapy is necessary. For local compression, a swab with tranexamic acid is useful. If local compression is not sufficient, sutures are often an option. A very effective therapy would also be Tabotamp®, a local hemostypticum which is placed onto the bleeding and should increase the thrombocytic aggregation. In the worst case Floseal®, a human Thrombin, can be placed locally. It stops the bleeding very fast and sufficiently.

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)

Development of stripper options for FRIB

Energy Technology Data Exchange (ETDEWEB)

Marti, F.; Hershcovitch, A.; Momozaki, Y.; Nolen, J.; Reed, C.; Thieberger, P.

2010-09-12

The US Department of Energy Facility for Rare Isotope Beams (FRIB) at Michigan State University includes a heavy ion superconducting linac capable of accelerating all ions up to uranium with energies higher than 200 MeV/u and beam power up to 400 kW. To achieve these goals with present ion source performance it is necessary to accelerate simultaneously two charge states of uranium from the ion source in the first section of the linac. At an energy of approximately 16.5 MeV/u it is planned to strip the uranium beam to reduce the voltage needed in the rest of the linac to achieve the final energy. Up to five different charge states are planned to be accelerated simultaneously after the stripper. The design of the stripper is a challenging problem due to the high power deposited (approximately 0.7 kW) in the stripper media by the beam in a small spot. To assure success of the project we have established a research and development program that includes several options: carbon or diamond foils, liquid lithium films, gas strippers and plasma strippers. We present in this paper the status of the different options.

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

Directory of Open Access Journals (Sweden)

Paweł Mielcarz

2007-06-01

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

The impact of two multiple-choice question formats on the problem-solving strategies used by novices and experts.

Science.gov (United States)

Coderre, Sylvain P; Harasym, Peter; Mandin, Henry; Fick, Gordon

2004-11-05

Pencil-and-paper examination formats, and specifically the standard, five-option multiple-choice question, have often been questioned as a means for assessing higher-order clinical reasoning or problem solving. This study firstly investigated whether two paper formats with differing number of alternatives (standard five-option and extended-matching questions) can test problem-solving abilities. Secondly, the impact of the alternatives number on psychometrics and problem-solving strategies was examined. Think-aloud protocols were collected to determine the problem-solving strategy used by experts and non-experts in answering Gastroenterology questions, across the two pencil-and-paper formats. The two formats demonstrated equal ability in testing problem-solving abilities, while the number of alternatives did not significantly impact psychometrics or problem-solving strategies utilized. These results support the notion that well-constructed multiple-choice questions can in fact test higher order clinical reasoning. Furthermore, it can be concluded that in testing clinical reasoning, the question stem, or content, remains more important than the number of alternatives.

Valuation of the Prepayment Option of a Perpetual Corporate Loan

Directory of Open Access Journals (Sweden)

Timothee Papin

2013-01-01

margin of the loan is defined by the credit quality of the borrower and the liquidity cost that reflects the funding cost of the bank. Two frameworks are discussed: firstly a loan margin without liquidity cost and secondly a multiregime framework with a liquidity cost dependent on the regime. The prepayment option needs specific attention as the payoff itself is an implicit function of the parameters of the problem and of the dynamics. In the unique regime case, we establish quasianalytic formulas for the payoff of the option; in both cases we give a verification result that allows for the computation of the price of the option. Numerical results that implement the findings are also presented and are completely consistent with the theory; it is seen that when liquidity parameters are very different (i.e., when a liquidity crisis occurs in the high liquidity cost regime, the exercise domain may entirely disappear, meaning that it is not optimal for the borrower to prepay during such a liquidity crisis. The method allows for quantification and interpretation of these findings.

Approximation algorithms for a genetic diagnostics problem.

Science.gov (United States)

Kosaraju, S R; Schäffer, A A; Biesecker, L G

1998-01-01

We define and study a combinatorial problem called WEIGHTED DIAGNOSTIC COVER (WDC) that models the use of a laboratory technique called genotyping in the diagnosis of an important class of chromosomal aberrations. An optimal solution to WDC would enable us to define a genetic assay that maximizes the diagnostic power for a specified cost of laboratory work. We develop approximation algorithms for WDC by making use of the well-known problem SET COVER for which the greedy heuristic has been extensively studied. We prove worst-case performance bounds on the greedy heuristic for WDC and for another heuristic we call directional greedy. We implemented both heuristics. We also implemented a local search heuristic that takes the solutions obtained by greedy and dir-greedy and applies swaps until they are locally optimal. We report their performance on a real data set that is representative of the options that a clinical geneticist faces for the real diagnostic problem. Many open problems related to WDC remain, both of theoretical interest and practical importance.

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.

Impact of regional special purpose local option sales tax (SPLOST) initiatives on county infrastructure.

Science.gov (United States)

2011-10-01

In response to fiscal constraints on transportation funding and the need to address transportation problems and create regional solutions, Georgia is proposing a 1% regional Special-Purpose Local-Option Sales Tax (SPLOST). To accommodate this initiat...

Assessing Option Grid® practicability and feasibility for facilitating shared decision making: An exploratory study.

Science.gov (United States)

Tsulukidze, Maka; Grande, Stuart W; Gionfriddo, Michael R

2015-07-01

To assess the feasibility of Option Grids(®)for facilitating shared decision making (SDM) in simulated clinical consultations and explore clinicians' views on their practicability. We used mixed methods approach to analyze clinical consultations using the Observer OPTION instrument and thematic analysis for follow-up interviews with clinicians. Clinicians achieved high scores on information sharing and low scores on preference elicitation and integration. Four themes were identified: (1) Barriers affect practicability of Option Grids(®); (2) Option Grids(®) facilitate the SDM process; (3) Clinicians are aware of the gaps in their practice of SDM; (4) Training and ongoing feedback on the optimal use of Option Grids(®) are necessary. Use of Option Grids(®) by clinicians with background knowledge in SDM did not facilitate optimal levels of competency on the SDM core concepts of preference elicitation and integration. Future research must evaluate the impact of training on the use of Option Grids(®), and explore how best to help clinicians bridge the gap between knowledge and action. Clinicians proficiently imparting information in simulations struggled to elicit and integrate patient preferences - understanding this gap and developing strategies to close it are the next steps for implementing SDM into clinical practice. Copyright © 2015 Elsevier Ireland Ltd. All rights reserved.

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 ...

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

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

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

Studies in the Hyperbolic Circle Problem

DEFF Research Database (Denmark)

Cherubini, Giacomo

In this thesis we study the remainder term e(s) in the hyperbolic lattice point counting problem. Our main approach to this problem is that of the spectral theory of automorphic forms. We show that the function e(s) exhibits properties similar to those of almost periodic functions, and we study d...

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.

The uniqueness of the solution for the definite problem of a parabolic variational inequality

Directory of Open Access Journals (Sweden)

Liping Song

2016-12-01

Full Text Available Abstract The uniqueness of the solution for the definite problem of a parabolic variational inequality is proved. The problem comes from the study of the optimal exercise strategies for the perpetual executive stock options with unrestricted exercise in financial market. Because the variational inequality is degenerate and the obstacle condition contains the partial derivative of an unknown function, it makes the theoretical study of the definite problem of the variational inequality problem very difficult. Firstly, the property which the value function satisfies is derived by applying the Jensen inequality. Then the uniqueness of the solution is proved by using this property and maximum principles.

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

Fuzzy usage pattern in customizing public transport fleet and its maintenance options

Science.gov (United States)

Husniah, H.; Herdiani, L.; Kusmaya; Supriatna, A. K.

2018-05-01

In this paper we study a two-dimensional maintenance contract for a fleet of public transport, such as buses, shuttle etc. The buses are sold with a two-dimensional warranty. The warranty and the maintenance contract are characterized by two parameters – age and usage – which define a two-dimensional region. However, we use one dimensional approach to model these age and usage of the buses. The under-laying maintenance service contracts is the one which offers policy limit cost to protect a service provider (an agent) from over claim and to pursue the owner to do maintenance under specified cost in house. This in turn gives benefit for both the owner of the buses and the agent of service contract. The decision problem for an agent is to determine the optimal price for each option offered, and for the owner is to select the best contract option. We use a Nash game theory formulation in order to obtain a win-win solution – i.e. the optimal price for the agent and the optimal option for the owner. We further assume that there will be three different usage pattern of the buses, i.e. low, medium, and high pattern of the usage rate. In many situations it is often that we face a blur boundary between the adjacent patterns. In this paper we look for the optimal price for the agent and the optimal option for the owner, which minimizes the expected total cost while considering the fuzziness of the usage rate pattern.

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…

Evaluation of advanced propulsion options for the next manned transportation system: Propulsion evolution study

Science.gov (United States)

Spears, L. T.; Kramer, R. D.

1990-01-01

The objectives were to examine launch vehicle applications and propulsion requirements for potential future manned space transportation systems and to support planning toward the evolution of Space Shuttle Main Engine (SSME) and Space Transportation Main Engine (STME) engines beyond their current or initial launch vehicle applications. As a basis for examinations of potential future manned launch vehicle applications, we used three classes of manned space transportation concepts currently under study: Space Transportation System Evolution, Personal Launch System (PLS), and Advanced Manned Launch System (AMLS). Tasks included studies of launch vehicle applications and requirements for hydrogen-oxygen rocket engines; the development of suggestions for STME engine evolution beyond the mid-1990's; the development of suggestions for STME evolution beyond the Advanced Launch System (ALS) application; the study of booster propulsion options, including LOX-Hydrocarbon options; the analysis of the prospects and requirements for utilization of a single engine configuration over the full range of vehicle applications, including manned vehicles plus ALS and Shuttle C; and a brief review of on-going and planned LOX-Hydrogen propulsion technology activities.

Lifeline electric rates and alternative approaches to the problems of low-income ratepayers. Ten case studies of implemented programs

Energy Technology Data Exchange (ETDEWEB)

1980-07-01

Program summaries, issue developments, governmental processes, and impacts are discussed for 10 case studies dealing with lifeline electric rates and alternative approaches to the problems of low-income ratepayers, namely; the Boston Edison rate freeze; the California lifeline; Florida Power and Light conservation rate; the Iowa-Illinois Gas and Electric small-use rate; the Maine demonstration lifeline program; the Massachusetts Electric Company A-65 rate; the Michigan optional senior citizen rate; the Narragansett Electric Company A-65 SSI rate; the Northern States Power Company conservation rate break; and the Potomac Electric Power Company rate freeze. (MCW)

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...

Response problems in a vacation panel study

Science.gov (United States)

Christine A. Vogt; Susan I. Stewart

2001-01-01

This paper investigates response problems encountered in a panel study of travel behavior. Though the overall response rate to the three-wave panel study was acceptable (over 60%), three types of response problems were encountered: refusal, non-response, and attrition. In a follow-up phone survey, a sample of individuals from each problem response group was questioned...

Preventing trafficking in women and children in Asia: issues and options.

Science.gov (United States)

Bennett, T

1999-09-01

This article discusses the issues and options in the prevention of trafficking of women and children in Asia. Studies revealed a higher prevalence of trafficking in Asian countries such as Nepal, India, Bangladesh, Philippines, Cambodia, and Thailand. This is due to a huge population, growing urbanization, and poverty. Several programs by the government and nongovernmental organizations have been developed to address the trafficking problem. In Nepal, the Maiti program was organized to help trafficking victims return to their home country, while occupational alternatives and awareness campaigns were organized for young women vulnerable to trafficking. In Thailand, greater penalties were imposed to customers as compared to the sellers so as to discourage the continuance and decrease the prevalence of trafficking. Other strategies have also been identified, such as prosecution of procurers, community awareness through campaigns, poverty alleviation, and gender equalization to address the trafficking problem.

The None-of-the-Above Option: An Empirical Study.

Science.gov (United States)

Frary, Robert B.

1991-01-01

The use of the "none-of-the-above" option (NOTA) in 20 college-level multiple-choice tests was evaluated for classes with 100 or more students. Eight academic disciplines were represented, and 295 NOTA and 724 regular test items were used. It appears that the NOTA can be compatible with good classroom measurement. (TJH)

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 ...

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

Directory of Open Access Journals (Sweden)

F. sakhi

2016-03-01

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

Assessing CO2 Mitigation Options Utilizing Detailed Electricity Characteristics and Including Renewable Generation

Science.gov (United States)

Bensaida, K.; Alie, Colin; Elkamel, A.; Almansoori, A.

2017-08-01

This paper presents a novel techno-economic optimization model for assessing the effectiveness of CO2 mitigation options for the electricity generation sub-sector that includes renewable energy generation. The optimization problem was formulated as a MINLP model using the GAMS modeling system. The model seeks the minimization of the power generation costs under CO2 emission constraints by dispatching power from low CO2 emission-intensity units. The model considers the detailed operation of the electricity system to effectively assess the performance of GHG mitigation strategies and integrates load balancing, carbon capture and carbon taxes as methods for reducing CO2 emissions. Two case studies are discussed to analyze the benefits and challenges of the CO2 reduction methods in the electricity system. The proposed mitigations options would not only benefit the environment, but they will as well improve the marginal cost of producing energy which represents an advantage for stakeholders.

Comment on “Time-changed geometric fractional Brownian motion and option pricing with transaction costs” by Hui Gu et al.

Science.gov (United States)

Guo, Zhidong; Song, Yukun; Zhang, Yunliang

2013-05-01

The purpose of this comment is to point out the inappropriate assumption of “3αH>1” and two problems in the proof of “Theorem 3.1” in section 3 of the paper “Time-changed geometric fractional Brownian motion and option pricing with transaction costs” by Hui Gu et al. [H. Gu, J.R. Liang, Y. X. Zhang, Time-changed geometric fractional Brownian motion and option pricing with transaction costs, Physica A 391 (2012) 3971-3977]. Then we show the two problems will be solved under our new assumption.

The Optional VenaTech™ Convertible™ Vena Cava Filter: Experimental Study in Sheep

International Nuclear Information System (INIS)

Le Blanche, Alain F.; Ricco, Jean-Baptiste; Bonneau, Michel; Reynaud, Philippe

2012-01-01

Purpose: Retrieval of optional caval filters may be impaired by filter tilting, migration, fracture, or embedding in the IVC wall. The goal of this experimental study was to evaluate a new optional filter, convertible by unlocking and removing the filter head. Methods: Forty-nine Pre-Alp sheep (average weight, 55 kg) were anesthetized. IVC was catheterized via the right femoral vein (n = 46) or via the internal jugular vein (n = 3) with a 12.9-F sheath. VenaTech ™ Convertible ™ IVC filters were inserted as either permanent filters (n = 14) or as filters to be converted. Conversion was immediately after deployment (n = 19) or delayed after 1, 3, or 6 months (n = 20). Filter delivery, deployment, and conversion with measurement of migration and tilting were evaluated by cavography. Incorporation of the filter’s stabilizers and arms in the IVC wall was assessed by gross anatomy. Results: Delivery system insertion, filter release, and immediate conversion were successful in all cases. Delayed conversion was completed in all but one sheep, due to insufficient snare tension. Complimentary balloon-catheter inflation was required in 12 of 20 delayed conversions to achieve filter opening. In all 49 sheep, no thrombosis, migration, or significant tilting occurred. Within 4 weeks of conversion, the filter’s stabilizers and arms were incorporated into the IVC wall. Upon removal, the filter head was free of intimal growth. Conclusions: The VenaTech ™ Convertible ™ optional IVC filter was successfully implanted in all sheep with no migration or tilting. Conversion at various dates by filter head removal was feasible in all but one case.

Trade Study of Multiple Thruster Options for the Mars Airplane Concept

Science.gov (United States)

Kuhl, Christopher A.; Gayle, Steven W.; Hunter, Craig A.; Kenney, Patrick S.; Scola, Salvatore; Paddock, David A.; Wright, Henry S.; Gasbarre, Joseph F.

2009-01-01

A trade study was performed at NASA Langley Research Center under the Planetary Airplane Risk Reduction (PARR) project (2004-2005) to examine the option of using multiple, smaller thrusters in place of a single large thruster on the Mars airplane concept with the goal to reduce overall cost, schedule, and technical risk. The 5-lbf (22N) thruster is a common reaction control thruster on many satellites. Thousands of these types of thrusters have been built and flown on numerous programs, including MILSTAR and Intelsat VI. This study has examined the use of three 22N thrusters for the Mars airplane propulsion system and compared the results to those of the baseline single thruster system.

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 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 ...

Immobilized low-level waste disposal options configuration study

International Nuclear Information System (INIS)

Mitchell, D.E.

1995-02-01

This report compiles information that supports the eventual conceptual and definitive design of a disposal facility for immobilized low-level waste. The report includes the results of a joint Westinghouse/Fluor Daniel Inc. evaluation of trade-offs for glass manufacturing and product (waste form) disposal. Though recommendations for the preferred manufacturing and disposal option for low-level waste are outside the scope of this document, relative ranking as applied to facility complexity, safety, remote operation concepts and ease of retrieval are addressed

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.

Common Group Problems: A Field Study.

Science.gov (United States)

Weinberg, Sanford B.; And Others

1981-01-01

A field study of a naturally functioning group (N=125) was conducted to identify common group problems. Trained observers attended group meetings and described the problems encountered. Difficulties of cohesion, leadership, sub-group formation, and personality conflict were identified. (RC)

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

A Pilot Study on Applying Risk Informed Application Option 2 to Six Systems in UCN 3

International Nuclear Information System (INIS)

Kim, Kil-Yoo; Yang, Joon-Eon; Lee, Young-Joo; Chung, Hye-Won

2007-01-01

To reduce the unnecessary burden of a regulation, NRC prepared three options for the risk informed regulatory framework known as Option 1, Option 2 and Option 3. In Option 2, all safety related Structure, System and Components (SSCs) and non-safety related SSCs are evaluated from a safety point of view, and the low safety significant SSCs belonging to the safety related group are called 'Risk Informed Safety Class (RISC) - 3' SSCs. The 'RISC-3' SSCs can be exempted from the special treatment requirements such as a seismic and environmental requirement, of 10 CFR 50. Two years ago, a paper was published which described the Option 2 method applied to the high pressure safety injection system (HPSI) and the essential service water system (ESW) of UCN 3. However, this paper describes the results when Option 2 is applied to the other 4 systems such as a low pressure safety injection system(LPSI), safety depressurization system(SDS), instrument air system(IAS), safety injection tank(SIT). First of all, this paper includes the results from the importance analysis in view of a Fire PSA and Level 2 PSA

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

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

Science.gov (United States)

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

2017-08-01

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

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.

78 FR 69496 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate...

Science.gov (United States)

2013-11-19

... the Exchange is not aware of any problems that BOX Options Participants would have in complying with... change that the Exchange may make to the ORF. In any event, because competitors are free to modify their...

Assessments of the extent to which health-care providers involve patients in decision making: a systematic review of studies using the OPTION instrument.

Science.gov (United States)

Couët, Nicolas; Desroches, Sophie; Robitaille, Hubert; Vaillancourt, Hugues; Leblanc, Annie; Turcotte, Stéphane; Elwyn, Glyn; Légaré, France

2015-08-01

We have no clear overview of the extent to which health-care providers involve patients in the decision-making process during consultations. The Observing Patient Involvement in Decision Making instrument (OPTION) was designed to assess this. To systematically review studies that used the OPTION instrument to observe the extent to which health-care providers involve patients in decision making across a range of clinical contexts, including different health professions and lengths of consultation. We conducted online literature searches in multiple databases (2001-12) and gathered further data through networking. (i) OPTION scores as reported outcomes and (ii) health-care providers and patients as study participants. For analysis, we only included studies using the revised scale. Extracted data included: (i) study and participant characteristics and (ii) OPTION outcomes (scores, statistical associations and reported psychometric results). We also assessed the quality of OPTION outcomes reporting. We found 33 eligible studies, 29 of which used the revised scale. Overall, we found low levels of patient-involving behaviours: in cases where no intervention was used to implement shared decision making (SDM), the mean OPTION score was 23 ± 14 (0-100 scale). When assessed, the variables most consistently associated with higher OPTION scores were interventions to implement SDM (n = 8/9) and duration of consultations (n = 8/15). Whatever the clinical context, few health-care providers consistently attempt to facilitate patient involvement, and even fewer adjust care to patient preferences. However, both SDM interventions and longer consultations could improve this. © 2013 John Wiley & Sons Ltd.

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.

Options of sustainable groundwater supply from safe aquifers in areas with elevated arsenic - a case study from Bangladesh

Science.gov (United States)

Jakariya, M.; Bhattacharya, P.; Bromssen, M. V.

2008-05-01

Access to safe drinking water is a basic human right. Several millions of people, mainly in developing countries are affected by arsenic in drinking water and the global impact now makes it a top priority water quality issue. A wide gap between the number of exposed people and the pace of mitigation programmes in rural areas of developing countries is the main problem in providing safe drinking water. The main challenge is to develop a sustainable mitigation option that rural and disadvantaged people can adopt and implement themselves to overcome possible public heath hazards. During the recent years, new approaches have emerged in Bangladesh, primarily emerging out of people's own initiative. The local drillers target presumed safe aquifers on the basis of colour and texture of the sediments. A recent study by our research group revealed a distinct correlation between the colour characteristics of the sediments and the groundwater redox conditions. The coupling between the colour of sediments and the redox characteristics of groundwater may thus be used as a tool to assess the risk for As mobilization from the aquifers. The study showed that it is possible to assess the relative risk of high concentrations of As in aquifers if the colour characteristics of the sediments are known and thus, local drillers may target safe aquifers. For validating the sustainability of this mitigation option geological, hydrogeological and microbiological investigations are needed. The sustainability of the aquifers needs to be assessed by combining results from various field and laboratory investigations and by running predictive models. There is also a need to raise the awareness and thereby create a platform for motivating the local drillers to be educated in installing safe tubewells. Awareness raising and community mobilisation are two top priorities for implementing a sustainable safe water project in rural village areas. Significant preparation, attention, and focus must be

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 ...

Non-deposit system option for waste management on small islands.

Science.gov (United States)

Vilms, Monica; Voronova, Viktoria

2016-08-01

This paper analyses waste management on small islands (on a global scale these are micro-islands). In the context of the paper, small islands are islands that have an area less than 50 km(2) The study presents an overview of the problems connected with waste transport from islands to the mainland. Waste generation on islands is very much related to tourists. If tourists do not handle waste properly, it will cause problems. Four small Estonian islands in the range of 3-19 km(2) are studied in detail. For these and other small islands, the main problem is the waste produced by tourists, or related to tourists and waste transport to the mainland. Currently, the local municipality has to arrange and finance waste transport. In fact, and based on the polluter-pays principle, the tourists should bear the cost of waste management. There are different tax options available in order to collect the money from tourists - waste tax, harbour tax, tourist tax, donations, environmental tax and others. The study results revealed that the best possible solution for Estonian islands may be a non-deposit system - including an additional charge on ferry ticket prices. The extra money should cover the costs of waste management and waste shipping. The tourists arriving in their own boats should pay a harbour tax, which includes a waste tax to compensate for the cost of waste management. © The Author(s) 2016.

Mitigation of environmental problems in Lake Victoria, East Africa: causal chain and policy options analyses.

Science.gov (United States)

Odada, Eric O; Olago, Daniel O; Kulindwa, Kassim; Ntiba, Micheni; Wandiga, Shem

2004-02-01

Lake Victoria is an international waterbody that offers the riparian communities a large number of extremely important environmental services. Over the past three decades or so, the lake has come under increasing and considerable pressure from a variety of interlinked human activities such as overfishing, species introductions, industrial pollution, eutrophication, and sedimentation. In this paper we examine the root causes for overfishing and pollution in Lake Victoria and give possible policy options that can help remediate or mitigate the environmental degradation.

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

R and D options for demand side management in Japanese electric utilities

International Nuclear Information System (INIS)

Yamamoto, T.

1995-01-01

Japanese electric utilities are facing several problems: increasing construction cost of power facilities, siting constraints and the environmental issue of greenhouse gas emissions. To overcome these problems, electric utilities have been promoting demand-side-management (DSM) activities as well as supplier-side measures, with some presently being carried out through promoting energy conservation technologies and introducing tariff options for residential/commercial and industrial consumers. R and D works have been carried out on various fields such as energy storage and heat storage which contribute to the improvement of the load factor. 5 figs., 2 tabs

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...

Composing problem solvers for simulation experimentation: a case study on steady state estimation.

Science.gov (United States)

Leye, Stefan; Ewald, Roland; Uhrmacher, Adelinde M

2014-01-01

Simulation experiments involve various sub-tasks, e.g., parameter optimization, simulation execution, or output data analysis. Many algorithms can be applied to such tasks, but their performance depends on the given problem. Steady state estimation in systems biology is a typical example for this: several estimators have been proposed, each with its own (dis-)advantages. Experimenters, therefore, must choose from the available options, even though they may not be aware of the consequences. To support those users, we propose a general scheme to aggregate such algorithms to so-called synthetic problem solvers, which exploit algorithm differences to improve overall performance. Our approach subsumes various aggregation mechanisms, supports automatic configuration from training data (e.g., via ensemble learning or portfolio selection), and extends the plugin system of the open source modeling and simulation framework James II. We show the benefits of our approach by applying it to steady state estimation for cell-biological models.

Deep UV to NIR Space Telescopes and Exoplanet Coronagraphs: A Trade Study on Throughput, Polarization, Mirror Coating Options and Requirements

Science.gov (United States)

Balasubramanian, Kunjithapatham; Shaklan, Stuart; Give'on, Amir; Cady, Eric; Marchen, Luis

2011-01-01

The NASA Exoplanet program and the Cosmic Origins program are exploring technical options to combine the visible to NIR performance requirements of a space coronagraph with the general astrophysics requirements of a space telescope covering the deep UV spectrum. Are there compatible options in terms of mirror coatings and telescope architecture to satisfy both goals? In this paper, we address some of the main concerns, particularly relating to polarization in the visible and throughput in the UV. Telescope architectures employing different coating options compatible with current technology are considered in this trade study.

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

Directory of Open Access Journals (Sweden)

G. P. Girish

2014-09-01

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

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

Recovery of time-dependent volatility in option pricing model

Science.gov (United States)

Deng, Zui-Cha; Hon, Y. C.; Isakov, V.

2016-11-01

In this paper we investigate an inverse problem of determining the time-dependent volatility from observed market prices of options with different strikes. Due to the non linearity and sparsity of observations, an analytical solution to the problem is generally not available. Numerical approximation is also difficult to obtain using most of the existing numerical algorithms. Based on our recent theoretical results, we apply the linearisation technique to convert the problem into an inverse source problem from which recovery of the unknown volatility function can be achieved. Two kinds of strategies, namely, the integral equation method and the Landweber iterations, are adopted to obtain the stable numerical solution to the inverse problem. Both theoretical analysis and numerical examples confirm that the proposed approaches are effective. The work described in this paper was partially supported by a grant from the Research Grant Council of the Hong Kong Special Administrative Region (Project No. CityU 101112) and grants from the NNSF of China (Nos. 11261029, 11461039), and NSF grants DMS 10-08902 and 15-14886 and by Emylou Keith and Betty Dutcher Distinguished Professorship at the Wichita State University (USA).

Gambling and problem gambling in The Netherlands

NARCIS (Netherlands)

Goudriaan, Anna E.

2014-01-01

To provide an overview of gambling in the Netherlands, focusing on historical background, policy, legislation, prevalence of problem gambling, availability of treatment options and research base. Literature review. Contradictions between gambling policy and practice have been present in the past

Gambling and problem gambling in The Netherlands.

Science.gov (United States)

Goudriaan, Anna E

2014-07-01

To provide an overview of gambling in the Netherlands, focusing on historical background, policy, legislation, prevalence of problem gambling, availability of treatment options and research base. Literature review. Contradictions between gambling policy and practice have been present in the past 15-20 years, and have led to an increasingly stricter gambling regulation to retain the government policy to restrict gambling within a national monopoly. Conversely, political efforts have been made to legalize internet gambling, but have not yet been approved. Compared to other European countries, slot machine gambling and casino gambling are relatively popular, whereas betting is relatively unpopular. Last-year problem gambling prevalence (South Oaks Gambling Screen score > 5) is estimated at 0.22-0.15% (2005, 2011). Treatment for problem gambling is covered by health insurance under the same conditions as substance dependence, but only a small proportion of Dutch problem gamblers seeks help at addiction treatment centres. Gambling policy in the Netherlands has become stricter during recent last years in order to maintain the Dutch gambling monopoly. Problem gambling in the Netherlands is relatively stable. Dutch research on problem gambling has a lack of longitudinal studies. Most of the epidemiological gambling studies are reported in non-peer-reviewed research reports, which diminishes control by independent peers on the methodology and interpretation of results. Recent efforts to enhance consistency in research methods between gambling studies over time could enhance knowledge on changes in (problem) gambling in the Netherlands. © 2013 Society for the Study of Addiction.

Application of NEA/CSNI standard problem 3 (blowdown and flow reversal in the IETA-1 rig) to the validation of the RELAP-UK Mk IV code

International Nuclear Information System (INIS)

Bryce, W.M.

1977-10-01

NEA/CSNI Standard Problem 3 consists of the modelling of an experiment on the IETI-1 rig, in which there is initially flow upwards through a feeder, heated section and riser. The inlet and outlet are then closed and a breach opened at the bottom so that the flow reverses and the rig depressurises. Calculations of this problem by many countries using several computer codes have been reported and show a wide spread of results. The purpose of the study reported here was the following. First, to show the sensitivity of the calculation of Standard Problem 3. Second, to perform an ab initio best estimate calculation using the RELAP-UK Mark IV code with the standard recommended options, and third, to use the results of the sensitivity study to show where tuning of the RELAP-UK Mark IV recommended model options was required. This study has shown that the calculation of Standard Problem 3 is sensitive to model assumptions and that the use of the loss-of-coolant accident code RELAP-UK Mk IV with the standard recommended model options predicts the experimental results very well over most of the transient. (U.K.)

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...

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...

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

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...

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.

Optimal Investment Timing and Size of a Logistics Park: A Real Options Perspective

Directory of Open Access Journals (Sweden)

Dezhi Zhang

2017-01-01

Full Text Available This paper uses a real options approach to address optimal timing and size of a logistics park investment with logistics demand volatility. Two important problems are examined: when should an investment be introduced, and what size should it be? A real option model is proposed to explicitly incorporate the effect of government subsidies on logistics park investment. Logistic demand that triggers the threshold for investment in a logistics park project is explored analytically. Comparative static analyses of logistics park investment are also carried out. Our analytical results show that (1 investors will select smaller sized logistics parks and prepone the investment if government subsidies are considered; (2 the real option will postpone the optimal investment timing of logistics parks compared with net present value approach; and (3 logistic demands can significantly affect the optimal investment size and timing of logistics park investment.

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

KAUST Repository

Crocce, Fabian

2016-01-06

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

Non-Gaussian Closed Form Solutions for Geometric Average Asian Options in the Framework of Non-Extensive Statistical Mechanics

Directory of Open Access Journals (Sweden)

Pan Zhao

2018-01-01

Full Text Available In this paper we consider pricing problems of the geometric average Asian options under a non-Gaussian model, in which the underlying stock price is driven by a process based on non-extensive statistical mechanics. The model can describe the peak and fat tail characteristics of returns. Thus, the description of underlying asset price and the pricing of options are more accurate. Moreover, using the martingale method, we obtain closed form solutions for geometric average Asian options. Furthermore, the numerical analysis shows that the model can avoid underestimating risks relative to the Black-Scholes model.

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

Directory of Open Access Journals (Sweden)

Congcong Wang

2016-01-01

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

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

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 ...

A Real Options Approach to Bankruptcy Costs: Evidence from Failed Commercial Banks During the 1990s

OpenAIRE

Joseph R. Mason

2005-01-01

Literature to date has identified three main aspects of liquidation time: firm size, asset specificity, and industry concentration. The present paper unifies the theory behind these three aspects of bankruptcy costs by treating them as components of a broader option valuation problem faced by the liquidating trustee. In the options valuation framework, at time t the trustee may choose to 1) liquidate at current asset values and incur a known loss, or 2) hold until the next period t+1 at a pos...

Scaling and long-range dependence in option pricing V: Multiscaling hedging and implied volatility smiles under the fractional Black-Scholes model with transaction costs

Science.gov (United States)

Wang, Xiao-Tian

2011-05-01

This paper deals with the problem of discrete time option pricing using the fractional Black-Scholes model with transaction costs. Through the ‘anchoring and adjustment’ argument in a discrete time setting, a European call option pricing formula is obtained. The minimal price of an option under transaction costs is obtained. In addition, the relation between scaling and implied volatility smiles is discussed.

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...

Examining problem solving in physics-intensive Ph.D. research

Directory of Open Access Journals (Sweden)

Anne E. Leak

2017-07-01

Full Text Available Problem-solving strategies learned by physics undergraduates should prepare them for real-world contexts as they transition from students to professionals. Yet, graduate students in physics-intensive research face problems that go beyond problem sets they experienced as undergraduates and are solved by different strategies than are typically learned in undergraduate coursework. This paper expands the notion of problem solving by characterizing the breadth of problems and problem-solving processes carried out by graduate students in physics-intensive research. We conducted semi-structured interviews with ten graduate students to determine the routine, difficult, and important problems they engage in and problem-solving strategies they found useful in their research. A qualitative typological analysis resulted in the creation of a three-dimensional framework: context, activity, and feature (that made the problem challenging. Problem contexts extended beyond theory and mathematics to include interactions with lab equipment, data, software, and people. Important and difficult contexts blended social and technical skills. Routine problem activities were typically well defined (e.g., troubleshooting, while difficult and important ones were more open ended and had multiple solution paths (e.g., evaluating options. In addition to broadening our understanding of problems faced by graduate students, our findings explore problem-solving strategies (e.g., breaking down problems, evaluating options, using test cases or approximations and characteristics of successful problem solvers (e.g., initiative, persistence, and motivation. Our research provides evidence of the influence that problems students are exposed to have on the strategies they use and learn. Using this evidence, we have developed a preliminary framework for exploring problems from the solver’s perspective. This framework will be examined and refined in future work. Understanding problems

Examining problem solving in physics-intensive Ph.D. research

Science.gov (United States)

Leak, Anne E.; Rothwell, Susan L.; Olivera, Javier; Zwickl, Benjamin; Vosburg, Jarrett; Martin, Kelly Norris

2017-12-01

Problem-solving strategies learned by physics undergraduates should prepare them for real-world contexts as they transition from students to professionals. Yet, graduate students in physics-intensive research face problems that go beyond problem sets they experienced as undergraduates and are solved by different strategies than are typically learned in undergraduate coursework. This paper expands the notion of problem solving by characterizing the breadth of problems and problem-solving processes carried out by graduate students in physics-intensive research. We conducted semi-structured interviews with ten graduate students to determine the routine, difficult, and important problems they engage in and problem-solving strategies they found useful in their research. A qualitative typological analysis resulted in the creation of a three-dimensional framework: context, activity, and feature (that made the problem challenging). Problem contexts extended beyond theory and mathematics to include interactions with lab equipment, data, software, and people. Important and difficult contexts blended social and technical skills. Routine problem activities were typically well defined (e.g., troubleshooting), while difficult and important ones were more open ended and had multiple solution paths (e.g., evaluating options). In addition to broadening our understanding of problems faced by graduate students, our findings explore problem-solving strategies (e.g., breaking down problems, evaluating options, using test cases or approximations) and characteristics of successful problem solvers (e.g., initiative, persistence, and motivation). Our research provides evidence of the influence that problems students are exposed to have on the strategies they use and learn. Using this evidence, we have developed a preliminary framework for exploring problems from the solver's perspective. This framework will be examined and refined in future work. Understanding problems graduate students

The Adjoint Method for the Inverse Problem of Option Pricing

Directory of Open Access Journals (Sweden)

Shou-Lei Wang

2014-01-01

Full Text Available The estimation of implied volatility is a typical PDE inverse problem. In this paper, we propose the TV-L1 model for identifying the implied volatility. The optimal volatility function is found by minimizing the cost functional measuring the discrepancy. The gradient is computed via the adjoint method which provides us with an exact value of the gradient needed for the minimization procedure. We use the limited memory quasi-Newton algorithm (L-BFGS to find the optimal and numerical examples shows the effectiveness of the presented method.

Burnable poison option for DUPIC fuel

International Nuclear Information System (INIS)

Choi, Hang Bok; Cupta, H. P.

1996-08-01

The mechanisms of positive coolant void reactivity of CANDU natural uranium and DUPIC fuel have been studied. The design study of DUPIC fuel was performed using the burnable poison material in the center pin to reduce the coolant void reactivity. The amount of burnable poison was determined such that the prompt inverse period of DUPIC fuel upon full coolant voiding is the same as that of natural uranium fuel at equilibrium burnup. A parametric study on various burnable poisons has shown that natural dysprosium has more merit over other materials because it uniformly controls the void reactivity throughout the burnup with reasonable amount of poison. Additional studies on the option of using scattering or absorber material in the center pin position and the option using variable fuel density were performed. In any case of option using variable fuel density were performed. In any case of options to reduce the void reactivity, it was found that either the discharge burnup and/or the relative linear pin power are sacrificed. A preliminary study was performed for the evaluation of reference DUPIC fuel performance especially represented by Stress Corrosion Cracking(SCC) parameters which is mainly influenced by the refueling operations. For the reference 2-bundle shift refueling scheme, the predicted ramped power and power increment of the reference DUPIC fuel are below the SCC thresholds of CANDU natural uranium fuel. For a 4-bundle shift refueling scheme, the envelopes of element ramped power and power increment upon refueling are 8% and 44% higher than those of a 2-bundle shift refueling scheme on the average, respectively, but still have margins to the failure thresholds of natural uranium fuel. 23 tabs., 25 figs., 20 refs. (Author)

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.

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...

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

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

Directory of Open Access Journals (Sweden)

Fernando Antonio Lucena Aiube

2009-07-01

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

A qualitative assessment of climate adaptation options and some estimates of adaptation costs

International Nuclear Information System (INIS)

Van Ierland, E.C.; De Bruin, K.; Dellink, R.B.; Ruijs, A.

2007-02-01

The Routeplanner project aims to provide a 'systematic assessment' of potential adaptation options to respond to climate change in the Netherlands in connection to spatial planning. The study is the result of a policy oriented project that took place between May and September 2006. The aim of the current study is to provide a 'qualitative assessment' of the direct and indirect effects of adaptation options and to provide an assessment of some of the costs and benefits of adaptation options. The present report presents and summarizes the results of all phases of the study: an inventory of adaptation options, a qualitative assessment of the effects of the adaptation options for the Netherlands in the long run, a database which allows to rank the various options according to a set of criteria and a relative ranking on the basis of these criteria. Finally, the report also contains the best available information on costs and benefits of various adaptation options. However, while conducting the study the project team observed that reliable information in this respect is in many cases still lacking and an urgent need exists for more detailed studies on costs and benefits of adaptation options and the design of the best options to cope with climate change

Contraction Options and Optimal Multiple-Stopping in Spectrally Negative Lévy Models

Energy Technology Data Exchange (ETDEWEB)

Yamazaki, Kazutoshi, E-mail: kyamazak@kansai-u.ac.jp [Kansai University, Department of Mathematics, Faculty of Engineering Science (Japan)

2015-08-15

This paper studies the optimal multiple-stopping problem arising in the context of the timing option to withdraw from a project in stages. The profits are driven by a general spectrally negative Lévy process. This allows the model to incorporate sudden declines of the project values, generalizing greatly the classical geometric Brownian motion model. We solve the one-stage case as well as the extension to the multiple-stage case. The optimal stopping times are of threshold-type and the value function admits an expression in terms of the scale function. A series of numerical experiments are conducted to verify the optimality and to evaluate the efficiency of the algorithm.

Contraction Options and Optimal Multiple-Stopping in Spectrally Negative Lévy Models

International Nuclear Information System (INIS)

Yamazaki, Kazutoshi

2015-01-01

This paper studies the optimal multiple-stopping problem arising in the context of the timing option to withdraw from a project in stages. The profits are driven by a general spectrally negative Lévy process. This allows the model to incorporate sudden declines of the project values, generalizing greatly the classical geometric Brownian motion model. We solve the one-stage case as well as the extension to the multiple-stage case. The optimal stopping times are of threshold-type and the value function admits an expression in terms of the scale function. A series of numerical experiments are conducted to verify the optimality and to evaluate the efficiency of the algorithm

An optimal algorithm for configuring delivery options of a one-dimensional intensity-modulated beam

International Nuclear Information System (INIS)

Luan Shuang; Chen, Danny Z; Zhang, Li; Wu Xiaodong; Yu, Cedric X

2003-01-01

The problem of generating delivery options for one-dimensional intensity-modulated beams (1D IMBs) arises in intensity-modulated radiation therapy. In this paper, we present an algorithm with the optimal running time, based on the 'rightmost-preference' method, for generating all distinct delivery options for an arbitrary 1D IMB. The previously best known method for generating delivery options for a 1D IMB with N left leaf positions and N right leaf positions is a 'brute-force' solution, which first generates all N! possible combinations of the left and right leaf positions and then removes combinations that are not physically allowed delivery options. Compared with the brute-force method, our algorithm has several advantages: (1) our algorithm runs in an optimal time that is linearly proportional to the total number of distinct delivery options that it actually produces. Note that for a 1D IMB with multiple peaks, the total number of distinct delivery options in general tends to be considerably smaller than the worst case N!. (2) Our algorithm can be adapted to generating delivery options subject to additional constraints such as the 'minimum leaf separation' constraint. (3) Our algorithm can also be used to generate random subsets of delivery options; this feature is especially useful when the 1D IMBs in question have too many delivery options for a computer to store and process. The key idea of our method is that we impose an order on how left leaf positions should be paired with right leaf positions. Experiments indicated that our rightmost-preference algorithm runs dramatically faster than the brute-force algorithm. This implies that our algorithm can handle 1D IMBs whose sizes are substantially larger than those handled by the brute-force method. Applications of our algorithm in therapeutic techniques such as intensity-modulated arc therapy and 2D modulations are also discussed

A Text Messaging Intervention to Support Option B+ in Kenya: A Qualitative Study.

Science.gov (United States)

Musoke, Pamela; Gakumo, C Ann; Abuogi, Lisa L; Akama, Eliud; Bukusi, Elizabeth; Helova, Anna; Nalwa, Wafula Z; Onono, Mariciannah; Spangler, Sydney A; Wanga, Iris; Turan, Janet M

Key challenges in providing lifelong antiretroviral therapy (ART) to pregnant and breastfeeding women (Option B+) in sub-Saharan Africa include achieving long-term adherence and retention in care. One intervention that may help address these challenges is mobile text messaging. We evaluated the acceptability of a text messaging intervention to support women's ART adherence and retention in care in rural western Kenya. Forty in-depth interviews with 20 pregnant/postpartum women infected with HIV, their male partners, and four focus groups with 30 health care providers were conducted during September-November 2014. Data were coded and analyzed using thematic analysis. Findings revealed the following themes: (a) overall acceptability of the text messaging intervention; (b) proposed content of text messages; (c) format, timing, and language of text messages; and (d) potential challenges of the text messaging intervention. Findings were used to refine a text messaging intervention being evaluated at Kenyan study sites rolling out Option B+. Copyright © 2017 Association of Nurses in AIDS Care. Published by Elsevier Inc. All rights reserved.

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...

Remarks on a financial inverse problem by means of Monte Carlo Methods

Science.gov (United States)

Cuomo, Salvatore; Di Somma, Vittorio; Sica, Federica

2017-10-01

Estimating the price of a barrier option is a typical inverse problem. In this paper we present a numerical and statistical framework for a market with risk-free interest rate and a risk asset, described by a Geometric Brownian Motion (GBM). After approximating the risk asset with a numerical method, we find the final option price by following an approach based on sequential Monte Carlo methods. All theoretical results are applied to the case of an option whose underlying is a real stock.

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...

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

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...

[Female sexual dysfunction: Drug treatment options].

Science.gov (United States)

Alcántara Montero, A; Sánchez Carnerero, C I

2016-01-01

Many women will likely experience a sexual problem in their lifetime. Female sexual dysfunction is a broad term used to describe 3 categories of disorders of a multifactorial nature. Effective, but limited pharmacotherapeutic options exist to address female sexual dysfunction. The FDA recently approved the first agent for treatment of hypoactive sexual desire disorder in pre-menopausal women. Off-label use of hormonal therapies, particularly oestrogen and testosterone, are the most widely employed for female sexual dysfunction, particularly in post-menopausal women. Other drugs currently under investigation include phosphodiesterase inhibitors and agents that modulate dopamine or melanocortin receptors. Copyright © 2016 Sociedad Española de Médicos de Atención Primaria (SEMERGEN). Publicado por Elsevier España, S.L.U. All rights reserved.

New options for optical quality tolerances

Science.gov (United States)

Aikens, Dave

2017-11-01

The optics community has long recognized the problems of misinterpretation of the surface quality specification and the potential for conflict1-2. Finally in 2017 there are new versions of the ISO and ANSI standards for surface imperfection tolerances which provide vastly improved alternatives to the existing options, especially the use of the US Military standard for specifying optical quality tolerances. This paper will review the existing standards in common use for specifying surface imperfections, and then describe in detail the new versions of the ISO and ANSI standards which are available in 2017. The details of the notations and inspection methods for each of the optics specifications will be provided, and the differences between the various alternatives will be discussed.

Euro Membership as a Real Option Trigger

DEFF Research Database (Denmark)

Aabo, Tom; Pantzalis, Christos

2007-01-01

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

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...

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)

Using expectations to monitor robotic progress and recover from problems

Science.gov (United States)

Kurup, Unmesh; Lebiere, Christian; Stentz, Anthony; Hebert, Martial

2013-05-01

How does a robot know when something goes wrong? Our research answers this question by leveraging expectations - predictions about the immediate future - and using the mismatch between the expectations and the external world to monitor the robot's progress. We use the cognitive architecture ACT-R (Adaptive Control of Thought - Rational) to learn the associations between the current state of the robot and the world, the action to be performed in the world, and the future state of the world. These associations are used to generate expectations that are then matched by the architecture with the next state of the world. A significant mismatch between these expectations and the actual state of the world indicate a problem possibly resulting from unexpected consequences of the robot's actions, unforeseen changes in the environment or unanticipated actions of other agents. When a problem is detected, the recovery model can suggest a number of recovery options. If the situation is unknown, that is, the mismatch between expectations and the world is novel, the robot can use a recovery solution from a set of heuristic options. When a recovery option is successfully applied, the robot learns to associate that recovery option with the mismatch. When the same problem is encountered later, the robot can apply the learned recovery solution rather than using the heuristics or randomly exploring the space of recovery solutions. We present results from execution monitoring and recovery performed during an assessment conducted at the Combined Arms Collective Training Facility (CACTF) at Fort Indiantown Gap.

Patients' views on the use of an Option Grid for knee osteoarthritis in physiotherapy clinical encounters: An interview study.

Science.gov (United States)

Kinsey, Katharine; Firth, Jill; Elwyn, Glyn; Edwards, Adrian; Brain, Katherine; Marrin, Katy; Nye, Alan; Wood, Fiona

2017-12-01

Patient decision support tools have been developed as a means of providing accurate and accessible information in order for patients to make informed decisions about their care. Option Grids ™ are a type of decision support tool specifically designed to be used during clinical encounters. To explore patients' views of the Option Grid encounter tool used in clinical consultations with physiotherapists, in comparison with usual care, within a patient population who are likely to be disadvantaged by age and low health literacy. Semi-structured interviews with 72 patients (36 who had been given an Option Grid in their consultation and 36 who had not). Thematic analysis explored patients' understanding of treatment options, perceptions of involvement, and readability and utility of the Option Grid. Interviews suggested that the Option Grid facilitated more detailed discussion about the risks and benefits of a wider range of treatment options for osteoarthritis of the knee. Participants indicated that the Option Grid was clear and aided their understanding of a structured progression of the options as their condition advanced, although it was not clear whether the Option Grid facilitated greater engagement in shared decision making. The Option Grid for osteoarthritis of the knee was well received by patient participants who reported that it helped them to understand their options, and made the notion of choice explicit. Use of Option Grids should be considered within routine consultations. © 2017 The Authors Health Expectations Published by John Wiley & Sons Ltd.

Prospect theory: An application to European option pricing

OpenAIRE

Martina Nardon; Paolo Pianca

2012-01-01

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

Using Localised Quadratic Functions on an Irregular Grid for Pricing High-Dimensional American Options

NARCIS (Netherlands)

Berridge, S.J.; Schumacher, J.M.

2004-01-01

We propose a method for pricing high-dimensional American options on an irregular grid; the method involves using quadratic functions to approximate the local effect of the Black-Scholes operator.Once such an approximation is known, one can solve the pricing problem by time stepping in an explicit

New paleomagnetic poles from Arctic Siberia support Indian Ocean option for the Neoproterozoic APWP of the Siberian craton.

Science.gov (United States)

Pasenko, A.; Malyshev, S. V.

2017-12-01

Quantity and quality of paleomagnetic poles obtained so far for Neoproterozoic of Siberia are still insufficient even to outline the general trend of APWP of Siberia for this huge and very interesting time interval. Meanwhile, the solution of this problem is crucial for choice of polarity option for Siberian proterozoic paleomagnetic directions, for construction and testing of world paleotectonic and paleogeographic reconstructions. For example, whether or not the Siberian craton could be connected with Laurentia within the supercontinent Rodinia depends directly on paleomagnetic polarity option choice, which , in its turn, is determined by either we choose for neoproterozoic drift of Siberian paleomagnetic poles Pacific ocean trend [Smethurst et al., 1998] or Indian ocean [Pavlov et al., 2015] trend. To advance in solution of this problem we have carried out the paleomagnetic investigations of several sedimentary sections and sills of Arctic Siberia considered to be meso-neoproterozoic in age. In particular we have studied the terrigenous Udza and Unguohtah Formations and basic sills of the Udzha Uplift; the carbonate Khaipakh Formation of the Olenek Uplift; the carbonate Burovaya Formation of the Turukhansk Uplift; basic sills of the Kparaulakh Mountains.In this report we present the paleomagnetic poles obtained, discuss their bearing on construction of the adequate Siberian neoproterozoic APWP and show that our new data rather support the Indian ocean option.This research were supported by Grant from RF President #MK-739.2017.5

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.

Radiological impacts of spent nuclear fuel management options

International Nuclear Information System (INIS)

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

2000-01-01

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

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

OpenAIRE

Aparna Bhat; Kirti Arekar

2015-01-01

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

Options for accounting carbon sequestration in German forests

Science.gov (United States)

Krug, Joachim; Koehl, Michael; Riedel, Thomas; Bormann, Kristin; Rueter, Sebastian; Elsasser, Peter

2009-01-01

Background The Accra climate change talks held from 21–27 August 2008 in Accra, Ghana, were part of an ongoing series of meetings leading up to the Copenhagen meeting in December 2009. During the meeting a set of options for accounting carbon sequestration in forestry on a post-2012 framework was presented. The options include gross-net and net-net accounting and approaches for establishing baselines. Results This article demonstrates the embedded consequences of Accra Accounting Options for the case study of German national GHG accounting. It presents the most current assessment of sequestration rates by forest management for the period 1990 – 2007, provides an outlook of future emissions and removals (up to the year 2042) as related to three different management scenarios, and shows that implementation of some Accra options may reverse sources to sinks, or sinks to sources. Conclusion The results of the study highlight the importance of elaborating an accounting system that would prioritize the climate convention goals, not national preferences. PMID:19650896

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.

"Provoking conversations": case studies of organizations where Option Grid™ decision aids have become 'normalized'.

Science.gov (United States)

Scalia, Peter; Elwyn, Glyn; Durand, Marie-Anne

2017-08-18

Implementing patient decision aids in clinic workflow has proven to be a challenge for healthcare organizations and physicians. Our aim was to determine the organizational strategies, motivations, and facilitating factors to the routine implementation of Option Grid™ encounter decision aids at two independent settings. Case studies conducted by semi-structured interview, using the Normalization Process Theory (NPT) as a framework for thematic analysis. Twenty three interviews with physicians, nurses, hospital staff and stakeholders were conducted at: 1) CapitalCare Medical Group in Albany, New York; 2) HealthPartners Clinics in Minneapolis, Minnesota. 'Coherent' motivations were guided by financial incentives at CapitalCare, and by a 'champion' physician at HealthPartners. Nurses worked 'collectively' at both settings and played an important role at sites where successful implementation occurred. Some physicians did not understand the perceived utility of Option Grid™, which led to varying degrees of implementation success across sites. The appraisal work (reflexive monitoring) identified benefits, particularly in terms of information provision. Physicians at both settings, however, were concerned with time pressures and the suitability of the tool for patients with low levels of health literacy. Although both practice settings illustrated the mechanisms of normalization postulated by the theory, the extent to which Option Grid™ was routinely embedded in clinic workflow varied between sites, and between clinicians. Implementation of new interventions will require attention to an identified rationale (coherence), and to the collective action, cognitive participation, and assessment of value by organizational members of the organization.

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 ...

MHR fuel cycle options for future sustainability of nuclear power

International Nuclear Information System (INIS)

Baxter, Alan; Venneri, Francesco; Rodriguez, Carmelo; Fikani, Michael

2005-01-01

The future sustainability of the nuclear option is not significantly tied to the level of resources. For example, current high quality uranium reserves (∼3.34x10 6 tons) are enough for more than 55 years at present consumption rates (IAEA estimate). Doubling of the present uranium ore price (∼$26/kg) could create about a tenfold increase in resources, providing more than 550 years of supply at present rates (World Nuclear Association estimate). There are also thorium reserves which are estimated to be about three times those of uranium, and would allow for a significant increase in annual consumption levels. The key to a sustainable nuclear future is really tied to the political and technical problems of long term waste disposal, and the perceived risks of nuclear weapons proliferation. Thus fuel cycle options for a sustainable nuclear future must address and solve these issues. High temperature, Gas-Cooled, Graphite Moderated, reactors (MHRs) have nuclear and operational characteristics to provide multiple fuel cycle options to solve these issues. Three fuel cycles for the MHD are described in this paper, and their capabilities for meeting a sustainable nuclear future in terms of nuclear waste minimization and destruction, and reduction of proliferation risk, are discussed. (author)

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.

Several problems in accelerator shielding study

International Nuclear Information System (INIS)

Nakamura, Takashi; Hirayama, Hideo; Ban, Shuichi.

1980-01-01

Recently, the utilization of accelerators has increased rapidly, and the increase of accelerating energy and beam intensity is also remarkable. The studies on accelerator shielding have become important, because the amount of radiation emitted from accelerators increased, the regulation of the dose of environmental radiation was tightened, and the cost of constructing shielding rose. As the plans of constructing large accelerators have been made successively, the survey on the present state and the problems of the studies on accelerator shielding was carried out. Accelerators are classified into electron accelerators and proton accelerators in view of the studies on shielding. In order to start the studies on accelerator shielding, first, the preparation of the cross section data is indispensable. The cross sections for generating Bremsstrahlung, photonuclear reactions generating neutrons, generation of neutrons by hadrons, nuclear reaction of neutrons and generation of gamma-ray by hadrons are described. The generation of neutrons and gamma-ray as the problems of thick targets is explained. The shielding problems are complex and diversified, but in this paper, the studies on the shielding, by which basic data are obtainable, are taken up, such as beam damping and side wall shielding. As for residual radioactivity, main nuclides and the difference of residual radioactivity according to substances have been studied. (J.P.N.)

Options of electric generation and sustainability

International Nuclear Information System (INIS)

Martin del Campo M, C.

2004-01-01

In this paper a study on the sustainability of the main electricity generation options is presented. The study is based on a matrix of sustainability indicators developed in Switzerland. A revision of some sustainability studies performed in countries with certain energy diversity and with experience in nuclear power plants operation, is done. Studies, in general, are performed for the power plant life cycle, taking into account economic aspects, fuel prices impact on electricity generation costs, fuel reserves indicators and material consumption. Air emission, waste production and human health impact data are also presented. All the results lead to confirm that nuclear energy has a high degree of sustainability vis a vis other options based on fossil fuels and renewable. Finally some comments are presented in order to highlight the importance that nuclear energy might have in the sustainable development of Mexico. (Author)

The needs analysis of learning Inventive Problem Solving for technical and vocational students

Science.gov (United States)

Sai'en, Shanty; Tze Kiong, Tee; Yunos, Jailani Md; Foong, Lee Ming; Heong, Yee Mei; Mohaffyza Mohamad, Mimi

2017-08-01

Malaysian Ministry of Education highlighted in their National Higher Education Strategic plan that higher education’s need to focus adopting 21st century skills in order to increase a graduate’s employability. Current research indicates that most graduate lack of problem solving skills to help them securing the job. Realising the important of this skill hence an alternative way suggested as an option for high institution’s student to solve their problem. This study was undertaken to measure the level of problem solving skills, identify the needs of learning inventive problem solving skills and the needs of developing an Inventive problem solving module. Using a questionnaire, the study sampled 132 students from Faculty of Technical and Vocational Education. Findings indicated that majority of the students fail to define what is an inventive problem and the root cause of a problem. They also unable to state the objectives and goal thus fail to solve the problem. As a result, the students agreed on the developing Inventive Problem Solving Module to assist them.

Perspective on long-range nuclear energy options

International Nuclear Information System (INIS)

Harms, W.O.

1977-01-01

The study group whose effort is presented here concluded that the United States urgently needs to have a breeder option available for possible deployment before the year 2000 primarily because of uncertainties in the availability of fossil fuels and uranium supplies. It was recommended that the U/Pu LMFBR program proceed as planned, including prompt construction of the CRBRP and its associated fuel cycle facilities. Alternative cycle studies should be pursued, but without significantly delaying the current program. There are technological choices which, in suitable political contexts, may somewhat reduce proliferation risks; of these, only those that employ breeders preserve the breeder option (and the nuclear option in the long term. These alternatives must be coupled with political agreements to have any significant effect on proliferation potential internationally. These same political agreements should suffice to control the U/Pu breeder cycle; there is only a difference in degree between the U/Pu and the denatured Th/U-233 cycles

Many-core architectures boost the pricing of basket options on adaptive sparse grids

DEFF Research Database (Denmark)

Heinecke, Alexander; Jepsen, Jacob; Bungartz, Hans Joachim

2013-01-01

of the operator's parallelism, we are able to achieve nearly perfect strong scaling for the Black-Scholes solver. Our results show that typical problem sizes (5 dimensional basket options), require at least 4 NVIDIA K20X Kepler GPUs (inside a Cray XK7) in order to be faster than the Up-Down scheme running on 16...

Real options and asset valuation in competitive energy markets

Science.gov (United States)

Oduntan, Adekunle Richard

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

When less is more: Effects of the availability of strategic options on regulating negative emotions.

Science.gov (United States)

Bigman, Yochanan E; Sheppes, Gal; Tamir, Maya

2017-09-01

Research in several domains suggests that having strategic options is not always beneficial. In this paper, we tested whether having strategic options (vs. not) is helpful or harmful for regulating negative emotions. In 5 studies (N = 151) participants were presented with 1 or more strategic options prior to watching aversive images and using the selected strategic option. Across studies, we found that people reported less intense negative emotions when the strategy they used to regulate their emotions was presented as a single option, rather than as 1 of several options. This was regardless of whether people could choose between the options (Studies 3-5) or not (Studies 1, 2, and 4), and specific to negative (but not neutral) images (Study 5). A sixth study addressed an explanation based on demand characteristics, showing that participants expected to feel more positive when having more than 1 option. The findings indicate that having strategic options for regulating negative emotions can sometimes be costly. (PsycINFO Database Record (c) 2017 APA, all rights reserved).

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

Safety of timber : An analysis of quality control options

NARCIS (Netherlands)

Kovryga, A.; Stapel, P.; Van de Kuilen, J.W.G.

2014-01-01

The quality assurance of timber properties is important for the safety of timber structures. In the current study, the quality control options of timber are analysed under the prism of the different growth regions. Therefore, these options - machine and output control - are simulated in accordance

Options for reclaiming the Gunnar uranium tailings, Saskatchewan, Canada

International Nuclear Information System (INIS)

Lawson, D.W.

1986-01-01

This paper discusses potential reclamation options and outlines further associated studies. Research is continuing and none of the options are as yet under consideration for implementation. Final selection could also require integrated planning involving an environmental impact assessment, pathways analyses and cost benefit evaluations

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....

Chronic conditions and sleep problems among adults aged 50 years or over in nine countries: a multi-country study.

Directory of Open Access Journals (Sweden)

Ai Koyanagi

Full Text Available Data on the association between chronic conditions or the number of chronic conditions and sleep problems in low- or middle-income countries is scarce, and global comparisons of these associations with high-income countries have not been conducted.Data on 42116 individuals 50 years and older from nationally-representative samples of the Collaborative Research on Ageing in Europe (Finland, Poland, Spain and the World Health Organization's Study on Global Ageing and Adult Health (China, Ghana, India, Mexico, Russia, South Africa conducted between 2011-2012 and 2007-2010 respectively were analyzed.The association between nine chronic conditions (angina, arthritis, asthma, chronic lung disease, depression, diabetes, hypertension, obesity, and stroke and self-reported severe/extreme sleep problems in the past 30 days was estimated by logistic regression with multiple variables. The age-adjusted prevalence of sleep problems ranged from 2.8% (China to 17.0% (Poland. After adjustment for confounders, angina (OR 1.75-2.78, arthritis (OR 1.39-2.46, and depression (OR 1.75-5.12 were significantly associated with sleep problems in the majority or all of the countries. Sleep problems were also significantly associated with: asthma in Finland, Spain, and India; chronic lung disease in Poland, Spain, Ghana, and South Africa; diabetes in India; and stroke in China, Ghana, and India. A linear dose-dependent relationship between the number of chronic conditions and sleep problems was observed in all countries. Compared to no chronic conditions, the OR (95%CI for 1,2,3, and ≥ 4 chronic conditions was 1.41 (1.09-1.82, 2.55 (1.99-3.27, 3.22 (2.52-4.11, and 7.62 (5.88-9.87 respectively in the overall sample.Identifying co-existing sleep problems among patients with chronic conditions and treating them simultaneously may lead to better treatment outcome. Clinicians should be aware of the high risk for sleep problems among patients with multimorbidity. Future studies

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

Computational intelligence applications to option pricing, volatility forecasting and value at risk

CERN Document Server

Mostafa, Fahed; Chang, Elizabeth

2017-01-01

The results in this book demonstrate the power of neural networks in learning complex behavior from the underlying financial time series data . The results in this book also demonstrate how neural networks can successfully be applied to volatility modeling, option pricings, and value at risk modeling. These features allow them to be applied to market risk problems to overcome classical issues associated with statistical models. .

The hardness of the nuclear option in the Netherlands. A study on the occurrence of an abused technology

International Nuclear Information System (INIS)

Van Vugt, F.

2004-01-01

The central theme in this master's thesis is the tension between attempts aimed at phasing out the nuclear option and the resistance of the implied sociotechnical structures to this fundamental change. Nuclear option is the choice of a particular country for the generation of electricity by means of nuclear fission. This study is inspired by an empirical question: why is the intention of certain countries to phase out the nuclear option so difficult to realize. This intention is constantly the object of debate. This is shown by the delay of the planned decommissioning of the Barsebaeck-plant in Sweden, the statements of the director of Electrabel (the company that manages the Belgian nuclear plants) that the plants will not be closed on the dates that were dictated by the Belgian government and by the fact that the Borssele-plant in the Netherlands is still up and running despite a parliamentary decree dictating the closure of the plant on 31st of December 2003. Did policymakers responsible for the decision to phase out make a mistake concerning the constructability of reality? Why is it so difficult to change the technological status quo? What factors play a role in this resistance? These questions form the core of this study. To answer these questions use is made of the theoretical work of Anique Hommels. In her doctoral thesis (Unbuilding Cities: Obduracy in Urban Sociotechnical Change) she poses similar questions in relation to urban structures. Why are certain urban structures so hard to change? This resistance to change is expressed in the notion of obduracy. Hommels identifies four causations of this obduracy, which she expresses in four theoretical categories: (1) material obduracy, (2) obduracy caused by dominant ways of thinking, (3) obduracy as constituted by embeddedness, and (4) obduracy explained by persistent traditions. These notions are derived from the interdisciplinary research field of Science Technology and Society studies (STS). In this report

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

A qualitative assessment of climate adaptation options and some estimates of adaptation costs

International Nuclear Information System (INIS)

Van Ierland, E.C.; De Bruin, K.; Dellink, R.B.; Ruijs, A.

2006-12-01

The Routeplanner project aims to provide a 'systematic assessment' of potential adaptation options to respond to climate change in the Netherlands in connection to spatial planning. The study is the result of a policy oriented project that took place between May and September 2006. The aim of the current study is to provide a 'qualitative assessment' of the direct and indirect effects of adaptation options and to provide an assessment of some of the costs and benefits of adaptation options. The present report presents and summarizes the results of all phases of the study: an inventory of adaptation options, a qualitative assessment of the effects of the adaptation options for the Netherlands in the long run, a database which allows to rank the various options according to a set of criteria and a relative ranking on the basis of these criteria. Finally, the report also contains the best available information on costs and benefits of various adaptation options.

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

African Journals Online (AJOL)

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

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...

New Fathers' Perinatal Depression and Anxiety-Treatment Options: An Integrative Review.

Science.gov (United States)

O'Brien, Anthony P; McNeil, Karen A; Fletcher, Richard; Conrad, Agatha; Wilson, Amanda J; Jones, Donovan; Chan, Sally W

2017-07-01

More than 10% of fathers experience depression and anxiety during the perinatal period, but paternal perinatal depression (PPND) and anxiety have received less attention than maternal perinatal mental health problems. Few mainstream treatment options are available for men with PPND and anxiety. The aim of this literature review was to summarize the current understanding of PPND and the treatment programs specifically designed for fathers with perinatal depression. Eight electronic databases were searched using a predefined strategy, and reference lists were also hand searched. PPND and anxiety were identified to have a negative impact on family relationships, as well as the health of mothers and children. Evidence suggests a lack of support and tailored treatment options for men having trouble adjusting to the transition to fatherhood. Of the limited options available, cognitive behavioral therapy, group work, and blended delivery programs, including e-support approaches appear to be most effective in helping fathers with perinatal depression and anxiety. The review findings have important implications for the understanding of PPND and anxiety. Future research is needed to address the adoption of father-inclusive and father-specific models of care to encourage fathers' help-seeking behavior. Inclusion of male-specific requirements into support and treatment options can improve the ability of services to engage new fathers. Psychotherapeutic intervention could assist to address the cognitive differences and dissonance for men adjusting to the role of father, including male identity and role expectations.

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.