WorldWideScience

Sample records for scholes pricing formula

  1. EMPIRICAL TESTING OF MODIFIED BLACK-SCHOLES OPTION PRICING MODEL FORMULA ON NSE DERIVATIVE MARKET IN INDIA

    Directory of Open Access Journals (Sweden)

    Ambrish Gupta

    2013-01-01

    Full Text Available The main objectives of this paper are to incorporate modification in Black-Scholes option pricing model formula by adding some new variables on the basis of given assumption related to risk-free interest rate, and also shows the calculation process of new risk-free interest rate on the basis of modified variable. This paper also identifies the various situations in empirical testing of modified and original Black-Scholes formula with respect to the market value on the basis of assumed and calculated risk-free interest rate.

  2. Creation and Valuation of Instruments Compensating Lower Share Prices with the Help of Black–Scholes Formula

    Directory of Open Access Journals (Sweden)

    Zaremba Leszek

    2017-02-01

    Full Text Available In this paper, we present a 1-period model of the Polish financial market from the view point of KGHM, the Polish largest listed company that suffered huge declines in share prices from 125 PLN in August 2015 to 60 PLN in January 2015. Our goal is to show how KGHM might create a portfolio (with practically zero cost, which would fully compensate the abovementioned declines. The methodology presented below may be equally well employed by many other listed companies and investment funds, as well. We create here a matrix model of the Polish financial market and employ the Black-Scholes formula to valuate portfolios compensating potential declines of KGHM’s shares prices. To give more insight to practitioners wishing to apply the results presented here to other listed companies, we distinguish two cases. In one of them, volatility of KGHM’s share prices is 20%, and in the other case it equals 33%.

  3. 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)

  4. A review on Black-Scholes model in pricing warrants in Bursa Malaysia

    Science.gov (United States)

    Gunawan, Nur Izzaty Ilmiah Indra; Ibrahim, Siti Nur Iqmal; Rahim, Norhuda Abdul

    2017-01-01

    This paper studies the accuracy of the Black-Scholes (BS) model and the dilution-adjusted Black-Scholes (DABS) model to pricing some warrants traded in the Malaysian market. Mean Absolute Error (MAE) and Mean Absolute Percentage Error (MAPE) are used to compare the two models. Results show that the DABS model is more accurate than the BS model for the selected data.

  5. 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.

  6. Adaptation of warrant price with Black Scholes model and historical volatility

    Science.gov (United States)

    Aziz, Khairu Azlan Abd; Idris, Mohd Fazril Izhar Mohd; Saian, Rizauddin; Daud, Wan Suhana Wan

    2015-05-01

    This project discusses about pricing warrant in Malaysia. The Black Scholes model with non-dividend approach and linear interpolation technique was applied in pricing the call warrant. Three call warrants that are listed in Bursa Malaysia were selected randomly from UiTM's datastream. The finding claims that the volatility for each call warrants are different to each other. We have used the historical volatility which will describes the price movement by which an underlying share is expected to fluctuate within a period. The Black Scholes model price that was obtained by the model will be compared with the actual market price. Mispricing the call warrants will contribute to under or over valuation price. Other variables like interest rate, time to maturity date, exercise price and underlying stock price are involves in pricing call warrants as well as measuring the moneyness of call warrants.

  7. Black-Scholes finite difference modeling in forecasting of call warrant prices in Bursa Malaysia

    Science.gov (United States)

    Mansor, Nur Jariah; Jaffar, Maheran Mohd

    2014-07-01

    Call warrant is a type of structured warrant in Bursa Malaysia. It gives the holder the right to buy the underlying share at a specified price within a limited period of time. The issuer of the structured warrants usually uses European style to exercise the call warrant on the maturity date. Warrant is very similar to an option. Usually, practitioners of the financial field use Black-Scholes model to value the option. The Black-Scholes equation is hard to solve analytically. Therefore the finite difference approach is applied to approximate the value of the call warrant prices. The central in time and central in space scheme is produced to approximate the value of the call warrant prices. It allows the warrant holder to forecast the value of the call warrant prices before the expiry date.

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

    Science.gov (United States)

    Takada, Hellinton Hatsuo; de Oliveira Siqueira, José

    2008-11-01

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

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

    Directory of Open Access Journals (Sweden)

    Rachmawati Ro’fah Nur

    2014-03-01

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

  10. Uniform Bounds for Black--Scholes Implied Volatility

    OpenAIRE

    Tehranchi, Michael Rummine

    2016-01-01

    In this note, Black--Scholes implied volatility is expressed in terms of various optimization problems. From these representations, upper and lower bounds are derived which hold uniformly across moneyness and call price. Various symmetries of the Black--Scholes formula are exploited to derive new bounds from old. These bounds are used to reprove asymptotic formulas for implied volatility at extreme strikes and/or maturities. the Society for Industrial and Applied Mathematics 10.1137/14095248X

  11. Uniform bounds for Black--Scholes implied volatility

    OpenAIRE

    Tehranchi, Michael R.

    2015-01-01

    In this note, Black--Scholes implied volatility is expressed in terms of various optimisation problems. From these representations, upper and lower bounds are derived which hold uniformly across moneyness and call price. Various symmetries of the Black--Scholes formula are exploited to derive new bounds from old. These bounds are used to reprove asymptotic formulae for implied volatility at extreme strikes and/or maturities.

  12. Fractional Black–Scholes option pricing, volatility calibration and implied Hurst exponents in South African context

    Directory of Open Access Journals (Sweden)

    Emlyn Flint

    2017-03-01

    Full Text Available Background: Contingent claims on underlying assets are typically priced under a framework that assumes, inter alia, that the log returns of the underlying asset are normally distributed. However, many researchers have shown that this assumption is violated in practice. Such violations include the statistical properties of heavy tails, volatility clustering, leptokurtosis and long memory. This paper considers the pricing of contingent claims when the underlying is assumed to display long memory, an issue that has heretofore not received much attention. Aim: We address several theoretical and practical issues in option pricing and implied volatility calibration in a fractional Black–Scholes market. We introduce a novel eight-parameter fractional Black–Scholes-inspired (FBSI model for the implied volatility surface, and consider in depth the issue of calibration. One of the main benefits of such a model is that it allows one to decompose implied volatility into an independent long-memory component – captured by an implied Hurst exponent – and a conditional implied volatility component. Such a decomposition has useful applications in the areas of derivatives trading, risk management, delta hedging and dynamic asset allocation. Setting: The proposed FBSI volatility model is calibrated to South African equity index options data as well as South African Rand/American Dollar currency options data. However, given the focus on the theoretical development of the model, the results in this paper are applicable across all financial markets. Methods: The FBSI model essentially combines a deterministic function form of the 1-year implied volatility skew with a separate deterministic function for the implied Hurst exponent, thus allowing one to model both observed implied volatility surfaces as well as decompose them into independent volatility and long-memory components respectively. Calibration of the model makes use of a quasi-explicit weighted

  13. Accouting for Biases in Black-Scholes

    OpenAIRE

    David Backus; Silverio Foresi; Liuren Wu

    2002-01-01

    Prices of currency options commonly differ from the Black-Scholes formula along two dimensions: implied volatilities vary by strike price (volatility smiles) and maturity (implied volatility of at­the­money options increases, on average, with maturity). We account for both using Gram­Charlier expansions to approximate the conditional distribution of the logarithm of the price of the underlying security. In this setting, volatility is approximately a quadratic function of moneyness, a result w...

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

    Directory of Open Access Journals (Sweden)

    Petra Posedel

    2006-12-01

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

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

    Science.gov (United States)

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

    2016-01-01

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

  16. A quantum model of option pricing: When Black-Scholes meets Schrödinger and its semi-classical limit

    Science.gov (United States)

    Contreras, Mauricio; Pellicer, Rely; Villena, Marcelo; Ruiz, Aaron

    2010-12-01

    The Black-Scholes equation can be interpreted from the point of view of quantum mechanics, as the imaginary time Schrödinger equation of a free particle. When deviations of this state of equilibrium are considered, as a product of some market imperfection, such as: Transaction cost, asymmetric information issues, short-term volatility, extreme discontinuities, or serial correlations; the classical non-arbitrage assumption of the Black-Scholes model is violated, implying a non-risk-free portfolio. From Haven (2002) [1] we know that an arbitrage environment is a necessary condition to embedding the Black-Scholes option pricing model in a more general quantum physics setting. The aim of this paper is to propose a new Black-Scholes-Schrödinger model based on the endogenous arbitrage option pricing formulation introduced by Contreras et al. (2010) [2]. Hence, we derive a more general quantum model of option pricing, that incorporates arbitrage as an external time dependent force, which has an associated potential related to the random dynamic of the underlying asset price. This new resultant model can be interpreted as a Schrödinger equation in imaginary time for a particle of mass 1/σ2 with a wave function in an external field force generated by the arbitrage potential. As pointed out above, this new model can be seen as a more general formulation, where the perfect market equilibrium state postulated by the Black-Scholes model represent a particular case. Finally, since the Schrödinger equation is in place, we can apply semiclassical methods, of common use in theoretical physics, to find an approximate analytical solution of the Black-Scholes equation in the presence of market imperfections, as it is the case of an arbitrage bubble. Here, as a numerical illustration of the potential of this Schrödinger equation analogy, the semiclassical approximation is performed for different arbitrage bubble forms (step, linear and parabolic) and compare with the exact

  17. Fractional Black-Scholes option pricing, volatility calibration and implied Hurst exponents in South African context

    OpenAIRE

    Flint, Emlyn; Maré, Eben

    2017-01-01

    Background: Contingent claims on underlying assets are typically priced under a framework that assumes, inter alia, that the log returns of the underlying asset are normally distributed. However, many researchers have shown that this assumption is violated in practice. Such violations include the statistical properties of heavy tails, volatility clustering, leptokurtosis and long memory. This paper considers the pricing of contingent claims when the underlying is assumed to display long memor...

  18. 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

  19. Heterogeneity and option pricing

    NARCIS (Netherlands)

    Benninga, Simon; Mayshar, Joram

    2000-01-01

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

  20. Comparison: Binomial model and Black Scholes model

    Directory of Open Access Journals (Sweden)

    Amir Ahmad Dar

    2018-03-01

    Full Text Available The Binomial Model and the Black Scholes Model are the popular methods that are used to solve the option pricing problems. Binomial Model is a simple statistical method and Black Scholes model requires a solution of a stochastic differential equation. Pricing of European call and a put option is a very difficult method used by actuaries. The main goal of this study is to differentiate the Binominal model and the Black Scholes model by using two statistical model - t-test and Tukey model at one period. Finally, the result showed that there is no significant difference between the means of the European options by using the above two models.

  1. A Linear Algorithm for Black Scholes Economic Model

    Directory of Open Access Journals (Sweden)

    Dumitru FANACHE

    2008-01-01

    Full Text Available The pricing of options is a very important problem encountered in financial domain. The famous Black-Scholes model provides explicit closed form solution for the values of certain (European style call and put options. But for many other options, either there are no closed form solution, or if such closed form solutions exist, the formulas exhibiting them are complicated and difficult to evaluate accurately by conventional methods. The aim of this paper is to study the possibility of obtaining the numerical solution for the Black-Scholes equation in parallel, by means of several processors, using the finite difference method. A comparison between the complexity of the parallel algorithm and the serial one is given.

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

    Science.gov (United States)

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

    2014-12-01

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

  3. The modified Black-Scholes model via constant elasticity of variance for stock options valuation

    Science.gov (United States)

    Edeki, S. O.; Owoloko, E. A.; Ugbebor, O. O.

    2016-02-01

    In this paper, the classical Black-Scholes option pricing model is visited. We present a modified version of the Black-Scholes model via the application of the constant elasticity of variance model (CEVM); in this case, the volatility of the stock price is shown to be a non-constant function unlike the assumption of the classical Black-Scholes model.

  4. Use of Bayesian Estimates to determine the Volatility Parameter Input in the Black-Scholes and Binomial Option Pricing Models

    Directory of Open Access Journals (Sweden)

    Shu Wing Ho

    2011-12-01

    Full Text Available The valuation of options and many other derivative instruments requires an estimation of exante or forward looking volatility. This paper adopts a Bayesian approach to estimate stock price volatility. We find evidence that overall Bayesian volatility estimates more closely approximate the implied volatility of stocks derived from traded call and put options prices compared to historical volatility estimates sourced from IVolatility.com (“IVolatility”. Our evidence suggests use of the Bayesian approach to estimate volatility can provide a more accurate measure of ex-ante stock price volatility and will be useful in the pricing of derivative securities where the implied stock price volatility cannot be observed.

  5. On the Pricing of Options in Incomplete Markets

    NARCIS (Netherlands)

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

    1996-01-01

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

  6. 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.

  7. Financial derivative pricing under probability operator via Esscher transfomation

    Energy Technology Data Exchange (ETDEWEB)

    Achi, Godswill U., E-mail: achigods@yahoo.com [Department of Mathematics, Abia State Polytechnic Aba, P.M.B. 7166, Aba, Abia State (Nigeria)

    2014-10-24

    The problem of pricing contingent claims has been extensively studied for non-Gaussian models, and in particular, Black- Scholes formula has been derived for the NIG asset pricing model. This approach was first developed in insurance pricing{sup 9} where the original distortion function was defined in terms of the normal distribution. This approach was later studied6 where they compared the standard Black-Scholes contingent pricing and distortion based contingent pricing. So, in this paper, we aim at using distortion operators by Cauchy distribution under a simple transformation to price contingent claim. We also show that we can recuperate the Black-Sholes formula using the distribution. Similarly, in a financial market in which the asset price represented by a stochastic differential equation with respect to Brownian Motion, the price mechanism based on characteristic Esscher measure can generate approximate arbitrage free financial derivative prices. The price representation derived involves probability Esscher measure and Esscher Martingale measure and under a new complex valued measure φ (u) evaluated at the characteristic exponents φ{sub x}(u) of X{sub t} we recuperate the Black-Scholes formula for financial derivative prices.

  8. Financial derivative pricing under probability operator via Esscher transfomation

    International Nuclear Information System (INIS)

    Achi, Godswill U.

    2014-01-01

    The problem of pricing contingent claims has been extensively studied for non-Gaussian models, and in particular, Black- Scholes formula has been derived for the NIG asset pricing model. This approach was first developed in insurance pricing 9 where the original distortion function was defined in terms of the normal distribution. This approach was later studied6 where they compared the standard Black-Scholes contingent pricing and distortion based contingent pricing. So, in this paper, we aim at using distortion operators by Cauchy distribution under a simple transformation to price contingent claim. We also show that we can recuperate the Black-Sholes formula using the distribution. Similarly, in a financial market in which the asset price represented by a stochastic differential equation with respect to Brownian Motion, the price mechanism based on characteristic Esscher measure can generate approximate arbitrage free financial derivative prices. The price representation derived involves probability Esscher measure and Esscher Martingale measure and under a new complex valued measure φ (u) evaluated at the characteristic exponents φ x (u) of X t we recuperate the Black-Scholes formula for financial derivative prices

  9. Financial derivative pricing under probability operator via Esscher transfomation

    Science.gov (United States)

    Achi, Godswill U.

    2014-10-01

    The problem of pricing contingent claims has been extensively studied for non-Gaussian models, and in particular, Black- Scholes formula has been derived for the NIG asset pricing model. This approach was first developed in insurance pricing9 where the original distortion function was defined in terms of the normal distribution. This approach was later studied6 where they compared the standard Black-Scholes contingent pricing and distortion based contingent pricing. So, in this paper, we aim at using distortion operators by Cauchy distribution under a simple transformation to price contingent claim. We also show that we can recuperate the Black-Sholes formula using the distribution. Similarly, in a financial market in which the asset price represented by a stochastic differential equation with respect to Brownian Motion, the price mechanism based on characteristic Esscher measure can generate approximate arbitrage free financial derivative prices. The price representation derived involves probability Esscher measure and Esscher Martingale measure and under a new complex valued measure φ (u) evaluated at the characteristic exponents φx(u) of Xt we recuperate the Black-Scholes formula for financial derivative prices.

  10. Fast computation of vanilla prices in time-changed models and implied volatilities using rational approximations

    NARCIS (Netherlands)

    Pistorius, M.; Stolte, J.

    2012-01-01

    We present a new numerical method to price vanilla options quickly in time-changed Brownian motion models. The method is based on rational function approximations of the Black-Scholes formula. Detailed numerical results are given for a number of widely used models. In particular, we use the

  11. Using the Black Scholes method for estimating high cost illness insurance premiums in Colombia

    Directory of Open Access Journals (Sweden)

    Liliana Chicaíza

    2009-04-01

    Full Text Available This article applied the Black-Scholes option valuation formula to calculating high-cost illness reinsurance premiums in the Colombian health system. The coverage pattern used in reinsuring high-cost illnesses was replicated by means of a European call option contract. The option’s relevant variables and parameters were adapted to an insurance market context. The premium estimated by the BlackScholes method fell within the range of premiums estimated by the actuarial method.

  12. Perbandingan Metode Binomial dan Metode Black-Scholes Dalam Penentuan Harga Opsi

    Directory of Open Access Journals (Sweden)

    Surya Amami Pramuditya

    2016-04-01

    Full Text Available ABSTRAKOpsi adalah kontrak antara pemegang dan penulis  (buyer (holder dan seller (writer di mana penulis (writer memberikan hak (bukan kewajiban kepada holder untuk membeli atau menjual aset dari writer pada harga tertentu (strike atau latihan harga dan pada waktu tertentu dalam waktu (tanggal kadaluwarsa atau jatuh tempo waktu. Ada beberapa cara untuk menentukan harga opsi, diantaranya adalah  Metode Black-Scholes dan Metode Binomial. Metode binomial berasal dari model pergerakan harga saham yang membagi waktu interval [0, T] menjadi n sama panjang. Sedangkan metode Black-Scholes, dimodelkan dengan pergerakan harga saham sebagai suatu proses stokastik. Semakin besar partisi waktu n pada Metode Binomial, maka nilai opsinya akan konvergen ke nilai opsi Metode Black-Scholes.Kata kunci: opsi, Binomial, Black-Scholes.ABSTRACT Option is a contract between the holder and the writer in which the writer gives the right (not the obligation to the holder to buy or sell an asset of a writer at a specified price (the strike or exercise price and at a specified time in the future (expiry date or maturity time. There are several ways to determine the price of options, including the Black-Scholes Method and Binomial Method. Binomial method come from a model of stock price movement that divide time interval [0, T] into n equally long. While the Black Scholes method, the stock price movement is modeled as a stochastic process. More larger the partition of time n in Binomial Method, the value option will converge to the value option in Black-Scholes Method.Key words: Options, Binomial, Black-Scholes

  13. The Pricing of Foreign Currency Futures Options

    OpenAIRE

    Chang Mo Ahn

    1996-01-01

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

  14. 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.

  15. Properties of wavelet discretization of Black-Scholes equation

    Science.gov (United States)

    Finěk, Václav

    2017-07-01

    Using wavelet methods, the continuous problem is transformed into a well-conditioned discrete problem. And once a non-symmetric problem is given, squaring yields a symmetric positive definite formulation. However squaring usually makes the condition number of discrete problems substantially worse. This note is concerned with a wavelet based numerical solution of the Black-Scholes equation for pricing European options. We show here that in wavelet coordinates a symmetric part of the discretized equation dominates over an unsymmetric part in the standard economic environment with low interest rates. It provides some justification for using a fractional step method with implicit treatment of the symmetric part of the weak form of the Black-Scholes operator and with explicit treatment of its unsymmetric part. Then a well-conditioned discrete problem is obtained.

  16. A Study on the Current Oil and Gas Price Formula and Its Improvement

    Energy Technology Data Exchange (ETDEWEB)

    Park, Chang Won; Lee, Young Koo [Korea Energy Economics Institute, Euiwang (Korea)

    2000-12-01

    The object of this study is to suggest some improvements on current price formulas on oil and gas which have been pivotal roles in the process of Korean economic growth. This study first examines basic frames and transition of oil and gas pricing in Korea and then finds some suggestions on them by scrutinizing their theoretical backgrounds. This study finds several problems on oil and gas pricing formulas. (a) In a model that is now studied to evaluate the current domestic oil price, the costs associated with oil security such as oil stockpile are fully penetrated into oil price without their fair evaluations. There is no evaluation principle on the costs occurred in oil supply security. (b) The Rate Of Equity(ROE), a crucial factor in town-gas pricing which is strictly controlled, is directly connected to the average interest rate on saving accounts of domestic commercial banks. Some arguments may have rise about inclusion a risk factor on ROE in order to compensate the uncertainty of town-gas business. (c) New demand for natural gas which is generated by new technologies or machinery and tools can help reduce the costs occurred from seasonal imbalance between power sector and gas sector. So it is also important to decide how to include the beneficiary of cost reduction in town-gas pricing. In order to evaluate the proper price levels, this study tests energy supply security by adopting methodologies such as Herfindahl Index and Portfolio Variance Risk. They can help develop the method to effectively improve the energy security and include the proper energy security costs into energy prices. This study also provides some suggestions for betterment of current ROE decision rule in town-gas business and for improvement of current town-gas policy that government subsidizes newly developed demand for strengthening price competitiveness in the early stage. (author). 145 refs., 16 figs., 49 tabs.

  17. A Generic Decomposition Formula for Pricing Vanilla Options under Stochastic Volatility Models

    Directory of Open Access Journals (Sweden)

    Raúl Merino

    2015-01-01

    Full Text Available We obtain a decomposition of the call option price for a very general stochastic volatility diffusion model, extending a previous decomposition formula for the Heston model. We realize that a new term arises when the stock price does not follow an exponential model. The techniques used for this purpose are nonanticipative. In particular, we also see that equivalent results can be obtained by using Functional Itô Calculus. Using the same generalizing ideas, we also extend to nonexponential models the alternative call option price decomposition formula written in terms of the Malliavin derivative of the volatility process. Finally, we give a general expression for the derivative of the implied volatility under both the anticipative and the nonanticipative cases.

  18. Black-Scholes Fuzzy Numbers as Indexes of Performance

    Directory of Open Access Journals (Sweden)

    M. R. Simonelli

    2010-01-01

    Full Text Available We use the set of propositions of some previous papers to define a fuzzy version of the Black-Scholes value where the risk free instantaneous interest intensity, the volatility and the initial stock price are fuzzy numbers whose parameters are built with statistical financial data. With our Black-Scholes fuzzy numbers we define indexes of performance varing in time. As an example, with data of the Italian Stock Exchange on MIB30, we see that in 2004 and 2006 our indexes are negative, that is, they are indexes of the refuse to invest and this refuse increased. So, on November 11, 2006 we could forecast that the market will become with more risk: the risk of loss will increase. Now, on January 25, 2010, we know that this forecast has happened. Obviously, the parameters of our Black-Scholes fuzzy numbers can be valued also with incomplete, possibilistic data. With respect to the probabilistic one, our fuzzy method is more simple and immediate to have a forecast on the financial market.

  19. Moment generating functions and Normalized implied volatilities: unification and extension via Fukasawa's pricing formula

    OpenAIRE

    De Marco, Stefano; Martini, Claude

    2017-01-01

    We extend the model-free formula of [Fukasawa 2012] for $\\mathbb E[\\Psi(X_T)]$, where $X_T=\\log S_T/F$ is the log-price of an asset, to functions $\\Psi$ of exponential growth. The resulting integral representation is written in terms of normalized implied volatilities. Just as Fukasawa's work provides rigourous ground for Chriss and Morokoff's (1999) model-free formula for the log-contract (related to the Variance swap implied variance), we prove an expression for the moment generating functi...

  20. 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.

  1. ANALISIS PERBANDINGAN PENENTUAN HARGA CALL OPTION DENGAN MENGGUNAKAN METODE BLACK-SCHOLES DAN METODE SIMULASI MONTE CARLO

    Directory of Open Access Journals (Sweden)

    Krishna Kusumahadi

    2016-03-01

    Full Text Available Abstract - This study was conducted to determine the accuracy of the Black-Scholes method compared with the Monte Carlo simulation method to predict the price of a call option on KOMPAS 100 Index at maturity in 1 month, 2 months, and 3 months. The method used in this research is descriptive analysis by using historical data and perform price comparisons with absolute error value to determine whether the Black-Scholes method is more accurate than the method of Monte Carlo simulation in maturities. Result from this research; found that the price value at maturity absolute error for 1 month is 3.76 and the Black-Scholes method for Monte Carlo simulation method is 0:03. Value price absolute error at maturity for 2 months is 3.76 and the Black-Scholes method for Monte Carlo simulation method is 0.03. Value price absolute error on the maturity using Black-Scholes method for 3 months is 3.48 and 2.99 for the Monte Carlo method. Judging from the data obtained that the Monte Carlo method is more accurate than the Black-Scholes method to predict the price of the call option KOMPAS 100 Stock Index in the period of 1 month, 2 months, and 3 months. Implications for investors and capital market participants is when investors want to invest in stocks included in the KOMPAS 100 Index, Monte Carlo simulation method could be use to predict the price of the call option.  It is also advisable to compare with other methods such as GARCH, Neural Network, etc.   Keywords: Black-Scholes, Monte Carlo, Garch, and Artificial Neural Networks.   Abstrak - Penelitian ini dilakukan untuk mengetahui keakuratan Metode Black Scholes dibandingkan dengan Metode Simulasi Monte Carlo dalam memprediksi harga call option Indeks KOMPAS 100 pada saat jatuh tempo 1 bulan, 2 bulan, dan 3 bulan. Metode penelitian yang digunakan dalam penelitian ini adalah deskriptif analitis dengan menggunakan data-data historis, dan melakukan perbandingan nilai price absolute error untuk mengetahui

  2. Simple Heuristic Approach to Introduction of the Black-Scholes Model

    Science.gov (United States)

    Yalamova, Rossitsa

    2010-01-01

    A heuristic approach to explaining of the Black-Scholes option pricing model in undergraduate classes is described. The approach draws upon the method of protocol analysis to encourage students to "think aloud" so that their mental models can be surfaced. It also relies upon extensive visualizations to communicate relationships that are…

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

    Directory of Open Access Journals (Sweden)

    Weiping Li

    2016-03-01

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

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

    Science.gov (United States)

    Lin, Lisha; Li, Yaqiong; Wu, Jing

    2018-04-01

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

  5. Option Price Estimations and Speculative Trading In Knowledge Society

    Directory of Open Access Journals (Sweden)

    Ovidiu TURCOANE

    2012-01-01

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

  6. Testing option pricing with the Edgeworth expansion

    Science.gov (United States)

    Balieiro Filho, Ruy Gabriel; Rosenfeld, Rogerio

    2004-12-01

    There is a well-developed framework, the Black-Scholes theory, for the pricing of contracts based on the future prices of certain assets, called options. This theory assumes that the probability distribution of the returns of the underlying asset is a Gaussian distribution. However, it is observed in the market that this hypothesis is flawed, leading to the introduction of a fudge factor, the so-called volatility smile. Therefore, it would be interesting to explore extensions of the Black-Scholes theory to non-Gaussian distributions. In this paper, we provide an explicit formula for the price of an option when the distributions of the returns of the underlying asset is parametrized by an Edgeworth expansion, which allows for the introduction of higher independent moments of the probability distribution, namely skewness and kurtosis. We test our formula with options in the Brazilian and American markets, showing that the volatility smile can be reduced. We also check whether our approach leads to more efficient hedging strategies of these instruments.

  7. 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.

  8. Numerical solution of the Black-Scholes equation using cubic spline wavelets

    Science.gov (United States)

    Černá, Dana

    2016-12-01

    The Black-Scholes equation is used in financial mathematics for computation of market values of options at a given time. We use the θ-scheme for time discretization and an adaptive scheme based on wavelets for discretization on the given time level. Advantages of the proposed method are small number of degrees of freedom, high-order accuracy with respect to variables representing prices and relatively small number of iterations needed to resolve the problem with a desired accuracy. We use several cubic spline wavelet and multi-wavelet bases and discuss their advantages and disadvantages. We also compare an isotropic and anisotropic approach. Numerical experiments are presented for the two-dimensional Black-Scholes equation.

  9. On CAPM and Black-Scholes differing risk-return strategies

    Science.gov (United States)

    McCauley, Joseph L.; Gunaratne, Gemunu H.

    2003-11-01

    In their path-finding 1973 paper, Black and Scholes presented two separate derivations of their famous option pricing partial differential equation. The second derivation was from the standpoint that was Black's original motivation, namely, the capital asset pricing model (CAPM). We show here, in contrast, that the option valuation is not uniquely determined; in particular, strategies based on the delta-hedge and CAPM provide different valuations of an option although both hedges are instantaneouly riskfree. Second, we show explicitly that CAPM is not, as economists claim, an equilibrium theory.

  10. General properties of solutions to inhomogeneous Black-Scholes equations with discontinuous maturity payoffs

    Science.gov (United States)

    O, Hyong-Chol; Jo, Jong-Jun; Kim, Ji-Sok

    2016-02-01

    We provide representations of solutions to terminal value problems of inhomogeneous Black-Scholes equations and study such general properties as min-max estimates, gradient estimates, monotonicity and convexity of the solutions with respect to the stock price variable, which are important for financial security pricing. In particular, we focus on finding representation of the gradient (with respect to the stock price variable) of solutions to the terminal value problems with discontinuous terminal payoffs or inhomogeneous terms. Such terminal value problems are often encountered in pricing problems of compound-like options such as Bermudan options or defaultable bonds with discrete default barrier, default intensity and endogenous default recovery. Our results can be used in pricing real defaultable bonds under consideration of existence of discrete coupons or taxes on coupons.

  11. 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

  12. Introduction to the mathematics of finance from risk management to options pricing

    CERN Document Server

    Roman, Steven

    2004-01-01

    The Mathematics of Finance has become a hot topic in applied mathematics ever since the discovery of the Black-Scholes option pricing formulas in 1973. Unfortunately, there are very few undergraduate textbooks in this area. This book is specifically written for upper division undergraduate or beginning graduate students in mathematics, finance or economics. With the exception of an optional chapter on the Capital Asset Pricing Model, the book concentrates on discrete derivative pricing models, culminating in a careful and complete derivation of the Black-Scholes option pricing formulas as a limiting case of the Cox-Ross-Rubinstein discrete model. The final chapter is devoted to American options. The mathematics is not watered down but is appropriate for the intended audience. No measure theory is used and only a small amount of linear algebra is required. All necessary probability theory is developed in several chapters throughout the book, on a "need-to-know" basis. No background in finance is required, sinc...

  13. Fractional Order Stochastic Differential Equation with Application in European Option Pricing

    Directory of Open Access Journals (Sweden)

    Qing Li

    2014-01-01

    Full Text Available Memory effect is an important phenomenon in financial systems, and a number of research works have been carried out to study the long memory in the financial markets. In recent years, fractional order ordinary differential equation is used as an effective instrument for describing the memory effect in complex systems. In this paper, we establish a fractional order stochastic differential equation (FSDE model to describe the effect of trend memory in financial pricing. We, then, derive a European option pricing formula based on the FSDE model and prove the existence of the trend memory (i.e., the mean value function in the option pricing formula when the Hurst index is between 0.5 and 1. In addition, we make a comparison analysis between our proposed model, the classic Black-Scholes model, and the stochastic model with fractional Brownian motion. Numerical results suggest that our model leads to more accurate and lower standard deviation in the empirical study.

  14. Price

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    The price terms in wheeling contracts very substantially, reflecting the differing conditions affecting the parties contracting for the service. These terms differ in the manner in which rates are calculated, the formulas used, and the philosophy underlying the accord. For example, and EEI study found that firm wheeling rates ranged from 20 cents to $1.612 per kilowatt per month. Nonfirm rates ranged from .15 mills to 5.25 mills per kilowatt-hour. The focus in this chapter is on cost-based rates, reflecting the fact that the vast majority of existing contracts are based on rate designs reflecting embedded costs. This situation may change in the future, but, for now, this fact can't be ignored

  15. Bounds for perpetual American option prices in a jump diffusion model

    OpenAIRE

    Ekström, Erik

    2006-01-01

    We provide bounds for perpetual American option prices in a jump diffusion model in terms of American option prices in the standard Black-Scholes model. We also investigate the dependence of the bounds on different parameters of the model.

  16. Design of price incentives for adjunct policy goals in formula funding for hospitals and health services

    Directory of Open Access Journals (Sweden)

    Duckett Stephen J

    2008-04-01

    Full Text Available Abstract Background Hospital policy involves multiple objectives: efficiency of service delivery, pursuit of high quality care, promoting access. Funding policy based on hospital casemix has traditionally been considered to be only about promoting efficiency. Discussion Formula-based funding policy can be (and has been used to pursue a range of policy objectives, not only efficiency. These are termed 'adjunct' goals. Strategies to incorporate adjunct goals into funding design must, implicitly or explicitly, address key decision choices outlined in this paper. Summary Policy must be clear and explicit about the behaviour to be rewarded; incentives must be designed so that all facilities with an opportunity to improve have an opportunity to benefit; the reward structure is stable and meaningful; and the funder monitors performance and gaming.

  17. WEATHER DERIVATIVES: THE MOST COMMON PRICING AND VALUATION METHODS

    Directory of Open Access Journals (Sweden)

    Botos Horia Mircea

    2013-07-01

    Full Text Available In recent years , weather derivatives have become a common tool in risk management for many sectors. This has its roots in that there is no unique way to determine de value and price solutions that would be generally approved by market-participants, like in the case of the Black-Scholes formula for options on non-dividend-paying stocks is the source for a constant debate between academics and practitioners. One look for fair and truly correct prices, while the others search every-day applicable solutions. To be honest... this is somehow like alchemy. This paper has as purpose the examination of statistical characteristics of weather data, data clearing and filling techniques. The study will be referring to temperatures because that is the best analyzed phenomenon, being the most common. This was also heavily influenced by energy companies and energetic interests, because the degree days were of interest ever before weather derivatives were put for sale. Main ideas are explaining what ways of pricing and valuation are, put into perspective for this financial instrument, taking into consideration that the Black-Scholes Model is not suitable. Also here, we will present the pros and cons that we found for each method. The methods are: the Burn analysis, the index value simulation method (IVSM, the daily simulation method (DSM.On the hole, this paper wants to shed light the weather derivatives pricing methods a mix of insurance pricing and standard financial models. At the end we will prospect the discounting problem, by means of the Consumption based Capital Asset Pricing Model (CCAPM.

  18. Construction of Green's functions for the Black-Scholes equation

    Directory of Open Access Journals (Sweden)

    Yuri A. Melnikov

    2007-11-01

    Full Text Available A technique is proposed for the construction of Green's functions for terminal-boundary value problems of the Black-Scholes equation. The technique permits an application to a variety of problems that vary by boundary conditions imposed. This is possible by extension of an approach that was earlier developed for partial differential equations in applied mechanics. The technique is based on the method of integral Laplace transform and the method of variation of parameters. It provides closed form analytic representations for the constructed Green's functions.

  19. Formula inflation

    Directory of Open Access Journals (Sweden)

    Antipov Valerij Ivanovich

    2015-10-01

    Full Text Available The article gives a modern interpretation of the Fisher formula, the calculated velocity of circulation of money supply M2 in the interval 1995-2013 and forecast of its changes until 2030 when hypotheses about the rate of inflation and GDP. Points to the fallacy of its direct use to control inflation and money supply. For a more detailed understanding of the inflationary process proposes a new frequency formula and the explanation of the situation with the regulation of prices in the economy.

  20. An Empirical Investigation of the Black-Scholes Model: Evidence from the Australian Stock Exchange

    Directory of Open Access Journals (Sweden)

    Zaffar Subedar

    2007-12-01

    Full Text Available This paper evaluates the probability of an exchange traded European call option beingexercised on the ASX200 Options Index. Using single-parameter estimates of factors withinthe Black-Scholes model, this paper utilises qualitative regression and a maximum likelihoodapproach. Results indicate that the Black-Scholes model is statistically significant at the 1%level. The results also provide evidence that the use of implied volatility and a jump-diffusionapproach, which increases the tail properties of the underlying lognormal distribution,improves the statistical significance of the Black-Scholes model.

  1. Finite Volume Method for Pricing European Call Option with Regime-switching Volatility

    Science.gov (United States)

    Lista Tauryawati, Mey; Imron, Chairul; Putri, Endah RM

    2018-03-01

    In this paper, we present a finite volume method for pricing European call option using Black-Scholes equation with regime-switching volatility. In the first step, we formulate the Black-Scholes equations with regime-switching volatility. we use a finite volume method based on fitted finite volume with spatial discretization and an implicit time stepping technique for the case. We show that the regime-switching scheme can revert to the non-switching Black Scholes equation, both in theoretical evidence and numerical simulations.

  2. 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.

  3. Numerically pricing American options under the generalized mixed fractional Brownian motion model

    Science.gov (United States)

    Chen, Wenting; Yan, Bowen; Lian, Guanghua; Zhang, Ying

    2016-06-01

    In this paper, we introduce a robust numerical method, based on the upwind scheme, for the pricing of American puts under the generalized mixed fractional Brownian motion (GMFBM) model. By using portfolio analysis and applying the Wick-Itô formula, a partial differential equation (PDE) governing the prices of vanilla options under the GMFBM is successfully derived for the first time. Based on this, we formulate the pricing of American puts under the current model as a linear complementarity problem (LCP). Unlike the classical Black-Scholes (B-S) model or the generalized B-S model discussed in Cen and Le (2011), the newly obtained LCP under the GMFBM model is difficult to be solved accurately because of the numerical instability which results from the degeneration of the governing PDE as time approaches zero. To overcome this difficulty, a numerical approach based on the upwind scheme is adopted. It is shown that the coefficient matrix of the current method is an M-matrix, which ensures its stability in the maximum-norm sense. Remarkably, we have managed to provide a sharp theoretic error estimate for the current method, which is further verified numerically. The results of various numerical experiments also suggest that this new approach is quite accurate, and can be easily extended to price other types of financial derivatives with an American-style exercise feature under the GMFBM model.

  4. A comprehensive method for exotic option pricing

    OpenAIRE

    Rossella Agliardi

    2010-01-01

    This work illustrates how several new pricing formulas for exotic options can be derived within a Levy framework by employing a unique pricing expression. Many existing pricing formulas of the traditional Gaussian model are obtained as a by-product.

  5. Option pricing with COS method on Graphics Processing Units

    NARCIS (Netherlands)

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

    2009-01-01

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

  6. 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

  7. 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.

  8. 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 ...

  9. A hybrid modeling approach for option pricing

    Science.gov (United States)

    Hajizadeh, Ehsan; Seifi, Abbas

    2011-11-01

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

  10. Finite difference schemes for a nonlinear black-scholes model with transaction cost and volatility risk

    DEFF Research Database (Denmark)

    Mashayekhi, Sima; Hugger, Jens

    2015-01-01

    Several nonlinear Black-Scholes models have been proposed to take transaction cost, large investor performance and illiquid markets into account. One of the most comprehensive models introduced by Barles and Soner in [4] considers transaction cost in the hedging strategy and risk from an illiquid...

  11. Option Pricing with Stochastic Volatility and Jump Diffusion Processes

    Directory of Open Access Journals (Sweden)

    Radu Lupu

    2006-03-01

    Full Text Available Option pricing by the use of Black Scholes Merton (BSM model is based on the assumption that asset prices have a lognormal distribution. In spite of the use of these models on a large scale, both by practioners and academics, the assumption of lognormality is rejected by the history of returns. The objective of this article is to present the methods that developed after the Black Scholes Merton environment and deals with the option pricing model adjustment to the empirical properties of asset returns. The main models that appeared after BSM allowed for special changes of the returns that materialized in jump-diffusion and stochastic volatility processes. The article presents the foundations of risk neutral options evaluation and the empirical evidence that fed the amendment of the lognormal assumption in the first part and shows the evaluation procedure under the assumption of stock prices following the jump-diffusion process and the stochastic volatility process.

  12. Pricing the Option to Surrender in Incomplete Markets

    DEFF Research Database (Denmark)

    Consiglio, Andrea; De Giovanni, Domenico

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

  13. Using Partial Differential Equations for Pricing of Goods and Services

    Directory of Open Access Journals (Sweden)

    Traykov Metodi

    2016-06-01

    Full Text Available This article is based on the methodology of comparative analysis, using an innovative approach for pricing of various goods and services. Benchmarking is the continuous search to find and adapt better pricing methods that leading to increased profits. We will consider the numerical solution of partial differential equations, based on Black-Scholes model for pricing of goods and services within European option. Also, we will present formulation and numerical behavior of explicit and implicit methods that can be use in pricing for company assets within European option.

  14. Pricing stock options under stochastic volatility and interest rates with efficient method of moments estimation

    NARCIS (Netherlands)

    Jiang, George J.; Sluis, Pieter J. van der

    1999-01-01

    While the stochastic volatility (SV) generalization has been shown to improve the explanatory power over the Black-Scholes model, empirical implications of SV models on option pricing have not yet been adequately tested. The purpose of this paper is to first estimate a multivariate SV model using

  15. 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.

  16. A Jump-Diffusion Model for Option Pricing

    OpenAIRE

    S. G. Kou

    2002-01-01

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

  17. 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...

  18. Pricing of contract options for electric power; Precificacao de contrato de opcoes de energia eletrica

    Energy Technology Data Exchange (ETDEWEB)

    Takahashi, Leticia; Gunn, Laura Keiko; Correia, Paulo B. [Universidade Estadual de Campinas (FEM/UNICAMP), SP (Brazil). Fac. de Engenharia Mecanica. Dept. de Energia

    2008-07-01

    The reorganization of the electric sector has improved the opportunity of energy trade through contracts, which have to be considered on the risk evaluation for generating companies. Different types of contracts have been used in electric energy commercialization. This work develops a model for option contract pricing. The classic model of options pricing used in the financial market is based in Black- Scholes. Due to the inherent feature of the Brazilian electrical system, with a strong predominance of hydroelectricity, the seasonal swing of the electricity price is the main source of contractual risk. So, the Black-Scholes model very is not adjusted. To deal with the uncertainties, this work uses an approach based on analysis of scenarios and binomial trees. Case studies are analyzed with binomial tree to calculate the price of the option contract. (author)

  19. Regime-Switching Risk: To Price or Not to Price?

    Directory of Open Access Journals (Sweden)

    Tak Kuen Siu

    2011-01-01

    “normative” issues to be addressed in pricing contingent claims under a Markovian, regime-switching, Black-Scholes-Merton model. We address this issue using a minimal relative entropy approach. Firstly, we apply a martingale representation for a double martingale to characterize the canonical space of equivalent martingale measures which may be viewed as the largest space of equivalent martingale measures to incorporate both the diffusion risk and the regime-switching risk. Then we show that an optimal equivalent martingale measure over the canonical space selected by minimizing the relative entropy between an equivalent martingale measure and the real-world probability measure does not price the regime-switching risk. The optimal measure also justifies the use of the Esscher transform for option valuation in the regime-switching market.

  20. Alternative pricing methodologies

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    With the increased interest in competitive market forces and growing recognition of the deficiencies in current practices, FERC and others are exploring alternatives to embedded cost pricing. A number of these alternatives are discussed in this chapter. Marketplace pricing, discussed briefly here, is the subject of the next chapter. Obviously, the pricing formula may combine several of these methodologies. One utility of which the authors are aware is seeking a price equal to the sum of embedded costs, opportunity costs, line losses, value of service, FERC's percentage adder formula and a contract service charge

  1. Value at risk (VaR in uncertainty: Analysis with parametric method and black & scholes simulations

    Directory of Open Access Journals (Sweden)

    Humberto Banda Ortiz

    2014-07-01

    Full Text Available VaR is the most accepted risk measure worldwide and the leading reference in any risk management assessment. However, its methodology has important limitations which makes it unreliable in contexts of crisis or high uncertainty. For this reason, the aim of this work is to test the VaR accuracy when is employed in contexts of volatility, for which we compare the VaR outcomes in scenarios of both stability and uncertainty, using the parametric method and a historical simulation based on data generated with the Black & Scholes model. VaR main objective is the prediction of the highest expected loss for any given portfolio, but even when it is considered a useful tool for risk management under conditions of markets stability, we found that it is substantially inaccurate in contexts of crisis or high uncertainty. In addition, we found that the Black & Scholes simulations lead to underestimate the expected losses, in comparison with the parametric method and we also found that those disparities increase substantially in times of crisis. In the first section of this work we present a brief context of risk management in finance. In section II we present the existent literature relative to the VaR concept, its methods and applications. In section III we describe the methodology and assumptions used in this work. Section IV is dedicated to expose the findings. And finally, in Section V we present our conclusions.

  2. 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

  3. The Relationship between Market and Accounting Determined Risk Measures: Reviewing and Updating the Beaver, Kettler, Scholes (1970) Study

    Science.gov (United States)

    Jarvela, Michael; Kozyra, James; Potter, Carla

    2009-01-01

    The association between market-determined risk measures and accounting-determined risk measures was originally explored in the 1970s by Beaver, Kettler, and Scholes (BKS). The results of the BKS (1970) study suggest that accounting information is usefulness in assessing firm specific risk. Since BKS, there have been few studies conducted to…

  4. PRICE AND PRICING STRATEGIES

    OpenAIRE

    SUCIU Titus

    2013-01-01

    In individual companies, price is one significant factor in achieving marketing success. In many purchase situations, price can be of great importance to customers. Marketers must establish pricing strategies that are compatible with the rest of the marketing mix. Management should decide whether to charge the same price to all similar buyers of identical quantities of a product (a one-price strategy) or to set different prices (a flexible price strategy). Many organizations, especially retai...

  5. Makeham's Formula

    DEFF Research Database (Denmark)

    Astrup Jensen, Bjarne

    analysis. We use Makeham's formula to decompose the return on a bond investment into interest payments, realized capital gains and accrued capital gains for a variety of accounting rules for measuring accruals in order to study the theoretical properties of these accounting rules, their taxation...... consequences and their implications for the relation between the yield before tax and the yield after tax. We also show how Makeham's formula produces short-cut expressions for the duration and convexity of a bond and facilitates the analytical calculation of the yield in certain cases....

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

    Science.gov (United States)

    E-Khatib, Youssef

    2012-09-01

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

  7. Prices and Price Setting

    NARCIS (Netherlands)

    R.P. Faber (Riemer)

    2010-01-01

    textabstractThis thesis studies price data and tries to unravel the underlying economic processes of why firms have chosen these prices. It focuses on three aspects of price setting. First, it studies whether the existence of a suggested price has a coordinating effect on the prices of firms.

  8. Makeham's Formula

    DEFF Research Database (Denmark)

    Astrup Jensen, Bjarne

    analysis. We use Makeham's formula to decompose the return on a bond investment into interest payments, realized capital gains and accrued capital gains for a variety of accounting rules for measuring accruals in order to study the theoretical properties of these accounting rules, their taxation...

  9. Bayesian Option Pricing Using Mixed Normal Heteroskedasticity Models

    DEFF Research Database (Denmark)

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

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

  10. Basket call option pricing for CCVG using sparse grids

    KAUST Repository

    Crocce, Fabian

    2016-01-06

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

  11. Basket call option pricing for CCVG using sparse grids

    KAUST Repository

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

    2016-01-01

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

  12. Some Divergence Properties of Asset Price Models

    Directory of Open Access Journals (Sweden)

    Wolfgang Stummer

    2001-12-01

    Full Text Available Abstract: We consider asset price processes Xt which are weak solutions of one-dimensional stochastic differential equations of the form (equation (2 Such price models can be interpreted as non-lognormally-distributed generalizations of the geometric Brownian motion. We study properties of the Iα-divergence between the law of the solution Xt and the corresponding drift-less measure (the special case α=1 is the relative entropy. This will be applied to some context in statistical information theory as well as to arbitrage theory and contingent claim valuation. For instance, the seminal option pricing theorems of Black-Scholes and Merton appear as a special case.

  13. A Comparison of forecasting Volatility startegies into ARCH Class throughPricing

    OpenAIRE

    Marzia Freo

    2003-01-01

    Daily data on the German market index return are used to consider multiple issues in a forecasting comparison of ARCH-type specifications. first, attention is paid to the impact of different sample sizez, different horizons and fitting of historical versus implied data. Secondly, the issue of volatility transmission is addressed by modelling French and Germany market indexes into simultaneous conditionally heteroskedasticity framework. Errors obtained by updating the Black and Scholes formula...

  14. A multiscale extension of the Margrabe formula under stochastic volatility

    International Nuclear Information System (INIS)

    Kim, Jeong-Hoon; Park, Chang-Rae

    2017-01-01

    Highlights: • Fast-mean-reverting stochastic volatility model is chosen to extend the classical Margrabe formula. • The resultant formula is explicitly given by the greeks of Margrabe price itself. • We show how the stochastic volatility corrects the Margrabe price behavior. - Abstract: The pricing of financial derivatives based on stochastic volatility models has been a popular subject in computational finance. Although exact or approximate closed form formulas of the prices of many options under stochastic volatility have been obtained so that the option prices can be easily computed, such formulas for exchange options leave much to be desired. In this paper, we consider two different risky assets with two different scales of mean-reversion rate of volatility and use asymptotic analysis to extend the classical Margrabe formula, which corresponds to a geometric Brownian motion model, and obtain a pricing formula under a stochastic volatility. The resultant formula can be computed easily, simply by taking derivatives of the Margrabe price itself. Based on the formula, we show how the stochastic volatility corrects the Margrabe price behavior depending on the moneyness and the correlation coefficient between the two asset prices.

  15. An unconditionally stable, positivity-preserving splitting scheme for nonlinear Black-Scholes equation with transaction costs.

    Science.gov (United States)

    Guo, Jianqiang; Wang, Wansheng

    2014-01-01

    This paper deals with the numerical analysis of nonlinear Black-Scholes equation with transaction costs. An unconditionally stable and monotone splitting method, ensuring positive numerical solution and avoiding unstable oscillations, is proposed. This numerical method is based on the LOD-Backward Euler method which allows us to solve the discrete equation explicitly. The numerical results for vanilla call option and for European butterfly spread are provided. It turns out that the proposed scheme is efficient and reliable.

  16. 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...

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

    OpenAIRE

    Nassim N. Taleb

    2014-01-01

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

  18. Quantum Mechanics, Path Integrals and Option Pricing: Reducing the Complexity of Finance

    OpenAIRE

    Baaquie, Belal E.; Coriano, Claudio; Srikant, Marakani

    2002-01-01

    Quantum Finance represents the synthesis of the techniques of quantum theory (quantum mechanics and quantum field theory) to theoretical and applied finance. After a brief overview of the connection between these fields, we illustrate some of the methods of lattice simulations of path integrals for the pricing of options. The ideas are sketched out for simple models, such as the Black-Scholes model, where analytical and numerical results are compared. Application of the method to nonlinear sy...

  19. Mellin Transform Method for European Option Pricing with Hull-White Stochastic Interest Rate

    Directory of Open Access Journals (Sweden)

    Ji-Hun Yoon

    2014-01-01

    Full Text Available Even though interest rates fluctuate randomly in the marketplace, many option-pricing models do not fully consider their stochastic nature owing to their generally limited impact on option prices. However, stochastic dynamics in stochastic interest rates may have a significant impact on option prices as we take account of issues of maturity, hedging, or stochastic volatility. In this paper, we derive a closed form solution for European options in Black-Scholes model with stochastic interest rate using Mellin transform techniques.

  20. Breastfeeding vs. Formula Feeding

    Science.gov (United States)

    ... for Educators Search English Español Breastfeeding vs. Formula Feeding KidsHealth / For Parents / Breastfeeding vs. Formula Feeding What's ... work with a lactation specialist. All About Formula Feeding Commercially prepared infant formulas are a nutritious alternative ...

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

    Directory of Open Access Journals (Sweden)

    Guardasoni C.

    2018-03-01

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

  2. Precificação de Opções com Volatilidade EstocásticaOption pricing with stochastic volatilityPrecificación de Opciones con Volatilidad Estocástica

    Directory of Open Access Journals (Sweden)

    MARTIN, Diógenes Manoel Leiva

    2004-01-01

    Full Text Available RESUMOEntre as suposições subjacentes do modelo Black-Scholes-Merton, as maiores polarizações empíricas são causadas por aquelas com uma volatilidade fixa do recurso subjacente. Este artigo discute as aproximações principais deste modelo.ABSTRACTAmong the underlying assumptions of the Black-Scholes option pricing model, the largest empirical biases are caused by those with a fixed volatility of the underlying asset. This article discusses the main approaches of this issue.RESUMENEntre las suposiciones subyacentes al modelo Black-Scholes-Merton, las mayores polarizaciones empíricas las provocan las que poseen una volatilidad fija del recurso adyacente.Este artículo trata de las principales aproximaciones a este modelo.

  3. The evolution of gas price: gas assessment and perspectives; The evolution of gas price on the American, Asian and European markets; Assessment of the organised gas market; Assessment of gas market opening; Gas price: the point of view of consumers and providers; Tariff, the formula which cannot be found: a new stage in an endless history; The diversity of the world gas industry: the Mediterranean situation on prices

    International Nuclear Information System (INIS)

    Malherbe, Herve; Corbeau, Anne-Sophie; Lu, Long; Maire, Jacques; Verdier, Catherine; Bros, Thierry; Nyouki, Evariste; Astruc, Pierre; Katz, Richard; Jamme, Dominique; Rosier, Philippe; Salanson, Damien; Saniez, Thierry; Moraleda, Pedro; Le Gourrierec, M.

    2012-01-01

    After a brief introduction, this document contains the various contributions and interventions during round tables dealing with the evolution of gas price on American, Asian and European markets, an assessment of the organised gas market (model, references, members, and so on), an assessment of market gas opening, the point of view of consumers and providers on gas price. Then three articles address the issue of gas pricing in France, the developments of gas industry in the world (consumptions, production, perspectives for LNG) and the Mediterranean situation with respect to gas prices (trends and challenges)

  4. Theory of Financial Risk and Derivative Pricing - 2nd Edition

    Science.gov (United States)

    Bouchaud, Jean-Philippe; Potters, Marc

    2003-12-01

    Foreword; Preface; 1. Probability theory: basic notions; 2. Maximum and addition of random variables; 3. Continuous time limit, Ito calculus and path integrals; 4. Analysis of empirical data; 5. Financial products and financial markets; 6. Statistics of real prices: basic results; 7. Non-linear correlations and volatility fluctuations; 8. Skewness and price-volatility correlations; 9. Cross-correlations; 10. Risk measures; 11. Extreme correlations and variety; 12. Optimal portfolios; 13. Futures and options: fundamental concepts; 14. Options: hedging and residual risk; 15. Options: the role of drift and correlations; 16. Options: the Black and Scholes model; 17. Options: some more specific problems; 18. Options: minimum variance Monte-Carlo; 19. The yield curve; 20. Simple mechanisms for anomalous price statistics; Index of most important symbols; Index.

  5. On optimal quadrature formulae

    Directory of Open Access Journals (Sweden)

    Lanzara Flavia

    2000-01-01

    Full Text Available A procedure to construct quadrature formulae which are exact for solutions of linear differential equations and are optimal in the sense of Sard is discussed. We give necessary and sufficient conditions under which such formulae do exist. Several formulae obtained by applying this method are considered and compared with well known formulae.

  6. Continuous time Black-Scholes equation with transaction costs in subdiffusive fractional Brownian motion regime

    Science.gov (United States)

    Wang, Jun; Liang, Jin-Rong; Lv, Long-Jin; Qiu, Wei-Yuan; Ren, Fu-Yao

    2012-02-01

    In this paper, we study the problem of continuous time option pricing with transaction costs by using the homogeneous subdiffusive fractional Brownian motion (HFBM) Z(t)=X(Sα(t)), 0transaction costs of replicating strategies. We also give the total transaction costs.

  7. Excel 2013 formulas

    CERN Document Server

    Walkenbach, John

    2013-01-01

    Maximize the power of Excel 2013 formulas with this must-have Excel reference John Walkenbach, known as ""Mr. Spreadsheet,"" is a master at deciphering complex technical topics and Excel formulas are no exception. This fully updated book delivers more than 800 pages of Excel 2013 tips, tricks, and techniques for creating formulas that calculate, developing custom worksheet functions with VBA, debugging formulas, and much more. Demonstrates how to use all the latest features in Excel 2013 Shows how to create financial formulas and tap into the power of array formulas

  8. Symmetry methods for option pricing

    Science.gov (United States)

    Davison, A. H.; Mamba, S.

    2017-06-01

    We obtain a solution of the Black-Scholes equation with a non-smooth boundary condition using symmetry methods. The Black-Scholes equation along with its boundary condition are first transformed into the one dimensional heat equation and an initial condition respectively. We then find an appropriate general symmetry generator of the heat equation using symmetries and the fundamental solution of the heat equation. The symmetry generator is chosen such that the boundary condition is left invariant; the symmetry can be used to solve the heat equation and hence the Black-Scholes equation.

  9. 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.

  10. Confidence limits for data mining models of options prices

    Science.gov (United States)

    Healy, J. V.; Dixon, M.; Read, B. J.; Cai, F. F.

    2004-12-01

    Non-parametric methods such as artificial neural nets can successfully model prices of financial options, out-performing the Black-Scholes analytic model (Eur. Phys. J. B 27 (2002) 219). However, the accuracy of such approaches is usually expressed only by a global fitting/error measure. This paper describes a robust method for determining prediction intervals for models derived by non-linear regression. We have demonstrated it by application to a standard synthetic example (29th Annual Conference of the IEEE Industrial Electronics Society, Special Session on Intelligent Systems, pp. 1926-1931). The method is used here to obtain prediction intervals for option prices using market data for LIFFE “ESX” FTSE 100 index options ( http://www.liffe.com/liffedata/contracts/month_onmonth.xls). We avoid special neural net architectures and use standard regression procedures to determine local error bars. The method is appropriate for target data with non constant variance (or volatility).

  11. Higher Education Funding Formulas.

    Science.gov (United States)

    McKeown-Moak, Mary P.

    1999-01-01

    One of the most critical components of the college or university chief financial officer's job is budget planning, especially using formulas. A discussion of funding formulas looks at advantages, disadvantages, and types of formulas used by states in budgeting for higher education, and examines how chief financial officers can position the campus…

  12. How do minimum cigarette price laws affect cigarette prices at the retail level?

    Science.gov (United States)

    Feighery, E C; Ribisl, K M; Schleicher, N C; Zellers, L; Wellington, N

    2005-04-01

    Half of US states have minimum cigarette price laws that were originally passed to protect small independent retailers from unfair price competition with larger retailers. These laws prohibit cigarettes from being sold below a minimum price that is set by a formula. Many of these laws allow cigarette company promotional incentives offered to retailers, such as buydowns and master-type programmes, to be calculated into the formula. Allowing this provision has the potential to lower the allowable minimum price. This study assesses whether stores in states with minimum price laws have higher cigarette prices and lower rates of retailer participation in cigarette company promotional incentive programmes. Retail cigarette prices and retailer participation in cigarette company incentive programmes in 2001 were compared in eight states with minimum price laws and seven states without them. New York State had the most stringent minimum price law at the time of the study because it excluded promotional incentive programmes in its price setting formula; cigarette prices in New York were compared to all other states included in the study. Cigarette prices were not significantly different in our sample of US states with and without cigarette minimum price laws. Cigarette prices were significantly higher in New York stores than in the 14 other states combined. Most existing minimum cigarette price laws appear to have little impact on the retail price of cigarettes. This may be because they allow the use of promotional programmes, which are used by manufacturers to reduce cigarette prices. New York's strategy to disallow these types of incentive programmes may result in higher minimum cigarette prices, and should also be explored as a potential policy strategy to control cigarette company marketing practices in stores. Strict cigarette minimum price laws may have the potential to reduce cigarette consumption by decreasing demand through increased cigarette prices and reduced

  13. Excel2003 Formulas

    CERN Document Server

    Walkenbach, John

    2011-01-01

    Everything you need to know about* Mastering operators, error values, naming techniques, and absolute versus relative references* Debugging formulas and using the auditing tools* Importing and exporting XML files and mapping the data to specific cells* Using Excel 2003's rights management feature* Working magic with array formulas* Developing custom formulas to produce the results you needHere's the formula for Excel excellenceFormulas are the lifeblood of spreadsheets, and no one can bring a spreadsheet to life like John Walkenbach. In this detailed reference guide, he delves deeply into unde

  14. Calculo y comparacion de la prima de un reaseguro de salud usando el modelo de opciones de Black-Scholes y el modelo actuarial

    Directory of Open Access Journals (Sweden)

    Luis Eduardo Giron

    2015-12-01

    Full Text Available La presente investigación pretende calcular y comparar la prima de un reaseguro  usando el modelo de opciones de Black-Scholes y el modelo clásico actuarial tradicional. El período de análisis va desde enero de 2011 hasta diciembre de 2012. Los resultados obtenidos muestran que el modelo de Black-Scholes, que se utiliza normalmente para valorar opciones financieras, puede ser también usado para la estimación de primas de reaseguros de salud; y que la prima neta estimada a partir de este modelo se aproxima a las establecidas por el método actuarial, excepto cuando el deducible del reaseguro es muy alto (por encima de $200.000.000.

  15. Fractal asset returns, arbitrage and option pricing

    International Nuclear Information System (INIS)

    Potgieter, Petrus H.

    2009-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Evy Sulistianingsih

    2011-12-01

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

  17. Price fairness

    OpenAIRE

    Diller, Hermann

    2013-01-01

    Purpose – The purpose of this article is to integrate the various strands of fair price research into a concise conceptual model. Design/methodology/approach – The proposed price fairness model is based on a review of the fair pricing literature, incorporating research reported in not only English but also German. Findings – The proposed fair price model depicts seven components of a fair price: distributive fairness, consistent behaviour, personal respect and regard for the partner, fair dea...

  18. Mathematical formulas for industrial and mechanical engineering

    CERN Document Server

    Kadry, Seifedine

    2014-01-01

    Mathematical Formulas For Industrial and Mechanical Engineering serves the needs of students and teachers as well as professional workers in engineering who use mathematics. The contents and size make it especially convenient and portable. The widespread availability and low price of scientific calculators have greatly reduced the need for many numerical tables that make most handbooks bulky. However, most calculators do not give integrals, derivatives, series and other mathematical formulas and figures that are often needed. Accordingly, this book contains that information in an easy way to

  19. Dynamic Pricing

    DEFF Research Database (Denmark)

    Sharifi, Reza; Anvari-Moghaddam, Amjad; Fathi, S. Hamid

    2017-01-01

    Dynamic pricing scheme, also known as real-time pricing (RTP), can be more efficient and technically beneficial than the other price-based schemes (such as flat-rate or time-of-use (TOU) pricing) for enabling demand response (DR) actions. Over the past few years, advantages of RTP-based schemes h...... of dynamic pricing can lead to increased willingness of consumers to participate in DR programs which in turn improve the operation of liberalized electricity markets.......Dynamic pricing scheme, also known as real-time pricing (RTP), can be more efficient and technically beneficial than the other price-based schemes (such as flat-rate or time-of-use (TOU) pricing) for enabling demand response (DR) actions. Over the past few years, advantages of RTP-based schemes...

  20. Group Classification of a General Bond-Option Pricing Equation of Mathematical Finance

    OpenAIRE

    Motsepa, Tanki; Khalique, Chaudry Masood; Molati, Motlatsi

    2014-01-01

    We carry out group classification of a general bond-option pricing equation. We show that the equation admits a three-dimensional equivalence Lie algebra. We also show that some of the values of the constants which result from group classification give us well-known models in mathematics of finance such as Black-Scholes, Vasicek, and Cox-Ingersoll-Ross. For all such values of these arbitrary constants we obtain Lie point symmetries. Symmetry reductions are then obtained and group invariant so...

  1. Group Classification of a General Bond-Option Pricing Equation of Mathematical Finance

    Directory of Open Access Journals (Sweden)

    Tanki Motsepa

    2014-01-01

    Full Text Available We carry out group classification of a general bond-option pricing equation. We show that the equation admits a three-dimensional equivalence Lie algebra. We also show that some of the values of the constants which result from group classification give us well-known models in mathematics of finance such as Black-Scholes, Vasicek, and Cox-Ingersoll-Ross. For all such values of these arbitrary constants we obtain Lie point symmetries. Symmetry reductions are then obtained and group invariant solutions are constructed for some cases.

  2. THE ROSENBLUTH FORMULA

    Energy Technology Data Exchange (ETDEWEB)

    Yennie, D. R.

    1963-06-15

    The Rosenbluth formula, defined as the theoretical expression for the differential cross section for electronproton scattering under one-photon- exchange, is discussed. Electron-proton amd positron-proton scattering are compared using the formula. Some possible corrections to the Rosenbluth formula are discussed. The effects of nonelectromagnetic interactions and two-photon- exchange, with the possibility of Regge pole behavior, are also discussed. (R.E.U.)

  3. MARKET SIGNALS IN VALUE-BASED PRICING PREMIUMS AND DISCOUNTS

    OpenAIRE

    Feuz, Dillon M.

    1999-01-01

    There is concern in the beef industry that present marketing practices may be impending the transmission of economic signals from consumers to producers. Presently, fed cattle may be sold on a show list, pen-by-pen, or on an individual head basis, and may be priced using live weight, dressed weight, or grid or formula pricing. Market signals are more likely to reach producers if cattle are priced individually. Current value-based pricing are discussed. Three grid pricing systems are evaluated...

  4. Transfer Pricing

    DEFF Research Database (Denmark)

    Nielsen, Søren Bo

    2014-01-01

    Against a background of rather mixed evidence about transfer pricing practices in multinational enterprises (MNEs) and varying attitudes on the part of tax authorities, this paper explores how multiple aims in transfer pricing can be pursued across four different transfer pricing regimes. A MNE h...

  5. Gold prices

    OpenAIRE

    Joseph G. Haubrich

    1998-01-01

    The price of gold commands attention because it serves as an indicator of general price stability or inflation. But gold is also a commodity, used in jewelry and by industry, so demand and supply affect its pricing and need to be considered when gold is a factor in monetary policy decisions.

  6. Selected Baking Formulas.

    Science.gov (United States)

    Bogdany, Melvin

    This manual is designed to help baking students learn to use formulas in the preparation of baking products. Tested and proven formulas are, for the most part, standard ones with only slight modifications. The recipes are taken mainly from bakery product manufacturers and are presented in quantities suitable for school-shop use. Each recipe…

  7. Prebiotics in infant formula

    Science.gov (United States)

    Vandenplas, Yvan; Greef, Elisabeth De; Veereman, Gigi

    2014-01-01

    The gastrointestinal microbiota of breast-fed babies differ from classic standard formula fed infants. While mother's milk is rich in prebiotic oligosaccharides and contains small amounts of probiotics, standard infant formula doesn’t. Different prebiotic oligosaccharides are added to infant formula: galacto-oligosaccharides, fructo-oligosaccharide, polydextrose, and mixtures of these. There is evidence that addition of prebiotics in infant formula alters the gastrointestinal (GI) microbiota resembling that of breastfed infants. They are added to infant formula because of their presence in breast milk. Infants on these supplemented formula have a lower stool pH, a better stool consistency and frequency and a higher concentration of bifidobacteria in their intestine compared to infants on a non-supplemented standard formula. Since most studies suggest a trend for beneficial clinical effects, and since these ingredients are very safe, prebiotics bring infant formula one step closer to breastmilk, the golden standard. However, despite the fact that adverse events are rare, the evidence on prebiotics of a significant health benefit throughout the alteration of the gut microbiota is limited. PMID:25535999

  8. Formula misasi?! / Sten Soomlais

    Index Scriptorium Estoniae

    Soomlais, Sten

    2008-01-01

    Formula Student on kõrgkoolide masinaehituse ja/või autotehnika tudengite meeskondade vaheline iga-aastane tootearendusvõistlus, mis kujutab endast väikese vormelauto projekteerimist, ehitamist ja võidusõitmist ringrajal. Lisa: Formula Student Eestis

  9. PRICING STRATEGY FOR DIGITAL PRODUCTS

    Directory of Open Access Journals (Sweden)

    MARIA MAGDALENA CRIVEANU

    2018-02-01

    Full Text Available The current society imposes an alert pace on companies that need to adapt to change, become more flexible and adopt new strategies to maintain market share. Digital marketing is a useful tool for promoting products, as customers can access a range of product information at any time and from anywhere. At the same time, another advantage on the part of companies is the lower promotion costs as compared to traditional promotional methods, as well as the establishment of a connection and a communication bridge with each client. The most important component in the process of purchasing a product is inevitably the price. It communicates a series of information about the product and the customer so that the price can be an important element of persuasion in relation to other marketing strategies. Most of the time, the smallest price is the most important factor in making a decision about buying a product, and digital marketing offers the posibility to compare prices. In this sense, digital marketing can provide both an advantage and a disadvantage for traders, as the small price may invalidate other marketing strategies or product features. In this sense, pricing is a challenge for marketing departments because the pricing strategy is deferring from the sterile formula of pricing which meant covering costs and making profit. This paper aims to analyze the extent to which price is an important element in purchasing a product, as well as highlighting a variety of methods and techniques used in pricing. Quantitative research is based on a questionnaire applied to 100 respondents in order to identify the correct pricing strategy. Research results communicate an important message to merchants who have to adjust the price of each buyer individually, so that the buyer profile is particularly important in setting the price.

  10. Stochastic modeling of stock price process induced from the conjugate heat equation

    Science.gov (United States)

    Paeng, Seong-Hun

    2015-02-01

    Currency can be considered as a ruler for values of commodities. Then the price is the measured value by the ruler. We can suppose that inflation and variation of exchange rate are caused by variation of the scale of the ruler. In geometry, variation of the scale means that the metric is time-dependent. The conjugate heat equation is the modified heat equation which satisfies the heat conservation law for the time-dependent metric space. We propose a new model of stock prices by using the stochastic process whose transition probability is determined by the kernel of the conjugate heat equation. Our model of stock prices shows how the volatility term is affected by inflation and exchange rate. This model modifies the Black-Scholes equation in light of inflation and exchange rate.

  11. Fundamental formulas of physics

    CERN Document Server

    1960-01-01

    The republication of this book, unabridged and corrected, fills the need for a comprehensive work on fundamental formulas of mathematical physics. It ranges from simple operations to highly sophisticated ones, all presented most lucidly with terms carefully defined and formulas given completely. In addition to basic physics, pertinent areas of chemistry, astronomy, meteorology, biology, and electronics are also included.This is no mere listing of formulas, however. Mathematics is integrated into text, for the most part, so that each chapter stands as a brief summary or even short textbook of

  12. Infant Formula and Fluorosis

    Science.gov (United States)

    ... Private Wells Infant Formula Fluorosis Public Health Service Recommendation Water Operators & Engineers Water Fluoridation Additives Shortages of Fluoridation Additives Drinking Water Pipe Systems CDC-Sponsored Water Fluoridation Training Links to Other ...

  13. Formulae as Scientific Stories

    Science.gov (United States)

    Horsewell, Ian

    2017-01-01

    In science lessons many students struggle to apply the principles of rearranging formulae, even after coverage in maths. A structured approach is suggested that focuses on describing a narrative linking cause and effect before explicit mathematical terms are introduced.

  14. Abbott Infant Formula Recall

    Data.gov (United States)

    U.S. Department of Health & Human Services — This list includes products subject to recall since September 2010 related to infant formula distributed by Abbott. This list will be updated with publicly available...

  15. Transfer Pricing

    DEFF Research Database (Denmark)

    Rohde, Carsten; Rossing, Christian Plesner

    trade internally as the units have to decide what prices should be paid for such inter-unit transfers. One important challenge is to uncover the consequences that different transfer prices have on the willingness in the organizational units to coordinate activities and trade internally. At the same time...... the determination of transfer price will affect the size of the profit or loss in the organizational units and thus have an impact on the evaluation of managers‟ performance. In some instances the determination of transfer prices may lead to a disagreement between coordination of the organizational units...

  16. Option Price Decomposition in Spot-Dependent Volatility Models and Some Applications

    Directory of Open Access Journals (Sweden)

    Raúl Merino

    2017-01-01

    Full Text Available We obtain a Hull and White type option price decomposition for a general local volatility model. We apply the obtained formula to CEV model. As an application we give an approximated closed formula for the call option price under a CEV model and an approximated short term implied volatility surface. These approximated formulas are used to estimate model parameters. Numerical comparison is performed for our new method with exact and approximated formulas existing in the literature.

  17. Contributions to multidimensional quadrature formulas

    International Nuclear Information System (INIS)

    Guenther, C.

    1976-11-01

    The general objective of this paper is to construct multidimensional quadrature formulas similar to the Gaussian Quadrature Formulas in one dimension. The correspondence between these formulas and orthogonal and nonnegative polynomials is established. One part of the paper considers the construction of multidimensional quadrature formulas using only methods of algebraic geometry, on the other part it is tried to obtain results on quadrature formulas with real nodes and, if possible, with positive weights. The results include the existence of quadrature formulas, information on the number resp. on the maximum possible number of points in the formulas for given polynomial degree N and the construction of formulas. (orig.) [de

  18. Petroleum price

    International Nuclear Information System (INIS)

    Chevallier, B.

    2009-01-01

    The 'AFTP' conference on 'petroleum prices' organized by Total last March, tries to explain the different aspects of the crisis we undergo for July 2007 and its consequential effects on the petroleum markets (supply, demand evolvements, impacts on reserves, prices, refining...). (O.M.)

  19. Analysis of Options Contract, Option Pricing in Agricultural Products

    Directory of Open Access Journals (Sweden)

    H. Tamidy

    2016-03-01

    of standardizing the underlying asset 4- Impossibility of creating cross supply of the underlying asset In addition, after the introduction of the model parameters, we offers method calculating of the volatility (standard deviation price with using historical data (time series. Parameters of Blk- Scholes model are introduced and option contract of selected product will pricing. After effect of the rise and fall agreement prices (in the form of 9-defined scenario on the price of put option and sales option are studied. In this study, after forming the hypothetical option market for the Canola, option pricing is done. In this section, the criteria for selecting an appropriate asset base is expressed for option contract. The Black–Scholes model is introduced for the valuation of call option and European put option contract. After introducing the model parameters, the calculation of volatility (standard deviation of price using historical data (time series is presented .To achieve this aim, the Black – Scholes model was used under 9 strike price scenario of 5, 10, 15, 20 percent above; 5, 10, 15, and 20 percent lower and finally equal to current prices. This model was run in Excel 2010 and Derivea gem 1.5. Results and Discussion: The results showed 43% price volatility for canola that reflects uncertainty in its price. In the next stage of pricing, the purchase and sale of the selected product was done under the nine price scenarios. The results showed that the highest authority to purchase option was for scenario K1 and the highest buy option was for the K9 scenario. The least expensive buy option is K9 and the least expensive sell option is K1. Conclusion: The results show that the increase of strike price under these scenarios leads to a decrease of call option price and decrease of put option price. In addition, the farmers, businesspersons and agricultural products transforming factories with a different degree of risk disclosure can participate in these markets

  20. Gas prices and price process

    International Nuclear Information System (INIS)

    Groenewegen, G.G.

    1992-01-01

    On a conference (Gas for Europe in the 1990's) during the Gasexpo '91 the author held a speech of which the Dutch text is presented here. Attention is paid to the current European pricing methods (prices based on the costs of buying, transporting and distributing the natural gas and prices based on the market value, which is deducted from the prices of alternative fuels), and the transparency of the prices (lack of information on the way the prices are determined). Also attention is paid to the market signal transparency and gas-gas competition, which means a more or less free market of gas distribution. The risks of gas-to-gas competition for a long term price stability, investment policies and security of supply are discussed. Opposition against the Third Party Access (TPA), which is the program to implement gas-to-gas competition, is caused by the fear of natural gas companies for lower gas prices and lower profits. Finally attention is paid to government regulation and the activities of the European Commission (EC) in this matter. 1 fig., 6 ills., 1 tab

  1. Fuel formula for lighters

    Energy Technology Data Exchange (ETDEWEB)

    Iwayama, I.; Iwayama, A.

    1982-04-10

    A fuel formula that includes a homogenous mixture of benzine, aromatic ether oils, perfume and other perfuming agents, as well as the lowest possible aliphatic alcohol as a component solvent, surfactant, and possibly, a soluble pigment that colors the formula an appropriate color. This formula is used as an aromatic fuel for cigarette lights. The ether oils can be musk, amber, camomille, lavender, mint, anise, rose, camphor, and other aromatic oils; the perfuming agents are: geraniol, linalool, menthol, camphor, benzyl or phenetyl alcohols, phenylacetaldehyde, vanillin, coumarin, and so forth; the pigments are: beta-carotene, sudan dyes, etc.; the low aliphatic alcohols are EtOH, iso-PrOH. Example: 70 parts benzine, 10 parts EtOH, 15 parts oxide mezithylene and 5 parts borneol form a clear liquid that has a camphor aroma when it is lit.

  2. Young child formula

    DEFF Research Database (Denmark)

    Hojsak, Iva; Bronsky, Jiri; Campoy, Cristina

    2018-01-01

    Young child formulae (YCF) are milk-based drinks or plant protein-based formulae intended to partially satisfy the nutritional requirements of young children ages 1 to 3 years. Although widely available on the market, their composition is, however, not strictly regulated and health effects have...... not been systematically studied. Therefore, the European Society for Paediatric Gastroenterology, Hepatology and Nutrition (ESPGHAN) Committee on Nutrition (CoN) performed a systematic review of the literature to review the composition of YCF and consider their role in the diet of young children...... for the routine use of YCF in children from 1 to 3 years of life, but they can be used as part of a strategy to increase the intake of iron, vitamin D, and n-3 PUFA and decrease the intake of protein compared with unfortified cow's milk. Follow-on formulae can be used for the same purpose. Other strategies...

  3. Dynamic option pricing with endogenous stochastic arbitrage

    Science.gov (United States)

    Contreras, Mauricio; Montalva, Rodrigo; Pellicer, Rely; Villena, Marcelo

    2010-09-01

    Only few efforts have been made in order to relax one of the key assumptions of the Black-Scholes model: the no-arbitrage assumption. This is despite the fact that arbitrage processes usually exist in the real world, even though they tend to be short-lived. The purpose of this paper is to develop an option pricing model with endogenous stochastic arbitrage, capable of modelling in a general fashion any future and underlying asset that deviate itself from its market equilibrium. Thus, this investigation calibrates empirically the arbitrage on the futures on the S&P 500 index using transaction data from September 1997 to June 2009, from here a specific type of arbitrage called “arbitrage bubble”, based on a t-step function, is identified and hence used in our model. The theoretical results obtained for Binary and European call options, for this kind of arbitrage, show that an investment strategy that takes advantage of the identified arbitrage possibility can be defined, whenever it is possible to anticipate in relative terms the amplitude and timespan of the process. Finally, the new trajectory of the stock price is analytically estimated for a specific case of arbitrage and some numerical illustrations are developed. We find that the consequences of a finite and small endogenous arbitrage not only change the trajectory of the asset price during the period when it started, but also after the arbitrage bubble has already gone. In this context, our model will allow us to calibrate the B-S model to that new trajectory even when the arbitrage already started.

  4. Price increase

    CERN Multimedia

    2006-01-01

    Please take note that after five years of stable prices at Restaurant No 1 a price increase will come into force on 1st January 2006. This increase has been agreed after discussions between the CSR (Comité de Surveillance des Restaurants) and the catering company Novae and will reflect the inflation rate of the last few years. In addition, a new children's menu will be introduced, as well as 'Max Havelaar' fair-trade coffee at a price of 1.70 CHF.

  5. Price increase

    CERN Multimedia

    2005-01-01

    Please take note that after five years of stable prices at Restaurant No 1 a price increase will come into force on 1st January 2006. This increase has been agreed after discussions between the CSR (Comité de Surveillance des Restaurants) and the catering company Novae and will reflect the inflation rate of the last few years. In addition, a new children's menu will be introduced as well as 'Max Havelaar' fair-trade coffee at a price of 1.70 CHF.

  6. Electromagnetic shielding formulae

    International Nuclear Information System (INIS)

    Dahlberg, E.

    1979-02-01

    This addendum to an earlier collection of electromagnetic shielding formulae (TRITA-EPP-75-27) contains simple transfer matrices suitable for calculating the quasistatic shielding efficiency for multiple transverse-field and axial-field cylindrical and spherical shields, as well as for estimating leakage fields from long coaxial cables and the normal-incidence transmission of a plane wave through a multiple plane shield. The differences and similarities between these cases are illustrated by means of equivalent circuits and transmission line analogies. The addendum also includes a discussion of a possible heuristic improvement of some shielding formulae. (author)

  7. Freemium Pricing

    DEFF Research Database (Denmark)

    Runge, Julian; Wagner, Stefan; Claussen, Jörg

    Firms commonly run field experiments to improve their freemium pricing schemes. However, they often lack a framework for analysis that goes beyond directly measurable outcomes and focuses on longer term profit. We aim to fill this gap by structuring existing knowledge on freemium pricing...... into a stylized framework. We apply the proposed framework in the analysis of a field experiment that contrasts three variations of a freemium pricing scheme and comprises about 300,000 users of a software application. Our findings indicate that a reduction of free product features increases conversion as well...... as viral activity, but reduces usage – which is in line with the framework’s predictions. Additional back-of-the-envelope profit estimations suggest that managers were overly optimistic about positive externalities from usage and viral activity in their choice of pricing scheme, leading them to give too...

  8. Energy pricing. Economics and principles

    Energy Technology Data Exchange (ETDEWEB)

    Conkling, Roger L. [Portland Univ., OR (United States). School of Business Administration

    2011-07-01

    This book describes the processes through which rates for energy consumption are derived, ranging from initial analyses of the supply and demand parameters to the final forms and levels of end-use consumer prices. The author argues against aggressive accounting procedures, and suggests criteria for choosing firm's position on pending public policy issues. A handbook on energy formulae for non-professionals is included in the book. The author is adjunct professor at the University of Portland. (orig.)

  9. Petroleum price

    International Nuclear Information System (INIS)

    Maurice, J.

    2001-01-01

    The oil market is the most volatile of all markets, with the exception of the Nasdaq. It is also the biggest commodity market in the world. Therefore one cannot avoid forecasting oil prices, nor can one expect to avoid the forecasting errors that have been made in the past. In his report, Joel Maurice draws a distinction between the short term and the medium-long term in analysing the outlook for oil prices. (author)

  10. Third order trace formula

    Indian Academy of Sciences (India)

    N. Centre for Advanced Scientific Research, Bangalore 560 064, India. 2Indian Institute of ... for rational functions φ with poles off R. In [5,16], Koplienko's trace formula was derived ... be a sequence of complex numbers such that ..... Again if we set the sum of the second and fourth term inside the integral in (2.3) to be. I2 ≡.

  11. The Jacobi inversion formula

    NARCIS (Netherlands)

    Koekoek, J.; Koekoek, R.

    1999-01-01

    We look for differential equations satisfied by the generalized Jacobi polynomials which are orthogonal on the interval [-1,1] with respect to the weight function [Enlarge Image] where >-1, ß>-1M=0 and N=0. In order to find explicit formulas for the coefficients of these differential equations we

  12. Chen's inversion formula

    International Nuclear Information System (INIS)

    Hughes, B.D.; Frankel, N.E.; Ninham, B.W.

    1990-01-01

    An alternative view is presented of the Chen's generalization of a formula of classic algebraic number theory, based on the Mellin transformation and Reimann's zeta function. The advantages of the Mellin transform, as a method with a primary role in asymptotic analysis, are outlined. 10 refs

  13. A DG approach to the numerical solution of the Stein-Stein stochastic volatility option pricing model

    Science.gov (United States)

    Hozman, J.; Tichý, T.

    2017-12-01

    Stochastic volatility models enable to capture the real world features of the options better than the classical Black-Scholes treatment. Here we focus on pricing of European-style options under the Stein-Stein stochastic volatility model when the option value depends on the time, on the price of the underlying asset and on the volatility as a function of a mean reverting Orstein-Uhlenbeck process. A standard mathematical approach to this model leads to the non-stationary second-order degenerate partial differential equation of two spatial variables completed by the system of boundary and terminal conditions. In order to improve the numerical valuation process for a such pricing equation, we propose a numerical technique based on the discontinuous Galerkin method and the Crank-Nicolson scheme. Finally, reference numerical experiments on real market data illustrate comprehensive empirical findings on options with stochastic volatility.

  14. Observation of [Formula: see text] and [Formula: see text] decays.

    Science.gov (United States)

    Aaij, R; Adeva, B; Adinolfi, M; Ajaltouni, Z; Akar, S; Albrecht, J; Alessio, F; Alexander, M; Ali, S; Alkhazov, G; Alvarez Cartelle, P; Alves, A A; Amato, S; Amerio, S; Amhis, Y; An, L; Anderlini, L; Andreassi, G; Andreotti, M; Andrews, J E; Appleby, R B; Archilli, F; d'Argent, P; Arnau Romeu, J; Artamonov, A; Artuso, M; Aslanides, E; Auriemma, G; Baalouch, M; Babuschkin, I; Bachmann, S; Back, J J; Badalov, A; Baesso, C; Baker, S; Baldini, W; Barlow, R J; Barschel, C; Barsuk, S; Barter, W; Baszczyk, M; Batozskaya, V; Batsukh, B; Battista, V; Bay, A; Beaucourt, L; Beddow, J; Bedeschi, F; Bediaga, I; Bel, L J; Bellee, V; Belloli, N; Belous, K; Belyaev, I; Ben-Haim, E; Bencivenni, G; Benson, S; Benton, J; Berezhnoy, A; Bernet, R; Bertolin, A; Betancourt, C; Betti, F; Bettler, M-O; van Beuzekom, M; Bezshyiko, Ia; Bifani, S; Billoir, P; Bird, T; Birnkraut, A; Bitadze, A; Bizzeti, A; Blake, T; Blanc, F; Blouw, J; Blusk, S; Bocci, V; Boettcher, T; Bondar, A; Bondar, N; Bonivento, W; Bordyuzhin, I; Borgheresi, A; Borghi, S; Borisyak, M; Borsato, M; Bossu, F; Boubdir, M; Bowcock, T J V; Bowen, E; Bozzi, C; Braun, S; Britsch, M; Britton, T; Brodzicka, J; Buchanan, E; Burr, C; Bursche, A; Buytaert, J; Cadeddu, S; Calabrese, R; Calvi, M; Calvo Gomez, M; Camboni, A; Campana, P; Campora Perez, D H; Capriotti, L; Carbone, A; Carboni, G; Cardinale, R; Cardini, A; Carniti, P; Carson, L; Carvalho Akiba, K; Casse, G; Cassina, L; Castillo Garcia, L; Cattaneo, M; Cauet, Ch; Cavallero, G; Cenci, R; Charles, M; Charpentier, Ph; Chatzikonstantinidis, G; Chefdeville, M; Chen, S; Cheung, S-F; Chobanova, V; Chrzaszcz, M; Cid Vidal, X; Ciezarek, G; Clarke, P E L; Clemencic, M; Cliff, H V; Closier, J; Coco, V; Cogan, J; Cogneras, E; Cogoni, V; Cojocariu, L; Collazuol, G; Collins, P; Comerma-Montells, A; Contu, A; Cook, A; Coombs, G; Coquereau, S; Corti, G; Corvo, M; Costa Sobral, C M; Couturier, B; Cowan, G A; Craik, D C; Crocombe, A; Cruz Torres, M; Cunliffe, S; Currie, R; D'Ambrosio, C; Da Cunha Marinho, F; Dall'Occo, E; Dalseno, J; David, P N Y; Davis, A; De Aguiar Francisco, O; De Bruyn, K; De Capua, S; De Cian, M; De Miranda, J M; De Paula, L; De Serio, M; De Simone, P; Dean, C-T; Decamp, D; Deckenhoff, M; Del Buono, L; Demmer, M; Dendek, A; Derkach, D; Deschamps, O; Dettori, F; Dey, B; Di Canto, A; Dijkstra, H; Dordei, F; Dorigo, M; Dosil Suárez, A; Dovbnya, A; Dreimanis, K; Dufour, L; Dujany, G; Dungs, K; Durante, P; Dzhelyadin, R; Dziurda, A; Dzyuba, A; Déléage, N; Easo, S; Ebert, M; Egede, U; Egorychev, V; Eidelman, S; Eisenhardt, S; Eitschberger, U; Ekelhof, R; Eklund, L; Ely, S; Esen, S; Evans, H M; Evans, T; Falabella, A; Farley, N; Farry, S; Fay, R; Fazzini, D; Ferguson, D; Fernandez Prieto, A; Ferrari, F; Ferreira Rodrigues, F; Ferro-Luzzi, M; Filippov, S; Fini, R A; Fiore, M; Fiorini, M; Firlej, M; Fitzpatrick, C; Fiutowski, T; Fleuret, F; Fohl, K; Fontana, M; Fontanelli, F; Forshaw, D C; Forty, R; Franco Lima, V; Frank, M; Frei, C; Fu, J; Furfaro, E; Färber, C; Gallas Torreira, A; Galli, D; Gallorini, S; Gambetta, S; Gandelman, M; Gandini, P; Gao, Y; Garcia Martin, L M; García Pardiñas, J; Garra Tico, J; Garrido, L; Garsed, P J; Gascon, D; Gaspar, C; Gavardi, L; Gazzoni, G; Gerick, D; Gersabeck, E; Gersabeck, M; Gershon, T; Ghez, Ph; Gianì, S; Gibson, V; Girard, O G; Giubega, L; Gizdov, K; Gligorov, V V; Golubkov, D; Golutvin, A; Gomes, A; Gorelov, I V; Gotti, C; Govorkova, E; Grabalosa Gándara, M; Graciani Diaz, R; Granado Cardoso, L A; Graugés, E; Graverini, E; Graziani, G; Grecu, A; Griffith, P; Grillo, L; Gruberg Cazon, B R; Grünberg, O; Gushchin, E; Guz, Yu; Gys, T; Göbel, C; Hadavizadeh, T; Hadjivasiliou, C; Haefeli, G; Haen, C; Haines, S C; Hall, S; Hamilton, B; Han, X; Hansmann-Menzemer, S; Harnew, N; Harnew, S T; Harrison, J; Hatch, M; He, J; Head, T; Heister, A; Hennessy, K; Henrard, P; Henry, L; Hernando Morata, J A; van Herwijnen, E; Heß, M; Hicheur, A; Hill, D; Hombach, C; Hopchev, H; Hulsbergen, W; Humair, T; Hushchyn, M; Hussain, N; Hutchcroft, D; Idzik, M; Ilten, P; Jacobsson, R; Jaeger, A; Jalocha, J; Jans, E; Jawahery, A; Jiang, F; John, M; Johnson, D; Jones, C R; Joram, C; Jost, B; Jurik, N; Kandybei, S; Kanso, W; Karacson, M; Kariuki, J M; Karodia, S; Kecke, M; Kelsey, M; Kenyon, I R; Kenzie, M; Ketel, T; Khairullin, E; Khanji, B; Khurewathanakul, C; Kirn, T; Klaver, S; Klimaszewski, K; Koliiev, S; Kolpin, M; Komarov, I; Koopman, R F; Koppenburg, P; Kosmyntseva, A; Kozachuk, A; Kozeiha, M; Kravchuk, L; Kreplin, K; Kreps, M; Krokovny, P; Kruse, F; Krzemien, W; Kucewicz, W; Kucharczyk, M; Kudryavtsev, V; Kuonen, A K; Kurek, K; Kvaratskheliya, T; Lacarrere, D; Lafferty, G; Lai, A; Lanfranchi, G; Langenbruch, C; Latham, T; Lazzeroni, C; Le Gac, R; van Leerdam, J; Lees, J-P; Leflat, A; Lefrançois, J; Lefèvre, R; Lemaitre, F; Lemos Cid, E; Leroy, O; Lesiak, T; Leverington, B; Li, Y; Likhomanenko, T; Lindner, R; Linn, C; Lionetto, F; Liu, B; Liu, X; Loh, D; Longstaff, I; Lopes, J H; Lucchesi, D; Lucio Martinez, M; Luo, H; Lupato, A; Luppi, E; Lupton, O; Lusiani, A; Lyu, X; Machefert, F; Maciuc, F; Maev, O; Maguire, K; Malde, S; Malinin, A; Maltsev, T; Manca, G; Mancinelli, G; Manning, P; Maratas, J; Marchand, J F; Marconi, U; Marin Benito, C; Marino, P; Marks, J; Martellotti, G; Martin, M; Martinelli, M; Martinez Santos, D; Martinez Vidal, F; Martins Tostes, D; Massacrier, L M; Massafferri, A; Matev, R; Mathad, A; Mathe, Z; Matteuzzi, C; Mauri, A; Maurin, B; Mazurov, A; McCann, M; McCarthy, J; McNab, A; McNulty, R; Meadows, B; Meier, F; Meissner, M; Melnychuk, D; Merk, M; Merli, A; Michielin, E; Milanes, D A; Minard, M-N; Mitzel, D S; Mogini, A; Molina Rodriguez, J; Monroy, I A; Monteil, S; Morandin, M; Morawski, P; Mordà, A; Morello, M J; Moron, J; Morris, A B; Mountain, R; Muheim, F; Mulder, M; Mussini, M; Müller, D; Müller, J; Müller, K; Müller, V; Naik, P; Nakada, T; Nandakumar, R; Nandi, A; Nasteva, I; Needham, M; Neri, N; Neubert, S; Neufeld, N; Neuner, M; Nguyen, A D; Nguyen, T D; Nguyen-Mau, C; Nieswand, S; Niet, R; Nikitin, N; Nikodem, T; Novoselov, A; O'Hanlon, D P; Oblakowska-Mucha, A; Obraztsov, V; Ogilvy, S; Oldeman, R; Onderwater, C J G; Otalora Goicochea, J M; Otto, A; Owen, P; Oyanguren, A; Pais, P R; Palano, A; Palombo, F; Palutan, M; Panman, J; Papanestis, A; Pappagallo, M; Pappalardo, L L; Parker, W; Parkes, C; Passaleva, G; Pastore, A; Patel, G D; Patel, M; Patrignani, C; Pearce, A; Pellegrino, A; Penso, G; Pepe Altarelli, M; Perazzini, S; Perret, P; Pescatore, L; Petridis, K; Petrolini, A; Petrov, A; Petruzzo, M; Picatoste Olloqui, E; Pietrzyk, B; Pikies, M; Pinci, D; Pistone, A; Piucci, A; Playfer, S; Plo Casasus, M; Poikela, T; Polci, F; Poluektov, A; Polyakov, I; Polycarpo, E; Pomery, G J; Popov, A; Popov, D; Popovici, B; Poslavskii, S; Potterat, C; Price, E; Price, J D; Prisciandaro, J; Pritchard, A; Prouve, C; Pugatch, V; Puig Navarro, A; Punzi, G; Qian, W; Quagliani, R; Rachwal, B; Rademacker, J H; Rama, M; Ramos Pernas, M; Rangel, M S; Raniuk, I; Ratnikov, F; Raven, G; Redi, F; Reichert, S; Dos Reis, A C; Remon Alepuz, C; Renaudin, V; Ricciardi, S; Richards, S; Rihl, M; Rinnert, K; Rives Molina, V; Robbe, P; Rodrigues, A B; Rodrigues, E; Rodriguez Lopez, J A; Rodriguez Perez, P; Rogozhnikov, A; Roiser, S; Rollings, A; Romanovskiy, V; Romero Vidal, A; Ronayne, J W; Rotondo, M; Rudolph, M S; Ruf, T; Ruiz Valls, P; Saborido Silva, J J; Sadykhov, E; Sagidova, N; Saitta, B; Salustino Guimaraes, V; Sanchez Mayordomo, C; Sanmartin Sedes, B; Santacesaria, R; Santamarina Rios, C; Santimaria, M; Santovetti, E; Sarti, A; Satriano, C; Satta, A; Saunders, D M; Savrina, D; Schael, S; Schellenberg, M; Schiller, M; Schindler, H; Schlupp, M; Schmelling, M; Schmelzer, T; Schmidt, B; Schneider, O; Schopper, A; Schubert, K; Schubiger, M; Schune, M-H; Schwemmer, R; Sciascia, B; Sciubba, A; Semennikov, A; Sergi, A; Serra, N; Serrano, J; Sestini, L; Seyfert, P; Shapkin, M; Shapoval, I; Shcheglov, Y; Shears, T; Shekhtman, L; Shevchenko, V; Siddi, B G; Silva Coutinho, R; Silva de Oliveira, L; Simi, G; Simone, S; Sirendi, M; Skidmore, N; Skwarnicki, T; Smith, E; Smith, I T; Smith, J; Smith, M; Snoek, H; Sokoloff, M D; Soler, F J P; Souza De Paula, B; Spaan, B; Spradlin, P; Sridharan, S; Stagni, F; Stahl, M; Stahl, S; Stefko, P; Stefkova, S; Steinkamp, O; Stemmle, S; Stenyakin, O; Stevenson, S; Stoica, S; Stone, S; Storaci, B; Stracka, S; Straticiuc, M; Straumann, U; Sun, L; Sutcliffe, W; Swientek, K; Syropoulos, V; Szczekowski, M; Szumlak, T; T'Jampens, S; Tayduganov, A; Tekampe, T; Tellarini, G; Teubert, F; Thomas, E; van Tilburg, J; Tilley, M J; Tisserand, V; Tobin, M; Tolk, S; Tomassetti, L; Tonelli, D; Topp-Joergensen, S; Toriello, F; Tournefier, E; Tourneur, S; Trabelsi, K; Traill, M; Tran, M T; Tresch, M; Trisovic, A; Tsaregorodtsev, A; Tsopelas, P; Tully, A; Tuning, N; Ukleja, A; Ustyuzhanin, A; Uwer, U; Vacca, C; Vagnoni, V; Valassi, A; Valat, S; Valenti, G; Vallier, A; Vazquez Gomez, R; Vazquez Regueiro, P; Vecchi, S; van Veghel, M; Velthuis, J J; Veltri, M; Veneziano, G; Venkateswaran, A; Vernet, M; Vesterinen, M; Viaud, B; Vieira, D; Vieites Diaz, M; Viemann, H; Vilasis-Cardona, X; Vitti, M; Volkov, V; Vollhardt, A; Voneki, B; Vorobyev, A; Vorobyev, V; Voß, C; de Vries, J A; Vázquez Sierra, C; Waldi, R; Wallace, C; Wallace, R; Walsh, J; Wang, J; Ward, D R; Wark, H M; Watson, N K; Websdale, D; Weiden, A; Whitehead, M; Wicht, J; Wilkinson, G; Wilkinson, M; Williams, M; Williams, M P; Williams, M; Williams, T; Wilson, F F; Wimberley, J; Wishahi, J; Wislicki, W; Witek, M; Wormser, G; Wotton, S A; Wraight, K; Wyllie, K; Xie, Y; Xing, Z; Xu, Z; Yang, Z; Yin, H; Yu, J; Yuan, X; Yushchenko, O; Zarebski, K A; Zavertyaev, M; Zhang, L; Zhang, Y; Zhang, Y; Zhelezov, A; Zheng, Y; Zhokhov, A; Zhu, X; Zhukov, V; Zucchelli, S

    2017-01-01

    The decays [Formula: see text] and [Formula: see text] are observed for the first time using a data sample corresponding to an integrated luminosity of 3.0 fb[Formula: see text], collected by the LHCb experiment in proton-proton collisions at the centre-of-mass energies of 7 and 8[Formula: see text]. The branching fractions relative to that of [Formula: see text] are measured to be [Formula: see text]where the first uncertainties are statistical and the second are systematic.

  15. The economic cost of fuel price subsidies in Ghana

    Science.gov (United States)

    Ofori, Roland Oduro

    I adapt the Harberger formula for deadweight loss to develop approximations for the deadweight loss created by multiple fuel price subsidies. I also estimate the own-price, cross-price, and income elasticities of demand for gasoline and diesel in Africa. I use data on fuel prices and sales in combination with my formulas and elasticity estimates to calculate the deadweight loss of fuel price subsidies in Ghana from 2009 to 2014. I show that the average efficiency cost of the gasoline and diesel price subsidies in Ghana is 0.8% of fuel price subsidy transfers. This result stresses the futility of basing subsidy reforms on economic efficiency losses, which are relatively small due to very inelastic energy demand, and the need for such reforms to be motivated by the poor-targeting of subsidies to low-income households and the impact of subsidies on government debt-financing.

  16. Alberta producers' gas export prices slip

    International Nuclear Information System (INIS)

    Chandrasekharaiah, M.N.; Dubben, G.; Kolster, B.H.

    1992-01-01

    This paper reports that Alberta gas producers have approved a new contract with California buyers that includes slightly lower wellhead prices and more flexible pricing terms. The 1 year agreement, will apply a flexible price formula to gas sales. A basic volume of 212 MMcfd will receive $1.52 (U.S.)/Mcf. A and S also will buy 200 MMcfd at prices paid for other Alberta gas in the California market. It will have the right to buy added volumes at prices indexed to gas sold into California from the U.S. Southwest. Ballots cast by producers were to be verified by regulatory agencies in Alberta and British Columbia. The more flexible price terms in the new contract are seen as a positive development for negotiations in a dispute over long term contracts

  17. 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.

  18. Analytical Pricing of Defaultable Bond with Stochastic Default Intensity

    OpenAIRE

    O, Hyong-Chol; Wan, Ning

    2013-01-01

    We provide analytical pricing formula of corporate defaultable bond with both expected and unexpected default in the case with stochastic default intensity. In the case with constant short rate and exogenous default recovery using PDE method, we gave some pricing formula of the defaultable bond under the conditions that 1)expected default recovery is the same with unexpected default recovery; 2) default intensity follows one of 3 special cases of Willmott model; 3) default intensity is uncorr...

  19. Marketplace pricing

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    As discussed in this chapter, interest in marketplace pricing has been increasing in recent years, reflecting the societal trend toward substituting competition for regulation where appropriate. Competition is valuable because it encourages utilities to make efficient decisions with a minimum of regulatory intervention. It enhances efficiency through the incentive for innovation by the regulated companies and by increasing the likelihood they will come forward with proposals for better services, lower prices or both. Ultimately, consumers are beneficiaries. Marketplace pricing is emblematic of the view that the degree of regulation should reflect the degree of market power, that workably competitive markets should be allowed to operate with as little regulatory interference as possible. The Edison Electric Institute has made perhaps the most detailed proposal on marketplace pricing. It and others perceive numerous benefits from this method of pricing transmission services. Given the undeniable market power resulting from line ownership, FERC has emphasized the need to find a workably competitive market before approving such proposals. The ability to make this distinction without a full-blown antitrust review for every transaction is questionable, and FERC has yet to provide generic guidance. Finally, FERC's legal ability to depart from cost-based standards is questionable

  20. Density of states, Poisson's formula of summation and Walfisz's formula

    International Nuclear Information System (INIS)

    Fucho, P.

    1980-06-01

    Using Poisson's formula for summation, we obtain an expression for density of states of d-dimensional scalar Helmoholtz's equation under various boundary conditions. Likewise, we also obtain formulas of Walfisz's type. It becomes evident that the formulas obtained by Pathria et al. in connection with ideal bosons in a finite system are exactly the same as those obtained by utilizing the formulas for density of states. (author)

  1. 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.

  2. Formulas of Revised MRP

    Directory of Open Access Journals (Sweden)

    Alfredo Bregni

    2013-04-01

    innovation to the main process functioning. As a result, the proposed algorithm copes better with demand uncertainty, lowers the system nervousness and also removes the need for continuous forecast adjustments, thereby improving the ease in managing the material flow, allowing the development of new forms of collaboration among different supply chain partners and the creation of new business networks. The algorithm is presented in formulas to describe in detail each procedure step and calculations.

  3. Manufacturers’ Bids for WIC Infant Formula Rebate Contracts, 2003-2013

    OpenAIRE

    Oliveira, Victor; Davis, David

    2015-01-01

    The U.S. Department of Agriculture’s Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) is the major purchaser of infant formula in the United States, and its mandatory rebate program saved WIC $1.9 billion in FY 2013. WIC State agencies are required by law to have competitively bid infant formula rebate contracts with infant formula manufacturers. Contracts are awarded to the manufacturer offering the WIC State agency the lowest net price (as determined by the manu...

  4. Energy prices, equalization and federalism

    Energy Technology Data Exchange (ETDEWEB)

    Courchene, T.J. [Queen' s Univ., Kingston, ON (Canada). School of Policy Studies

    2005-10-01

    A rise in oil prices over the last 30 years has shaped the debate on the equalization formula as well as the nature of fiscal federalism. The oil shocks of 1973 and 1979 contributed to the creation of the National Energy Program (NEP) in 1980 and the Energy Pricing and Taxation Agreement (EPTA) between Ottawa and Alberta in 1981. The current surge in oil prices, to recent highs of $70 a barrel has resulted in a new debate on energy pricing, equalization and fiscal frameworks. This article presented a review of the history of oil and federalism, and proposed a remedy to the horizontal fiscal imbalance by allocating the fixed equalization pool in accordance with fiscal capacity disparities relating to non-resource revenues. An interprovincial revenue-sharing pool was suggested for resource revenues, agreed to and operated by the provinces. It was suggested that after the price spike in 1973 in which the price of oil tripled, a key part of the rationale for imposing export taxes on oil equal to the difference between domestic and world prices was that the federal government could subsidize oil imports into eastern Canada and maintain a uniform domestic price across the country. By continuing to subsidize imports and maintaining a domestic price below the world price, the government has been diverting potential energy revenues from energy-rich provinces and transferring them directly to Canadians in terms of subsidized energy prices. It was noted that energy price surges cannot send equalization payments soaring as they did before because of the 2004 Framework Agreement, in which the overall equalization will be increased to $10.9 billion. A 2-tier approach to equalization was presented, in which it was suggested that the $10.9 billion pool should be allocated with fiscal capacity disparities relating to non-resource revenues. The creation of a revenue sharing pool for resource revenues was recommended. It was suggested that the 2 approaches will result in a strategic

  5. Energy prices, equalization and federalism

    International Nuclear Information System (INIS)

    Courchene, T.J.

    2005-01-01

    A rise in oil prices over the last 30 years has shaped the debate on the equalization formula as well as the nature of fiscal federalism. The oil shocks of 1973 and 1979 contributed to the creation of the National Energy Program (NEP) in 1980 and the Energy Pricing and Taxation Agreement (EPTA) between Ottawa and Alberta in 1981. The current surge in oil prices, to recent highs of $70 a barrel has resulted in a new debate on energy pricing, equalization and fiscal frameworks. This article presented a review of the history of oil and federalism, and proposed a remedy to the horizontal fiscal imbalance by allocating the fixed equalization pool in accordance with fiscal capacity disparities relating to non-resource revenues. An interprovincial revenue-sharing pool was suggested for resource revenues, agreed to and operated by the provinces. It was suggested that after the price spike in 1973 in which the price of oil tripled, a key part of the rationale for imposing export taxes on oil equal to the difference between domestic and world prices was that the federal government could subsidize oil imports into eastern Canada and maintain a uniform domestic price across the country. By continuing to subsidize imports and maintaining a domestic price below the world price, the government has been diverting potential energy revenues from energy-rich provinces and transferring them directly to Canadians in terms of subsidized energy prices. It was noted that energy price surges cannot send equalization payments soaring as they did before because of the 2004 Framework Agreement, in which the overall equalization will be increased to $10.9 billion. A 2-tier approach to equalization was presented, in which it was suggested that the $10.9 billion pool should be allocated with fiscal capacity disparities relating to non-resource revenues. The creation of a revenue sharing pool for resource revenues was recommended. It was suggested that the 2 approaches will result in a strategic

  6. Electricity pricing

    International Nuclear Information System (INIS)

    Wijayatunga, P.D.C.

    1994-01-01

    Electricity pricing in most countries, especially in the developing world, has been determined by traditional accounting criteria where it raises revenue requirements to cover the operating costs and a return on past and future capital investments in possible power systems. The use of economic principles to improve the total economic efficiency in the electricity industry is discussed. Basic marginal cost theory, long run marginal costing (LRMC) cost categories and rating periods, marginal capacity costs, marginal energy costs, consumer costs, short run marginal costing (SRMC), marginal cost of fuel, marginal cost of network losses, market clearing price, value of unserved energy and network quality of supply cost are discussed

  7. Moment generating function approach to pricing interest rate and foreign exchange rate claims

    NARCIS (Netherlands)

    Dijkstra, T.K.; Yao, Y.

    2002-01-01

    This paper uses moment generating functions to provide a general framework to model international term structures and to price interest rate and foreign exchange rate claims. When moment generating functions of state variables have a closed-form formula, closed-form formulas for bond prices are

  8. Estimating the Value of Price Risk Reduction in Energy Efficiency Investments in Buildings

    Directory of Open Access Journals (Sweden)

    Pekka Tuominen

    2017-10-01

    Full Text Available This paper presents a method for calculating the value of price risk reduction to a consumer that can be achieved with investments in energy efficiency. The value of price risk reduction is discussed to some length in general terms in the literature reviewed but, so far, no methodology for calculating the value has been presented. Here we suggest such a method. The problem of valuating price risk reduction is approached using a variation of the Black–Scholes model by considering a hypothetical financial instrument that a consumer would purchase to insure herself against unexpected price hikes. This hypothetical instrument is then compared with an actual energy efficiency investment that reaches the same level of price risk reduction. To demonstrate the usability of the method, case examples are calculated for typical single-family houses in Finland. The results show that the price risk entailed in household energy consumption can be reduced by a meaningful amount with energy efficiency investments, and that the monetary value of this reduction can be calculated. It is argued that this often-overlooked benefit of energy efficiency investments merits more consideration in future studies.

  9. Kant's universal law formula revisited

    NARCIS (Netherlands)

    Nyholm, S.

    2015-01-01

    Kantians are increasingly deserting the universal law formula in favor of the humanity formula. The former, they argue, is open to various decisive objections; the two are not equivalent; and it is only by appealing to the human- ity formula that Kant can reliably generate substantive implications

  10. Asymptotic Expansions of the Lognormal Implied Volatility : A Model Free Approach

    OpenAIRE

    Cyril Grunspan

    2011-01-01

    We invert the Black-Scholes formula. We consider the cases low strike, large strike, short maturity and large maturity. We give explicitly the first 5 terms of the expansions. A method to compute all the terms by induction is also given. At the money, we have a closed form formula for implied lognormal volatility in terms of a power series in call price.

  11. Analysis of straightening formula

    Directory of Open Access Journals (Sweden)

    Devadatta M. Kulkarni

    1988-01-01

    standard bitableaux (or the set of standard monomials in minors gives a free basis for a polynomial ring in a matrix of indeterminates over a field. The straightening formula expresses a nonstandard bitableau as an integral linear cobmbination of standard bitableaux. In this paper we analyse the exchanges in the process of straightening a nonstandard pure tableau of depth two. We give precisely the number of steps required to straighten a given violation of a nonstandard tableau. We also characterise the violation which is eliminated in a single step.

  12. Bryant J. correction formula

    International Nuclear Information System (INIS)

    Tejera R, A.; Cortes P, A.; Becerril V, A.

    1990-03-01

    For the practical application of the method proposed by J. Bryant, the authors carried out a series of small corrections, related with the bottom, the dead time of the detectors and channels, with the resolution time of the coincidences, with the accidental coincidences, with the decay scheme and with the gamma efficiency of the beta detector beta and the beta efficiency beta of the gamma detector. The calculation of the correction formula is presented in the development of the present report, being presented 25 combinations of the probability of the first existent state at once of one disintegration and the second state at once of the following disintegration. (Author)

  13. Self-lubricating formula

    Energy Technology Data Exchange (ETDEWEB)

    Borzenko, V.A.; Koltovskiy, L.V.; Koshelyov, Yu.I.; Kuzovlyev, G.F.; Lebedyev, S.I.; Sitnikov, S.A.; Telegin, V.D.

    1979-12-30

    To improve operation of scrubbers that operate in crystallizers for deparaffinization of oil products, a formula is being suggested which contains siliceous fibers, and a type of thermoactive resin - phenol-formaldehyde laquer, with the following component ration (% weight): carbon fiber 20-25, siliceous fibers 20-30, dry lubricant 10-15, phenolformaldehyde laquer up to 100. Phys.-mech. characteristics are flexure, compression, Ak of the suggested and known compositions (kgs/cm/sup 2/) 2150-2450 and 2550-2700, 32-37 and 1750, 2150 and 27 operation resource 2100:2500 and 1400.

  14. Compound Option Pricing under Fuzzy Environment

    Directory of Open Access Journals (Sweden)

    Xiandong Wang

    2014-01-01

    Full Text Available Considering the uncertainty of a financial market includes two aspects: risk and vagueness; in this paper, fuzzy sets theory is applied to model the imprecise input parameters (interest rate and volatility. We present the fuzzy price of compound option by fuzzing the interest and volatility in Geske’s compound option pricing formula. For each α, the α-level set of fuzzy prices is obtained according to the fuzzy arithmetics and the definition of fuzzy-valued function. We apply a defuzzification method based on crisp possibilistic mean values of the fuzzy interest rate and fuzzy volatility to obtain the crisp possibilistic mean value of compound option price. Finally, we present a numerical analysis to illustrate the compound option pricing under fuzzy environment.

  15. Pricing of Traffic Light Options and other Correlation Derivatives

    DEFF Research Database (Denmark)

    Kokholm, Thomas

    This paper considers derivatives with payoffs that depend on a stock index and underlying LIBOR rates. A traffic light option pricing formula is derived under lognormality assumptions on the underlying processes. The traffic light option is aimed at the Danish life and pension sector to help...... the pricing of a hybrid derivative known as the EUR Sage Note. The approach can be used to price many existing structured products....

  16. The pricing of credit default swaps under a generalized mixed fractional Brownian motion

    Science.gov (United States)

    He, Xinjiang; Chen, Wenting

    2014-06-01

    In this paper, we consider the pricing of the CDS (credit default swap) under a GMFBM (generalized mixed fractional Brownian motion) model. As the name suggests, the GMFBM model is indeed a generalization of all the FBM (fractional Brownian motion) models used in the literature, and is proved to be able to effectively capture the long-range dependence of the stock returns. To develop the pricing mechanics of the CDS, we firstly derive a sufficient condition for the market modeled under the GMFBM to be arbitrage free. Then under the risk-neutral assumption, the CDS is fairly priced by investigating the two legs of the cash flow involved. The price we obtained involves elementary functions only, and can be easily implemented for practical purpose. Finally, based on numerical experiments, we analyze quantitatively the impacts of different parameters on the prices of the CDS. Interestingly, in comparison with all the other FBM models documented in the literature, the results produced from the GMFBM model are in a better agreement with those calculated from the classical Black-Scholes model.

  17. Quadrature formulas for Fourier coefficients

    KAUST Repository

    Bojanov, Borislav

    2009-09-01

    We consider quadrature formulas of high degree of precision for the computation of the Fourier coefficients in expansions of functions with respect to a system of orthogonal polynomials. In particular, we show the uniqueness of a multiple node formula for the Fourier-Tchebycheff coefficients given by Micchelli and Sharma and construct new Gaussian formulas for the Fourier coefficients of a function, based on the values of the function and its derivatives. © 2009 Elsevier B.V. All rights reserved.

  18. Transfer maps and projection formulas

    OpenAIRE

    Tabuada, Goncalo

    2010-01-01

    Transfer maps and projection formulas are undoubtedly one of the key tools in the development and computation of (co)homology theories. In this note we develop an unified treatment of transfer maps and projection formulas in the non-commutative setting of dg categories. As an application, we obtain transfer maps and projection formulas in algebraic K-theory, cyclic homology, topological cyclic homology, and other scheme invariants.

  19. Semi-analytical MBS Pricing

    DEFF Research Database (Denmark)

    Rom-Poulsen, Niels

    2007-01-01

    This paper presents a multi-factor valuation model for fixed-rate callable mortgage backed securities (MBS). The model yields semi-analytic solutions for the value of MBS in the sense that the MBS value is found by solving a system of ordinary differential equations. Instead of modelling the cond......This paper presents a multi-factor valuation model for fixed-rate callable mortgage backed securities (MBS). The model yields semi-analytic solutions for the value of MBS in the sense that the MBS value is found by solving a system of ordinary differential equations. Instead of modelling...... interest rate model. However, if the pool size is specified in a way that makes the expectations solvable using transform methods, semi-analytic pricing formulas are achieved. The affine and quadratic pricing frameworks are combined to get flexible and sophisticated prepayment functions. We show...

  20. Energy prices and taxes

    International Nuclear Information System (INIS)

    2004-01-01

    Energy Prices and Taxes contains a major international compilation of energy prices at all market levels: import prices, industry prices and consumer prices. The statistics cover main petroleum products, gas, coal and electricity, giving for imported products an average price both for importing country and country of origin. Every issue includes full notes on sources and methods and a description of price mechanisms in each country

  1. MARKET ECONOMICS PRICING PARTICULARS

    Directory of Open Access Journals (Sweden)

    V. I. Parshin

    2011-01-01

    Full Text Available The price performs several economic functions: accounting, stimulation, distribution, demand and offer balancing, serving as production site rational choice criterion, information. Most important pricing principles are: price scientific and purpose-aimed substantiation, single pricing and price control process. Pricing process factors are external, internal, basic (independent on money-market, market-determined and controlling. Different pricing methods and models are to be examined, recommendations on practical application of those chosen are to be written.

  2. Grouping Minerals by Their Formulas

    Science.gov (United States)

    Mulvey, Bridget

    2018-01-01

    Minerals are commonly taught in ways that emphasize mineral identification for its own sake or maybe to help identify rocks. But how do minerals fit in with other science content taught? The author uses mineral formulas to help Earth science students wonder about the connection between elements, compounds, mixtures, minerals, and mineral formulas.…

  3. Statistics Using Just One Formula

    Science.gov (United States)

    Rosenthal, Jeffrey S.

    2018-01-01

    This article advocates that introductory statistics be taught by basing all calculations on a single simple margin-of-error formula and deriving all of the standard introductory statistical concepts (confidence intervals, significance tests, comparisons of means and proportions, etc) from that one formula. It is argued that this approach will…

  4. Discontinuity formulas for multiparticle amplitudes

    International Nuclear Information System (INIS)

    Stapp, H.P.

    1976-03-01

    It is shown how discontinuity formulas for multiparticle scattering amplitudes are derived from unitarity and analyticity. The assumed analyticity property is the normal analytic structure, which was shown to be equivalent to the space-time macrocausality condition. The discontinuity formulas to be derived are the basis of multi-particle fixed-t dispersion relations

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

    Directory of Open Access Journals (Sweden)

    Miao Han

    2018-01-01

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

  6. Pricing and hedging derivative securities with neural networks: Bayesian regularization, early stopping, and bagging.

    Science.gov (United States)

    Gençay, R; Qi, M

    2001-01-01

    We study the effectiveness of cross validation, Bayesian regularization, early stopping, and bagging to mitigate overfitting and improving generalization for pricing and hedging derivative securities with daily S&P 500 index daily call options from January 1988 to December 1993. Our results indicate that Bayesian regularization can generate significantly smaller pricing and delta-hedging errors than the baseline neural-network (NN) model and the Black-Scholes model for some years. While early stopping does not affect the pricing errors, it significantly reduces the hedging error (HE) in four of the six years we investigated. Although computationally most demanding, bagging seems to provide the most accurate pricing and delta hedging. Furthermore, the standard deviation of the MSPE of bagging is far less than that of the baseline model in all six years, and the standard deviation of the average HE of bagging is far less than that of the baseline model in five out of six years. We conclude that they be used at least in cases when no appropriate hints are available.

  7. A Consistent Pricing Model for Index Options and Volatility Derivatives

    DEFF Research Database (Denmark)

    Kokholm, Thomas

    to be priced consistently, while allowing for jumps in volatility and returns. An affine specification using Lévy processes as building blocks leads to analytically tractable pricing formulas for volatility derivatives, such as VIX options, as well as efficient numerical methods for pricing of European options...... on the underlying asset. The model has the convenient feature of decoupling the vanilla skews from spot/volatility correlations and allowing for different conditional correlations in large and small spot/volatility moves. We show that our model can simultaneously fit prices of European options on S&P 500 across...

  8. A Consistent Pricing Model for Index Options and Volatility Derivatives

    DEFF Research Database (Denmark)

    Cont, Rama; Kokholm, Thomas

    2013-01-01

    to be priced consistently, while allowing for jumps in volatility and returns. An affine specification using Lévy processes as building blocks leads to analytically tractable pricing formulas for volatility derivatives, such as VIX options, as well as efficient numerical methods for pricing of European options...... on the underlying asset. The model has the convenient feature of decoupling the vanilla skews from spot/volatility correlations and allowing for different conditional correlations in large and small spot/volatility moves. We show that our model can simultaneously fit prices of European options on S&P 500 across...

  9. Consistent Valuation across Curves Using Pricing Kernels

    Directory of Open Access Journals (Sweden)

    Andrea Macrina

    2018-03-01

    Full Text Available The general problem of asset pricing when the discount rate differs from the rate at which an asset’s cash flows accrue is considered. A pricing kernel framework is used to model an economy that is segmented into distinct markets, each identified by a yield curve having its own market, credit and liquidity risk characteristics. The proposed framework precludes arbitrage within each market, while the definition of a curve-conversion factor process links all markets in a consistent arbitrage-free manner. A pricing formula is then derived, referred to as the across-curve pricing formula, which enables consistent valuation and hedging of financial instruments across curves (and markets. As a natural application, a consistent multi-curve framework is formulated for emerging and developed inter-bank swap markets, which highlights an important dual feature of the curve-conversion factor process. Given this multi-curve framework, existing multi-curve approaches based on HJM and rational pricing kernel models are recovered, reviewed and generalised and single-curve models extended. In another application, inflation-linked, currency-based and fixed-income hybrid securities are shown to be consistently valued using the across-curve valuation method.

  10. Trace formulae for arithmetical systems

    International Nuclear Information System (INIS)

    Bogomolny, E.B.; Georgeot, B.; Giannoni, M.J.; Schmit, C.

    1992-09-01

    For quantum problems on the pseudo-sphere generated by arithmetic groups there exist special trace formulae, called trace formulae for Hecke operators, which permit the reconstruction of wave functions from the knowledge of periodic orbits. After a short discussion of this subject, the Hecke operators trace formulae are presented for the Dirichlet problem on the modular billiard, which is a prototype of arithmetical systems. The results of numerical computations for these semiclassical type relations are in good agreement with the directly computed eigenfunctions. (author) 23 refs.; 2 figs

  11. Review of atomic mass formula

    Energy Technology Data Exchange (ETDEWEB)

    Tachibana, Takahiro [Waseda Univ., Tokyo (Japan). Advanced Research Center for Science and Engineering

    1997-07-01

    Wapstra and Audi`s Table is famous for evaluation of experimental data of atomic nuclear masses (1993/1995 version) which estimated about 2000 kinds of nuclei. The error of atomic mass of formula is 0.3 MeV-0.8 MeV. Four kinds of atomic mass formula: JM (Jaenecke and Masson), TUYY (Tachibana, Uno, Yamada and Yamada), FRDM (Moeller, Nix, Myers and Swiatecki) and ETFSI (Aboussir, Pearson, Dutta and Tondeur) and their properties (number of parameter and error etc.) were explained. An estimation method of theoretical error of mass formula was presented. It was estimated by the theoretical error of other surrounding nuclei. (S.Y.)

  12. Blenderized feeding formulas with nutritious and inexpensive foods

    Directory of Open Access Journals (Sweden)

    Ana Paula Lança BENTO

    Full Text Available ABSTRACT Objective: To propose an inexpensive blenderized tube feeding formula consisting of foods with standard nutritional composition that meets the nutritional requirements of individuals aged more than 51 years. Methods: The enteral diets were formulated mainly with fresh foods and tested for their physical (homogeneity, stability, osmolality, pH, and flow rate and chemical (moisture, ash, protein, lipids, energy, crude fiber, vitamin C, calcium, iron, magnesium, and zinc characteristics. The cost was determined by surveying item prices in supermarkets and stores that specialize in nutritional support. Results: The blenderized tube feeding formula was stable and homogeneous, and had slightly acidic pH, hypertonic osmolality (603mOsm/kg, and flow rate comparable with gravity drip (21 minutes. Proximate composition analysis indicated appropriate levels of proteins, lipids, vitamin C, and zinc. The mean cost of 2000kcal of the standard blenderized tube feeding formula was R$ 12.3±1.4, which is 70% cheaper than the mean cost of similar commercial enteral formulas. Conclusion: The planned diet can be an excellent choice for patients using blenderized tube feeding formulas as it consisted of habitual food items, had physical and nutritional quality, and was inexpensive.

  13. Pricing and Trust

    DEFF Research Database (Denmark)

    Huck, Steffen; Ruchala, Gabriele K.; Tyran, Jean-Robert

    -competitive (monopolistic) markets. We then introduce a regulated intermediate price above the oligopoly price and below the monopoly price. The effect in monopolies is more or less in line with standard intuition. As price falls volume increases and so does quality, such that overall efficiency is raised by 50%. However......We experimentally examine the effects of flexible and fixed prices in markets for experience goods in which demand is driven by trust. With flexible prices, we observe low prices and high quality in competitive (oligopolistic) markets, and high prices coupled with low quality in non...

  14. 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.

  15. FDA Abbott Infant Formula Recall

    Data.gov (United States)

    U.S. Department of Health & Human Services — On September 22, 2010, Abbott issued a voluntary recall of certain Similac powdered infant formula after identifying a common warehouse beetle (both larvae and...

  16. Quadrature formulas for Fourier coefficients

    KAUST Repository

    Bojanov, Borislav; Petrova, Guergana

    2009-01-01

    We consider quadrature formulas of high degree of precision for the computation of the Fourier coefficients in expansions of functions with respect to a system of orthogonal polynomials. In particular, we show the uniqueness of a multiple node

  17. 7 CFR 1000.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing... advanced pricing factors. Class prices per hundredweight of milk containing 3.5 percent butterfat, component prices, and advanced pricing factors shall be as follows. The prices and pricing factors described...

  18. Competitive Pricing by a Price Leader

    OpenAIRE

    Abhik Roy; Dominique M. Hanssens; Jagmohan S. Raju

    1994-01-01

    We examine the problem of pricing in a market where one brand acts as a price leader. We develop a procedure to estimate a leader's price rule, which is optimal given a sales target objective, and allows for the inclusion of demand forecasts. We illustrate our estimation procedure by calibrating this optimal price rule for both the leader and the follower using data on past sales and prices from the mid-size sedan segment of the U.S. automobile market. Our results suggest that a leader-follow...

  19. ACCOUNTING ASPECTS OF PRICING AND TRANSFER PRICING

    Directory of Open Access Journals (Sweden)

    TÜNDE VERES

    2011-01-01

    Full Text Available The pricing methods in practice need really complex view of the business situation and depend on the strategy and market position of a company. The structure of a price seems simple: cost plus margin. Both categories are special area in the management accounting. Information about the product costs, the allocation methodologies in cost accounting, the analyzing of revenue and different level of the margin needs information from accounting system. This paper analyzes the pricing methods from management accounting aspects to show out the role of the accounting system in the short term and long term pricing and transfer pricing decisions.

  20. Coarse Thinking and Pricing a Financial Option

    OpenAIRE

    Siddiqi, Hammad

    2009-01-01

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

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

    International Nuclear Information System (INIS)

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

    1993-01-01

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

  2. Regulation of Pharmaceutical Prices

    DEFF Research Database (Denmark)

    Kaiser, Ulrich; Mendez, Susan J.; Rønde, Thomas

    On April 1, 2005, Denmark changed the way references prices, a main determinant of reimbursements for pharmaceutical purchases, are calculated. The previous reference prices, which were based on average EU prices, were substituted to minimum domestic prices. Novel to the literature, we estimate...... the joint eects of this reform on prices and quantities. Prices decreased more than 26 percent due to the reform, which reduced patient and government expenditures by 3.0 percent and 5.6 percent, respectively, and producer revenues by 5.0 percent. The prices of expensive products decreased more than...

  3. Stochastic differential equation (SDE) model of opening gold share price of bursa saham malaysia

    Science.gov (United States)

    Hussin, F. N.; Rahman, H. A.; Bahar, A.

    2017-09-01

    Black and Scholes option pricing model is one of the most recognized stochastic differential equation model in mathematical finance. Two parameter estimation methods have been utilized for the Geometric Brownian model (GBM); historical and discrete method. The historical method is a statistical method which uses the property of independence and normality logarithmic return, giving out the simplest parameter estimation. Meanwhile, discrete method considers the function of density of transition from the process of diffusion normal log which has been derived from maximum likelihood method. These two methods are used to find the parameter estimates samples of Malaysians Gold Share Price data such as: Financial Times and Stock Exchange (FTSE) Bursa Malaysia Emas, and Financial Times and Stock Exchange (FTSE) Bursa Malaysia Emas Shariah. Modelling of gold share price is essential since fluctuation of gold affects worldwide economy nowadays, including Malaysia. It is found that discrete method gives the best parameter estimates than historical method due to the smallest Root Mean Square Error (RMSE) value.

  4. Measurement of [Formula: see text] polarisation in [Formula: see text] collisions at [Formula: see text] = 7 TeV.

    Science.gov (United States)

    Aaij, R; Adeva, B; Adinolfi, M; Affolder, A; Ajaltouni, Z; Albrecht, J; Alessio, F; Alexander, M; Ali, S; Alkhazov, G; Alvarez Cartelle, P; Alves, A A; Amato, S; Amerio, S; Amhis, Y; An, L; Anderlini, L; Anderson, J; Andreassen, R; Andreotti, M; Andrews, J E; Appleby, R B; Aquines Gutierrez, O; Archilli, F; Artamonov, A; Artuso, M; Aslanides, E; Auriemma, G; Baalouch, M; Bachmann, S; Back, J J; Badalov, A; Balagura, V; Baldini, W; Barlow, R J; Barschel, C; Barsuk, S; Barter, W; Batozskaya, V; Bauer, Th; Bay, A; Beddow, J; Bedeschi, F; Bediaga, I; Belogurov, S; Belous, K; Belyaev, I; Ben-Haim, E; Bencivenni, G; Benson, S; Benton, J; Berezhnoy, A; Bernet, R; Bettler, M-O; van Beuzekom, M; Bien, A; Bifani, S; Bird, T; Bizzeti, A; Bjørnstad, P M; Blake, T; Blanc, F; Blouw, J; Blusk, S; Bocci, V; Bondar, A; Bondar, N; Bonivento, W; Borghi, S; Borgia, A; Borsato, M; Bowcock, T J V; Bowen, E; Bozzi, C; Brambach, T; van den Brand, J; Bressieux, J; Brett, D; Britsch, M; Britton, T; Brook, N H; Brown, H; Bursche, A; Busetto, G; Buytaert, J; Cadeddu, S; Calabrese, R; Callot, O; Calvi, M; Calvo Gomez, M; Camboni, A; Campana, P; Campora Perez, D; Carbone, A; Carboni, G; Cardinale, R; Cardini, A; Carranza-Mejia, H; Carson, L; Carvalho Akiba, K; Casse, G; Cassina, L; Castillo Garcia, L; Cattaneo, M; Cauet, Ch; Cenci, R; Charles, M; Charpentier, Ph; Cheung, S-F; Chiapolini, N; Chrzaszcz, M; Ciba, K; Cid Vidal, X; Ciezarek, G; Clarke, P E L; Clemencic, M; Cliff, H V; Closier, J; Coca, C; Coco, V; Cogan, J; Cogneras, E; Collins, P; Comerma-Montells, A; Contu, A; Cook, A; Coombes, M; Coquereau, S; Corti, G; Corvo, M; Counts, I; Couturier, B; Cowan, G A; Craik, D C; Cruz Torres, M; Cunliffe, S; Currie, R; D'Ambrosio, C; Dalseno, J; David, P; David, P N Y; Davis, A; De Bruyn, K; De Capua, S; De Cian, M; De Miranda, J M; De Paula, L; De Silva, W; De Simone, P; Decamp, D; Deckenhoff, M; Del Buono, L; Déléage, N; Derkach, D; Deschamps, O; Dettori, F; Di Canto, A; Dijkstra, H; Donleavy, S; Dordei, F; Dorigo, M; Dosil Suárez, A; Dossett, D; Dovbnya, A; Dupertuis, F; Durante, P; Dzhelyadin, R; Dziurda, A; Dzyuba, A; Easo, S; Egede, U; Egorychev, V; Eidelman, S; Eisenhardt, S; Eitschberger, U; Ekelhof, R; Eklund, L; El Rifai, I; Elsasser, Ch; Esen, S; Evans, T; Falabella, A; Färber, C; Farinelli, C; Farry, S; Ferguson, D; Fernandez Albor, V; Ferreira Rodrigues, F; Ferro-Luzzi, M; Filippov, S; Fiore, M; Fiorini, M; Firlej, M; Fitzpatrick, C; Fiutowski, T; Fontana, M; Fontanelli, F; Forty, R; Francisco, O; Frank, M; Frei, C; Frosini, M; Fu, J; Furfaro, E; Gallas Torreira, A; Galli, D; Gandelman, M; Gandini, P; Gao, Y; Garofoli, J; Garra Tico, J; Garrido, L; Gaspar, C; Gauld, R; Gavardi, L; Gersabeck, E; Gersabeck, M; Gershon, T; Ghez, Ph; Gianelle, A; Giani, S; Gibson, V; Giubega, L; Gligorov, V V; Göbel, C; Golubkov, D; Golutvin, A; Gomes, A; Gordon, H; Gotti, C; Grabalosa Gándara, M; Graciani Diaz, R; Granado Cardoso, L A; Graugés, E; Graziani, G; Grecu, A; Greening, E; Gregson, S; Griffith, P; Grillo, L; Grünberg, O; Gui, B; Gushchin, E; Guz, Yu; Gys, T; Hadjivasiliou, C; Haefeli, G; Haen, C; Haines, S C; Hall, S; Hamilton, B; Hampson, T; Han, X; Hansmann-Menzemer, S; Harnew, N; Harnew, S T; Harrison, J; Hartmann, T; He, J; Head, T; Heijne, V; Hennessy, K; Henrard, P; Henry, L; Hernando Morata, J A; van Herwijnen, E; Heß, M; Hicheur, A; Hill, D; Hoballah, M; Hombach, C; Hulsbergen, W; Hunt, P; Hussain, N; Hutchcroft, D; Hynds, D; Iakovenko, V; Idzik, M; Ilten, P; Jacobsson, R; Jaeger, A; Jalocha, J; Jans, E; Jaton, P; Jawahery, A; Jezabek, M; Jing, F; John, M; Johnson, D; Jones, C R; Joram, C; Jost, B; Jurik, N; Kaballo, M; Kandybei, S; Kanso, W; Karacson, M; Karbach, T M; Kelsey, M; Kenyon, I R; Ketel, T; Khanji, B; Khurewathanakul, C; Klaver, S; Kochebina, O; Kolpin, M; Komarov, I; Koopman, R F; Koppenburg, P; Korolev, M; Kozlinskiy, A; Kravchuk, L; Kreplin, K; Kreps, M; Krocker, G; Krokovny, P; Kruse, F; Kucharczyk, M; Kudryavtsev, V; Kurek, K; Kvaratskheliya, T; La Thi, V N; Lacarrere, D; Lafferty, G; Lai, A; Lambert, D; Lambert, R W; Lanciotti, E; Lanfranchi, G; Langenbruch, C; Latham, T; Lazzeroni, C; Le Gac, R; van Leerdam, J; Lees, J-P; Lefèvre, R; Leflat, A; Lefrançois, J; Leo, S; Leroy, O; Lesiak, T; Leverington, B; Li, Y; Liles, M; Lindner, R; Linn, C; Lionetto, F; Liu, B; Liu, G; Lohn, S; Longstaff, I; Longstaff, I; Lopes, J H; Lopez-March, N; Lowdon, P; Lu, H; Lucchesi, D; Luisier, J; Luo, H; Lupato, A; Luppi, E; Lupton, O; Machefert, F; Machikhiliyan, I V; Maciuc, F; Maev, O; Malde, S; Manca, G; Mancinelli, G; Manzali, M; Maratas, J; Marchand, J F; Marconi, U; Marino, P; Märki, R; Marks, J; Martellotti, G; Martens, A; Martín Sánchez, A; Martinelli, M; Martinez Santos, D; Martinez Vidal, F; Martins Tostes, D; Massafferri, A; Matev, R; Mathe, Z; Matteuzzi, C; Mazurov, A; McCann, M; McCarthy, J; McNab, A; McNulty, R; McSkelly, B; Meadows, B; Meier, F; Meissner, M; Merk, M; Milanes, D A; Minard, M-N; Molina Rodriguez, J; Monteil, S; Moran, D; Morandin, M; Morawski, P; Mordà, A; Morello, M J; Moron, J; Mountain, R; Muheim, F; Müller, K; Muresan, R; Muster, B; Naik, P; Nakada, T; Nandakumar, R; Nasteva, I; Needham, M; Neri, N; Neubert, S; Neufeld, N; Neuner, M; Nguyen, A D; Nguyen, T D; Nguyen-Mau, C; Nicol, M; Niess, V; Niet, R; Nikitin, N; Nikodem, T; Novoselov, A; Oblakowska-Mucha, A; Obraztsov, V; Oggero, S; Ogilvy, S; Okhrimenko, O; Oldeman, R; Onderwater, G; Orlandea, M; Otalora Goicochea, J M; Owen, P; Oyanguren, A; Pal, B K; Palano, A; Palombo, F; Palutan, M; Panman, J; Papanestis, A; Pappagallo, M; Parkes, C; Parkinson, C J; Passaleva, G; Patel, G D; Patel, M; Patrignani, C; Pazos Alvarez, A; Pearce, A; Pellegrino, A; Penso, G; Pepe Altarelli, M; Perazzini, S; Perez Trigo, E; Perret, P; Perrin-Terrin, M; Pescatore, L; Pesen, E; Petridis, K; Petrolini, A; Picatoste Olloqui, E; Pietrzyk, B; Pilař, T; Pinci, D; Pistone, A; Playfer, S; Plo Casasus, M; Polci, F; Polok, G; Poluektov, A; Polycarpo, E; Popov, A; Popov, D; Popovici, B; Potterat, C; Powell, A; Prisciandaro, J; Pritchard, A; Prouve, C; Pugatch, V; Puig Navarro, A; Punzi, G; Qian, W; Rachwal, B; Rademacker, J H; Rakotomiaramanana, B; Rama, M; Rangel, M S; Raniuk, I; Rauschmayr, N; Raven, G; Redford, S; Reichert, S; Reid, M M; Dos Reis, A C; Ricciardi, S; Richards, A; Rinnert, K; Rives Molina, V; Roa Romero, D A; Robbe, P; Rodrigues, A B; Rodrigues, E; Rodriguez Perez, P; Roiser, S; Romanovsky, V; Romero Vidal, A; Rotondo, M; Rouvinet, J; Ruf, T; Ruffini, F; Ruiz, H; Ruiz Valls, P; Sabatino, G; Saborido Silva, J J; Sagidova, N; Sail, P; Saitta, B; Salustino Guimaraes, V; Sanchez Mayordomo, C; Sanmartin Sedes, B; Santacesaria, R; Santamarina Rios, C; Santovetti, E; Sapunov, M; Sarti, A; Satriano, C; Satta, A; Savrie, M; Savrina, D; Schiller, M; Schindler, H; Schlupp, M; Schmelling, M; Schmidt, B; Schneider, O; Schopper, A; Schune, M-H; Schwemmer, R; Sciascia, B; Sciubba, A; Seco, M; Semennikov, A; Senderowska, K; Sepp, I; Serra, N; Serrano, J; Sestini, L; Seyfert, P; Shapkin, M; Shapoval, I; Shcheglov, Y; Shears, T; Shekhtman, L; Shevchenko, V; Shires, A; Silva Coutinho, R; Simi, G; Sirendi, M; Skidmore, N; Skwarnicki, T; Smith, N A; Smith, E; Smith, E; Smith, J; Smith, M; Snoek, H; Sokoloff, M D; Soler, F J P; Soomro, F; Souza, D; Souza De Paula, B; Spaan, B; Sparkes, A; Spinella, F; Spradlin, P; Stagni, F; Stahl, S; Steinkamp, O; Stenyakin, O; Stevenson, S; Stoica, S; Stone, S; Storaci, B; Stracka, S; Straticiuc, M; Straumann, U; Stroili, R; Subbiah, V K; Sun, L; Sutcliffe, W; Swientek, K; Swientek, S; Syropoulos, V; Szczekowski, M; Szczypka, P; Szilard, D; Szumlak, T; T'Jampens, S; Teklishyn, M; Tellarini, G; Teodorescu, E; Teubert, F; Thomas, C; Thomas, E; van Tilburg, J; Tisserand, V; Tobin, M; Tolk, S; Tomassetti, L; Tonelli, D; Topp-Joergensen, S; Torr, N; Tournefier, E; Tourneur, S; Tran, M T; Tresch, M; Tsaregorodtsev, A; Tsopelas, P; Tuning, N; Ubeda Garcia, M; Ukleja, A; Ustyuzhanin, A; Uwer, U; Vagnoni, V; Valenti, G; Vallier, A; Vazquez Gomez, R; Vazquez Regueiro, P; Vázquez Sierra, C; Vecchi, S; Velthuis, J J; Veltri, M; Veneziano, G; Vesterinen, M; Viaud, B; Vieira, D; Vieites Diaz, M; Vilasis-Cardona, X; Vollhardt, A; Volyanskyy, D; Voong, D; Vorobyev, A; Vorobyev, V; Voß, C; Voss, H; de Vries, J A; Waldi, R; Wallace, C; Wallace, R; Walsh, J; Wandernoth, S; Wang, J; Ward, D R; Watson, N K; Webber, A D; Websdale, D; Whitehead, M; Wicht, J; Wiedner, D; Wiggers, L; Wilkinson, G; Williams, M P; Williams, M; Wilson, F F; Wimberley, J; Wishahi, J; Wislicki, W; Witek, M; Wormser, G; Wotton, S A; Wright, S; Wu, S; Wyllie, K; Xie, Y; Xing, Z; Xu, Z; Yang, Z; Yuan, X; Yushchenko, O; Zangoli, M; Zavertyaev, M; Zhang, F; Zhang, L; Zhang, W C; Zhang, Y; Zhelezov, A; Zhokhov, A; Zhong, L; Zvyagin, A

    The polarisation of prompt [Formula: see text] mesons is measured by performing an angular analysis of [Formula: see text] decays using proton-proton collision data, corresponding to an integrated luminosity of 1.0[Formula: see text], collected by the LHCb detector at a centre-of-mass energy of 7 TeV. The polarisation is measured in bins of transverse momentum [Formula: see text] and rapidity [Formula: see text] in the kinematic region [Formula: see text] and [Formula: see text], and is compared to theoretical models. No significant polarisation is observed.

  5. One TV, One Price?

    OpenAIRE

    Jean Imbs; Haroon Mumtaz; Morten O. Ravn; Hélène Rey

    2009-01-01

    We use a unique dataset on television prices across European countries and regions to investigate the sources of differences in price levels. Our findings are as follows: (i) Quality is a crucial determinant of price differences. Even in an integrated economic zone as Europe, rich economies tend to consume higher quality goods. This effect accounts for the lion’s share of international price dispersion. (ii) Sizable international price differentials subsist even for the same television sets. ...

  6. Value-based pricing

    OpenAIRE

    Netseva-Porcheva Tatyana

    2010-01-01

    The main aim of the paper is to present the value-based pricing. Therefore, the comparison between two approaches of pricing is made - cost-based pricing and value-based pricing. The 'Price sensitively meter' is presented. The other topic of the paper is the perceived value - meaning of the perceived value, the components of perceived value, the determination of perceived value and the increasing of perceived value. In addition, the best company strategies in matrix 'value-cost' are outlined. .

  7. Covariance of random stock prices in the Stochastic Dividend Discount Model

    OpenAIRE

    Agosto, Arianna; Mainini, Alessandra; Moretto, Enrico

    2016-01-01

    Dividend discount models have been developed in a deterministic setting. Some authors (Hurley and Johnson, 1994 and 1998; Yao, 1997) have introduced randomness in terms of stochastic growth rates, delivering closed-form expressions for the expected value of stock prices. This paper extends such previous results by determining a formula for the covariance between random stock prices when the dividends' rates of growth are correlated. The formula is eventually applied to real market data.

  8. Hill's formula

    Energy Technology Data Exchange (ETDEWEB)

    Bolotin, Sergey V [Steklov Mathematical Institute, Russian Academy of Sciences, Moscow (Russian Federation); Treschev, Dmitrii V [M. V. Lomonosov Moscow State University, Moscow (Russian Federation)

    2010-07-27

    In his study of periodic orbits of the three-body problem, Hill obtained a formula connecting the characteristic polynomial of the monodromy matrix of a periodic orbit with the infinite determinant of the Hessian of the action functional. A mathematically rigorous definition of the Hill determinant and a proof of Hill's formula were obtained later by Poincare. Here two multidimensional generalizations of Hill's formula are given: for discrete Lagrangian systems (symplectic twist maps) and for continuous Lagrangian systems. Additional aspects appearing in the presence of symmetries or reversibility are discussed. Also studied is the change of the Morse index of a periodic trajectory upon reduction of order in a system with symmetries. Applications are given to the problem of stability of periodic orbits. Bibliography: 34 titles.

  9. Semiclassical structure of trace formulas

    International Nuclear Information System (INIS)

    Littlejohn, R.G.

    1990-01-01

    Trace formulas provide the only general relations known connecting quantum mechanics with classical mechanics in the case that the classical motion is chaotic. In particular, they connect quantal objects such as the density of states with classical periodic orbits. In this paper, several trace formulas, including those of Gutzwiller, Balian and Bloch, Tabor, and Berry, are examined from a geometrical standpoint. New forms of the amplitude determinant in asymptotic theory are developed as tools for this examination. The meaning of caustics in these formulas is revealed in terms of intersections of Lagrangian manifolds in phase space. The periodic orbits themselves appear as caustics of an unstable kind, lying on the intersection of two Lagrangian manifolds in the appropriate phase space. New insight is obtained into the Weyl correspondence and the Wigner function, especially their caustic structures

  10. ACCOUNTING ASPECTS OF PRICING AND TRANSFER PRICING

    OpenAIRE

    TÜNDE VERES

    2011-01-01

    The pricing methods in practice need really complex view of the business situation and depend on the strategy and market position of a company. The structure of a price seems simple: cost plus margin. Both categories are special area in the management accounting. Information about the product costs, the allocation methodologies in cost accounting, the analyzing of revenue and different level of the margin needs information from accounting system. This paper analyzes the pricing methods from m...

  11. Evaluating four readability formulas for Afrikaans.

    NARCIS (Netherlands)

    Jansen, C. J. M.; Richards, Rose; Van Zyl, Liezl

    2017-01-01

    For almost a hundred years now, readability formulas have been used to measure how difficult it is to comprehend a given text. To date, four readability formulas have been developed for Afrikaans. Two such formulas were published by Van Rooyen (1986), one formula by McDermid Heyns (2007) and one

  12. 27 CFR 5.27 - Formulas.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Formulas. 5.27 Section 5.27 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF THE TREASURY LIQUORS LABELING AND ADVERTISING OF DISTILLED SPIRITS Formulas § 5.27 Formulas. Formulas are...

  13. Exporter Price Premia?

    DEFF Research Database (Denmark)

    Jäkel, Ina Charlotte; Sørensen, Allan

    This paper provides new evidence on manufacturing firms' output prices: in Denmark, on average, exported varieties are sold at a lower price (i.e. a negative exporter price premium) relative to only domestically sold varieties. This finding stands in sharp contrast to previous studies, which have...... found positive exporter price premia. We also document that the exporter price premium varies substantially across products (both in terms of sign and magnitude). We show that in a standard heterogeneous firms model with heterogeneity in quality as well as production efficiency there is indeed no clear......-cut prediction on the sign of the exporter price premium. However, the model unambiguously predicts a negative exporter price premium in terms of quality-adjusted prices, i.e. prices per unit of quality. This prediction is broadly borne out in the Danish data: while the magnitude of the premium varies across...

  14. Price strategy and pricing strategy: terms and content identification

    OpenAIRE

    Panasenko Tetyana

    2015-01-01

    The article is devoted to the terminology and content identification of seemingly identical concepts "price strategy" and "pricing strategy". The article contains evidence that the price strategy determines the direction, principles and procedure of implementing the company price policy and pricing strategy creates a set of rules and practical methods of price formation in accordance with the pricing strategy of the company.

  15. Valuation Struggles over Pricing

    DEFF Research Database (Denmark)

    Pallesen, Trine

    2016-01-01

    of creating political markets, and political prices, here understood as market distortion. This paper studies the ‘politics’ of pricing by following the adoption of the first feed-in tariff in France. Pricing as a way of achieving non-economic ends, such as climate mitigation, brings the values of several...... public goods into play, all the while prompting a translation of these values into a single price. Following the struggles over the pricing of wind power in the early 2000s, the study illustrates that rather than a pollution of the market sphere by that of politics, a politics of pricing can be observed...

  16. A numerical method to estimate the parameters of the CEV model implied by American option prices: Evidence from NYSE

    International Nuclear Information System (INIS)

    Ballestra, Luca Vincenzo; Cecere, Liliana

    2016-01-01

    Highlights: • We develop a method to compute the parameters of the CEV model implied by American options. • This is the first procedure for calibrating the CEV model to American option prices. • The proposed approach is extensively tested on the NYSE market. • The novel method turns out to be very efficient in computing the CEV model parameters. • The CEV model provides only a marginal improvement over the lognormal model. - Abstract: We develop a highly efficient procedure to forecast the parameters of the constant elasticity of variance (CEV) model implied by American options. In particular, first of all, the American option prices predicted by the CEV model are calculated using an accurate and fast finite difference scheme. Then, the parameters of the CEV model are obtained by minimizing the distance between theoretical and empirical option prices, which yields an optimization problem that is solved using an ad-hoc numerical procedure. The proposed approach, which turns out to be very efficient from the computational standpoint, is used to test the goodness-of-fit of the CEV model in predicting the prices of American options traded on the NYSE. The results obtained reveal that the CEV model does not provide a very good agreement with real market data and yields only a marginal improvement over the more popular Black–Scholes model.

  17. Pricing emission permits in the absence of abatement

    International Nuclear Information System (INIS)

    Hintermann, Beat

    2012-01-01

    If emissions are stochastic and firms are unable to control them through abatement, the cap in a permit market may be exceeded, or not be reached. I derive a binary options pricing formula that expresses the permit price as a function of the penalty for noncompliance and the probability of an exceeded cap under the assumption of no abatement. I apply my model to the EU ETS, where the rapid introduction of the market made it difficult for firms to adjust their production technology in time for the first phase. The model fits the data well, implying that the permit price may have been driven by firms hedging against stochastic emissions.

  18. Financial markets as adaptive systems

    Science.gov (United States)

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

    1998-02-01

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

  19. Cash dividends and futures prices on discontinuous filtrations

    NARCIS (Netherlands)

    Vellekoop, M.H.; Nieuwenhuis, J.W.

    We derive a general formula for the futures price process without the restriction that the assets used in the future margin account are continuous and of finite variation. To do so, we model tradeable securities with dividends which are not necessarily cash dividends at fixed times or continuously

  20. 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.

  1. The pricing of firm bonds with extendable maturity by the reduced form approach

    Directory of Open Access Journals (Sweden)

    REN Xuemin

    2012-10-01

    Full Text Available We associate credit events with market rates to price firm bonds with extendable maturity.We deal with the credit risk by the reduced form approach and obtain the pricing formula for firm bonds with extendable maturity by the PDE approach under the assumption of stochastic interest rate and compare its return rate with that of ordinary firm bonds.

  2. Robust pricing of european options with wavelets and the characteristic function

    NARCIS (Netherlands)

    Ortiz-Gracia, L.; Oosterlee, C.W.

    2013-01-01

    We present a novel method for pricing European options based on the wavelet approximation method and the characteristic function. We focus on the discounted expected payoff pricing formula and compute it by means of wavelets. We approximate the density function associated to the underlying asset

  3. PRICES IN COMPETITIVE SYSTEM

    Directory of Open Access Journals (Sweden)

    VADUVA MARIA

    2017-08-01

    Full Text Available Regularities of competitive market determine rules for determining prices and their dynamics. Orientation prices to competition (competitive pricing is the strategy most frequently used in countries with market economies and especially for exports. Moreover, in an economy dominated by market competition it cannot be ignored without certain risks the prices resulting from competition between products bidders. Companies that use this type of strategy seek to maintain a level of prices linked to that charged by other competitors (or exporting producers generally no longer covering production costs or demand, relying on the assumption that the average market price is a reasonable basis of costs. But the way how practical guidance and reporting to the competition in every price strategy, will be determined by the company's market position, by the available power and enjoyed prestige, objectives and prospects of its market share etc. according to these elements, there may be several versions of pricing strategies oriented to competitors.

  4. Retail Price Model

    Science.gov (United States)

    The Retail Price Model is a tool to estimate the average retail electricity prices - under both competitive and regulated market structures - using power sector projections and assumptions from the Energy Information Administration.

  5. Natural gas pricing

    International Nuclear Information System (INIS)

    Freedenthal, C.

    1993-01-01

    Natural gas pricing is the heart and soul of the gas business. Price specifically affects every phase of the industry. Too low a price will result in short supplies as seen in the mid-1970s when natural gas was scarce and in tight supply. To fully understand the pricing of this energy commodity, it is important to understand the total energy picture. In addition, the effect and impact of world and US economies, and economics in general are crucial to understanding natural gas pricing. The purpose of this presentation will be to show the parameters going into US natural gas pricing including the influence of the many outside industry factors like crude oil and coal pricing, market drivers pushing the gas industry, supply/demand parameters, risk management for buyers and sellers, and other elements involved in pricing analysis

  6. Drug Pricing Reforms

    DEFF Research Database (Denmark)

    Kaiser, Ulrich; Mendez, Susan J.; Rønde, Thomas

    2015-01-01

    Reference price systems for prescription drugs have found widespread use as cost containment tools. Under such regulatory regimes, patients co-pay a fraction of the difference between pharmacy retail price of the drug and a reference price. Reference prices are either externally (based on drug...... prices in other countries) or internally (based on domestic drug prices) determined. In a recent study, we analysed the effects of a change from external to internal reference pricing in Denmark in 2005, finding that the reform led to substantial reductions in prices, producer revenues, and expenditures...... for patients and the health insurance system. We also estimated an increase in consumer welfare but the size effect depends on whether or not perceived quality differences between branded and other drugs are taken into account....

  7. Analysis of Millennial Moms Segmentation and Perceptual Mapping of Infant Formula Milk Market in Jakarta

    Directory of Open Access Journals (Sweden)

    Annetta Gunawan

    2016-11-01

    Full Text Available The purpose of this research was to explore factors that influenced the millennial moms in making decision to purchase infant formula productand to use these factors as a basis to determine the segmentation of millennialmoms in the formula milk industry as well as the making of perceptual in formula milk industry in Jakarta. The used method was content analysis for the exploratory study whose data were collected through in-depthinterviews, cluster analysis and cross tabulation, as well as multidimensional scaling for descriptive research which data was obtained through the questionnaire. The obtained results indicate factors that affect the millennialmoms in selecting a formula milk, are price, nutrition, word of mouth, no side effects, taste, commercials, good result, brand loyalty, the recommendation from doctors, pure ingredients, compatibility with the child’s body, random trial and error. In addition, there are four market segments of millennial moms in infant formula milk market in Jakarta. There are medical-concern moms, well-educated moms, experience-based moms and randomtrial moms. Last, the perceptual mapping of formula milk brand in Jakarta shows five groups of brand according to the dimensions of economy-class of formula milk (economic vs premium and variants of formula milk (plain vs. flavor.

  8. NUKEM adjusts price definitions

    International Nuclear Information System (INIS)

    Anon.

    1994-01-01

    This article is the October-November 1994 market report, providing trading volume and prices in the Uranium market. During this period, there were five deals in the spot concentrates market, five deals in the medium and long-term market, one deal in the conversion market, and two deals in the enrichment market. Restricted prices strengthened while unrestricted prices held steady. Price re-definitions were also announced

  9. Delegating Pricing Decisions

    OpenAIRE

    Pradeep Bhardwaj

    2001-01-01

    An outstanding problem in marketing is why some firms in a competitive market delegate pricing decisions to agents and other firms do not. This paper analyzes the impact of competition on the delegation decision and, in turn, the impact of delegation on prices and incentives. The theory builds on the simplest framework of competition in two dimensions: prices and (sales agents') effort. Specifically, we are interested in answering the following questions: (1) Does competition affect the price...

  10. Price competition on graphs

    NARCIS (Netherlands)

    Soetevent, A.R.

    2010-01-01

    This paper extends Hotelling's model of price competition with quadratic transportation costs from a line to graphs. I propose an algorithm to calculate firm-level demand for any given graph, conditional on prices and firm locations. One feature of graph models of price competition is that spatial

  11. Press point on prices

    International Nuclear Information System (INIS)

    Schilansky, J.L.

    2005-06-01

    This document presents information and statistical data on the prices of the crude oils, refining and petroleum products, at the date of the 28 June 2005: evolution of the barrel price, supply and demand, geo-policy, consumption, diesel and gasoline, prices at the service station. (A.L.B.)

  12. Price control and macromarketing

    Directory of Open Access Journals (Sweden)

    Kancir Rade

    2003-01-01

    Full Text Available Price control at macro level is part of integral macro marketing strategic control system, or more precisely, part of social marketing mix control. Price impact is direct, if it is regarded in the context of needs satisfaction, and indirect, within the context of resource allocation. These two patterns of price impact define control mechanism structuring. Price control in sense of its direct impact at process of need satisfaction should comprise qualitative and quantitative level of needs satisfaction at a given price level and its structure, informational dimension of price and different disputable forms of corporate pricing policies. Control of price allocation function is based at objectives of macro marketing system management in the area of resource allocation and the role of price as allocator in contemporary market economies. Control process is founded, on one hand, at theoretical models of correlation between price and demand in different market structures, and on the other hand, at complex limits that price as allocator has, and which make whole control process even more complex because of reduction of the degree of determinism in functioning of contemporary economic systems. Control of price allocation function must be continuous and dynamic process if it is to provide for convergence with environmental changes and if it is to provide for placing control systems at micro marketing levels in the function of socially valid objectives.

  13. Simulating Price-Taking

    Science.gov (United States)

    Engelhardt, Lucas M.

    2015-01-01

    In this article, the author presents a price-takers' market simulation geared toward principles-level students. This simulation demonstrates that price-taking behavior is a natural result of the conditions that create perfect competition. In trials, there is a significant degree of price convergence in just three or four rounds. Students find this…

  14. Dutch house price fundamentals

    NARCIS (Netherlands)

    Haffner, M.E.A.; de Vries, P.

    2009-01-01

    This paper discusses house price developments in the Netherlands, specifically focussing on the question whether current house prices in the Dutch owner-occupied market are likely to decrease. We analyse three aspects of the question based on a literature review: (1) whether there is a house price

  15. Analyzing the effects of past prices on reference price formation

    OpenAIRE

    van Oest, R.D.; Paap, R.

    2004-01-01

    textabstractWe propose a new reference price framework for brand choice. In this framework, we employ a Markov-switching process with an absorbing state to model unobserved price recall of households. Reference prices result from the prices households are able to remember. Our model can be used to learn how many prices observed in the past are used for reference price formation. Furthermore, we learn to what extent households have sufficient price knowledge to form an internal reference price...

  16. Twisting formula of epsilon factors

    Indian Academy of Sciences (India)

    Sazzad Ali Biswas

    2017-08-07

    Aug 7, 2017 ... In this article, we give a generalized twisting formula for ϵ(χ1χ2,ψ), when both χ1 and χ2 are ramified via the following local Jacobi sums. Let UF be the group of units in OF (ring of integers of F). For characters χ1, χ2 of F. × and a positive integer n, we define the local Jacobi sum. Jt(χ1,χ2, n) = ∑ x∈UF. Un.

  17. The Pricing of Vulnerable Options in a Fractional Brownian Motion Environment

    Directory of Open Access Journals (Sweden)

    Chao Wang

    2015-01-01

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

  18. Verlof voor zorg en scholing

    NARCIS (Netherlands)

    de Groot, C.G.M.

    2017-01-01

    Leave means that an employee works not at all or less, while the contract remains in force. During parental leave, care leave or educational leave, the employee is given time for caring responsibilities or training, but leave usually does not serve the interests of the employer. There are three

  19. On the gravitational radiation formula

    International Nuclear Information System (INIS)

    Schaefer, G.; Dehnen, H.

    1980-01-01

    For electromagnetically as well as gravitationally bound quantum mechanical many-body systems the coefficients of absorption and induced emission of gravitational radiation are calculated in the first-order approximation. The results are extended subsequently to systems with arbitrary non-Coulomb-like two-particle interaction potentials;it is shown explicitly that in all cases the perturbation of the binding potentials of the bound systems by the incident gravitational wave field itself must be taken into account. With the help of the thermodynamic equilibrium of gravitational radiation and quantised matter, the coefficients for spontaneous emission of gravitational radiation are derived and the gravitational radiation formula for emission of gravitational quadrupole radiation by bound quantum mechanical many-body systems is given. According to the correspondence principle the present result is completely identical with the well known classical radiation formula, by which recent criticism against this formula is refuted. Finally the quantum mechanical absorption cross section for gravitational quadrupole radiation is deduced and compared with the corresponding classical expressions. As a special example the vibrating two-mass quadrupole is treated explicitly. (author)

  20. Multiloop stringlike formulas for QED

    International Nuclear Information System (INIS)

    Lam, C.S.

    1993-01-01

    Multiloop gauge-theory amplitudes written in the Feynman-parameter representation are poised to take advantage of two important developments of the past decade: the spinor-helicity technique and the superstring reorganization. The former has been considered in a previous paper; the latter will be elaborated in this paper. We show here how to write multiloop stringlike formulas in the Feynman-parameter representation for any diagram in QED, including those involving other nonelectromagnetic interactions, provided the internal photon lines are not adjacent to any external photon line. The general connection between the Feynman-parameter approach and the superstring and/or first-quantized approach is discussed. In the special case of a one-loop multiphoton amplitude, these formulas reduce to the ones obtained by the superstring and the first-quantized methods. The stringlike formulas exhibit a simple gauge structure which makes the Ward-Takahashi identity apparent, and enables the integration-by-parts technique of Bern and Kosower to be applied, so that gauge-invariant parts can be extracted diagram by diagram with the seagull vertex neglected

  1. Internet resource pricing models

    CERN Document Server

    Xu, Ke; He, Huan

    2013-01-01

    This brief guides the reader through three basic Internet resource pricing models using an Internet cost analysis. Addressing the evolution of service types, it presents several corresponding mechanisms which can ensure pricing implementation and resource allocation. The authors discuss utility optimization of network pricing methods in economics and underline two classes of pricing methods including system optimization and entities' strategic optimization. The brief closes with two examples of the newly proposed pricing strategy helping to solve the profit distribution problem brought by P2P

  2. Value-based pricing

    Directory of Open Access Journals (Sweden)

    Netseva-Porcheva Tatyana

    2010-01-01

    Full Text Available The main aim of the paper is to present the value-based pricing. Therefore, the comparison between two approaches of pricing is made - cost-based pricing and value-based pricing. The 'Price sensitively meter' is presented. The other topic of the paper is the perceived value - meaning of the perceived value, the components of perceived value, the determination of perceived value and the increasing of perceived value. In addition, the best company strategies in matrix 'value-cost' are outlined. .

  3. Foreign exchange market data analysis reveals statistical features that predict price movement acceleration.

    Science.gov (United States)

    Nacher, Jose C; Ochiai, Tomoshiro

    2012-05-01

    Increasingly accessible financial data allow researchers to infer market-dynamics-based laws and to propose models that are able to reproduce them. In recent years, several stylized facts have been uncovered. Here we perform an extensive analysis of foreign exchange data that leads to the unveiling of a statistical financial law. First, our findings show that, on average, volatility increases more when the price exceeds the highest (or lowest) value, i.e., breaks the resistance line. We call this the breaking-acceleration effect. Second, our results show that the probability P(T) to break the resistance line in the past time T follows power law in both real data and theoretically simulated data. However, the probability calculated using real data is rather lower than the one obtained using a traditional Black-Scholes (BS) model. Taken together, the present analysis characterizes a different stylized fact of financial markets and shows that the market exceeds a past (historical) extreme price fewer times than expected by the BS model (the resistance effect). However, when the market does, we predict that the average volatility at that time point will be much higher. These findings indicate that any Markovian model does not faithfully capture the market dynamics.

  4. Formulaic speech in disorders of language

    Directory of Open Access Journals (Sweden)

    Diana Sidtis

    2014-04-01

    Formulaic language studies remain less well recognized in language disorders. Profiles of differential formulaic language abilities in neurological disease have implications for cerebral models of language and for clinical evaluation and treatment of neurogenic language disorders.

  5. Explicit formulas for Clebsch-Gordan coefficients

    International Nuclear Information System (INIS)

    Rudnicki-Bujnowski, G.

    1975-01-01

    The problem is to obtain explicit algebraic formulas of Clebsch-Gordan coefficients for high values of angular momentum. The method of solution is an algebraic method based on the Racah formula using the FORMAC programming language. (Auth.)

  6. Talking from d'Alembert formula

    International Nuclear Information System (INIS)

    Liu Ruxun.

    1989-11-01

    In the paper, two new approaches to prove the famous d'Alembert formula are proposed, and some further extensions of the formula also advanced. Many interesting results and application prospects are discussed. (author). 2 refs, 3 figs

  7. Infant Formula - Buying, Preparing, Storing, and Feeding

    Science.gov (United States)

    ... 000806.htm Infant Formula - buying, preparing, storing, and feeding To use the sharing features on this page, ... brush to get at hard-to-reach places. Feeding Formula to Baby Here is a guide to ...

  8. Simple and Clear Proofs of Stirling's Formula

    Science.gov (United States)

    Niizeki, Shozo; Araki, Makoto

    2010-01-01

    The purpose of our article is to show two simpler and clearer methods of proving Stirling's formula than the traditional and conventional ones. The distinction of our method is to use the simple trapezoidal formula.

  9. Thickened infant formula: What to know

    NARCIS (Netherlands)

    Salvatore, Silvia; Savino, Francesco; Singendonk, Maartje; Tabbers, Merit; Benninga, Marc A.; Staiano, Annamaria; Vandenplas, Yvan

    2018-01-01

    This study aimed to provide an overview of the characteristics of thickened formulas to aid health care providers manage infants with regurgitations. The indications, properties, and efficacy of different thickening agents and thickened formulas on regurgitation and gastroesophageal reflux in

  10. Production of [Formula: see text] and [Formula: see text] in p-Pb collisions at [Formula: see text] TeV.

    Science.gov (United States)

    Adamová, D; Aggarwal, M M; Aglieri Rinella, G; Agnello, M; Agrawal, N; Ahammed, Z; Ahmad, S; Ahn, S U; Aiola, S; Akindinov, A; Alam, S N; Albuquerque, D S D; Aleksandrov, D; Alessandro, B; Alexandre, D; Alfaro Molina, R; Alici, A; Alkin, A; Alme, J; Alt, T; Altinpinar, S; Altsybeev, I; Alves Garcia Prado, C; An, M; Andrei, C; Andrews, H A; Andronic, A; Anguelov, V; Anson, C; Antičić, T; Antinori, F; Antonioli, P; Anwar, R; Aphecetche, L; Appelshäuser, H; Arcelli, S; Arnaldi, R; Arnold, O W; Arsene, I C; Arslandok, M; Audurier, B; Augustinus, A; Averbeck, R; Azmi, M D; Badalà, A; Baek, Y W; Bagnasco, S; Bailhache, R; Bala, R; Baldisseri, A; Ball, M; Baral, R C; Barbano, A M; Barbera, R; Barile, F; Barioglio, L; Barnaföldi, G G; Barnby, L S; Barret, V; Bartalini, P; Barth, K; Bartke, J; Bartsch, E; Basile, M; Bastid, N; Basu, S; Bathen, B; Batigne, G; Batista Camejo, A; Batyunya, B; Batzing, P C; Bearden, I G; Beck, H; Bedda, C; Behera, N K; Belikov, I; Bellini, F; Bello Martinez, H; Bellwied, R; Beltran, L G E; Belyaev, V; Bencedi, G; Beole, S; Bercuci, A; Berdnikov, Y; Berenyi, D; Bertens, R A; Berzano, D; Betev, L; Bhasin, A; Bhat, I R; Bhati, A K; Bhattacharjee, B; Bhom, J; Bianchi, L; Bianchi, N; Bianchin, C; Bielčík, J; Bielčíková, J; Bilandzic, A; Biro, G; Biswas, R; Biswas, S; Blair, J T; Blau, D; Blume, C; Boca, G; Bock, F; Bogdanov, A; Boldizsár, L; Bombara, M; Bonomi, G; Bonora, M; Book, J; Borel, H; Borissov, A; Borri, M; Botta, E; Bourjau, C; Braun-Munzinger, P; Bregant, M; Broker, T A; Browning, T A; Broz, M; Brucken, E J; Bruna, E; Bruno, G E; Budnikov, D; Buesching, H; Bufalino, S; Buhler, P; Buitron, S A I; Buncic, P; Busch, O; Buthelezi, Z; Butt, J B; Buxton, J T; Cabala, J; Caffarri, D; Caines, H; Caliva, A; Calvo Villar, E; Camerini, P; Capon, A A; Carena, F; Carena, W; Carnesecchi, F; Castillo Castellanos, J; Castro, A J; Casula, E A R; Ceballos Sanchez, C; Cerello, P; Chang, B; Chapeland, S; Chartier, M; Charvet, J L; Chattopadhyay, S; Chattopadhyay, S; Chauvin, A; Cherney, M; Cheshkov, C; Cheynis, B; Chibante Barroso, V; Chinellato, D D; Cho, S; Chochula, P; Choi, K; Chojnacki, M; Choudhury, S; Christakoglou, P; Christensen, C H; Christiansen, P; Chujo, T; Chung, S U; Cicalo, C; Cifarelli, L; Cindolo, F; Cleymans, J; Colamaria, F; Colella, D; Collu, A; Colocci, M; Conesa Balbastre, G; Conesa Del Valle, Z; Connors, M E; Contreras, J G; Cormier, T M; Corrales Morales, Y; Cortés Maldonado, I; Cortese, P; Cosentino, M R; Costa, F; Costanza, S; Crkovská, J; Crochet, P; Cuautle, E; Cunqueiro, L; Dahms, T; Dainese, A; Danisch, M C; Danu, A; Das, D; Das, I; Das, S; Dash, A; Dash, S; De, S; De Caro, A; de Cataldo, G; de Conti, C; de Cuveland, J; De Falco, A; De Gruttola, D; De Marco, N; De Pasquale, S; De Souza, R D; Degenhardt, H F; Deisting, A; Deloff, A; Deplano, C; Dhankher, P; Di Bari, D; Di Mauro, A; Di Nezza, P; Di Ruzza, B; Diaz Corchero, M A; Dietel, T; Dillenseger, P; Divià, R; Djuvsland, Ø; Dobrin, A; Domenicis Gimenez, D; Dönigus, B; Dordic, O; Drozhzhova, T; Dubey, A K; Dubla, A; Ducroux, L; Duggal, A K; Dupieux, P; Ehlers, R J; Elia, D; Endress, E; Engel, H; Epple, E; Erazmus, B; Erhardt, F; Espagnon, B; Esumi, S; Eulisse, G; Eum, J; Evans, D; Evdokimov, S; Fabbietti, L; Fabris, D; Faivre, J; Fantoni, A; Fasel, M; Feldkamp, L; Feliciello, A; Feofilov, G; Ferencei, J; Fernández Téllez, A; Ferreiro, E G; Ferretti, A; Festanti, A; Feuillard, V J G; Figiel, J; Figueredo, M A S; Filchagin, S; Finogeev, D; Fionda, F M; Fiore, E M; Floris, M; Foertsch, S; Foka, P; Fokin, S; Fragiacomo, E; Francescon, A; Francisco, A; Frankenfeld, U; Fronze, G G; Fuchs, U; Furget, C; Furs, A; Fusco Girard, M; Gaardhøje, J J; Gagliardi, M; Gago, A M; Gajdosova, K; Gallio, M; Galvan, C D; Gangadharan, D R; Ganoti, P; Gao, C; Garabatos, C; Garcia-Solis, E; Garg, K; Garg, P; Gargiulo, C; Gasik, P; Gauger, E F; Gay Ducati, M B; Germain, M; Ghosh, P; Ghosh, S K; Gianotti, P; Giubellino, P; Giubilato, P; Gladysz-Dziadus, E; Glässel, P; Goméz Coral, D M; Gomez Ramirez, A; Gonzalez, A S; Gonzalez, V; González-Zamora, P; Gorbunov, S; Görlich, L; Gotovac, S; Grabski, V; Graczykowski, L K; Graham, K L; Greiner, L; Grelli, A; Grigoras, C; Grigoriev, V; Grigoryan, A; Grigoryan, S; Grion, N; Gronefeld, J M; Grosa, F; Grosse-Oetringhaus, J F; Grosso, R; Gruber, L; Grull, F R; Guber, F; Guernane, R; Guerzoni, B; Gulbrandsen, K; Gunji, T; Gupta, A; Gupta, R; Guzman, I B; Haake, R; Hadjidakis, C; Hamagaki, H; Hamar, G; Hamon, J C; Harris, J W; Harton, A; Hatzifotiadou, D; Hayashi, S; Heckel, S T; Hellbär, E; Helstrup, H; Herghelegiu, A; Herrera Corral, G; Herrmann, F; Hess, B A; Hetland, K F; Hillemanns, H; Hippolyte, B; Hladky, J; Horak, D; Hosokawa, R; Hristov, P; Hughes, C; Humanic, T J; Hussain, N; Hussain, T; Hutter, D; Hwang, D S; Ilkaev, R; Inaba, M; Ippolitov, M; Irfan, M; Isakov, V; Islam, M S; Ivanov, M; Ivanov, V; Izucheev, V; Jacak, B; Jacazio, N; Jacobs, P M; Jadhav, M B; Jadlovska, S; Jadlovsky, J; Jahnke, C; Jakubowska, M J; Janik, M A; Jayarathna, P H S Y; Jena, C; Jena, S; Jercic, M; Jimenez Bustamante, R T; Jones, P G; Jusko, A; Kalinak, P; Kalweit, A; Kang, J H; Kaplin, V; Kar, S; Karasu Uysal, A; Karavichev, O; Karavicheva, T; Karayan, L; Karpechev, E; Kebschull, U; Keidel, R; Keijdener, D L D; Keil, M; Ketzer, B; Mohisin Khan, M; Khan, P; Khan, S A; Khanzadeev, A; Kharlov, Y; Khatun, A; Khuntia, A; Kielbowicz, M M; Kileng, B; Kim, D W; Kim, D J; Kim, D; Kim, H; Kim, J S; Kim, J; Kim, M; Kim, M; Kim, S; Kim, T; Kirsch, S; Kisel, I; Kiselev, S; Kisiel, A; Kiss, G; Klay, J L; Klein, C; Klein, J; Klein-Bösing, C; Klewin, S; Kluge, A; Knichel, M L; Knospe, A G; Kobdaj, C; Kofarago, M; Kollegger, T; Kolojvari, A; Kondratiev, V; Kondratyeva, N; Kondratyuk, E; Konevskikh, A; Kopcik, M; Kour, M; Kouzinopoulos, C; Kovalenko, O; Kovalenko, V; Kowalski, M; Koyithatta Meethaleveedu, G; Králik, I; Kravčáková, A; Krivda, M; Krizek, F; Kryshen, E; Krzewicki, M; Kubera, A M; Kučera, V; Kuhn, C; Kuijer, P G; Kumar, A; Kumar, J; Kumar, L; Kumar, S; Kundu, S; Kurashvili, P; Kurepin, A; Kurepin, A B; Kuryakin, A; Kushpil, S; Kweon, M J; Kwon, Y; La Pointe, S L; La Rocca, P; Lagana Fernandes, C; Lakomov, I; Langoy, R; Lapidus, K; Lara, C; Lardeux, A; Lattuca, A; Laudi, E; Lavicka, R; Lazaridis, L; Lea, R; Leardini, L; Lee, S; Lehas, F; Lehner, S; Lehrbach, J; Lemmon, R C; Lenti, V; Leogrande, E; León Monzón, I; Lévai, P; Li, S; Li, X; Lien, J; Lietava, R; Lindal, S; Lindenstruth, V; Lippmann, C; Lisa, M A; Litichevskyi, V; Ljunggren, H M; Llope, W J; Lodato, D F; Loenne, P I; Loginov, V; Loizides, C; Loncar, P; Lopez, X; López Torres, E; Lowe, A; Luettig, P; Lunardon, M; Luparello, G; Lupi, M; Lutz, T H; Maevskaya, A; Mager, M; Mahajan, S; Mahmood, S M; Maire, A; Majka, R D; Malaev, M; Maldonado Cervantes, I; Malinina, L; Mal'Kevich, D; Malzacher, P; Mamonov, A; Manko, V; Manso, F; Manzari, V; Mao, Y; Marchisone, M; Mareš, J; Margagliotti, G V; Margotti, A; Margutti, J; Marín, A; Markert, C; Marquard, M; Martin, N A; Martinengo, P; Martinez, J A L; Martínez, M I; Martínez García, G; Martinez Pedreira, M; Mas, A; Masciocchi, S; Masera, M; Masoni, A; Mastroserio, A; Mathis, A M; Matyja, A; Mayer, C; Mazer, J; Mazzilli, M; Mazzoni, M A; Meddi, F; Melikyan, Y; Menchaca-Rocha, A; Meninno, E; Mercado Pérez, J; Meres, M; Mhlanga, S; Miake, Y; Mieskolainen, M M; Mihaylov, D; Mikhaylov, K; Milano, L; Milosevic, J; Mischke, A; Mishra, A N; Miśkowiec, D; Mitra, J; Mitu, C M; Mohammadi, N; Mohanty, B; Montes, E; Moreira De Godoy, D A; Moreno, L A P; Moretto, S; Morreale, A; Morsch, A; Muccifora, V; Mudnic, E; Mühlheim, D; Muhuri, S; Mukherjee, M; Mulligan, J D; Munhoz, M G; Münning, K; Munzer, R H; Murakami, H; Murray, S; Musa, L; Musinsky, J; Myers, C J; Naik, B; Nair, R; Nandi, B K; Nania, R; Nappi, E; Naru, M U; Natal da Luz, H; Nattrass, C; Navarro, S R; Nayak, K; Nayak, R; Nayak, T K; Nazarenko, S; Nedosekin, A; Negrao De Oliveira, R A; Nellen, L; Nesbo, S V; Ng, F; Nicassio, M; Niculescu, M; Niedziela, J; Nielsen, B S; Nikolaev, S; Nikulin, S; Nikulin, V; Noferini, F; Nomokonov, P; Nooren, G; Noris, J C C; Norman, J; Nyanin, A; Nystrand, J; Oeschler, H; Oh, S; Ohlson, A; Okubo, T; Olah, L; Oleniacz, J; Oliveira Da Silva, A C; Oliver, M H; Onderwaater, J; Oppedisano, C; Orava, R; Oravec, M; Ortiz Velasquez, A; Oskarsson, A; Otwinowski, J; Oyama, K; Ozdemir, M; Pachmayer, Y; Pacik, V; Pagano, D; Pagano, P; Paić, G; Pal, S K; Palni, P; Pan, J; Pandey, A K; Panebianco, S; Papikyan, V; Pappalardo, G S; Pareek, P; Park, J; Park, W J; Parmar, S; Passfeld, A; Pathak, S P; Paticchio, V; Patra, R N; Paul, B; Pei, H; Peitzmann, T; Peng, X; Pereira, L G; Pereira Da Costa, H; Peresunko, D; Perez Lezama, E; Peskov, V; Pestov, Y; Petráček, V; Petrov, V; Petrovici, M; Petta, C; Pezzi, R P; Piano, S; Pikna, M; Pillot, P; Pimentel, L O D L; Pinazza, O; Pinsky, L; Piyarathna, D B; Płoskoń, M; Planinic, M; Pluta, J; Pochybova, S; Podesta-Lerma, P L M; Poghosyan, M G; Polichtchouk, B; Poljak, N; Poonsawat, W; Pop, A; Poppenborg, H; Porteboeuf-Houssais, S; Porter, J; Pospisil, J; Pozdniakov, V; Prasad, S K; Preghenella, R; Prino, F; Pruneau, C A; Pshenichnov, I; Puccio, M; Puddu, G; Pujahari, P; Punin, V; Putschke, J; Qvigstad, H; Rachevski, A; Raha, S; Rajput, S; Rak, J; Rakotozafindrabe, A; Ramello, L; Rami, F; Rana, D B; Raniwala, R; Raniwala, S; Räsänen, S S; Rascanu, B T; Rathee, D; Ratza, V; Ravasenga, I; Read, K F; Redlich, K; Rehman, A; Reichelt, P; Reidt, F; Ren, X; Renfordt, R; Reolon, A R; Reshetin, A; Reygers, K; Riabov, V; Ricci, R A; Richert, T; Richter, M; Riedler, P; Riegler, W; Riggi, F; Ristea, C; Rodríguez Cahuantzi, M; Røed, K; Rogochaya, E; Rohr, D; Röhrich, D; Rokita, P S; Ronchetti, F; Ronflette, L; Rosnet, P; Rossi, A; Rotondi, A; Roukoutakis, F; Roy, A; Roy, C; Roy, P; Rubio Montero, A J; Rui, R; Russo, R; Rustamov, A; Ryabinkin, E; Ryabov, Y; Rybicki, A; Saarinen, S; Sadhu, S; Sadovsky, S; Šafařík, K; Saha, S K; Sahlmuller, B; Sahoo, B; Sahoo, P; Sahoo, R; Sahoo, S; Sahu, P K; Saini, J; Sakai, S; Saleh, M A; Salzwedel, J; Sambyal, S; Samsonov, V; Sandoval, A; Sarkar, D; Sarkar, N; Sarma, P; Sas, M H P; Scapparone, E; Scarlassara, F; Scharenberg, R P; Scheid, H S; Schiaua, C; Schicker, R; Schmidt, C; Schmidt, H R; Schmidt, M O; Schmidt, M; Schukraft, J; Schutz, Y; Schwarz, K; Schweda, K; Scioli, G; Scomparin, E; Scott, R; Šefčík, M; Seger, J E; Sekiguchi, Y; Sekihata, D; Selyuzhenkov, I; Senosi, K; Senyukov, S; Serradilla, E; Sett, P; Sevcenco, A; Shabanov, A; Shabetai, A; Shadura, O; Shahoyan, R; Shangaraev, A; Sharma, A; Sharma, A; Sharma, M; Sharma, M; Sharma, N; Sheikh, A I; Shigaki, K; Shou, Q; Shtejer, K; Sibiriak, Y; Siddhanta, S; Sielewicz, K M; Siemiarczuk, T; Silvermyr, D; Silvestre, C; Simatovic, G; Simonetti, G; Singaraju, R; Singh, R; Singhal, V; Sinha, T; Sitar, B; Sitta, M; Skaali, T B; Slupecki, M; Smirnov, N; Snellings, R J M; Snellman, T W; Song, J; Song, M; Soramel, F; Sorensen, S; Sozzi, F; Spiriti, E; Sputowska, I; Srivastava, B K; Stachel, J; Stan, I; Stankus, P; Stenlund, E; Stiller, J H; Stocco, D; Strmen, P; Suaide, A A P; Sugitate, T; Suire, C; Suleymanov, M; Suljic, M; Sultanov, R; Šumbera, M; Sumowidagdo, S; Suzuki, K; Swain, S; Szabo, A; Szarka, I; Szczepankiewicz, A; Szymanski, M; Tabassam, U; Takahashi, J; Tambave, G J; Tanaka, N; Tarhini, M; Tariq, M; Tarzila, M G; Tauro, A; Tejeda Muñoz, G; Telesca, A; Terasaki, K; Terrevoli, C; Teyssier, B; Thakur, D; Thakur, S; Thomas, D; Tieulent, R; Tikhonov, A; Timmins, A R; Toia, A; Tripathy, S; Trogolo, S; Trombetta, G; Trubnikov, V; Trzaska, W H; Trzeciak, B A; Tsuji, T; Tumkin, A; Turrisi, R; Tveter, T S; Ullaland, K; Umaka, E N; Uras, A; Usai, G L; Utrobicic, A; Vala, M; Van Der Maarel, J; Van Hoorne, J W; van Leeuwen, M; Vanat, T; Vande Vyvre, P; Varga, D; Vargas, A; Vargyas, M; Varma, R; Vasileiou, M; Vasiliev, A; Vauthier, A; Vázquez Doce, O; Vechernin, V; Veen, A M; Velure, A; Vercellin, E; Vergara Limón, S; Vernet, R; Vértesi, R; Vickovic, L; Vigolo, S; Viinikainen, J; Vilakazi, Z; Villalobos Baillie, O; Villatoro Tello, A; Vinogradov, A; Vinogradov, L; Virgili, T; Vislavicius, V; Vodopyanov, A; Völkl, M A; Voloshin, K; Voloshin, S A; Volpe, G; von Haller, B; Vorobyev, I; Voscek, D; Vranic, D; Vrláková, J; Wagner, B; Wagner, J; Wang, H; Wang, M; Watanabe, D; Watanabe, Y; Weber, M; Weber, S G; Weiser, D F; Wessels, J P; Westerhoff, U; Whitehead, A M; Wiechula, J; Wikne, J; Wilk, G; Wilkinson, J; Willems, G A; Williams, M C S; Windelband, B; Witt, W E; Yalcin, S; Yang, P; Yano, S; Yin, Z; Yokoyama, H; Yoo, I-K; Yoon, J H; Yurchenko, V; Zaccolo, V; Zaman, A; Zampolli, C; Zanoli, H J C; Zaporozhets, S; Zardoshti, N; Zarochentsev, A; Závada, P; Zaviyalov, N; Zbroszczyk, H; Zhalov, M; Zhang, H; Zhang, X; Zhang, Y; Zhang, C; Zhang, Z; Zhao, C; Zhigareva, N; Zhou, D; Zhou, Y; Zhou, Z; Zhu, H; Zhu, J; Zhu, X; Zichichi, A; Zimmermann, A; Zimmermann, M B; Zimmermann, S; Zinovjev, G; Zmeskal, J

    2017-01-01

    The transverse momentum distributions of the strange and double-strange hyperon resonances ([Formula: see text], [Formula: see text]) produced in p-Pb collisions at [Formula: see text] TeV were measured in the rapidity range [Formula: see text] for event classes corresponding to different charged-particle multiplicity densities, [Formula: see text]d[Formula: see text]/d[Formula: see text]. The mean transverse momentum values are presented as a function of [Formula: see text]d[Formula: see text]/d[Formula: see text], as well as a function of the particle masses and compared with previous results on hyperon production. The integrated yield ratios of excited to ground-state hyperons are constant as a function of [Formula: see text]d[Formula: see text]/d[Formula: see text]. The equivalent ratios to pions exhibit an increase with [Formula: see text]d[Formula: see text]/d[Formula: see text], depending on their strangeness content.

  11. Decoupling the Oil and Gas Prices. Natural Gas Pricing in the Post-Financial Crisis Market

    International Nuclear Information System (INIS)

    Kanai, Miharu

    2011-01-01

    This paper looks into natural gas pricing in the post-financial crisis market and, in particular, examines the question whether the oil-linked gas pricing system has outlived its utility as global gas markets mature and converge more rapidly than expected and as large new resources of unconventional gas shift the gas terms-of-trade. Two opposing natural gas pricing systems have coexisted for the last two decades. On the one hand, there is traditional oil-linked pricing, used in pipeline gas imports by Continental European countries and in LNG imports by the countries in Far East. The other is the system led by futures exchanges in deregulated, competitive markets largely in the UK and the US. World gas markets are changing and the basis and mechanisms of price formation are changing with them. There is no reason to expect a revolution in gas pricing, but formulas designed to address the challenges of the 1970's will need to adjust to the realities of the present and expectations for the 21. century. Because such changes will imply a redistribution of costs and benefits, vested shareholders will defend the status quo. But hopefully and ultimately, appropriately regulated markets will assert themselves and shareholders along the entire value chain will have their interests served

  12. Relations Among Some Fuzzy Entropy Formulae

    Institute of Scientific and Technical Information of China (English)

    卿铭

    2004-01-01

    Fuzzy entropy has been widely used to analyze and design fuzzy systems, and many fuzzy entropy formulae have been proposed. For further in-deepth analysis of fuzzy entropy, the axioms and some important formulae of fuzzy entropy are introduced. Some equivalence results among these fuzzy entropy formulae are proved, and it is shown that fuzzy entropy is a special distance measurement.

  13. 27 CFR 25.57 - Formula information.

    Science.gov (United States)

    2010-04-01

    ... OF THE TREASURY LIQUORS BEER Miscellaneous Provisions Formulas § 25.57 Formula information. (a..., or after fermentation). (3) For formulas that include the use of flavors and other nonbeverage ingredients containing alcohol, you must explicitly indicate: (i) The volume and alcohol content of the beer...

  14. Analogues of Euler and Poisson Summation Formulae

    Indian Academy of Sciences (India)

    ... f ( n ) have been obtained in a unified manner, where (()) is a periodic complex sequence; () is the divisor function and () is a sufficiently smooth function on [, ]. We also state a generalised Abel's summation formula, generalised Euler's summation formula and Euler's summation formula in several variables.

  15. 27 CFR 5.26 - Formula requirements.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Formula requirements. 5.26 Section 5.26 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF THE TREASURY LIQUORS LABELING AND ADVERTISING OF DISTILLED SPIRITS Formulas § 5.26 Formula...

  16. 7 CFR 1131.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1131.53 Section 1131.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  17. 7 CFR 1005.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1005.53 Section 1005.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  18. 7 CFR 1124.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1124.53 Section 1124.53 Agriculture Regulations of the Department of Agriculture... Announcement of class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  19. 7 CFR 1126.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1126.53 Section 1126.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  20. 7 CFR 1032.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1032.53 Section 1032.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  1. 7 CFR 1030.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1030.53 Section 1030.53 Agriculture Regulations of the Department of Agriculture... of class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  2. 7 CFR 1033.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1033.53 Section 1033.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  3. 7 CFR 1001.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1001.53 Section 1001.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  4. 7 CFR 1007.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1007.53 Section 1007.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  5. 7 CFR 1006.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1006.53 Section 1006.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  6. Atomic mass formula with linear shell terms

    International Nuclear Information System (INIS)

    Uno, Masahiro; Yamada, Masami; Ando, Yoshihira; Tachibana, Takahiro.

    1981-01-01

    An atomic mass formula is constructed in the form of a sum of gross terms and empirical linear shell terms. Values of the shell parameters are determined after the statistical method of Uno and Yamada, Which is characterized by inclusion of the error inherent in the mass formula. The resulting formula reproduces the input masses with the standard deviation of 393 keV. A prescription is given for estimating errors of calculated masses. The mass formula is compared with recent experimental data of Rb, Cs and Fr isotopes, which are not included in the input data, and also with the constant-shell-term formula of Uno and Yamada. (author)

  7. Arbitrage Pricing, Capital Asset Pricing, and Agricultural Assets

    OpenAIRE

    Louise M. Arthur; Colin A. Carter; Fay Abizadeh

    1988-01-01

    A new asset pricing model, the arbitrage pricing theory, has been developed as an alternative to the capital asset pricing model. The arbitrage pricing theory model is used to analyze the relationship between risk and return for agricultural assets. The major conclusion is that the arbitrage pricing theory results support previous capital asset pricing model findings that the estimated risk associated with agricultural assets is low. This conclusion is more robust for the arbitrage pricing th...

  8. Price strategy and pricing strategy: terms and content identification

    Directory of Open Access Journals (Sweden)

    Panasenko Tetyana

    2015-11-01

    Full Text Available The article is devoted to the terminology and content identification of seemingly identical concepts "price strategy" and "pricing strategy". The article contains evidence that the price strategy determines the direction, principles and procedure of implementing the company price policy and pricing strategy creates a set of rules and practical methods of price formation in accordance with the pricing strategy of the company.

  9. Momentos estocásticos de orden superior y la estimación de la volatilidad implícita: aplicación de la expansión de Edgeworth en el modelo Black-Scholes

    Directory of Open Access Journals (Sweden)

    Gastón Silverio Milanesi

    2014-01-01

    Full Text Available El documento utiliza la expansión de Edgeworth en el modelo de Black-Scholes para estimar la volatilidad implícita y el impacto en el precio de la opción de los momentos estocásticos de orden superior, sobre contratos de opciones del Grupo Financiero Galicia (GGAL, negociados en la Bolsa de Comercio de Bue- nos Aires (Argentina. Primero se analiza la distribución de probabilidad de rendimientos de subyacente; luego, el modelo se somete a iteración para obtener los valores implícitos de la volatilidad, asimetría y cur- tosis. Como principal conclusión se encuentran la forma aplanada de la curva de volatilidad implícita del modelo y el significativo peso de la asimetría y curtosis en el precio de las opciones « muy fuera/dentro del dinero.

  10. Momentos estocásticos de orden superior y la estimación de la volatilidad implícita: aplicación de la expansión de Edgeworth en el modelo Black-Scholes

    Directory of Open Access Journals (Sweden)

    Gastón Silverio Milanesi

    2014-10-01

    Full Text Available El documento utiliza la expansión de Edgeworth en el modelo de Black-Scholes para estimar la volatilidad implícita y el impacto en el precio de la opción de los momentos estocásticos de orden superior, sobre contratos de opciones del Grupo Financiero Galicia (GGAL, negociados en la Bolsa de Comercio de Buenos Aires (Argentina. Primero se analiza la distribución de probabilidad de rendimientos de subyacente; luego, el modelo se somete a iteración para obtener los valores implícitos de la volatilidad, asimetría y curtosis. Como principal conclusión se encuentran la forma aplanada de la curva de volatilidad implícita del modelo y el significativo peso de la asimetría y curtosis en el precio de las opciones «muy fuera/dentro del dinero».

  11. Pricing Natural Gas. The Outlook for the European Market (Summary)

    International Nuclear Information System (INIS)

    2008-01-01

    Long-term gas supply contracts contain price formulae, in which the gas price is usually linked to the price of another commodity, or to the spot price of gas in a particular market. In continental Europe the gas price in international long-term supply contracts is predominantly linked to oil products. At the same time, spot markets for gas in which gas prices are determined by supply and demand are developing in various EU markets. This paper addresses the question of to what extent the traditional form of oil-based price indexation is sustainable and/or will be sustained by the market players. It discusses the considerations the market players may have in favour of one or the other form of indexation, the external forces that may influence the choice of indexation in the short and longer terms and the consequences of change. It argues that pricing systems are a fundamental part of a market organisation, and that a shift to different pricing structures only happens if and when the main actors are convinced that they understand and accept the consequences of such change. It concludes that there is no strong evidence that the current hybrid situation, in which both forms of gas pricing co-exist, cannot continue. There are also no overriding reasons to intervene in the market practices of price formation. Both systems have their advantages and disadvantages under different market conditions, and to some extent complement each other in the current markets. Different types of risk and the appreciation thereof by the trading parties will determine particular choices of pricing rules and contracting conditions. More importantly, in today's market, in which new supplies are slow to come forward, the choice should be left to the market parties, particularly as sellers and buyers do not seem to be in strong disagreement

  12. STS pricing policy

    Science.gov (United States)

    Lee, C. M.; Stone, B.

    1982-01-01

    In 1977 NASA published Shuttle Reimbursement Policies for Civil U.S. Government, DOD and Commercial and Foreign Users. These policies were based on the principle of total cost recovery over a period of time with a fixed flat price for initial period to time to enhance transition. This fixed period was to be followed with annual adjustments thereafter, NASA is establishing a new price for 1986 and beyond. In order to recover costs, that price must be higher than the initial fixed price through FY 1985. NASA intends to remain competitive. Competitive posture includes not only price, but other factors such as assured launch, reliability, and unique services. NASA's pricing policy considers all these factors.

  13. Target Price Accuracy

    Directory of Open Access Journals (Sweden)

    Alexander G. Kerl

    2011-04-01

    Full Text Available This study analyzes the accuracy of forecasted target prices within analysts’ reports. We compute a measure for target price forecast accuracy that evaluates the ability of analysts to exactly forecast the ex-ante (unknown 12-month stock price. Furthermore, we determine factors that explain this accuracy. Target price accuracy is negatively related to analyst-specific optimism and stock-specific risk (measured by volatility and price-to-book ratio. However, target price accuracy is positively related to the level of detail of each report, company size and the reputation of the investment bank. The potential conflicts of interests between an analyst and a covered company do not bias forecast accuracy.

  14. Pricing of new vaccines

    OpenAIRE

    Lee, Bruce Y; McGlone, Sarah M

    2010-01-01

    New vaccine pricing is a complicated process that could have substantial long-standing scientific, medical and public health ramifications. Pricing can have a considerable impact on new vaccine adoption and, thereby, either culminate or thwart years of research and development and public health efforts. Typically, pricing strategy consists of the following eleven components: (1) Conduct a target population analysis; (2) Map potential competitors and alternatives; (3) Construct a vaccine targe...

  15. Land Prices and Fundamentals

    OpenAIRE

    Koji Nakamura; Yumi Saita

    2007-01-01

    This paper examines the long-term relationship between macro economic fundamentals and the weighted-average land price indicators, which are supposed to be more appropriate than the official land price indicators when analyzing their impacts on the macro economy. In many cases, we find the cointegrating relationships between the weighted-average land price indicators and the discounted present value of land calculated based on the macro economic fundamentals indicators. We also find that the ...

  16. Introduction to pricing issues

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    This chapter provides an overview of pricing issues the proper pricing of transmission services is essential to efficient operation of the grid. Wheeling rights have little meaning if capacity on existing lines is scarce and there is no incentive to build new lines. Depending on the type of transmission pricing policies FERC adopts, the Commission may be able to encourage more voluntary wheeling service, and to influence decisions to build or upgrade the supply of facilities

  17. Cost and Price Collaboration

    Science.gov (United States)

    2016-04-30

    described below which relies on questionnaires administered to subject matter experts in both cost analysis and price analysis to determine the value of...additional reports or data that the price analyst used in determining their final negotiated position. The cost analyst section of the questionnaire...an analysis at the individual element level rather than at a total price level to determine the major changes from the awarded contract to the new

  18. Measurement of the [Formula: see text] meson lifetime using [Formula: see text] decays.

    Science.gov (United States)

    Aaij, R; Adeva, B; Adinolfi, M; Affolder, A; Ajaltouni, Z; Albrecht, J; Alessio, F; Alexander, M; Ali, S; Alkhazov, G; Cartelle, P Alvarez; Alves, A A; Amato, S; Amerio, S; Amhis, Y; Anderlini, L; Anderson, J; Andreassen, R; Andreotti, M; Andrews, J E; Appleby, R B; Gutierrez, O Aquines; Archilli, F; Artamonov, A; Artuso, M; Aslanides, E; Auriemma, G; Baalouch, M; Bachmann, S; Back, J J; Badalov, A; Balagura, V; Baldini, W; Barlow, R J; Barschel, C; Barsuk, S; Barter, W; Batozskaya, V; Bauer, Th; Bay, A; Beddow, J; Bedeschi, F; Bediaga, I; Belogurov, S; Belous, K; Belyaev, I; Ben-Haim, E; Bencivenni, G; Benson, S; Benton, J; Berezhnoy, A; Bernet, R; Bettler, M-O; van Beuzekom, M; Bien, A; Bifani, S; Bird, T; Bizzeti, A; Bjørnstad, P M; Blake, T; Blanc, F; Blouw, J; Blusk, S; Bocci, V; Bondar, A; Bondar, N; Bonivento, W; Borghi, S; Borgia, A; Borsato, M; Bowcock, T J V; Bowen, E; Bozzi, C; Brambach, T; van den Brand, J; Bressieux, J; Brett, D; Britsch, M; Britton, T; Brook, N H; Brown, H; Bursche, A; Busetto, G; Buytaert, J; Cadeddu, S; Calabrese, R; Callot, O; Calvi, M; Calvo Gomez, M; Camboni, A; Campana, P; Campora Perez, D; Carbone, A; Carboni, G; Cardinale, R; Cardini, A; Carranza-Mejia, H; Carson, L; Carvalho Akiba, K; Casse, G; Castillo Garcia, L; Cattaneo, M; Cauet, Ch; Cenci, R; Charles, M; Charpentier, Ph; Cheung, S-F; Chiapolini, N; Chrzaszcz, M; Ciba, K; Cid Vidal, X; Ciezarek, G; Clarke, P E L; Clemencic, M; Cliff, H V; Closier, J; Coca, C; Coco, V; Cogan, J; Cogneras, E; Collins, P; Comerma-Montells, A; Contu, A; Cook, A; Coombes, M; Coquereau, S; Corti, G; Counts, I; Couturier, B; Cowan, G A; Craik, D C; Cruz Torres, M; Cunliffe, S; Currie, R; D'Ambrosio, C; Dalseno, J; David, P; David, P N Y; Davis, A; De Bonis, I; De Bruyn, K; De Capua, S; De Cian, M; De Miranda, J M; De Paula, L; De Silva, W; De Simone, P; Decamp, D; Deckenhoff, M; Del Buono, L; Déléage, N; Derkach, D; Deschamps, O; Dettori, F; Di Canto, A; Dijkstra, H; Donleavy, S; Dordei, F; Dorigo, M; Dorosz, P; Dosil Suárez, A; Dossett, D; Dovbnya, A; Dupertuis, F; Durante, P; Dzhelyadin, R; Dziurda, A; Dzyuba, A; Easo, S; Egede, U; Egorychev, V; Eidelman, S; Eisenhardt, S; Eitschberger, U; Ekelhof, R; Eklund, L; El Rifai, I; Elsasser, Ch; Falabella, A; Färber, C; Farinelli, C; Farry, S; Ferguson, D; Fernandez Albor, V; Ferreira Rodrigues, F; Ferro-Luzzi, M; Filippov, S; Fiore, M; Fiorini, M; Fitzpatrick, C; Fontana, M; Fontanelli, F; Forty, R; Francisco, O; Frank, M; Frei, C; Frosini, M; Furfaro, E; Gallas Torreira, A; Galli, D; Gandelman, M; Gandini, P; Gao, Y; Garofoli, J; Garra Tico, J; Garrido, L; Gaspar, C; Gauld, R; Gersabeck, E; Gersabeck, M; Gershon, T; Ghez, Ph; Gianelle, A; Gibson, V; Giubega, L; Gligorov, V V; Göbel, C; Golubkov, D; Golutvin, A; Gomes, A; Gordon, H; Grabalosa Gándara, M; Graciani Diaz, R; Granado Cardoso, L A; Graugés, E; Graziani, G; Grecu, A; Greening, E; Gregson, S; Griffith, P; Grillo, L; Grünberg, O; Gui, B; Gushchin, E; Guz, Yu; Gys, T; Hadjivasiliou, C; Haefeli, G; Haen, C; Hafkenscheid, T W; Haines, S C; Hall, S; Hamilton, B; Hampson, T; Hansmann-Menzemer, S; Harnew, N; Harnew, S T; Harrison, J; Hartmann, T; He, J; Head, T; Heijne, V; Hennessy, K; Henrard, P; Hernando Morata, J A; van Herwijnen, E; Heß, M; Hicheur, A; Hill, D; Hoballah, M; Hombach, C; Hulsbergen, W; Hunt, P; Huse, T; Hussain, N; Hutchcroft, D; Hynds, D; Iakovenko, V; Idzik, M; Ilten, P; Jacobsson, R; Jaeger, A; Jans, E; Jaton, P; Jawahery, A; Jing, F; John, M; Johnson, D; Jones, C R; Joram, C; Jost, B; Jurik, N; Kaballo, M; Kandybei, S; Kanso, W; Karacson, M; Karbach, T M; Kenyon, I R; Ketel, T; Khanji, B; Khurewathanakul, C; Klaver, S; Kochebina, O; Komarov, I; Koopman, R F; Koppenburg, P; Korolev, M; Kozlinskiy, A; Kravchuk, L; Kreplin, K; Kreps, M; Krocker, G; Krokovny, P; Kruse, F; Kucharczyk, M; Kudryavtsev, V; Kurek, K; Kvaratskheliya, T; La Thi, V N; Lacarrere, D; Lafferty, G; Lai, A; Lambert, D; Lambert, R W; Lanciotti, E; Lanfranchi, G; Langenbruch, C; Latham, T; Lazzeroni, C; Le Gac, R; van Leerdam, J; Lees, J-P; Lefèvre, R; Leflat, A; Lefrançois, J; Leo, S; Leroy, O; Lesiak, T; Leverington, B; Li, Y; Liles, M; Lindner, R; Linn, C; Lionetto, F; Liu, B; Liu, G; Lohn, S; Longstaff, I; Lopes, J H; Lopez-March, N; Lowdon, P; Lu, H; Lucchesi, D; Luisier, J; Luo, H; Luppi, E; Lupton, O; Machefert, F; Machikhiliyan, I V; Maciuc, F; Maev, O; Malde, S; Manca, G; Mancinelli, G; Manzali, M; Maratas, J; Marconi, U; Marino, P; Märki, R; Marks, J; Martellotti, G; Martens, A; Martín Sánchez, A; Martinelli, M; Martinez Santos, D; Martins Tostes, D; Massafferri, A; Matev, R; Mathe, Z; Matteuzzi, C; Mazurov, A; McCann, M; McCarthy, J; McNab, A; McNulty, R; McSkelly, B; Meadows, B; Meier, F; Meissner, M; Merk, M; Milanes, D A; Minard, M-N; Molina Rodriguez, J; Monteil, S; Moran, D; Morandin, M; Morawski, P; Mordà, A; Morello, M J; Mountain, R; Mous, I; Muheim, F; Müller, K; Muresan, R; Muryn, B; Muster, B; Naik, P; Nakada, T; Nandakumar, R; Nasteva, I; Needham, M; Neubert, S; Neufeld, N; Nguyen, A D; Nguyen, T D; Nguyen-Mau, C; Nicol, M; Niess, V; Niet, R; Nikitin, N; Nikodem, T; Novoselov, A; Oblakowska-Mucha, A; Obraztsov, V; Oggero, S; Ogilvy, S; Okhrimenko, O; Oldeman, R; Onderwater, G; Orlandea, M; Otalora Goicochea, J M; Owen, P; Oyanguren, A; Pal, B K; Palano, A; Palutan, M; Panman, J; Papanestis, A; Pappagallo, M; Pappalardo, L; Parkes, C; Parkinson, C J; Passaleva, G; Patel, G D; Patel, M; Patrignani, C; Pavel-Nicorescu, C; Pazos Alvarez, A; Pearce, A; Pellegrino, A; Penso, G; Pepe Altarelli, M; Perazzini, S; Perez Trigo, E; Perret, P; Perrin-Terrin, M; Pescatore, L; Pesen, E; Pessina, G; Petridis, K; Petrolini, A; Picatoste Olloqui, E; Pietrzyk, B; Pilař, T; Pinci, D; Pistone, A; Playfer, S; Plo Casasus, M; Polci, F; Polok, G; Poluektov, A; Polycarpo, E; Popov, A; Popov, D; Popovici, B; Potterat, C; Powell, A; Prisciandaro, J; Pritchard, A; Prouve, C; Pugatch, V; Puig Navarro, A; Punzi, G; Qian, W; Rachwal, B; Rademacker, J H; Rakotomiaramanana, B; Rama, M; Rangel, M S; Raniuk, I; Rauschmayr, N; Raven, G; Redford, S; Reichert, S; Reid, M M; Dos Reis, A C; Ricciardi, S; Richards, A; Rinnert, K; Rives Molina, V; Roa Romero, D A; Robbe, P; Roberts, D A; Rodrigues, A B; Rodrigues, E; Rodriguez Perez, P; Roiser, S; Romanovsky, V; Romero Vidal, A; Rotondo, M; Rouvinet, J; Ruf, T; Ruffini, F; Ruiz, H; Ruiz Valls, P; Sabatino, G; Saborido Silva, J J; Sagidova, N; Sail, P; Saitta, B; Salustino Guimaraes, V; Sanmartin Sedes, B; Santacesaria, R; Santamarina Rios, C; Santovetti, E; Sapunov, M; Sarti, A; Satriano, C; Satta, A; Savrie, M; Savrina, D; Schiller, M; Schindler, H; Schlupp, M; Schmelling, M; Schmidt, B; Schneider, O; Schopper, A; Schune, M-H; Schwemmer, R; Sciascia, B; Sciubba, A; Seco, M; Semennikov, A; Senderowska, K; Sepp, I; Serra, N; Serrano, J; Seyfert, P; Shapkin, M; Shapoval, I; Shcheglov, Y; Shears, T; Shekhtman, L; Shevchenko, O; Shevchenko, V; Shires, A; Silva Coutinho, R; Simi, G; Sirendi, M; Skidmore, N; Skwarnicki, T; Smith, N A; Smith, E; Smith, E; Smith, J; Smith, M; Snoek, H; Sokoloff, M D; Soler, F J P; Soomro, F; Souza, D; Souza De Paula, B; Spaan, B; Sparkes, A; Spinella, F; Spradlin, P; Stagni, F; Stahl, S; Steinkamp, O; Stevenson, S; Stoica, S; Stone, S; Storaci, B; Stracka, S; Straticiuc, M; Straumann, U; Stroili, R; Subbiah, V K; Sun, L; Sutcliffe, W; Swientek, S; Syropoulos, V; Szczekowski, M; Szczypka, P; Szilard, D; Szumlak, T; T'Jampens, S; Teklishyn, M; Tellarini, G; Teodorescu, E; Teubert, F; Thomas, C; Thomas, E; van Tilburg, J; Tisserand, V; Tobin, M; Tolk, S; Tomassetti, L; Tonelli, D; Topp-Joergensen, S; Torr, N; Tournefier, E; Tourneur, S; Tran, M T; Tresch, M; Tsaregorodtsev, A; Tsopelas, P; Tuning, N; Ubeda Garcia, M; Ukleja, A; Ustyuzhanin, A; Uwer, U; Vagnoni, V; Valenti, G; Vallier, A; Vazquez Gomez, R; Vazquez Regueiro, P; Vázquez Sierra, C; Vecchi, S; Velthuis, J J; Veltri, M; Veneziano, G; Vesterinen, M; Viaud, B; Vieira, D; Vilasis-Cardona, X; Vollhardt, A; Volyanskyy, D; Voong, D; Vorobyev, A; Vorobyev, V; Voß, C; Voss, H; de Vries, J A; Waldi, R; Wallace, C; Wallace, R; Wandernoth, S; Wang, J; Ward, D R; Watson, N K; Webber, A D; Websdale, D; Whitehead, M; Wicht, J; Wiechczynski, J; Wiedner, D; Wiggers, L; Wilkinson, G; Williams, M P; Williams, M; Wilson, F F; Wimberley, J; Wishahi, J; Wislicki, W; Witek, M; Wormser, G; Wotton, S A; Wright, S; Wu, S; Wyllie, K; Xie, Y; Xing, Z; Yang, Z; Yuan, X; Yushchenko, O; Zangoli, M; Zavertyaev, M; Zhang, F; Zhang, L; Zhang, W C; Zhang, Y; Zhelezov, A; Zhokhov, A; Zhong, L; Zvyagin, A

    The lifetime of the [Formula: see text] meson is measured using semileptonic decays having a [Formula: see text] meson and a muon in the final state. The data, corresponding to an integrated luminosity of [Formula: see text], are collected by the LHCb detector in [Formula: see text] collisions at a centre-of-mass energy of 8 TeV. The measured lifetime is [Formula: see text]where the first uncertainty is statistical and the second is systematic.

  19. 1988 coal price negotiation

    Energy Technology Data Exchange (ETDEWEB)

    Senmura, Akira

    1988-12-01

    In the negotiation on raw coal price for 1988, which began at the end of 1987, Australia requested price rise of 4 - 5 dollars for the reason of rise of Australian dollars, conditions of mines, price drop in the past five years, and world supply/demand of coal. Japan insisted to maintain the price of preceding year. The talk ended in a dead lock which could last a long time. Negotiation on the Canadian coal price also encountered difficulties but an agreement was obtained in March as Japan accepted the increased price. After which, Japan and Australia agreed to raise the price by 2.90 dollars and an increase over last year. Producing countries also requested a wide price rise as 7.50 dollars for general coal, making in this area very difficult to progress. Finally, they agreed to raise the price by 6.30 dollars and the electric power utility in Japan responded by importing of U.S. coal, which has a lower heat output but is also cheaper. It depends on Australia for 70% of coal supply but started to diversify the source. 3 tabs.

  20. Are internet prices sticky?

    OpenAIRE

    Lünnemann, Patrick; Wintr, Ladislav

    2006-01-01

    This paper studies the behaviour of Internet prices. It compares price rigidities on the Internet and in traditional brick-and-mortar stores and provides a cross-country perspective. The data set covers a broad range of items typically sold over the Internet. It includes more than 5 million daily price quotes downloaded from price comparison web sites in France, Germany, Italy, the UK and the US. The following results emerge from our analysis. First, and contrary to the recent findings for co...

  1. Regulation of Pharmaceutical Prices

    DEFF Research Database (Denmark)

    Kaiser, Ulrich; Méndez, Susan J.; Rønde, Thomas

    2014-01-01

    Reference prices constitute a main determinant of patient health care reimbursement in many countries. We study the effects of a change from an "external" (based on a basket of prices in other countries) to an "internal" (based on comparable domestic products) reference price system. We find...... that while our estimated consumer compensating variation is small, the reform led to substantial reductions in list and reference prices as well as co-payments, and to sizeable decreases in overall producer revenues, health care expenditures, and co-payments. These effects differ markedly between branded...

  2. Regulation of Pharmaceutical Prices

    DEFF Research Database (Denmark)

    Kaiser, Ulrich; Méndez, Susan J.; Rønde, Thomas

    Reference prices constitute a main determinant of patient health care reimbursement in many countries. We study the effects of a change from an "external" (based on a basket of prices in other countries) to an "internal" (based on comparable domestic products) reference price system. We find...... that while our estimated consumer compensating variation is small, the reform led to substantial reductions in list and reference prices as well as co-payments, and to sizeable decreases in overall producer revenues, health care expenditures, and co-payments. These effects differ markedly between branded...

  3. Determinants of contractor pricing strategy

    OpenAIRE

    Moses, O. Douglas

    1988-01-01

    This paper investigates pricing strategies used by major defense contractors. Two pricing strategies are identified and discussed: penetration, which calls for a relatively low initial price followed by little reduction in price over time, and skimming, which calls for a relatively high initial price coupled with greater reduction in price over time. It is argued that contractor pricing strategy will depend on features of the defense program under consideration and featur...

  4. Customizing Prices in Online Markets

    OpenAIRE

    Werner Reinartz

    2002-01-01

    Dynamic pricing is the dynamic adjustment of prices to consumers depending on the value these customers attribute to a good. Underlying the concept of dynamic pricing is what marketers call price customization. Price customization is the charging of different prices to end consumers based on a discriminatory variable. Internet technology will serve as a great enabling tool for making dynamic pricing accessible to many industries.

  5. A boundary PDE feedback control approach for the stabilization of mortgage price dynamics

    Science.gov (United States)

    Rigatos, G.; Siano, P.; Sarno, D.

    2017-11-01

    Several transactions taking place in financial markets are dependent on the pricing of mortgages (loans for the purchase of residences, land or farms). In this article, a method for stabilization of mortgage price dynamics is developed. It is considered that mortgage prices follow a PDE model which is equivalent to a multi-asset Black-Scholes PDE. Actually it is a diffusion process evolving in a 2D assets space, where the first asset is the house price and the second asset is the interest rate. By applying semi-discretization and a finite differences scheme this multi-asset PDE is transformed into a state-space model consisting of ordinary nonlinear differential equations. For the local subsystems, into which the mortgage PDE is decomposed, it becomes possible to apply boundary-based feedback control. The controller design proceeds by showing that the state-space model of the mortgage price PDE stands for a differentially flat system. Next, for each subsystem which is related to a nonlinear ODE, a virtual control input is computed, that can invert the subsystem's dynamics and can eliminate the subsystem's tracking error. From the last row of the state-space description, the control input (boundary condition) that is actually applied to the multi-factor mortgage price PDE system is found. This control input contains recursively all virtual control inputs which were computed for the individual ODE subsystems associated with the previous rows of the state-space equation. Thus, by tracing the rows of the state-space model backwards, at each iteration of the control algorithm, one can finally obtain the control input that should be applied to the mortgage price PDE system so as to assure that all its state variables will converge to the desirable setpoints. By showing the feasibility of such a control method it is also proven that through selected modification of the PDE boundary conditions the price of the mortgage can be made to converge and stabilize at specific

  6. Relating price strategies and price-setting practices

    NARCIS (Netherlands)

    Ingenbleek, P.T.M.; Lans, van der I.A.

    2013-01-01

    Purpose - This article addresses the relationship between price strategies and price-setting practices. The first derive from a normative tradition in the pricing literature and the latter from a descriptive tradition. Price strategies are visible in the market, whereas price-setting practices are

  7. Intranational Price Convergence and Price Stickiness

    DEFF Research Database (Denmark)

    Bergman, Ulf Michael; Heebøll, Christian; Hansen, Niels Lynggaard

    2017-01-01

    We show that estimates of the half-life of deviations from LOOP are biased when not taking into account the precision when aggregating over types of goods. Using a comprehensive dataset with monthly price data for 124 homogeneous products across regions in Denmark over the period 1997–2010 we find...... a large positive aggregation bias. On average, we find that the half-life is 8.4 months when taking the bias into account compared to 28.7 months when applying the standard method. The heterogeneity in estimated half-life can be explained by price stickiness, distance between regions and whether the good...

  8. Normalization for Implied Volatility

    OpenAIRE

    Fukasawa, Masaaki

    2010-01-01

    We study specific nonlinear transformations of the Black-Scholes implied volatility to show remarkable properties of the volatility surface. Model-free bounds on the implied volatility skew are given. Pricing formulas for the European options which are written in terms of the implied volatility are given. In particular, we prove elegant formulas for the fair strikes of the variance swap and the gamma swap.

  9. A Consistent Pricing Model for Index Options and Volatility Derivatives

    DEFF Research Database (Denmark)

    Cont, Rama; Kokholm, Thomas

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

  10. Price learning during grocery shopping

    DEFF Research Database (Denmark)

    Jensen, Birger Boutrup

    Many attempts have been made to measure consumers' price knowledge for groceries. However, the results have varied considerably and conflict with results of reference price research. This is the first study to examine price knowledge before, during, and after store visit, thus enabling a study...... of what consumers learn about prices during grocery shopping. Three measures of price knowledge corresponding to different levels of price information processing were applied. Results indicate that price learning does take place and that episodic price knowledge after store exit is far more widespread...... than expected. Consequently, a new view of how consumer price knowledge evolves during grocery shopping is presented....

  11. Assessing Asset Pricing Anomalies

    NARCIS (Netherlands)

    W.A. de Groot (Wilma)

    2017-01-01

    markdownabstractOne of the most important challenges in the field of asset pricing is to understand anomalies: empirical patterns in asset returns that cannot be explained by standard asset pricing models. Currently, there is no consensus in the academic literature on the underlying causes of

  12. Poverty and price transmission

    DEFF Research Database (Denmark)

    Elleby, Christian

    A key parameter determining the welfare impact from a world market shock is the transmission elasticity which measures the average domestic response to an international price change. Many studies have estimated price transmission elasticities for a large number of countries but the variation in t...

  13. Essays on asset pricing

    NARCIS (Netherlands)

    Nazliben, Kamil

    2015-01-01

    The dissertation consists of three chapters that represent separate papers in the area of asset pricing. The first chapter studies investors optimal asset allocation problem in which mean reversion in stock prices is captured by explicitly modeling transitory and permanent shocks. The second chapter

  14. Pricing transmission services

    International Nuclear Information System (INIS)

    Haaden, E.

    1995-01-01

    The price structure for transmission of electric power through the main lines in Sweden is analyzed. After deregulation of the electricity market, the main transmission lines are owned by a separate national company, with no interests from the power producers. Comparisons are made to ideal marginal price structures. 6 refs

  15. Selecting Lower Priced Items.

    Science.gov (United States)

    Kleinert, Harold L.; And Others

    1988-01-01

    A program used to teach moderately to severely mentally handicapped students to select the lower priced items in actual shopping activities is described. Through a five-phase process, students are taught to compare prices themselves as well as take into consideration variations in the sizes of containers and varying product weights. (VW)

  16. Petroleum: Price trends

    International Nuclear Information System (INIS)

    Babusiaux, Denis; Pierru, Axel

    2010-01-01

    The Organization of Petroleum-Exporting Countries (OPEC), some political leaders and financiers have mainly attributed the price spike of oil in 2008 - followed by a just as spectacular drop in prices - to the speculative moves made by financial investors on the futures market instead of to market fundamentals

  17. Tolerance of a standard intact protein formula versus a partially hydrolyzed formula in healthy, term infants

    Directory of Open Access Journals (Sweden)

    Marunycz John D

    2009-06-01

    Full Text Available Abstract Background Parents who perceive common infant behaviors as formula intolerance-related often switch formulas without consulting a health professional. Up to one-half of formula-fed infants experience a formula change during the first six months of life. Methods The objective of this study was to assess discontinuance due to study physician-assessed formula intolerance in healthy, term infants. Infants (335 were randomized to receive either a standard intact cow milk protein formula (INTACT or a partially hydrolyzed cow milk protein formula (PH in a 60 day non-inferiority trial. Discontinuance due to study physician-assessed formula intolerance was the primary outcome. Secondary outcomes included number of infants who discontinued for any reason, including parent-assessed. Results Formula intolerance between groups (INTACT, 12.3% vs. PH, 13.7% was similar for infants who completed the study or discontinued due to study physician-assessed formula intolerance. Overall study discontinuance based on parent- vs. study physician-assessed intolerance for all infants (14.4 vs.11.1% was significantly different (P = 0.001. Conclusion This study demonstrated no difference in infant tolerance of intact vs. partially hydrolyzed cow milk protein formulas for healthy, term infants over a 60-day feeding trial, suggesting nonstandard partially hydrolyzed formulas are not necessary as a first-choice for healthy infants. Parents frequently perceived infant behavior as formula intolerance, paralleling previous reports of unnecessary formula changes. Trial Registration clinicaltrials.gov: NCT00666120

  18. Magical Formulae for Market Futures

    DEFF Research Database (Denmark)

    Garsten, Christina; Sörbom, Adrienne

    2016-01-01

    Markets are often portrayed as being organized by way of rationalized knowledge, objective reasoning, and the fluctuations of demand and supply. In parallel, and often mixed with this modality of knowledge, magical beliefs and practices are prevalent. Business leaders, management consultants......, and financial advisors are often savvy in the art of creatively blending the ‘objective facts’ of markets with magical formulae, rites, and imaginaries of the future. This article looks at the World Economic Forum's yearly Davos meeting as a large-scale ritual that engages senior executives of global...... corporations, top-level politicians, and civil society leaders to contribute to the overall aim of ‘improving the world’. The Davos gathering has become a vital part of the business calendar, just as much for the intensity of its networking as for the declarations of action from the speakers’ podiums...

  19. Chaos and the Kubo formula

    International Nuclear Information System (INIS)

    Suhl, H.

    1994-01-01

    Much of condensed matter theory makes copious use of linear response theory, often not in the sense of macroscopically based regression relations of Onsager type, but in the sense of the Kubo formulation, which is formally based on microscopic equations of motion. Van Kampen has cast doubt on the validity of the latter approach, noting that the extreme sensitivity of the orbits of many-particle systems to small deviations invalidates a microscopically derived linear theory. Here I show that its validity can be reestablished by treating real time as a stochastic function of collision number, and deferring the return to real time to the end of the calculation. However, the constants in the final formula do change. ((orig.))

  20. Pricing Mechanism in Information Goods

    OpenAIRE

    Li, Xinming; Wang, Huaqing

    2018-01-01

    We study three pricing mechanisms' performance and their effects on the participants in the data industry from the data supply chain perspective. A win-win pricing strategy for the players in the data supply chain is proposed. We obtain analytical solutions in each pricing mechanism, including the decentralized and centralized pricing, Nash Bargaining pricing, and revenue sharing mechanism.

  1. Price Formation by Bargaining and Posted Prices

    NARCIS (Netherlands)

    Kultti, K.K.

    1997-01-01

    We study markets with two types of agents. Sellers have an indivisible good for sale, and their reservation value is zero. Buyers are randomly matched with sellers, and they value the good at unity. Sellers may be matched with any positive number of buyers, and they may choose to determine the price

  2. How to Find the Price That's Right.

    Science.gov (United States)

    Crompton, John L.

    1981-01-01

    Five primary methods used by recreation and park agencies to establish a price are reviewed: (1) going-rate pricing; (2) demand oriented pricing; (3) variable cost pricing; (4) partial overhead pricing; and (5) average cost pricing. (CJ)

  3. Policy on energy pricing

    Energy Technology Data Exchange (ETDEWEB)

    Webb, M. G.

    1977-10-15

    Some economic principles of energy pricing in a market type economy in which there is consumer sovereignty are discussed. Thus resources will be allocated via the production processes in line with the preferences of consumers as revealed by their purchases of goods and services. Prices play the crucial role of coordinating instruments in this allocative process. It is assumed that all the energy industries are in the public sector. The following topics are discussed: the specification of objectives for the energy sector; marginal cost pricing; problems associated with the measurement of marginal costs; some aspects of the environmental costs associated with energy production and use, and some issues related to time differentiated tariffs; the modification of prices to achieve financial targets; and the use of energy prices to achieve income distribution objectives.

  4. Oil prices and the stock prices of alternative energy companies

    International Nuclear Information System (INIS)

    Henriques, Irene; Sadorsky, Perry

    2008-01-01

    Energy security issues coupled with increased concern over the natural environment are driving factors behind oil price movements. While it is widely accepted that rising oil prices are good for the financial performance of alternative energy companies, there has been relatively little statistical work done to measure just how sensitive the financial performance of alternative energy companies are to changes in oil prices. In this paper, a four variable vector autoregression model is developed and estimated in order to investigate the empirical relationship between alternative energy stock prices, technology stock prices, oil prices, and interest rates. Our results show technology stock prices and oil prices each individually Granger cause the stock prices of alternative energy companies. Simulation results show that a shock to technology stock prices has a larger impact on alternative energy stock prices than does a shock to oil prices. These results should be of use to investors, managers and policy makers. (author)

  5. The capital-asset-pricing model and arbitrage pricing theory: A unification

    Science.gov (United States)

    Khan, M. Ali; Sun, Yeneng

    1997-01-01

    We present a model of a financial market in which naive diversification, based simply on portfolio size and obtained as a consequence of the law of large numbers, is distinguished from efficient diversification, based on mean-variance analysis. This distinction yields a valuation formula involving only the essential risk embodied in an asset’s return, where the overall risk can be decomposed into a systematic and an unsystematic part, as in the arbitrage pricing theory; and the systematic component further decomposed into an essential and an inessential part, as in the capital-asset-pricing model. The two theories are thus unified, and their individual asset-pricing formulas shown to be equivalent to the pervasive economic principle of no arbitrage. The factors in the model are endogenously chosen by a procedure analogous to the Karhunen–Loéve expansion of continuous time stochastic processes; it has an optimality property justifying the use of a relatively small number of them to describe the underlying correlational structures. Our idealized limit model is based on a continuum of assets indexed by a hyperfinite Loeb measure space, and it is asymptotically implementable in a setting with a large but finite number of assets. Because the difficulties in the formulation of the law of large numbers with a standard continuum of random variables are well known, the model uncovers some basic phenomena not amenable to classical methods, and whose approximate counterparts are not already, or even readily, apparent in the asymptotic setting. PMID:11038614

  6. The capital-asset-pricing model and arbitrage pricing theory: a unification.

    Science.gov (United States)

    Ali Khan, M; Sun, Y

    1997-04-15

    We present a model of a financial market in which naive diversification, based simply on portfolio size and obtained as a consequence of the law of large numbers, is distinguished from efficient diversification, based on mean-variance analysis. This distinction yields a valuation formula involving only the essential risk embodied in an asset's return, where the overall risk can be decomposed into a systematic and an unsystematic part, as in the arbitrage pricing theory; and the systematic component further decomposed into an essential and an inessential part, as in the capital-asset-pricing model. The two theories are thus unified, and their individual asset-pricing formulas shown to be equivalent to the pervasive economic principle of no arbitrage. The factors in the model are endogenously chosen by a procedure analogous to the Karhunen-Loéve expansion of continuous time stochastic processes; it has an optimality property justifying the use of a relatively small number of them to describe the underlying correlational structures. Our idealized limit model is based on a continuum of assets indexed by a hyperfinite Loeb measure space, and it is asymptotically implementable in a setting with a large but finite number of assets. Because the difficulties in the formulation of the law of large numbers with a standard continuum of random variables are well known, the model uncovers some basic phenomena not amenable to classical methods, and whose approximate counterparts are not already, or even readily, apparent in the asymptotic setting.

  7. Mathematical Formula Search using Natural Language Queries

    Directory of Open Access Journals (Sweden)

    YANG, S.

    2014-11-01

    Full Text Available This paper presents how to search mathematical formulae written in MathML when given plain words as a query. Since the proposed method allows natural language queries like the traditional Information Retrieval for the mathematical formula search, users do not need to enter any complicated math symbols and to use any formula input tool. For this, formula data is converted into plain texts, and features are extracted from the converted texts. In our experiments, we achieve an outstanding performance, a MRR of 0.659. In addition, we introduce how to utilize formula classification for formula search. By using class information, we finally achieve an improved performance, a MRR of 0.690.

  8. Mind your pricing cues.

    Science.gov (United States)

    Anderson, Eric; Simester, Duncan

    2003-09-01

    For most of the items they buy, consumers don't have an accurate sense of what the price should be. Ask them to guess how much a four-pack of 35-mm film costs, and you'll get a variety of wrong answers: Most people will underestimate; many will only shrug. Research shows that consumers' knowledge of the market is so far from perfect that it hardly deserves to be called knowledge at all. Yet people happily buy film and other products every day. Is this because they don't care what kind of deal they're getting? No. Remarkably, it's because they rely on retailers to tell them whether they're getting a good price. In subtle and not-so-subtle ways, retailers send signals to customers, telling them whether a given price is relatively high or low. In this article, the authors review several common pricing cues retailers use--"sale" signs, prices that end in 9, signpost items, and price-matching guarantees. They also offer some surprising facts about how--and how well--those cues work. For instance, the authors' tests with several mail-order catalogs reveal that including the word "sale" beside a price can increase demand by more than 50%. The practice of using a 9 at the end of a price to denote a bargain is so common, you'd think customers would be numb to it. Yet in a study the authors did involving a women's clothing catalog, they increased demand by a third just by changing the price of a dress from $34 to $39. Pricing cues are powerful tools for guiding customers' purchasing decisions, but they must be applied judiciously. Used inappropriately, the cues may breach customers' trust, reduce brand equity, and give rise to lawsuits.

  9. A Stroock formula for a certain class of Lévy processes and applications to finance

    Directory of Open Access Journals (Sweden)

    M. Eddahbi

    2005-01-01

    Full Text Available We find a Stroock formula in the setting of generalized chaos expansion introduced by Nualart and Schoutens for a certain class of Lévy processes, using a Malliavin-type derivative based on the chaotic approach. As applications, we get the chaotic decomposition of the local time of a simple Lévy process as well as the chaotic expansion of the price of a financial asset and of the price of a European call option. We also study the behavior of the tracking error in the discrete delta neutral hedging under both the equivalent martingale measure and the historical probability.

  10. Value based pricing: the least valued pricing strategy

    OpenAIRE

    Hoenen, Bob

    2017-01-01

    Pricing has been one of the least researched topics in marketing, although within these pricing strategies: cost-plus pricing is considered as the leading pricing strategy worldwide. Why should companies use such an unprofitable strategy, where fighting for a higher market share due to low prices is more a rule than exception? VBP is one of the most underestimated strategies by organizations. The definition of VBP is: 'value pricing applies to products that have the potential of being differe...

  11. Welfare Effects of Tariff Reduction Formulas

    DEFF Research Database (Denmark)

    Guldager, Jan G.; Schröder, Philipp J.H.

    WTO negotiations rely on tariff reduction formulas. It has been argued that formula approaches are of increasing importance in trade talks, because of the large number of countries involved, the wider dispersion in initial tariffs (e.g. tariff peaks) and gaps between bound and applied tariff rate....... No single formula dominates for all conditions. The ranking of the three tools depends on the degree of product differentiation in the industry, and the achieved reduction in the average tariff....

  12. A General Framework for Probabilistic Characterizing Formulae

    DEFF Research Database (Denmark)

    Sack, Joshua; Zhang, Lijun

    2012-01-01

    Recently, a general framework on characteristic formulae was proposed by Aceto et al. It offers a simple theory that allows one to easily obtain characteristic formulae of many non-probabilistic behavioral relations. Our paper studies their techniques in a probabilistic setting. We provide...... a general method for determining characteristic formulae of behavioral relations for probabilistic automata using fixed-point probability logics. We consider such behavioral relations as simulations and bisimulations, probabilistic bisimulations, probabilistic weak simulations, and probabilistic forward...

  13. Ctrl+Shift+Enter mastering Excel array formulas a book about building efficient formulas, advanced formulas, and array formulas for data analysis

    CERN Document Server

    Girvin, Mike

    2013-01-01

    Designed with Excel gurus in mind, this handbook outlines how to create formulas that can be used to solve everyday problems with a series of data values that standard Excel formulas cannot or would be too arduous to attempt. Beginning with an introduction to array formulas, this manual examines topics such as how they differ from ordinary formulas, the benefits and drawbacks of their use, functions that can and cannot handle array calculations, and array constants and functions. Among the practical applications surveyed include how to extract data from tables and unique lists, how to get resu

  14. Comparison of various HFB overlap formulae

    International Nuclear Information System (INIS)

    Oi, M.

    2015-01-01

    The nuclear many-body approach beyond the mean-field approximation demands overlap calculations of different many-body states. Norm overlaps between two different Hartree-Fock-Bogoliubov states can be calculated by means of the Onishi formula. However, the formula leaves the sign of the norm overlap undetermined. Several approaches have been proposed by Hara-Hayashi-Ring, Neergård-Wüst, and Robledo. In the present paper, the Neergård-Wüst formula is examined whether it is applicable to practical numerical calculations, although the formula was dismissed by many nuclear theoreticians so far for unknown reasons

  15. Design Formula for Breakage of Tetrapods

    DEFF Research Database (Denmark)

    Burcharth, H. F.; Jensen, Jacob Birk; Liu, Z.

    1995-01-01

    The paper presents a design formula for Tetrapod armour on a 1:1.5 slope exposed to head-on random wave attack. The formula predicts the relative number of broken Tetrapods as function of: the mass of the Tetrapods, the concrete tensile strength and the wave height in front of the structure. Thus......, the formula addresses the observed problem of ensuring structural integrity of the slender types of non-reinforced armour units. The formula is based on results from small scale model tests with load-cell instrumented Tetrapods in which both the static, the quasi-static and the impact proportions of the loads...

  16. Superfluid Kubo formulas from partition function

    International Nuclear Information System (INIS)

    Chapman, Shira; Hoyos, Carlos; Oz, Yaron

    2014-01-01

    Linear response theory relates hydrodynamic transport coefficients to equilibrium retarded correlation functions of the stress-energy tensor and global symmetry currents in terms of Kubo formulas. Some of these transport coefficients are non-dissipative and affect the fluid dynamics at equilibrium. We present an algebraic framework for deriving Kubo formulas for such thermal transport coefficients by using the equilibrium partition function. We use the framework to derive Kubo formulas for all such transport coefficients of superfluids, as well as to rederive Kubo formulas for various normal fluid systems

  17. 7 CFR 1124.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1124.50 Section 1124.50 Agriculture Regulations of the Department of Agriculture (Continued... prices, and advanced pricing factors. See § 1000.50. ...

  18. 7 CFR 1030.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1030.50 Section 1030.50 Agriculture Regulations of the Department of Agriculture (Continued... prices, and advanced pricing factors. See § 1000.50. ...

  19. 7 CFR 1000.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... advanced pricing factors. 1000.53 Section 1000.53 Agriculture Regulations of the Department of Agriculture..., component prices, and advanced pricing factors. (a) On or before the 5th day of the month, the market... administrator for each Federal milk marketing order shall announce the following prices and pricing factors for...

  20. Steel: Price and Policy Issues

    National Research Council Canada - National Science Library

    Cooney, Stephen

    2006-01-01

    Steel prices remain at historically elevated levels. The rapid growth of steel production and demand in China is widely considered as a major cause of the increases in both steel prices and the prices of steelmaking inputs...

  1. Pricing American and Asian Options

    OpenAIRE

    Pat Muldowney

    2015-01-01

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

  2. Pricing of new vaccines.

    Science.gov (United States)

    Lee, Bruce Y; McGlone, Sarah M

    2010-08-01

    New vaccine pricing is a complicated process that could have substantial long-standing scientific, medical, and public health ramifications. Pricing can have a considerable impact on new vaccine adoption and, thereby, either culminate or thwart years of research and development and public health efforts. Typically, pricing strategy consists of the following ten components: 1. Conduct a target population analysis; 2. Map potential competitors and alternatives; 3. Construct a vaccine target product profile (TPP) and compare it to projected or actual TPPs of competing vaccines; 4. Quantify the incremental value of the new vaccine's characteristics; 5. Determine vaccine positioning in the marketplace; 6. Estimate the vaccine price-demand curve; 7. Calculate vaccine costs (including those of manufacturing, distribution, and research and development); 8. Account for various legal, regulatory, third party payer, and competitor factors; 9. Consider the overall product portfolio; 10. Set pricing objectives; 11. Select pricing and pricing structure. While the biomedical literature contains some studies that have addressed these components, there is still considerable room for more extensive evaluation of this important area.

  3. Prospects for oil prices

    International Nuclear Information System (INIS)

    Stevens, P.

    1992-01-01

    The basic argument presented is that the oil price is set in an administrated market. The administration is undertaken by the controllers of excess capacity to produce crude oil. The extent to which the administrated price matches the market price is a function, first, of the strength and effectiveness of the market controller and, secondly, of the state of supply and demand and expectations in the market. Currently, the market is operating close to capacity, what limited excess capacity exists is located mainly in Saudi Arabia and the Saudi Arabians appear to be following a low price objective. While the Saudi Arabians pursue volume, the short term project, in the balance of a political upheaval, is that oil prices will remain below the $21 per barrel agreed in July 1990. There is a view that Saudi Arabia would take quick action to reverse a price collapse, but attention is drawn to previous miscalculations with respect to price collapse. Should political circumstances allow the return of Iraq to the oil market, then excess capacity within the Gulf members of OPEC will return and control will be much more difficult. (UK)

  4. Pricing of new vaccines

    Science.gov (United States)

    McGlone, Sarah M

    2010-01-01

    New vaccine pricing is a complicated process that could have substantial long-standing scientific, medical and public health ramifications. Pricing can have a considerable impact on new vaccine adoption and, thereby, either culminate or thwart years of research and development and public health efforts. Typically, pricing strategy consists of the following eleven components: (1) Conduct a target population analysis; (2) Map potential competitors and alternatives; (3) Construct a vaccine target product profile (TPP) and compare it to projected or actual TPPs of competing vaccines; (4) Quantify the incremental value of the new vaccine's characteristics; (5) Determine vaccine positioning in the marketplace; (6) Estimate the vaccine price-demand curve; (7) Calculate vaccine costs (including those of manufacturing, distribution, and research and development); (8) Account for various legal, regulatory, third party payer and competitor factors; (9) Consider the overall product portfolio; (10) Set pricing objectives; (11) Select pricing and pricing structure. While the biomedical literature contains some studies that have addressed these components, there is still considerable room for more extensive evaluation of this important area. PMID:20861678

  5. Prospects for oil prices

    International Nuclear Information System (INIS)

    Caddy, P.

    1992-01-01

    It is argued that the wave in oil prices which occurred in 1991, although appearing to suggest price instability, in fact shows the opposite. Steady oscillation between a low price level that leads to new customers and a high price that encourages customers to switch to alternatives is a sign of a stable market. This relative stability was achieved against the background of the political upheaval in the USSR and Eastern Europe and its unpredictable consequences. Such political uncertainties to one side, the difficulties of assessing demand trends in the light of the imponderables of the state of the world economy and the weather are stressed. Despite these problems, the view is expressed that correct reading of signals up the supply chain by producers should ensure continued relative price stability. This is not to say that prices will stay exactly the same, just that they will be bound within a trading range set by anticipated consumer and producer responses to the fluctuating prices. (UK)

  6. Asset Pricing - A Brief Review

    OpenAIRE

    Li, Minqiang

    2010-01-01

    I first introduce the early-stage and modern classical asset pricing and portfolio theories. These include: the capital asset pricing model (CAPM), the arbitrage pricing theory (APT), the consumption capital asset pricing model (CCAPM), the intertemporal capital asset pricing model (ICAPM), and some other important modern concepts and techniques. Finally, I discuss the most recent development during the last decade and the outlook in the field of asset pricing.

  7. Price Competition on Graphs

    OpenAIRE

    Adriaan R. Soetevent

    2010-01-01

    This paper extends Hotelling's model of price competition with quadratic transportation costs from a line to graphs. I propose an algorithm to calculate firm-level demand for any given graph, conditional on prices and firm locations. One feature of graph models of price competition is that spatial discontinuities in firm-level demand may occur. I show that the existence result of D'Aspremont et al. (1979) does not extend to simple star graphs. I conjecture that this non-existence result holds...

  8. Price Competition on Graphs

    OpenAIRE

    Pim Heijnen; Adriaan Soetevent

    2014-01-01

    This paper extends Hotelling's model of price competition with quadratic transportation costs from a line to graphs. We derive an algorithm to calculate firm-level demand for any given graph, conditional on prices and firm locations. These graph models of price competition may lead to spatial discontinuities in firm-level demand. We show that the existence result of D'Aspremont et al. (1979) does not extend to simple star graphs and conjecture that this non-existence result holds more general...

  9. House Prices and Taxes

    DEFF Research Database (Denmark)

    Gjedsted Nielsen, Mads

    This paper is the first to consider a large scale natural experiment to estimate the effect of taxes on house prices. We find that a 1 percentage-point increase in income tax rates lead to a drop in house prices of at most 2.2%. This corresponds to a tax capitalization for the average household...... capitalization from earlier studies. Furthermore, we find no effect of property taxes on house prices. We attribute this to the low levels of Danish municipal property tax rates compared to income tax rates....

  10. Feynman perturbation expansion for the price of coupon bond options and swaptions in quantum finance. II. Empirical.

    Science.gov (United States)

    Baaquie, Belal E; Liang, Cui

    2007-01-01

    The quantum finance pricing formulas for coupon bond options and swaptions derived by Baaquie [Phys. Rev. E 75, 016703 (2006)] are reviewed. We empirically study the swaption market and propose an efficient computational procedure for analyzing the data. Empirical results of the swaption price, volatility, and swaption correlation are compared with the predictions of quantum finance. The quantum finance model generates the market swaption price to over 90% accuracy.

  11. Edgeworth Price Cycles, Cost-Based Pricing, and Sticky Pricing in Retail Gasoline Markets

    OpenAIRE

    Michael D. Noel

    2007-01-01

    This paper examines dynamic pricing behavior in retail gasoline markets for 19 Canadian cities over 574 weeks. I find three distinct retail pricing patterns: 1. cost-based pricing, 2. sticky pricing, and 3. steep, asymmetric retail price cycles that, while seldom documented empirically, resemble those of Maskin & Tirole[1988]. Using a Markov switching regression, I estimate the prevalence of patterns and the structural characteristics of the cycles. Retail price cycles prevail in over 40% of ...

  12. A new optical rotation dispersion formula

    International Nuclear Information System (INIS)

    Kimel, I.

    1981-12-01

    A new dispersion formula for the rotatory power is obtained in the framework of Kubo forlalism for transport coefficients. Unlike the well known Rosenfeld-Condon dispersion law, this formula is consistent with the free electron gas asymptotic behavior. (Author) [pt

  13. Formula Approaches for Market Access Negotiations

    NARCIS (Netherlands)

    J.F. François (Joseph); W. Martin (William)

    2002-01-01

    textabstractMost of the large tariff reductions achieved in multilateral trade negotiations have involved tariff-cutting formulas such as the "Swiss" formula. However, wide variations in initial tariff rates between active participants call for new approaches under the Doha Development Agenda. This

  14. Bismut Formulae and Applications for Functional SPDEs

    OpenAIRE

    Bao, Jianhai; Wang, Feng-Yu; Yuan, Chenggui

    2011-01-01

    By using Malliavin calculus, explicit derivative formulae are established for a class of semi-linear functional stochastic partial differential equations with additive or multiplicative noise. As applications, gradient estimates and Harnack inequalities are derived for the semigroup of the associated segment process. Keywords: Bismut formula, Malliavin calculus, gradient estimate, Harnack inequality, functional SPDE

  15. The evolution of formula-bio

    NARCIS (Netherlands)

    Maas, A.; Steinbuch, M.

    2013-01-01

    Formula-Bio started out as a dream of building a race car with only three students and thereby showing the world that everything is possible if you put your passion into it. In this internship report the story of Formula-Bio and the reasoning behind the FB01 can be found. A large part of the report

  16. 5 CFR 1315.17 - Formulas.

    Science.gov (United States)

    2010-01-01

    ...) Daily simple interest formula. (1) To calculate daily simple interest the following formula may be used... a payment is due on April 1 and the payment is not made until April 11, a simple interest... equation calculates simple interest on any additional days beyond a monthly increment. (3) For example, if...

  17. New entropy formula for Kerr black holes

    Directory of Open Access Journals (Sweden)

    González Hernán A.

    2018-01-01

    Full Text Available We introduce a new entropy formula for Kerr black holes inspired by recent results for 3-dimensional black holes and cosmologies with soft Heisenberg hair. We show that also Kerr–Taub–NUT black holes obey the same formula.

  18. Misconceptions in global reactions and formula writing

    Directory of Open Access Journals (Sweden)

    Stig R. Johansson

    2016-10-01

    Full Text Available The frequently used concept of “global reaction” is discussed and the reason for the confusion behind explained. The misconception is cleared by formula writing based on the donor–acceptor (donac reaction concept and by applying the Grand Rule of Formula Writing that is based on it.

  19. Borromean surgery formula for the Casson invariant

    DEFF Research Database (Denmark)

    Meilhan, Jean-Baptiste Odet Thierry

    2008-01-01

    It is known that every oriented integral homology 3-sphere can be obtained from S3 by a finite sequence of Borromean surgeries. We give an explicit formula for the variation of the Casson invariant under such a surgery move. The formula involves simple classical invariants, namely the framing...

  20. 101 ready-to-use Excel formulas

    CERN Document Server

    Alexander, Michael

    2014-01-01

    Mr. Spreadsheet has done it again with 101 easy-to-apply Excel formulas 101 Ready-to-Use Excel Formulas is filled with the most commonly-used, real-world Excel formulas that can be repurposed and put into action, saving you time and increasing your productivity. Each segment of this book outlines a common business or analysis problem that needs to be solved and provides the actual Excel formulas to solve the problem-along with detailed explanation of how the formulas work. Written in a user-friendly style that relies on a tips and tricks approach, the book details how to perform everyday Excel tasks with confidence. 101 Ready-to-Use Excel Formulas is sure to become your well-thumbed reference to solve your workplace problems. The recipes in the book are structured to first present the problem, then provide the formula solution, and finally show how it works so that it can be customized to fit your needs. The companion website to the book allows readers to easily test the formulas and provides visual confirmat...

  1. 27 CFR 24.211 - Formula required.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Formula required. 24.211 Section 24.211 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT... which it is to be made, except that no formula is required for distilling material or vinegar stock. The...

  2. Uranium price reporting systems

    International Nuclear Information System (INIS)

    1987-09-01

    This report describes the systems for uranium price reporting currently available to the uranium industry. The report restricts itself to prices for U 3 O 8 natural uranium concentrates. Most purchases of natural uranium by utilities, and sales by producers, are conducted in this form. The bulk of uranium in electricity generation is enriched before use, and is converted to uranium hexafluoride, UF 6 , prior to enrichment. Some uranium is traded as UF 6 or as enriched uranium, particularly in the 'secondary' market. Prices for UF 6 and enriched uranium are not considered directly in this report. However, where transactions in UF 6 influence the reported price of U 3 O 8 this influence is taken into account. Unless otherwise indicated, the terms uranium and natural uranium used here refer exclusively to U 3 O 8 . (author)

  3. AKRO: Standard Prices

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — Standard prices are generated for cost recovery programs in the Individual Fishing Quota (IFQ) halibut and sablefish, BSAI Rationalized crab, and Central Gulf of...

  4. Price of military uranium

    International Nuclear Information System (INIS)

    Klimenko, A.V.

    1998-01-01

    The theoretical results about optimum strategy of use of military uranium confirmed by systems approach accounts are received. The numerical value of the system approach price of the highly enriched military uranium also is given

  5. Pricing and Fee Management.

    Science.gov (United States)

    Fischer, Richard B.

    1986-01-01

    Defines key terms and discusses things to consider when setting fees for a continuing education program. These include (1) the organization's philosophy and mission, (2) certain key variables, (3) pricing strategy options, and (4) the test of reasonableness. (CH)

  6. The price of pollution

    International Nuclear Information System (INIS)

    Bleijenberg, A.N.; Davidson, M.D.; Wit, R.

    1998-06-01

    The market does not create a price for environmental pollution for the simple reason that there is no market for the environment. What can be done is to calculate shadow prices for environmental pollution, which is achieved by calculating the price that would arise if there would be a market for the environment. In applying this method, it generally proves to be necessary to base calculations on government environmental targets. Using available research data, the method is used to calculate shadow prices for a number of key pollutants. The present report is based on the CE studies 'Schaduwprijzen Prioriterings Methodiek (SPM)' (1997), commissioned by ICI Holland BV, and 'De prijs van Milieuvervuiling' (1997), commissioned by KNP BT Packaging

  7. Variable Pricing Feasibility Assessment

    National Research Council Canada - National Science Library

    2004-01-01

    ...) and Willard Bishop Consulting (Barrington, IL) to evaluate the practicality of using a variable pricing system within DeCA to maintain an average of 30 percent customer savings and lower appropriated fund costs...

  8. Market News Price Dataset

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — Real-time price data collected by the Boston Market News Reporter. The NOAA Fisheries' "Fishery Market News" began operations in New York City on February 14, 1938....

  9. Essays on Derivatives Pricing

    DEFF Research Database (Denmark)

    Kokholm, Thomas

    . With the existence of a liquid market for derivatives with variance as underlying, such as VIX options, VIX futures and a well-developed over-the-counter market for options on variance swaps, it is important to consider models that are able to fit these markets while consistently pricing vanilla options...... financial models, and most importantly, to be aware of their limitations. Following that belief, this thesis consists of three independent and self-contained papers, all dealing with topics in derivatives pricing. The first paper considers the pricing of traffic light options, which are appropriate...... the market for multivariate credit instruments, we take a step back and focus on single-name default modeling and introduce two new model classes for modeling of the default time of a company. Finally, in the third paper we propose a consistent pricing model for index and volatility derivatives...

  10. Thinking by analogy, systematic risk, and option prices

    OpenAIRE

    Siddiqi, Hammad

    2011-01-01

    People tend to think by analogies and comparisons. Such way of thinking, termed coarse thinking by Mullainathan et al [Quarterly Journal of Economics, May 2008] is intuitively very appealing. We develop a new option pricing model based on the idea that the market consists of coarse thinkers as well as rational investors when limits to arbitrage (transaction costs) prevent rational investors from profiting at the expense of coarse thinkers. The new formula, which is a closed form solution to t...

  11. Midsouth Pulpwood Prices, 1991

    Science.gov (United States)

    Patrick E. Miller

    1993-01-01

    The average delivered price for a cord of Midsouth roundwood in 1991 was $56.39, an increase of 6.5 percent since 1990. Softwood roundwood averaged $58.24 and hardwoods, $50.48 per standard cord, up 2.8 and 7.9 percent, respectively. Chipped residue prices were $26.52 for softwood and $21.0l for hardwood per green ton. The expenditure for wood fiber in the Midsouth...

  12. Energy price risk management

    International Nuclear Information System (INIS)

    Evans, J.W.G.

    1998-01-01

    While long term, fixed price contracts for fuel procurement and export of excess power may lock in the economics of a CHP plant, these do not necessarily give the best pricing opportunities that may exist during the life of those contracts. A more prudent approach may be to vary the length of the contracts and markets are now developing in gas and electricity to assist in the management of such a portfolio. (Author)

  13. New product pricing

    International Nuclear Information System (INIS)

    Wilkinson, V.K.

    1981-01-01

    One of the most uncertain elements in budget planning is estimating production costs of items that have heretofore only been produced in prototype configurations and quantities. This paper examines the design and development of a mathematical model which computes appropriate prices for new and unique products. The resulting model offers a producer a fair return on his investment and the consumer a fair purchase price

  14. Corporate debt pricing I.

    OpenAIRE

    Ilya, Gikhman

    2007-01-01

    In this article we discuss fundamentals of the debt securities pricing. We begin with a generalization of the present value concept. Though the present value is the base valuation method in the modern finance we will illustrate that this concept does not sufficiently accurate in producing instrument pricing. The incompleteness of the unique present value approach stems from variability of the interest rates. Admitting variability of the interest rates we define two present values one for buye...

  15. Oil price volatility and the asymmetric response of gasoline prices to oil price increases and decreases

    International Nuclear Information System (INIS)

    Radchenko, S.

    2005-01-01

    This paper analyzes the effect of volatility in oil prices on the degree of asymmetry in the response of gasoline prices to oil price increases and decreases. Several time series measures of the asymmetry between the responses of gasoline prices to oil price increases and decreases and several measures of the oil price volatility are constructed. In all models, the degree of asymmetry in gasoline prices declines with an increase in oil price volatility. The results support the oligopolistic coordination theory as a likely explanation of the observed asymmetry and are not consistent with the standard search theory and the search theory with Bayesian updating. (author)

  16. Price Recall, Bertrand Paradox and Price Dispersion With Elastic Demand

    NARCIS (Netherlands)

    Carvalho, M.

    2009-01-01

    This paper studies the consequence of an imprecise recall of the price by the consumers in the Bertrand price competition model for a homogeneous good. It is shown that firms can exploit this weakness and charge prices above the competitive price. This markup increases for rougher recall of the

  17. Why do stumpage prices increase more than lumber prices?

    Science.gov (United States)

    William G. Luppold; John E. Baumgras; John E. Baumgras

    1998-01-01

    Every sawmiller who has been in business more than 5 years realizes that hardwood stumpage prices tend to increase faster than lumber prices, decreasing the margin between these two prices. Although increases in stumpage versus lumber prices are readily apparent, the reason for the decrease in the margin is not. Recent research findings indicate that the stumpage/...

  18. Analyzing the effects of past prices on reference price formation

    NARCIS (Netherlands)

    R.D. van Oest (Rutger); R. Paap (Richard)

    2004-01-01

    textabstractWe propose a new reference price framework for brand choice. In this framework, we employ a Markov-switching process with an absorbing state to model unobserved price recall of households. Reference prices result from the prices households are able to remember. Our model can be used to

  19. Higher Education Prices and Price Indexes. 1976 Supplement.

    Science.gov (United States)

    Halstead, Kent D.

    The 1976 supplement presents higher education price index data for fiscal years 1971 through 1976. The basic study, "Higher Education Prices and Price Indexes" (ED 123 996) presents complete descriptions of the indexes together with index values and price data for fiscal years 1961 through 1974. Indexes are presented for research and development,…

  20. Forecasting Day-Ahead Electricity Prices : Utilizing Hourly Prices

    NARCIS (Netherlands)

    E. Raviv (Eran); K.E. Bouwman (Kees); D.J.C. van Dijk (Dick)

    2013-01-01

    textabstractThe daily average price of electricity represents the price of electricity to be delivered over the full next day and serves as a key reference price in the electricity market. It is an aggregate that equals the average of hourly prices for delivery during each of the 24 individual

  1. Estimating the commodity market price of risk for energy prices

    International Nuclear Information System (INIS)

    Kolos, Sergey P.; Ronn, Ehud I.

    2008-01-01

    The purpose of this paper is to estimate the ''market price of risk'' (MPR) for energy commodities, the ratio of expected return to standard deviation. The MPR sign determines whether energy forward prices are upward- or downward-biased predictors of expected spot prices. We estimate MPRs using spot and futures prices, while accounting for the Samuelson effect. We find long-term MPRs generally positive and short-term negative, consistent with positive energy betas and hedging, respectively. In spot electricity markets, MPRs in Day-Ahead Prices agree with short-dated futures. Our results relate risk premia to informed hedging decisions, and futures prices to forecast/expected prices. (author)

  2. Production of [Formula: see text] and [Formula: see text] in proton-proton collisions at [Formula: see text] 7 TeV.

    Science.gov (United States)

    Abelev, B; Adam, J; Adamová, D; Aggarwal, M M; Rinella, G Aglieri; Agnello, M; Agostinelli, A; Agrawal, N; Ahammed, Z; Ahmad, N; Ahmed, I; Ahn, S U; Ahn, S A; Aimo, I; Aiola, S; Ajaz, M; Akindinov, A; Alam, S N; Aleksandrov, D; Alessandro, B; Alexandre, D; Alici, A; Alkin, A; Alme, J; Alt, T; Altinpinar, S; Altsybeev, I; Alves Garcia Prado, C; Andrei, C; Andronic, A; Anguelov, V; Anielski, J; Antičić, T; Antinori, F; Antonioli, P; Aphecetche, L; Appelshäuser, H; Arcelli, S; Armesto, N; Arnaldi, R; Aronsson, T; Arsene, I C; Arslandok, M; Augustinus, A; Averbeck, R; Awes, T C; Azmi, M D; Bach, M; Badalà, A; Baek, Y W; Bagnasco, S; Bailhache, R; Bala, R; Baldisseri, A; Baltasar Dos Santos Pedrosa, F; Baral, R C; Barbera, R; Barile, F; Barnaföldi, G G; Barnby, L S; Barret, V; Bartke, J; Basile, M; Bastid, N; Basu, S; Bathen, B; Batigne, G; Batista Camejo, A; Batyunya, B; Batzing, P C; Baumann, C; Bearden, I G; Beck, H; Bedda, C; Behera, N K; Belikov, I; Bellini, F; Bellwied, R; Belmont-Moreno, E; Belmont, R; Belyaev, V; Bencedi, G; Beole, S; Berceanu, I; Bercuci, A; Berdnikov, Y; Berenyi, D; Berger, M E; Bertens, R A; Berzano, D; Betev, L; Bhasin, A; Bhat, I R; Bhati, A K; Bhattacharjee, B; Bhom, J; Bianchi, L; Bianchi, N; Bianchin, C; Bielčík, J; Bielčíková, J; Bilandzic, A; Bjelogrlic, S; Blanco, F; Blau, D; Blume, C; Bock, F; Bogdanov, A; Bøggild, H; Bogolyubsky, M; Böhmer, F V; Boldizsár, L; Bombara, M; Book, J; Borel, H; Borissov, A; Bossú, F; Botje, M; Botta, E; Böttger, S; Braun-Munzinger, P; Bregant, M; Breitner, T; Broker, T A; Browning, T A; Broz, M; Bruna, E; Bruno, G E; Budnikov, D; Buesching, H; Bufalino, S; Buncic, P; Busch, O; Buthelezi, Z; Caffarri, D; Cai, X; Caines, H; Calero Diaz, L; Caliva, A; Calvo Villar, E; Camerini, P; Carena, F; Carena, W; Castillo Castellanos, J; Casula, E A R; Catanescu, V; Cavicchioli, C; Ceballos Sanchez, C; Cepila, J; Cerello, P; Chang, B; Chapeland, S; Charvet, J L; Chattopadhyay, S; Chattopadhyay, S; Chelnokov, V; Cherney, M; Cheshkov, C; Cheynis, B; Chibante Barroso, V; Chinellato, D D; Chochula, P; Chojnacki, M; Choudhury, S; Christakoglou, P; Christensen, C H; Christiansen, P; Chujo, T; Chung, S U; Cicalo, C; Cifarelli, L; Cindolo, F; Cleymans, J; Colamaria, F; Colella, D; Collu, A; Colocci, M; Conesa Balbastre, G; Conesa Del Valle, Z; Connors, M E; Contreras, J G; Cormier, T M; Corrales Morales, Y; Cortese, P; Cortés Maldonado, I; Cosentino, M R; Costa, F; Crochet, P; Cruz Albino, R; Cuautle, E; Cunqueiro, L; Dainese, A; Dang, R; Danu, A; Das, D; Das, I; Das, K; Das, S; Dash, A; Dash, S; De, S; Delagrange, H; Deloff, A; Dénes, E; D'Erasmo, G; De Caro, A; de Cataldo, G; de Cuveland, J; De Falco, A; De Gruttola, D; De Marco, N; De Pasquale, S; de Rooij, R; Diaz Corchero, M A; Dietel, T; Dillenseger, P; Divià, R; Di Bari, D; Di Liberto, S; Di Mauro, A; Di Nezza, P; Djuvsland, Ø; Dobrin, A; Dobrowolski, T; Domenicis Gimenez, D; Dönigus, B; Dordic, O; Dørheim, S; Dubey, A K; Dubla, A; Ducroux, L; Dupieux, P; Dutta Majumdar, A K; Hilden, T E; Ehlers, R J; Elia, D; Engel, H; Erazmus, B; Erdal, H A; Eschweiler, D; Espagnon, B; Esposito, M; Estienne, M; Esumi, S; Evans, D; Evdokimov, S; Fabris, D; Faivre, J; Falchieri, D; Fantoni, A; Fasel, M; Fehlker, D; Feldkamp, L; Felea, D; Feliciello, A; Feofilov, G; Ferencei, J; Fernández Téllez, A; Ferreiro, E G; Ferretti, A; Festanti, A; Figiel, J; Figueredo, M A S; Filchagin, S; Finogeev, D; Fionda, F M; Fiore, E M; Floratos, E; Floris, M; Foertsch, S; Foka, P; Fokin, S; Fragiacomo, E; Francescon, A; Frankenfeld, U; Fuchs, U; Furget, C; Furs, A; Fusco Girard, M; Gaardhøje, J J; Gagliardi, M; Gago, A M; Gallio, M; Gangadharan, D R; Ganoti, P; Gao, C; Garabatos, C; Garcia-Solis, E; Gargiulo, C; Garishvili, I; Gerhard, J; Germain, M; Gheata, A; Gheata, M; Ghidini, B; Ghosh, P; Ghosh, S K; Gianotti, P; Giubellino, P; Gladysz-Dziadus, E; Glässel, P; Gomez Ramirez, A; González-Zamora, P; Gorbunov, S; Görlich, L; Gotovac, S; Graczykowski, L K; Grelli, A; Grigoras, A; Grigoras, C; Grigoriev, V; Grigoryan, A; Grigoryan, S; Grinyov, B; Grion, N; Grosse-Oetringhaus, J F; Grossiord, J-Y; Grosso, R; Guber, F; Guernane, R; Guerzoni, B; Guilbaud, M; Gulbrandsen, K; Gulkanyan, H; Gumbo, M; Gunji, T; Gupta, A; Gupta, R; Khan, K H; Haake, R; Haaland, Ø; Hadjidakis, C; Haiduc, M; Hamagaki, H; Hamar, G; Hanratty, L D; Hansen, A; Harris, J W; Hartmann, H; Harton, A; Hatzifotiadou, D; Hayashi, S; Heckel, S T; Heide, M; Helstrup, H; Herghelegiu, A; Herrera Corral, G; Hess, B A; Hetland, K F; Hippolyte, B; Hladky, J; Hristov, P; Huang, M; Humanic, T J; Hussain, N; Hussain, T; Hutter, D; Hwang, D S; Ilkaev, R; Ilkiv, I; Inaba, M; Innocenti, G M; Ionita, C; Ippolitov, M; Irfan, M; Ivanov, M; Ivanov, V; Jachołkowski, A; Jacobs, P M; Jahnke, C; Jang, H J; Janik, M A; Jayarathna, P H S Y; Jena, C; Jena, S; Jimenez Bustamante, R T; Jones, P G; Jung, H; Jusko, A; Kadyshevskiy, V; Kalinak, P; Kalweit, A; Kamin, J; Kang, J H; Kaplin, V; Kar, S; Karasu Uysal, A; Karavichev, O; Karavicheva, T; Karpechev, E; Kebschull, U; Keidel, R; Keijdener, D L D; Svn, M Keil; Khan, M M; Khan, P; Khan, S A; Khanzadeev, A; Kharlov, Y; Kileng, B; Kim, B; Kim, D W; Kim, D J; Kim, J S; Kim, M; Kim, M; Kim, S; Kim, T; Kirsch, S; Kisel, I; Kiselev, S; Kisiel, A; Kiss, G; Klay, J L; Klein, J; Klein-Bösing, C; Kluge, A; Knichel, M L; Knospe, A G; Kobdaj, C; Kofarago, M; Köhler, M K; Kollegger, T; Kolojvari, A; Kondratiev, V; Kondratyeva, N; Konevskikh, A; Kovalenko, V; Kowalski, M; Kox, S; Koyithatta Meethaleveedu, G; Kral, J; Králik, I; Kravčáková, A; Krelina, M; Kretz, M; Krivda, M; Krizek, F; Kryshen, E; Krzewicki, M; Kučera, V; Kucheriaev, Y; Kugathasan, T; Kuhn, C; Kuijer, P G; Kulakov, I; Kumar, J; Kurashvili, P; Kurepin, A; Kurepin, A B; Kuryakin, A; Kushpil, S; Kweon, M J; Kwon, Y; Ladron de Guevara, P; Lagana Fernandes, C; Lakomov, I; Langoy, R; Lara, C; Lardeux, A; Lattuca, A; La Pointe, S L; La Rocca, P; Lea, R; Leardini, L; Lee, G R; Legrand, I; Lehnert, J; Lemmon, R C; Lenti, V; Leogrande, E; Leoncino, M; León Monzón, I; Lévai, P; Li, S; Lien, J; Lietava, R; Lindal, S; Lindenstruth, V; Lippmann, C; Lisa, M A; Ljunggren, H M; Lodato, D F; Loenne, P I; Loggins, V R; Loginov, V; Lohner, D; Loizides, C; Lopez, X; López Torres, E; Lu, X-G; Luettig, P; Lunardon, M; Luparello, G; Ma, R; Maevskaya, A; Mager, M; Mahapatra, D P; Mahmood, S M; Maire, A; Majka, R D; Malaev, M; Maldonado Cervantes, I; Malinina, L; Mal'Kevich, D; Malzacher, P; Mamonov, A; Manceau, L; Manko, V; Manso, F; Manzari, V; Marchisone, M; Mareš, J; Margagliotti, G V; Margotti, A; Marín, A; Markert, C; Marquard, M; Martashvili, I; Martin, N A; Martinengo, P; Martínez, M I; Martínez García, G; Martin Blanco, J; Martynov, Y; Mas, A; Masciocchi, S; Masera, M; Masoni, A; Massacrier, L; Mastroserio, A; Matyja, A; Mayer, C; Mazer, J; Mazzoni, M A; Meddi, F; Menchaca-Rocha, A; Meninno, E; Mercado Pérez, J; Meres, M; Miake, Y; Mikhaylov, K; Milano, L; Milosevic, J; Mischke, A; Mishra, A N; Miśkowiec, D; Mitra, J; Mitu, C M; Mlynarz, J; Mohammadi, N; Mohanty, B; Molnar, L; Montaño Zetina, L; Montes, E; Morando, M; Moreira De Godoy, D A; Moretto, S; Morreale, A; Morsch, A; Muccifora, V; Mudnic, E; Mühlheim, D; Muhuri, S; Mukherjee, M; Müller, H; Munhoz, M G; Murray, S; Musa, L; Musinsky, J; Nandi, B K; Nania, R; Nappi, E; Nattrass, C; Nayak, K; Nayak, T K; Nazarenko, S; Nedosekin, A; Nicassio, M; Niculescu, M; Niedziela, J; Nielsen, B S; Nikolaev, S; Nikulin, S; Nikulin, V; Nilsen, B S; Noferini, F; Nomokonov, P; Nooren, G; Norman, J; Nyanin, A; Nystrand, J; Oeschler, H; Oh, S; Oh, S K; Okatan, A; Okubo, T; Olah, L; Oleniacz, J; Oliveira Da Silva, A C; Onderwaater, J; Oppedisano, C; Ortiz Velasquez, A; Oskarsson, A; Otwinowski, J; Oyama, K; Ozdemir, M; Sahoo, P; Pachmayer, Y; Pachr, M; Pagano, P; Paić, G; Pajares, C; Pal, S K; Palmeri, A; Pant, D; Papikyan, V; Pappalardo, G S; Pareek, P; Park, W J; Parmar, S; Passfeld, A; Patalakha, D I; Paticchio, V; Paul, B; Pawlak, T; Peitzmann, T; Pereira Da Costa, H; Pereira De Oliveira Filho, E; Peresunko, D; Pérez Lara, C E; Pesci, A; Peskov, V; Pestov, Y; Petráček, V; Petran, M; Petris, M; Petrovici, M; Petta, C; Piano, S; Pikna, M; Pillot, P; Pinazza, O; Pinsky, L; Piyarathna, D B; Płoskoń, M; Planinic, M; Pluta, J; Pochybova, S; Podesta-Lerma, P L M; Poghosyan, M G; Pohjoisaho, E H O; Polichtchouk, B; Poljak, N; Pop, A; Porteboeuf-Houssais, S; Porter, J; Potukuchi, B; Prasad, S K; Preghenella, R; Prino, F; Pruneau, C A; Pshenichnov, I; Puccio, M; Puddu, G; Pujahari, P; Punin, V; Putschke, J; Qvigstad, H; Rachevski, A; Raha, S; Rajput, S; Rak, J; Rakotozafindrabe, A; Ramello, L; Raniwala, R; Raniwala, S; Räsänen, S S; Rascanu, B T; Rathee, D; Rauf, A W; Razazi, V; Read, K F; Real, J S; Redlich, K; Reed, R J; Rehman, A; Reichelt, P; Reicher, M; Reidt, F; Renfordt, R; Reolon, A R; Reshetin, A; Rettig, F; Revol, J-P; Reygers, K; Riabov, V; Ricci, R A; Richert, T; Richter, M; Riedler, P; Riegler, W; Riggi, F; Rivetti, A; Rocco, E; Rodríguez Cahuantzi, M; Rodriguez Manso, A; Røed, K; Rogochaya, E; Rohni, S; Rohr, D; Röhrich, D; Romita, R; Ronchetti, F; Ronflette, L; Rosnet, P; Rossi, A; Roukoutakis, F; Roy, A; Roy, C; Roy, P; Rubio Montero, A J; Rui, R; Russo, R; Ryabinkin, E; Ryabov, Y; Rybicki, A; Sadovsky, S; Šafařík, K; Sahlmuller, B; Sahoo, R; Sahu, P K; Saini, J; Sakai, S; Salgado, C A; Salzwedel, J; Sambyal, S; Samsonov, V; Sanchez Castro, X; Sánchez Rodríguez, F J; Šándor, L; Sandoval, A; Sano, M; Santagati, G; Sarkar, D; Scapparone, E; Scarlassara, F; Scharenberg, R P; Schiaua, C; Schicker, R; Schmidt, C; Schmidt, H R; Schuchmann, S; Schukraft, J; Schulc, M; Schuster, T; Schutz, Y; Schwarz, K; Schweda, K; Scioli, G; Scomparin, E; Scott, R; Segato, G; Seger, J E; Sekiguchi, Y; Selyuzhenkov, I; Senosi, K; Seo, J; Serradilla, E; Sevcenco, A; Shabetai, A; Shabratova, G; Shahoyan, R; Shangaraev, A; Sharma, A; Sharma, N; Sharma, S; Shigaki, K; Shtejer, K; Sibiriak, Y; Siddhanta, S; Siemiarczuk, T; Silvermyr, D; Silvestre, C; Simatovic, G; Singaraju, R; Singh, R; Singha, S; Singhal, V; Sinha, B C; Sinha, T; Sitar, B; Sitta, M; Skaali, T B; Skjerdal, K; Slupecki, M; Smirnov, N; Snellings, R J M; Søgaard, C; Soltz, R; Song, J; Song, M; Soramel, F; Sorensen, S; Spacek, M; Spiriti, E; Sputowska, I; Spyropoulou-Stassinaki, M; Srivastava, B K; Stachel, J; Stan, I; Stefanek, G; Steinpreis, M; Stenlund, E; Steyn, G; Stiller, J H; Stocco, D; Stolpovskiy, M; Strmen, P; Suaide, A A P; Sugitate, T; Suire, C; Suleymanov, M; Sultanov, R; Šumbera, M; Symons, T J M; Szabo, A; Szanto de Toledo, A; Szarka, I; Szczepankiewicz, A; Szymanski, M; Takahashi, J; Tangaro, M A; Tapia Takaki, J D; Tarantola Peloni, A; Tarazona Martinez, A; Tariq, M; Tarzila, M G; Tauro, A; Tejeda Muñoz, G; Telesca, A; Terasaki, K; Terrevoli, C; Thäder, J; Thomas, D; Tieulent, R; Timmins, A R; Toia, A; Trubnikov, V; Trzaska, W H; Tsuji, T; Tumkin, A; Turrisi, R; Tveter, T S; Ullaland, K; Uras, A; Usai, G L; Vajzer, M; Vala, M; Valencia Palomo, L; Vallero, S; Vande Vyvre, P; Van Der Maarel, J; Van Hoorne, J W; van Leeuwen, M; Vargas, A; Vargyas, M; Varma, R; Vasileiou, M; Vasiliev, A; Vechernin, V; Veldhoen, M; Velure, A; Venaruzzo, M; Vercellin, E; Vergara Limón, S; Vernet, R; Verweij, M; Vickovic, L; Viesti, G; Viinikainen, J; Vilakazi, Z; Villalobos Baillie, O; Vinogradov, A; Vinogradov, L; Vinogradov, Y; Virgili, T; Vislavicius, V; Viyogi, Y P; Vodopyanov, A; Völkl, M A; Voloshin, K; Voloshin, S A; Volpe, G; von Haller, B; Vorobyev, I; Vranic, D; Vrláková, J; Vulpescu, B; Vyushin, A; Wagner, B; Wagner, J; Wagner, V; Wang, M; Wang, Y; Watanabe, D; Weber, M; Weber, S G; Wessels, J P; Westerhoff, U; Wiechula, J; Wikne, J; Wilde, M; Wilk, G; Wilkinson, J; Williams, M C S; Windelband, B; Winn, M; Yaldo, C G; Yamaguchi, Y; Yang, H; Yang, P; Yang, S; Yano, S; Yasnopolskiy, S; Yi, J; Yin, Z; Yoo, I-K; Yushmanov, I; Zaccolo, V; Zach, C; Zaman, A; Zampolli, C; Zaporozhets, S; Zarochentsev, A; Závada, P; Zaviyalov, N; Zbroszczyk, H; Zgura, I S; Zhalov, M; Zhang, H; Zhang, X; Zhang, Y; Zhao, C; Zhigareva, N; Zhou, D; Zhou, F; Zhou, Y; Zhuo, Zhou; Zhu, H; Zhu, J; Zhu, X; Zichichi, A; Zimmermann, A; Zimmermann, M B; Zinovjev, G; Zoccarato, Y; Zyzak, M

    The production of the strange and double-strange baryon resonances ([Formula: see text], [Formula: see text]) has been measured at mid-rapidity ([Formula: see text][Formula: see text]) in proton-proton collisions at [Formula: see text] [Formula: see text] 7 TeV with the ALICE detector at the LHC. Transverse momentum spectra for inelastic collisions are compared to QCD-inspired models, which in general underpredict the data. A search for the [Formula: see text] pentaquark, decaying in the [Formula: see text] channel, has been carried out but no evidence is seen.

  3. Output Price Risk, Material Input Price Risk, and Price Margins: Evidence from the US Catfish Industry.

    Directory of Open Access Journals (Sweden)

    David Bouras

    2017-07-01

    Full Text Available Aim/purpose - To develop a conceptual model for analyzing the impact of output price risk and material input price risk on price margins. Design/methodology/approach - To analyze the combined effect of output price risk and material input risk on price margins, we use a series of comparative static analyses, GARCH models, and data ranging from 1990/01 to 2012/12. Findings - The theoretical results indicate that the impact of output price risk and the impact of material input price risk on price margins are ambiguous and, to a great extent, hinge on the correlation between output price and material input price. The empirical results show that whole frozen catfish price risk and live catfish price risk negatively affect the price margin for frozen catfish. The empirical results, however, indicate that the risk of the price of live catfish affects markedly the price margin for frozen whole catfish in contrast to the impact of the risk of the price of frozen whole catfish. Research implications/limitations - The empirical results have significant implications for managerial decision-making especially when crafting strategies for improving price margins. Accordingly, in order to beef up the price margin for frozen whole catfish, catfish processors may consider engaging in vertical integration. This paper has some limitations: first, it assumes that firms operate in competitive markets; second, it assumes that firms produce and sell a single product. Originality/value/contribution - Unlike earlier studies that focused solely on the effect of output price risk on price margins, this paper analyzes theoretically and empirically the impact of output price risk and material input price risk on price margins.

  4. Measurement of quarkonium production at forward rapidity in [Formula: see text] collisions at [Formula: see text]TeV.

    Science.gov (United States)

    Abelev, B; Adam, J; Adamová, D; Aggarwal, M M; Agnello, M; Agostinelli, A; Agrawal, N; Ahammed, Z; Ahmad, N; Ahmad Masoodi, A; Ahmed, I; Ahn, S U; Ahn, S A; Aimo, I; Aiola, S; Ajaz, M; Akindinov, A; Aleksandrov, D; Alessandro, B; Alexandre, D; Alici, A; Alkin, A; Alme, J; Alt, T; Altini, V; Altinpinar, S; Altsybeev, I; Alves Garcia Prado, C; Andrei, C; Andronic, A; Anguelov, V; Anielski, J; Antičić, T; Antinori, F; Antonioli, P; Aphecetche, L; Appelshäuser, H; Arbor, N; Arcelli, S; Armesto, N; Arnaldi, R; Aronsson, T; Arsene, I C; Arslandok, M; Augustinus, A; Averbeck, R; Awes, T C; Azmi, M D; Bach, M; Badalà, A; Baek, Y W; Bagnasco, S; Bailhache, R; Bala, R; Baldisseri, A; Baltasar Dos Santos Pedrosa, F; Baral, R C; Barbera, R; Barile, F; Barnaföldi, G G; Barnby, L S; Barret, V; Bartke, J; Basile, M; Bastid, N; Basu, S; Bathen, B; Batigne, G; Batyunya, B; Batzing, P C; Baumann, C; Bearden, I G; Beck, H; Bedda, C; Behera, N K; Belikov, I; Bellini, F; Bellwied, R; Belmont-Moreno, E; Bencedi, G; Beole, S; Berceanu, I; Bercuci, A; Berdnikov, Y; Berenyi, D; Bertens, R A; Berzano, D; Betev, L; Bhasin, A; Bhat, I R; Bhati, A K; Bhattacharjee, B; Bhom, J; Bianchi, L; Bianchi, N; Bianchin, C; Bielčík, J; Bielčíková, J; Bilandzic, A; Bjelogrlic, S; Blanco, F; Blau, D; Blume, C; Bock, F; Bogdanov, A; Bøggild, H; Bogolyubsky, M; Boldizsár, L; Bombara, M; Book, J; Borel, H; Borissov, A; Bossú, F; Botje, M; Botta, E; Böttger, S; Braun-Munzinger, P; Bregant, M; Breitner, T; Broker, T A; Browning, T A; Broz, M; Bruna, E; Bruno, G E; Budnikov, D; Buesching, H; Bufalino, S; Buncic, P; Busch, O; Buthelezi, Z; Caffarri, D; Cai, X; Caines, H; Caliva, A; Calvo Villar, E; Camerini, P; Carena, F; Carena, W; Castillo Castellanos, J; Casula, E A R; Catanescu, V; Cavicchioli, C; Ceballos Sanchez, C; Cepila, J; Cerello, P; Chang, B; Chapeland, S; Charvet, J L; Chattopadhyay, S; Chattopadhyay, S; Chelnokov, V; Cherney, M; Cheshkov, C; Cheynis, B; Chibante Barroso, V; Chinellato, D D; Chochula, P; Chojnacki, M; Choudhury, S; Christakoglou, P; Christensen, C H; Christiansen, P; Chujo, T; Chung, S U; Cicalo, C; Cifarelli, L; Cindolo, F; Cleymans, J; Colamaria, F; Colella, D; Collu, A; Colocci, M; Conesa Balbastre, G; Conesa Del Valle, Z; Connors, M E; Contreras, J G; Cormier, T M; Corrales Morales, Y; Cortese, P; Cortés Maldonado, I; Cosentino, M R; Costa, F; Crochet, P; Cruz Albino, R; Cuautle, E; Cunqueiro, L; Dainese, A; Dang, R; Danu, A; Das, D; Das, I; Das, K; Das, S; Dash, A; Dash, S; De, S; Delagrange, H; Deloff, A; Dénes, E; D'Erasmo, G; De Caro, A; de Cataldo, G; de Cuveland, J; De Falco, A; De Gruttola, D; De Marco, N; De Pasquale, S; de Rooij, R; Diaz Corchero, M A; Dietel, T; Divià, R; Di Bari, D; Di Liberto, S; Di Mauro, A; Di Nezza, P; Djuvsland, Ø; Dobrin, A; Dobrowolski, T; Domenicis Gimenez, D; Dönigus, B; Dordic, O; Dubey, A K; Dubla, A; Ducroux, L; Dupieux, P; Dutta Majumdar, A K; Ehlers, R J; Elia, D; Engel, H; Erazmus, B; Erdal, H A; Eschweiler, D; Espagnon, B; Esposito, M; Estienne, M; Esumi, S; Evans, D; Evdokimov, S; Fabris, D; Faivre, J; Falchieri, D; Fantoni, A; Fasel, M; Fehlker, D; Feldkamp, L; Felea, D; Feliciello, A; Feofilov, G; Ferencei, J; Fernández Téllez, A; Ferreiro, E G; Ferretti, A; Festanti, A; Figiel, J; Figueredo, M A S; Filchagin, S; Finogeev, D; Fionda, F M; Fiore, E M; Floratos, E; Floris, M; Foertsch, S; Foka, P; Fokin, S; Fragiacomo, E; Francescon, A; Frankenfeld, U; Fuchs, U; Furget, C; Fusco Girard, M; Gaardhøje, J J; Gagliardi, M; Gago, A M; Gallio, M; Gangadharan, D R; Ganoti, P; Garabatos, C; Garcia-Solis, E; Gargiulo, C; Garishvili, I; Gerhard, J; Germain, M; Gheata, A; Gheata, M; Ghidini, B; Ghosh, P; Ghosh, S K; Gianotti, P; Giubellino, P; Gladysz-Dziadus, E; Glässel, P; Gomez Ramirez, A; González-Zamora, P; Gorbunov, S; Görlich, L; Gotovac, S; Graczykowski, L K; Grelli, A; Grigoras, A; Grigoras, C; Grigoriev, V; Grigoryan, A; Grigoryan, S; Grinyov, B; Grion, N; Grosse-Oetringhaus, J F; Grossiord, J-Y; Grosso, R; Guber, F; Guernane, R; Guerzoni, B; Guilbaud, M; Gulbrandsen, K; Gulkanyan, H; Gunji, T; Gupta, A; Gupta, R; Khan, K H; Haake, R; Haaland, Ø; Hadjidakis, C; Haiduc, M; Hamagaki, H; Hamar, G; Hanratty, L D; Hansen, A; Harris, J W; Hartmann, H; Harton, A; Hatzifotiadou, D; Hayashi, S; Heckel, S T; Heide, M; Helstrup, H; Herghelegiu, A; Herrera Corral, G; Hess, B A; Hetland, K F; Hicks, B; Hippolyte, B; Hladky, J; Hristov, P; Huang, M; Humanic, T J; Hutter, D; Hwang, D S; Ilkaev, R; Ilkiv, I; Inaba, M; Innocenti, G M; Ionita, C; Ippolitov, M; Irfan, M; Ivanov, M; Ivanov, V; Ivanytskyi, O; Jachołkowski, A; Jacobs, P M; Jahnke, C; Jang, H J; Janik, M A; Jayarathna, P H S Y; Jena, S; Jimenez Bustamante, R T; Jones, P G; Jung, H; Jusko, A; Kadyshevskiy, V; Kalcher, S; Kalinak, P; Kalweit, A; Kamin, J; Kang, J H; Kaplin, V; Kar, S; Karasu Uysal, A; Karavichev, O; Karavicheva, T; Karpechev, E; Kebschull, U; Keidel, R; Khan, M M; Khan, P; Khan, S A; Khanzadeev, A; Kharlov, Y; Kileng, B; Kim, B; Kim, D W; Kim, D J; Kim, J S; Kim, M; Kim, M; Kim, S; Kim, T; Kirsch, S; Kisel, I; Kiselev, S; Kisiel, A; Kiss, G; Klay, J L; Klein, J; Klein-Bösing, C; Kluge, A; Knichel, M L; Knospe, A G; Kobdaj, C; Köhler, M K; Kollegger, T; Kolojvari, A; Kondratiev, V; Kondratyeva, N; Konevskikh, A; Kovalenko, V; Kowalski, M; Kox, S; Koyithatta Meethaleveedu, G; Kral, J; Králik, I; Kramer, F; Kravčáková, A; Krelina, M; Kretz, M; Krivda, M; Krizek, F; Krus, M; Kryshen, E; Krzewicki, M; Kučera, V; Kucheriaev, Y; Kugathasan, T; Kuhn, C; Kuijer, P G; Kulakov, I; Kumar, J; Kurashvili, P; Kurepin, A; Kurepin, A B; Kuryakin, A; Kushpil, S; Kweon, M J; Kwon, Y; Ladron de Guevara, P; Lagana Fernandes, C; Lakomov, I; Langoy, R; Lara, C; Lardeux, A; Lattuca, A; La Pointe, S L; La Rocca, P; Lea, R; Lee, G R; Legrand, I; Lehnert, J; Lemmon, R C; Lenti, V; Leogrande, E; Leoncino, M; León Monzón, I; Lévai, P; Li, S; Lien, J; Lietava, R; Lindal, S; Lindenstruth, V; Lippmann, C; Lisa, M A; Ljunggren, H M; Lodato, D F; Loenne, P I; Loggins, V R; Loginov, V; Lohner, D; Loizides, C; Lopez, X; López Torres, E; Lu, X-G; Luettig, P; Lunardon, M; Luo, J; Luparello, G; Luzzi, C; Ma, R; Maevskaya, A; Mager, M; Mahapatra, D P; Maire, A; Majka, R D; Malaev, M; Maldonado Cervantes, I; Malinina, L; Mal'Kevich, D; Malzacher, P; Mamonov, A; Manceau, L; Manko, V; Manso, F; Manzari, V; Marchisone, M; Mareš, J; Margagliotti, G V; Margotti, A; Marín, A; Markert, C; Marquard, M; Martashvili, I; Martin, N A; Martinengo, P; Martínez, M I; Martínez García, G; Martin Blanco, J; Martynov, Y; Mas, A; Masciocchi, S; Masera, M; Masoni, A; Massacrier, L; Mastroserio, A; Matyja, A; Mayer, C; Mazer, J; Mazzoni, M A; Meddi, F; Menchaca-Rocha, A; Mercado Pérez, J; Meres, M; Miake, Y; Mikhaylov, K; Milano, L; Milosevic, J; Mischke, A; Mishra, A N; Miśkowiec, D; Mitu, C M; Mlynarz, J; Mohanty, B; Molnar, L; Montaño Zetina, L; Montes, E; Morando, M; Moreira De Godoy, D A; Moretto, S; Morreale, A; Morsch, A; Muccifora, V; Mudnic, E; Muhuri, S; Mukherjee, M; Müller, H; Munhoz, M G; Murray, S; Musa, L; Musinsky, J; Nandi, B K; Nania, R; Nappi, E; Nattrass, C; Nayak, T K; Nazarenko, S; Nedosekin, A; Nicassio, M; Niculescu, M; Nielsen, B S; Nikolaev, S; Nikulin, S; Nikulin, V; Nilsen, B S; Noferini, F; Nomokonov, P; Nooren, G; Nyanin, A; Nystrand, J; Oeschler, H; Oh, S; Oh, S K; Okatan, A; Olah, L; Oleniacz, J; Oliveira Da Silva, A C; Onderwaater, J; Oppedisano, C; Ortiz Velasquez, A; Oskarsson, A; Otwinowski, J; Oyama, K; Sahoo, P; Pachmayer, Y; Pachr, M; Pagano, P; Paić, G; Painke, F; Pajares, C; Pal, S K; Palmeri, A; Pant, D; Papikyan, V; Pappalardo, G S; Pareek, P; Park, W J; Parmar, S; Passfeld, A; Patalakha, D I; Paticchio, V; Paul, B; Pawlak, T; Peitzmann, T; Pereira Da Costa, H; Pereira De Oliveira Filho, E; Peresunko, D; Pérez Lara, C E; Pesci, A; Peskov, V; Pestov, Y; Petráček, V; Petran, M; Petris, M; Petrovici, M; Petta, C; Piano, S; Pikna, M; Pillot, P; Pinazza, O; Pinsky, L; Piyarathna, D B; Płoskoń, M; Planinic, M; Pluta, J; Pochybova, S; Podesta-Lerma, P L M; Poghosyan, M G; Pohjoisaho, E H O; Polichtchouk, B; Poljak, N; Pop, A; Porteboeuf-Houssais, S; Porter, J; Pospisil, V; Potukuchi, B; Prasad, S K; Preghenella, R; Prino, F; Pruneau, C A; Pshenichnov, I; Puddu, G; Pujahari, P; Punin, V; Putschke, J; Qvigstad, H; Rachevski, A; Raha, S; Rak, J; Rakotozafindrabe, A; Ramello, L; Raniwala, R; Raniwala, S; Räsänen, S S; Rascanu, B T; Rathee, D; Rauf, A W; Razazi, V; Read, K F; Real, J S; Redlich, K; Reed, R J; Rehman, A; Reichelt, P; Reicher, M; Reidt, F; Renfordt, R; Reolon, A R; Reshetin, A; Rettig, F; Revol, J-P; Reygers, K; Ricci, R A; Richert, T; Richter, M; Riedler, P; Riegler, W; Riggi, F; Rivetti, A; Rocco, E; Rodríguez Cahuantzi, M; Rodriguez Manso, A; Røed, K; Rogochaya, E; Rohni, S; Rohr, D; Röhrich, D; Romita, R; Ronchetti, F; Rosnet, P; Rossegger, S; Rossi, A; Roukoutakis, F; Roy, A; Roy, C; Roy, P; Rubio Montero, A J; Rui, R; Russo, R; Ryabinkin, E; Rybicki, A; Sadovsky, S; Šafařík, K; Sahlmuller, B; Sahoo, R; Sahu, P K; Saini, J; Salgado, C A; Salzwedel, J; Sambyal, S; Samsonov, V; Sanchez Castro, X; Sánchez Rodríguez, F J; Šándor, L; Sandoval, A; Sano, M; Santagati, G; Sarkar, D; Scapparone, E; Scarlassara, F; Scharenberg, R P; Schiaua, C; Schicker, R; Schmidt, C; Schmidt, H R; Schuchmann, S; Schukraft, J; Schulc, M; Schuster, T; Schutz, Y; Schwarz, K; Schweda, K; Scioli, G; Scomparin, E; Scott, R; Segato, G; Seger, J E; Sekiguchi, Y; Selyuzhenkov, I; Seo, J; Serradilla, E; Sevcenco, A; Shabetai, A; Shabratova, G; Shahoyan, R; Shangaraev, A; Sharma, N; Sharma, S; Shigaki, K; Shtejer, K; Sibiriak, Y; Siddhanta, S; Siemiarczuk, T; Silvermyr, D; Silvestre, C; Simatovic, G; Singaraju, R; Singh, R; Singha, S; Singhal, V; Sinha, B C; Sinha, T; Sitar, B; Sitta, M; Skaali, T B; Skjerdal, K; Smakal, R; Smirnov, N; Snellings, R J M; Søgaard, C; Soltz, R; Song, J; Song, M; Soramel, F; Sorensen, S; Spacek, M; Sputowska, I; Spyropoulou-Stassinaki, M; Srivastava, B K; Stachel, J; Stan, I; Stefanek, G; Steinpreis, M; Stenlund, E; Steyn, G; Stiller, J H; Stocco, D; Stolpovskiy, M; Strmen, P; Suaide, A A P; Sugitate, T; Suire, C; Suleymanov, M; Sultanov, R; Šumbera, M; Susa, T; Symons, T J M; Szanto de Toledo, A; Szarka, I; Szczepankiewicz, A; Szymanski, M; Takahashi, J; Tangaro, M A; Tapia Takaki, J D; Tarantola Peloni, A; Tarazona Martinez, A; Tauro, A; Tejeda Muñoz, G; Telesca, A; Terrevoli, C; Thäder, J; Thomas, D; Tieulent, R; Timmins, A R; Toia, A; Torii, H; Trubnikov, V; Trzaska, W H; Tsuji, T; Tumkin, A; Turrisi, R; Tveter, T S; Ulery, J; Ullaland, K; Uras, A; Usai, G L; Vajzer, M; Vala, M; Valencia Palomo, L; Vallero, S; Vande Vyvre, P; Vannucci, L; Van Hoorne, J W; van Leeuwen, M; Vargas, A; Varma, R; Vasileiou, M; Vasiliev, A; Vechernin, V; Veldhoen, M; Velure, A; Venaruzzo, M; Vercellin, E; Vergara Limón, S; Vernet, R; Verweij, M; Vickovic, L; Viesti, G; Viinikainen, J; Vilakazi, Z; Villalobos Baillie, O; Vinogradov, A; Vinogradov, L; Vinogradov, Y; Virgili, T; Viyogi, Y P; Vodopyanov, A; Völkl, M A; Voloshin, K; Voloshin, S A; Volpe, G; von Haller, B; Vorobyev, I; Vranic, D; Vrláková, J; Vulpescu, B; Vyushin, A; Wagner, B; Wagner, J; Wagner, V; Wang, M; Wang, Y; Watanabe, D; Weber, M; Wessels, J P; Westerhoff, U; Wiechula, J; Wikne, J; Wilde, M; Wilk, G; Wilkinson, J; Williams, M C S; Windelband, B; Winn, M; Xiang, C; Yaldo, C G; Yamaguchi, Y; Yang, H; Yang, P; Yang, S; Yano, S; Yasnopolskiy, S; Yi, J; Yin, Z; Yoo, I-K; Yushmanov, I; Zaccolo, V; Zach, C; Zaman, A; Zampolli, C; Zaporozhets, S; Zarochentsev, A; Závada, P; Zaviyalov, N; Zbroszczyk, H; Zgura, I S; Zhalov, M; Zhang, H; Zhang, X; Zhang, Y; Zhao, C; Zhigareva, N; Zhou, D; Zhou, F; Zhou, Y; Zhu, H; Zhu, J; Zhu, X; Zichichi, A; Zimmermann, A; Zimmermann, M B; Zinovjev, G; Zoccarato, Y; Zynovyev, M; Zyzak, M

    The inclusive production cross sections at forward rapidity of [Formula: see text], [Formula: see text], [Formula: see text](1S) and [Formula: see text](2S) are measured in [Formula: see text] collisions at [Formula: see text] with the ALICE detector at the LHC. The analysis is based on a data sample corresponding to an integrated luminosity of 1.35 pb[Formula: see text]. Quarkonia are reconstructed in the dimuon-decay channel and the signal yields are evaluated by fitting the [Formula: see text] invariant mass distributions. The differential production cross sections are measured as a function of the transverse momentum [Formula: see text] and rapidity [Formula: see text], over the ranges [Formula: see text] GeV/c for [Formula: see text], [Formula: see text] GeV/c for all other resonances and for [Formula: see text]. The measured cross sections integrated over [Formula: see text] and [Formula: see text], and assuming unpolarized quarkonia, are: [Formula: see text] [Formula: see text]b, [Formula: see text] [Formula: see text]b, [Formula: see text] nb and [Formula: see text] nb, where the first uncertainty is statistical and the second one is systematic. The results are compared to measurements performed by other LHC experiments and to theoretical models.

  5. Asymptotic Behavior of the Stock Price Distribution Density and Implied Volatility in Stochastic Volatility Models

    International Nuclear Information System (INIS)

    Gulisashvili, Archil; Stein, Elias M.

    2010-01-01

    We study the asymptotic behavior of distribution densities arising in stock price models with stochastic volatility. The main objects of our interest in the present paper are the density of time averages of the squared volatility process and the density of the stock price process in the Stein-Stein and the Heston model. We find explicit formulas for leading terms in asymptotic expansions of these densities and give error estimates. As an application of our results, sharp asymptotic formulas for the implied volatility in the Stein-Stein and the Heston model are obtained.

  6. Delivered Pricing, FOB Pricing, and Collusion in Spatial Markets

    OpenAIRE

    Maria Paz Espinosa

    1992-01-01

    This article examines price discrimination and collusion in spatial markets. The problem is analyzed in the context of a repeated duopoly game. I conclude that the prevailing pricing systems depend on the structural elements of the market. Delivered pricing systems emerge in equilibrium in highly monopolistic and highly competitive industries, while FOB is used in intermediate market structures. The fact driving this result is that delivered pricing policies allow spatial price discrimination...

  7. Forecasting Day-Ahead Electricity Prices: Utilizing Hourly Prices

    OpenAIRE

    Raviv, Eran; Bouwman, Kees E.; van Dijk, Dick

    2013-01-01

    This discussion paper led to a publication in 'Energy Economics' , 2015, 50, 227-239. The daily average price of electricity represents the price of electricity to be delivered over the full next day and serves as a key reference price in the electricity market. It is an aggregate that equals the average of hourly prices for delivery during each of the 24 individual hours. This paper demonstrates that the disaggregated hourly prices contain useful predictive information for the daily average ...

  8. The determination of parameters for thermal unit pricing and economic interchange

    International Nuclear Information System (INIS)

    Briggs, D.W.; Pickles, R.; McPhail, E.M.

    1988-01-01

    When an interchange of energy occurs between adjoining utilities which is not the subject of a predetermined fixed price agreement but is related to the immediate cost of generating and transmitting the power, the purchaser and seller need to know the cost of the power before agreeing to the interchange. A working party from three Maritime utilities was set up to reveiw areas of interchange energy pricing between them and in particular standardize the following aspects: test procedure for a unit heat rate over its load range; maintenance and operating costs; provision for contingency costs; start up costs of units; and a pricing formula considering the above items. The three utilities are Nova Scotia Power Corporation, Maritime Electric, and New Brunswick Power Commission. Details are presented of the three utility's methods of determining heat rate, operating factor, total fuel cost, transmission loss, operations and maintenance costs, gas turbine parameters, pricing formulae, and start up costs. 2 figs., 7 tabs

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

    DEFF Research Database (Denmark)

    Kokholm, Thomas; Stisen, Martin

    2015-01-01

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

  10. Energy markets and price relations

    International Nuclear Information System (INIS)

    Bergendahl, P.A.

    1986-10-01

    The aim of the report is to elucidate the way and extent of the dependence of the price of different energy species of one another and particularly of crude oil prices. Oil, coal and natural gas can substitute each other at many applications. The prices are dependent on mining, processing and transporting. Forecasting of prices and future trends are discussed

  11. Effect of individual components of soy formula and cows milk formula on zinc bioavailability

    International Nuclear Information System (INIS)

    Loennerdal, B.; Cederblad, A.; Davidsson, L.; Sandstroem, B.

    1984-01-01

    Zinc absorption from human milk, cows milk formulas, and soy formulas was studied in human adults by a radioisotope technique using 65 Zn and whole body counting. Individual dietary components were investigated for effects on zinc absorption. Phytate was found to have a strong inhibitory effect on zinc absorption; addition of phytate to cows milk formula (yielding a phytate concentration similar to that of soy formula) resulted in a decrease in zinc absorption from 31 to 16% similar to the absorption for soy formula (14%). Carbohydrate source, calcium, and zinc levels of the diet did not affect zinc absorption significantly. Iron supplementation of cows milk formula decreased zinc absorption from 24 to 18% although this decrease was not found to be significant (p less than 0.1). Absorption of zinc from a whey-adjusted cows milk formula was higher (31%) than from a nonmodified cows milk formula (22%). Increasing the zinc supplementation level in cows milk formula but not in soy formula increased zinc absorption to approximate that from breast milk. It is suggested that reduction of phytate content of soy formula may be a more effective avenue of modification than increased level of zinc supplementation

  12. An Overview, with Emphasis on the Outlook for Supply and Demand - Where are Prices Going

    International Nuclear Information System (INIS)

    Appert, Oliver

    1998-01-01

    According to this presentation, The oil shock of 1973 tripled the share of natural gas in the primary energy consumption in Western Europe. Power generation now emerges as the fastest growing market for gas. Under the impetus of the new measures to be implemented by the EU, as well as the willingness of governments and industrial consumers, the European gas market will gradually change. Price prospects represent the key issue of the new European model. On the one hand prices are likely to become more volatile, increasingly changing with the season. Long-term contract pricing formulas and competing prices may decouple the gas price from oil or petroleum product prices. On the other hand, as a clean energy source gas will register a sustained growth in demand. Gas will still require highly capitalistic infrastructure to reach the markets safely. 8 figs

  13. Preliminary analysis on hybrid Box-Jenkins - GARCH modeling in forecasting gold price

    Science.gov (United States)

    Yaziz, Siti Roslindar; Azizan, Noor Azlinna; Ahmad, Maizah Hura; Zakaria, Roslinazairimah; Agrawal, Manju; Boland, John

    2015-02-01

    Gold has been regarded as a valuable precious metal and the most popular commodity as a healthy return investment. Hence, the analysis and prediction of gold price become very significant to investors. This study is a preliminary analysis on gold price and its volatility that focuses on the performance of hybrid Box-Jenkins models together with GARCH in analyzing and forecasting gold price. The Box-Cox formula is used as the data transformation method due to its potential best practice in normalizing data, stabilizing variance and reduces heteroscedasticity using 41-year daily gold price data series starting 2nd January 1973. Our study indicates that the proposed hybrid model ARIMA-GARCH with t-innovation can be a new potential approach in forecasting gold price. This finding proves the strength of GARCH in handling volatility in the gold price as well as overcomes the non-linear limitation in the Box-Jenkins modeling.

  14. THE PROBLEMS OF TRANSFER PRICING

    OpenAIRE

    Tursunova Nargiza

    2015-01-01

    Each item has a price, but not every company is able to independently set the price at which it wants to sell its goods. Firms need to have a streamlined method of setting prices for their goods, and their financial condition depends on it. When choosing a method of pricing, there must be considered and internal and external constraints. The paper discusses the stages of formation of prices in a continuous process of pricing, as well as methods of pricing, their advantages and disadvantages. ...

  15. Quantity precommitment and price matching

    DEFF Research Database (Denmark)

    Tumennasan, Norovsambuu

    We revisit the question of whether price matching is anti-competitive in a capacity constrained duopoly setting. We show that the effect of price matching depends on capacity. Specifically, price matching has no effect when capacity is relatively low, but it benefits the firms when capacity...... is relatively high. Interestingly, when capacity is in an intermediate range, price matching benefits only the small firm but does not affect the large firm in any way. Therefore, one has to consider capacity seriously when evaluating if price matching is anti-competitive. If the firms choose their capacities...... simultaneously before pricing decisions, then the effect of price matching is either pro-competitive or ambiguous. We show that if the cost of capacity is high, then price matching can only (weakly) decrease the market price. On the other hand, if the cost of capacity is low, then the effect of price matching...

  16. Understanding women's interpretations of infant formula advertising.

    Science.gov (United States)

    Parry, Kathleen; Taylor, Emily; Hall-Dardess, Pam; Walker, Marsha; Labbok, Miriam

    2013-06-01

    Exclusive breastfeeding for 6 months and continued breastfeeding for at least 1 year is recommended by all major health organizations. Whereas 74.6 percent of mothers initiate breastfeeding at birth, exclusivity and duration remain significantly lower than national goals. Empirical evidence suggests that exposure to infant formula marketing contributes to supplementation and premature cessation. The objective of this study was to explore how women interpret infant formula advertising to aid in an understanding of this association. Four focus groups were structured to include women with similar childbearing experience divided according to reproductive status: preconceptional, pregnant, exclusive breastfeeders, and formula feeders. Facilitators used a prepared protocol to guide discussion of infant formula advertisements. Authors conducted a thematic content analysis with special attention to women's statements about what they believed the advertisements said about how the products related to human milk (superior, inferior, similar) and how they reported reacting to these interpretations. Participants reported that the advertisements conveyed an expectation of failure with breastfeeding, and that formula is a solution to fussiness, spitting up, and other normal infant behaviors. Participants reported that the advertisements were confusing in terms of how formula-feeding is superior, inferior or the same as breastfeeding. This confusion was exacerbated by an awareness of distribution by health care practitioners and institutions, suggesting provider endorsement of infant formula. Formula marketing appears to decrease mothers' confidence in their ability to breastfeed, especially when provided by health care practitioners and institutions. Therefore, to be supportive of breastfeeding, perinatal educators and practitioners could be more effective if they did not offer infant formula advertising to mothers. © 2013, Copyright the Authors, Journal compilation © 2013

  17. Generalization of the Fermi-Segre formula

    International Nuclear Information System (INIS)

    Froeman, N.; Froeman, P.O.

    1981-01-01

    A generalization of the non-relativistic Fermi-Segre formula into a formula which is valid also for angular momentum quantum numbers l different from zero, is derived by means of a phase-integral method. The formula thus obtained, which gives an expression for the limit of u(r)/rsup(l+1) as r→0, where u(r) is a normalized bound-state radial wavefunction, in terms of the derivative of the energy level Esub(n'), with respect to the radial quantum number n', is an improvement and generalization of a formula which has been obtained by M.A. Bouchiat and C. Bouchiat. It reduces to their formula for a particular class of potentials and highly excited states with not too large values of l, and it reduces to the Fermi-Segre formula when l=0. The accuracy of our formula, as well as that of the Bouchiat-Bouchiat formula, is investigated by application to an exactly soluble model. The formula obtained can also be written in another form by replacing dEsub(n')/dn' by an expression involving a closed-loop integral in the complex r-plane (around the generalized classical turning points), the integrand being a phase-integral quantity expressed in terms of the potential in which the particle moves. It is also shown that the exact value of the limit of u(r)/rsup(l+1) as r→0 can be expressed as an expectation value of a certain function depending on the physical potential V(r) and r a swell as on l and Esub(n')

  18. Fast Fourier Transform Pricing Method for Exponential Lévy Processes

    KAUST Repository

    Crocce, Fabian

    2014-05-04

    We describe a set of partial-integro-differential equations (PIDE) whose solutions represent the prices of european options when the underlying asset is driven by an exponential L´evy process. Exploiting the L´evy -Khintchine formula, we give a Fourier based method for solving this class of PIDEs. We present a novel L1 error bound for solving a range of PIDEs in asset pricing and use this bound to set parameters for numerical methods.

  19. Machined part sales price build-up based on the contribution margin concept

    OpenAIRE

    Lucato, Wagner Cesar; Baptista, Elesandro Antonio; Coppini, Nivaldo Lemos

    2009-01-01

    One of the main competitive moves observed in the last two decades was the change in product pricing, evolving from a cost plus margin paradigm to a market-driven one. In the present days, the customer defines how much he or she is willing to pay for a given product or service. As a result, traditional cost accounting procedures and their related pricing formulas cannot accommodate that kind of change without significant turnaround in practices and concepts. Taking that into consideration, th...

  20. Fast Fourier Transform Pricing Method for Exponential Lévy Processes

    KAUST Repository

    Crocce, Fabian; Happola, Juho; Kiessling, Jonas; Tempone, Raul

    2014-01-01

    We describe a set of partial-integro-differential equations (PIDE) whose solutions represent the prices of european options when the underlying asset is driven by an exponential L´evy process. Exploiting the L´evy -Khintchine formula, we give a Fourier based method for solving this class of PIDEs. We present a novel L1 error bound for solving a range of PIDEs in asset pricing and use this bound to set parameters for numerical methods.

  1. 27 CFR 17.133 - Food product formulas.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Food product formulas. 17.133 Section 17.133 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU... PRODUCTS Formulas and Samples Approval of Formulas § 17.133 Food product formulas. Formulas for nonbeverage...

  2. The Processing on Different Types of English Formulaic Sequences

    Science.gov (United States)

    Qian, Li

    2015-01-01

    Formulaic sequences are found to be processed faster than their matched novel phrases in previous studies. Given the variety of formulaic types, few studies have compared processing on different types of formulaic sequences. The present study explored the processing among idioms, speech formulae and written formulae. It has been found that in…

  3. Determination of Formula for Vickers Hardness Measurements Uncertainty

    International Nuclear Information System (INIS)

    Purba, Asli

    2007-01-01

    The purpose of formula determination is to obtain the formula of Vickers hardness measurements uncertainty. The approach to determine the formula: influenced parameters identification, creating a cause and effect diagram, determination of sensitivity, determination of standard uncertainty and determination of formula for Vickers hardness measurements uncertainty. The results is a formula for determination of Vickers hardness measurements uncertainty. (author)

  4. Developments in Global Food Prices

    OpenAIRE

    Vanessa Rayner; Emily Laing; Jamie Hall

    2011-01-01

    Global food prices have increased significantly since the early 2000s, reversing the long-run trend decline in relative food prices over previous decades. A range of supply disruptions in key food-producing countries have contributed to higher food prices, along with strong demand from developing countries as per capita incomes rise and consumption patterns change. Rising commodity prices are leading to higher headline consumer price inflation in many countries though, at this stage, core mea...

  5. Rational Asset Pricing Bubbles Revisited

    OpenAIRE

    Jan Werner

    2012-01-01

    Price bubble arises when the price of an asset exceeds the asset's fundamental value, that is, the present value of future dividend payments. The important result of Santos and Woodford (1997) says that price bubbles cannot exist in equilibrium in the standard dynamic asset pricing model with rational agents as long as assets are in strictly positive supply and the present value of total future resources is finite. This paper explores the possibility of asset price bubbles when either one of ...

  6. Manin matrices and Talalaev's formula

    International Nuclear Information System (INIS)

    Chervov, A; Falqui, G

    2008-01-01

    In this paper we study properties of Lax and transfer matrices associated with quantum integrable systems. Our point of view stems from the fact that their elements satisfy special commutation properties, considered by Yu I Manin some 20 years ago at the beginning of quantum group theory. These are the commutation properties of matrix elements of linear homomorphisms between polynomial rings; more explicitly these read: (1) elements of the same column commute; (2) commutators of the cross terms are equal: [M ij , M kl ] [M kj , M il ] (e.g. [M 11 , M 22 ] = [M 21 , M 12 ]). The main aim of this paper is twofold: on the one hand we observe and prove that such matrices (which we call Manin matrices in short) behave almost as well as matrices with commutative elements. Namely, the theorems of linear algebra (e.g., a natural definition of the determinant, the Cayley-Hamilton theorem, the Newton identities and so on and so forth) have a straightforward counterpart in the case of Manin matrices. On the other hand, we remark that such matrices are somewhat ubiquitous in the theory of quantum integrability. For instance, Manin matrices (and their q-analogs) include matrices satisfying the Yang-Baxter relation 'RTT=TTR' and the so-called Cartier-Foata matrices. Also, they enter Talalaev's remarkable formulae: det(∂ z -L gaudin (z)), det(1-e -∂z T Yangian (z)) for the 'quantum spectral curve', and appear in the separation of variables problem and Capelli identities. We show that theorems of linear algebra, after being established for such matrices, have various applications to quantum integrable systems and Lie algebras, e.g. in the construction of new generators in Z(U crit (gl-hat n )) (and, in general, in the construction of quantum conservation laws), in the Knizhnik-Zamolodchikov equation, and in the problem of Wick ordering. We propose, in the appendix, a construction of quantum separated variables for the XXX-Heisenberg system

  7. Supertrace formulae for nonlinearly realized supersymmetry

    Science.gov (United States)

    Murli, Divyanshu; Yamada, Yusuke

    2018-04-01

    We derive the general supertrace formula for a system with N chiral superfields and one nilpotent chiral superfield in global and local supersymmetry. The nilpotent multiplet is realized by taking the scalar-decoupling limit of a chiral superfield breaking supersymmetry spontaneously. As we show, however, the modified formula is not simply related to the scalar-decoupling limit of the supertrace in linearly-realized supersymmetry. We also show that the supertrace formula reduces to that of a linearly realized supersymmetric theory with a decoupled sGoldstino if the Goldstino is the fermion in the nilpotent multiplet.

  8. Radiosurgery and the double logistic product formula

    International Nuclear Information System (INIS)

    Flickinger, J.C.; Steiner, L.

    1990-01-01

    The double logistic product formula is proposed as a method for predicting the probability of developing brain necrosis after high dose irradiation of small target volumes as used in stereotactic radiosurgery. Dose-response data observed for the production of localized radiation necreosis for treating intractable pain with the original Leksell gamma unit were used to choose the best fitting parameters for the double logistic product formula. This model can be used with either exponential or linear quadratic formulas to account for the effects of dose, fractionation and time in addition to volume. Dose-response predictions for stereotactic radiosurgery with different sized collimators are presented. (author). 41 refs.; 5 figs.; 1 tab

  9. Fermionic formula for double Kostka polynomials

    OpenAIRE

    Liu, Shiyuan

    2016-01-01

    The $X=M$ conjecture asserts that the $1D$ sum and the fermionic formula coincide up to some constant power. In the case of type $A,$ both the $1D$ sum and the fermionic formula are closely related to Kostka polynomials. Double Kostka polynomials $K_{\\Bla,\\Bmu}(t),$ indexed by two double partitions $\\Bla,\\Bmu,$ are polynomials in $t$ introduced as a generalization of Kostka polynomials. In the present paper, we consider $K_{\\Bla,\\Bmu}(t)$ in the special case where $\\Bmu=(-,\\mu'').$ We formula...

  10. The oil price

    International Nuclear Information System (INIS)

    Alba, P.

    2000-01-01

    Statistical analysis cannot, alone, provide an oil price forecast. So, one needs to understand the fundamental phenomena which control the past trends since the end of world war II After a first period during which oil, thanks to its abundance, was able to increase its market share at the expense of other energies, the first oil shock reflects the rarefaction of oil resource with the tilting of the US production curve from growth to decline. Since then, the new situation is that of a ''cohabitation'' between oil and the other energies with the oil price, extremely volatile, reflecting the trial and error adjustment of the market share left to the other energies. Such a context may explain the recent oil price surge but the analogy between the US oil situation at the time of the first shock and that existing today for the world outside Middle East suggest another possibility, that of a structural change with higher future oil prices. The authors examine these two possibilities, think that the oil price will reflect both as long as one or the other will not become proven, and conclude with a series of political recommendations. (authors)

  11. "Photographing money" task pricing

    Science.gov (United States)

    Jia, Zhongxiang

    2018-05-01

    "Photographing money" [1]is a self-service model under the mobile Internet. The task pricing is reasonable, related to the success of the commodity inspection. First of all, we analyzed the position of the mission and the membership, and introduced the factor of membership density, considering the influence of the number of members around the mission on the pricing. Multivariate regression of task location and membership density using MATLAB to establish the mathematical model of task pricing. At the same time, we can see from the life experience that membership reputation and the intensity of the task will also affect the pricing, and the data of the task success point is more reliable. Therefore, the successful point of the task is selected, and its reputation, task density, membership density and Multiple regression of task positions, according to which a nhew task pricing program. Finally, an objective evaluation is given of the advantages and disadvantages of the established model and solution method, and the improved method is pointed out.

  12. Quantifying Correlation Uncertainty Risk in Credit Derivatives Pricing

    Directory of Open Access Journals (Sweden)

    Colin Turfus

    2018-04-01

    Full Text Available We propose a simple but practical methodology for the quantification of correlation risk in the context of credit derivatives pricing and credit valuation adjustment (CVA, where the correlation between rates and credit is often uncertain or unmodelled. We take the rates model to be Hull–White (normal and the credit model to be Black–Karasinski (lognormal. We summarise recent work furnishing highly accurate analytic pricing formulae for credit default swaps (CDS including with defaultable Libor flows, extending this to the situation where they are capped and/or floored. We also consider the pricing of contingent CDS with an interest rate swap underlying. We derive therefrom explicit expressions showing how the dependence of model prices on the uncertain parameter(s can be captured in analytic formulae that are readily amenable to computation without recourse to Monte Carlo or lattice-based computation. In so doing, we crucially take into account the impact on model calibration of the uncertain (or unmodelled parameters.

  13. 7 CFR 1033.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1033.50 Section 1033.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...

  14. 7 CFR 1005.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1005.50 Section 1005.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...

  15. 7 CFR 1001.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1001.50 Section 1001.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...

  16. 7 CFR 1006.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1006.50 Section 1006.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...

  17. 7 CFR 1126.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1126.50 Section 1126.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...

  18. 7 CFR 1032.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1032.50 Section 1032.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...

  19. 7 CFR 1131.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1131.50 Section 1131.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...

  20. 7 CFR 1007.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1007.50 Section 1007.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...

  1. Price smarter on the Net.

    Science.gov (United States)

    Baker, W; Marn, M; Zawada, C

    2001-02-01

    Companies generally have set prices on the Internet in two ways. Many start-ups have offered untenably low prices in a rush to capture first-mover advantage. Many incumbents have simply charged the same prices on-line as they do off-line. Either way, companies are missing a big opportunity. The fundamental value of the Internet lies not in lowering prices or making them consistent but in optimizing them. After all, if it's easy for customers to compare prices on the Internet, it's also easy for companies to track customers' behavior and adjust prices accordingly. The Net lets companies optimize prices in three ways. First, it lets them set and announce prices with greater precision. Different prices can be tested easily, and customers' responses can be collected instantly. Companies can set the most profitable prices, and they can tap into previously hidden customer demand. Second, because it's so easy to change prices on the Internet, companies can adjust prices in response to even small fluctuations in market conditions, customer demand, or competitors' behavior. Third, companies can use the clickstream data and purchase histories that it collects through the Internet to segment customers quickly. Then it can offer segment-specific prices or promotions immediately. By taking full advantage of the unique possibilities afforded by the Internet to set prices with precision, adapt to changing circumstances quickly, and segment customers accurately, companies can get their pricing right. It's one of the ultimate drivers of e-business success.

  2. Pricing for a basket of LCDS under fuzzy environments.

    Science.gov (United States)

    Wu, Liang; Liu, Jie-Fang; Wang, Jun-Tao; Zhuang, Ya-Ming

    2016-01-01

    This paper looks at both the prepayment risks of housing mortgage loan credit default swaps (LCDS) as well as the fuzziness and hesitation of investors as regards prepayments by borrowers. It further discusses the first default pricing of a basket of LCDS in a fuzzy environment by using stochastic analysis and triangular intuition-based fuzzy set theory. Through the 'fuzzification' of the sensitivity coefficient in the prepayment intensity, this paper describes the dynamic features of mortgage housing values using the One-factor copula function and concludes with a formula for 'fuzzy' pricing the first default of a basket of LCDS. Using analog simulation to analyze the sensitivity of hesitation, we derive a model that considers what the LCDS fair premium is in a fuzzy environment, including a pure random environment. In addition, the model also shows that a suitable pricing range will give investors more flexible choices and make the predictions of the model closer to real market values.

  3. Pricing and Hedging Quanto Options in Energy Markets

    DEFF Research Database (Denmark)

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

    2015-01-01

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

  4. Pricing and Hedging Quanto Options in Energy Markets

    DEFF Research Database (Denmark)

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

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

  5. Sequence spaces [Formula: see text] and [Formula: see text] with application in clustering.

    Science.gov (United States)

    Khan, Mohd Shoaib; Alamri, Badriah As; Mursaleen, M; Lohani, Qm Danish

    2017-01-01

    Distance measures play a central role in evolving the clustering technique. Due to the rich mathematical background and natural implementation of [Formula: see text] distance measures, researchers were motivated to use them in almost every clustering process. Beside [Formula: see text] distance measures, there exist several distance measures. Sargent introduced a special type of distance measures [Formula: see text] and [Formula: see text] which is closely related to [Formula: see text]. In this paper, we generalized the Sargent sequence spaces through introduction of [Formula: see text] and [Formula: see text] sequence spaces. Moreover, it is shown that both spaces are BK -spaces, and one is a dual of another. Further, we have clustered the two-moon dataset by using an induced [Formula: see text]-distance measure (induced by the Sargent sequence space [Formula: see text]) in the k-means clustering algorithm. The clustering result established the efficacy of replacing the Euclidean distance measure by the [Formula: see text]-distance measure in the k-means algorithm.

  6. A New Euler's Formula for DNA Polyhedra

    Science.gov (United States)

    Hu, Guang; Qiu, Wen-Yuan; Ceulemans, Arnout

    2011-01-01

    DNA polyhedra are cage-like architectures based on interlocked and interlinked DNA strands. We propose a formula which unites the basic features of these entangled structures. It is based on the transformation of the DNA polyhedral links into Seifert surfaces, which removes all knots. The numbers of components , of crossings , and of Seifert circles are related by a simple and elegant formula: . This formula connects the topological aspects of the DNA cage to the Euler characteristic of the underlying polyhedron. It implies that Seifert circles can be used as effective topological indices to describe polyhedral links. Our study demonstrates that, the new Euler's formula provides a theoretical framework for the stereo-chemistry of DNA polyhedra, which can characterize enzymatic transformations of DNA and be used to characterize and design novel cages with higher genus. PMID:22022596

  7. Newton Binomial Formulas in Schubert Calculus

    OpenAIRE

    Cordovez, Jorge; Gatto, Letterio; Santiago, Taise

    2008-01-01

    We prove Newton's binomial formulas for Schubert Calculus to determine numbers of base point free linear series on the projective line with prescribed ramification divisor supported at given distinct points.

  8. The local index formula in noncommutative geometry

    International Nuclear Information System (INIS)

    Higson, N.

    2003-01-01

    These notes present a partial account of the local index theorem in non-commutative geometry discovered by Alain Connes and Henri Moscovici. It includes Elliptic partial differential operators, cyclic homology theory, Chern characters, homotopy invariants and the index formulas

  9. How to Save Money on Infant Formula

    Science.gov (United States)

    ... for newsletters, special programs, and deals on formula company websites. They often send out coupons and free ... M. is also a founding member of Hi-Ethics and subscribes to the principles of the Health ...

  10. "Formula Student" / Malle Jürves

    Index Scriptorium Estoniae

    Jürves, Malle, 1950-

    2008-01-01

    Tehnikakõrgkooli ja tehnikaülikooli tudengite 17-liikmeline võiskond osales tänavu suvel Inglismaal Silverstone'i ringrajakompleksis peetaval tootearendusvõistlusel "Formula Student" omaehitatud vormelautoga

  11. List prices vs. bargain prices: which solution to estimate consumer price indices?

    OpenAIRE

    Carlo De Gregorio

    2010-01-01

    Alternative approaches to CPI surveys are here evaluated, in markets where final prices are based on some sort of price listing. Three types of surveys are compared: local surveys (LOC), with small samples and a local price collection; list price surveys (LIS), with huge samples and centralised collection; mixed surveys (MXD), in which LOC and LIS are jointly used. Based on a multiplicative pricing model, some conditions are derived to establish the relative efficiency of these approaches. Th...

  12. Logistics: Price Rises Incurred by High Oil Price

    Institute of Scientific and Technical Information of China (English)

    Lai Zhihui

    2011-01-01

    @@ "When the oil price grows by 100%, the logistic indus-try will see a price growth of 40%, while the logistics in-dustry a price rise of 35%, which means every price increase of 5% in the oil price will bring along that of 2% in this industry." said Liu Zongsheng, General Manager of Itochu Logistics Co., Ltd., on the seminar "Focusing on the eco-nomic consequences of raising oil price, interest rate and deposit reserve ratio", which was held recently.

  13. Pricing Volatility Referenced Assets

    Directory of Open Access Journals (Sweden)

    Alan De Genaro Dario

    2006-12-01

    Full Text Available Volatility swaps are contingent claims on future realized volatility. Variance swaps are similar instruments on future realized variance, the square of future realized volatility. Unlike a plain vanilla option, whose volatility exposure is contaminated by its asset price dependence, volatility and variance swaps provide a pure exposure to volatility alone. This article discusses the risk-neutral valuation of volatility and variance swaps based on the framework outlined in the Heston (1993 stochastic volatility model. Additionally, the Heston (1993 model is calibrated for foreign currency options traded at BMF and its parameters are used to price swaps on volatility and variance of the BRL / USD exchange rate.

  14. Wireless network pricing

    CERN Document Server

    Huang, Jianwei

    2013-01-01

    Today's wireless communications and networking practices are tightly coupled with economic considerations, to the extent that it is almost impossible to make a sound technology choice without understanding the corresponding economic implications. This book aims at providing a foundational introduction on how microeconomics, and pricing theory in particular, can help us to understand and build better wireless networks. The book can be used as lecture notes for a course in the field of network economics, or a reference book for wireless engineers and applied economists to understand how pricing

  15. Parametric Improper Integrals, Wallis Formula and Catalan Numbers

    Science.gov (United States)

    Dana-Picard, Thierry; Zeitoun, David G.

    2012-01-01

    We present a sequence of improper integrals, for which a closed formula can be computed using Wallis formula and a non-straightforward recurrence formula. This yields a new integral presentation for Catalan numbers.

  16. A general formula for the WACC

    OpenAIRE

    Farber, André; Gillet, Roland; Szafarz, Ariane

    2005-01-01

    Recent controversies testify that the tax shield valuation remains a hot topic in the financial literature. Basically, two methods have been proposed to incorporate the tax benefit of debt in the present value computation: The adjusted present value(APV), and the classical weighted average cost of capital (WACC). This note clarifies the relationship between these two apparently different approaches by offering a general formula for the WACC. This formula encompasses earlier results obtained b...

  17. A Summation Formula for Macdonald Polynomials

    Science.gov (United States)

    de Gier, Jan; Wheeler, Michael

    2016-03-01

    We derive an explicit sum formula for symmetric Macdonald polynomials. Our expression contains multiple sums over the symmetric group and uses the action of Hecke generators on the ring of polynomials. In the special cases {t = 1} and {q = 0}, we recover known expressions for the monomial symmetric and Hall-Littlewood polynomials, respectively. Other specializations of our formula give new expressions for the Jack and q-Whittaker polynomials.

  18. The DOZZ formula from the path integral

    Science.gov (United States)

    Kupiainen, Antti; Rhodes, Rémi; Vargas, Vincent

    2018-05-01

    We present a rigorous proof of the Dorn, Otto, Zamolodchikov, Zamolodchikov formula (the DOZZ formula) for the 3 point structure constants of Liouville Conformal Field Theory (LCFT) starting from a rigorous probabilistic construction of the functional integral defining LCFT given earlier by the authors and David. A crucial ingredient in our argument is a probabilistic derivation of the reflection relation in LCFT based on a refined tail analysis of Gaussian multiplicative chaos measures.

  19. Price knowledge during grocery shopping

    DEFF Research Database (Denmark)

    Jensen, Birger Boutrup; Grunert, Klaus G

    2014-01-01

    applying a multi-point, multi-measure approach, consumers appear to know more aboutprices than suggested by past research. Determinants of price knowledge are also examined and the results indicate that price knowledge buildsup not only because of active search but also due to accidental exposure to prices......Past research on consumer price knowledge has varied considerably partly due to differences in how and when price knowledge is measured.This paper applies a multi-point, multi-measure approach to reconcile differences in past price knowledge research by examining systematicrelationships between...... time of measurement and type of measures applied. Examination of consumer price knowledge before, during, and afterstore visit sheds light on what is measured at the individual points in time: episodic price knowledge and/or reference prices? With a between-subjects design interviewing 1...

  20. Connected formulas for amplitudes in standard model

    Energy Technology Data Exchange (ETDEWEB)

    He, Song [CAS Key Laboratory of Theoretical Physics,Institute of Theoretical Physics, Chinese Academy of Sciences,Beijing 100190 (China); School of Physical Sciences, University of Chinese Academy of Sciences,No. 19A Yuquan Road, Beijing 100049 (China); Zhang, Yong [Department of Physics, Beijing Normal University,Beijing 100875 (China); CAS Key Laboratory of Theoretical Physics,Institute of Theoretical Physics, Chinese Academy of Sciences,Beijing 100190 (China)

    2017-03-17

    Witten’s twistor string theory has led to new representations of S-matrix in massless QFT as a single object, including Cachazo-He-Yuan formulas in general and connected formulas in four dimensions. As a first step towards more realistic processes of the standard model, we extend the construction to QCD tree amplitudes with massless quarks and those with a Higgs boson. For both cases, we find connected formulas in four dimensions for all multiplicities which are very similar to the one for Yang-Mills amplitudes. The formula for quark-gluon color-ordered amplitudes differs from the pure-gluon case only by a Jacobian factor that depends on flavors and orderings of the quarks. In the formula for Higgs plus multi-parton amplitudes, the massive Higgs boson is effectively described by two additional massless legs which do not appear in the Parke-Taylor factor. The latter also represents the first twistor-string/connected formula for form factors.

  1. Supplementation of prebiotics in infant formula

    Directory of Open Access Journals (Sweden)

    Močić Pavić A

    2014-06-01

    Full Text Available Ana Močić Pavić, Iva Hojsak Referral Center for Pediatric Gastroenterology and Nutrition, Children's Hospital Zagreb, Zagreb, Croatia Background: In recent years prebiotics have been added to infant formula to make it resemble breast milk more closely and to promote growth and development of beneficial intestinal microbiota. This review aims to present new data on the possible positive effects of prebiotics in infant formula on intestinal microbiota (bifidogenic and lactogenic effect and on clinical outcomes including growth, infections, and allergies. With that aim, a literature search of the Cochrane Central Register of Controlled Trials (CENTRAL, EMBASE, Scopus, PubMed/Medline, Web of Science, and Science Direct in the last 10 years (December 2003 to December 2013 was performed. Results: Altogether 24 relevant studies were identified. It was found that during intervention, prebiotics can elicit a bifidogenic and lactogenic effect. As far as clinical outcomes were concerned, 14 studies investigated the effect of infant formula supplemented with prebiotics on growth and found that there was no difference when compared with non-supplemented infant formula. All available data are insufficient to support prebiotic supplementation in order to reduce risk of allergies and infections. Conclusion: There is currently no strong evidence to recommend routine supplementation of infant formulas with prebiotics. Further well-designed clinical studies with long-term follow-up are needed. Keywords: prebiotics, infant formula, growth, allergy, infections, supplementation

  2. Optimal stopping and perpetual options for Lévy processes

    OpenAIRE

    Ernesto Mordecki

    2002-01-01

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

  3. IS THE PRICE RIGHT? PRICING FOR LONG TERM PROFITABILITY

    Directory of Open Access Journals (Sweden)

    Andrea Erika NYÁRÁDI

    2007-01-01

    Full Text Available The way how we choose our pricing strategy has a significant impact on company’s success. Nowadays companies more and more adopt a new way of thinking in pricing, namely pricing for a long term period in order to bring higher profitability, to build an efficient pricing strategy. Marketers have only recently begun to focus seriously on effective pricing. These companies are the so called progressive companies. They have begun doing more than just worrying about pricing. To increase profitability many are abandoning traditional reactive pricing procedures in favor of proactive pricing, making explicit corporate decisions to change their focus to growth in top-line sales to growth in profitability. The long-term implications of price strategies are still under-researched, and managers should be aware of shifts in customer reactions that may result from frequent adoption of certain strategies. The company pricing strategy should be seen in relation to developments in the company variables, internal ones (capital strength, competencies, organizational conditions, efficiency of the work force etc. as well as external ones (customers, competitors, the technological development etc., adopting strategic pricing. In this paper I will present the most effective pricing strategies leading to long term profitability, and also suggest practical conditions for pricing strategies to maximize profit in the long run.

  4. Nonlinear Pricing of Information Goods

    OpenAIRE

    Arun Sundararajan

    2003-01-01

    This paper analyzes optimal pricing for information goods under incomplete information, when both unlimited-usage (fixed-fee) pricing and usage-based pricing are feasible, and administering usage-based pricing may involve transaction costs. It is shown that offering fixed- fee pricing in addition to a non-linear usage-based pricing scheme is always profit-improving in the presence of any non-zero transaction costs, and there may be markets in which a pure fixed-fee is optimal. This implies th...

  5. Energy pricing policy in Iran

    International Nuclear Information System (INIS)

    Davood Manzoor

    1995-01-01

    Low energy prices in Iran do not reflect economic costs. Further distortions exist in the tariff structures of most energy sources and in their relative prices. Price reform is a key policy element for achieving increased energy conservation and economic substitution. Subsidies should be made transparent and explained by the Government, and, when eliminated, they could be compensated by target measures or direct subsidies for low income households. Price reforms are under way, with some caution though, because of possible political and inflationary consequences. In order to better understand the need for price reforms a brief analysis of the current energy pricing policy is provided there. (author)

  6. [Evolution of the relative prices of food groups between 1939 and 2010 in the city of Sao Paulo, Southeastern Brazil].

    Science.gov (United States)

    Yuba, Tania Yuka; Sarti, Flavia Mori; Campino, Antonio Carlos Coelho; Carmo, Heron Carlos Esvael do

    2013-06-01

    To analyze the evolution of relative prices of food groups and its influence on public healthy eating policies. Data from the municipality of Sao Paulo between 1939 and 2010 were analyzed based on calculating index numbers. Data from the Economic Researches Foundation Institute price database and weight structures (1939 to 1988) and from the Brazilian Institute of Geography and Statistics (1989 to 2010) were used to. The price database was organized, its consistency tested and prices were deflated using the consumer price index. Relative prices were calculated and associated to food categories and groups, according to the food pyramid guide adapted for the Brazilian population. The price indices for each group were calculated according to Laspeyres modified formula. The general food price index was compared with the indices for each food group and respective category: fresh food, processed food, beverages, meat, legumes, milk and eggs, cereals and root vegetables and eating out. Price indices for fat, oil, spices, sugars and sweets and processed food showed relative price reduction. Fresh food, such as fruit and vegetables, showed an increase in relative prices. Other food groups, such as cereals, flour and pasta, meat, milk and egg, showed a steadier long term trend in relative prices. The evolution of relative prices of food in the city of Sao Paulo demonstrates a negative trend towards healthy eating at household level in the long run.

  7. Pricing offshore wind power

    International Nuclear Information System (INIS)

    Levitt, Andrew C.; Kempton, Willett; Smith, Aaron P.; Musial, Walt; Firestone, Jeremy

    2011-01-01

    Offshore wind offers a very large clean power resource, but electricity from the first US offshore wind contracts is costlier than current regional wholesale electricity prices. To better understand the factors that drive these costs, we develop a pro-forma cash flow model to calculate two results: the levelized cost of energy, and the breakeven price required for financial viability. We then determine input values based on our analysis of capital markets and of 35 operating and planned projects in Europe, China, and the United States. The model is run for a range of inputs appropriate to US policies, electricity markets, and capital markets to assess how changes in policy incentives, project inputs, and financial structure affect the breakeven price of offshore wind power. The model and documentation are made publicly available. - Highlights: → We calculate the Breakeven Price (BP) required to deploy offshore wind plants. → We determine values for cost drivers and review incentives structures in the US. → We develop 3 scenarios using today's technology but varying in industry experience. → BP differs widely by Cost Scenario; relative policy effectiveness varies by stage. → The low-range BP is below regional market values in the Northeast United States.

  8. Carbon pricing comes clean

    International Nuclear Information System (INIS)

    De Wit, Elisa

    2011-01-01

    Together with the Clean Energy Bill, the implications of the Australian Federal Government's climate change legislative package are far reaching. Norton Rose gives business a heads-up in this breakdown of the draft legislation underpinning the carbon pricing and clean energy scheme. It is a summary of Norton Rose's full analysis.

  9. Road pricing policy implementation

    NARCIS (Netherlands)

    Vonk Noordegraaf, D.M.

    2016-01-01

    Urban areas suffer from the negative externalities of road transport like congested road networks, air pollution and road traffic accidents. A measure to reduce these negative externalities is road pricing, meaning policies that impose direct charges on road use (Jones and Hervik, 1992). Since the

  10. 2050: A Pricing Odyssey

    Energy Technology Data Exchange (ETDEWEB)

    Faruqui, Ahmad

    2006-10-15

    The author uses the Rip Van Winkle approach favored by marketers to gaze, clear-eyed, into the future - say, the year 2050 - to visualize alternative demand-response possibilities. Dare we go California Dreamin' of a distant utopia - or is it inevitable that pricing myopia will keep us from attaining the fulfillment of many of our career goals? (author)

  11. Pricing methodologies and approaches

    International Nuclear Information System (INIS)

    Petrov, K.

    2002-01-01

    The following topics are dealt with: Role of regulatory control in the electric power market; Price regulation; Market monitoring; Quality of supply regulation; Regulatory challenges in Central and Eastern Europe. The findings of these questions are summarized in the Summary. (R.P.)

  12. On Storekeepers' Pricing Behavior.

    NARCIS (Netherlands)

    B. Bode (Ben); J. Koerts (Johan); A.R. Thurik (Roy)

    1986-01-01

    textabstractThis research note deals with a quantitative analysis of differences in percentage gross margin between individual stores in the retail trade. A number of hypotheses on pricing behavior of storekeepers are tested using Dutch survey data from nine different types of retail stores. We

  13. Price of Prejudice

    DEFF Research Database (Denmark)

    Hedegaard, Morten; Tyran, Jean-Robert Karl

    2018-01-01

    We present a new type of field experiment to investigate ethnic prejudice in the workplace. Our design allows us to study how potential discriminators respond to changes in the cost of discrimination. We find that ethnic discrimination is common but highly responsive to the “price of prejudice”, i...

  14. Coal prices rise

    International Nuclear Information System (INIS)

    McLean, A.

    2001-01-01

    Coking and semi hard coking coal price agreements had been reached, but, strangely enough, the reaching of common ground on semi soft coking coal, ultra low volatile coal and thermal coal seemed some way off. More of this phenomenon later, but suffice to say that, traditionally, the semi soft and thermal coal prices have fallen into place as soon as the hard, or prime, coking coal prices have been determined. The rise and rise of the popularity of the ultra low volatile coals has seen demand for this type of coal grow almost exponentially. Perhaps one of the most interesting facets of the coking coal settlements announced to date is that the deals appear almost to have been preordained. The extraordinary thing is that the preordination has been at the prescience of the sellers. Traditionally, coking coal price fixing has been the prerogative of the Japanese Steel Mills (JSM) cartel (Nippon, NKK, Kawasaki, Kobe and Sumitomo) who presented a united front to a somewhat disorganised force of predominantly Australian and Canadian sellers. However, by the time JFY 2001 had come round, the rules of the game had changed

  15. Sentiment and art prices

    NARCIS (Netherlands)

    Penasse, J.N.G.; Renneboog, L.D.R.; Spaenjers, C.

    We hypothesize the existence of a slow-moving fad component in art prices. Using unique panel survey data on art market participants’ confidence levels in the outlook for a set of artists, we find that sentiment indeed predicts short-term returns.

  16. The Price Is Right?

    Science.gov (United States)

    Schaffhauser, Dian

    2012-01-01

    There's something about textbook prices that generates outrage in ways that other college expenses, such as housing and technology fees, don't. Maybe it's the shock felt by new students when faced with a $900 bill after getting their textbooks for free in K-12. Maybe it's the awful realization that $40,000 in tuition and board doesn't even cover…

  17. 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

  18. Transfer Pricing Principles

    DEFF Research Database (Denmark)

    Jensen, Dennis Ramsdahl

    Konferencebidraget indeholder en kritisk analyse af transfer pricing reglerne på henholdsvis moms og indkomstskatterettens område med henblik på en diskussion af, det er hensigtsmæssigt med en harmonisering af reglerne på tværs af de to retsområder...

  19. Pricing Mining Concessions Based on Combined Multinomial Pricing Model

    Directory of Open Access Journals (Sweden)

    Chang Xiao

    2017-01-01

    Full Text Available A combined multinomial pricing model is proposed for pricing mining concession in which the annualized volatility of the price of mineral products follows a multinomial distribution. First, a combined multinomial pricing model is proposed which consists of binomial pricing models calculated according to different volatility values. Second, a method is provided to calculate the annualized volatility and the distribution. Third, the value of convenience yields is calculated based on the relationship between the futures price and the spot price. The notion of convenience yields is used to adjust our model as well. Based on an empirical study of a Chinese copper mine concession, we verify that our model is easy to use and better than the model with constant volatility when considering the changing annualized volatility of the price of the mineral product.

  20. New formulae between Jacobi polynomials and some fractional Jacobi functions generalizing some connection formulae

    Science.gov (United States)

    Abd-Elhameed, W. M.

    2017-07-01

    In this paper, a new formula relating Jacobi polynomials of arbitrary parameters with the squares of certain fractional Jacobi functions is derived. The derived formula is expressed in terms of a certain terminating hypergeometric function of the type _4F3(1) . With the aid of some standard reduction formulae such as Pfaff-Saalschütz's and Watson's identities, the derived formula can be reduced in simple forms which are free of any hypergeometric functions for certain choices of the involved parameters of the Jacobi polynomials and the Jacobi functions. Some other simplified formulae are obtained via employing some computer algebra algorithms such as the algorithms of Zeilberger, Petkovsek and van Hoeij. Some connection formulae between some Jacobi polynomials are deduced. From these connection formulae, some other linearization formulae of Chebyshev polynomials are obtained. As an application to some of the introduced formulae, a numerical algorithm for solving nonlinear Riccati differential equation is presented and implemented by applying a suitable spectral method.

  1. Nonlife Insurance Pricing:

    Science.gov (United States)

    Darooneh, Amir H.

    We consider the insurance company as a physical system which is immersed in its environment (the financial market). The insurer company interacts with the market by exchanging the money through the payments for loss claims and receiving the premium. Here, in the equilibrium state, we obtain the premium by using the canonical ensemble theory, and compare it with the Esscher principle, the well-known formula in actuary for premium calculation. We simulate the case of car insurance for quantitative comparison.

  2. 7 CFR 1000.54 - Equivalent price.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Equivalent price. 1000.54 Section 1000.54 Agriculture... Prices § 1000.54 Equivalent price. If for any reason a price or pricing constituent required for computing the prices described in § 1000.50 is not available, the market administrator shall use a price or...

  3. A Hull and White Formula for a General Stochastic Volatility Jump-Diffusion Model with Applications to the Study of the Short-Time Behavior of the Implied Volatility

    Directory of Open Access Journals (Sweden)

    Elisa Alòs

    2008-01-01

    Full Text Available We obtain a Hull and White type formula for a general jump-diffusion stochastic volatility model, where the involved stochastic volatility process is correlated not only with the Brownian motion driving the asset price but also with the asset price jumps. Towards this end, we establish an anticipative Itô's formula, using Malliavin calculus techniques for Lévy processes on the canonical space. As an application, we show that the dependence of the volatility process on the asset price jumps has no effect on the short-time behavior of the at-the-money implied volatility skew.

  4. Consistent Estimation of Pricing Kernels from Noisy Price Data

    OpenAIRE

    Vladislav Kargin

    2003-01-01

    If pricing kernels are assumed non-negative then the inverse problem of finding the pricing kernel is well-posed. The constrained least squares method provides a consistent estimate of the pricing kernel. When the data are limited, a new method is suggested: relaxed maximization of the relative entropy. This estimator is also consistent. Keywords: $\\epsilon$-entropy, non-parametric estimation, pricing kernel, inverse problems.

  5. Oil price prospects

    International Nuclear Information System (INIS)

    Toalster, J.

    1992-01-01

    In this paper, four different, popular approaches to the analysis of oil price movements will be considered and an alternative method will be proposed. Whilst we await the development of a rigorous theoretical framework within which to evaluate the phenomenon of oil price movements some progress may be effected by an amalgam of approaches, with the traditional supply and demand model being supplemented by observations regarding political and social developments in particular countries or regions, together with an assessment of emerging and prospective technological achievements. In this way it should be possible to identify the critical influences at work, from which it should also be possible to select either the single most important variable or combination of variables, affecting the oil price. Moreover, it is my belief that the crucial variables influencing the oil price almost certainly, are more likely to be political and social, rather than economic. In this context and notwithstanding the fact that there is only a minimal level of surplus productive capacity in the world oil industry at present (perhaps 1-2 million b/d albeit rising rapidly), it is reasonable to conclude that oil prices will average around $18-19 a barrel for North Sea Brent in 1992 and 1993, with oscillations of $2-4 a barrel either side, rising slightly in 1994 to $19-20 a barrel and to $20-21 a barrel in 1995. Thereafter, the most likely outcome is for a rise in line with inflation (say $ a barrel/annum) with no prospect of an upward spike, because demand will be weaker than most commentators expect up to the year 2000, whilst OPEC oil supplies will be substantially higher than the consensus forecast. (author)

  6. Petroleum products price regulation in Nov Scotia : a six-month review

    International Nuclear Information System (INIS)

    2007-03-01

    Gasoline pricing regulation was introduced in July 2006 in order to achieve the following 3 main objectives: (1) stabilize prices by reducing the frequency of price changes and creating more uniform pricing across the province, (2) maintain industry infrastructure by slowing or halting the decline in the dealer network, particularly in rural areas, by improving viability through regulated margins, and (3) minimize the cost to consumers since higher prices are expected to result from the actions needed to maintain price stability and the higher margins needed to maintain industry infrastructure. This report examined the extent to which these objectives were achieved and contained the findings and recommendations of a review of the first six months of gasoline price regulation in Nova Scotia. The report discussed the rationale for regulation, study objectives, approach, and warning signs. It also discussed gasoline regulation in Nova Scotia including how regulation works and implementing regulation. The Nova Scotia gasoline market was presented with reference to industry structure; pre-regulation competition and pricing; and how regulation may affect structure and competition. Last, the report discussed whether regulation was meeting the objectives and perspectives on regulation. Several recommendations were presented, such as reducing the benchmark price adjustment period from two weeks to one week; removing the price cap on full-serve gasoline; adopting a fixed and transparent formula for forward averaging and applying it at each adjustment; and considering a framework for regulatory review. 12 refs., 15 figs

  7. Export pricing objectives and factors influencing them

    OpenAIRE

    Snieškienė, Gabrielė; Pridotkienė, Jūratė

    2010-01-01

    Pricing is recognized as one of the most important tools to achieve a successful export operation. The starting point in every pricing effort is the process of creating pricing objectives. Pricing objectives are the strategic and economic goals desired by management in pricing the product. Pricing objectives constitute the basis on which pricing methods and policies are formulated. Therefore, a better understanding of the pricing objectives should direct the company’s overall pricing process....

  8. Price performance following stock's IPO in different price limit systems

    Science.gov (United States)

    Wu, Ting; Wang, Yue; Li, Ming-Xia

    2018-01-01

    An IPO burst occurred in China's stock markets in 2015, while price limit trading rules usually help to reduce the short-term trading mania on individual stocks. It is interesting to make clear the function of the price limits after IPOs. We firstly make a statistical analysis based on all the IPO stocks listed from 1990 to 2015. A high dependency exists between the activities in stock's IPO and various market environment. We also focus on the price dynamics in the first 40 trading days after the stock listed. We find that price limit system will delay the price movement, especially for the up-trend movements, which may lead to longer continuous price limit hits. Similar to our previous work, many results such as ;W; shape can be also observed in the future daily return after the price limit open. At last, we find most IPO measures show evident correlations with the following price limit hits. IPO stocks with lower first-day turnover and earning per share will be followed with a longer continuous price limit hits and lower future daily return under the newest trading rules, which give us a good way to estimate the occurrence of price limit hits and the following price dynamics. Our analysis provides a better understanding of the price dynamics after IPO events and offers potential practical values for investors.

  9. Pricing Rate of Return Guarantees in Regular Premium Unit Linked Insurance

    NARCIS (Netherlands)

    Schrager, D.F.; Pelsser, A.

    2004-01-01

    We derive general pricing formulas for Rate of Return Guarantees in Regular Premium Unit Linked Insurance under stochastic interest rates. Our main contribution focusses on the effect of stochastic interest rates. First, we show the effect of stochastic interest rates can be interpreted as, what is

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

    KAUST Repository

    Crocce, Fabian; Hä ppö lä , Juho; Keissling, Jonas; Tempone, Raul

    2016-01-01

    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

  11. Reducing the Burden of Price.

    Science.gov (United States)

    Hansen, Janet S.

    1984-01-01

    Setting prices for undergraduate education and assessing their effects on consumers and institutions is complicated by widespread price discounting. Student aid programs, credit, subsidized employment, and tax policy can reduce the actual costs paid by students and their families. (MSE)

  12. Pricing strategies for information goods

    Indian Academy of Sciences (India)

    R. Narasimhan (Krishtel eMaging) 1461 1996 Oct 15 13:05:22

    gaming, and education. ... Traditional cost-based pricing ... traditional optimisation models (for instance, the integer programming model described in ...... (1998), many of the key results that shaped modern reasoning about price and product ...

  13. Formula Dan Ekspresi Formulaik: Aspek Kelisanan Mantra Dalam Pertunjukan Reog

    Directory of Open Access Journals (Sweden)

    Heru S.P Saputra

    2010-12-01

    Full Text Available Artikel ini bertujuan mendiskusikan aspek kelisanan mantra yang digunakan dalam pertunjukan reog. Hasil kajian menunjukkan bahwa dalam seni tradisi reog, mantra merupakan media verbal yang digunakan oleh pembarong untuk mendatangkan kekuatan magis dalam rangkaian tari dhadhak merak. Mantra-mantra di antaranya Mantra Prosesi Drojogan dan Mantra Pangracutan dalam konteks pertunjukan reog merupakan wujud aspek kelisanan. Mantra-mantra tersebut tersusun atas formula-formula, yakni formula repetisi tautotes, formula paralelisme sintaktis, formula konkatenasi, formula repetisi anafora, dan formula repetisi epifora. Dengan beragam formula tersebut, mantra memiliki perulangan yang berpola dan men- jadi terasa ritmis sehingga menunjukkan ekspresi formulaik. Formula dan ekspresi formulaik tersebut merupakan aspek kelisanan utama yang mencerminkan sakralitas dan spiritualitas da- lam seni tradisi reog. Abstract: This article aims to discuss aspects of spells (magic-formula orality used in the reog show. The study shows that in the reog tradition art, the spells is a verbal medium used by pembarong to bring in a series of magical power dhadhak merak dance. Spells among others, Prosesi Drojogan and Pangracutan spells in the context of the show is a form of reog orality aspects. Spells are made up of formulas, i.e. tautotes repetition formula, syntactic parallelism formula, concatenate formula, anaphora repetition formula, and epifora repetition formula. With a variety of formulas, the repetition of the spells has become patterned and rhythmic feel, thereby indicating formulaic expression. The formulas and formulaic expressions are the main orality aspects that reflect sacredness and spirituality in reog traditions art. Key Words: spells or magic-formula, formulas, sacredness, spirituality, tradition art

  14. Pricing objectives in nonprofit hospitals.

    OpenAIRE

    Bauerschmidt, A D; Jacobs, P

    1985-01-01

    This article reports on a survey of 60 financial managers of nonprofit hospitals in the eastern United States relating to the importance of a number of factors which influence their pricing decisions and the pricing objectives which they pursue. Among the results uncovered by the responses: that trustees are the single most important body in the price-setting process (doctors play a relatively unimportant role); that hospital pricing goals are more related to target net revenue than profit ma...

  15. Immigration and Swiss House Prices

    OpenAIRE

    Kathrin Degen; Andreas M. Fischer

    2010-01-01

    This study examines the behavior of Swiss house prices to immigration flows for 85 districts from 2001 to 2006. The results show that the nexus between immigration and house prices holds even in an environment of low house price inflation, nationwide rent control, and modest immigration flows. An immigration inflow equal to 1% of an area's population is coincident with an increase in prices for single-family homes of about 2.7%: a result consistent with previous studies. The overall immigrati...

  16. Brand the Pricing: Critical Critique

    OpenAIRE

    Alam Kazmi, Syed Hasnain

    2015-01-01

    Brand pricing decision models and established theories in the marketing and econometrics focus typically on assuming the symmetric competing businesses. The empirical generalities are key for strategic marketplace planning. The significance of pricing to customer store and brand choices are always regarded as a widely known truth among marketing scholars and explains consumer’s role responding to their psychological representations of price rather than price itself. Scholars have ...

  17. Electric Cars and Oil Prices

    OpenAIRE

    Azar, Jose

    2009-01-01

    This paper studies the joint dynamics of oil prices and interest in electric cars, measured as the volume of Google searches for related phrases. Not surprisingly, I find that oil price shocks predict increases in Google searches for electric cars. Much more surprisingly, I also find that an increase in Google searches predicts declines in oil prices. The high level of public interest in electric cars between April and August of 2008 can explain approximately half of the decline in oil prices...

  18. Strategic pricing of equity issues

    OpenAIRE

    Klaus Ritzberger; Frank Milne

    2002-01-01

    Consider a general equilibrium model where agents may behave strategically. Specifically, suppose some firm issues new shares. If the primary market price is controlled by the issuing institution and investors' expectations on future equity prices are constant in their share purchases, the share price on the primary market cannot exceed the secondary market share price. In certain cases this may imply strict underpricing of newly issued shares. If investors perceive an influence on future sha...

  19. Pricing of Asian temperature risk

    OpenAIRE

    Benth, Fred; Härdle, Wolfgang Karl; López Cabrera, Brenda

    2009-01-01

    Weather derivatives (WD) are different from most financial derivatives because the underlying weather cannot be traded and therefore cannot be replicated by other financial instruments. The market price of risk (MPR) is an important parameter of the associated equivalent martingale measures used to price and hedge weather futures/options in the market. The majority of papers so far have priced non-tradable assets assuming zero MPR, but this assumption underestimates WD prices. We study the MP...

  20. Semi-empirical formulas for sputtering yield

    International Nuclear Information System (INIS)

    Yamamura, Yasumichi

    1994-01-01

    When charged particles, electrons, light and so on are irradiated on solid surfaces, the materials are lost from the surfaces, and this phenomenon is called sputtering. In order to understand sputtering phenomenon, the bond energy of atoms on surfaces, the energy given to the vicinity of surfaces and the process of converting the given energy to the energy for releasing atoms must be known. The theories of sputtering and the semi-empirical formulas for evaluating the dependence of sputtering yield on incident energy are explained. The mechanisms of sputtering are that due to collision cascade in the case of heavy ion incidence and that due to surface atom recoil in the case of light ion incidence. The formulas for the sputtering yield of low energy heavy ion sputtering, high energy light ion sputtering and the general case between these extreme cases, and the Matsunami formula are shown. At the stage of the publication of Atomic Data and Nuclear Data Tables in 1984, the data up to 1983 were collected, and about 30 papers published thereafter were added. The experimental data for low Z materials, for example Be, B and C and light ion sputtering data were reported. The combination of ions and target atoms in the collected sputtering data is shown. The new semi-empirical formula by slightly adjusting the Matsunami formula was decided. (K.I.)

  1. Weak interactions - formulae, results, and derivations

    Energy Technology Data Exchange (ETDEWEB)

    Pietschmann, H

    1983-01-01

    The purpose of this book is to provide experimental and theoretical physicists working in the field of weak interactions with a reference work which includes all the formulae and results needed in actual research. The derivation of these formulae is also given in detail for some typical examples to facilitate their use. New developments in unified gauge theories have been included as well as the decay processes of the new particles such as intermediate bosons and tau-lepton. In order to supply the research worker with a convenient working aid, frequently occurring mathematical formulae as well as phase space integrals and the Dirac algebra have been included. Treatment of field operators - also with respect to discrete transformations C, P, T and G - as well as products of invariant functions are provided. Particular emphasis has been placed on the Lagrangian of unified electroweak interactions. The major portion of the work is, of course, devoted to formulae for decay processes and scattering cross-sections. Useful formulae in e/sup +/e/sup -/ reactions and a small dictionary for translations into other forms for the space-time metric are collected in appendices.

  2. Infant formula and early childhood caries

    Directory of Open Access Journals (Sweden)

    Saudamini Girish More

    2018-01-01

    Full Text Available The prevalence of early childhood caries (ECC is increasing worldwide. Impaired oral health could have a negative impact on the overall health of infants. ECC can continue to deteriorate the growth and development of the child in preschool stage. Feeding practices largely influence the occurrence of ECC. Infant formula is commonly used as supplements or substitutes for breast milk up to the first 2 years of age. The dietary sugars such as lactose and sucrose, present in the infant formula, could act as a favorable substrate and change the oral microflora. Infant formula constitutes of various minerals which are known to affect tooth mineralization including iron, fluoride, and calcium. A number of in vitro, animal, and human studies have been conducted to understand their effect on oral environment and microbiota. Exploring the scientific literature for different types of infant formula and their role in the etiopathogenesis of dental caries could give us an insight into the cariogenic potential of infant formula. Furthermore, this could be source of information for health practitioners as they are the ones who are first sought by parents for advice related to infant feeding.

  3. Price Regulations in a Multi-unit Uniform Price Auction

    DEFF Research Database (Denmark)

    Boom, Anette

    not exceed the price cap whereas a selective bid cap for only the larger firms, does not guarantee this outcome. A sufficiently high bid floor always destroys pure strategy equilibria with equilibrium prices above the marginal costs, no matter whether the floor applies to all or only to relatively small......Inspired by recent regulations in the New York ICAP market we examine the effect of different price regulations on a multi-unit uniform price auction. We investigate a bid cap and a bid foor. Given suffciently high total capacities general bid caps always ensure that the market price does...

  4. Price Regulations in a Multi-unit Uniform Price Auction

    DEFF Research Database (Denmark)

    Boom, Anette

    Inspired by recent regulations in the New York ICAP market we examine the effect of different price regulations on a multi-unit uniform price auction. We investigate a bid cap and a bid foor. Given suffciently high total capacities general bid caps always ensure that the market price does...... not exceed the price cap whereas a selective bid cap for only the larger firms, does not guarantee this outcome. A sufficiently high bid floor always destroys pure strategy equilibria with equilibrium prices above the marginal costs, no matter whether the floor applies to all or only to relatively small...

  5. Asymmetric Price Effects of Competition

    NARCIS (Netherlands)

    Lach, S.; Moraga Gonzalez, J.L.

    2017-01-01

    When price dispersion is prevalent, a relevant question is what happens to the whole distribution of equilibrium prices when the number of firms changes. Using data from the gasoline market in the Netherlands, we find, first, that markets with N competitors have price distributions that first-order

  6. Price Discrimination: A Classroom Experiment

    Science.gov (United States)

    Aguiló, Paula; Sard, Maria; Tugores, Maria

    2016-01-01

    In this article, the authors describe a classroom experiment aimed at familiarizing students with different types of price discrimination (first-, second-, and third-degree price discrimination). During the experiment, the students were asked to decide what tariffs to set as monopolists for each of the price discrimination scenarios under…

  7. The Pricing of Economics Books.

    Science.gov (United States)

    Laband, David; Hudson, John

    2003-01-01

    Examines the pricing and other characteristics of books. Notes substantial increases in book prices between 2000 and 1985 data. Suggests a major factor is the increasing importance of foreign presses that sell books at higher prices. Indicates that discount on paperbacks appear to have been relatively stable in the two years studied. (JEH)

  8. Asymmetric price effects of competition

    NARCIS (Netherlands)

    Lach, S.; Moraga González, José

    2017-01-01

    When price dispersion is prevalent, a relevant question is what happens to the whole distribution of equilibrium prices when the number of firms changes. Using data from the gasoline market in the Netherlands, we find, first, that markets with N competitors have price distributions that first‐order

  9. Patients' views on price shopping and price transparency.

    Science.gov (United States)

    Semigran, Hannah L; Gourevitch, Rebecca; Sinaiko, Anna D; Cowling, David; Mehrotra, Ateev

    2017-06-01

    Driven by the growth of high deductibles and price transparency initiatives, patients are being encouraged to search for prices before seeking care, yet few do so. To understand why this is the case, we interviewed individuals who were offered access to a widely used price transparency website through their employer. Qualitative interviews. We interviewed individuals enrolled in a preferred provider organization product through their health plan about their experience using the price transparency tool (if they had done so), their past medical experiences, and their opinions on shopping for care. All interviews were transcribed and manually coded using a thematic coding guide. In general, respondents expressed frustration with healthcare costs and had a positive opinion of the idea of price shopping in theory, but 2 sets of barriers limited their ability to do so in reality. The first was the salience of searching for price information. For example, respondents recognized that due to their health plan benefits design, they would not save money by switching to a lower-cost provider. Second, other factors were more important than price for respondents when choosing a provider, including quality and loyalty to current providers. We found a disconnect between respondents' enthusiasm for price shopping and their reported use of a price transparency tool to shop for care. However, many did find the tool useful for other purposes, including checking their claims history. Addressing the barriers to price shopping identified by respondents can help inform ongoing and future price transparency initiatives.

  10. Move! Eat better: try the FIT formula

    CERN Multimedia

    CERN Medical Service

    2013-01-01

    In the physics world, some formulas lead to a Nobel prize. In the world of health and physical activity, the Medical Service also has a winning formula...   FIT (physical activity) =       Frequency x Intensity x Time Frequency = more than 3 times per week. Intensity = physical activity which slightly increases your heart rate and breathing rate. Time = more than 30 minutes (per session). As part of our Move! Eat better campaign, the Medical Service is still offering the use of a pedometer (available on loan from the infirmary), which is a really useful tool to help you reach the winning FIT formula. Interested in borrowing a CERN pedometer?  Click here!

  11. Mass formula for quasi-black holes

    International Nuclear Information System (INIS)

    Lemos, Jose P. S.; Zaslavskii, Oleg B.

    2008-01-01

    A quasi-black hole, either nonextremal or extremal, can be broadly defined as the limiting configuration of a body when its boundary approaches the body's quasihorizon. We consider the mass contributions and the mass formula for a static quasi-black hole. The analysis involves careful scrutiny of the surface stresses when the limiting configuration is reached. It is shown that there exists a strict correspondence between the mass formulas for quasi-black holes and pure black holes. This perfect parallelism exists in spite of the difference in derivation and meaning of the formulas in both cases. For extremal quasi-black holes the finite surface stresses give zero contribution to the total mass. This leads to a very special version of Abraham-Lorentz electron in general relativity in which the total mass has pure electromagnetic origin in spite of the presence of bare stresses.

  12. From Pauli Matrices to Quantum Ito Formula

    International Nuclear Information System (INIS)

    Pautrat, Yan

    2005-01-01

    This paper answers important questions raised by the recent description, by Attal, of a robust and explicit method to approximate basic objects of quantum stochastic calculus on bosonic Fock space by analogues on the state space of quantum spin chains. The existence of that method justifies a detailed investigation of discrete-time quantum stochastic calculus. Here we fully define and study that theory and obtain in particular a discrete-time quantum Ito formula, which one can see as summarizing the commutation relations of Pauli matrices.An apparent flaw in that approximation method is the difference in the quantum Ito formulas, discrete and continuous, which suggests that the discrete quantum stochastic calculus differs fundamentally from the continuous one and is therefore not a suitable object to approximate subtle phenomena. We show that flaw is only apparent by proving that the continuous-time quantum Ito formula is actually a consequence of its discrete-time counterpart

  13. Sum formulas for reductive algebraic groups

    DEFF Research Database (Denmark)

    Andersen, Henning Haahr; Kulkarni, Upendra

    2008-01-01

    \\supset V^1 \\cdots \\supset V^r = 0$. The sum of the positive terms in this filtration satisfies a well known sum formula. If $T$ denotes a tilting module either for $G$ or $U_q$ then we can similarly filter the space $\\Hom_G(V,T)$, respectively $\\Hom_{U_q}(V,T)$ and there is a sum formula for the positive...... terms here as well. We give an easy and unified proof of these two (equivalent) sum formulas. Our approach is based on an Euler type identity which we show holds without any restrictions on $p$ or $l$. In particular, we get rid of previous such restrictions in the tilting module case....

  14. Pricing of path dependent derivatives with discretely monitored underlying assets

    Science.gov (United States)

    Choi, Hyomin

    This dissertation presents two different approaches to path dependent option pricing with discrete sampling. Provided the underlying asset of a path dependent derivative contract follows an affine process, we use the forward characteristic method to evaluate its fair price. Our study shows that the valuation method is numerically accessible as long as the contract payoff is a linear combination of log return of its underlying asset price. We compute various examples of such contracts and give contract-tailored formulas that we use in these examples. In the second part, we consider variance options under stochastic volatility model. We analyze the difference between variance option prices with discrete and continuous sampling as a function of N, the number of observations made in the former. We find the series expansion of the difference with respect to 1/N and find its leading term. By adding this leading term to the value of continuously sampled variance option, we obtain a simple and well-understood approximation of discretely sample variance option price.

  15. Gas pricing in developing countries: A case study of Pakistan

    International Nuclear Information System (INIS)

    Sohail, H.M.; Abid, M.S.; Ansari, A.M.

    1994-01-01

    Pakistan, a developing country, has gone through various phases of formulating gas pricing policies during its 40-year history of natural gas production and consumption. This paper identifies critical factors that influenced gas pricing policies in Pakistan and adverse effects experienced when any of these factors was not given proper consideration. For instance, on the producer's side, discounted pricing formulas discouraged further exploration and development, leaving high-potential areas unexplored and discovered fields dormant for more than a decade. On the consumer's side, subsidized gas prices encouraged consumption to rise steeply without new discoveries to offset additional surplus consumption. The paper also discusses various short- and long-term variables that should go into a gas pricing policy for developing countries. References to recent policies are also given, indicating how these variables were incorporated in real terms. The conclusions and recommendations, based on Pakistan's long experience with the gas industry, should be useful for other oil-importing countries rich in indigenous gas resources

  16. Uranium price forecasting methods

    International Nuclear Information System (INIS)

    Fuller, D.M.

    1994-01-01

    This article reviews a number of forecasting methods that have been applied to uranium prices and compares their relative strengths and weaknesses. The methods reviewed are: (1) judgemental methods, (2) technical analysis, (3) time-series methods, (4) fundamental analysis, and (5) econometric methods. Historically, none of these methods has performed very well, but a well-thought-out model is still useful as a basis from which to adjust to new circumstances and try again

  17. International design competition. Formula student Germany; Internationaler Konstruktionswettbewerb. Formula Student Germany

    Energy Technology Data Exchange (ETDEWEB)

    Liebl, Johannes; Siebenpfeiffer, Wolfgang (eds.)

    2011-11-15

    Within the International Design Competition 2011 at the Hockenheimring (Federal Republic of Germany) the following contributions were presented: (1) Formula Student Germany - Experience the Future (Tim Hannig); (2) Live at the Hockenheimring 2011; (3) Cutaway Model of the FSC Winning Car - The GFR11c by the Global Formula Racing Team of the DHBW Ravensburg; (4) Formula Student Racecar with Selective Cylinder Deactivation (Alexander Titz); (5) Construction of a crankshaft for the RS11 (Stefan Buhl); (6) The Wheel Design of the ARG 11 (Megan Rotondo); (7) Cutaway Model of the FSE Winning Car - The DUT11 by the DUT Racing Team of the Delft University of Technology; (8) Formula Student Electric - E-Scrutineering (Ann-Christin Bartoelke); (9) Development of an E-motor for Formular Student Electric (Urs Leuthold); (10) The Battery Management System of the FHWT04e (Andreas Hagemeyer); (11) Overall Results 2011 at a Glance; (12) Show your Colours; (13) Formula Student Germany visiting China (Alia Pierce).

  18. Cultivation of Agaricus bisporus on some compost formulas and ...

    African Journals Online (AJOL)

    Three compost formulas (formula I, formula II, and formula III) based waste tea leaves and using some activator materials such as wheat bran, chicken manure and pigeon manure were studied for Agaricus bisporus cultivation. Some locally available peats such as peat of Bolu, peat of Agacbasi, peat of Caykara and theirs ...

  19. Accurate formulas for the penalty caused by interferometric crosstalk

    DEFF Research Database (Denmark)

    Rasmussen, Christian Jørgen; Liu, Fenghai; Jeppesen, Palle

    2000-01-01

    New simple formulas for the penalty caused by interferometric crosstalk in PIN receiver systems and optically preamplified receiver systems are presented. They are more accurate than existing formulas.......New simple formulas for the penalty caused by interferometric crosstalk in PIN receiver systems and optically preamplified receiver systems are presented. They are more accurate than existing formulas....

  20. The rational formula from the runhydrograph | Parak | Water SA

    African Journals Online (AJOL)

    catchments. However, as a result of the criticisms, the formula carries with it many cautions. One such caution regards the determination of the formula\\'s runoff coefficient c, which is seen as the main difficulty in the design application of the formula. Mindful of this, it was decided to investigate the calibration of this coefficient, ...

  1. Albania Residential Prices

    Directory of Open Access Journals (Sweden)

    Luciana Koprencka

    2016-04-01

    Full Text Available The real estate market is complex and influenced by too many factors. Real Estate market in Albania has experienced a boom after the 1990. We have inherited from the communist system a very poor market of housing. The number of dwellings in 1990 in Albania was 219 dwellings per 1000 inhabitants and the useful floor space was 5 m² per person, but in Bulgaria number of dwellings per 1,000 people varies 465 and in Romania average useful floor space per person was 37 sq. The data used in this study are derived from the database of the World Bank, the Institute of Statistics, reports of Bank of Albania also from information provided individually on the ground and different sources. In this study is analyzed the relationship that exists between economic growth, remittances and the price of dwellings in Albania. The dependent variable is the average price of housing in major cities of Albania. Independent variables in the model are GDP per capita and the remittances. The Econometric model is a Linear Regress equation and the period are the years from 1998 to 2013. The model used is the statistical program EViews 6.0. Unfortunately the information let the desired, so we do not have an official detailed information on prices of Albanian real estate market. In Albania few researchers have been studying real estate market in Albania.

  2. Record prices [crude oil

    International Nuclear Information System (INIS)

    Anon

    2006-01-01

    Crude oil prices climbed to new record levels on fears of a future loss of supplies from Iran as Washington stepped up its efforts to persuade Tehran to abandon its programme to produce nuclear fuel. IPE's December Brent contract set a new record for the exchange by trading at $75.80/bbl on 21st April. On the same day October WTI reached an all-time high of $77.30/bbl on Nymex. US product prices gained as refiners struggled to produce sufficient middle distillate. Alarmed by the rising retail price of gasoline, the US Senate debated a reduction in the already low US tax rate on motor spirit. The House of Representatives passed a measure to prohibit overcharging for petrol, diesel and heating oil, but Democrats rejected a Republican proposal to speed-up the process for approving new refineries. President George W Bush announced a temporary easing of new gasoline and diesel specifications (see 'Focus', March 2006) to allow more fuel to be produced. He also agreed to delay the repayment of some 2.1 mn bbl of crude oil lent to companies after last year's hurricanes from the Strategic Petroleum Reserve. California announced an inquiry into alleged overcharging for fuel by oil companies operating in the state. (author)

  3. Quantum Ito's formula and stochastic evolutions

    International Nuclear Information System (INIS)

    Hudson, R.L.; Parthasarathy, K.R.

    1984-01-01

    Using only the Boson canonical commutation relations and the Riemann-Lebesgue integral we construct a simple theory of stochastic integrals and differentials with respect to the basic field operator processes. This leads to a noncommutative Ito product formula, a realisation of the classical Poisson process in Fock space which gives a noncommutative central limit theorem, the construction of solutions of certain noncommutative stochastic differential equations, and finally to the integration of certain irreversible equations of motion governed by semigroups of completely positive maps. The classical Ito product formula for stochastic differentials with respect to Brownian motion and the Poisson process is a special case. (orig.)

  4. Vacuum engineering, calculations, formulas, and solved exercises

    CERN Document Server

    Berman, Armand

    1992-01-01

    This book was written with two main objectives in mind-to summarize and organize the vast material of vacuum technology in sets of useful formulas, and to provide a collection of worked out exercises showing how to use these formulas for solving technological problems. It is an ideal reference source for those with little time to devote to a full mathematical treatment of the many problems issued in vacuum practice, but who have a working knowledge of the essentials of vacuum technology, elementary physics, and mathematics. This time saving book employs a problem-solving approach throughout, p

  5. Covariant n2-plet mass formulas

    International Nuclear Information System (INIS)

    Davidson, A.

    1979-01-01

    Using a generalized internal symmetry group analogous to the Lorentz group, we have constructed a covariant n 2 -plet mass operator. This operator is built as a scalar matrix in the (n;n*) representation, and its SU(n) breaking parameters are identified as intrinsic boost ones. Its basic properties are: covariance, Hermiticity, positivity, charge conjugation, quark contents, and a self-consistent n 2 -1, 1 mixing. The GMO and the Okubo formulas are obtained by considering two different limits of the same generalized mass formula

  6. Differential recurrence formulae for orthogonal polynomials

    Directory of Open Access Journals (Sweden)

    Anton L. W. von Bachhaus

    1995-11-01

    Full Text Available Part I - By combining a general 2nd-order linear homogeneous ordinary differential equation with the three-term recurrence relation possessed by all orthogonal polynomials, it is shown that sequences of orthogonal polynomials which satisfy a differential equation of the above mentioned type necessarily have a differentiation formula of the type: gn(xY'n(x=fn(xYn(x+Yn-1(x. Part II - A recurrence formula of the form: rn(xY'n(x+sn(xY'n+1(x+tn(xY'n-1(x=0, is derived using the result of Part I.

  7. Price Competition or Tacit Collusion

    OpenAIRE

    Yano, Makoto; Komatsubara, Takashi

    2012-01-01

    Every now and then, we observe a fierce price war in a real world market, through which competing firms end up with a Bertrand-like price competition equilibrium. Despite this, very little has been known in the existing literature as to why a price competition market is formed. We address this question in the context of a choice between engaging in price competition and holding a price leader. Focusing on a duopoly market, we demonstrate that if supply is tight relative to demand, and if the ...

  8. Chaotic structure of oil prices

    Science.gov (United States)

    Bildirici, Melike; Sonustun, Fulya Ozaksoy

    2018-01-01

    The fluctuations in oil prices are very complicated and therefore, it is unable to predict its effects on economies. For modelling complex system of oil prices, linear economic models are not sufficient and efficient tools. Thus, in recent years, economists attached great attention to non-linear structure of oil prices. For analyzing this relationship, GARCH types of models were used in some papers. Distinctively from the other papers, in this study, we aimed to analyze chaotic pattern of oil prices. Thus, it was used the Lyapunov Exponents and Hennon Map to determine chaotic behavior of oil prices for the selected time period.

  9. The impact of electricity price changes on industrial prices and the general price level in Korea

    International Nuclear Information System (INIS)

    Lim, Seul-Ye; Yoo, Seung-Hoon

    2013-01-01

    Electricity has played an important role in the economic development of Korea and, thus, has become a critical factor in sustaining the well-being of the Korean people. This study attempts to investigate the impact of electricity price changes on industrial prices and the general price level using input–output (I–O) analysis. To this end, we apply the I–O price model to the 2011 I–O table recently produced by the Bank of Korea, paying particular attention to the electricity sector by considering it as exogenous and then investigating its impacts. The impacts of the electricity price changes on each industrial sector's prices and the general price level are quantitatively derived. For example, the overall impact of a 10% increase in electricity price on the Korean national economy is estimated to be 0.4367%. We also report the results from the model with the electricity sector endogenous and the model with endogenous electricity and labor sectors. This information can be usefully utilized in decision-making regarding price management for electricity. - Highlights: • We investigate the impact of electricity price changes on the Korean economy. • We use the input–output (I–O) analysis specifying the electricity sector as exogenous. • We apply the I–O price model to 2010 I–O table produced by the Bank of Korea. • The impact of a 10% increase in electricity price on the Korean economy is 0.2176%

  10. Estimating Structural Models of Corporate Bond Prices in Indonesian Corporations

    Directory of Open Access Journals (Sweden)

    Lenny Suardi

    2014-08-01

    Full Text Available This  paper  applies  the  maximum  likelihood  (ML  approaches  to  implementing  the structural  model  of  corporate  bond,  as  suggested  by  Li  and  Wong  (2008,  in  Indonesian corporations.  Two  structural  models,  extended  Merton  and  Longstaff  &  Schwartz  (LS models,  are  used  in  determining  these  prices,  yields,  yield  spreads  and  probabilities  of default. ML estimation is used to determine the volatility of irm value. Since irm value is unobserved variable, Duan (1994 suggested that the irst step of ML estimation is to derive the likelihood function for equity as the option on the irm value. The second step is to ind parameters such as the drift and volatility of irm value, that maximizing this function. The irm value itself is extracted by equating the pricing formula to the observed equity prices. Equity,  total  liabilities,  bond  prices  data  and  the  irm's  parameters  (irm  value,  volatility of irm value, and default barrier are substituted to extended Merton and LS bond pricing formula in order to valuate the corporate bond.These models are implemented to a sample of 24 bond prices in Indonesian corporation during  period  of  2001-2005,  based  on  criteria  of  Eom,  Helwege  and  Huang  (2004.  The equity  and  bond  prices  data  were  obtained  from  Indonesia  Stock  Exchange  for  irms  that issued equity and provided regular inancial statement within this period. The result shows that both models, in average, underestimate the bond prices and overestimate the yields and yield spread. ";} // -->activate javascript

  11. Price floors for emissions trading

    International Nuclear Information System (INIS)

    Wood, Peter John; Jotzo, Frank

    2011-01-01

    Price floors in greenhouse gas emissions trading schemes can guarantee minimum abatement efforts if prices are lower than expected, and they can help manage cost uncertainty, possibly as complements to price ceilings. Provisions for price floors are found in several recent legislative proposals for emissions trading. Implementation however has potential pitfalls. Possible mechanisms are government commitments to buy back permits, a reserve price at auction, or an extra fee or tax on acquittal of emissions permits. Our analysis of these alternatives shows that the fee approach has budgetary advantages and is more compatible with international permit trading than the alternatives. It can also be used to implement more general hybrid approaches to emissions pricing. - Research highlights: → Price floors for emissions trading schemes guarantee a minimum carbon price. → Price floors mean that emissions can be less than specified by the ETS cap. → We examine how price floors can relate to different policy objectives. → We compare different mechanisms for implementing a price floor. → We find that a mechanism where there is an extra tax or fee has advantages.

  12. Trading network predicts stock price.

    Science.gov (United States)

    Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi

    2014-01-16

    Stock price prediction is an important and challenging problem for studying financial markets. Existing studies are mainly based on the time series of stock price or the operation performance of listed company. In this paper, we propose to predict stock price based on investors' trading behavior. For each stock, we characterize the daily trading relationship among its investors using a trading network. We then classify the nodes of trading network into three roles according to their connectivity pattern. Strong Granger causality is found between stock price and trading relationship indices, i.e., the fraction of trading relationship among nodes with different roles. We further predict stock price by incorporating these trading relationship indices into a neural network based on time series of stock price. Experimental results on 51 stocks in two Chinese Stock Exchanges demonstrate the accuracy of stock price prediction is significantly improved by the inclusion of trading relationship indices.

  13. Reciprocity, World Prices and Welfare

    DEFF Research Database (Denmark)

    Raimondos-Møller, Pascalis; Woodland, Alan D.

    We examine in detail the circumstances under which reciprocity, as defined in Bagwell and Staiger (1999), leads to fixed world prices. We show that a change of tariffs satisfying reciprocity does not necessarily imply constant world prices in a world of many goods and countries. While it is possi...... of all countries, independently of whether world prices change and independently of the relative numbers of goods and countries.......We examine in detail the circumstances under which reciprocity, as defined in Bagwell and Staiger (1999), leads to fixed world prices. We show that a change of tariffs satisfying reciprocity does not necessarily imply constant world prices in a world of many goods and countries. While...... it is possible to find tariff reforms that are consistent with both reciprocity and constant world prices, these reforms do not follow from the reciprocity condition, but rather from the requirement of unchanged world prices. We propose an alternative reciprocity rule that is guaranteed to raise the welfare...

  14. Price setting in turbulent times

    DEFF Research Database (Denmark)

    Ólafsson, Tjörvi; Pétursdóttir, Ásgerdur; Vignisdóttir, Karen Á.

    This price setting survey among Icelandic firms aims to make two contributions to the literature. First, it studies price setting in an advanced economy within a more turbulent macroeconomic environment than has previously been done. The results indicate that price adjustments are to a larger...... extent driven by exchange rate fluctuations than in most other advanced countries. The median Icelandic firm reviews its prices every four months and changes them every six months. The main sources of price rigidity and the most commonly used price setting methods are the same as in most other countries....... A second contribution to the literature is our analysis of the nexus between price setting and exchange rate movements, a topic that has attracted surprisingly limited attention in this survey-based literature. A novel aspect of our approach is to base our analysis on a categorisation of firms...

  15. Oil price uncertainty in Canada

    Energy Technology Data Exchange (ETDEWEB)

    Elder, John [Department of Finance and Real Estate, 1272 Campus Delivery, Colorado State University, Fort Collins, CO 80523 (United States); Serletis, Apostolos [Department of Economics, University of Calgary, Calgary, Alberta (Canada)

    2009-11-15

    Bernanke [Bernanke, Ben S. Irreversibility, uncertainty, and cyclical investment. Quarterly Journal of Economics 98 (1983), 85-106.] shows how uncertainty about energy prices may induce optimizing firms to postpone investment decisions, thereby leading to a decline in aggregate output. Elder and Serletis [Elder, John and Serletis, Apostolos. Oil price uncertainty.] find empirical evidence that uncertainty about oil prices has tended to depress investment in the United States. In this paper we assess the robustness of these results by investigating the effects of oil price uncertainty in Canada. Our results are remarkably similar to existing results for the United States, providing additional evidence that uncertainty about oil prices may provide another explanation for why the sharp oil price declines of 1985 failed to produce rapid output growth. Impulse-response analysis suggests that uncertainty about oil prices may tend to reinforce the negative response of output to positive oil shocks. (author)

  16. Industrial Pricing: Theory and Managerial Practice

    OpenAIRE

    Peter M. Noble; Thomas S. Gruca

    1999-01-01

    We organize the existing theoretical pricing research into a new two-level framework for industrial goods pricing. The first level consists of four pricing situations: New Product, Competitive, Product Line, and Cost-based. The second level consists of the pricing strategies appropriate for a given situation. For example, within the new product pricing situation, there are three alternative pricing strategies: Skim, Penetration, and Experience Curve pricing. There are a total of ten pricing s...

  17. Optimal pricing and investment in the electricity sector in Tamil Nadu, India

    Science.gov (United States)

    Murthy, Ranganath Srinivas

    2001-07-01

    Faulty pricing policies and inadequate investment in the power sector are responsible for the chronic power shortages that plague Tamil Nadu and the rest of India. Formulae for optimal pricing rules are derived for a social welfare maximizing Electricity Board which sells electricity that is used both as an intermediate, and as a final good. Because of distributional constraints, the optimal prices deviate systematically from marginal costs. Optimal relative price-marginal cost differentials are computed for Tamil Nadu, and are found to indicate a lower degree of subsidization than the prevailing prices. The rationalization of electricity tariffs would very likely increase the Board's revenues. The cost-effectiveness of nuclear power in India is examined by comparing actual data for the Madras Atomic Power Project and the Singrauli coal-fired thermal power station. The conventional (non-environmental) costs of power generation are compared at both market prices and shadow prices, calculated according to the UNIDO guidelines for project evaluation. Despite favorable assumptions for the costs of the nuclear plant, coal had a decided edge over nuclear in Tamil Nadu. Remarkably, the edge varied little when market prices are replaced by shadow prices in the computations. With regard to the environmental costs, far too much remains unknown. More research is therefore needed on the environmental impacts of both types of power generation before a final choice can be made.

  18. Infant Formula Not Linked to Diabetes

    Science.gov (United States)

    ... Are Proteins in Formula Linked to Type 1 Diabetes? En español Send us your comments The study’s results don’t suggest ... not raise the risk of developing type 1 diabetes. “This once more shows us that there is no easy way to prevent ...

  19. Composition formulas in the Weyl calculus

    DEFF Research Database (Denmark)

    Kobayashi, Toshiyuki; Ørsted, Bent; Pevzner, Michael

    2009-01-01

    In pseudodifferential analysis, the usual composition formula, which has asymptotic value, extends that valid for differential operators. The one developed here is based instead on the decomposition of symbols (functions in Rn×Rn ) as integral superpositions of homogeneous ones, of degrees lying ...

  20. Precise and versatile formula for birefringent filters

    Science.gov (United States)

    Shao, Zhongxing

    1996-07-01

    In an investigation of extraordinary-(E-) ray behavior and the index of refraction for E waves in a uniaxial crystal, a precise and versatile formula for birefringent filters, based on the exact construction of the optical path difference, is set up with neither the approximation Delta n = no - ne less than or equals no (or n e), nor the ambiguity sin( theta )/sin(rw) = ne. The exact construction gives the correct variation of the position and the dimension in each path, yielding the path difference while the filter is tuning. The formula is applicable not only to a filter with its optical axis parallel to the entrance surface (FAPS) but also to a filter with its axis inclined to the surface (FAIS). Also, the formula indicates that a FAIS allows laser wavelengths to be tuned over a wider range than does a FAPS. The origin of the wider range is interpreted to be the greater variation in the index for the FAIS while the filter is tuning. With the help of the formula we design a FAIS for tuning a cw 42.25.Lc.