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.

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

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.

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.

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

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.

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.

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.

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.

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...

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.

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

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

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.

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.

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.

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.

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.

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…

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.

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.

Dynamics Model Applied to Pricing Options with Uncertain Volatility

Directory of Open Access Journals (Sweden)

Lorella Fatone

2012-01-01

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

Option price and market instability

Science.gov (United States)

Baaquie, Belal E.; Yu, Miao

2017-04-01

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

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.

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.

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

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.

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.

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.

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.

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.

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

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.

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.

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....

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.

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 ...

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)

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.

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.

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.

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

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.

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.

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,

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.

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.

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.

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...

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.

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...

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.

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.

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

International Nuclear Information System (INIS)

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

2016-01-01

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

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...

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.

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.

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.

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.

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.

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

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 ...

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...

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...

Contributions to the financial mathematics of energy markets

International Nuclear Information System (INIS)

Permana, F.J.

2008-01-01

This thesis provides several contributions to quantitative finance for energy markets: electricity price modelling, implying oil price volatilities, pricing and hedging of exotic commodity options. Electricity spot prices are characterized by spikes (jumps) because electricity is non-storable. A widely used model for stochastic component of electricity spot prices, a mean-reversion jump-diffusion model, is only partially successful to capture spikes. We propose the so-called potential Levy model, incorporating a potential function and a class of Levy process, i.e. those with a-stable distributions. In this model, after a jump, the potential function has higher mean-reversion rate than the 'normal' mean-reversion rate. Modelling stochastic price fluctuations using an a-stable distribution has several advantages: disentangling stochastic price fluctuations as a part of stochastic dynamics and jump dynamics, and assumption that the jump inter-arrival times are exponentially distributed are not necessary. This distribution is also heavy-tailed enough to capture spikes. The implied volatility obtained from liquid option prices by inverting the Black-Scholes formula is often considered as the best volatility forecast. The Black-Scholes model assumes a constant volatility for options on the same underlying asset. In practice, the implied volatilities vary across the strike prices and the times to maturity. We develop the so-called semi-parametric model for fitting the implied volatility surface, incorporating the simplicity of a parametric method and the flexibility of a non-parametric method. Such a model can capture the smile, skew or smirk shape and can deal with limited amount of option price data. A basket option is a convenient market risk management tool for a company whose portfolio consists of several assets. The difficulty in valuing basket options is that the weighted sum of log-normal random variables is not log-normally distributed anymore, which is the key

Contributions to the financial mathematics of energy markets

Energy Technology Data Exchange (ETDEWEB)

Permana, F.J.

2008-02-01

This thesis provides several contributions to quantitative finance for energy markets: electricity price modelling, implying oil price volatilities, pricing and hedging of exotic commodity options. Electricity spot prices are characterized by spikes (jumps) because electricity is non-storable. A widely used model for stochastic component of electricity spot prices, a mean-reversion jump-diffusion model, is only partially successful to capture spikes. We propose the so-called potential Levy model, incorporating a potential function and a class of Levy process, i.e. those with a-stable distributions. In this model, after a jump, the potential function has higher mean-reversion rate than the 'normal' mean-reversion rate. Modelling stochastic price fluctuations using an a-stable distribution has several advantages: disentangling stochastic price fluctuations as a part of stochastic dynamics and jump dynamics, and assumption that the jump inter-arrival times are exponentially distributed are not necessary. This distribution is also heavy-tailed enough to capture spikes. The implied volatility obtained from liquid option prices by inverting the Black-Scholes formula is often considered as the best volatility forecast. The Black-Scholes model assumes a constant volatility for options on the same underlying asset. In practice, the implied volatilities vary across the strike prices and the times to maturity. We develop the so-called semi-parametric model for fitting the implied volatility surface, incorporating the simplicity of a parametric method and the flexibility of a non-parametric method. Such a model can capture the smile, skew or smirk shape and can deal with limited amount of option price data. A basket option is a convenient market risk management tool for a company whose portfolio consists of several assets. The difficulty in valuing basket options is that the weighted sum of log-normal random variables is not log-normally distributed anymore, which is

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.

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.

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.

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.

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

Change of time methods in quantitative finance

CERN Document Server

Swishchuk, Anatoliy

2016-01-01

This book is devoted to the history of Change of Time Methods (CTM), the connections of CTM to stochastic volatilities and finance, fundamental aspects of the theory of CTM, basic concepts, and its properties. An emphasis is given on many applications of CTM in financial and energy markets, and the presented numerical examples are based on real data. The change of time method is applied to derive the well-known Black-Scholes formula for European call options, and to derive an explicit option pricing formula for a European call option for a mean-reverting model for commodity prices. Explicit formulas are also derived for variance and volatility swaps for financial markets with a stochastic volatility following a classical and delayed Heston model. The CTM is applied to price financial and energy derivatives for one-factor and multi-factor alpha-stable Levy-based models. Readers should have a basic knowledge of probability and statistics, and some familiarity with stochastic processes, such as Brownian motion, ...

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

Quadratic Hedging of Basis Risk

Directory of Open Access Journals (Sweden)

Hardy Hulley

2015-02-01

Full Text Available This paper examines a simple basis risk model based on correlated geometric Brownian motions. We apply quadratic criteria to minimize basis risk and hedge in an optimal manner. Initially, we derive the Föllmer–Schweizer decomposition for a European claim. This allows pricing and hedging under the minimal martingale measure, corresponding to the local risk-minimizing strategy. Furthermore, since the mean-variance tradeoff process is deterministic in our setup, the minimal martingale- and variance-optimal martingale measures coincide. Consequently, the mean-variance optimal strategy is easily constructed. Simple pricing and hedging formulae for put and call options are derived in terms of the Black–Scholes formula. Due to market incompleteness, these formulae depend on the drift parameters of the processes. By making a further equilibrium assumption, we derive an approximate hedging formula, which does not require knowledge of these parameters. The hedging strategies are tested using Monte Carlo experiments, and are compared with results achieved using a utility maximization approach.

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.

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...

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.

The Early Exercise Premium Representation for American Options on Multiply Assets

International Nuclear Information System (INIS)

Klimsiak, Tomasz; Rozkosz, Andrzej

2016-01-01

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

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.

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

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.

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...

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...

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

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.

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...

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.

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...

Stock and option portfolio using fuzzy logic approach

Science.gov (United States)

Sumarti, Novriana; Wahyudi, Nanang

2014-03-01

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

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...

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.

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.

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)].

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.

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.

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.

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).

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.

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.

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.

Option volatility and the acceleration Lagrangian

Science.gov (United States)

Baaquie, Belal E.; Cao, Yang

2014-01-01

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

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

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.

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…

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.

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.

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.

PENENTUAN HARGA OPSI SAHAM DENGAN MENGGUNAKAN METODE BEDA HINGGA CRANK-NICHOLSON (C-N

Directory of Open Access Journals (Sweden)

OKI TJANDRA SURYA KURNIAWAN

2012-09-01

Full Text Available An option is a contract to buy or sell a specific financial product officially known as the option's underlying instrument. For equity options, the underlying instrument is a stock or similar product. An option establishes a specific price, called the strike price, at which the contract may be exercised, and it has an expiration date. Options come in two varieties, calls and puts.  The right to buy a stock at a specific price is called a call and the right to sell a stock at a specific price is called a put.  To price an option one may use Black-Scholes formula which is solved analytically and numerically. In this project numerical solution using Crank-Nicolson finite difference method is demonstrated. The purpose of this project is to study how Crank-Nicolson different from explicit and implicit methods. The result shows that Crank-Nicolson method gives higher prices than explicit and implicit methods. In terms of calculation, explicit method  is much simpler than the other two methods.

Uncertainty in oil projects

International Nuclear Information System (INIS)

Limperopoulos, G.J.

1995-01-01

This report presents an oil project valuation under uncertainty by means of two well-known financial techniques: The Capital Asset Pricing Model (CAPM) and The Black-Scholes Option Pricing Formula. CAPM gives a linear positive relationship between expected rate of return and risk but does not take into consideration the aspect of flexibility which is crucial for an irreversible investment as an oil price is. Introduction of investment decision flexibility by using real options can increase the oil project value substantially. Some simple tests for the importance of uncertainty in stock market for oil investments are performed. Uncertainty in stock returns is correlated with aggregate product market uncertainty according to Pindyck (1991). The results of the tests are not satisfactory due to the short data series but introducing two other explanatory variables the interest rate and Gross Domestic Product make the situation better. 36 refs., 18 figs., 6 tabs

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.

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

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.

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...

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.

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...

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

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.

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.

Delta-gamma-theta Hedging of Crude Oil Asian Options

Directory of Open Access Journals (Sweden)

Juraj Hruška

2015-01-01

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

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.

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.

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...

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

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.

Options: the value of flexibilities in long term uranium contracts

International Nuclear Information System (INIS)

Major-Sosias, M.A.

1996-01-01

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

Penentuan Nilai Opsi Call Eropa Dengan Pembayaran Dividen

Directory of Open Access Journals (Sweden)

Diana Purwandari

2016-08-01

Full Text Available Fluktuasi harga saham menyebabkan perdagangan saham memiliki resiko. Opsi merupakan alternatif untuk mengurangi resiko dalam perdagangan saham. Opsi Eropa adalah suatu kontrak keuangan yang memberikan hak, bukan kewajiban, kepada holder, untuk membeli atau menjual aset pokok dari writer pada saat jatuh tempo dengan harga yang sudah ditentukan. Model penilaian harga opsi yang banyak diterima dalam bidang finansial adalah model Black-Scholes. Tujuan dari penelitian ini adalah mengetahui pengaruh pembagian dividen terhadap harga saham dan menentukan nilai opsi call Eropa dengan pembayaran dividen pada waktu yang telah ditentukan. Nilai opsi call Eropa dengan pembayaran dividen pada waktu yang telah ditentukan diperoleh menggunakan integrasi numerik dengan metode Simpson sebesar 12,6388.Kata kunci: opsi call Eropa, model Black-Scholes, dividen, metode Simpson.ABSTRACT Fluctuations in stock prices lead stock trading risk. An alternative options to reduce the risk in stock trading. European option is a financial contract that gives the right, but not the obligation, to the holder, to buy or sell the underlying asset of the writer at the maturity date at a price specified. Option price valuation models are widely accepted in the field of finance is the Black-Scholes model. The purpose of this study is to determine the effect of dividend distribution to the stock price and determine the value of the European call option with dividend payments at a predetermined time. Value of the European call option with dividend payments at a predetermined time obtained using numerical integration with Simpson method of 12,6388.Key words: European call options, Black-Scholes model, dividend, Simpson method.

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....

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.

Theory of stochastic differential equations with jumps and applications mathematical and analytical techniques with applications to engineering

CERN Document Server

SITU, Rong

2005-01-01

Derivation of Ito's formulas, Girsanov's theorems and martingale representation theorem for stochastic DEs with jumpsApplications to population controlReflecting stochastic DE techniqueApplications to the stock market. (Backward stochastic DE approach)Derivation of Black-Scholes formula for market with and without jumpsNon-linear filtering problems with jumps.

APLIKASI MODEL MEAN REVERSION DENGAN MUSIMAN DALAM MENENTUKAN NILAI KONTRAK OPSI TIPE EROPA PADA HARGA KOMODITAS KAKAO

Directory of Open Access Journals (Sweden)

IDA AYU PUTU CANDRA DEWI

2017-11-01

Full Text Available Many literatures explain that commodity prices tend to follow the pattern of Mean Reversion models, commodity prices are controlled by seasonal supplies resulting in price fluctuations. To overcome the risk of fluctuations in the price, an investor can hedge with option contracts. The purpose of this research was to know the application of Mean Reversion model with seasonal in determining the value of European option contract from commodity ,by estimating the parameters and simulating the model in order to get the value of European option contract. Thus, the values of the options obtained with the model was compared with the value of the options calculated by the Black-Scholes model. The results of this study indicated that the value of contract option of Mean Reversion model with seasonal value was lower than the Black-Scholes model.

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

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...

Statistics for Finance

DEFF Research Database (Denmark)

Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard

Statistics for Finance develops students’ professional skills in statistics with applications in finance. Developed from the authors’ courses at the Technical University of Denmark and Lund University, the text bridges the gap between classical, rigorous treatments of financial mathematics...... that rarely connect concepts to data and books on econometrics and time series analysis that do not cover specific problems related to option valuation. The book discusses applications of financial derivatives pertaining to risk assessment and elimination. The authors cover various statistical...... and mathematical techniques, including linear and nonlinear time series analysis, stochastic calculus models, stochastic differential equations, Itō’s formula, the Black–Scholes model, the generalized method-of-moments, and the Kalman filter. They explain how these tools are used to price financial derivatives...

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

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.

Numerical Methods for Nonlinear PDEs in Finance

DEFF Research Database (Denmark)

Mashayekhi, Sima

Nonlinear Black-Scholes equations arise from considering parameters such as feedback and illiquid markets eects or large investor preferences, volatile portfolio and nontrivial transaction costs into option pricing models to have more accurate option price. Here some nite dierence schemes have be...

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

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...

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...

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

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.

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.

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.

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.

Adaptive [theta]-methods for pricing American options

Science.gov (United States)

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

2008-12-01

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

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.

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

Price cap regulation: the case of natural gas transport in the UK; La reglementation par price cap: le cas du transport de gaz naturel au Royaume Uni

Energy Technology Data Exchange (ETDEWEB)

David, L. [ATER, Paris-1 Univ., 75 (France)

1999-09-01

The transport and storage activities of British Gas company are controlled by a distinct organization named Transco. The access charges paid by the suppliers for the use of Transco's network are regulated by a price cap since October 1, 1994. However, Ofgas, the office of gas supply which is the regulation authority in charge of the control of competition and of British Gas activities, considers this control system as inefficient and has chosen a RPI (retail price index)-X (expected productivity factor)-type price cap for the control of gas transport tariffs. This has led to a disagreement between Transco and Ofgas which has delayed the implementation of the new system up to February 1998. This article compares the choices made by Ofgas for the control of gas transport tariffs with the economical theory. It recalls first, the reasons why the price cap appears as more efficient than the service cost regulation, the alternate method used by regulation authorities to control the tariffs of natural monopolies. Then, the difficulties linked with the implementation of the price cap for the transport of natural gas in the UK are analyzed in order to explain the reasons that led Ofgas to change its formula. Finally, the bases of an optimum hybrid formula are proposed. (J.S.)

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.

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.

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

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.

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.

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

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.

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...

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....

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.

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.

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.)

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

Options with Extreme Strikes

Directory of Open Access Journals (Sweden)

Lingjiong Zhu

2015-07-01

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

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....

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.

Volatility smile as relativistic effect

Science.gov (United States)

Kakushadze, Zura

2017-06-01

We give an explicit formula for the probability distribution based on a relativistic extension of Brownian motion. The distribution (1) is properly normalized and (2) obeys the tower law (semigroup property), so we can construct martingales and self-financing hedging strategies and price claims (options). This model is a 1-constant-parameter extension of the Black-Scholes-Merton model. The new parameter is the analog of the speed of light in Special Relativity. However, in the financial context there is no ;speed limit; and the new parameter has the meaning of a characteristic diffusion speed at which relativistic effects become important and lead to a much softer asymptotic behavior, i.e., fat tails, giving rise to volatility smiles. We argue that a nonlocal stochastic description of such (Lévy) processes is inadequate and discuss a local description from physics. The presentation is intended to be pedagogical.

Exchange Options

NARCIS (Netherlands)

Jamshidian, F.

2007-01-01

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

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.

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

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...

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.

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.

Perpetual American put options in a level-dependent volatility model

OpenAIRE

Ekström, Erik

2003-01-01

We find the explicit value of perpetual American put options in the constant elasticity of variance model using the concept of smooth fit. We show that the price is increasing in the volatility and convex in the underlying stock price. Moreover, as the model converges to the standard Black and Scholes model, the value of the put is shown to approach the `correct' limit.

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

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...

Production of K[Formula: see text](892)[Formula: see text] and [Formula: see text](1020) in p-Pb collisions at [Formula: see text] = 5.02 TeV.

Science.gov (United States)

Adam, J; 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; Aleksandrov, D; Alessandro, B; Alexandre, D; Alfaro Molina, R; Alici, A; Alkin, A; Almaraz, J R M; Alme, J; Alt, T; Altinpinar, S; Altsybeev, I; Alves Garcia Prado, C; Andrei, C; Andronic, A; Anguelov, V; Antičić, T; Antinori, F; Antonioli, P; 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; Balasubramanian, S; Baldisseri, A; Baral, R C; Barbano, A M; Barbera, R; Barile, F; 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; Belmont, R; Belmont-Moreno, E; Belyaev, V; Benacek, P; 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; Biro, G; Biswas, R; Biswas, S; Bjelogrlic, S; Blair, J T; Blau, D; Blume, C; Bock, F; Bogdanov, A; Bøggild, H; Boldizsár, L; Bombara, M; Book, J; Borel, H; Borissov, A; Borri, M; Bossú, F; Botta, E; Bourjau, C; Braun-Munzinger, P; Bregant, M; Breitner, T; Broker, T A; Browning, T A; Broz, M; Brucken, E J; Bruna, E; Bruno, G E; Budnikov, D; Buesching, H; Bufalino, S; Buncic, P; Busch, O; Buthelezi, Z; Butt, J B; Buxton, J T; Caffarri, D; Cai, X; Caines, H; Calero Diaz, L; Caliva, A; Calvo Villar, E; Camerini, P; Carena, F; Carena, W; Carnesecchi, F; Castillo Castellanos, J; Castro, A J; Casula, E A R; Ceballos Sanchez, C; Cerello, P; Cerkala, J; Chang, B; Chapeland, S; Chartier, M; Charvet, J L; Chattopadhyay, S; Chattopadhyay, S; Chauvin, A; Chelnokov, V; 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; Crochet, P; Cruz Albino, R; 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; Deisting, A; Deloff, A; Dénes, E; Deplano, C; Dhankher, P; Di Bari, D; Di Mauro, A; Di Nezza, P; 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; Dupieux, P; Ehlers, R J; Elia, D; Endress, E; Engel, H; Epple, E; Erazmus, B; Erdemir, I; Erhardt, F; Espagnon, B; Estienne, M; Esumi, S; Eum, J; Evans, D; Evdokimov, S; Eyyubova, G; 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; Fleck, M G; Floris, M; Foertsch, S; Foka, P; Fokin, S; Fragiacomo, E; Francescon, A; Frankenfeld, U; Fronze, G G; 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; Gasik, P; Gauger, E F; Germain, M; Gheata, A; Gheata, 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, V; González-Zamora, P; Gorbunov, S; Görlich, L; Gotovac, S; Grabski, V; Grachov, O A; Graczykowski, L K; Graham, K L; Grelli, A; Grigoras, A; Grigoras, C; Grigoriev, V; Grigoryan, A; Grigoryan, S; Grinyov, B; Grion, N; Gronefeld, J M; Grosse-Oetringhaus, J F; Grossiord, J-Y; Grosso, R; Guber, F; Guernane, R; Guerzoni, B; Gulbrandsen, K; Gunji, T; Gupta, A; Gupta, R; Haake, R; Haaland, Ø; Hadjidakis, C; Haiduc, M; 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; Hess, B A; Hetland, K F; Hillemanns, H; Hippolyte, B; Horak, D; Hosokawa, R; Hristov, P; Huang, M; Humanic, T J; Hussain, N; Hussain, T; Hutter, D; Hwang, D S; Ilkaev, R; Inaba, M; Incani, E; Ippolitov, M; Irfan, M; Ivanov, M; Ivanov, V; Izucheev, V; Jacazio, N; Jacobs, P M; Jadhav, M B; Jadlovska, S; Jadlovsky, J; Jahnke, C; Jakubowska, M J; Jang, H J; Janik, M A; Jayarathna, P H S Y; Jena, C; Jena, S; Jimenez Bustamante, R T; Jones, P G; Jusko, A; Kalinak, P; Kalweit, A; Kamin, J; 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; Mohisin Khan, M; Khan, P; Khan, S A; Khanzadeev, A; Kharlov, Y; Kileng, B; Kim, D W; Kim, D J; Kim, D; Kim, H; 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, 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; Kostarakis, P; Kour, M; Kouzinopoulos, C; Kovalenko, O; Kovalenko, V; Kowalski, M; Koyithatta Meethaleveedu, G; Králik, I; Kravčáková, A; Kretz, M; 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; Kurashvili, P; Kurepin, A; Kurepin, A B; Kuryakin, A; Kweon, M J; Kwon, Y; La Pointe, S L; La Rocca, P; Ladron de Guevara, P; Lagana Fernandes, C; Lakomov, I; Langoy, R; Lara, C; Lardeux, A; Lattuca, A; Laudi, E; Lea, R; Leardini, L; Lee, G R; Lee, S; Lehas, F; Lemmon, R C; Lenti, V; Leogrande, E; León Monzón, I; León Vargas, H; Leoncino, M; Lévai, P; Li, S; Li, X; Lien, J; Lietava, R; Lindal, S; Lindenstruth, V; Lippmann, C; Lisa, M A; Ljunggren, H M; Lodato, D F; Loenne, P I; Loginov, V; Loizides, C; Lopez, X; López Torres, E; Lowe, A; Luettig, P; Lunardon, M; Luparello, G; 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; Marchisone, M; Mareš, J; Margagliotti, G V; Margotti, A; Margutti, J; Marín, A; Markert, C; Marquard, M; Martin, N A; Martin Blanco, J; Martinengo, P; Martínez, M I; Martínez García, G; Martinez Pedreira, M; Mas, A; Masciocchi, S; Masera, M; Masoni, A; Massacrier, L; Mastroserio, A; Matyja, A; Mayer, C; Mazer, J; Mazzoni, M A; Mcdonald, D; Meddi, F; Melikyan, Y; Menchaca-Rocha, A; Meninno, E; Mercado Pérez, J; Meres, M; Miake, Y; Mieskolainen, M M; Mikhaylov, K; Milano, L; Milosevic, J; Minervini, L M; Mischke, A; Mishra, A N; Miśkowiec, D; Mitra, J; Mitu, C M; Mohammadi, N; Mohanty, B; Molnar, L; Montaño Zetina, L; 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; Munzer, R H; Murakami, H; Murray, S; Musa, L; Musinsky, 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; Nellen, L; 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; Oh, S K; Ohlson, A; Okatan, A; Okubo, T; Olah, L; Oleniacz, J; Oliveira Da Silva, A C; Oliver, M H; Onderwaater, J; Oppedisano, C; Orava, R; Ortiz Velasquez, A; Oskarsson, A; Otwinowski, J; Oyama, K; Ozdemir, M; Pachmayer, Y; Pagano, P; Paić, G; Pal, S K; Pan, J; Pandey, A K; Papikyan, V; Pappalardo, G S; Pareek, P; Park, W J; Parmar, S; Passfeld, A; Paticchio, V; Patra, R N; Paul, B; Pei, H; Peitzmann, T; Pereira Da Costa, H; Peresunko, D; Pérez Lara, C E; Perez Lezama, E; Peskov, V; Pestov, Y; Petráček, V; Petrov, V; Petrovici, M; Petta, C; 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; Porteboeuf-Houssais, S; Porter, J; Pospisil, J; 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; Raniwala, R; Raniwala, S; Räsänen, S S; Rascanu, B T; Rathee, D; Read, K F; Redlich, K; Reed, R J; Rehman, A; Reichelt, P; Reidt, F; Ren, X; Renfordt, R; Reolon, A R; Reshetin, A; Revol, J-P; Reygers, K; Riabov, V; Ricci, R A; Richert, T; Richter, M; Riedler, P; Riegler, W; Riggi, F; Ristea, C; Rocco, E; Rodríguez Cahuantzi, M; Rodriguez Manso, A; Røed, K; Rogochaya, E; 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, P; Sahoo, R; Sahoo, S; Sahu, P K; Saini, J; Sakai, S; Saleh, M A; Salzwedel, J; Sambyal, S; Samsonov, V; Šándor, L; Sandoval, A; Sano, M; Sarkar, D; Sarma, P; Scapparone, E; Scarlassara, F; 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; Šefčík, M; Seger, J E; Sekiguchi, Y; Sekihata, D; Selyuzhenkov, I; Senosi, K; Senyukov, S; Serradilla, E; Sevcenco, A; Shabanov, A; Shabetai, A; Shadura, O; Shahoyan, R; Shangaraev, A; Sharma, A; Sharma, M; Sharma, M; Sharma, N; Shigaki, K; Shtejer, K; Sibiriak, Y; Siddhanta, S; Sielewicz, K M; Siemiarczuk, T; Silvermyr, D; Silvestre, C; Simatovic, G; Simonetti, G; Singaraju, R; Singh, R; Singha, S; Singhal, V; Sinha, B C; Sinha, T; Sitar, B; Sitta, M; Skaali, T B; Slupecki, M; Smirnov, N; Snellings, R J M; Snellman, T W; Søgaard, C; Song, J; Song, M; Song, Z; Soramel, F; Sorensen, S; Souza, R D de; Sozzi, F; Spacek, M; Spiriti, E; Sputowska, I; Spyropoulou-Stassinaki, M; Stachel, J; Stan, I; Stankus, P; Stefanek, G; Stenlund, E; Steyn, G; Stiller, J H; Stocco, D; Strmen, P; Suaide, A A P; Sugitate, T; Suire, C; Suleymanov, M; Suljic, M; Sultanov, R; Šumbera, M; Szabo, A; Szanto de Toledo, A; Szarka, I; Szczepankiewicz, A; Szymanski, M; Tabassam, U; Takahashi, J; Tambave, G J; Tanaka, N; Tangaro, M A; Tarhini, M; Tariq, M; Tarzila, M G; Tauro, A; Tejeda Muñoz, G; Telesca, A; Terasaki, K; Terrevoli, C; Teyssier, B; Thäder, J; Thomas, D; Tieulent, R; Timmins, A R; Toia, A; Trogolo, S; Trombetta, G; Trubnikov, V; Trzaska, W H; Tsuji, T; Tumkin, A; Turrisi, R; Tveter, T S; Ullaland, K; Uras, A; Usai, G L; Utrobicic, A; Vajzer, M; Vala, M; Valencia Palomo, L; Vallero, S; 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; Vechernin, V; Veen, A M; 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; Villatoro Tello, A; 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; 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; Williams, M C S; Windelband, B; Winn, M; Yang, H; Yang, P; Yano, S; Yasar, C; Yin, Z; Yokoyama, H; Yoo, I-K; Yoon, J H; Yurchenko, V; Yushmanov, I; Zaborowska, A; Zaccolo, V; Zaman, A; Zampolli, C; Zanoli, H J C; Zaporozhets, S; Zardoshti, N; Zarochentsev, A; Závada, P; Zaviyalov, N; Zbroszczyk, H; Zgura, I S; 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; Zichichi, A; Zimmermann, A; Zimmermann, M B; Zinovjev, G; Zyzak, M

The production of K[Formula: see text](892)[Formula: see text] and [Formula: see text](1020) mesons has been measured in p-Pb collisions at [Formula: see text][Formula: see text] 5.02 TeV. K[Formula: see text] and [Formula: see text] are reconstructed via their decay into charged hadrons with the ALICE detector in the rapidity range [Formula: see text]. The transverse momentum spectra, measured as a function of the multiplicity, have a p[Formula: see text] range from 0 to 15 GeV/ c for K[Formula: see text] and from 0.3 to 21 GeV/ c for [Formula: see text]. Integrated yields, mean transverse momenta and particle ratios are reported and compared with results in pp collisions at [Formula: see text][Formula: see text] 7 TeV and Pb-Pb collisions at [Formula: see text][Formula: see text] 2.76 TeV. In Pb-Pb and p-Pb collisions, K[Formula: see text] and [Formula: see text] probe the hadronic phase of the system and contribute to the study of particle formation mechanisms by comparison with other identified hadrons. For this purpose, the mean transverse momenta and the differential proton-to-[Formula: see text] ratio are discussed as a function of the multiplicity of the event. The short-lived K[Formula: see text] is measured to investigate re-scattering effects, believed to be related to the size of the system and to the lifetime of the hadronic phase.

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

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

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

CERN Multimedia

CERN. Geneva; Coffey, Brian

2009-01-01

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

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.

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.

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.

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

Modeling of geographical pricing: A game analysis of siberian fuel costs

Science.gov (United States)

Sivushina, Anastasiya; Kombu, Anchy; Ryumkin, Valeriy

2017-11-01

In the present study, we propose a novel game-theoretic pricing model describing the interaction between producers and retailers of goods in conditions of poor transport infrastructure and sparse geographical distribution of the points of sale. The proposed model generalizes the Stackelberg leadership model for an arbitrary number of leaders and followers. We show that the model always has a Nash and Stackelberg equilibria. We also provide formulas for the equilibrium prices and volume of sales. As an example we model diesel pricing in south Siberia. Our model found no signs of a cartel. The results of this paper can be used by policymakers to inform market regulations aimed at promoting free competition and avoiding monopolies in production and retail of goods.

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...

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.

Minimal variance hedging of natural gas derivatives in exponential Lévy models: Theory and empirical performance

International Nuclear Information System (INIS)

Ewald, Christian-Oliver; Nawar, Roy; Siu, Tak Kuen

2013-01-01

We consider the problem of hedging European options written on natural gas futures, in a market where prices of traded assets exhibit jumps, by trading in the underlying asset. We provide a general expression for the hedging strategy which minimizes the variance of the terminal hedging error, in terms of stochastic integral representations of the payoffs of the options involved. This formula is then applied to compute hedge ratios for common options in various models with jumps, leading to easily computable expressions. As a benchmark we take the standard Black–Scholes and Merton delta hedges. We show that in natural gas option markets minimal variance hedging with underlying consistently outperform the benchmarks by quite a margin. - Highlights: ► We derive hedging strategies for European type options written on natural gas futures. ► These are tested empirically using Henry Hub natural gas futures and options data. ► We find that our hedges systematically outperform classical benchmarks

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

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.

Applications of δ-function perturbation to the pricing of derivative securities

Science.gov (United States)

Decamps, Marc; De Schepper, Ann; Goovaerts, Marc

2004-11-01

In the recent econophysics literature, the use of functional integrals is widespread for the calculation of option prices. In this paper, we extend this approach in several directions by means of δ-function perturbations. First, we show that results about infinitely repulsive δ-function are applicable to the pricing of barrier options. We also introduce functional integrals over skew paths that give rise to a new European option formula when combined with δ-function potential. We propose accurate closed-form approximations based on the theory of comonotonic risks in case the functional integrals are not analytically computable.

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

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

Directory of Open Access Journals (Sweden)

Pan Zhao

2018-01-01

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

SELECTING THE WAY OF MEASURING THE PRICE EVOLUTION USING THE METHOD OF INDICES

Directory of Open Access Journals (Sweden)

Mihai GHEORGHE

2012-09-01

Full Text Available The price indices have a long history and a large variety of uses, from the adjustment of the wages, pensions and payments included in a long-term contract, the deflation of aggregates in National Accounts, to the elaboration of economic policies.Having identified the purpose of the index, we`ll have to choose the target index and the calculation formula, this operation being carried out based on the observed prices and on the quantity and quality weights.In the statistical practice, the price index is often calculated by aggregating the elementary indices using the weighted arithmetic mean, using annual weights from a period that is previous to the reference period.In this situation, the question about the possible impact of the weights update (by prices on the interpretation of price indices becomes legitimate, also the question about the influence of using this approach on measuring the price change. We can get a possible answer to this question using the Lowe and Young indices introduced by the Consumer Price Index international manual.

Modern Finance, Methodology and the Global Crisis

OpenAIRE

Esteban Pérez Caldentey; Matías Vernengo

2010-01-01

Modern finance has a conceptually unified theoretical core that includes the efficient market hypothesis (EMH), the relationship between risk and return based on the Capital Asset Pricing Model (CAPM), the Modigliani-Miller theorems (M&M) and the Black-Scholes-Merton approach to option pricing. The core has been instrumental to the growth of the financial services industry, financial innovation, globalization, and deregulation. The significant impact of the core is explained by their success ...

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

Financial Rogue Waves

International Nuclear Information System (INIS)

Yan Zhenya

2010-01-01

We analytically give the financial rogue waves in the nonlinear option pricing model due to Ivancevic, which is nonlinear wave alternative of the Black-Scholes model. These rogue wave solutions may he used to describe the possible physical mechanisms for rogue wave phenomenon in financial markets and related fields.

CONVERGÊNCIA DOS MODELOS DE ÁRVORES BINOMIAIS PARA AVALIAÇÃO DE OPÇÕES

Directory of Open Access Journals (Sweden)

Tara Keshar Nanda Baidya

2001-06-01

Full Text Available Black & Scholes (1973 desenvolveram um modelo para a avaliação de opções de compra e venda do tipo Europeu. Merton (1973 estendeu o modelo para ações que pagam dividendos. Muitos outros desenvolvimentos foram feitos acerca dos dois trabalhos citados, mas talvez um dos mais importantes foi proposto por Cox, Ross & Rubinstein (1979, onde o processo estocástico (para o preço da ação objeto em tempo e estado contínuo (Movimento Geométrico Browniano proposto por Black & Scholes foi aproximado por um processo de tempo e estado discreto (Random Walk. O modelo de Cox, Ross & Rubinstein, hoje conhecido como Modelo Binomial, tornou-se um dos métodos mais utilizados para calcular o valor de opções, principalmente opções americanas, devido a sua simplicidade e fácil implementação computacional. Mas, o modelo binomial possui uma convergência fraca, em forma oscilatória, para o valor verdadeiro. Este artigo pretende mostrar as principais soluções encontradas na literatura para acelerar a convergência.Black & Scholes (1973 developed a model for pricing European call options on assets that do not pay dividends. Merton (1973 extended it to include assets that pay dividends. Many other developments have been made after that. Perhaps one of the most important work in this area was proposed by Cox, Ross & Rubinstein (1979, where the stochastic process for the price of the underlying asset proposed by Black & Scholes was approximated by a discrete time binomial process. The method proposed by Cox, Ross & Rubinstein became very popular because of its simplicity and easy implementation. But the convergence of the binomial model is weak and oscillatory. This work pretends to explain the main solutions found in the literature to accelerate convergence.

A model for hedging load and price risk in the Texas electricity market

International Nuclear Information System (INIS)

Coulon, Michael; Powell, Warren B.; Sircar, Ronnie

2013-01-01

Energy companies with commitments to meet customers' daily electricity demands face the problem of hedging load and price risk. We propose a joint model for load and price dynamics, which is motivated by the goal of facilitating optimal hedging decisions, while also intuitively capturing the key features of the electricity market. Driven by three stochastic factors including the load process, our power price model allows for the calculation of closed-form pricing formulas for forwards and some options, products often used for hedging purposes. Making use of these results, we illustrate in a simple example the hedging benefit of these instruments, while also evaluating the performance of the model when fitted to the Texas electricity market. - Highlights: • We present a structural model for electricity spot prices in the ERCOT market. • Relationships between power price and factors such as load and gas price are studied. • Seasonal patterns and load-dependent spikes are shown to be well captured. • Closed-form results for prices of forwards, options and spread options are derived. • We demonstrate the effectiveness of hedging power demand with forwards and options

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)

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

Asymptotic approach to the pricing of geometric asian options under the CEV model

International Nuclear Information System (INIS)

Lee, Min-Ku

2016-01-01

This paper studies the pricing of Asian options whose payoffs depend on the average value of an underlying asset during the period to a maturity. Since the Asian option is not so sensitive to the value of underlying asset, the possibility of manipulation is relatively small than the other options such as European vanilla and barrier options. We derive the pricing formula of geometric Asian options under the constant elasticity of variance (CEV) model that is one of local volatility models, and investigate the implication of the CEV model for geometric Asian options.

Investigation of non-Gaussian effects in the Brazilian option market

Science.gov (United States)

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

2018-04-01

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

Pricing 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.

The Pricing of European Options Under the Constant Elasticity of Variance with Stochastic Volatility

Science.gov (United States)

Bock, Bounghun; Choi, Sun-Yong; Kim, Jeong-Hoon

This paper considers a hybrid risky asset price model given by a constant elasticity of variance multiplied by a stochastic volatility factor. A multiscale analysis leads to an asymptotic pricing formula for both European vanilla option and a Barrier option near the zero elasticity of variance. The accuracy of the approximation is provided in a rigorous manner. A numerical experiment for implied volatilities shows that the hybrid model improves some of the well-known models in view of fitting the data for different maturities.

Pricing the (European) option to switch between two energy sources: An application to crude oil and natural gas

International Nuclear Information System (INIS)

Gatfaoui, Hayette

2015-01-01

We consider a firm, which can choose between crude oil and natural gas to run its business. The firm selects the energy source, which minimizes its energy or production costs at a given time horizon. Assuming the energy strategy to be established over a fixed time window, the energy choice decision will be made at a given future date T. In this light, the firm's energy cost can be considered as a long position in a risk-free bond by an amount of the terminal oil price, and a short position in a European put option to switch from oil to gas by an amount of the terminal oil price too. As a result, the option to switch from crude oil to natural gas allows for establishing a hedging strategy with respect to energy costs. Modeling stochastically the underlying asset of the European put, we propose a valuation formula of the option to switch and calibrate the pricing formula to empirical data on a daily basis. Hence, our innovative framework handles widely the hedge against the price increase of any given energy source versus the price of another competing energy source (i.e. minimizing energy costs). Moreover, we provide a price for the cost-reducing effect of the capability to switch from one energy source to another one (i.e. hedging energy price risk). - Highlights: • We consider a firm, which chooses either crude oil or natural gas as an energy source. • The capability to switch offers the firm a hedge against energy commodity price risk. • A European put option prices the ability to switch from crude oil to natural gas. • The capability to switch between two energy sources reduces the firm's energy costs. • The discount illustrates the efficiency of the energy management policy (e.g. timing).

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

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.

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...

Homotopy Analysis Method for Boundary-Value Problem of Turbo Warrant Pricing under Stochastic Volatility

Directory of Open Access Journals (Sweden)

Hoi Ying Wong

2013-01-01

Full Text Available Turbo warrants are liquidly traded financial derivative securities in over-the-counter and exchange markets in Asia and Europe. The structure of turbo warrants is similar to barrier options, but a lookback rebate will be paid if the barrier is crossed by the underlying asset price. Therefore, the turbo warrant price satisfies a partial differential equation (PDE with a boundary condition that depends on another boundary-value problem (BVP of PDE. Due to the highly complicated structure of turbo warrants, their valuation presents a challenging problem in the field of financial mathematics. This paper applies the homotopy analysis method to construct an analytic pricing formula for turbo warrants under stochastic volatility in a PDE framework.

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

On the value and price-responsiveness of ramp-constrained storage

International Nuclear Information System (INIS)

Faghih, Ali; Roozbehani, Mardavij; Dahleh, Munther A.

2013-01-01

Highlights: • Derived the optimal policy and value function for ramp-constrained storage. • Gave analytic bound on long-term value, and explicit formulas for policy thresholds. • Value of storage saturates as capacity increases, regardless of price volatility. • In expectation, storage can induce high price elasticity near the mean price. • The buy/sell phase transition region in the price-state plane is steep. - Abstract: The primary concerns of this paper are twofold: understanding the value of storage in the presence of ramp constraints and exogenous energy prices, and understanding the implications of the associated optimal storage management policy for qualitative and quantitative characteristics of storage response to real-time prices. The optimal policy, along with the associated finite-horizon time-averaged value of storage, are analytically characterized in this paper. An analytical upper bound on the infinite-horizon time-averaged value of storage is also derived. This bound is valid for any achievable realization of prices when the support of the distribution is fixed, and highlights the dependence of the value of storage on ramp constraints and storage capacity. It is shown that while the value of storage is a non-decreasing function of price volatility, due to the finite ramp rate, the value of storage saturates quickly as the capacity increases, regardless of volatility. To study the implications of the optimal policy, computational experiments are presented that suggest optimal utilization of storage can, in expectation, induce a considerable amount of price elasticity near the average price. Then, a computational framework is presented for characterization of the behavior of storage as a function of price and the state of charge, which illustrates a steep buy/sell phase transition in the price-state plane

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

Science.gov (United States)

Lau, Chun Sing

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

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...

Regularity of the exercise boundary for American put options on assets with discrete dividends

NARCIS (Netherlands)

Jourdain, B.; Vellekoop, M.

2009-01-01

We analyze the regularity of the optimal exercise boundary for the American Put option when the underlying asset pays a discrete dividend at a known time td during the lifetime of the option. The ex-dividend asset price process is assumed to follow Black-Scholes dynamics and the dividend amount is a

A 'simple' hybrid model for power derivatives

International Nuclear Information System (INIS)

Lyle, Matthew R.; Elliott, Robert J.

2009-01-01

This paper presents a method for valuing power derivatives using a supply-demand approach. Our method extends work in the field by incorporating randomness into the base load portion of the supply stack function and equating it with a noisy demand process. We obtain closed form solutions for European option prices written on average spot prices considering two different supply models: a mean-reverting model and a Markov chain model. The results are extensions of the classic Black-Scholes equation. The model provides a relatively simple approach to describe the complicated price behaviour observed in electricity spot markets and also allows for computationally efficient derivatives pricing. (author)

On a Generalized Squared Gaussian Diffusion Model for Option Valuation

Directory of Open Access Journals (Sweden)

Edeki S.O.

2017-01-01

Full Text Available In financial mathematics, option pricing models are vital tools whose usefulness cannot be overemphasized. Modern approaches and modelling of financial derivatives are therefore required in option pricing and valuation settings. In this paper, we derive via the application of Ito lemma, a pricing model referred to as Generalized Squared Gaussian Diffusion Model (GSGDM for option pricing and valuation. Same approach can be considered via Stratonovich stochastic dynamics. We also show that the classical Black-Scholes, and the square root constant elasticity of variance models are special cases of the GSGDM. In addition, general solution of the GSGDM is obtained using modified variational iterative method (MVIM.

PERBANDINGAN MODEL OPSI BLACKSCHOLES DAN MODEL OPSI GARCH DI BURSA EFEK INDONESIA

Directory of Open Access Journals (Sweden)

Riko Hendrawan

2017-03-01

Full Text Available The purpose of this research was to compare the accuracy of Black-Scholes Opt ionModel and GARCH opt ion models for Stock opt ion ut ilizing data f rom Ast ra, BCA, Indofoodand Telkom at the Indonesian Stock Exchange. The intraday stock return of Astra, BCA, Indofoodand Telkom exhibited an overwhelming presence of volat ilit y cluster, suggesting that GARCHmodel had an ef fect which best corresponded with the actual price. The best model wasconst ructed using ARIMA model and the best lag in GARCH model was ext racted. The findingf rom this research showed that by comparing the average percentage mean squared errors ofthe GARCH Opt ion Model and the Black-Scholes Opt ion Model, the former was found moreaccurate than the lat ter. GARCH Model relat ively improved average percentage mean squarederrors of Black-Scholes Model; one month opt ion showed a twent y eight point ten percentimprovement , two month option showed twenty three point thirt y percent and three monthopt ion showed twent y percent .

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.

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.

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 ...

Arbitrage hedging strategy and one more explanation of the volatility smile

OpenAIRE

Mikhail Martynov; Olga Rozanova

2011-01-01

We present an explicit hedging strategy, which enables to prove arbitrageness of market incorporating at least two assets depending on the same random factor. The implied Black-Scholes volatility, computed taking into account the form of the graph of the option price, related to our strategy, demonstrates the "skewness" inherent to the observational data.

Sobre uma nova teoria de precificação de opções e outros derivativos

Directory of Open Access Journals (Sweden)

Ailton Cassettari

2001-09-01

Full Text Available Este artigo desenvolve uma nova teoria de precificação de títulos derivativos, implementando-a para a situação particular de opções de compra européias de ações sem dividendos a partir da premissa básica de que o drift do ativo subjacente desempenha papel relevante no processo de precificação, no contexto dos fenômenos de transporte. É feita uma confrontação sistemática com os bem-conhecidos modelos Black-Scholes e Ornstein-Uhlenbeck bivariado que mostra a plausibilidade e efetividade desta abordagem.This paper develops a new theory of derivative securities pricing and implementes it for the specific case of European call options on a hypothetical non-dividend-paying stock. The basic premise is that the drift of the underlying asset plays a very important role in the pricing process, in the context of transport phenomena. A systematic confrontation to well-known Black-Scholes and bivariate trending Ornstein-Uhlenbeck models is also carried out, providing plausibility and effectiveness for this approach.

Hydro power projects in Pakistan- who pays the price

International Nuclear Information System (INIS)

Baig, N.

2005-01-01

In this paper an attempt has been made to trace the procedures that have been adopted to arrive at the market value of the assets lost in the construction of Ghazi Barotha Hydro Power Project. There is nothing secret or mysterious about the value of land. It is a commodity commonly dealt with and like every other commodity it. has a price, which can be ascertained within certain limits. This price, however, constantly varies according to the variations of the supply and demand and it is impossible to fix it at any given time with mathematical accuracy. The question of fair compensation is not an algebraic problem, which would be solved by an abstract formula. Compensation must be determined by reference to the price, which a willing vendor might reasonably expect to obtain from a willing purchaser. Although market value cannot be calculated with mathematical precision and a certain amount of conjecture is inevitable, but in valuing one should be careful not to go too far in this direction. (author)

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

DEFF Research Database (Denmark)

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

2013-01-01

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

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...

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

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.

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.

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

Measurement of the [Formula: see text] and [Formula: see text] production cross sections in multilepton final states using 3.2 fb[Formula: see text] of [Formula: see text] collisions at [Formula: see text] = 13 TeV with the ATLAS detector.

Science.gov (United States)

Aaboud, M; Aad, G; Abbott, B; Abdallah, J; Abdinov, O; Abeloos, B; Aben, R; AbouZeid, O S; Abraham, N L; Abramowicz, H; Abreu, H; Abreu, R; Abulaiti, Y; Acharya, B S; Adamczyk, L; Adams, D L; Adelman, J; Adomeit, S; Adye, T; Affolder, A A; Agatonovic-Jovin, T; Agricola, J; Aguilar-Saavedra, J A; Ahlen, S P; Ahmadov, F; Aielli, G; Akerstedt, H; Åkesson, T P A; Akimov, A V; Alberghi, G L; Albert, J; Albrand, S; Alconada Verzini, M J; Aleksa, M; Aleksandrov, I N; Alexa, C; Alexander, G; Alexopoulos, T; Alhroob, M; Ali, B; Aliev, M; Alimonti, G; Alison, J; Alkire, S P; Allbrooke, B M M; Allen, B W; Allport, P P; Aloisio, A; Alonso, A; Alonso, F; Alpigiani, C; Alstaty, M; Alvarez Gonzalez, B; Álvarez Piqueras, D; Alviggi, M G; Amadio, B T; Amako, K; Amaral Coutinho, Y; Amelung, C; Amidei, D; Amor Dos Santos, S P; Amorim, A; Amoroso, S; Amundsen, G; Anastopoulos, C; Ancu, L S; Andari, N; Andeen, T; Anders, C F; Anders, G; Anders, J K; Anderson, K J; Andreazza, A; Andrei, V; Angelidakis, S; Angelozzi, I; Anger, P; Angerami, A; Anghinolfi, F; Anisenkov, A V; Anjos, N; Annovi, A; Antel, C; Antonelli, M; Antonov, A; Anulli, F; Aoki, M; Aperio Bella, L; Arabidze, G; Arai, Y; Araque, J P; Arce, A T H; Arduh, F A; Arguin, J-F; Argyropoulos, S; Arik, M; Armbruster, A J; Armitage, L J; Arnaez, O; Arnold, H; Arratia, M; Arslan, O; Artamonov, A; Artoni, G; Artz, S; Asai, S; Asbah, N; Ashkenazi, A; Åsman, B; Asquith, L; Assamagan, K; Astalos, R; Atkinson, M; Atlay, N B; Augsten, K; Avolio, G; Axen, B; Ayoub, M K; Azuelos, G; Baak, M A; Baas, A E; Baca, M J; Bachacou, H; Bachas, K; Backes, M; Backhaus, M; Bagiacchi, P; Bagnaia, P; Bai, Y; Baines, J T; Baker, O K; Baldin, E M; Balek, P; Balestri, T; Balli, F; Balunas, W K; Banas, E; Banerjee, Sw; Bannoura, A A E; Barak, L; Barberio, E L; Barberis, D; Barbero, M; Barillari, T; Barklow, T; Barlow, N; Barnes, S L; Barnett, B M; Barnett, R M; Barnovska-Blenessy, Z; Baroncelli, A; Barone, G; Barr, A J; Barranco Navarro, L; Barreiro, F; Barreiro Guimarães da Costa, J; Bartoldus, R; Barton, A E; Bartos, P; Basalaev, A; Bassalat, A; Bates, R L; Batista, S J; Batley, J R; Battaglia, M; Bauce, M; Bauer, F; Bawa, H S; Beacham, J B; Beattie, M D; Beau, T; Beauchemin, P H; Bechtle, P; Beck, H P; Becker, K; Becker, M; Beckingham, M; Becot, C; Beddall, A J; Beddall, A; Bednyakov, V A; Bedognetti, M; Bee, C P; Beemster, L J; Beermann, T A; Begel, M; Behr, J K; Belanger-Champagne, C; Bell, A S; Bella, G; Bellagamba, L; Bellerive, A; Bellomo, M; Belotskiy, K; Beltramello, O; Belyaev, N L; Benary, O; Benchekroun, D; Bender, M; Bendtz, K; Benekos, N; Benhammou, Y; Benhar Noccioli, E; Benitez, J; Benjamin, D P; Bensinger, J R; Bentvelsen, S; Beresford, L; Beretta, M; Berge, D; Bergeaas Kuutmann, E; Berger, N; Beringer, J; Berlendis, S; Bernard, N R; Bernius, C; Bernlochner, F U; Berry, T; Berta, P; Bertella, C; Bertoli, G; Bertolucci, F; Bertram, I A; Bertsche, C; Bertsche, D; Besjes, G J; Bessidskaia Bylund, O; Bessner, M; Besson, N; Betancourt, C; Bethke, S; Bevan, A J; Bhimji, W; Bianchi, R M; Bianchini, L; Bianco, M; Biebel, O; Biedermann, D; Bielski, R; Biesuz, N V; Biglietti, M; De Mendizabal, J Bilbao; Bilokon, H; Bindi, M; Binet, S; Bingul, A; Bini, C; Biondi, S; Bjergaard, D M; Black, C W; Black, J E; Black, K M; Blackburn, D; Blair, R E; Blanchard, J-B; Blanco, J E; Blazek, T; Bloch, I; Blocker, C; Blum, W; Blumenschein, U; Blunier, S; Bobbink, G J; Bobrovnikov, V S; Bocchetta, S S; Bocci, A; Bock, C; Boehler, M; Boerner, D; Bogaerts, J A; Bogavac, D; Bogdanchikov, A G; Bohm, C; Boisvert, V; Bokan, P; Bold, T; Boldyrev, A S; Bomben, M; Bona, M; Boonekamp, M; Borisov, A; Borissov, G; Bortfeldt, J; Bortoletto, D; Bortolotto, V; Bos, K; Boscherini, D; Bosman, M; Bossio Sola, J D; Boudreau, J; Bouffard, J; Bouhova-Thacker, E V; Boumediene, D; Bourdarios, C; Boutle, S K; Boveia, A; Boyd, J; Boyko, I R; Bracinik, J; Brandt, A; Brandt, G; Brandt, O; Bratzler, U; Brau, B; Brau, J E; Braun, H M; Breaden Madden, W D; Brendlinger, K; Brennan, A J; Brenner, L; Brenner, R; Bressler, S; Bristow, T M; Britton, D; Britzger, D; Brochu, F M; Brock, I; Brock, R; Brooijmans, G; Brooks, T; Brooks, W K; Brosamer, J; Brost, E; Broughton, J H; de Renstrom, P A Bruckman; Bruncko, D; Bruneliere, R; Bruni, A; Bruni, G; Bruni, L S; Brunt, B H; Bruschi, M; Bruscino, N; Bryant, P; Bryngemark, L; Buanes, T; Buat, Q; Buchholz, P; Buckley, A G; Budagov, I A; Buehrer, F; Bugge, M K; Bulekov, O; Bullock, D; Burckhart, H; Burdin, S; Burgard, C D; Burghgrave, B; Burka, K; Burke, S; Burmeister, I; Burr, J T P; Busato, E; Büscher, D; Büscher, V; Bussey, P; Butler, J M; Buttar, C M; Butterworth, J M; Butti, P; Buttinger, W; Buzatu, A; Buzykaev, A R; Cabrera Urbán, S; Caforio, D; Cairo, V M; Cakir, O; Calace, N; Calafiura, P; Calandri, A; Calderini, G; Calfayan, P; Caloba, L P; Lopez, S Calvente; Calvet, D; Calvet, S; Calvet, T P; Toro, R Camacho; Camarda, S; Camarri, P; Cameron, D; Caminal Armadans, R; Camincher, C; Campana, S; Campanelli, M; Camplani, A; Campoverde, A; Canale, V; Canepa, A; Cano Bret, M; Cantero, J; Cantrill, R; Cao, T; Capeans Garrido, M D M; Caprini, I; Caprini, M; Capua, M; Caputo, R; Carbone, R M; Cardarelli, R; Cardillo, F; Carli, I; Carli, T; Carlino, G; Carminati, L; Caron, S; Carquin, E; Carrillo-Montoya, G D; Carter, J R; Carvalho, J; Casadei, D; Casado, M P; Casolino, M; Casper, D W; Castaneda-Miranda, E; Castelijn, R; Castelli, A; Gimenez, V Castillo; Castro, N F; Catinaccio, A; Catmore, J R; Cattai, A; Caudron, J; Cavaliere, V; Cavallaro, E; Cavalli, D; Cavalli-Sforza, M; Cavasinni, V; Ceradini, F; Cerda Alberich, L; Cerio, B C; Cerqueira, A S; Cerri, A; Cerrito, L; Cerutti, F; Cerv, M; Cervelli, A; Cetin, S A; Chafaq, A; Chakraborty, D; Chan, S K; Chan, Y L; Chang, P; Chapman, J D; Charlton, D G; Chatterjee, A; Chau, C C; Chavez Barajas, C A; Che, S; Cheatham, S; Chegwidden, A; Chekanov, S; Chekulaev, S V; Chelkov, G A; Chelstowska, M A; Chen, C; Chen, H; Chen, K; Chen, S; Chen, S; Chen, X; Chen, Y; Cheng, H C; Cheng, H J; Cheng, Y; Cheplakov, A; Cheremushkina, E; Moursli, R Cherkaoui El; Chernyatin, V; Cheu, E; Chevalier, L; Chiarella, V; Chiarelli, G; Chiodini, G; Chisholm, A S; Chitan, A; Chizhov, M V; Choi, K; Chomont, A R; Chouridou, S; Chow, B K B; Christodoulou, V; Chromek-Burckhart, D; Chudoba, J; Chuinard, A J; Chwastowski, J J; Chytka, L; Ciapetti, G; Ciftci, A K; Cinca, D; Cindro, V; Cioara, I A; Ciocca, C; Ciocio, A; Cirotto, F; Citron, Z H; Citterio, M; Ciubancan, M; Clark, A; Clark, B L; Clark, M R; Clark, P J; Clarke, R N; Clement, C; Coadou, Y; Cobal, M; Coccaro, A; Cochran, J; Coffey, L; Colasurdo, L; Cole, B; Colijn, A P; Collot, J; Colombo, T; Compostella, G; Conde Muiño, P; Coniavitis, E; Connell, S H; Connelly, I A; Consorti, V; Constantinescu, S; Conti, G; Conventi, F; Cooke, M; Cooper, B D; Cooper-Sarkar, A M; Cormier, K J R; Cornelissen, T; Corradi, M; Corriveau, F; Corso-Radu, A; Cortes-Gonzalez, A; Cortiana, G; Costa, G; Costa, M J; Costanzo, D; Cottin, G; Cowan, G; Cox, B E; Cranmer, K; Crawley, S J; Cree, G; Crépé-Renaudin, S; Crescioli, F; Cribbs, W A; Crispin Ortuzar, M; Cristinziani, M; Croft, V; Crosetti, G; Cuhadar Donszelmann, T; Cummings, J; Curatolo, M; Cúth, J; Cuthbert, C; Czirr, H; Czodrowski, P; D'amen, G; D'Auria, S; D'Onofrio, M; De Sousa, M J Da Cunha Sargedas; Da Via, C; Dabrowski, W; Dado, T; Dai, T; Dale, O; Dallaire, F; Dallapiccola, C; Dam, M; Dandoy, J R; Dang, N P; Daniells, A C; Dann, N S; Danninger, M; Dano Hoffmann, M; Dao, V; Darbo, G; Darmora, S; Dassoulas, J; Dattagupta, A; Davey, W; David, C; Davidek, T; Davies, M; Davison, P; Dawe, E; Dawson, I; Daya-Ishmukhametova, R K; De, K; de Asmundis, R; De Benedetti, A; De Castro, S; De Cecco, S; De Groot, N; de Jong, P; De la Torre, H; De Lorenzi, F; De Maria, A; De Pedis, D; De Salvo, A; De Sanctis, U; De Santo, A; De Regie, J B De Vivie; Dearnaley, W J; Debbe, R; Debenedetti, C; Dedovich, D V; Dehghanian, N; Deigaard, I; Del Gaudio, M; Del Peso, J; Del Prete, T; Delgove, D; Deliot, F; Delitzsch, C M; Deliyergiyev, M; Dell'Acqua, A; Dell'Asta, L; Dell'Orso, M; Della Pietra, M; Della Volpe, D; Delmastro, M; Delsart, P A; DeMarco, D A; Demers, S; Demichev, M; Demilly, A; Denisov, S P; Denysiuk, D; Derendarz, D; Derkaoui, J E; Derue, F; Dervan, P; Desch, K; Deterre, C; Dette, K; Deviveiros, P O; Dewhurst, A; Dhaliwal, S; Di Ciaccio, A; Di Ciaccio, L; Di Clemente, W K; Di Donato, C; Di Girolamo, A; Di Girolamo, B; Di Micco, B; Di Nardo, R; Di Simone, A; Di Sipio, R; Di Valentino, D; Diaconu, C; Diamond, M; Dias, F A; Diaz, M A; Diehl, E B; Dietrich, J; Diglio, S; Dimitrievska, A; Dingfelder, J; Dita, P; Dita, S; Dittus, F; Djama, F; Djobava, T; Djuvsland, J I; do Vale, M A B; Dobos, D; Dobre, M; Doglioni, C; Dohmae, T; Dolejsi, J; Dolezal, Z; Dolgoshein, B A; Donadelli, M; Donati, S; Dondero, P; Donini, J; Dopke, J; Doria, A; Dova, M T; Doyle, A T; Drechsler, E; Dris, M; Du, Y; Duarte-Campderros, J; Duchovni, E; Duckeck, G; Ducu, O A; Duda, D; Dudarev, A; Duffield, E M; Duflot, L; Duguid, L; Dührssen, M; Dumancic, M; Dunford, M; Duran Yildiz, H; Düren, M; Durglishvili, A; Duschinger, D; Dutta, B; Dyndal, M; Eckardt, C; Ecker, K M; Edgar, R C; Edwards, N C; Eifert, T; Eigen, G; Einsweiler, K; Ekelof, T; El Kacimi, M; Ellajosyula, V; Ellert, M; Elles, S; Ellinghaus, F; Elliot, A A; Ellis, N; Elmsheuser, J; Elsing, M; Emeliyanov, D; Enari, Y; Endner, O C; Endo, M; Ennis, J S; Erdmann, J; Ereditato, A; Ernis, G; Ernst, J; Ernst, M; Errede, S; Ertel, E; Escalier, M; Esch, H; Escobar, C; Esposito, B; Etienvre, A I; Etzion, E; Evans, H; Ezhilov, A; Fabbri, F; Fabbri, L; Facini, G; Fakhrutdinov, R M; Falciano, S; Falla, R J; Faltova, J; Fang, Y; Fanti, M; Farbin, A; Farilla, A; Farina, C; Farina, E M; Farooque, T; Farrell, S; Farrington, S M; Farthouat, P; Fassi, F; Fassnacht, P; Fassouliotis, D; Faucci Giannelli, M; Favareto, A; Fawcett, W J; Fayard, L; Fedin, O L; Fedorko, W; Feigl, S; Feligioni, L; Feng, C; Feng, E J; Feng, H; Fenyuk, A B; Feremenga, L; Fernandez Martinez, P; Fernandez Perez, S; Ferrando, J; Ferrari, A; Ferrari, P; Ferrari, R; de Lima, D E Ferreira; Ferrer, A; Ferrere, D; Ferretti, C; Ferretto Parodi, A; Fiedler, F; Filipčič, A; Filipuzzi, M; Filthaut, F; Fincke-Keeler, M; Finelli, K D; Fiolhais, M C N; Fiorini, L; Firan, A; Fischer, A; Fischer, C; Fischer, J; Fisher, W C; Flaschel, N; Fleck, I; Fleischmann, P; Fletcher, G T; Fletcher, R R M; Flick, T; Floderus, A; Flores Castillo, L R; Flowerdew, M J; Forcolin, G T; Formica, A; Forti, A; Foster, A G; Fournier, D; Fox, H; Fracchia, S; Francavilla, P; Franchini, M; Francis, D; Franconi, L; Franklin, M; Frate, M; Fraternali, M; Freeborn, D; Fressard-Batraneanu, S M; Friedrich, F; Froidevaux, D; Frost, J A; Fukunaga, C; Fullana Torregrosa, E; Fusayasu, T; Fuster, J; Gabaldon, C; Gabizon, O; Gabrielli, A; Gabrielli, A; Gach, G P; Gadatsch, S; Gadomski, S; Gagliardi, G; Gagnon, L G; Gagnon, P; Galea, C; Galhardo, B; Gallas, E J; Gallop, B J; Gallus, P; Galster, G; Gan, K K; Gao, J; Gao, Y; Gao, Y S; Garay Walls, F M; García, C; García Navarro, J E; Garcia-Sciveres, M; Gardner, R W; Garelli, N; Garonne, V; Gascon Bravo, A; Gatti, C; Gaudiello, A; Gaudio, G; Gaur, B; Gauthier, L; Gavrilenko, I L; Gay, C; Gaycken, G; Gazis, E N; Gecse, Z; Gee, C N P; Geich-Gimbel, Ch; Geisen, M; Geisler, M P; Gemme, C; Genest, M H; Geng, C; Gentile, S; George, S; Gerbaudo, D; Gershon, A; Ghasemi, S; Ghazlane, H; Ghneimat, M; Giacobbe, B; Giagu, S; Giannetti, P; Gibbard, B; Gibson, S M; Gignac, M; Gilchriese, M; Gillam, T P S; Gillberg, D; Gilles, G; Gingrich, D M; Giokaris, N; Giordani, M P; Giorgi, F M; Giorgi, F M; Giraud, P F; Giromini, P; Giugni, D; Giuli, F; Giuliani, C; Giulini, M; Gjelsten, B K; Gkaitatzis, S; Gkialas, I; Gkougkousis, E L; Gladilin, L K; Glasman, C; Glatzer, J; Glaysher, P C F; Glazov, A; Goblirsch-Kolb, M; Godlewski, J; Goldfarb, S; Golling, T; Golubkov, D; Gomes, A; Gonçalo, R; Costa, J Goncalves Pinto Firmino Da; Gonella, G; Gonella, L; Gongadze, A; de la Hoz, S González; Gonzalez Parra, G; Gonzalez-Sevilla, S; Goossens, L; Gorbounov, P A; Gordon, H A; Gorelov, I; Gorini, B; Gorini, E; Gorišek, A; Gornicki, E; Goshaw, A T; Gössling, C; Gostkin, M I; Goudet, C R; Goujdami, D; Goussiou, A G; Govender, N; Gozani, E; Graber, L; Grabowska-Bold, I; Gradin, P O J; Grafström, P; Gramling, J; Gramstad, E; Grancagnolo, S; Gratchev, V; Gravila, P M; Gray, H M; Graziani, E; Greenwood, Z D; Grefe, C; Gregersen, K; Gregor, I M; Grenier, P; Grevtsov, K; Griffiths, J; Grillo, A A; Grimm, K; Grinstein, S; Gris, Ph; Grivaz, J-F; Groh, S; Grohs, J P; Gross, E; Grosse-Knetter, J; Grossi, G C; Grout, Z J; Guan, L; Guan, W; Guenther, J; Guescini, F; Guest, D; Gueta, O; Guido, E; Guillemin, T; Guindon, S; Gul, U; Gumpert, C; Guo, J; Guo, Y; Gupta, S; Gustavino, G; Gutierrez, P; Gutierrez Ortiz, N G; Gutschow, C; Guyot, C; Gwenlan, C; Gwilliam, C B; Haas, A; Haber, C; Hadavand, H K; Haddad, N; Hadef, A; Haefner, P; Hageböck, S; Hajduk, Z; Hakobyan, H; Haleem, M; Haley, J; Halladjian, G; Hallewell, G D; Hamacher, K; Hamal, P; Hamano, K; Hamilton, A; Hamity, G N; Hamnett, P G; Han, L; Hanagaki, K; Hanawa, K; Hance, M; Haney, B; Hanke, P; Hanna, R; Hansen, J B; Hansen, J D; Hansen, M C; Hansen, P H; Hara, K; Hard, A S; Harenberg, T; Hariri, F; Harkusha, S; Harrington, R D; Harrison, P F; Hartjes, F; Hartmann, N M; Hasegawa, M; Hasegawa, Y; Hasib, A; Hassani, S; Haug, S; Hauser, R; Hauswald, L; Havranek, M; Hawkes, C M; Hawkings, R J; Hayden, D; Hays, C P; Hays, J M; Hayward, H S; Haywood, S J; Head, S J; Heck, T; Hedberg, V; Heelan, L; Heim, S; Heim, T; Heinemann, B; Heinrich, J J; Heinrich, L; Heinz, C; Hejbal, J; Helary, L; Hellman, S; Helsens, C; Henderson, J; Henderson, R C W; Heng, Y; Henkelmann, S; Henriques Correia, A M; Henrot-Versille, S; Herbert, G H; Hernández Jiménez, Y; Herten, G; Hertenberger, R; Hervas, L; Hesketh, G G; Hessey, N P; Hetherly, J W; Hickling, R; Higón-Rodriguez, E; Hill, E; Hill, J C; Hiller, K H; Hillier, S J; Hinchliffe, I; Hines, E; Hinman, R R; Hirose, M; Hirschbuehl, D; Hobbs, J; Hod, N; Hodgkinson, M C; Hodgson, P; Hoecker, A; Hoeferkamp, M R; Hoenig, F; Hohn, D; Holmes, T R; Homann, M; Hong, T M; Hooberman, B H; Hopkins, W H; Horii, Y; Horton, A J; Hostachy, J-Y; Hou, S; Hoummada, A; Howarth, J; Hrabovsky, M; Hristova, I; Hrivnac, J; Hryn'ova, T; Hrynevich, A; Hsu, C; Hsu, P J; Hsu, S-C; Hu, D; Hu, Q; Huang, Y; Hubacek, Z; Hubaut, F; Huegging, F; Huffman, T B; Hughes, E W; Hughes, G; Huhtinen, M; Huo, P; Huseynov, N; Huston, J; Huth, J; Iacobucci, G; Iakovidis, G; Ibragimov, I; Iconomidou-Fayard, L; Ideal, E; Idrissi, Z; Iengo, P; Igonkina, O; Iizawa, T; Ikegami, Y; Ikeno, M; Ilchenko, Y; Iliadis, D; Ilic, N; Ince, T; Introzzi, G; Ioannou, P; Iodice, M; Iordanidou, K; Ippolito, V; Ishijima, N; Ishino, M; Ishitsuka, M; Ishmukhametov, R; Issever, C; Istin, S; Ito, F; Iturbe Ponce, J M; Iuppa, R; Iwanski, W; Iwasaki, H; Izen, J M; Izzo, V; Jabbar, S; Jackson, B; Jackson, M; Jackson, P; Jain, V; Jakobi, K B; Jakobs, K; Jakobsen, S; Jakoubek, T; Jamin, D O; Jana, D K; Jansen, E; Jansky, R; Janssen, J; Janus, M; Jarlskog, G; Javadov, N; Javůrek, T; Jeanneau, F; Jeanty, L; Jeng, G-Y; Jennens, D; Jenni, P; Jentzsch, J; Jeske, C; Jézéquel, S; Ji, H; Jia, J; Jiang, H; Jiang, Y; Jiggins, S; Jimenez Pena, J; Jin, S; Jinaru, A; Jinnouchi, O; Johansson, P; Johns, K A; Johnson, W J; Jon-And, K; Jones, G; Jones, R W L; Jones, S; Jones, T J; Jongmanns, J; Jorge, P M; Jovicevic, J; Ju, X; Juste Rozas, A; Köhler, M K; Kaczmarska, A; Kado, M; Kagan, H; Kagan, M; Kahn, S J; Kajomovitz, E; Kalderon, C W; Kaluza, A; Kama, S; Kamenshchikov, A; Kanaya, N; Kaneti, S; Kanjir, L; Kantserov, V A; Kanzaki, J; Kaplan, B; Kaplan, L S; Kapliy, A; Kar, D; Karakostas, K; Karamaoun, A; Karastathis, N; Kareem, M J; Karentzos, E; Karnevskiy, M; Karpov, S N; Karpova, Z M; Karthik, K; Kartvelishvili, V; Karyukhin, A N; Kasahara, K; Kashif, L; Kass, R D; Kastanas, A; Kataoka, Y; Kato, C; Katre, A; Katzy, J; Kawade, K; Kawagoe, K; Kawamoto, T; Kawamura, G; Kazama, S; Kazanin, V F; Keeler, R; Kehoe, R; Keller, J S; Kempster, J J; Keoshkerian, H; Kepka, O; Kerševan, B P; Kersten, S; Keyes, R A; Khader, M; Khalil-Zada, F; Khanov, A; Kharlamov, A G; Khoo, T J; Khovanskiy, V; Khramov, E; Khubua, J; Kido, S; Kim, H Y; Kim, S H; Kim, Y K; Kimura, N; Kind, O M; King, B T; King, M; King, S B; Kirk, J; Kiryunin, A E; Kishimoto, T; Kisielewska, D; Kiss, F; Kiuchi, K; Kivernyk, O; Kladiva, E; Klein, M H; Klein, M; Klein, U; Kleinknecht, K; Klimek, P; Klimentov, A; Klingenberg, R; Klinger, J A; Klioutchnikova, T; Kluge, E-E; Kluit, P; Kluth, S; Knapik, J; Kneringer, E; Knoops, E B F G; Knue, A; Kobayashi, A; Kobayashi, D; Kobayashi, T; Kobel, M; Kocian, M; Kodys, P; Koffas, T; Koffeman, E; Koi, T; Kolanoski, H; Kolb, M; Koletsou, I; Komar, A A; Komori, Y; Kondo, T; Kondrashova, N; Köneke, K; König, A C; Kono, T; Konoplich, R; Konstantinidis, N; Kopeliansky, R; Koperny, S; Köpke, L; Kopp, A K; Korcyl, K; Kordas, K; Korn, A; Korol, A A; Korolkov, I; Korolkova, E V; Kortner, O; Kortner, S; Kosek, T; Kostyukhin, V V; Kotwal, A; Kourkoumeli-Charalampidi, A; Kourkoumelis, C; Kouskoura, V; Kowalewska, A B; Kowalewski, R; Kowalski, T Z; Kozakai, C; Kozanecki, W; Kozhin, A S; Kramarenko, V A; Kramberger, G; Krasnopevtsev, D; Krasny, M W; Krasznahorkay, A; Kraus, J K; Kravchenko, A; Kretz, M; Kretzschmar, J; Kreutzfeldt, K; Krieger, P; Krizka, K; Kroeninger, K; Kroha, H; Kroll, J; Kroseberg, J; Krstic, J; Kruchonak, U; Krüger, H; Krumnack, N; Kruse, A; Kruse, M C; Kruskal, M; Kubota, T; Kucuk, H; Kuday, S; Kuechler, J T; Kuehn, S; Kugel, A; Kuger, F; Kuhl, A; Kuhl, T; Kukhtin, V; Kukla, R; Kulchitsky, Y; Kuleshov, S; Kuna, M; Kunigo, T; Kupco, A; Kurashige, H; Kurochkin, Y A; Kus, V; Kuwertz, E S; Kuze, M; Kvita, J; Kwan, T; Kyriazopoulos, D; La Rosa, A; La Rosa Navarro, J L; La Rotonda, L; Lacasta, C; Lacava, F; Lacey, J; Lacker, H; Lacour, D; Lacuesta, V R; Ladygin, E; Lafaye, R; Laforge, B; Lagouri, T; Lai, S; Lammers, S; Lampl, W; Lançon, E; Landgraf, U; Landon, M P J; Lang, V S; Lange, J C; Lankford, A J; Lanni, F; Lantzsch, K; Lanza, A; Laplace, S; Lapoire, C; Laporte, J F; Lari, T; Lasagni Manghi, F; Lassnig, M; Laurelli, P; Lavrijsen, W; Law, A T; Laycock, P; Lazovich, T; Lazzaroni, M; Le, B; Le Dortz, O; Le Guirriec, E; Quilleuc, E P Le; LeBlanc, M; LeCompte, T; Ledroit-Guillon, F; Lee, C A; Lee, S C; Lee, L; Lefebvre, G; Lefebvre, M; Legger, F; Leggett, C; Lehan, A; Lehmann Miotto, G; Lei, X; Leight, W A; Leisos, A; Leister, A G; Leite, M A L; Leitner, R; Lellouch, D; Lemmer, B; Leney, K J C; Lenz, T; Lenzi, B; Leone, R; Leone, S; Leonidopoulos, C; Leontsinis, S; Lerner, G; Leroy, C; Lesage, A A J; Lester, C G; Levchenko, M; Levêque, J; Levin, D; Levinson, L J; Levy, M; Lewis, D; Leyko, A M; Leyton, M; Li, B; Li, H; Li, H L; Li, L; Li, L; Li, Q; Li, S; Li, X; Li, Y; Liang, Z; Liberti, B; Liblong, A; Lichard, P; Lie, K; Liebal, J; Liebig, W; Limosani, A; Lin, S C; Lin, T H; Lindquist, B E; Lionti, A E; Lipeles, E; Lipniacka, A; Lisovyi, M; Liss, T M; Lister, A; Litke, A M; Liu, B; Liu, D; Liu, H; Liu, H; Liu, J; Liu, J B; Liu, K; Liu, L; Liu, M; Liu, M; Liu, Y L; Liu, Y; Livan, M; Lleres, A; Llorente Merino, J; Lloyd, S L; Lo Sterzo, F; Lobodzinska, E M; Loch, P; Lockman, W S; Loebinger, F K; Loevschall-Jensen, A E; Loew, K M; Loginov, A; Lohse, T; Lohwasser, K; Lokajicek, M; Long, B A; Long, J D; Long, R E; Longo, L; Looper, K A; Lopes, L; Lopez Mateos, D; Lopez Paredes, B; Lopez Paz, I; Lopez Solis, A; Lorenz, J; Lorenzo Martinez, N; Losada, M; Lösel, P J; Lou, X; Lounis, A; Love, J; Love, P A; Lu, H; Lu, N; Lubatti, H J; Luci, C; Lucotte, A; Luedtke, C; Luehring, F; Lukas, W; Luminari, L; Lundberg, O; Lund-Jensen, B; Luzi, P M; Lynn, D; Lysak, R; Lytken, E; Lyubushkin, V; Ma, H; Ma, L L; Ma, Y; Maccarrone, G; Macchiolo, A; Macdonald, C M; Maček, B; Machado Miguens, J; Madaffari, D; Madar, R; Maddocks, H J; Mader, W F; Madsen, A; Maeda, J; Maeland, S; Maeno, T; Maevskiy, A; Magradze, E; Mahlstedt, J; Maiani, C; Maidantchik, C; Maier, A A; Maier, T; Maio, A; Majewski, S; Makida, Y; Makovec, N; Malaescu, B; Malecki, Pa; Maleev, V P; Malek, F; Mallik, U; Malon, D; Malone, C; Maltezos, S; Malyukov, S; Mamuzic, J; Mancini, G; Mandelli, B; Mandelli, L; Mandić, I; Maneira, J; Filho, L Manhaes de Andrade; Manjarres Ramos, J; Mann, A; Manousos, A; Mansoulie, B; Mansour, J D; Mantifel, R; Mantoani, M; Manzoni, S; Mapelli, L; Marceca, G; March, L; Marchiori, G; Marcisovsky, M; Marjanovic, M; Marley, D E; Marroquim, F; Marsden, S P; Marshall, Z; Marti-Garcia, S; Martin, B; Martin, T A; Martin, V J; Latour, B Martin Dit; Martinez, M; Martinez Outschoorn, V I; Martin-Haugh, S; Martoiu, V S; Martyniuk, A C; Marx, M; Marzin, A; Masetti, L; Mashimo, T; Mashinistov, R; Masik, J; Maslennikov, A L; Massa, I; Massa, L; Mastrandrea, P; Mastroberardino, A; Masubuchi, T; Mättig, P; Mattmann, J; Maurer, J; Maxfield, S J; Maximov, D A; Mazini, R; Mazza, S M; Mc Fadden, N C; Goldrick, G Mc; Mc Kee, S P; McCarn, A; McCarthy, R L; McCarthy, T G; McClymont, L I; McDonald, E F; McFarlane, K W; Mcfayden, J A; Mchedlidze, G; McMahon, S J; McPherson, R A; Medinnis, M; Meehan, S; Mehlhase, S; Mehta, A; Meier, K; Meineck, C; Meirose, B; Melini, D; Mellado Garcia, B R; Melo, M; Meloni, F; Mengarelli, A; Menke, S; Meoni, E; Mergelmeyer, S; Mermod, P; Merola, L; Meroni, C; Merritt, F S; Messina, A; Metcalfe, J; Mete, A S; Meyer, C; Meyer, C; Meyer, J-P; Meyer, J; Meyer Zu Theenhausen, H; Miano, F; Middleton, R P; Miglioranzi, S; Mijović, L; Mikenberg, G; Mikestikova, M; Mikuž, M; Milesi, M; Milic, A; Miller, D W; Mills, C; Milov, A; Milstead, D A; Minaenko, A A; Minami, Y; Minashvili, I A; Mincer, A I; Mindur, B; Mineev, M; Ming, Y; Mir, L M; Mistry, K P; Mitani, T; Mitrevski, J; Mitsou, V A; Miucci, A; Miyagawa, P S; Mjörnmark, J U; Moa, T; Mochizuki, K; Mohapatra, S; Molander, S; Moles-Valls, R; Monden, R; Mondragon, M C; Mönig, K; Monk, J; Monnier, E; Montalbano, A; Montejo Berlingen, J; Monticelli, F; Monzani, S; Moore, R W; Morange, N; Moreno, D; Moreno Llácer, M; Morettini, P; Morgenstern, S; Mori, D; Mori, T; Morii, M; Morinaga, M; Morisbak, V; Moritz, S; Morley, A K; Mornacchi, G; Morris, J D; Mortensen, S S; Morvaj, L; Mosidze, M; Moss, J; Motohashi, K; Mount, R; Mountricha, E; Mouraviev, S V; Moyse, E J W; Muanza, S; Mudd, R D; Mueller, F; Mueller, J; Mueller, R S P; Mueller, T; Muenstermann, D; Mullen, P; Mullier, G A; Munoz Sanchez, F J; Murillo Quijada, J A; Murray, W J; Musheghyan, H; Muškinja, M; Myagkov, A G; Myska, M; Nachman, B P; Nackenhorst, O; Nagai, K; Nagai, R; Nagano, K; Nagasaka, Y; Nagata, K; Nagel, M; Nagy, E; Nairz, A M; Nakahama, Y; Nakamura, K; Nakamura, T; Nakano, I; Namasivayam, H; Naranjo Garcia, R F; Narayan, R; Narrias Villar, D I; Naryshkin, I; Naumann, T; Navarro, G; Nayyar, R; Neal, H A; Nechaeva, P Yu; Neep, T J; Nef, P D; Negri, A; Negrini, M; Nektarijevic, S; Nellist, C; Nelson, A; Nemecek, S; Nemethy, P; Nepomuceno, A A; Nessi, M; Neubauer, M S; Neumann, M; Neves, R M; Nevski, P; Newman, P R; Nguyen, D H; Manh, T Nguyen; Nickerson, R B; Nicolaidou, R; Nielsen, J; Nikiforov, A; Nikolaenko, V; Nikolic-Audit, I; Nikolopoulos, K; Nilsen, J K; Nilsson, P; Ninomiya, Y; Nisati, A; Nisius, R; Nobe, T; Nodulman, L; Nomachi, M; Nomidis, I; Nooney, T; Norberg, S; Nordberg, M; Norjoharuddeen, N; Novgorodova, O; Nowak, S; Nozaki, M; Nozka, L; Ntekas, K; Nurse, E; Nuti, F; O'grady, F; O'Neil, D C; O'Rourke, A A; O'Shea, V; Oakham, F G; Oberlack, H; Obermann, T; Ocariz, J; Ochi, A; Ochoa, I; Ochoa-Ricoux, J P; Oda, S; Odaka, S; Ogren, H; Oh, A; Oh, S H; Ohm, C C; Ohman, H; Oide, H; Okawa, H; Okumura, Y; Okuyama, T; Olariu, A; Oleiro Seabra, L F; Olivares Pino, S A; Oliveira Damazio, D; Olszewski, A; Olszowska, J; Onofre, A; Onogi, K; Onyisi, P U E; Oreglia, M J; Oren, Y; Orestano, D; Orlando, N; Orr, R S; Osculati, B; Ospanov, R; Garzon, G Otero Y; Otono, H; Ouchrif, M; Ould-Saada, F; Ouraou, A; Oussoren, K P; Ouyang, Q; Owen, M; Owen, R E; Ozcan, V E; Ozturk, N; Pachal, K; Pacheco Pages, A; Pacheco Rodriguez, L; Padilla Aranda, C; Pagáčová, M; Pagan Griso, S; Paige, F; Pais, P; Pajchel, K; Palacino, G; Palazzo, S; Palestini, S; Palka, M; Pallin, D; Palma, A; St Panagiotopoulou, E; Pandini, C E; Panduro Vazquez, J G; Pani, P; Panitkin, S; Pantea, D; Paolozzi, L; Papadopoulou, Th D; Papageorgiou, K; Paramonov, A; Paredes Hernandez, D; Parker, A J; Parker, M A; Parker, K A; Parodi, F; Parsons, J A; Parzefall, U; Pascuzzi, V R; Pasqualucci, E; Passaggio, S; Pastore, Fr; Pásztor, G; Pataraia, S; Pater, J R; Pauly, T; Pearce, J; Pearson, B; Pedersen, L E; Pedersen, M; Lopez, S Pedraza; Pedro, R; Peleganchuk, S V; Pelikan, D; Penc, O; Peng, C; Peng, H; Penwell, J; Peralva, B S; Perego, M M; Perepelitsa, D V; Perez Codina, E; Perini, L; Pernegger, H; Perrella, S; Peschke, R; Peshekhonov, V D; Peters, K; Peters, R F Y; Petersen, B A; Petersen, T C; Petit, E; Petridis, A; Petridou, C; Petroff, P; Petrolo, E; Petrov, M; Petrucci, F; Pettersson, N E; Peyaud, A; Pezoa, R; Phillips, P W; Piacquadio, G; Pianori, E; Picazio, A; Piccaro, E; Piccinini, M; Pickering, M A; Piegaia, R; Pilcher, J E; Pilkington, A D; Pin, A W J; Pinamonti, M; Pinfold, J L; Pingel, A; Pires, S; Pirumov, H; Pitt, M; Plazak, L; Pleier, M-A; Pleskot, V; Plotnikova, E; Plucinski, P; Pluth, D; Poettgen, R; Poggioli, L; Pohl, D; Polesello, G; Poley, A; Policicchio, A; Polifka, R; Polini, A; Pollard, C S; Polychronakos, V; Pommès, K; Pontecorvo, L; Pope, B G; Popeneciu, G A; Popovic, D S; Poppleton, A; Pospisil, S; Potamianos, K; Potrap, I N; Potter, C J; Potter, C T; Poulard, G; Poveda, J; Pozdnyakov, V; Pozo Astigarraga, M E; Pralavorio, P; Pranko, A; Prell, S; Price, D; Price, L E; Primavera, M; Prince, S; Proissl, M; Prokofiev, K; Prokoshin, F; Protopopescu, S; Proudfoot, J; Przybycien, M; Puddu, D; Purohit, M; Puzo, P; Qian, J; Qin, G; Qin, Y; Quadt, A; Quayle, W B; Queitsch-Maitland, M; Quilty, D; Raddum, S; Radeka, V; Radescu, V; Radhakrishnan, S K; Radloff, P; Rados, P; Ragusa, F; Rahal, G; Raine, J A; Rajagopalan, S; Rammensee, M; Rangel-Smith, C; Ratti, M G; Rauscher, F; Rave, S; Ravenscroft, T; Ravinovich, I; Raymond, M; Read, A L; Readioff, N P; Reale, M; Rebuzzi, D M; Redelbach, A; Redlinger, G; Reece, R; Reeves, K; Rehnisch, L; Reichert, J; Reisin, H; Rembser, C; Ren, H; Rescigno, M; Resconi, S; Rezanova, O L; Reznicek, P; Rezvani, R; Richter, R; Richter, S; Richter-Was, E; Ricken, O; Ridel, M; Rieck, P; Riegel, C J; Rieger, J; Rifki, O; Rijssenbeek, M; Rimoldi, A; Rimoldi, M; Rinaldi, L; Ristić, B; Ritsch, E; Riu, I; Rizatdinova, F; Rizvi, E; Rizzi, C; Robertson, S H; Robichaud-Veronneau, A; Robinson, D; Robinson, J E M; Robson, A; Roda, C; Rodina, Y; Rodriguez Perez, A; Rodriguez Rodriguez, D; Roe, S; Rogan, C S; Røhne, O; Romaniouk, A; Romano, M; Romano Saez, S M; Romero Adam, E; Rompotis, N; Ronzani, M; Roos, L; Ros, E; Rosati, S; Rosbach, K; Rose, P; Rosenthal, O; Rosien, N-A; Rossetti, V; Rossi, E; Rossi, L P; Rosten, J H N; Rosten, R; Rotaru, M; Roth, I; Rothberg, J; Rousseau, D; Royon, C R; Rozanov, A; Rozen, Y; Ruan, X; Rubbo, F; Rudolph, M S; Rühr, F; Ruiz-Martinez, A; Rurikova, Z; Rusakovich, N A; Ruschke, A; Russell, H L; Rutherfoord, J P; Ruthmann, N; Ryabov, Y F; Rybar, M; Rybkin, G; Ryu, S; Ryzhov, A; Rzehorz, G F; Saavedra, A F; Sabato, G; Sacerdoti, S; Sadrozinski, H F-W; Sadykov, R; Safai Tehrani, F; Saha, P; Sahinsoy, M; Saimpert, M; Saito, T; Sakamoto, H; Sakurai, Y; Salamanna, G; Salamon, A; Loyola, J E Salazar; Salek, D; De Bruin, P H Sales; Salihagic, D; Salnikov, A; Salt, J; Salvatore, D; Salvatore, F; Salvucci, A; Salzburger, A; Sammel, D; Sampsonidis, D; Sanchez, A; Sánchez, J; Sanchez Martinez, V; Sandaker, H; Sandbach, R L; Sander, H G; Sandhoff, M; Sandoval, C; Sandstroem, R; Sankey, D P C; Sannino, M; Sansoni, A; Santoni, C; Santonico, R; Santos, H; Santoyo Castillo, I; Sapp, K; Sapronov, A; Saraiva, J G; Sarrazin, B; Sasaki, O; Sasaki, Y; Sato, K; Sauvage, G; Sauvan, E; Savage, G; Savard, P; Sawyer, C; Sawyer, L; Saxon, J; Sbarra, C; Sbrizzi, A; Scanlon, T; Scannicchio, D A; Scarcella, M; Scarfone, V; Schaarschmidt, J; Schacht, P; Schachtner, B M; Schaefer, D; Schaefer, R; Schaeffer, J; Schaepe, S; Schaetzel, S; Schäfer, U; Schaffer, A C; Schaile, D; Schamberger, R D; Scharf, V; Schegelsky, V A; Scheirich, D; Schernau, M; Schiavi, C; Schier, S; Schillo, C; Schioppa, M; Schlenker, S; Schmidt-Sommerfeld, K R; Schmieden, K; Schmitt, C; Schmitt, S; Schmitz, S; Schneider, B; Schnoor, U; Schoeffel, L; Schoening, A; Schoenrock, B D; Schopf, E; Schott, M; Schovancova, J; Schramm, S; Schreyer, M; Schuh, N; Schulte, A; Schultens, M J; Schultz-Coulon, H-C; Schulz, H; Schumacher, M; Schumm, B A; Schune, Ph; Schwartzman, A; Schwarz, T A; Schwegler, Ph; Schweiger, H; Schwemling, Ph; Schwienhorst, R; Schwindling, J; Schwindt, T; Sciolla, G; Scuri, F; Scutti, F; Searcy, J; Seema, P; Seidel, S C; Seiden, A; Seifert, F; Seixas, J M; Sekhniaidze, G; Sekhon, K; Sekula, S J; Seliverstov, D M; Semprini-Cesari, N; Serfon, C; Serin, L; Serkin, L; Sessa, M; Seuster, R; Severini, H; Sfiligoj, T; Sforza, F; Sfyrla, A; Shabalina, E; Shaikh, N W; Shan, L Y; Shang, R; Shank, J T; Shapiro, M; Shatalov, P B; Shaw, K; Shaw, S M; Shcherbakova, A; Shehu, C Y; Sherwood, P; Shi, L; Shimizu, S; Shimmin, C O; Shimojima, M; Shiyakova, M; Shmeleva, A; Shoaleh Saadi, D; Shochet, M J; Shojaii, S; Shrestha, S; Shulga, E; Shupe, M A; Sicho, P; Sickles, A M; Sidebo, P E; Sidiropoulou, O; Sidorov, D; Sidoti, A; Siegert, F; Sijacki, Dj; Silva, J; Silverstein, S B; Simak, V; Simard, O; Simic, Lj; Simion, S; Simioni, E; Simmons, B; Simon, D; Simon, M; Sinervo, P; Sinev, N B; Sioli, M; Siragusa, G; Sivoklokov, S Yu; Sjölin, J; Skinner, M B; Skottowe, H P; Skubic, P; Slater, M; Slavicek, T; Slawinska, M; Sliwa, K; Slovak, R; Smakhtin, V; Smart, B H; Smestad, L; Smiesko, J; Smirnov, S Yu; Smirnov, Y; Smirnova, L N; Smirnova, O; Smith, M N K; Smith, R W; Smizanska, M; Smolek, K; Snesarev, A A; Snyder, S; Sobie, R; Socher, F; Soffer, A; Soh, D A; Sokhrannyi, G; Sanchez, C A Solans; Solar, M; Soldatov, E Yu; Soldevila, U; Solodkov, A A; Soloshenko, A; Solovyanov, O V; Solovyev, V; Sommer, P; Son, H; Song, H Y; Sood, A; Sopczak, A; Sopko, V; Sorin, V; Sosa, D; Sotiropoulou, C L; Soualah, R; Soukharev, A M; South, D; Sowden, B C; Spagnolo, S; Spalla, M; Spangenberg, M; Spanò, F; Sperlich, D; Spettel, F; Spighi, R; Spigo, G; Spiller, L A; Spousta, M; Denis, R D St; Stabile, A; Stamen, R; Stamm, S; Stanecka, E; Stanek, R W; Stanescu, C; Stanescu-Bellu, M; Stanitzki, M M; Stapnes, S; Starchenko, E A; Stark, G H; Stark, J; Staroba, P; Starovoitov, P; Stärz, S; Staszewski, R; Steinberg, P; Stelzer, B; Stelzer, H J; Stelzer-Chilton, O; Stenzel, H; Stewart, G A; Stillings, J A; Stockton, M C; Stoebe, M; Stoicea, G; Stolte, P; Stonjek, S; Stradling, A R; Straessner, A; Stramaglia, M E; Strandberg, J; Strandberg, S; Strandlie, A; Strauss, M; Strizenec, P; Ströhmer, R; Strom, D M; Stroynowski, R; Strubig, A; Stucci, S A; Stugu, B; Styles, N A; Su, D; Su, J; Subramaniam, R; Suchek, S; Sugaya, Y; Suk, M; Sulin, V V; Sultansoy, S; Sumida, T; Sun, S; Sun, X; Sundermann, J E; Suruliz, K; Susinno, G; Sutton, M R; Suzuki, S; Svatos, M; Swiatlowski, M; Sykora, I; Sykora, T; Ta, D; Taccini, C; Tackmann, K; Taenzer, J; Taffard, A; Tafirout, R; Taiblum, N; Takai, H; Takashima, R; Takeshita, T; Takubo, Y; Talby, M; Talyshev, A A; Tan, K G; Tanaka, J; Tanaka, R; Tanaka, S; Tannenwald, B B; Araya, S Tapia; Tapprogge, S; Tarem, S; Tartarelli, G F; Tas, P; Tasevsky, M; Tashiro, T; Tassi, E; Tavares Delgado, A; Tayalati, Y; Taylor, A C; Taylor, G N; Taylor, P T E; Taylor, W; Teischinger, F A; Teixeira-Dias, P; Temming, K K; Temple, D; Ten Kate, H; Teng, P K; Teoh, J J; Tepel, F; Terada, S; Terashi, K; Terron, J; Terzo, S; Testa, M; Teuscher, R J; Theveneaux-Pelzer, T; Thomas, J P; Thomas-Wilsker, J; Thompson, E N; Thompson, P D; Thompson, A S; Thomsen, L A; Thomson, E; Thomson, M; Tibbetts, M J; Ticse Torres, R E; Tikhomirov, V O; Tikhonov, Yu A; Timoshenko, S; Tipton, P; Tisserant, S; Todome, K; Todorov, T; Todorova-Nova, S; Tojo, J; Tokár, S; Tokushuku, K; Tolley, E; Tomlinson, L; Tomoto, M; Tompkins, L; Toms, K; Tong, B; Torrence, E; Torres, H; Torró Pastor, E; Toth, J; Touchard, F; Tovey, D R; Trefzger, T; Tricoli, A; Trigger, I M; Trincaz-Duvoid, S; Tripiana, M F; Trischuk, W; Trocmé, B; Trofymov, A; Troncon, C; Trottier-McDonald, M; Trovatelli, M; Truong, L; Trzebinski, M; Trzupek, A; Tseng, J C-L; Tsiareshka, P V; Tsipolitis, G; Tsirintanis, N; Tsiskaridze, S; Tsiskaridze, V; Tskhadadze, E G; Tsui, K M; Tsukerman, I I; Tsulaia, V; Tsuno, S; Tsybychev, D; Tudorache, A; Tudorache, V; Tuna, A N; Tupputi, S A; Turchikhin, S; Turecek, D; Turgeman, D; Turra, R; Turvey, A J; Tuts, P M; Tyndel, M; Ucchielli, G; Ueda, I; Ughetto, M; Ukegawa, F; Unal, G; Undrus, A; Unel, G; Ungaro, F C; Unno, Y; Unverdorben, C; Urban, J; Urquijo, P; Urrejola, P; Usai, G; Usanova, A; Vacavant, L; Vacek, V; Vachon, B; Valderanis, C; Valdes Santurio, E; Valencic, N; Valentinetti, S; Valero, A; Valery, L; Valkar, S; Vallecorsa, S; Valls Ferrer, J A; Van Den Wollenberg, W; Van Der Deijl, P C; van der Geer, R; van der Graaf, H; van Eldik, N; van Gemmeren, P; Van Nieuwkoop, J; van Vulpen, I; van Woerden, M C; Vanadia, M; Vandelli, W; Vanguri, R; Vaniachine, A; Vankov, P; Vardanyan, G; Vari, R; Varnes, E W; Varol, T; Varouchas, D; Vartapetian, A; Varvell, K E; Vasquez, J G; Vazeille, F; Vazquez Schroeder, T; Veatch, J; Veloce, L M; Veloso, F; Veneziano, S; Ventura, A; Venturi, M; Venturi, N; Venturini, A; Vercesi, V; Verducci, M; Verkerke, W; Vermeulen, J C; Vest, A; Vetterli, M C; Viazlo, O; Vichou, I; Vickey, T; Vickey Boeriu, O E; Viehhauser, G H A; Viel, S; Vigani, L; Vigne, R; Villa, M; Villaplana Perez, M; Vilucchi, E; Vincter, M G; Vinogradov, V B; Vittori, C; Vivarelli, I; Vlachos, S; Vlasak, M; Vogel, M; Vokac, P; Volpi, G; Volpi, M; von der Schmitt, H; von Toerne, E; Vorobel, V; Vorobev, K; Vos, M; Voss, R; Vossebeld, J H; Vranjes, N; Vranjes Milosavljevic, M; Vrba, V; Vreeswijk, M; Vuillermet, R; Vukotic, I; Vykydal, Z; Wagner, P; Wagner, W; Wahlberg, H; Wahrmund, S; Wakabayashi, J; Walder, J; Walker, R; Walkowiak, W; Wallangen, V; Wang, C; Wang, C; Wang, F; Wang, H; Wang, H; Wang, J; Wang, J; Wang, K; Wang, R; Wang, S M; Wang, T; Wang, T; Wang, W; Wang, X; Wanotayaroj, C; Warburton, A; Ward, C P; Wardrope, D R; Washbrook, A; Watkins, P M; Watson, A T; Watson, M F; Watts, G; Watts, S; Waugh, B M; Webb, S; Weber, M S; Weber, S W; Webster, J S; Weidberg, A R; Weinert, B; Weingarten, J; Weiser, C; Weits, H; Wells, P S; Wenaus, T; Wengler, T; Wenig, S; Wermes, N; Werner, M; Werner, M D; Werner, P; Wessels, M; Wetter, J; Whalen, K; Whallon, N L; Wharton, A M; White, A; White, M J; White, R; Whiteson, D; Wickens, F J; Wiedenmann, W; Wielers, M; Wienemann, P; Wiglesworth, C; Wiik-Fuchs, L A M; Wildauer, A; Wilk, F; Wilkens, H G; Williams, H H; Williams, S; Willis, C; Willocq, S; Wilson, J A; Wingerter-Seez, I; Winklmeier, F; Winston, O J; Winter, B T; Wittgen, M; Wittkowski, J; Wolter, M W; Wolters, H; Worm, S D; Wosiek, B K; Wotschack, J; Woudstra, M J; Wozniak, K W; Wu, M; Wu, M; Wu, S L; Wu, X; Wu, Y; Wyatt, T R; Wynne, B M; Xella, S; Xu, D; Xu, L; Yabsley, B; Yacoob, S; Yakabe, R; Yamaguchi, D; Yamaguchi, Y; Yamamoto, A; Yamamoto, S; Yamanaka, T; Yamauchi, K; Yamazaki, Y; Yan, Z; Yang, H; Yang, H; Yang, Y; Yang, Z; Yao, W-M; Yap, Y C; Yasu, Y; Yatsenko, E; Wong, K H Yau; Ye, J; Ye, S; Yeletskikh, I; Yen, A L; Yildirim, E; Yorita, K; Yoshida, R; Yoshihara, K; Young, C; Young, C J S; Youssef, S; Yu, D R; Yu, J; Yu, J M; Yu, J; Yuan, L; Yuen, S P Y; Yusuff, I; Zabinski, B; Zaidan, R; Zaitsev, A M; Zakharchuk, N; Zalieckas, J; Zaman, A; Zambito, S; Zanello, L; Zanzi, D; Zeitnitz, C; Zeman, M; Zemla, A; Zeng, J C; Zeng, Q; Zengel, K; Zenin, O; Ženiš, T; Zerwas, D; Zhang, D; Zhang, F; Zhang, G; Zhang, H; Zhang, J; Zhang, L; Zhang, R; Zhang, R; Zhang, X; Zhang, Z; Zhao, X; Zhao, Y; Zhao, Z; Zhemchugov, A; Zhong, J; Zhou, B; Zhou, C; Zhou, L; Zhou, L; Zhou, M; Zhou, N; Zhu, C G; Zhu, H; Zhu, J; Zhu, Y; Zhuang, X; Zhukov, K; Zibell, A; Zieminska, D; Zimine, N I; Zimmermann, C; Zimmermann, S; Zinonos, Z; Zinser, M; Ziolkowski, M; Živković, L; Zobernig, G; Zoccoli, A; Zur Nedden, M; Zwalinski, L

2017-01-01

A measurement of the [Formula: see text] and [Formula: see text] production cross sections in final states with either two same-charge muons, or three or four leptons (electrons or muons) is presented. The analysis uses a data sample of proton-proton collisions at [Formula: see text] TeV recorded with the ATLAS detector at the Large Hadron Collider in 2015, corresponding to a total integrated luminosity of 3.2 fb[Formula: see text]. The inclusive cross sections are extracted using likelihood fits to signal and control regions, resulting in [Formula: see text] pb and [Formula: see text] pb, in agreement with the Standard Model predictions.

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.

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

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.)

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).

The differential production cross section of the [Formula: see text](1020) meson in [Formula: see text] = 7 TeV [Formula: see text] collisions measured with the ATLAS detector.

Science.gov (United States)

Aad, G; Abajyan, T; Abbott, B; Abdallah, J; Abdel Khalek, S; Abdelalim, A A; Abdinov, O; Aben, R; Abi, B; Abolins, M; AbouZeid, O S; Abramowicz, H; Abreu, H; Acharya, B S; Adamczyk, L; Adams, D L; Addy, T N; Adelman, J; Adomeit, S; Adragna, P; Adye, T; Aefsky, S; Aguilar-Saavedra, J A; Agustoni, M; Aharrouche, M; Ahlen, S P; Ahles, F; Ahmad, A; Ahsan, M; Aielli, G; Åkesson, T P A; Akimoto, G; Akimov, A V; Alam, M S; Alam, M A; Albert, J; Albrand, S; Aleksa, M; Aleksandrov, I N; Alessandria, F; Alexa, C; Alexander, G; Alexandre, G; Alexopoulos, T; Alhroob, M; Aliev, M; Alimonti, G; Alison, J; Allbrooke, B M M; Allport, P P; Allwood-Spiers, S E; Almond, J; Aloisio, A; Alon, R; Alonso, A; Alonso, F; Altheimer, A; Alvarez Gonzalez, B; Alviggi, M G; Amako, K; Amelung, C; Ammosov, V V; Amor Dos Santos, S P; Amorim, A; Amram, N; Anastopoulos, C; Ancu, L S; Andari, N; Andeen, T; Anders, C F; Anders, G; Anderson, K J; Andreazza, A; Andrei, V; Andrieux, M-L; Anduaga, X S; Angelidakis, S; Anger, P; Angerami, A; Anghinolfi, F; Anisenkov, A; Anjos, N; Annovi, A; Antonaki, A; Antonelli, M; Antonov, A; Antos, J; Anulli, F; Aoki, M; Aoun, S; Aperio Bella, L; Apolle, R; Arabidze, G; Aracena, I; Arai, Y; Arce, A T H; Arfaoui, S; Arguin, J-F; Argyropoulos, S; Arik, E; Arik, M; Armbruster, A J; Arnaez, O; Arnal, V; Arnault, C; Artamonov, A; Artoni, G; Arutinov, D; Asai, S; Ask, S; Åsman, B; Asquith, L; Assamagan, K; Astbury, A; Atkinson, M; Aubert, B; Auge, E; Augsten, K; Aurousseau, M; Avolio, G; Avramidou, R; Axen, D; Azuelos, G; Azuma, Y; Baak, M A; Baccaglioni, G; Bacci, C; Bach, A M; Bachacou, H; Bachas, K; Backes, M; Backhaus, M; Backus Mayes, J; Badescu, E; Bagnaia, P; Bahinipati, S; Bai, Y; Bailey, D C; Bain, T; Baines, J T; Baker, O K; Baker, M D; Baker, S; Balek, P; Banas, E; Banerjee, P; Banerjee, Sw; Banfi, D; Bangert, A; Bansal, V; Bansil, H S; Barak, L; Baranov, S P; Barbaro Galtieri, A; Barber, T; Barberio, E L; Barberis, D; Barbero, M; Bardin, D Y; Barillari, T; Barisonzi, M; Barklow, T; Barlow, N; Barnett, B M; Barnett, R M; Baroncelli, A; Barone, G; Barr, A J; Barreiro, F; Barreiro Guimarães da Costa, J; Barrillon, P; Bartoldus, R; Barton, A E; Bartsch, V; Basye, A; Bates, R L; Batkova, L; Batley, J R; Battaglia, A; Battistin, M; Bauer, F; Bawa, H S; Beale, S; Beau, T; Beauchemin, P H; Beccherle, R; Bechtle, P; Beck, H P; Becker, A K; Becker, S; Beckingham, M; Becks, K H; Beddall, A J; Beddall, A; Bedikian, S; Bednyakov, V A; Bee, C P; Beemster, L J; Begel, M; Behar Harpaz, S; Behera, P K; Beimforde, M; Belanger-Champagne, C; Bell, P J; Bell, W H; Bella, G; Bellagamba, L; Bellomo, M; Belloni, A; Beloborodova, O; Belotskiy, K; Beltramello, O; Benary, O; Benchekroun, D; Bendtz, K; Benekos, N; Benhammou, Y; Benhar Noccioli, E; Benitez Garcia, J A; Benjamin, D P; Benoit, M; Bensinger, J R; Benslama, K; Bentvelsen, S; Berge, D; Bergeaas Kuutmann, E; Berger, N; Berghaus, F; Berglund, E; Beringer, J; Bernat, P; Bernhard, R; Bernius, C; Berry, T; Bertella, C; Bertin, A; Bertolucci, F; Besana, M I; Besjes, G J; Besson, N; Bethke, S; Bhimji, W; Bianchi, R M; Bianchini, L; Bianco, M; Biebel, O; Bieniek, S P; Bierwagen, K; Biesiada, J; Biglietti, M; Bilokon, H; Bindi, M; Binet, S; Bingul, A; Bini, C; Biscarat, C; Bittner, B; Black, C W; Black, K M; Blair, R E; Blanchard, J-B; Blanchot, G; Blazek, T; Bloch, I; Blocker, C; Blocki, J; Blondel, A; Blum, W; Blumenschein, U; Bobbink, G J; Bobrovnikov, V B; Bocchetta, S S; Bocci, A; Boddy, C R; Boehler, M; Boek, J; Boelaert, N; Bogaerts, J A; Bogdanchikov, A; Bogouch, A; Bohm, C; Bohm, J; Boisvert, V; Bold, T; Boldea, V; Bolnet, N M; Bomben, M; Bona, M; Boonekamp, M; Bordoni, S; Borer, C; Borisov, A; Borissov, G; Borjanovic, I; Borri, M; Borroni, S; Bortfeldt, J; Bortolotto, V; Bos, K; Boscherini, D; Bosman, M; Boterenbrood, H; Bouchami, J; Boudreau, J; Bouhova-Thacker, E V; Boumediene, D; Bourdarios, C; Bousson, N; Boveia, A; Boyd, J; Boyko, I R; Bozovic-Jelisavcic, I; Bracinik, J; Branchini, P; Brandt, A; Brandt, G; Brandt, O; Bratzler, U; Brau, B; Brau, J E; Braun, H M; Brazzale, S F; Brelier, B; Bremer, J; Brendlinger, K; Brenner, R; Bressler, S; Britton, D; Brochu, F M; Brock, I; Brock, R; Broggi, F; Bromberg, C; Bronner, J; Brooijmans, G; Brooks, T; Brooks, W K; Brown, G; Brown, H; Bruckman de Renstrom, P A; Bruncko, D; Bruneliere, R; Brunet, S; Bruni, A; Bruni, G; Bruschi, M; Buanes, T; Buat, Q; Bucci, F; Buchanan, J; Buchholz, P; Buckingham, R M; Buckley, A G; Buda, S I; Budagov, I A; Budick, B; Büscher, V; Bugge, L; Bulekov, O; Bundock, A C; Bunse, M; Buran, T; Burckhart, H; Burdin, S; Burgess, T; Burke, S; Busato, E; Bussey, P; Buszello, C P; Butler, B; Butler, J M; Buttar, C M; Butterworth, J M; Buttinger, W; Byszewski, M; Cabrera Urbán, S; Caforio, D; Cakir, O; Calafiura, P; Calderini, G; Calfayan, P; Calkins, R; Caloba, L P; Caloi, R; Calvet, D; Calvet, S; Camacho Toro, R; Camarri, P; Cameron, D; Caminada, L M; Caminal Armadans, R; Campana, S; Campanelli, M; Canale, V; Canelli, F; Canepa, A; Cantero, J; Cantrill, R; Capasso, L; Capeans Garrido, M D M; Caprini, I; Caprini, M; Capriotti, D; Capua, M; Caputo, R; Cardarelli, R; Carli, T; Carlino, G; Carminati, L; Caron, B; Caron, S; Carquin, E; Carrillo-Montoya, G D; Carter, A A; Carter, J R; Carvalho, J; Casadei, D; Casado, M P; Cascella, M; Caso, C; Castaneda Hernandez, A M; Castaneda-Miranda, E; Castillo Gimenez, V; Castro, N F; Cataldi, G; Catastini, P; Catinaccio, A; Catmore, J R; Cattai, A; Cattani, G; Caughron, S; Cavaliere, V; Cavalleri, P; Cavalli, D; Cavalli-Sforza, M; Cavasinni, V; Ceradini, F; Cerqueira, A S; Cerri, A; Cerrito, L; Cerutti, F; Cetin, S A; Chafaq, A; Chakraborty, D; Chalupkova, I; Chan, K; Chang, P; Chapleau, B; Chapman, J D; Chapman, J W; Chareyre, E; Charlton, D G; Chavda, V; Chavez Barajas, C A; Cheatham, S; Chekanov, S; Chekulaev, S V; Chelkov, G A; Chelstowska, M A; Chen, C; Chen, H; Chen, S; Chen, X; Chen, Y; Cheng, Y; Cheplakov, A; Cherkaoui El Moursli, R; Chernyatin, V; Cheu, E; Cheung, S L; Chevalier, L; Chiefari, G; Chikovani, L; Childers, J T; Chilingarov, A; Chiodini, G; Chisholm, A S; Chislett, R T; Chitan, A; Chizhov, M V; Choudalakis, G; Chouridou, S; Christidi, I A; Christov, A; Chromek-Burckhart, D; Chu, M L; Chudoba, J; Ciapetti, G; Ciftci, A K; Ciftci, R; Cinca, D; Cindro, V; Ciocca, C; Ciocio, A; Cirilli, M; Cirkovic, P; Citron, Z H; Citterio, M; Ciubancan, M; Clark, A; Clark, P J; Clarke, R N; Cleland, W; Clemens, J C; Clement, B; Clement, C; Coadou, Y; Cobal, M; Coccaro, A; Cochran, J; Coffey, L; Cogan, J G; Coggeshall, J; Cogneras, E; Colas, J; Cole, S; Colijn, A P; Collins, N J; Collins-Tooth, C; Collot, J; Colombo, T; Colon, G; Compostella, G; Conde Muiño, P; Coniavitis, E; Conidi, M C; Consonni, S M; Consorti, V; Constantinescu, S; Conta, C; Conti, G; Conventi, F; Cooke, M; Cooper, B D; Cooper-Sarkar, A M; Copic, K; Cornelissen, T; Corradi, M; Corriveau, F; Cortes-Gonzalez, A; Cortiana, G; Costa, G; Costa, M J; Costanzo, D; Côté, D; Courneyea, L; Cowan, G; Cowden, C; Cox, B E; Cranmer, K; Crescioli, F; Cristinziani, M; Crosetti, G; Crépé-Renaudin, S; Cuciuc, C-M; Cuenca Almenar, C; Cuhadar Donszelmann, T; Cummings, J; Curatolo, M; Curtis, C J; Cuthbert, C; Cwetanski, P; Czirr, H; Czodrowski, P; Czyczula, Z; D'Auria, S; D'Onofrio, M; D'Orazio, A; Da Cunha Sargedas De Sousa, M J; Da Via, C; Dabrowski, W; Dafinca, A; Dai, T; Dallapiccola, C; Dam, M; Dameri, M; Damiani, D S; Danielsson, H O; Dao, V; Darbo, G; Darlea, G L; Dassoulas, J A; Davey, W; Davidek, T; Davidson, N; Davidson, R; Davies, E; Davies, M; Davignon, O; Davison, A R; Davygora, Y; Dawe, E; Dawson, I; Daya-Ishmukhametova, R K; De, K; de Asmundis, R; De Castro, S; De Cecco, S; de Graat, J; De Groot, N; de Jong, P; De La Taille, C; De la Torre, H; De Lorenzi, F; de Mora, L; De Nooij, L; De Pedis, D; De Salvo, A; De Sanctis, U; De Santo, A; De Vivie De Regie, J B; De Zorzi, G; Dearnaley, W J; Debbe, R; Debenedetti, C; Dechenaux, B; Dedovich, D V; Degenhardt, J; Del Peso, J; Del Prete, T; Delemontex, T; Deliyergiyev, M; Dell'Acqua, A; Dell'Asta, L; Della Pietra, M; Della Volpe, D; Delmastro, M; Delsart, P A; Deluca, C; Demers, S; Demichev, M; Demirkoz, B; Denisov, S P; Derendarz, D; Derkaoui, J E; Derue, F; Dervan, P; Desch, K; Devetak, E; Deviveiros, P O; Dewhurst, A; DeWilde, B; Dhaliwal, S; Dhullipudi, R; Di Ciaccio, A; Di Ciaccio, L; Di Donato, C; Di Girolamo, A; Di Girolamo, B; Di Luise, S; Di Mattia, A; Di Micco, B; Di Nardo, R; Di Simone, A; Di Sipio, R; Diaz, M A; Diehl, E B; Dietrich, J; Dietzsch, T A; Diglio, S; Dindar Yagci, K; Dingfelder, J; Dinut, F; Dionisi, C; Dita, P; Dita, S; Dittus, F; Djama, F; Djobava, T; do Vale, M A B; Do Valle Wemans, A; Doan, T K O; Dobbs, M; Dobos, D; Dobson, E; Dodd, J; Doglioni, C; Doherty, T; Doi, Y; Dolejsi, J; Dolenc, I; Dolezal, Z; Dolgoshein, B A; Dohmae, T; Donadelli, M; Donini, J; Dopke, J; Doria, A; Dos Anjos, A; Dotti, A; Dova, M T; Doxiadis, A D; Doyle, A T; Dressnandt, N; Dris, M; Dubbert, J; Dube, S; Duchovni, E; Duckeck, G; Duda, D; Dudarev, A; Dudziak, F; Dührssen, M; Duerdoth, I P; Duflot, L; Dufour, M-A; Duguid, L; Dunford, M; Duran Yildiz, H; Duxfield, R; Dwuznik, M; Düren, M; Ebenstein, W L; Ebke, J; Eckweiler, S; Edmonds, K; Edson, W; Edwards, C A; Edwards, N C; Ehrenfeld, W; Eifert, T; Eigen, G; Einsweiler, K; Eisenhandler, E; Ekelof, T; El Kacimi, M; Ellert, M; Elles, S; Ellinghaus, F; Ellis, K; Ellis, N; Elmsheuser, J; Elsing, M; Emeliyanov, D; Engelmann, R; Engl, A; Epp, B; Erdmann, J; Ereditato, A; Eriksson, D; Ernst, J; Ernst, M; Ernwein, J; Errede, D; Errede, S; Ertel, E; Escalier, M; Esch, H; Escobar, C; Espinal Curull, X; Esposito, B; Etienne, F; Etienvre, A I; Etzion, E; Evangelakou, D; Evans, H; Fabbri, L; Fabre, C; Fakhrutdinov, R M; Falciano, S; Fang, Y; Fanti, M; Farbin, A; Farilla, A; Farley, J; Farooque, T; Farrell, S; Farrington, S M; Farthouat, P; Fassi, F; Fassnacht, P; Fassouliotis, D; Fatholahzadeh, B; Favareto, A; Fayard, L; Fazio, S; Febbraro, R; Federic, P; Fedin, O L; Fedorko, W; Fehling-Kaschek, M; Feligioni, L; Feng, C; Feng, E J; Fenyuk, A B; Ferencei, J; Fernando, W; Ferrag, S; Ferrando, J; Ferrara, V; Ferrari, A; Ferrari, P; Ferrari, R; Ferreira de Lima, D E; Ferrer, A; Ferrere, D; Ferretti, C; Ferretto Parodi, A; Fiascaris, M; Fiedler, F; Filipčič, A; Filthaut, F; Fincke-Keeler, M; Fiolhais, M C N; Fiorini, L; Firan, A; Fischer, G; Fisher, M J; Flechl, M; Fleck, I; Fleckner, J; Fleischmann, P; Fleischmann, S; Flick, T; Floderus, A; Flores Castillo, L R; Flowerdew, M J; Fonseca Martin, T; Formica, A; Forti, A; Fortin, D; Fournier, D; Fowler, A J; Fox, H; Francavilla, P; Franchini, M; Franchino, S; Francis, D; Frank, T; Franklin, M; Franz, S; Fraternali, M; Fratina, S; French, S T; Friedrich, C; Friedrich, F; Froeschl, R; Froidevaux, D; Frost, J A; Fukunaga, C; Fullana Torregrosa, E; Fulsom, B G; Fuster, J; Gabaldon, C; Gabizon, O; Gadfort, T; Gadomski, S; Gagliardi, G; Gagnon, P; Galea, C; Galhardo, B; Gallas, E J; Gallo, V; Gallop, B J; Gallus, P; Gan, K K; Gao, Y S; Gaponenko, A; Garberson, F; Garcia-Sciveres, M; García, C; García Navarro, J E; Gardner, R W; Garelli, N; Garitaonandia, H; Garonne, V; Gatti, C; Gaudio, G; Gaur, B; Gauthier, L; Gauzzi, P; Gavrilenko, I L; Gay, C; Gaycken, G; Gazis, E N; Ge, P; Gecse, Z; Gee, C N P; Geerts, D A A; Geich-Gimbel, Ch; Gellerstedt, K; Gemme, C; Gemmell, A; Genest, M H; Gentile, S; George, M; George, S; Gerlach, P; Gershon, A; Geweniger, C; Ghazlane, H; Ghodbane, N; Giacobbe, B; Giagu, S; Giakoumopoulou, V; Giangiobbe, V; Gianotti, F; Gibbard, B; Gibson, A; Gibson, S M; Gilchriese, M; Gillberg, D; Gillman, A R; Gingrich, D M; Ginzburg, J; Giokaris, N; Giordani, M P; Giordano, R; Giorgi, F M; Giovannini, P; Giraud, P F; Giugni, D; Giunta, M; Gjelsten, B K; Gladilin, L K; Glasman, C; Glatzer, J; Glazov, A; Glitza, K W; Glonti, G L; Goddard, J R; Godfrey, J; Godlewski, J; Goebel, M; Göpfert, T; Goeringer, C; Gössling, C; Goldfarb, S; Golling, T; Gomes, A; Gomez Fajardo, L S; Gonçalo, R; Goncalves Pinto Firmino Da Costa, J; Gonella, L; González de la Hoz, S; Gonzalez Parra, G; Gonzalez Silva, M L; Gonzalez-Sevilla, S; Goodson, J J; Goossens, L; Gorbounov, P A; Gordon, H A; Gorelov, I; Gorfine, G; Gorini, B; Gorini, E; Gorišek, A; Gornicki, E; Goshaw, A T; Gosselink, M; Gostkin, M I; Gough Eschrich, I; Gouighri, M; Goujdami, D; Goulette, M P; Goussiou, A G; Goy, C; Gozpinar, S; Grabowska-Bold, I; Grafström, P; Grahn, K-J; Gramstad, E; Grancagnolo, F; Grancagnolo, S; Grassi, V; Gratchev, V; Grau, N; Gray, H M; Gray, J A; Graziani, E; Grebenyuk, O G; Greenshaw, T; Greenwood, Z D; Gregersen, K; Gregor, I M; Grenier, P; Griffiths, J; Grigalashvili, N; Grillo, A A; Grinstein, S; Gris, Ph; Grishkevich, Y V; Grivaz, J-F; Gross, E; Grosse-Knetter, J; Groth-Jensen, J; Grybel, K; Guest, D; Guicheney, C; Guido, E; Guindon, S; Gul, U; Gunther, J; Guo, B; Guo, J; Gutierrez, P; Guttman, N; Gutzwiller, O; Guyot, C; Gwenlan, C; Gwilliam, C B; Haas, A; Haas, S; Haber, C; Hadavand, H K; Hadley, D R; Haefner, P; Hahn, F; Hajduk, Z; Hakobyan, H; Hall, D; Hamacher, K; Hamal, P; Hamano, K; Hamer, M; Hamilton, A; Hamilton, S; Han, L; Hanagaki, K; Hanawa, K; Hance, M; Handel, C; Hanke, P; Hansen, J R; Hansen, J B; Hansen, J D; Hansen, P H; Hansson, P; Hara, K; Harenberg, T; Harkusha, S; Harper, D; Harrington, R D; Harris, O M; Hartert, J; Hartjes, F; Haruyama, T; Harvey, A; Hasegawa, S; Hasegawa, Y; Hassani, S; Haug, S; Hauschild, M; Hauser, R; Havranek, M; Hawkes, C M; Hawkings, R J; Hawkins, A D; Hayakawa, T; Hayashi, T; Hayden, D; Hays, C P; Hayward, H S; Haywood, S J; Head, S J; Hedberg, V; Heelan, L; Heim, S; Heinemann, B; Heisterkamp, S; Helary, L; Heller, C; Heller, M; Hellman, S; Hellmich, D; Helsens, C; Henderson, R C W; Henke, M; Henrichs, A; Henriques Correia, A M; Henrot-Versille, S; Hensel, C; Henß, T; Hernandez, C M; Hernández Jiménez, Y; Herrberg, R; Herten, G; Hertenberger, R; Hervas, L; Hesketh, G G; Hessey, N P; Higón-Rodriguez, E; Hill, J C; Hiller, K H; Hillert, S; Hillier, S J; Hinchliffe, I; Hines, E; Hirose, M; Hirsch, F; Hirschbuehl, D; Hobbs, J; Hod, N; Hodgkinson, M C; Hodgson, P; Hoecker, A; Hoeferkamp, M R; Hoffman, J; Hoffmann, D; Hohlfeld, M; Holder, M; Holmgren, S O; Holy, T; Holzbauer, J L; Hong, T M; Hooft van Huysduynen, L; Horner, S; Hostachy, J-Y; Hou, S; Hoummada, A; Howard, J; Howarth, J; Hristova, I; Hrivnac, J; Hryn'ova, T; Hsu, P J; Hsu, S-C; Hu, D; Hubacek, Z; Hubaut, F; Huegging, F; Huettmann, A; Huffman, T B; Hughes, E W; Hughes, G; Huhtinen, M; Hurwitz, M; Huseynov, N; Huston, J; Huth, J; Iacobucci, G; Iakovidis, G; Ibbotson, M; Ibragimov, I; Iconomidou-Fayard, L; Idarraga, J; Iengo, P; Igonkina, O; Ikegami, Y; Ikeno, M; Iliadis, D; Ilic, N; Ince, T; Ioannou, P; Iodice, M; Iordanidou, K; Ippolito, V; Irles Quiles, A; Isaksson, C; Ishino, M; Ishitsuka, M; Ishmukhametov, R; Issever, C; Istin, S; Ivashin, A V; Iwanski, W; Iwasaki, H; Izen, J M; Izzo, V; Jackson, B; Jackson, J N; Jackson, P; Jaekel, M R; Jain, V; Jakobs, K; Jakobsen, S; Jakoubek, T; Jakubek, J; Jamin, D O; Jana, D K; Jansen, E; Jansen, H; Janssen, J; Jantsch, A; Janus, M; Jared, R C; Jarlskog, G; Jeanty, L; Jen-La Plante, I; Jennens, D; Jenni, P; Loevschall-Jensen, A E; Jež, P; Jézéquel, S; Jha, M K; Ji, H; Ji, W; Jia, J; Jiang, Y; Jimenez Belenguer, M; Jin, S; Jinnouchi, O; Joergensen, M D; Joffe, D; Johansen, M; Johansson, K E; Johansson, P; Johnert, S; Johns, K A; Jon-And, K; Jones, G; Jones, R W L; Jones, T J; Joram, C; Jorge, P M; Joshi, K D; Jovicevic, J; Jovin, T; Ju, X; Jung, C A; Jungst, R M; Juranek, V; Jussel, P; Juste Rozas, A; Kabana, S; Kaci, M; Kaczmarska, A; Kadlecik, P; Kado, M; Kagan, H; Kagan, M; Kajomovitz, E; Kalinin, S; Kalinovskaya, L V; Kama, S; Kanaya, N; Kaneda, M; Kaneti, S; Kanno, T; Kantserov, V A; Kanzaki, J; Kaplan, B; Kapliy, A; Kaplon, J; Kar, D; Karagounis, M; Karakostas, K; Karnevskiy, M; Kartvelishvili, V; Karyukhin, A N; Kashif, L; Kasieczka, G; Kass, R D; Kastanas, A; Kataoka, M; Kataoka, Y; Katsoufis, E; Katzy, J; Kaushik, V; Kawagoe, K; Kawamoto, T; Kawamura, G; Kayl, M S; Kazama, S; Kazanin, V A; Kazarinov, M Y; Keeler, R; Keener, P T; Kehoe, R; Keil, M; Kekelidze, G D; Keller, J S; Kenyon, M; Kepka, O; Kerschen, N; Kerševan, B P; Kersten, S; Kessoku, K; Keung, J; Khalil-Zada, F; Khandanyan, H; Khanov, A; Kharchenko, D; Khodinov, A; Khomich, A; Khoo, T J; Khoriauli, G; Khoroshilov, A; Khovanskiy, V; Khramov, E; Khubua, J; Kim, H; Kim, S H; Kimura, N; Kind, O; King, B T; King, M; King, R S B; Kirk, J; Kiryunin, A E; Kishimoto, T; Kisielewska, D; Kitamura, T; Kittelmann, T; Kiuchi, K; Kladiva, E; Klein, M; Klein, U; Kleinknecht, K; Klemetti, M; Klier, A; Klimek, P; Klimentov, A; Klingenberg, R; Klinger, J A; Klinkby, E B; Klioutchnikova, T; Klok, P F; Klous, S; Kluge, E-E; Kluge, T; Kluit, P; Kluth, S; Kneringer, E; Knoops, E B F G; Knue, A; Ko, B R; Kobayashi, T; Kobel, M; Kocian, M; Kodys, P; Köneke, K; König, A C; Koenig, S; Köpke, L; Koetsveld, F; Koevesarki, P; Koffas, T; Koffeman, E; Kogan, L A; Kohlmann, S; Kohn, F; Kohout, Z; Kohriki, T; Koi, T; Kolachev, G M; Kolanoski, H; Kolesnikov, V; Koletsou, I; Koll, J; Komar, A A; Komori, Y; Kondo, T; Kono, T; Kononov, A I; Konoplich, R; Konstantinidis, N; Kopeliansky, R; Koperny, S; Korcyl, K; Kordas, K; Korn, A; Korol, A; Korolkov, I; Korolkova, E V; Korotkov, V A; Kortner, O; Kortner, S; Kostyukhin, V V; Kotov, S; Kotov, V M; Kotwal, A; Kourkoumelis, C; Kouskoura, V; Koutsman, A; Kowalewski, R; Kowalski, T Z; Kozanecki, W; Kozhin, A S; Kral, V; Kramarenko, V A; Kramberger, G; Krasny, M W; Krasznahorkay, A; Kraus, J K; Kreiss, S; Krejci, F; Kretzschmar, J; Krieger, N; Krieger, P; Kroeninger, K; Kroha, H; Kroll, J; Kroseberg, J; Krstic, J; Kruchonak, U; Krüger, H; Kruker, T; Krumnack, N; Krumshteyn, Z V; Kruse, M K; Kubota, T; Kuday, S; Kuehn, S; Kugel, A; Kuhl, T; Kuhn, D; Kukhtin, V; Kulchitsky, Y; Kuleshov, S; Kummer, C; Kuna, M; Kunkle, J; Kupco, A; Kurashige, H; Kurata, M; Kurochkin, Y A; Kus, V; Kuwertz, E S; Kuze, M; Kvita, J; Kwee, R; La Rosa, A; La Rotonda, L; Labarga, L; Labbe, J; Lablak, S; Lacasta, C; Lacava, F; Lacey, J; Lacker, H; Lacour, D; Lacuesta, V R; Ladygin, E; Lafaye, R; Laforge, B; Lagouri, T; Lai, S; Laisne, E; Lambourne, L; Lampen, C L; Lampl, W; Lancon, E; Landgraf, U; Landon, M P J; Lang, V S; Lange, C; Lankford, A J; Lanni, F; Lantzsch, K; Laplace, S; Lapoire, C; Laporte, J F; Lari, T; Larner, A; Lassnig, M; Laurelli, P; Lavorini, V; Lavrijsen, W; Laycock, P; Le Dortz, O; Le Guirriec, E; Le Menedeu, E; LeCompte, T; Ledroit-Guillon, F; Lee, H; Lee, J S H; Lee, S C; Lee, L; Lefebvre, M; Legendre, M; Legger, F; Leggett, C; Lehmacher, M; Lehmann Miotto, G; Leister, A G; Leite, M A L; Leitner, R; Lellouch, D; Lemmer, B; Lendermann, V; Leney, K J C; Lenz, T; Lenzen, G; Lenzi, B; Leonhardt, K; Leontsinis, S; Lepold, F; Leroy, C; Lessard, J-R; Lester, C G; Lester, C M; Levêque, J; Levin, D; Levinson, L J; Lewis, A; Lewis, G H; Leyko, A M; Leyton, M; Li, B; Li, B; Li, H; Li, H L; Li, S; Li, X; Liang, Z; Liao, H; Liberti, B; Lichard, P; Lichtnecker, M; Lie, K; Liebig, W; Limbach, C; Limosani, A; Limper, M; Lin, S C; Linde, F; Linnemann, J T; Lipeles, E; Lipniacka, A; Liss, T M; Lissauer, D; Lister, A; Litke, A M; Liu, C; Liu, D; Liu, H; Liu, J B; Liu, L; Liu, M; Liu, Y; Livan, M; Livermore, S S A; Lleres, A; Llorente Merino, J; Lloyd, S L; Lobodzinska, E; Loch, P; Lockman, W S; Loddenkoetter, T; Loebinger, F K; Loginov, A; Loh, C W; Lohse, T; Lohwasser, K; Lokajicek, M; Lombardo, V P; Long, R E; Lopes, L; Lopez Mateos, D; Lorenz, J; Lorenzo Martinez, N; Losada, M; Loscutoff, P; Lo Sterzo, F; Losty, M J; Lou, X; Lounis, A; Loureiro, K F; Love, J; Love, P A; Lowe, A J; Lu, F; Lubatti, H J; Luci, C; Lucotte, A; Ludwig, A; Ludwig, D; Ludwig, I; Ludwig, J; Luehring, F; Luijckx, G; Lukas, W; Luminari, L; Lund, E; Lund-Jensen, B; Lundberg, B; Lundberg, J; Lundberg, O; Lundquist, J; Lungwitz, M; Lynn, D; Lytken, E; Ma, H; Ma, L L; Maccarrone, G; Macchiolo, A; Maček, B; Machado Miguens, J; Macina, D; Mackeprang, R; Madaras, R J; Maddocks, H J; Mader, W F; Maenner, R; Maeno, T; Mättig, P; Mättig, S; Magnoni, L; Magradze, E; Mahboubi, K; Mahlstedt, J; Mahmoud, S; Mahout, G; Maiani, C; Maidantchik, C; Maio, A; Majewski, S; Makida, Y; Makovec, N; Mal, P; Malaescu, B; Malecki, Pa; Malecki, P; Maleev, V P; Malek, F; Mallik, U; Malon, D; Malone, C; Maltezos, S; Malyshev, V; Malyukov, S; Mameghani, R; Mamuzic, J; Manabe, A; Mandelli, L; Mandić, I; Mandrysch, R; Maneira, J; Manfredini, A; Manhaes de Andrade Filho, L; Manjarres Ramos, J A; Mann, A; Manning, P M; Manousakis-Katsikakis, A; Mansoulie, B; Mapelli, A; Mapelli, L; March, L; Marchand, J F; Marchese, F; Marchiori, G; Marcisovsky, M; Marino, C P; Marroquim, F; Marshall, Z; Marti, L F; Marti-Garcia, S; Martin, B; Martin, B; Martin, J P; Martin, T A; Martin, V J; Martin Dit Latour, B; Martin-Haugh, S; Martinez, M; Martinez Outschoorn, V; Martyniuk, A C; Marx, M; Marzano, F; Marzin, A; Masetti, L; Mashimo, T; Mashinistov, R; Masik, J; Maslennikov, A L; Massa, I; Massaro, G; Massol, N; Mastrandrea, P; Mastroberardino, A; Masubuchi, T; Matricon, P; Matsunaga, H; Matsushita, T; Mattravers, C; Maurer, J; Maxfield, S J; Maximov, D A; Mayne, A; Mazini, R; Mazur, M; Mazzaferro, L; Mazzanti, M; Mc Donald, J; Mc Kee, S P; McCarn, A; McCarthy, R L; McCarthy, T G; McCubbin, N A; McFarlane, K W; Mcfayden, J A; Mchedlidze, G; Mclaughlan, T; McMahon, S J; McPherson, R A; Meade, A; Mechnich, J; Mechtel, M; Medinnis, M; Meehan, S; Meera-Lebbai, R; Meguro, T; Mehlhase, S; Mehta, A; Meier, K; Meirose, B; Melachrinos, C; Mellado Garcia, B R; Meloni, F; Mendoza Navas, L; Meng, Z; Mengarelli, A; Menke, S; Meoni, E; Mercurio, K M; Mermod, P; Merola, L; Meroni, C; Merritt, F S; Merritt, H; Messina, A; Metcalfe, J; Mete, A S; Meyer, C; Meyer, C; Meyer, J-P; Meyer, J; Meyer, J; Michal, S; Micu, L; Middleton, R P; Migas, S; Mijović, L; Mikenberg, G; Mikestikova, M; Mikuž, M; Miller, D W; Miller, R J; Mills, W J; Mills, C; Milov, A; Milstead, D A; Milstein, D; Minaenko, A A; Miñano Moya, M; Minashvili, I A; Mincer, A I; Mindur, B; Mineev, M; Ming, Y; Mir, L M; Mirabelli, G; Mitrevski, J; Mitsou, V A; Mitsui, S; Miyagawa, P S; Mjörnmark, J U; Moa, T; Moeller, V; Mönig, K; Möser, N; Mohapatra, S; Mohr, W; Moles-Valls, R; Molfetas, A; Monk, J; Monnier, E; Montejo Berlingen, J; Monticelli, F; Monzani, S; Moore, R W; Moorhead, G F; Mora Herrera, C; Moraes, A; Morange, N; Morel, J; Morello, G; Moreno, D; Moreno Llácer, M; Morettini, P; Morgenstern, M; Morii, M; Morley, A K; Mornacchi, G; Morris, J D; Morvaj, L; Moser, H G; Mosidze, M; Moss, J; Mount, R; Mountricha, E; Mouraviev, S V; Moyse, E J W; Mueller, F; Mueller, J; Mueller, K; Müller, T A; Mueller, T; Muenstermann, D; Munwes, Y; Murray, W J; Mussche, I; Musto, E; Myagkov, A G; Myska, M; Nackenhorst, O; Nadal, J; Nagai, K; Nagai, R; Nagano, K; Nagarkar, A; Nagasaka, Y; Nagel, M; Nairz, A M; Nakahama, Y; Nakamura, K; Nakamura, T; Nakano, I; Nanava, G; Napier, A; Narayan, R; Nash, M; Nattermann, T; Naumann, T; Navarro, G; Neal, H A; Nechaeva, P Yu; Neep, T J; Negri, A; Negri, G; Negrini, M; Nektarijevic, S; Nelson, A; Nelson, T K; Nemecek, S; Nemethy, P; Nepomuceno, A A; Nessi, M; Neubauer, M S; Neumann, M; Neusiedl, A; Neves, R M; Nevski, P; Newcomer, F M; Newman, P R; Nguyen Thi Hong, V; Nickerson, R B; Nicolaidou, R; Nicquevert, B; Niedercorn, F; Nielsen, J; Nikiforou, N; Nikiforov, A; Nikolaenko, V; Nikolic-Audit, I; Nikolics, K; Nikolopoulos, K; Nilsen, H; Nilsson, P; Ninomiya, Y; Nisati, A; Nisius, R; Nobe, T; Nodulman, L; Nomachi, M; Nomidis, I; Norberg, S; Nordberg, M; Norton, P R; Novakova, J; Nozaki, M; Nozka, L; Nugent, I M; Nuncio-Quiroz, A-E; Nunes Hanninger, G; Nunnemann, T; Nurse, E; O'Brien, B J; O'Neil, D C; O'Shea, V; Oakes, L B; Oakham, F G; Oberlack, H; Ocariz, J; Ochi, A; Oda, S; Odaka, S; Odier, J; Ogren, H; Oh, A; Oh, S H; Ohm, C C; Ohshima, T; Okamura, W; Okawa, H; Okumura, Y; Okuyama, T; Olariu, A; Olchevski, A G; Olivares Pino, S A; Oliveira, M; Oliveira Damazio, D; Oliver Garcia, E; Olivito, D; Olszewski, A; Olszowska, J; Onofre, A; Onyisi, P U E; Oram, C J; Oreglia, M J; Oren, Y; Orestano, D; Orlando, N; Orlov, I; Oropeza Barrera, C; Orr, R S; Osculati, B; Ospanov, R; Osuna, C; Otero Y Garzon, G; Ottersbach, J P; Ouchrif, M; Ouellette, E A; Ould-Saada, F; Ouraou, A; Ouyang, Q; Ovcharova, A; Owen, M; Owen, S; Ozcan, V E; Ozturk, N; Pacheco Pages, A; Padilla Aranda, C; Pagan Griso, S; Paganis, E; Pahl, C; Paige, F; Pais, P; Pajchel, K; Palacino, G; Paleari, C P; Palestini, S; Pallin, D; Palma, A; Palmer, J D; Pan, Y B; Panagiotopoulou, E; Panduro Vazquez, J G; Pani, P; Panikashvili, N; Panitkin, S; Pantea, D; Papadelis, A; Papadopoulou, Th D; Paramonov, A; Paredes Hernandez, D; Park, W; Parker, M A; Parodi, F; Parsons, J A; Parzefall, U; Pashapour, S; Pasqualucci, E; Passaggio, S; Passeri, A; Pastore, F; Pastore, Fr; Pásztor, G; Pataraia, S; Patel, N; Pater, J R; Patricelli, S; Pauly, T; Pecsy, M; Pedraza Lopez, S; Pedraza Morales, M I; Peleganchuk, S V; Pelikan, D; Peng, H; Penning, B; Penson, A; Penwell, J; Perantoni, M; Perez, K; Perez Cavalcanti, T; Perez Codina, E; Pérez García-Estañ, M T; Perez Reale, V; Perini, L; Pernegger, H; Perrino, R; Perrodo, P; Peshekhonov, V D; Peters, K; Petersen, B A; Petersen, J; Petersen, T C; Petit, E; Petridis, A; Petridou, C; Petrolo, E; Petrucci, F; Petschull, D; Petteni, M; Pezoa, R; Phan, A; Phillips, P W; Piacquadio, G; Picazio, A; Piccaro, E; Piccinini, M; Piec, S M; Piegaia, R; Pignotti, D T; Pilcher, J E; Pilkington, A D; Pina, J; Pinamonti, M; Pinder, A; Pinfold, J L; Pinto, B; Pizio, C; Plamondon, M; Pleier, M-A; Plotnikova, E; Poblaguev, A; Poddar, S; Podlyski, F; Poggioli, L; Pohl, D; Pohl, M; Polesello, G; Policicchio, A; Polini, A; Poll, J; Polychronakos, V; Pomeroy, D; Pommès, K; Pontecorvo, L; Pope, B G; Popeneciu, G A; Popovic, D S; Poppleton, A; Portell Bueso, X; Pospelov, G E; Pospisil, S; Potrap, I N; Potter, C J; Potter, C T; Poulard, G; Poveda, J; Pozdnyakov, V; Prabhu, R; Pralavorio, P; Pranko, A; Prasad, S; Pravahan, R; Prell, S; Pretzl, K; Price, D; Price, J; Price, L E; Prieur, D; Primavera, M; Prokofiev, K; Prokoshin, F; Protopopescu, S; Proudfoot, J; Prudent, X; Przybycien, M; Przysiezniak, H; Psoroulas, S; Ptacek, E; Pueschel, E; Purdham, J; Purohit, M; Puzo, P; Pylypchenko, Y; Qian, J; Quadt, A; Quarrie, D R; Quayle, W B; Quinonez, F; Raas, M; Radeka, V; Radescu, V; Radloff, P; Ragusa, F; Rahal, G; Rahimi, A M; Rahm, D; Rajagopalan, S; Rammensee, M; Rammes, M; Randle-Conde, A S; Randrianarivony, K; Rauscher, F; Rave, T C; Raymond, M; Read, A L; Rebuzzi, D M; Redelbach, A; Redlinger, G; Reece, R; Reeves, K; Reinsch, A; Reisinger, I; Rembser, C; Ren, Z L; Renaud, A; Rescigno, M; Resconi, S; Resende, B; Reznicek, P; Rezvani, R; Richter, R; Richter-Was, E; Ridel, M; Rijpstra, M; Rijssenbeek, M; Rimoldi, A; Rinaldi, L; Rios, R R; Riu, I; Rivoltella, G; Rizatdinova, F; Rizvi, E; Robertson, S H; Robichaud-Veronneau, A; Robinson, D; Robinson, J E M; Robson, A; Rocha de Lima, J G; Roda, C; Roda Dos Santos, D; Roe, A; Roe, S; Røhne, O; Rolli, S; Romaniouk, A; Romano, M; Romeo, G; Romero Adam, E; Rompotis, N; Roos, L; Ros, E; Rosati, S; Rosbach, K; Rose, A; Rose, M; Rosenbaum, G A; Rosenberg, E I; Rosendahl, P L; Rosenthal, O; Rosselet, L; Rossetti, V; Rossi, E; Rossi, L P; Rotaru, M; Roth, I; Rothberg, J; Rousseau, D; Royon, C R; Rozanov, A; Rozen, Y; Ruan, X; Rubbo, F; Rubinskiy, I; Ruckstuhl, N; Rud, V I; Rudolph, C; Rudolph, G; Rühr, F; Ruiz-Martinez, A; Rumyantsev, L; Rurikova, Z; Rusakovich, N A; Ruschke, A; Rutherfoord, J P; Ruzicka, P; Ryabov, Y F; Rybar, M; Rybkin, G; Ryder, N C; Saavedra, A F; Sadeh, I; Sadrozinski, H F-W; Sadykov, R; Safai Tehrani, F; Sakamoto, H; Salamanna, G; Salamon, A; Saleem, M; Salek, D; Salihagic, D; Salnikov, A; Salt, J; Salvachua Ferrando, B M; Salvatore, D; Salvatore, F; Salvucci, A; Salzburger, A; Sampsonidis, D; Samset, B H; Sanchez, A; Sanchez Martinez, V; Sandaker, H; Sander, H G; Sanders, M P; Sandhoff, M; Sandoval, T; Sandoval, C; Sandstroem, R; Sankey, D P C; Sansoni, A; Santamarina Rios, C; Santoni, C; Santonico, R; Santos, H; Santoyo Castillo, I; Saraiva, J G; Sarangi, T; Sarkisyan-Grinbaum, E; Sarri, F; Sartisohn, G; Sasaki, O; Sasaki, Y; Sasao, N; Satsounkevitch, I; Sauvage, G; Sauvan, E; Sauvan, J B; Savard, P; Savinov, V; Savu, D O; Sawyer, L; Saxon, D H; Saxon, J; Sbarra, C; Sbrizzi, A; Scannicchio, D A; Scarcella, M; Schaarschmidt, J; Schacht, P; Schaefer, D; Schäfer, U; Schaelicke, A; Schaepe, S; Schaetzel, S; Schaffer, A C; Schaile, D; Schamberger, R D; Schamov, A G; Scharf, V; Schegelsky, V A; Scheirich, D; Schernau, M; Scherzer, M I; Schiavi, C; Schieck, J; Schioppa, M; Schlenker, S; Schmidt, E; Schmieden, K; Schmitt, C; Schmitt, S; Schneider, B; Schnoor, U; Schoeffel, L; Schoening, A; Schorlemmer, A L S; Schott, M; Schouten, D; Schovancova, J; Schram, M; Schroeder, C; Schroer, N; Schultens, M J; Schultes, J; Schultz-Coulon, H-C; Schulz, H; Schumacher, M; Schumm, B A; Schune, Ph; Schwanenberger, C; Schwartzman, A; Schwegler, Ph; Schwemling, Ph; Schwienhorst, R; Schwierz, R; Schwindling, J; Schwindt, T; Schwoerer, M; Sciacca, F G; Sciolla, G; Scott, W G; Searcy, J; Sedov, G; Sedykh, E; Seidel, S C; Seiden, A; Seifert, F; Seixas, J M; Sekhniaidze, G; Sekula, S J; Selbach, K E; Seliverstov, D M; Sellden, B; Sellers, G; Seman, M; Semprini-Cesari, N; Serfon, C; Serin, L; Serkin, L; Seuster, R; Severini, H; Sfyrla, A; Shabalina, E; Shamim, M; Shan, L Y; Shank, J T; Shao, Q T; Shapiro, M; Shatalov, P B; Shaw, K; Sherman, D; Sherwood, P; Shimizu, S; Shimojima, M; Shin, T; Shiyakova, M; Shmeleva, A; Shochet, M J; Short, D; Shrestha, S; Shulga, E; Shupe, M A; Sicho, P; Sidoti, A; Siegert, F; Sijacki, Dj; Silbert, O; Silva, J; Silver, Y; Silverstein, D; Silverstein, S B; Simak, V; Simard, O; Simic, Lj; Simion, S; Simioni, E; Simmons, B; Simoniello, R; Simonyan, M; Sinervo, P; Sinev, N B; Sipica, V; Siragusa, G; Sircar, A; Sisakyan, A N; Sivoklokov, S Yu; Sjölin, J; Sjursen, T B; Skinnari, L A; Skottowe, H P; Skovpen, K; Skubic, P; Slater, M; Slavicek, T; Sliwa, K; Smakhtin, V; Smart, B H; Smestad, L; Smirnov, S Yu; Smirnov, Y; Smirnova, L N; Smirnova, O; Smith, B C; Smith, D; Smith, K M; Smizanska, M; Smolek, K; Snesarev, A A; Snow, S W; Snow, J; Snyder, S; Sobie, R; Sodomka, J; Soffer, A; Solans, C A; Solar, M; Solc, J; Soldatov, E Yu; Soldevila, U; Solfaroli Camillocci, E; Solodkov, A A; Solovyanov, O V; Solovyev, V; Soni, N; Sopko, V; Sopko, B; Sosebee, M; Soualah, R; Soukharev, A; Spagnolo, S; Spanò, F; Spighi, R; Spigo, G; Spiwoks, R; Spousta, M; Spreitzer, T; Spurlock, B; St Denis, R D; Stahlman, J; Stamen, R; Stanecka, E; Stanek, R W; Stanescu, C; Stanescu-Bellu, M; Stanitzki, M M; Stapnes, S; Starchenko, E A; Stark, J; Staroba, P; Starovoitov, P; Staszewski, R; Staude, A; Stavina, P; Steele, G; Steinbach, P; Steinberg, P; Stekl, I; Stelzer, B; Stelzer, H J; Stelzer-Chilton, O; Stenzel, H; Stern, S; Stewart, G A; Stillings, J A; Stockton, M C; Stoerig, K; Stoicea, G; Stonjek, S; Strachota, P; Stradling, A R; Straessner, A; Strandberg, J; Strandberg, S; Strandlie, A; Strang, M; Strauss, E; Strauss, M; Strizenec, P; Ströhmer, R; Strom, D M; Strong, J A; Stroynowski, R; Stugu, B; Stumer, I; Stupak, J; Sturm, P; Styles, N A; Soh, D A; Su, D; Subramania, H S; Subramaniam, R; Succurro, A; Sugaya, Y; Suhr, C; Suk, M; Sulin, V V; Sultansoy, S; Sumida, T; Sun, X; Sundermann, J E; Suruliz, K; Susinno, G; Sutton, M R; Suzuki, Y; Suzuki, Y; Svatos, M; Swedish, S; Sykora, I; Sykora, T; Sánchez, J; Ta, D; Tackmann, K; Taffard, A; Tafirout, R; Taiblum, N; Takahashi, Y; Takai, H; Takashima, R; Takeda, H; Takeshita, T; Takubo, Y; Talby, M; Talyshev, A; Tamsett, M C; Tan, K G; Tanaka, J; Tanaka, R; Tanaka, S; Tanaka, S; Tanasijczuk, A J; Tani, K; Tannoury, N; Tapprogge, S; Tardif, D; Tarem, S; Tarrade, F; Tartarelli, G F; Tas, P; Tasevsky, M; Tassi, E; Tayalati, Y; Taylor, C; Taylor, F E; Taylor, G N; Taylor, W; Teinturier, M; Teischinger, F A; Teixeira Dias Castanheira, M; Teixeira-Dias, P; Temming, K K; Ten Kate, H; Teng, P K; Terada, S; Terashi, K; Terron, J; Testa, M; Teuscher, R J; Therhaag, J; Theveneaux-Pelzer, T; Thoma, S; Thomas, J P; Thompson, E N; Thompson, P D; Thompson, P D; Thompson, A S; Thomsen, L A; Thomson, E; Thomson, M; Thong, W M; Thun, R P; Tian, F; Tibbetts, M J; Tic, T; Tikhomirov, V O; Tikhonov, Y A; Timoshenko, S; Tiouchichine, E; Tipton, P; Tisserant, S; Todorov, T; Todorova-Nova, S; Toggerson, B; Tojo, J; Tokár, S; Tokushuku, K; Tollefson, K; Tomoto, M; Tompkins, L; Toms, K; Tonoyan, A; Topfel, C; Topilin, N D; Torrence, E; Torres, H; Torró Pastor, E; Toth, J; Touchard, F; Tovey, D R; Trefzger, T; Tremblet, L; Tricoli, A; Trigger, I M; Trincaz-Duvoid, S; Tripiana, M F; Triplett, N; Trischuk, W; Trocmé, B; Troncon, C; Trottier-McDonald, M; True, P; Trzebinski, M; Trzupek, A; Tsarouchas, C; Tseng, J C-L; Tsiakiris, M; Tsiareshka, P V; Tsionou, D; Tsipolitis, G; Tsiskaridze, S; Tsiskaridze, V; Tskhadadze, E G; Tsukerman, I I; Tsulaia, V; Tsung, J-W; Tsuno, S; Tsybychev, D; Tua, A; Tudorache, A; Tudorache, V; Tuggle, J M; Turala, M; Turecek, D; Turk Cakir, I; Turlay, E; Turra, R; Tuts, P M; Tykhonov, A; Tylmad, M; Tyndel, M; Tzanakos, G; Uchida, K; Ueda, I; Ueno, R; Ugland, M; Uhlenbrock, M; Uhrmacher, M; Ukegawa, F; Unal, G; Undrus, A; Unel, G; Unno, Y; Urbaniec, D; Urquijo, P; Usai, G; Uslenghi, M; Vacavant, L; Vacek, V; Vachon, B; Vahsen, S; Valenta, J; Valentinetti, S; Valero, A; Valkar, S; Valladolid Gallego, E; Vallecorsa, S; Valls Ferrer, J A; Van Berg, R; Van Der Deijl, P C; van der Geer, R; van der Graaf, H; Van Der Leeuw, R; van der Poel, E; van der Ster, D; van Eldik, N; van Gemmeren, P; van Vulpen, I; Vanadia, M; Vandelli, W; Vaniachine, A; Vankov, P; Vannucci, F; Vari, R; Varnes, E W; Varol, T; Varouchas, D; Vartapetian, A; Varvell, K E; Vassilakopoulos, V I; Vazeille, F; Vazquez Schroeder, T; Vegni, G; Veillet, J J; Veloso, F; Veness, R; Veneziano, S; Ventura, A; Ventura, D; Venturi, M; Venturi, N; Vercesi, V; Verducci, M; Verkerke, W; Vermeulen, J C; Vest, A; Vetterli, M C; Vichou, I; Vickey, T; Vickey Boeriu, O E; Viehhauser, G H A; Viel, S; Villa, M; Villaplana Perez, M; Vilucchi, E; Vincter, M G; Vinek, E; Vinogradov, V B; Virchaux, M; Virzi, J; Vitells, O; Viti, M; Vivarelli, I; Vives Vaque, F; Vlachos, S; Vladoiu, D; Vlasak, M; Vogel, A; Vokac, P; Volpi, G; Volpi, M; Volpini, G; von der Schmitt, H; von Radziewski, H; von Toerne, E; Vorobel, V; Vorwerk, V; Vos, M; Voss, R; Voss, T T; Vossebeld, J H; Vranjes, N; Vranjes Milosavljevic, M; Vrba, V; Vreeswijk, M; Vu Anh, T; Vuillermet, R; Vukotic, I; Wagner, W; Wagner, P; Wahlen, H; Wahrmund, S; Wakabayashi, J; Walch, S; Walder, J; Walker, R; Walkowiak, W; Wall, R; Waller, P; Walsh, B; Wang, C; Wang, H; Wang, H; Wang, J; Wang, J; Wang, R; Wang, S M; Wang, T; Warburton, A; Ward, C P; Wardrope, D R; Warsinsky, M; Washbrook, A; Wasicki, C; Watanabe, I; Watkins, P M; Watson, A T; Watson, I J; Watson, M F; Watts, G; Watts, S; Waugh, A T; Waugh, B M; Weber, M S; Webster, J S; Weidberg, A R; Weigell, P; Weingarten, J; Weiser, C; Wells, P S; Wenaus, T; Wendland, D; Weng, Z; Wengler, T; Wenig, S; Wermes, N; Werner, M; Werner, P; Werth, M; Wessels, M; Wetter, J; Weydert, C; Whalen, K; White, A; White, M J; White, S; Whitehead, S R; Whiteson, D; Whittington, D; Wicek, F; Wicke, D; Wickens, F J; Wiedenmann, W; Wielers, M; Wienemann, P; Wiglesworth, C; Wiik-Fuchs, L A M; Wijeratne, P A; Wildauer, A; Wildt, M A; Wilhelm, I; Wilkens, H G; Will, J Z; Williams, E; Williams, H H; Willis, W; Willocq, S; Wilson, J A; Wilson, M G; Wilson, A; Wingerter-Seez, I; Winkelmann, S; Winklmeier, F; Wittgen, M; Wollstadt, S J; Wolter, M W; Wolters, H; Wong, W C; Wooden, G; Wosiek, B K; Wotschack, J; Woudstra, M J; Wozniak, K W; Wraight, K; Wright, M; Wrona, B; Wu, S L; Wu, X; Wu, Y; Wulf, E; Wynne, B M; Xella, S; Xiao, M; Xie, S; Xu, C; Xu, D; Xu, L; Yabsley, B; Yacoob, S; Yamada, M; Yamaguchi, H; Yamamoto, A; Yamamoto, K; Yamamoto, S; Yamamura, T; Yamanaka, T; Yamazaki, T; Yamazaki, Y; Yan, Z; Yang, H; Yang, U K; Yang, Y; Yang, Z; Yanush, S; Yao, L; Yao, Y; Yasu, Y; Ybeles Smit, G V; Ye, J; Ye, S; Yilmaz, M; Yoosoofmiya, R; Yorita, K; Yoshida, R; Yoshihara, K; Young, C; Young, C J; Youssef, S; Yu, D; Yu, J; Yu, J; Yuan, L; Yurkewicz, A; Zabinski, B; Zaidan, R; Zaitsev, A M; Zajacova, Z; Zanello, L; Zanzi, D; Zaytsev, A; Zeitnitz, C; Zeman, M; Zemla, A; Zendler, C; Zenin, O; Ženiš, T; Zinonos, Z; Zerwas, D; Zevi Della Porta, G; Zhang, D; Zhang, H; Zhang, J; Zhang, X; Zhang, Z; Zhao, L; Zhao, Z; Zhemchugov, A; Zhong, J; Zhou, B; Zhou, N; Zhou, Y; Zhu, C G; Zhu, H; Zhu, J; Zhu, Y; Zhuang, X; Zhuravlov, V; Zibell, A; Zieminska, D; Zimin, N I; Zimmermann, R; Zimmermann, S; Zimmermann, S; Ziolkowski, M; Zitoun, R; Živković, L; Zmouchko, V V; Zobernig, G; Zoccoli, A; Zur Nedden, M; Zutshi, V; Zwalinski, L

A measurement is presented of the [Formula: see text] production cross section at [Formula: see text] = 7 TeV using [Formula: see text] collision data corresponding to an integrated luminosity of 383 [Formula: see text], collected with the ATLAS experiment at the LHC. Selection of [Formula: see text](1020) mesons is based on the identification of charged kaons by their energy loss in the pixel detector. The differential cross section is measured as a function of the transverse momentum, [Formula: see text], and rapidity, [Formula: see text], of the [Formula: see text](1020) meson in the fiducial region 500 [Formula: see text] 1200 MeV, [Formula: see text] 0.8, kaon [Formula: see text] 230 MeV and kaon momentum [Formula: see text] 800 MeV. The integrated [Formula: see text]-meson production cross section in this fiducial range is measured to be [Formula: see text] = 570 [Formula: see text] 8 (stat) [Formula: see text] 66 (syst) [Formula: see text] 20 (lumi) [Formula: see text].

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.

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. ...

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. ...

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

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

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

Directory of Open Access Journals (Sweden)

Ali KABAKÇI

2012-04-01

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

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...

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…

Measurement of the [Formula: see text] production cross-section in proton-proton collisions via the decay [Formula: see text].

Science.gov (United States)

Aaij, R; Beteta, C Abellán; Adeva, B; Adinolfi, M; Affolder, A; 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; 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; Baesso, C; Baldini, W; Barlow, R J; Barschel, C; Barsuk, S; Barter, W; Batozskaya, V; Battista, V; Bay, A; Beaucourt, L; 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; Bressieux, J; Brett, D; Britsch, M; Britton, T; Brodzicka, J; Brook, N H; Brown, H; Bursche, A; Busetto, G; Buytaert, J; Cadeddu, S; Calabrese, R; Calvi, M; Calvo Gomez, M; Campana, P; Campora Perez, D; Carbone, A; Carboni, G; Cardinale, R; Cardini, A; Carson, L; Carvalho Akiba, K; Casse, G; Cassina, L; Castillo Garcia, L; Cattaneo, M; Cauet, Ch; Cenci, R; Charles, M; Charpentier, Ph; Chefdeville, M; Chen, S; 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; Coco, V; Cogan, J; Cogneras, E; Cogoni, V; Cojocariu, L; 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; Dreimanis, K; Dujany, G; 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; Elena, E; Elsasser, Ch; Ely, S; Esen, S; Evans, H-M; Evans, T; Falabella, A; Färber, C; Farinelli, C; Farley, N; Farry, S; Fay, R F; Ferguson, D; Fernandez Albor, V; Ferreira Rodrigues, F; Ferro-Luzzi, M; Filippov, S; Fiore, M; Fiorini, M; Firlej, M; Fitzpatrick, C; Fiutowski, T; Fol, P; Fontana, M; Fontanelli, F; Forty, R; Francisco, O; Frank, M; Frei, C; Frosini, M; Fu, J; Furfaro, E; Gallas Torreira, A; Galli, D; Gallorini, S; Gambetta, S; Gandelman, M; Gandini, P; Gao, Y; García Pardiñas, J; Garofoli, J; Garra Tico, J; Garrido, L; Gaspar, C; Gauld, R; Gavardi, L; Gavrilov, G; Geraci, A; Gersabeck, E; Gersabeck, M; Gershon, T; Ghez, Ph; Gianelle, A; Gianì, S; Gibson, V; Giubega, L; Gligorov, V V; Göbel, C; Golubkov, D; Golutvin, A; Gomes, A; 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; 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; Idzik, M; Ilten, P; Jacobsson, R; Jaeger, A; Jalocha, J; 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; Karodia, S; Kelsey, M; Kenyon, I R; Ketel, T; Khanji, B; Khurewathanakul, C; Klaver, S; Klimaszewski, K; 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; Kucewicz, W; Kucharczyk, M; Kudryavtsev, V; Kurek, K; Kvaratskheliya, T; La Thi, V N; Lacarrere, D; Lafferty, G; Lai, A; Lambert, D; Lambert, R W; Lanfranchi, G; Langenbruch, C; Langhans, B; 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; Likhomanenko, T; Liles, M; Lindner, R; Linn, C; Lionetto, F; Liu, B; Lohn, S; Longstaff, I; Lopes, J H; Lopez-March, N; Lowdon, P; Lucchesi, D; Luo, H; Lupato, A; Luppi, E; Lupton, O; Machefert, F; Machikhiliyan, I V; Maciuc, F; Maev, O; Malde, S; Malinin, A; Manca, G; Mancinelli, G; Mapelli, A; Maratas, J; Marchand, J F; Marconi, U; Marin Benito, C; Marino, P; Märki, R; Marks, J; Martellotti, G; Martens, A; Sánchez, A Martín; 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; Moggi, N; Molina Rodriguez, J; Monteil, S; Morandin, M; Morawski, P; Mordà, A; Morello, M J; Moron, J; Morris, A-B; Mountain, R; Muheim, F; Müller, K; Mussini, M; 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; O'Hanlon, D P; 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; Pappalardo, L L; Parkes, C; Parkinson, C J; Passaleva, G; Patel, G D; Patel, M; Patrignani, C; Alvarez, A Pazos; Pearce, A; Pellegrino, A; Pepe Altarelli, M; Perazzini, S; Trigo, E Perez; 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; Poluektov, A; Polycarpo, E; Popov, A; Popov, D; Popovici, B; Potterat, C; Price, E; Price, J D; 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; Redi, F; Reichert, S; Reid, M M; Dos Reis, A C; Ricciardi, S; Richards, S; Rihl, M; Rinnert, K; Rives Molina, V; Robbe, P; Rodrigues, A B; Rodrigues, E; Rodriguez Perez, P; Roiser, S; Romanovsky, V; Romero Vidal, A; Rotondo, M; Rouvinet, J; Ruf, T; Ruiz, H; Ruiz Valls, P; 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; Sarti, A; Satriano, C; Satta, A; Saunders, D M; 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; 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; De Paula, B Souza; Spaan, B; Sparkes, A; Spradlin, P; Sridharan, S; Stagni, F; Stahl, M; 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; 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; Vacca, C; 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; Websdale, D; Whitehead, M; Wicht, J; Wiedner, D; Wilkinson, G; Williams, M P; Williams, M; Wilschut, H W; Wilson, F F; Wimberley, J; Wishahi, J; Wislicki, W; Witek, M; Wormser, G; Wotton, S A; Wright, S; Wyllie, K; Xie, Y; Xing, Z; Xu, Z; Yang, Z; Yuan, X; Yushchenko, O; Zangoli, M; Zavertyaev, M; Zhang, L; Zhang, W C; Zhang, Y; Zhelezov, A; Zhokhov, A; Zhong, L; Zvyagin, A

The production of the [Formula: see text] state in proton-proton collisions is probed via its decay to the [Formula: see text] final state with the LHCb detector, in the rapidity range [Formula: see text] and in the meson transverse-momentum range [Formula: see text]. The cross-section for prompt production of [Formula: see text] mesons relative to the prompt [Formula: see text] cross-section is measured, for the first time, to be [Formula: see text] at a centre-of-mass energy [Formula: see text] using data corresponding to an integrated luminosity of 0.7 fb[Formula: see text], and [Formula: see text] at [Formula: see text] using 2.0 fb[Formula: see text]. The uncertainties quoted are, in order, statistical, systematic, and that on the ratio of branching fractions of the [Formula: see text] and [Formula: see text] decays to the [Formula: see text] final state. In addition, the inclusive branching fraction of [Formula: see text]-hadron decays into [Formula: see text] mesons is measured, for the first time, to be [Formula: see text], where the third uncertainty includes also the uncertainty on the [Formula: see text] inclusive branching fraction from [Formula: see text]-hadron decays. The difference between the [Formula: see text] and [Formula: see text] meson masses is determined to be [Formula: see text].

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

Arbitrage free pricing of forward and futures in the energy market

International Nuclear Information System (INIS)

Kloster, Kristian

2003-01-01

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

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

Valuation of exotic options in the framework of Levy processes

Energy Technology Data Exchange (ETDEWEB)

Milev, Mariyan, E-mail: marianmilev2002@gmail.com; Georgieva, Svetla, E-mail: marianmilev2002@gmail.com; Markovska, Veneta, E-mail: marianmilev2002@gmail.com [Department of Mathematics and Physics, UFT-Plovdiv, bul. Maritza 26, 4002 Plovdiv (Bulgaria)

2013-12-18

In this paper we explore a straightforward procedure to price derivatives by using the Monte Carlo approach when the underlying process is a jump-diffusion. We have compared the Black-Scholes model with one of its extensions that is the Merton model. The latter model is better in capturing the market’s phenomena and is comparative to stochastic volatility models in terms of pricing accuracy. We have presented simulations of asset paths and pricing of barrier options for both Geometric Brownian motion and exponential Levy processes as it is the concrete case of the Merton model. A desired level of accuracy is obtained with simple computer operations in MATLAB for efficient computational time.

Energy options

International Nuclear Information System (INIS)

Hampton, Michael

1999-01-01

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

The valuation of equity warrants under the fractional Vasicek process of the short-term interest rate

Science.gov (United States)

Xiao, Weilin; Zhang, Weiguo; Zhang, Xili; Chen, Xiaoyan

2014-01-01

Motivated by the empirical evidence of long range dependence in short-term interest rates and considering the long maturities of equity warrants, we propose the fractional Vasicek model to describe the dynamics of the short rate in the pricing environment of equity warrants. Using the partial differential equation approach, we present a valuation model for equity warrants under the assumption that the short rate follows the fractional Vasicek process. After identifying the pricing model for equity warrants, we provide the parameter estimation procedure for the proposed pricing model. Since obtaining the values of equity warrants from the proposed model needs to solve a nonlinear equation, we employ a hybrid intelligent algorithm to get around this optimization problem. Furthermore, to illustrate the practicality of our proposed model, we conduct an empirical study to ascertain the performance of our proposed model using the data from China’s warrant market and the China Foreign Exchange Trade System. The comparison of traditional models (such as the Black-Scholes model, the Noreen-Wolfson model, the Lauterbach-Schultz model, and the Ukhov model) with our proposed model is also presented. The empirical results show that the mean absolute percentage error of our pricing model is 10.30%. By contrast, the Black-Scholes model, the Noreen-Wolfson model, the Lauterbach-Schultz model, and the Ukhov model applied to the same warrant produce mean absolute errors of 35.26%, 37.67%, 33.40%, 32.81%, respectively. Thus the long memory property in stochastic interest rates cannot be ignored in determining the valuation of equity warrants.

A Positivity-Preserving Numerical Scheme for Nonlinear Option Pricing Models

Directory of Open Access Journals (Sweden)

Shengwu Zhou

2012-01-01

Full Text Available A positivity-preserving numerical method for nonlinear Black-Scholes models is developed in this paper. The numerical method is based on a nonstandard approximation of the second partial derivative. The scheme is not only unconditionally stable and positive, but also allows us to solve the discrete equation explicitly. Monotone properties are studied in order to avoid unwanted oscillations of the numerical solution. The numerical results for European put option and European butterfly spread are compared to the standard finite difference scheme. It turns out that the proposed scheme is efficient and reliable.

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 ...

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...

[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.

Options theory and strategic investment decisions

International Nuclear Information System (INIS)

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

1992-01-01

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

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...

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...

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.

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…

Crude Oil Price Forecasting Based on Hybridizing Wavelet Multiple Linear Regression Model, Particle Swarm Optimization Techniques, and Principal Component Analysis

Science.gov (United States)

Shabri, Ani; Samsudin, Ruhaidah

2014-01-01

Crude oil prices do play significant role in the global economy and are a key input into option pricing formulas, portfolio allocation, and risk measurement. In this paper, a hybrid model integrating wavelet and multiple linear regressions (MLR) is proposed for crude oil price forecasting. In this model, Mallat wavelet transform is first selected to decompose an original time series into several subseries with different scale. Then, the principal component analysis (PCA) is used in processing subseries data in MLR for crude oil price forecasting. The particle swarm optimization (PSO) is used to adopt the optimal parameters of the MLR model. To assess the effectiveness of this model, daily crude oil market, West Texas Intermediate (WTI), has been used as the case study. Time series prediction capability performance of the WMLR model is compared with the MLR, ARIMA, and GARCH models using various statistics measures. The experimental results show that the proposed model outperforms the individual models in forecasting of the crude oil prices series. PMID:24895666

Crude oil price forecasting based on hybridizing wavelet multiple linear regression model, particle swarm optimization techniques, and principal component analysis.

Science.gov (United States)

Shabri, Ani; Samsudin, Ruhaidah

2014-01-01

Crude oil prices do play significant role in the global economy and are a key input into option pricing formulas, portfolio allocation, and risk measurement. In this paper, a hybrid model integrating wavelet and multiple linear regressions (MLR) is proposed for crude oil price forecasting. In this model, Mallat wavelet transform is first selected to decompose an original time series into several subseries with different scale. Then, the principal component analysis (PCA) is used in processing subseries data in MLR for crude oil price forecasting. The particle swarm optimization (PSO) is used to adopt the optimal parameters of the MLR model. To assess the effectiveness of this model, daily crude oil market, West Texas Intermediate (WTI), has been used as the case study. Time series prediction capability performance of the WMLR model is compared with the MLR, ARIMA, and GARCH models using various statistics measures. The experimental results show that the proposed model outperforms the individual models in forecasting of the crude oil prices series.

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

The Fractal Market Hypothesis: Applications to Financial Forecasting

OpenAIRE

Blackledge, Jonathan

2010-01-01

Most financial modelling systems rely on an underlying hypothesis known as the Efficient Market Hypothesis (EMH) including the famous Black-Scholes formula for placing an option. However, the EMH has a fundamental flaw: it is based on the assumption that economic processes are normally distributed and it has long been known that this is not the case. This fundamental assumption leads to a number of shortcomings associated with using the EMH to analyse financial data which includes failure to ...

A Portfolio Approach to Risk Reduction in Discretely Rebalanced Option Hedges

OpenAIRE

Antonio S. Mello; Henrik J. Neuhaus

1998-01-01

This paper analyses the accumulated hedging errors generated by discretely rebalanced option hedges. We show that simple generalizations of the prior research can underestimate the variance of the accumulated hedging errors and that even with daily rebalancing, these accumulated hedging errors can introduce substantial risk in arbitrage strategies suggested by the Black-Scholes option pricing model. We also show that the correlation between the accumulated hedging errors for different options...

Managing Uncertainty and Risk in Public-sector Investments

Science.gov (United States)

2007-04-30

private sector, Capital Asset Pricing Models ( CAPM ) models provide valuation tools, of which the Black-Scholes equation is the most well known and...maximized mean of discounted cash flows on the assumption that the risk to underlying investment options can be replicated by assets in a financial... assumptions seldom apply for large-scale infra-modernization programs, in either the public or the private sector. In addition, NPV investment is

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...

Ex-vessel Fish Price Database: Disaggregating Prices for Low-Priced Species from Reduction Fisheries

Directory of Open Access Journals (Sweden)

Travis C. Tai

2017-11-01

Full Text Available Ex-vessel fish prices are essential for comprehensive fisheries management and socioeconomic analyses for fisheries science. In this paper, we reconstructed a global ex-vessel price database with the following areas of improvement: (1 compiling reported prices explicitly listed as “for reduction to fishmeal and fish oil” to estimate prices separately for catches destined for fishmeal and fish oil production, and other non-direct human consumption purposes; (2 including 95% confidence limit estimates for each price estimation; and (3 increasing the number of input data and the number of price estimates to match the reconstructed Sea Around Us catch database. Our primary focus was to address this first area of improvement as ex-vessel prices for catches destined for non-direct human consumption purposes were substantially overestimated, notably in countries with large reduction fisheries. For example in Peru, 2010 landed values were estimated as 3.8 billion real 2010 USD when using separate prices for reduction fisheries, compared with 5.8 billion using previous methods with only one price for all end-products. This update of the price database has significant global and country-specific impacts on fisheries price and landed value trends over time.

Search for an additional, heavy Higgs boson in the [Formula: see text] decay channel at [Formula: see text] in [Formula: see text] collision data with the ATLAS detector.

Science.gov (United States)

Aad, G; Abbott, B; Abdallah, J; Abdinov, O; Aben, R; Abolins, M; AbouZeid, O S; Abramowicz, H; Abreu, H; Abreu, R; Abulaiti, Y; Acharya, B S; Adamczyk, L; Adams, D L; Adelman, J; Adomeit, S; Adye, T; Affolder, A A; Agatonovic-Jovin, T; Agricola, J; Aguilar-Saavedra, J A; Ahlen, S P; Ahmadov, F; Aielli, G; Akerstedt, H; Åkesson, T P A; Akimov, A V; Alberghi, G L; Albert, J; Albrand, S; Alconada Verzini, M J; Aleksa, M; Aleksandrov, I N; Alexa, C; Alexander, G; Alexopoulos, T; Alhroob, M; Alimonti, G; Alio, L; Alison, J; Alkire, S P; Allbrooke, B M M; Allport, P P; Aloisio, A; Alonso, A; Alonso, F; Alpigiani, C; Altheimer, A; Alvarez Gonzalez, B; Álvarez Piqueras, D; Alviggi, M G; Amadio, B T; Amako, K; Amaral Coutinho, Y; Amelung, C; Amidei, D; Amor Dos Santos, S P; Amorim, A; Amoroso, S; Amram, N; Amundsen, G; Anastopoulos, C; Ancu, L S; Andari, N; Andeen, T; Anders, C F; Anders, G; Anders, J K; Anderson, K J; Andreazza, A; Andrei, V; Angelidakis, S; Angelozzi, I; Anger, P; Angerami, A; Anghinolfi, F; Anisenkov, A V; Anjos, N; Annovi, A; Antonelli, M; Antonov, A; Antos, J; Anulli, F; Aoki, M; Aperio Bella, L; Arabidze, G; Arai, Y; Araque, J P; Arce, A T H; Arduh, F A; Arguin, J-F; Argyropoulos, S; Arik, M; Armbruster, A J; Arnaez, O; Arnal, V; Arnold, H; Arratia, M; Arslan, O; Artamonov, A; Artoni, G; Asai, S; Asbah, N; Ashkenazi, A; Åsman, B; Asquith, L; Assamagan, K; Astalos, R; Atkinson, M; Atlay, N B; Augsten, K; Aurousseau, M; Avolio, G; Axen, B; Ayoub, M K; Azuelos, G; Baak, M A; Baas, A E; Baca, M J; Bacci, C; Bachacou, H; Bachas, K; Backes, M; Backhaus, M; Bagiacchi, P; Bagnaia, P; Bai, Y; Bain, T; Baines, J T; Baker, O K; Baldin, E M; Balek, P; Balestri, T; Balli, F; Banas, E; Banerjee, Sw; Bannoura, A A E; Bansil, H S; Barak, L; Barberio, E L; Barberis, D; Barbero, M; Barillari, T; Barisonzi, M; Barklow, T; Barlow, N; Barnes, S L; Barnett, B M; Barnett, R M; Barnovska, Z; Baroncelli, A; Barone, G; Barr, A J; Barreiro, F; Barreiro Guimarães da Costa, J; Bartoldus, R; Barton, A E; Bartos, P; Basalaev, A; Bassalat, A; Basye, A; Bates, R L; Batista, S J; Batley, J R; Battaglia, M; Bauce, M; Bauer, F; Bawa, H S; Beacham, J B; Beattie, M D; Beau, T; Beauchemin, P H; Beccherle, R; Bechtle, P; Beck, H P; Becker, K; Becker, M; Becker, S; Beckingham, M; Becot, C; Beddall, A J; Beddall, A; Bednyakov, V A; Bee, C P; Beemster, L J; Beermann, T A; Begel, M; Behr, J K; Belanger-Champagne, C; Bell, W H; Bella, G; Bellagamba, L; Bellerive, A; Bellomo, M; Belotskiy, K; Beltramello, O; Benary, O; Benchekroun, D; Bender, M; Bendtz, K; Benekos, N; Benhammou, Y; Benhar Noccioli, E; Benitez Garcia, J A; Benjamin, D P; Bensinger, J R; Bentvelsen, S; Beresford, L; Beretta, M; Berge, D; Bergeaas Kuutmann, E; Berger, N; Berghaus, F; Beringer, J; Bernard, C; Bernard, N R; Bernius, C; Bernlochner, F U; Berry, T; Berta, P; Bertella, C; Bertoli, G; Bertolucci, F; Bertsche, C; Bertsche, D; Besana, M I; Besjes, G J; Bessidskaia Bylund, O; Bessner, M; Besson, N; Betancourt, C; Bethke, S; Bevan, A J; Bhimji, W; Bianchi, R M; Bianchini, L; Bianco, M; Biebel, O; Biedermann, D; Bieniek, S P; Biglietti, M; Bilbao De Mendizabal, J; Bilokon, H; Bindi, M; Binet, S; Bingul, A; Bini, C; Biondi, S; Black, C W; Black, J E; Black, K M; Blackburn, D; Blair, R E; Blanchard, J-B; Blanco, J E; Blazek, T; Bloch, I; Blocker, C; Blum, W; Blumenschein, U; Bobbink, G J; Bobrovnikov, V S; Bocchetta, S S; Bocci, A; Bock, C; Boehler, M; Bogaerts, J A; Bogavac, D; Bogdanchikov, A G; Bohm, C; Boisvert, V; Bold, T; Boldea, V; Boldyrev, A S; Bomben, M; Bona, M; Boonekamp, M; Borisov, A; Borissov, G; Borroni, S; Bortfeldt, J; Bortolotto, V; Bos, K; Boscherini, D; Bosman, M; Boudreau, J; Bouffard, J; Bouhova-Thacker, E V; Boumediene, D; Bourdarios, C; Bousson, N; Boveia, A; Boyd, J; Boyko, I R; Bozic, I; Bracinik, J; Brandt, A; Brandt, G; Brandt, O; Bratzler, U; Brau, B; Brau, J E; Braun, H M; Brazzale, S F; Breaden Madden, W D; Brendlinger, K; Brennan, A J; Brenner, L; Brenner, R; Bressler, S; Bristow, K; Bristow, T M; Britton, D; Britzger, D; Brochu, F M; Brock, I; Brock, R; Bronner, J; Brooijmans, G; Brooks, T; Brooks, W K; Brosamer, J; Brost, E; Brown, J; Bruckman de Renstrom, P A; Bruncko, D; Bruneliere, R; Bruni, A; Bruni, G; Bruschi, M; Bruscino, N; Bryngemark, L; Buanes, T; Buat, Q; Buchholz, P; Buckley, A G; Buda, S I; Budagov, I A; Buehrer, F; Bugge, L; Bugge, M K; Bulekov, O; Bullock, D; Burckhart, H; Burdin, S; Burgard, C D; Burghgrave, B; Burke, S; Burmeister, I; Busato, E; Büscher, D; Büscher, V; Bussey, P; Butler, J M; Butt, A I; Buttar, C M; Butterworth, J M; Butti, P; Buttinger, W; Buzatu, A; Buzykaev, A R; Cabrera Urbán, S; Caforio, D; Cairo, V M; Cakir, O; Calace, N; Calafiura, P; Calandri, A; Calderini, G; Calfayan, P; Caloba, L P; Calvet, D; Calvet, S; Camacho Toro, R; Camarda, S; Camarri, P; Cameron, D; Caminal Armadans, R; Campana, S; Campanelli, M; Campoverde, A; Canale, V; Canepa, A; Cano Bret, M; Cantero, J; Cantrill, R; Cao, T; Capeans Garrido, M D M; Caprini, I; Caprini, M; Capua, M; Caputo, R; Cardarelli, R; Cardillo, F; Carli, T; Carlino, G; Carminati, L; Caron, S; Carquin, E; Carrillo-Montoya, G D; Carter, J R; Carvalho, J; Casadei, D; Casado, M P; Casolino, M; Castaneda-Miranda, E; Castelli, A; Castillo Gimenez, V; Castro, N F; Catastini, P; Catinaccio, A; Catmore, J R; Cattai, A; Caudron, J; Cavaliere, V; Cavalli, D; Cavalli-Sforza, M; Cavasinni, V; Ceradini, F; Cerio, B C; Cerny, K; Cerqueira, A S; Cerri, A; Cerrito, L; Cerutti, F; Cerv, M; Cervelli, A; Cetin, S A; Chafaq, A; Chakraborty, D; Chalupkova, I; Chang, P; Chapman, J D; Charlton, D G; Chau, C C; Chavez Barajas, C A; Cheatham, S; Chegwidden, A; Chekanov, S; Chekulaev, S V; Chelkov, G A; Chelstowska, M A; Chen, C; Chen, H; Chen, K; Chen, L; Chen, S; Chen, X; Chen, Y; Cheng, H C; Cheng, Y; Cheplakov, A; Cheremushkina, E; Cherkaoui El Moursli, R; Chernyatin, V; Cheu, E; Chevalier, L; Chiarella, V; Chiarelli, G; Chiodini, G; Chisholm, A S; Chislett, R T; Chitan, A; Chizhov, M V; Choi, K; Chouridou, S; Chow, B K B; Christodoulou, V; Chromek-Burckhart, D; Chudoba, J; Chuinard, A J; Chwastowski, J J; Chytka, L; Ciapetti, G; Ciftci, A K; Cinca, D; Cindro, V; Cioara, I A; Ciocio, A; Cirotto, F; Citron, Z H; Ciubancan, M; Clark, A; Clark, B L; Clark, P J; Clarke, R N; Cleland, W; Clement, C; Coadou, Y; Cobal, M; Coccaro, A; Cochran, J; Coffey, L; Cogan, J G; Colasurdo, L; Cole, B; Cole, S; Colijn, A P; Collot, J; Colombo, T; Compostella, G; Conde Muiño, P; Coniavitis, E; Connell, S H; Connelly, I A; Consorti, V; Constantinescu, S; Conta, C; Conti, G; Conventi, F; Cooke, M; Cooper, B D; Cooper-Sarkar, A M; Cornelissen, T; Corradi, M; Corriveau, F; Corso-Radu, A; Cortes-Gonzalez, A; Cortiana, G; Costa, G; Costa, M J; Costanzo, D; Côté, D; Cottin, G; Cowan, G; Cox, B E; Cranmer, K; Cree, G; Crépé-Renaudin, S; Crescioli, F; Cribbs, W A; Crispin Ortuzar, M; Cristinziani, M; Croft, V; Crosetti, G; Cuhadar Donszelmann, T; Cummings, J; Curatolo, M; Cuthbert, C; Czirr, H; Czodrowski, P; D'Auria, S; D'Onofrio, M; Da Cunha Sargedas De Sousa, M J; Da Via, C; Dabrowski, W; Dafinca, A; Dai, T; Dale, O; Dallaire, F; Dallapiccola, C; Dam, M; Dandoy, J R; Dang, N P; Daniells, A C; Danninger, M; Dano Hoffmann, M; Dao, V; Darbo, G; Darmora, S; Dassoulas, J; Dattagupta, A; Davey, W; David, C; Davidek, T; Davies, E; Davies, M; Davison, P; Davygora, Y; Dawe, E; Dawson, I; Daya-Ishmukhametova, R K; De, K; de Asmundis, R; De Benedetti, A; De Castro, S; De Cecco, S; De Groot, N; de Jong, P; De la Torre, H; De Lorenzi, F; De Pedis, D; De Salvo, A; De Sanctis, U; De Santo, A; De Vivie De Regie, J B; Dearnaley, W J; Debbe, R; Debenedetti, C; Dedovich, D V; Deigaard, I; Del Peso, J; Del Prete, T; Delgove, D; Deliot, F; Delitzsch, C M; Deliyergiyev, M; Dell'Acqua, A; Dell'Asta, L; Dell'Orso, M; Della Pietra, M; Della Volpe, D; Delmastro, M; Delsart, P A; Deluca, C; DeMarco, D A; Demers, S; Demichev, M; Demilly, A; Denisov, S P; Derendarz, D; Derkaoui, J E; Derue, F; Dervan, P; Desch, K; Deterre, C; Deviveiros, P O; Dewhurst, A; Dhaliwal, S; Di Ciaccio, A; Di Ciaccio, L; Di Domenico, A; Di Donato, C; Di Girolamo, A; Di Girolamo, B; Di Mattia, A; Di Micco, B; Di Nardo, R; Di Simone, A; Di Sipio, R; Di Valentino, D; Diaconu, C; Diamond, M; Dias, F A; Diaz, M A; Diehl, E B; Dietrich, J; Diglio, S; Dimitrievska, A; Dingfelder, J; Dita, P; Dita, S; Dittus, F; Djama, F; Djobava, T; Djuvsland, J I; do Vale, M A B; Dobos, D; Dobre, M; Doglioni, C; Dohmae, T; Dolejsi, J; Dolezal, Z; Dolgoshein, B A; Donadelli, M; Donati, S; Dondero, P; Donini, J; Dopke, J; Doria, A; Dova, M T; Doyle, A T; Drechsler, E; Dris, M; Dubreuil, E; Duchovni, E; Duckeck, G; Ducu, O A; Duda, D; Dudarev, A; Duflot, L; Duguid, L; Dührssen, M; Dunford, M; Duran Yildiz, H; Düren, M; Durglishvili, A; Duschinger, D; Dyndal, M; Eckardt, C; Ecker, K M; Edgar, R C; Edson, W; Edwards, N C; Ehrenfeld, W; Eifert, T; Eigen, G; Einsweiler, K; Ekelof, T; El Kacimi, M; Ellert, M; Elles, S; Ellinghaus, F; Elliot, A A; Ellis, N; Elmsheuser, J; Elsing, M; Emeliyanov, D; Enari, Y; Endner, O C; Endo, M; Erdmann, J; Ereditato, A; Ernis, G; Ernst, J; Ernst, M; Errede, S; Ertel, E; Escalier, M; Esch, H; Escobar, C; Esposito, B; Etienvre, A I; Etzion, E; Evans, H; Ezhilov, A; Fabbri, L; Facini, G; Fakhrutdinov, R M; Falciano, S; Falla, R J; Faltova, J; Fang, Y; Fanti, M; Farbin, A; Farilla, A; Farooque, T; Farrell, S; Farrington, S M; Farthouat, P; Fassi, F; Fassnacht, P; Fassouliotis, D; Faucci Giannelli, M; Favareto, A; Fayard, L; Federic, P; Fedin, O L; Fedorko, W; Feigl, S; Feligioni, L; Feng, C; Feng, E J; Feng, H; Fenyuk, A B; Feremenga, L; Fernandez Martinez, P; Fernandez Perez, S; Ferrando, J; Ferrari, A; Ferrari, P; Ferrari, R; Ferreira de Lima, D E; Ferrer, A; Ferrere, D; Ferretti, C; Ferretto Parodi, A; Fiascaris, M; Fiedler, F; Filipčič, A; Filipuzzi, M; Filthaut, F; Fincke-Keeler, M; Finelli, K D; Fiolhais, M C N; Fiorini, L; Firan, A; Fischer, A; Fischer, C; Fischer, J; Fisher, W C; Fitzgerald, E A; Flaschel, N; Fleck, I; Fleischmann, P; Fleischmann, S; Fletcher, G T; Fletcher, G; Fletcher, R R M; Flick, T; Floderus, A; Flores Castillo, L R; Flowerdew, M J; Formica, A; Forti, A; Fournier, D; Fox, H; Fracchia, S; Francavilla, P; Franchini, M; Francis, D; Franconi, L; Franklin, M; Frate, M; Fraternali, M; Freeborn, D; French, S T; Friedrich, F; Froidevaux, D; Frost, J A; Fukunaga, C; Fullana Torregrosa, E; Fulsom, B G; Fusayasu, T; Fuster, J; Gabaldon, C; Gabizon, O; Gabrielli, A; Gabrielli, A; Gach, G P; Gadatsch, S; Gadomski, S; Gagliardi, G; Gagnon, P; Galea, C; Galhardo, B; Gallas, E J; Gallop, B J; Gallus, P; Galster, G; Gan, K K; Gao, J; Gao, Y; Gao, Y S; Garay Walls, F M; Garberson, F; García, C; García Navarro, J E; Garcia-Sciveres, M; Gardner, R W; Garelli, N; Garonne, V; Gatti, C; Gaudiello, A; Gaudio, G; Gaur, B; Gauthier, L; Gauzzi, P; Gavrilenko, I L; Gay, C; Gaycken, G; Gazis, E N; Ge, P; Gecse, Z; Gee, C N P; Geich-Gimbel, Ch; Geisler, M P; Gemme, C; Genest, M H; Gentile, S; George, M; George, S; Gerbaudo, D; Gershon, A; Ghasemi, S; Ghazlane, H; Giacobbe, B; Giagu, S; Giangiobbe, V; Giannetti, P; Gibbard, B; Gibson, S M; Gilchriese, M; Gillam, T P S; Gillberg, D; Gilles, G; Gingrich, D M; Giokaris, N; Giordani, M P; Giorgi, F M; Giorgi, F M; Giraud, P F; Giromini, P; Giugni, D; Giuliani, C; Giulini, M; Gjelsten, B K; Gkaitatzis, S; Gkialas, I; Gkougkousis, E L; Gladilin, L K; Glasman, C; Glatzer, J; Glaysher, P C F; Glazov, A; Goblirsch-Kolb, M; Goddard, J R; Godlewski, J; Goldfarb, S; Golling, T; Golubkov, D; Gomes, A; Gonçalo, R; Goncalves Pinto Firmino Da Costa, J; Gonella, L; González de la Hoz, S; Gonzalez Parra, G; Gonzalez-Sevilla, S; Goossens, L; Gorbounov, P A; Gordon, H A; Gorelov, I; Gorini, B; Gorini, E; Gorišek, A; Gornicki, E; Goshaw, A T; Gössling, C; Gostkin, M I; Goujdami, D; Goussiou, A G; Govender, N; Gozani, E; Grabas, H M X; Graber, L; Grabowska-Bold, I; Gradin, P O J; Grafström, P; Grahn, K-J; Gramling, J; Gramstad, E; Grancagnolo, S; Gratchev, V; Gray, H M; Graziani, E; Greenwood, Z D; Gregersen, K; Gregor, I M; Grenier, P; Griffiths, J; Grillo, A A; Grimm, K; Grinstein, S; Gris, Ph; Grivaz, J-F; Grohs, J P; Grohsjean, A; Gross, E; Grosse-Knetter, J; Grossi, G C; Grout, Z J; Guan, L; Guenther, J; Guescini, F; Guest, D; Gueta, O; Guido, E; Guillemin, T; Guindon, S; Gul, U; Gumpert, C; Guo, J; Guo, Y; Gupta, S; Gustavino, G; Gutierrez, P; Gutierrez Ortiz, N G; Gutschow, C; Guyot, C; Gwenlan, C; Gwilliam, C B; Haas, A; Haber, C; Hadavand, H K; Haddad, N; Haefner, P; Hageböck, S; Hajduk, Z; Hakobyan, H; Haleem, M; Haley, J; Hall, D; Halladjian, G; Hallewell, G D; Hamacher, K; Hamal, P; Hamano, K; Hamilton, A; Hamity, G N; Hamnett, P G; Han, L; Hanagaki, K; Hanawa, K; Hance, M; Hanke, P; Hanna, R; Hansen, J B; Hansen, J D; Hansen, M C; Hansen, P H; Hara, K; Hard, A S; Harenberg, T; Hariri, F; Harkusha, S; Harrington, R D; Harrison, P F; Hartjes, F; Hasegawa, M; Hasegawa, Y; Hasib, A; Hassani, S; Haug, S; Hauser, R; Hauswald, L; Havranek, M; Hawkes, C M; Hawkings, R J; Hawkins, A D; Hayashi, T; Hayden, D; Hays, C P; Hays, J M; Hayward, H S; Haywood, S J; Head, S J; Heck, T; Hedberg, V; Heelan, L; Heim, S; Heim, T; Heinemann, B; Heinrich, L; Hejbal, J; Helary, L; Hellman, S; Hellmich, D; Helsens, C; Henderson, J; Henderson, R C W; Heng, Y; Hengler, C; Henrichs, A; Henriques Correia, A M; Henrot-Versille, S; Herbert, G H; Hernández Jiménez, Y; Herrberg-Schubert, R; Herten, G; Hertenberger, R; Hervas, L; Hesketh, G G; Hessey, N P; Hetherly, J W; Hickling, R; Higón-Rodriguez, E; Hill, E; Hill, J C; Hiller, K H; Hillier, S J; Hinchliffe, I; Hines, E; Hinman, R R; Hirose, M; Hirschbuehl, D; Hobbs, J; Hod, N; Hodgkinson, M C; Hodgson, P; Hoecker, A; Hoeferkamp, M R; Hoenig, F; Hohlfeld, M; Hohn, D; Holmes, T R; Homann, M; Hong, T M; Hooft van Huysduynen, L; Hopkins, W H; Horii, Y; Horton, A J; Hostachy, J-Y; Hou, S; Hoummada, A; Howard, J; Howarth, J; Hrabovsky, M; Hristova, I; Hrivnac, J; Hryn'ova, T; Hrynevich, A; Hsu, C; Hsu, P J; Hsu, S-C; Hu, D; Hu, Q; Hu, X; Huang, Y; Hubacek, Z; Hubaut, F; Huegging, F; Huffman, T B; Hughes, E W; Hughes, G; Huhtinen, M; Hülsing, T A; Huseynov, N; Huston, J; Huth, J; Iacobucci, G; Iakovidis, G; Ibragimov, I; Iconomidou-Fayard, L; Ideal, E; Idrissi, Z; Iengo, P; Igonkina, O; Iizawa, T; Ikegami, Y; Ikematsu, K; Ikeno, M; Ilchenko, Y; Iliadis, D; Ilic, N; Ince, T; Introzzi, G; Ioannou, P; Iodice, M; Iordanidou, K; Ippolito, V; Irles Quiles, A; Isaksson, C; Ishino, M; Ishitsuka, M; Ishmukhametov, R; Issever, C; Istin, S; Iturbe Ponce, J M; Iuppa, R; Ivarsson, J; Iwanski, W; Iwasaki, H; Izen, J M; Izzo, V; Jabbar, S; Jackson, B; Jackson, M; Jackson, P; Jaekel, M R; Jain, V; Jakobs, K; Jakobsen, S; Jakoubek, T; Jakubek, J; Jamin, D O; Jana, D K; Jansen, E; Jansky, R; Janssen, J; Janus, M; Jarlskog, G; Javadov, N; Javůrek, T; Jeanty, L; Jejelava, J; Jeng, G-Y; Jennens, D; Jenni, P; Jentzsch, J; Jeske, C; Jézéquel, S; Ji, H; Jia, J; Jiang, Y; Jiggins, S; Jimenez Pena, J; Jin, S; Jinaru, A; Jinnouchi, O; Joergensen, M D; Johansson, P; Johns, K A; Jon-And, K; Jones, G; Jones, R W L; Jones, T J; Jongmanns, J; Jorge, P M; Joshi, K D; Jovicevic, J; Ju, X; Jung, C A; Jussel, P; Juste Rozas, A; Kaci, M; Kaczmarska, A; Kado, M; Kagan, H; Kagan, M; Kahn, S J; Kajomovitz, E; Kalderon, C W; Kama, S; Kamenshchikov, A; Kanaya, N; Kaneti, S; Kantserov, V A; Kanzaki, J; Kaplan, B; Kaplan, L S; Kapliy, A; Kar, D; Karakostas, K; Karamaoun, A; Karastathis, N; Kareem, M J; Karentzos, E; Karnevskiy, M; Karpov, S N; Karpova, Z M; Karthik, K; Kartvelishvili, V; Karyukhin, A N; Kashif, L; Kass, R D; Kastanas, A; Kataoka, Y; Kato, C; Katre, A; Katzy, J; Kawagoe, K; Kawamoto, T; Kawamura, G; Kazama, S; Kazanin, V F; Keeler, R; Kehoe, R; Keller, J S; Kempster, J J; Keoshkerian, H; Kepka, O; Kerševan, B P; Kersten, S; Keyes, R A; Khalil-Zada, F; Khandanyan, H; Khanov, A; Kharlamov, A G; Khoo, T J; Khovanskiy, V; Khramov, E; Khubua, J; Kido, S; Kim, H Y; Kim, S H; Kim, Y K; Kimura, N; Kind, O M; King, B T; King, M; King, S B; Kirk, J; Kiryunin, A E; Kishimoto, T; Kisielewska, D; Kiss, F; Kiuchi, K; Kivernyk, O; Kladiva, E; Klein, M H; Klein, M; Klein, U; Kleinknecht, K; Klimek, P; Klimentov, A; Klingenberg, R; Klinger, J A; Klioutchnikova, T; Kluge, E-E; Kluit, P; Kluth, S; Knapik, J; Kneringer, E; Knoops, E B F G; Knue, A; Kobayashi, A; Kobayashi, D; Kobayashi, T; Kobel, M; Kocian, M; Kodys, P; Koffas, T; Koffeman, E; Kogan, L A; Kohlmann, S; Kohout, Z; Kohriki, T; Koi, T; Kolanoski, H; Koletsou, I; Komar, A A; Komori, Y; Kondo, T; Kondrashova, N; Köneke, K; König, A C; Kono, T; Konoplich, R; Konstantinidis, N; Kopeliansky, R; Koperny, S; Köpke, L; Kopp, A K; Korcyl, K; Kordas, K; Korn, A; Korol, A A; Korolkov, I; Korolkova, E V; Kortner, O; Kortner, S; Kosek, T; Kostyukhin, V V; Kotov, V M; Kotwal, A; Kourkoumeli-Charalampidi, A; Kourkoumelis, C; Kouskoura, V; Koutsman, A; Kowalewski, R; Kowalski, T Z; Kozanecki, W; Kozhin, A S; Kramarenko, V A; Kramberger, G; Krasnopevtsev, D; Krasny, M W; Krasznahorkay, A; Kraus, J K; Kravchenko, A; Kreiss, S; Kretz, M; Kretzschmar, J; Kreutzfeldt, K; Krieger, P; Krizka, K; Kroeninger, K; Kroha, H; Kroll, J; Kroseberg, J; Krstic, J; Kruchonak, U; Krüger, H; Krumnack, N; Kruse, A; Kruse, M C; Kruskal, M; Kubota, T; Kucuk, H; Kuday, S; Kuehn, S; Kugel, A; Kuger, F; Kuhl, A; Kuhl, T; Kukhtin, V; Kulchitsky, Y; Kuleshov, S; Kuna, M; Kunigo, T; Kupco, A; Kurashige, H; Kurochkin, Y A; Kus, V; Kuwertz, E S; Kuze, M; Kvita, J; Kwan, T; Kyriazopoulos, D; La Rosa, A; La Rosa Navarro, J L; La Rotonda, L; Lacasta, C; Lacava, F; Lacey, J; Lacker, H; Lacour, D; Lacuesta, V R; Ladygin, E; Lafaye, R; Laforge, B; Lagouri, T; Lai, S; Lambourne, L; Lammers, S; Lampen, C L; Lampl, W; Lançon, E; Landgraf, U; Landon, M P J; Lang, V S; Lange, J C; Lankford, A J; Lanni, F; Lantzsch, K; Lanza, A; Laplace, S; Lapoire, C; Laporte, J F; Lari, T; Lasagni Manghi, F; Lassnig, M; Laurelli, P; Lavrijsen, W; Law, A T; Laycock, P; Lazovich, T; Le Dortz, O; Le Guirriec, E; Le Menedeu, E; LeBlanc, M; LeCompte, T; Ledroit-Guillon, F; Lee, C A; Lee, S C; Lee, L; Lefebvre, G; Lefebvre, M; Legger, F; Leggett, C; Lehan, A; Lehmann Miotto, G; Lei, X; Leight, W A; Leisos, A; Leister, A G; Leite, M A L; Leitner, R; Lellouch, D; Lemmer, B; Leney, K J C; Lenz, T; Lenzi, B; Leone, R; Leone, S; Leonidopoulos, C; Leontsinis, S; Leroy, C; Lester, C G; Levchenko, M; Levêque, J; Levin, D; Levinson, L J; Levy, M; Lewis, A; Leyko, A M; Leyton, M; Li, B; Li, H; Li, H L; Li, L; Li, L; Li, S; Li, X; Li, Y; Liang, Z; Liao, H; Liberti, B; Liblong, A; Lichard, P; Lie, K; Liebal, J; Liebig, W; Limbach, C; Limosani, A; Lin, S C; Lin, T H; Linde, F; Lindquist, B E; Linnemann, J T; Lipeles, E; Lipniacka, A; Lisovyi, M; Liss, T M; Lissauer, D; Lister, A; Litke, A M; Liu, B; Liu, D; Liu, H; Liu, J; Liu, J B; Liu, K; Liu, L; Liu, M; Liu, M; Liu, Y; Livan, M; Lleres, A; Llorente Merino, J; Lloyd, S L; Lo Sterzo, F; Lobodzinska, E; Loch, P; Lockman, W S; Loebinger, F K; Loevschall-Jensen, A E; Loginov, A; Lohse, T; Lohwasser, K; Lokajicek, M; Long, B A; Long, J D; Long, R E; Looper, K A; Lopes, L; Lopez Mateos, D; Lopez Paredes, B; Lopez Paz, I; Lorenz, J; Lorenzo Martinez, N; Losada, M; Loscutoff, P; Lösel, P J; Lou, X; Lounis, A; Love, J; Love, P A; Lu, N; Lubatti, H J; Luci, C; Lucotte, A; Luehring, F; Lukas, W; Luminari, L; Lundberg, O; Lund-Jensen, B; Lynn, D; Lysak, R; Lytken, E; Ma, H; Ma, L L; Maccarrone, G; Macchiolo, A; Macdonald, C M; Maček, B; Machado Miguens, J; Macina, D; Madaffari, D; Madar, R; Maddocks, H J; Mader, W F; Madsen, A; Maeda, J; Maeland, S; Maeno, T; Maevskiy, A; Magradze, E; Mahboubi, K; Mahlstedt, J; Maiani, C; Maidantchik, C; Maier, A A; Maier, T; Maio, A; Majewski, S; Makida, Y; Makovec, N; Malaescu, B; Malecki, Pa; Maleev, V P; Malek, F; Mallik, U; Malon, D; Malone, C; Maltezos, S; Malyshev, V M; Malyukov, S; Mamuzic, J; Mancini, G; Mandelli, B; Mandelli, L; Mandić, I; Mandrysch, R; Maneira, J; Manfredini, A; Manhaes de Andrade Filho, L; Manjarres Ramos, J; Mann, A; Manousakis-Katsikakis, A; Mansoulie, B; Mantifel, R; Mantoani, M; Mapelli, L; March, L; Marchiori, G; Marcisovsky, M; Marino, C P; Marjanovic, M; Marley, D E; Marroquim, F; Marsden, S P; Marshall, Z; Marti, L F; Marti-Garcia, S; Martin, B; Martin, T A; Martin, V J; Martin Dit Latour, B; Martinez, M; Martin-Haugh, S; Martoiu, V S; Martyniuk, A C; Marx, M; Marzano, F; Marzin, A; Masetti, L; Mashimo, T; Mashinistov, R; Masik, J; Maslennikov, A L; Massa, I; Massa, L; Massol, N; Mastrandrea, P; Mastroberardino, A; Masubuchi, T; Mättig, P; Mattmann, J; Maurer, J; Maxfield, S J; Maximov, D A; Mazini, R; Mazza, S M; Mazzaferro, L; Mc Goldrick, G; Mc Kee, S P; McCarn, A; McCarthy, R L; McCarthy, T G; McCubbin, N A; McFarlane, K W; Mcfayden, J A; Mchedlidze, G; McMahon, S J; McPherson, R A; Medinnis, M; Meehan, S; Mehlhase, S; Mehta, A; Meier, K; Meineck, C; Meirose, B; Mellado Garcia, B R; Meloni, F; Mengarelli, A; Menke, S; Meoni, E; Mercurio, K M; Mergelmeyer, S; Mermod, P; Merola, L; Meroni, C; Merritt, F S; Messina, A; Metcalfe, J; Mete, A S; Meyer, C; Meyer, C; Meyer, J-P; Meyer, J; Meyer Zu Theenhausen, H; Middleton, R P; Miglioranzi, S; Mijović, L; Mikenberg, G; Mikestikova, M; Mikuž, M; Milesi, M; Milic, A; Miller, D W; Mills, C; Milov, A; Milstead, D A; Minaenko, A A; Minami, Y; Minashvili, I A; Mincer, A I; Mindur, B; Mineev, M; Ming, Y; Mir, L M; Mitani, T; Mitrevski, J; Mitsou, V A; Miucci, A; Miyagawa, P S; Mjörnmark, J U; Moa, T; Mochizuki, K; Mohapatra, S; Mohr, W; Molander, S; Moles-Valls, R; Mönig, K; Monini, C; Monk, J; Monnier, E; Montejo Berlingen, J; Monticelli, F; Monzani, S; Moore, R W; Morange, N; Moreno, D; Moreno Llácer, M; Morettini, P; Mori, D; Morii, M; Morinaga, M; Morisbak, V; Moritz, S; Morley, A K; Mornacchi, G; Morris, J D; Mortensen, S S; Morton, A; Morvaj, L; Mosidze, M; Moss, J; Motohashi, K; Mount, R; Mountricha, E; Mouraviev, S V; Moyse, E J W; Muanza, S; Mudd, R D; Mueller, F; Mueller, J; Mueller, R S P; Mueller, T; Muenstermann, D; Mullen, P; Mullier, G A; Murillo Quijada, J A; Murray, W J; Musheghyan, H; Musto, E; Myagkov, A G; Myska, M; Nachman, B P; Nackenhorst, O; Nadal, J; Nagai, K; Nagai, R; Nagai, Y; Nagano, K; Nagarkar, A; Nagasaka, Y; Nagata, K; Nagel, M; Nagy, E; Nairz, A M; Nakahama, Y; Nakamura, K; Nakamura, T; Nakano, I; Namasivayam, H; Naranjo Garcia, R F; Narayan, R; Narrias Villar, D I; Naumann, T; Navarro, G; Nayyar, R; Neal, H A; Nechaeva, P Yu; Neep, T J; Nef, P D; Negri, A; Negrini, M; Nektarijevic, S; Nellist, C; Nelson, A; Nemecek, S; Nemethy, P; Nepomuceno, A A; Nessi, M; Neubauer, M S; Neumann, M; Neves, R M; Nevski, P; Newman, P R; Nguyen, D H; Nickerson, R B; Nicolaidou, R; Nicquevert, B; Nielsen, J; Nikiforou, N; Nikiforov, A; Nikolaenko, V; Nikolic-Audit, I; Nikolopoulos, K; Nilsen, J K; Nilsson, P; Ninomiya, Y; Nisati, A; Nisius, R; Nobe, T; Nomachi, M; Nomidis, I; Nooney, T; Norberg, S; Nordberg, M; Novgorodova, O; Nowak, S; Nozaki, M; Nozka, L; Ntekas, K; Nunes Hanninger, G; Nunnemann, T; Nurse, E; Nuti, F; O'Brien, B J; O'grady, F; O'Neil, D C; O'Shea, V; Oakham, F G; Oberlack, H; Obermann, T; Ocariz, J; Ochi, A; Ochoa, I; Ochoa-Ricoux, J P; Oda, S; Odaka, S; Ogren, H; Oh, A; Oh, S H; Ohm, C C; Ohman, H; Oide, H; Okamura, W; Okawa, H; Okumura, Y; Okuyama, T; Olariu, A; Olivares Pino, S A; Oliveira Damazio, D; Oliver Garcia, E; Olszewski, A; Olszowska, J; Onofre, A; Onyisi, P U E; Oram, C J; Oreglia, M J; Oren, Y; Orestano, D; Orlando, N; Oropeza Barrera, C; Orr, R S; Osculati, B; Ospanov, R; Otero Y Garzon, G; Otono, H; Ouchrif, M; Ould-Saada, F; Ouraou, A; Oussoren, K P; Ouyang, Q; Ovcharova, A; Owen, M; Owen, R E; Ozcan, V E; Ozturk, N; Pachal, K; Pacheco Pages, A; Padilla Aranda, C; Pagáčová, M; Pagan Griso, S; Paganis, E; Paige, F; Pais, P; Pajchel, K; Palacino, G; Palestini, S; Palka, M; Pallin, D; Palma, A; Pan, Y B; Panagiotopoulou, E; Pandini, C E; Panduro Vazquez, J G; Pani, P; Panitkin, S; Pantea, D; Paolozzi, L; Papadopoulou, Th D; Papageorgiou, K; Paramonov, A; Paredes Hernandez, D; Parker, M A; Parker, K A; Parodi, F; Parsons, J A; Parzefall, U; Pasqualucci, E; Passaggio, S; Pastore, F; Pastore, Fr; Pásztor, G; Pataraia, S; Patel, N D; Pater, J R; Pauly, T; Pearce, J; Pearson, B; Pedersen, L E; Pedersen, M; Pedraza Lopez, S; Pedro, R; Peleganchuk, S V; Pelikan, D; Penc, O; Peng, C; Peng, H; Penning, B; Penwell, J; Perepelitsa, D V; Perez Codina, E; Pérez García-Estañ, M T; Perini, L; Pernegger, H; Perrella, S; Peschke, R; Peshekhonov, V D; Peters, K; Peters, R F Y; Petersen, B A; Petersen, T C; Petit, E; Petridis, A; Petridou, C; Petroff, P; Petrolo, E; Petrucci, F; Pettersson, N E; Pezoa, R; Phillips, P W; Piacquadio, G; Pianori, E; Picazio, A; Piccaro, E; Piccinini, M; Pickering, M A; Piegaia, R; Pignotti, D T; Pilcher, J E; Pilkington, A D; Pina, J; Pinamonti, M; Pinfold, J L; Pingel, A; Pires, S; Pirumov, H; Pitt, M; Pizio, C; Plazak, L; Pleier, M-A; Pleskot, V; Plotnikova, E; Plucinski, P; Pluth, D; Poettgen, R; Poggioli, L; Pohl, D; Polesello, G; Poley, A; Policicchio, A; Polifka, R; Polini, A; Pollard, C S; Polychronakos, V; Pommès, K; Pontecorvo, L; Pope, B G; Popeneciu, G A; Popovic, D S; Poppleton, A; Pospisil, S; Potamianos, K; Potrap, I N; Potter, C J; Potter, C T; Poulard, G; Poveda, J; Pozdnyakov, V; Pralavorio, P; Pranko, A; Prasad, S; Prell, S; Price, D; Price, L E; Primavera, M; Prince, S; Proissl, M; Prokofiev, K; Prokoshin, F; Protopapadaki, E; Protopopescu, S; Proudfoot, J; Przybycien, M; Ptacek, E; Puddu, D; Pueschel, E; Puldon, D; Purohit, M; Puzo, P; Qian, J; Qin, G; Qin, Y; Quadt, A; Quarrie, D R; Quayle, W B; Queitsch-Maitland, M; Quilty, D; Raddum, S; Radeka, V; Radescu, V; Radhakrishnan, S K; Radloff, P; Rados, P; Ragusa, F; Rahal, G; Rajagopalan, S; Rammensee, M; Rangel-Smith, C; Rauscher, F; Rave, S; Ravenscroft, T; Raymond, M; Read, A L; Readioff, N P; Rebuzzi, D M; Redelbach, A; Redlinger, G; Reece, R; Reeves, K; Rehnisch, L; Reichert, J; Reisin, H; Relich, M; Rembser, C; Ren, H; Renaud, A; Rescigno, M; Resconi, S; Rezanova, O L; Reznicek, P; Rezvani, R; Richter, R; Richter, S; Richter-Was, E; Ricken, O; Ridel, M; Rieck, P; Riegel, C J; Rieger, J; Rijssenbeek, M; Rimoldi, A; Rinaldi, L; Ristić, B; Ritsch, E; Riu, I; Rizatdinova, F; Rizvi, E; Robertson, S H; Robichaud-Veronneau, A; Robinson, D; Robinson, J E M; Robson, A; Roda, C; Roe, S; Røhne, O; Rolli, S; Romaniouk, A; Romano, M; Romano Saez, S M; Romero Adam, E; Rompotis, N; Ronzani, M; Roos, L; Ros, E; Rosati, S; Rosbach, K; Rose, P; Rosendahl, P L; Rosenthal, O; Rossetti, V; Rossi, E; Rossi, L P; Rosten, J H N; Rosten, R; Rotaru, M; Roth, I; Rothberg, J; Rousseau, D; Royon, C R; Rozanov, A; Rozen, Y; Ruan, X; Rubbo, F; Rubinskiy, I; Rud, V I; Rudolph, C; Rudolph, M S; Rühr, F; Ruiz-Martinez, A; Rurikova, Z; Rusakovich, N A; Ruschke, A; Russell, H L; Rutherfoord, J P; Ruthmann, N; Ryabov, Y F; Rybar, M; Rybkin, G; Ryder, N C; Saavedra, A F; Sabato, G; Sacerdoti, S; Saddique, A; Sadrozinski, H F-W; Sadykov, R; Safai Tehrani, F; Sahinsoy, M; Saimpert, M; Saito, T; Sakamoto, H; Sakurai, Y; Salamanna, G; Salamon, A; Salazar Loyola, J E; Saleem, M; Salek, D; Sales De Bruin, P H; Salihagic, D; Salnikov, A; Salt, J; Salvatore, D; Salvatore, F; Salvucci, A; Salzburger, A; Sammel, D; Sampsonidis, D; Sanchez, A; Sánchez, J; Sanchez Martinez, V; Sandaker, H; Sandbach, R L; Sander, H G; Sanders, M P; Sandhoff, M; Sandoval, C; Sandstroem, R; Sankey, D P C; Sannino, M; Sansoni, A; Santoni, C; Santonico, R; Santos, H; Santoyo Castillo, I; Sapp, K; Sapronov, A; Saraiva, J G; Sarrazin, B; Sasaki, O; Sasaki, Y; Sato, K; Sauvage, G; Sauvan, E; Savage, G; Savard, P; Sawyer, C; Sawyer, L; Saxon, J; Sbarra, C; Sbrizzi, A; Scanlon, T; Scannicchio, D A; Scarcella, M; Scarfone, V; Schaarschmidt, J; Schacht, P; Schaefer, D; Schaefer, R; Schaeffer, J; Schaepe, S; Schaetzel, S; Schäfer, U; Schaffer, A C; Schaile, D; Schamberger, R D; Scharf, V; Schegelsky, V A; Scheirich, D; Schernau, M; Schiavi, C; Schillo, C; Schioppa, M; Schlenker, S; Schmieden, K; Schmitt, C; Schmitt, S; Schmitt, S; Schneider, B; Schnellbach, Y J; Schnoor, U; Schoeffel, L; Schoening, A; Schoenrock, B D; Schopf, E; Schorlemmer, A L S; Schott, M; Schouten, D; Schovancova, J; Schramm, S; Schreyer, M; Schroeder, C; Schuh, N; Schultens, M J; Schultz-Coulon, H-C; Schulz, H; Schumacher, M; Schumm, B A; Schune, Ph; Schwanenberger, C; Schwartzman, A; Schwarz, T A; Schwegler, Ph; Schweiger, H; Schwemling, Ph; Schwienhorst, R; Schwindling, J; Schwindt, T; Sciacca, F G; Scifo, E; Sciolla, G; Scuri, F; Scutti, F; Searcy, J; Sedov, G; Sedykh, E; Seema, P; Seidel, S C; Seiden, A; Seifert, F; Seixas, J M; Sekhniaidze, G; Sekhon, K; Sekula, S J; Seliverstov, D M; Semprini-Cesari, N; Serfon, C; Serin, L; Serkin, L; Serre, T; Sessa, M; Seuster, R; Severini, H; Sfiligoj, T; Sforza, F; Sfyrla, A; Shabalina, E; Shamim, M; Shan, L Y; Shang, R; Shank, J T; Shapiro, M; Shatalov, P B; Shaw, K; Shaw, S M; Shcherbakova, A; Shehu, C Y; Sherwood, P; Shi, L; Shimizu, S; Shimmin, C O; Shimojima, M; Shiyakova, M; Shmeleva, A; Shoaleh Saadi, D; Shochet, M J; Shojaii, S; Shrestha, S; Shulga, E; Shupe, M A; Shushkevich, S; Sicho, P; Sidebo, P E; Sidiropoulou, O; Sidorov, D; Sidoti, A; Siegert, F; Sijacki, Dj; Silva, J; Silver, Y; Silverstein, S B; Simak, V; Simard, O; Simic, Lj; Simion, S; Simioni, E; Simmons, B; Simon, D; Sinervo, P; Sinev, N B; Sioli, M; Siragusa, G; Sisakyan, A N; Sivoklokov, S Yu; Sjölin, J; Sjursen, T B; Skinner, M B; Skottowe, H P; Skubic, P; Slater, M; Slavicek, T; Slawinska, M; Sliwa, K; Smakhtin, V; Smart, B H; Smestad, L; Smirnov, S Yu; Smirnov, Y; Smirnova, L N; Smirnova, O; Smith, M N K; Smith, R W; Smizanska, M; Smolek, K; Snesarev, A A; Snidero, G; Snyder, S; Sobie, R; Socher, F; Soffer, A; Soh, D A; Sokhrannyi, G; Solans, C A; Solar, M; Solc, J; Soldatov, E Yu; Soldevila, U; Solodkov, A A; Soloshenko, A; Solovyanov, O V; Solovyev, V; Sommer, P; Song, H Y; Soni, N; Sood, A; Sopczak, A; Sopko, B; Sopko, V; Sorin, V; Sosa, D; Sosebee, M; Sotiropoulou, C L; Soualah, R; Soukharev, A M; South, D; Sowden, B C; Spagnolo, S; Spalla, M; Spangenberg, M; Spanò, F; Spearman, W R; Sperlich, D; Spettel, F; Spighi, R; Spigo, G; Spiller, L A; Spousta, M; Spreitzer, T; St Denis, R D; Staerz, S; Stahlman, J; Stamen, R; Stamm, S; Stanecka, E; Stanescu, C; Stanescu-Bellu, M; Stanitzki, M M; Stapnes, S; Starchenko, E A; Stark, J; Staroba, P; Starovoitov, P; Staszewski, R; Stavina, P; Steinberg, P; Stelzer, B; Stelzer, H J; Stelzer-Chilton, O; Stenzel, H; Stewart, G A; Stillings, J A; Stockton, M C; Stoebe, M; Stoicea, G; Stolte, P; Stonjek, S; Stradling, A R; Straessner, A; Stramaglia, M E; Strandberg, J; Strandberg, S; Strandlie, A; Strauss, E; Strauss, M; Strizenec, P; Ströhmer, R; Strom, D M; Stroynowski, R; Strubig, A; Stucci, S A; Stugu, B; Styles, N A; Su, D; Su, J; Subramaniam, R; Succurro, A; Sugaya, Y; Suhr, C; Suk, M; Sulin, V V; Sultansoy, S; Sumida, T; Sun, S; Sun, X; Sundermann, J E; Suruliz, K; Susinno, G; Sutton, M R; Suzuki, S; Svatos, M; Swiatlowski, M; Sykora, I; Sykora, T; Ta, D; Taccini, C; Tackmann, K; Taenzer, J; Taffard, A; Tafirout, R; Taiblum, N; Takai, H; Takashima, R; Takeda, H; Takeshita, T; Takubo, Y; Talby, M; Talyshev, A A; Tam, J Y C; Tan, K G; Tanaka, J; Tanaka, R; Tanaka, S; Tannenwald, B B; Tannoury, N; Tapprogge, S; Tarem, S; Tarrade, F; Tartarelli, G F; Tas, P; Tasevsky, M; Tashiro, T; Tassi, E; Tavares Delgado, A; Tayalati, Y; Taylor, F E; Taylor, G N; Taylor, W; Teischinger, F A; Teixeira Dias Castanheira, M; Teixeira-Dias, P; Temming, K K; Temple, D; Ten Kate, H; Teng, P K; Teoh, J J; Tepel, F; Terada, S; Terashi, K; Terron, J; Terzo, S; Testa, M; Teuscher, R J; Theveneaux-Pelzer, T; Thomas, J P; Thomas-Wilsker, J; Thompson, E N; Thompson, P D; Thompson, R J; Thompson, A S; Thomsen, L A; Thomson, E; Thomson, M; Thun, R P; Tibbetts, M J; Ticse Torres, R E; Tikhomirov, V O; Tikhonov, Yu A; Timoshenko, S; Tiouchichine, E; Tipton, P; Tisserant, S; Todome, K; Todorov, T; Todorova-Nova, S; Tojo, J; Tokár, S; Tokushuku, K; Tollefson, K; Tolley, E; Tomlinson, L; Tomoto, M; Tompkins, L; Toms, K; Torrence, E; Torres, H; Torró Pastor, E; Toth, J; Touchard, F; Tovey, D R; Trefzger, T; Tremblet, L; Tricoli, A; Trigger, I M; Trincaz-Duvoid, S; Tripiana, M F; Trischuk, W; Trocmé, B; Troncon, C; Trottier-McDonald, M; Trovatelli, M; True, P; Truong, L; Trzebinski, M; Trzupek, A; Tsarouchas, C; Tseng, J C-L; Tsiareshka, P V; Tsionou, D; Tsipolitis, G; Tsirintanis, N; Tsiskaridze, S; Tsiskaridze, V; Tskhadadze, E G; Tsukerman, I I; Tsulaia, V; Tsuno, S; Tsybychev, D; Tudorache, A; Tudorache, V; Tuna, A N; Tupputi, S A; Turchikhin, S; Turecek, D; Turra, R; Turvey, A J; Tuts, P M; Tykhonov, A; Tylmad, M; Tyndel, M; Ueda, I; Ueno, R; Ughetto, M; Ugland, M; Ukegawa, F; Unal, G; Undrus, A; Unel, G; Ungaro, F C; Unno, Y; Unverdorben, C; Urban, J; Urquijo, P; Urrejola, P; Usai, G; Usanova, A; Vacavant, L; Vacek, V; Vachon, B; Valderanis, C; Valencic, N; Valentinetti, S; Valero, A; Valery, L; Valkar, S; Valladolid Gallego, E; Vallecorsa, S; Valls Ferrer, J A; Van Den Wollenberg, W; Van Der Deijl, P C; van der Geer, R; van der Graaf, H; van Eldik, N; van Gemmeren, P; Van Nieuwkoop, J; van Vulpen, I; van Woerden, M C; Vanadia, M; Vandelli, W; Vanguri, R; Vaniachine, A; Vannucci, F; Vardanyan, G; Vari, R; Varnes, E W; Varol, T; Varouchas, D; Vartapetian, A; Varvell, K E; Vazeille, F; Vazquez Schroeder, T; Veatch, J; Veloce, L M; Veloso, F; Velz, T; Veneziano, S; Ventura, A; Ventura, D; Venturi, M; Venturi, N; Venturini, A; Vercesi, V; Verducci, M; Verkerke, W; Vermeulen, J C; Vest, A; Vetterli, M C; Viazlo, O; Vichou, I; Vickey, T; Vickey Boeriu, O E; Viehhauser, G H A; Viel, S; Vigne, R; Villa, M; Villaplana Perez, M; Vilucchi, E; Vincter, M G; Vinogradov, V B; Vivarelli, I; Vives Vaque, F; Vlachos, S; Vladoiu, D; Vlasak, M; Vogel, M; Vokac, P; Volpi, G; Volpi, M; von der Schmitt, H; von Radziewski, H; von Toerne, E; Vorobel, V; Vorobev, K; Vos, M; Voss, R; Vossebeld, J H; Vranjes, N; Vranjes Milosavljevic, M; Vrba, V; Vreeswijk, M; Vuillermet, R; Vukotic, I; Vykydal, Z; Wagner, P; Wagner, W; Wahlberg, H; Wahrmund, S; Wakabayashi, J; Walder, J; Walker, R; Walkowiak, W; Wang, C; Wang, F; Wang, H; Wang, H; Wang, J; Wang, J; Wang, K; Wang, R; Wang, S M; Wang, T; Wang, T; Wang, X; Wanotayaroj, C; Warburton, A; Ward, C P; Wardrope, D R; Washbrook, A; Wasicki, C; Watkins, P M; Watson, A T; Watson, I J; Watson, M F; Watts, G; Watts, S; Waugh, B M; Webb, S; Weber, M S; Weber, S W; Webster, J S; Weidberg, A R; Weinert, B; Weingarten, J; Weiser, C; Weits, H; Wells, P S; Wenaus, T; Wengler, T; Wenig, S; Wermes, N; Werner, M; Werner, P; Wessels, M; Wetter, J; Whalen, K; Wharton, A M; White, A; White, M J; White, R; White, S; Whiteson, D; Wickens, F J; Wiedenmann, W; Wielers, M; Wienemann, P; Wiglesworth, C; Wiik-Fuchs, L A M; Wildauer, A; Wilkens, H G; Williams, H H; Williams, S; Willis, C; Willocq, S; Wilson, A; Wilson, J A; Wingerter-Seez, I; Winklmeier, F; Winter, B T; Wittgen, M; Wittkowski, J; Wollstadt, S J; Wolter, M W; Wolters, H; Wosiek, B K; Wotschack, J; Woudstra, M J; Wozniak, K W; Wu, M; Wu, M; Wu, S L; Wu, X; Wu, Y; Wyatt, T R; Wynne, B M; Xella, S; Xu, D; Xu, L; Yabsley, B; Yacoob, S; Yakabe, R; Yamada, M; Yamaguchi, D; Yamaguchi, Y; Yamamoto, A; Yamamoto, S; Yamanaka, T; Yamauchi, K; Yamazaki, Y; Yan, Z; Yang, H; Yang, H; Yang, Y; Yao, W-M; Yasu, Y; Yatsenko, E; Yau Wong, K H; Ye, J; Ye, S; Yeletskikh, I; Yen, A L; Yildirim, E; Yorita, K; Yoshida, R; Yoshihara, K; Young, C; Young, C J S; Youssef, S; Yu, D R; Yu, J; Yu, J M; Yu, J; Yuan, L; Yuen, S P Y; Yurkewicz, A; Yusuff, I; Zabinski, B; Zaidan, R; Zaitsev, A M; Zalieckas, J; Zaman, A; Zambito, S; Zanello, L; Zanzi, D; Zeitnitz, C; Zeman, M; Zemla, A; Zeng, Q; Zengel, K; Zenin, O; Ženiš, T; Zerwas, D; Zhang, D; Zhang, F; Zhang, H; Zhang, J; Zhang, L; Zhang, R; Zhang, X; Zhang, Z; Zhao, X; Zhao, Y; Zhao, Z; Zhemchugov, A; Zhong, J; Zhou, B; Zhou, C; Zhou, L; Zhou, L; Zhou, N; Zhu, C G; Zhu, H; Zhu, J; Zhu, Y; Zhuang, X; Zhukov, K; Zibell, A; Zieminska, D; Zimine, N I; Zimmermann, C; Zimmermann, S; Zinonos, Z; Zinser, M; Ziolkowski, M; Živković, L; Zobernig, G; Zoccoli, A; Zur Nedden, M; Zurzolo, G; Zwalinski, L

A search is presented for a high-mass Higgs boson in the [Formula: see text], [Formula: see text], [Formula: see text], and [Formula: see text] decay modes using the ATLAS detector at the CERN Large Hadron Collider. The search uses proton-proton collision data at a centre-of-mass energy of 8 TeV corresponding to an integrated luminosity of 20.3 fb[Formula: see text]. The results of the search are interpreted in the scenario of a heavy Higgs boson with a width that is small compared with the experimental mass resolution. The Higgs boson mass range considered extends up to [Formula: see text] for all four decay modes and down to as low as 140 [Formula: see text], depending on the decay mode. No significant excess of events over the Standard Model prediction is found. A simultaneous fit to the four decay modes yields upper limits on the production cross-section of a heavy Higgs boson times the branching ratio to [Formula: see text] boson pairs. 95 % confidence level upper limits range from 0.53 pb at [Formula: see text] GeV to 0.008 pb at [Formula: see text] GeV for the gluon-fusion production mode and from 0.31 pb at [Formula: see text] GeV to 0.009 pb at [Formula: see text] GeV for the vector-boson-fusion production mode. The results are also interpreted in the context of Type-I and Type-II two-Higgs-doublet models.

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....

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

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

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.

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...

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...

48 CFR 36.207 - Pricing fixed-price construction contracts.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Pricing fixed-price... Contracting for Construction 36.207 Pricing fixed-price construction contracts. (a) Generally, firm-fixed... methods. (b) Lump-sum pricing shall be used in preference to unit pricing except when— (1) Large...

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.

Effect on Baby-Friendly Hospital Steps When Hospitals Implement a Policy to Pay for Infant Formula.

Science.gov (United States)

Tarrant, Marie; Lok, Kris Y W; Fong, Daniel Y T; Wu, Kendra M; Lee, Irene L Y; Sham, Alice; Lam, Christine; Bai, Dorothy Li; Wong, Ka Lun; Wong, Emmy M Y; Chan, Noel P T; Dodgson, Joan E

2016-05-01

The Baby-Friendly Hospital Initiative requires hospitals to pay market price for infant formula. No studies have specifically examined the effect of hospitals paying for infant formula on breastfeeding mothers' exposure to Baby-Friendly steps. To investigate the effect of hospitals implementing a policy of paying for infant formula on new mothers' exposure to Baby-Friendly steps and examine the effect of exposure to Baby-Friendly steps on breastfeeding rates. We used a repeated prospective cohort study design. We recruited 2 cohorts of breastfeeding mother-infant pairs (n = 2470) in the immediate postnatal period from 4 Hong Kong public hospitals and followed them by telephone up to 12 months postpartum. We assessed participants' exposure to 6 Baby-Friendly steps by extracting data from the medical record and by maternal self-report. After hospitals began paying for infant formula, new mothers were more likely to experience 4 out of 6 Baby-Friendly steps. Breastfeeding initiation within the first hour increased from 28.7% to 45%, and in-hospital exclusive breastfeeding rates increased from 17.9% to 41.4%. The proportion of mothers who experienced all 6 Baby-Friendly steps increased from 4.8% to 20.5%. The risk of weaning was progressively higher among participants experiencing fewer Baby-Friendly steps. Each additional step experienced by new mothers decreased the risk of breastfeeding cessation by 8% (hazard ratio = 0.92; 95% CI, 0.89-0.95). After implementing a policy of paying for infant formula, breastfeeding mothers were exposed to more Baby-Friendly steps, and exposure to more steps was significantly associated with a lower risk of breastfeeding cessation. © The Author(s) 2015.

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.

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

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...

Enhancing medicine price transparency through price information mechanisms.

Science.gov (United States)

Hinsch, Michael; Kaddar, Miloud; Schmitt, Sarah

2014-05-08

Medicine price information mechanisms provide an essential tool to countries that seek a better understanding of product availability, market prices and price compositions of individual medicines. To be effective and contribute to cost savings, these mechanisms need to consider prices in their particular contexts when comparing between countries. This article discusses in what ways medicine price information mechanisms can contribute to increased price transparency and how this may affect access to medicines for developing countries. We used data collected during the course of a WHO project focusing on the development of a vaccine price and procurement information mechanism. The project collected information from six medicine price information mechanisms and interviewed data managers and technical experts on key aspects as well as observed market effects of these mechanisms.The reviewed mechanisms were broken down into categories including objective and target audience, as well as the sources, types and volumes of data included. Information provided by the mechanisms was reviewed according to data available on medicine prices, product characteristics, and procurement modalities. We found indications of positive effects on access to medicines resulting from the utilization of the reviewed mechanisms. These include the uptake of higher quality medicines, more favorable results from contract negotiations, changes in national pricing policies, and the decrease of prices in certain segments for countries participating in or deriving data from the various mechanisms. The reviewed mechanisms avoid the methodological challenges observed for medicine price comparisons that only use national price databases. They work with high quality data and display prices in the appropriate context of procurement modalities as well as the peculiarities of purchasing countries. Medicine price information mechanisms respond to the need for increased medicine price transparency and have the

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...

Energy dependence of forward-rapidity [Formula: see text] and [Formula: see text] production in pp collisions at the LHC.

Science.gov (United States)

Acharya, S; Adamová, D; Aggarwal, M M; Aglieri Rinella, G; Agnello, M; Agrawal, N; Ahammed, Z; Ahmad, N; 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; 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; Concas, 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; Faivre, J; Fantoni, A; Fasel, M; Feldkamp, L; Feliciello, A; Feofilov, G; Ferencei, J; Téllez, A Fernández; 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; 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; Hohlweger, B; 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; Jaelani, S; 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; Kim, D W; Kim, D J; 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 L; 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; Pachmayer, Y; Pacik, V; Pagano, D; Pagano, P; Paić, G; 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; Rueda, O V; 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; Schuchmann, S; 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; 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

We present results on transverse momentum ([Formula: see text]) and rapidity ([Formula: see text]) differential production cross sections, mean transverse momentum and mean transverse momentum square of inclusive [Formula: see text] and [Formula: see text] at forward rapidity ([Formula: see text]) as well as [Formula: see text]-to-[Formula: see text] cross section ratios. These quantities are measured in pp collisions at center of mass energies [Formula: see text] and 13 TeV with the ALICE detector. Both charmonium states are reconstructed in the dimuon decay channel, using the muon spectrometer. A comprehensive comparison to inclusive charmonium cross sections measured at [Formula: see text], 7 and 8 TeV is performed. A comparison to non-relativistic quantum chromodynamics and fixed-order next-to-leading logarithm calculations, which describe prompt and non-prompt charmonium production respectively, is also presented. A good description of the data is obtained over the full [Formula: see text] range, provided that both contributions are summed. In particular, it is found that for [Formula: see text] GeV/ c the non-prompt contribution reaches up to 50% of the total charmonium yield.

Examination of the Cost-of-Carry Formula for Futures Contracts on WIG20. Wavelet and Nonlinear Cointegration Analysis

Science.gov (United States)

Bruzda, Joanna

The instantaneous and non-instantaneous dependences between spot and futures index prices has been subject of numerous empirical investigations. The theoretical background of these studies is the cost-ofcarry model introduced by [15]. The cost-of-carry model is an arbitrage relationship based on comparison between two alternative methods of acquiring an asset at some future date. In the first method an asset is purchased now and held until this future date. In the second case a futures contract with maturity on the required date is bought. The present value of the futures contract is invested at the risk free interest rate until delivery of the underlying asset at the maturity date. Arbitrage should ensure that the difference between the current asset price and the futures contract price is the cost of carrying the asset, which involves dividend yields and interest rates. The cost-of-carry formula gives the fair price of the futures contract: F_{t,T} = S_t e^{left( {r_t - d_t } right)left( {T - t} right)} where St is the security index price at time t, F t,T is the index futures price at time t with maturity T, r t is the risk free interest rate, d t is the dividend yield on the security index, and (T — t) is the time to maturity of the futures contract. Taking logarithms of both sides of equation (1) we get: f_{t,T} = s_t + left( {r_t - d_t } right)left( {T - t} right)

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.

Walfisz-like formula from Poisson's summation formula and some applications

International Nuclear Information System (INIS)

Freitas, U. de; Chaba, A.N.

1983-01-01

Walfiscz-like formula for the number of lattice points of an arbitrary m-dimensional lattice in a hyperellipsoid with given semi-axes is derived from the Poisson's summation formula. Applications to (i) the evaluation of certain lattice sums and (ii) the calculation of the expressions for the density of states of a single non-relativistic particle as well as of a relativistic particle enclosed in a rectangular m-dimensional box of finite size and subject to different boundary conditions are given. (Author) [pt

Application of the Fractional Diffusion Equation for Predicting Market Behaviour

OpenAIRE

Jonathan M. Blackledge

2010-01-01

Most Financial modelling system rely on an underlying hypothesis known as the Eficient Market Hypothesi (EMH) including the famous BlackScholes formula for placing an option. However, the EMH has a fundamental flaw: it is based on the assumption that economic processes are normally distributed and it has long been known that this is not the case. This fundamental assumption leads to a number of shortcomings associated with using the EMH to analyse financial data which includes failure to pred...

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.

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)

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.

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.

Feynman perturbation expansion for the price of coupon bond options and swaptions in quantum finance. I. Theory.

Science.gov (United States)

Baaquie, Belal E

2007-01-01

European options on coupon bonds are studied in a quantum field theory model of forward interest rates. Swaptions are briefly reviewed. An approximation scheme for the coupon bond option price is developed based on the fact that the volatility of the forward interest rates is a small quantity. The field theory for the forward interest rates is Gaussian, but when the payoff function for the coupon bond option is included it makes the field theory nonlocal and nonlinear. A perturbation expansion using Feynman diagrams gives a closed form approximation for the price of coupon bond option. A special case of the approximate bond option is shown to yield the industry standard one-factor HJM formula with exponential volatility.

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...

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

Crude Oil Price Forecasting Based on Hybridizing Wavelet Multiple Linear Regression Model, Particle Swarm Optimization Techniques, and Principal Component Analysis

Directory of Open Access Journals (Sweden)

Ani Shabri

2014-01-01

Full Text Available Crude oil prices do play significant role in the global economy and are a key input into option pricing formulas, portfolio allocation, and risk measurement. In this paper, a hybrid model integrating wavelet and multiple linear regressions (MLR is proposed for crude oil price forecasting. In this model, Mallat wavelet transform is first selected to decompose an original time series into several subseries with different scale. Then, the principal component analysis (PCA is used in processing subseries data in MLR for crude oil price forecasting. The particle swarm optimization (PSO is used to adopt the optimal parameters of the MLR model. To assess the effectiveness of this model, daily crude oil market, West Texas Intermediate (WTI, has been used as the case study. Time series prediction capability performance of the WMLR model is compared with the MLR, ARIMA, and GARCH models using various statistics measures. The experimental results show that the proposed model outperforms the individual models in forecasting of the crude oil prices series.

Spatial and Social Media Data Analytics of Housing Prices in Shenzhen, China.

Science.gov (United States)

Wu, Chao; Ye, Xinyue; Ren, Fu; Wan, You; Ning, Pengfei; Du, Qingyun

2016-01-01

Housing is among the most pressing issues in urban China and has received considerable scholarly attention. Researchers have primarily concentrated on identifying the factors that influence residential property prices and how such mechanisms function. However, few studies have examined the potential factors that influence housing prices from a big data perspective. In this article, we use a big data perspective to determine the willingness of buyers to pay for various factors. The opinions and geographical preferences of individuals for places can be represented by visit frequencies given different motivations. Check-in data from the social media platform Sina Visitor System is used in this article. Here, we use kernel density estimation (KDE) to analyse the spatial patterns of check-in spots (or places of interest, POIs) and employ the Getis-Ord [Formula: see text] method to identify the hot spots for different types of POIs in Shenzhen, China. New indexes are then proposed based on the hot-spot results as measured by check-in data to analyse the effects of these locations on housing prices. This modelling is performed using the hedonic price method (HPM) and the geographically weighted regression (GWR) method. The results show that the degree of clustering of POIs has a significant influence on housing values. Meanwhile, the GWR method has a better interpretive capacity than does the HPM because of the former method's ability to capture spatial heterogeneity. This article integrates big social media data to expand the scope (new study content) and depth (study scale) of housing price research to an unprecedented degree.

Spatial and Social Media Data Analytics of Housing Prices in Shenzhen, China.

Directory of Open Access Journals (Sweden)

Chao Wu

Full Text Available Housing is among the most pressing issues in urban China and has received considerable scholarly attention. Researchers have primarily concentrated on identifying the factors that influence residential property prices and how such mechanisms function. However, few studies have examined the potential factors that influence housing prices from a big data perspective. In this article, we use a big data perspective to determine the willingness of buyers to pay for various factors. The opinions and geographical preferences of individuals for places can be represented by visit frequencies given different motivations. Check-in data from the social media platform Sina Visitor System is used in this article. Here, we use kernel density estimation (KDE to analyse the spatial patterns of check-in spots (or places of interest, POIs and employ the Getis-Ord [Formula: see text] method to identify the hot spots for different types of POIs in Shenzhen, China. New indexes are then proposed based on the hot-spot results as measured by check-in data to analyse the effects of these locations on housing prices. This modelling is performed using the hedonic price method (HPM and the geographically weighted regression (GWR method. The results show that the degree of clustering of POIs has a significant influence on housing values. Meanwhile, the GWR method has a better interpretive capacity than does the HPM because of the former method's ability to capture spatial heterogeneity. This article integrates big social media data to expand the scope (new study content and depth (study scale of housing price research to an unprecedented degree.

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)

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 ...

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...

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')

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,…

Another look on the relationships between oil prices and energy prices

International Nuclear Information System (INIS)

Lahiani, Amine; Miloudi, Anthony; Benkraiem, Ramzi; Shahbaz, Muhammad

2017-01-01

This paper employs the Quantile Autoregressive Distributed Lags (QARDL) model developed recently by Cho et al. (2015) to investigate the pass-through of oil prices to a set of energy prices. This approach allows analyzing simultaneously short-term connections and long-run cointegrating relationships across a range of quantiles. It also provides insights on the short-run predictive power of oil prices in predicting energy prices while accounting for the cointegration between oil prices and each of the considered energy prices in low, medium and high quantiles. Two key findings emerge from this paper. First, all considered energy prices are shown to be cointegrated with oil price across quantiles meaning that a stationaryequilibriumrelationship exists between single energy price and oil price. Second, we find evidence that oil price is a significant predictor of individual petroleum products prices and natural gas in the short run. This paper has important policy implications for forecasters, energy policy-makers and portfolio managers. - Highlights: • The pass-through of oil prices to a set of energy prices is investigated for US economy. • All considered energy prices are shown to be cointegrated with oil price across quantiles. • Oil price is a significant predictor of individual petroleum products prices in the short run. • Oil price also predicts natural gas prices in the short run.

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...

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.

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.

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...

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%

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

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.

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...

Effect of oil price on Nigeria’s food price volatility

Directory of Open Access Journals (Sweden)

Ijeoma C. Nwoko

2016-12-01

Full Text Available This study examines the effect of oil price on the volatility of food price in Nigeria. It specifically considers the long-run, short-run, and causal relationship between these variables. Annual data on oil price and individual prices of maize, rice, sorghum, soya beans, and wheat spanning from 2000 to 2013 were used. The price volatility for each crop was obtained using Generalized Autoregressive Conditional Heteroskedascity (GARCH (1, 1 model. Our measure of oil price is the Refiner acquisition cost of imported crude oil. The Augmented Dickey–Fuller and Phillip–Perron unit root tests show that all the variables are integrated of order one, I (1. Therefore, we use the Johansen co-integration test to examine the long-run relationship. Our results show that there is no long-run relationship between oil price and any of the individual food price volatility. Thus, we implement a VAR instead of a VECM to investigate the short-run relationship. The VAR model result revealed a positive and significant short-run relationship between oil price and each of the selected food price volatility with exception of that of rice and wheat price volatility. These results were further confirmed by the impulse response functions. The Granger causality test result indicates a unidirectional causality from oil price to maize, soya bean, and sorghum price volatilities but does not show such relationship for rice and wheat price volatilities. We draw some policy implications of these findings.

Valuing real options: frequently made errors

OpenAIRE

Fernández, Pablo

2002-01-01

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

Time series analysis applied to construct US natural gas price functions for groups of states

International Nuclear Information System (INIS)

Kalashnikov, V.V.; Matis, T.I.; Perez-Valdes, G.A.

2010-01-01

The study of natural gas markets took a considerably new direction after the liberalization of the natural gas markets during the early 1990s. As a result, several problems and research opportunities arose for those studying the natural gas supply chain, particularly the marketing operations. Consequently, various studies have been undertaken about the econometrics of natural gas. Several models have been developed and used for different purposes, from descriptive analysis to practical applications such as price and consumption forecasting. In this work, we address the problem of finding a pooled regression formula relating the monthly figures of price and consumption volumes for each state of the United States during the last twenty years. The model thus obtained is used as the basis for the development of two methods aimed at classifying the states into groups sharing a similar price/consumption relationship: a dendrogram application, and an heuristic algorithm. The details and further applications of these grouping techniques are discussed, along with the ultimate purpose of using this pooled regression model to validate data employed in the stochastic optimization problem studied by the authors.

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...

Light-quark and gluon jet discrimination in [Formula: see text] collisions at [Formula: see text] with the ATLAS detector.

Science.gov (United States)

Aad, G; Abbott, B; Abdallah, J; Abdel Khalek, S; Abdinov, O; Aben, R; Abi, B; Abolins, M; AbouZeid, O S; Abramowicz, H; Abreu, H; Abreu, R; Abulaiti, Y; Acharya, B S; Adamczyk, L; Adams, D L; Adelman, J; Adomeit, S; Adye, T; Agatonovic-Jovin, T; Aguilar-Saavedra, J A; Agustoni, M; Ahlen, S P; Ahmad, A; Ahmadov, F; Aielli, G; Åkesson, T P A; Akimoto, G; Akimov, A V; Albert, J; Albrand, S; Alconada Verzini, M J; Aleksa, M; Aleksandrov, I N; Alexa, C; Alexander, G; Alexandre, G; Alexopoulos, T; Alhroob, M; Alimonti, G; Alio, L; Alison, J; Allbrooke, B M M; Allison, L J; Allport, P P; Allwood-Spiers, S E; Almond, J; Aloisio, A; Alonso, A; Alonso, F; Alpigiani, C; Altheimer, A; Alvarez Gonzalez, B; Alviggi, M G; Amako, K; Amaral Coutinho, Y; Amelung, C; Amidei, D; Amor Dos Santos, S P; Amorim, A; Amoroso, S; Amram, N; Amundsen, G; Anastopoulos, C; Ancu, L S; Andari, N; Andeen, T; Anders, C F; Anders, G; Anderson, K J; Andreazza, A; Andrei, V; Anduaga, X S; Angelidakis, S; Angelozzi, I; Anger, P; Angerami, A; Anghinolfi, F; Anisenkov, A V; Anjos, N; Annovi, A; Antonaki, A; Antonelli, M; Antonov, A; Antos, J; Anulli, F; Aoki, M; Aperio Bella, L; Apolle, R; Arabidze, G; Aracena, I; Arai, Y; Araque, J P; Arce, A T H; Arguin, J-F; Argyropoulos, S; Arik, M; Armbruster, A J; Arnaez, O; Arnal, V; Arnold, H; Arslan, O; Artamonov, A; Artoni, G; Asai, S; Asbah, N; Ashkenazi, A; Ask, S; Åsman, B; Asquith, L; Assamagan, K; Astalos, R; Atkinson, M; Atlay, N B; Auerbach, B; Augsten, K; Aurousseau, M; Avolio, G; Azuelos, G; Azuma, Y; Baak, M A; Bacci, C; Bachacou, H; Bachas, K; Backes, M; Backhaus, M; Backus Mayes, J; Badescu, E; Bagiacchi, P; Bagnaia, P; Bai, Y; Bain, T; Baines, J T; Baker, O K; Baker, S; Balek, P; Balli, F; Banas, E; Banerjee, Sw; Banfi, D; Bangert, A; Bannoura, A A E; Bansal, V; Bansil, H S; Barak, L; Baranov, S P; Barberio, E L; Barberis, D; Barbero, M; Barillari, T; Barisonzi, M; Barklow, T; Barlow, N; Barnett, B M; Barnett, R M; Barnovska, Z; Baroncelli, A; Barone, G; Barr, A J; Barreiro, F; Barreiro Guimarães da Costa, J; Bartoldus, R; Barton, A E; Bartos, P; Bartsch, V; Bassalat, A; Basye, A; Bates, R L; Batkova, L; Batley, J R; Battistin, M; Bauer, F; Bawa, H S; Beau, T; Beauchemin, P H; Beccherle, R; Bechtle, P; Beck, H P; Becker, K; Becker, S; Beckingham, M; Becot, C; Beddall, A J; Beddall, A; Bedikian, S; Bednyakov, V A; Bee, C P; Beemster, L J; Beermann, T A; Begel, M; Behr, K; Belanger-Champagne, C; Bell, P J; Bell, W H; Bella, G; Bellagamba, L; Bellerive, A; Bellomo, M; Belloni, A; Belotskiy, K; Beltramello, O; Benary, O; Benchekroun, D; Bendtz, K; Benekos, N; Benhammou, Y; Benhar Noccioli, E; Benitez Garcia, J A; Benjamin, D P; Bensinger, J R; Benslama, K; Bentvelsen, S; Berge, D; Bergeaas Kuutmann, E; Berger, N; Berghaus, F; Berglund, E; Beringer, J; Bernard, C; Bernat, P; Bernius, C; Bernlochner, F U; Berry, T; Berta, P; Bertella, C; Bertolucci, F; Besana, M I; Besjes, G J; Bessidskaia, O; Besson, N; Betancourt, C; Bethke, S; Bhimji, W; Bianchi, R M; Bianchini, L; Bianco, M; Biebel, O; Bieniek, S P; Bierwagen, K; Biesiada, J; Biglietti, M; Bilbao De Mendizabal, J; Bilokon, H; Bindi, M; Binet, S; Bingul, A; Bini, C; Black, C W; Black, J E; Black, K M; Blackburn, D; Blair, R E; Blanchard, J-B; Blazek, T; Bloch, I; Blocker, C; Blum, W; Blumenschein, U; Bobbink, G J; Bobrovnikov, V S; Bocchetta, S S; Bocci, A; Boddy, C R; Boehler, M; Boek, J; Boek, T T; Bogaerts, J A; Bogdanchikov, A G; Bogouch, A; Bohm, C; Bohm, J; Boisvert, V; Bold, T; Boldea, V; Boldyrev, A S; Bomben, M; Bona, M; Boonekamp, M; Borisov, A; Borissov, G; Borri, M; Borroni, S; Bortfeldt, J; Bortolotto, V; Bos, K; Boscherini, D; Bosman, M; Boterenbrood, H; Boudreau, J; Bouffard, J; Bouhova-Thacker, E V; Boumediene, D; Bourdarios, C; Bousson, N; Boutouil, S; Boveia, A; Boyd, J; Boyko, I R; Bozovic-Jelisavcic, I; Bracinik, J; Branchini, P; Brandt, A; Brandt, G; Brandt, O; Bratzler, U; Brau, B; Brau, J E; Braun, H M; Brazzale, S F; Brelier, B; Brendlinger, K; Brennan, A J; Brenner, R; Bressler, S; Bristow, K; Bristow, T M; Britton, D; Brochu, F M; Brock, I; Brock, R; Bromberg, C; Bronner, J; Brooijmans, G; Brooks, T; Brooks, W K; Brosamer, J; Brost, E; Brown, G; Brown, J; Bruckman de Renstrom, P A; Bruncko, D; Bruneliere, R; Brunet, S; Bruni, A; Bruni, G; Bruschi, M; Bryngemark, L; Buanes, T; Buat, Q; Bucci, F; Buchholz, P; Buckingham, R M; Buckley, A G; Buda, S I; Budagov, I A; Buehrer, F; Bugge, L; Bugge, M K; Bulekov, O; Bundock, A C; Burckhart, H; Burdin, S; Burghgrave, B; Burke, S; Burmeister, I; Busato, E; Büscher, D; Büscher, V; Bussey, P; Buszello, C P; Butler, B; Butler, J M; Butt, A I; Buttar, C M; Butterworth, J M; Butti, P; Buttinger, W; Buzatu, A; Byszewski, M; Cabrera Urbán, S; Caforio, D; Cakir, O; Calafiura, P; Calandri, A; Calderini, G; Calfayan, P; Calkins, R; Caloba, L P; Calvet, D; Calvet, S; Camacho Toro, R; Camarda, S; Cameron, D; Caminada, L M; Caminal Armadans, R; Campana, S; Campanelli, M; Campoverde, A; Canale, V; Canepa, A; Cantero, J; Cantrill, R; Cao, T; Capeans Garrido, M D M; Caprini, I; Caprini, M; Capua, M; Caputo, R; Cardarelli, R; Carli, T; Carlino, G; Carminati, L; Caron, S; Carquin, E; Carrillo-Montoya, G D; Carter, A A; Carter, J R; Carvalho, J; Casadei, D; Casado, M P; Castaneda-Miranda, E; Castelli, A; Castillo Gimenez, V; Castro, N F; Catastini, P; Catinaccio, A; Catmore, J R; Cattai, A; Cattani, G; Caughron, S; Cavaliere, V; Cavalli, D; Cavalli-Sforza, M; Cavasinni, V; Ceradini, F; Cerio, B; Cerny, K; Cerqueira, A S; Cerri, A; Cerrito, L; Cerutti, F; Cerv, M; Cervelli, A; Cetin, S A; Chafaq, A; Chakraborty, D; Chalupkova, I; Chan, K; Chang, P; Chapleau, B; Chapman, J D; Charfeddine, D; Charlton, D G; Chau, C C; Chavez Barajas, C A; Cheatham, S; Chegwidden, A; Chekanov, S; Chekulaev, S V; Chelkov, G A; Chelstowska, M A; Chen, C; Chen, H; Chen, K; Chen, L; Chen, S; Chen, X; Chen, Y; Cheng, H C; Cheng, Y; Cheplakov, A; Cherkaoui El Moursli, R; Chernyatin, V; Cheu, E; Chevalier, L; Chiarella, V; Chiefari, G; Childers, J T; Chilingarov, A; Chiodini, G; Chisholm, A S; Chislett, R T; Chitan, A; Chizhov, M V; Chouridou, S; Chow, B K B; Christidi, I A; Chromek-Burckhart, D; Chu, M L; Chudoba, J; Chwastowski, J J; Chytka, L; Ciapetti, G; Ciftci, A K; Ciftci, R; Cinca, D; Cindro, V; Ciocio, A; Cirkovic, P; Citron, Z H; Citterio, M; Ciubancan, M; Clark, A; Clark, P J; Clarke, R N; Cleland, W; Clemens, J C; Clement, C; Coadou, Y; Cobal, M; Coccaro, A; Cochran, J; Coffey, L; Cogan, J G; Coggeshall, J; Cole, B; Cole, S; Colijn, A P; Collins-Tooth, C; Collot, J; Colombo, T; Colon, G; Compostella, G; Conde Muiño, P; Coniavitis, E; Conidi, M C; Connell, S H; Connelly, I A; Consonni, S M; Consorti, V; Constantinescu, S; Conta, C; Conti, G; Conventi, F; Cooke, M; Cooper, B D; Cooper-Sarkar, A M; Cooper-Smith, N J; Copic, K; Cornelissen, T; Corradi, M; Corriveau, F; Corso-Radu, A; Cortes-Gonzalez, A; Cortiana, G; Costa, G; Costa, M J; Costanzo, D; Côté, D; Cottin, G; Cowan, G; Cox, B E; Cranmer, K; Cree, G; Crépé-Renaudin, S; Crescioli, F; Crispin Ortuzar, M; Cristinziani, M; Croft, V; Crosetti, G; Cuciuc, C-M; Almenar, C Cuenca; Cuhadar Donszelmann, T; Cummings, J; Curatolo, M; Cuthbert, C; Czirr, H; Czodrowski, P; Czyczula, Z; D'Auria, S; D'Onofrio, M; Cunha Sargedas De Sousa, M J Da; Via, C Da; Dabrowski, W; Dafinca, A; Dai, T; Dale, O; Dallaire, F; Dallapiccola, C; Dam, M; Daniells, A C; Dano Hoffmann, M; Dao, V; Darbo, G; Darlea, G L; Darmora, S; Dassoulas, J A; Dattagupta, A; Davey, W; David, C; Davidek, T; Davies, E; Davies, M; Davignon, O; Davison, A R; Davison, P; Davygora, Y; Dawe, E; Dawson, I; Daya-Ishmukhametova, R K; De, K; de Asmundis, R; De Castro, S; De Cecco, S; de Graat, J; De Groot, N; de Jong, P; De la Torre, H; De Lorenzi, F; De Nooij, L; De Pedis, D; De Salvo, A; De Sanctis, U; De Santo, A; De Vivie De Regie, J B; De Zorzi, G; Dearnaley, W J; Debbe, R; Debenedetti, C; Dechenaux, B; Dedovich, D V; Degenhardt, J; Deigaard, I; Del Peso, J; Del Prete, T; Deliot, F; Delitzsch, C M; Deliyergiyev, M; Dell'Acqua, A; Dell'Asta, L; Dell'Orso, M; Della Pietra, M; Della Volpe, D; Delmastro, M; Delsart, P A; Deluca, C; Demers, S; Demichev, M; Demilly, A; Denisov, S P; Derendarz, D; Derkaoui, J E; Derue, F; Dervan, P; Desch, K; Deterre, C; Deviveiros, P O; Dewhurst, A; Dhaliwal, S; Di Ciaccio, A; Di Ciaccio, L; Di Domenico, A; Di Donato, C; Di Girolamo, A; Di Girolamo, B; Di Mattia, A; Di Micco, B; Di Nardo, R; Di Simone, A; Di Sipio, R; Di Valentino, D; Diaz, M A; Diehl, E B; Dietrich, J; Dietzsch, T A; Diglio, S; Dimitrievska, A; Dingfelder, J; Dionisi, C; Dita, P; Dita, S; Dittus, F; Djama, F; Djobava, T; do Vale, M A B; Do Valle Wemans, A; Doan, T K O; Dobos, D; Dobson, E; Doglioni, C; Doherty, T; Dohmae, T; Dolejsi, J; Dolezal, Z; Dolgoshein, B A; Donadelli, M; Donati, S; Dondero, P; Donini, J; Dopke, J; Doria, A; Anjos, A Dos; Dova, M T; Doyle, A T; Dris, M; Dubbert, J; Dube, S; Dubreuil, E; Duchovni, E; Duckeck, G; Ducu, O A; Duda, D; Dudarev, A; Dudziak, F; Duflot, L; Duguid, L; Dührssen, M; Dunford, M; Duran Yildiz, H; Düren, M; Durglishvili, A; Dwuznik, M; Dyndal, M; Ebke, J; Edson, W; Edwards, N C; Ehrenfeld, W; Eifert, T; Eigen, G; Einsweiler, K; Ekelof, T; El Kacimi, M; Ellert, M; Elles, S; Ellinghaus, F; Ellis, N; Elmsheuser, J; Elsing, M; Emeliyanov, D; Enari, Y; Endner, O C; Endo, M; Engelmann, R; Erdmann, J; Ereditato, A; Eriksson, D; Ernis, G; Ernst, J; Ernst, M; Ernwein, J; Errede, D; Errede, S; Ertel, E; Escalier, M; Esch, H; Escobar, C; Esposito, B; Etienvre, A I; Etzion, E; Evans, H; Fabbri, L; Facini, G; Fakhrutdinov, R M; Falciano, S; Faltova, J; Fang, Y; Fanti, M; Farbin, A; Farilla, A; Farooque, T; Farrell, S; Farrington, S M; Farthouat, P; Fassi, F; Fassnacht, P; Fassouliotis, D; Favareto, A; Fayard, L; Federic, P; Fedin, O L; Fedorko, W; Fehling-Kaschek, M; Feigl, S; Feligioni, L; Feng, C; Feng, E J; Feng, H; Fenyuk, A B; Fernandez Perez, S; Ferrag, S; Ferrando, J; Ferrari, A; Ferrari, P; Ferrari, R; Ferreira de Lima, D E; Ferrer, A; Ferrere, D; Ferretti, C; Ferretto Parodi, A; Fiascaris, M; Fiedler, F; Filipčič, A; Filipuzzi, M; Filthaut, F; Fincke-Keeler, M; Finelli, K D; Fiolhais, M C N; Fiorini, L; Firan, A; Fischer, J; Fisher, W C; Fitzgerald, E A; Flechl, M; Fleck, I; Fleischmann, P; Fleischmann, S; Fletcher, G T; Fletcher, G; Flick, T; Floderus, A; Flores Castillo, L R; Florez Bustos, A C; Flowerdew, M J; Formica, A; Forti, A; Fortin, D; Fournier, D; Fox, H; Fracchia, S; Francavilla, P; Franchini, M; Franchino, S; Francis, D; Franklin, M; Franz, S; Fraternali, M; French, S T; Friedrich, C; Friedrich, F; Froidevaux, D; Frost, J A; Fukunaga, C; Fullana Torregrosa, E; Fulsom, B G; Fuster, J; Gabaldon, C; Gabizon, O; Gabrielli, A; Gabrielli, A; Gadatsch, S; Gadomski, S; Gagliardi, G; Gagnon, P; Galea, C; Galhardo, B; Gallas, E J; Gallo, V; Gallop, B J; Gallus, P; Galster, G; Gan, K K; Gandrajula, R P; Gao, J; Gao, Y S; Garay Walls, F M; Garberson, F; García, C; García Navarro, J E; Garcia-Sciveres, M; Gardner, R W; Garelli, N; Garonne, V; Gatti, C; Gaudio, G; Gaur, B; Gauthier, L; Gauzzi, P; Gavrilenko, I L; Gay, C; Gaycken, G; Gazis, E N; Ge, P; Gecse, Z; Gee, C N P; Geerts, D A A; Geich-Gimbel, Ch; Gellerstedt, K; Gemme, C; Gemmell, A; Genest, M H; Gentile, S; George, M; George, S; Gerbaudo, D; Gershon, A; Ghazlane, H; Ghodbane, N; Giacobbe, B; Giagu, S; Giangiobbe, V; Giannetti, P; Gianotti, F; Gibbard, B; Gibson, S M; Gilchriese, M; Gillam, T P S; Gillberg, D; Gilles, G; Gingrich, D M; Giokaris, N; Giordani, M P; Giordano, R; Giorgi, F M; Giraud, P F; Giugni, D; Giuliani, C; Giulini, M; Gjelsten, B K; Gkialas, I; Gladilin, L K; Glasman, C; Glatzer, J; Glaysher, P C F; Glazov, A; Glonti, G L; Goblirsch-Kolb, M; Goddard, J R; Godfrey, J; Godlewski, J; Goeringer, C; Goldfarb, S; Golling, T; Golubkov, D; Gomes, A; Gomez Fajardo, L S; Gonçalo, R; Goncalves Pinto Firmino Da Costa, J; Gonella, L; González de la Hoz, S; Gonzalez Parra, G; Gonzalez Silva, M L; Gonzalez-Sevilla, S; Goossens, L; Gorbounov, P A; Gordon, H A; Gorelov, I; Gorfine, G; Gorini, B; Gorini, E; Gorišek, A; Gornicki, E; Goshaw, A T; Gössling, C; Gostkin, M I; Gouighri, M; Goujdami, D; Goulette, M P; Goussiou, A G; Goy, C; Gozpinar, S; Grabas, H M X; Graber, L; Grabowska-Bold, I; Grafström, P; Grahn, K-J; Gramling, J; Gramstad, E; Grancagnolo, S; Grassi, V; Gratchev, V; Gray, H M; Graziani, E; Grebenyuk, O G; Greenwood, Z D; Gregersen, K; Gregor, I M; Grenier, P; Griffiths, J; Grigalashvili, N; Grillo, A A; Grimm, K; Grinstein, S; Gris, Ph; Grishkevich, Y V; Grivaz, J-F; Grohs, J P; Grohsjean, A; Gross, E; Grosse-Knetter, J; Grossi, G C; Groth-Jensen, J; Grout, Z J; Grybel, K; Guan, L; Guescini, F; Guest, D; Gueta, O; Guicheney, C; Guido, E; Guillemin, T; Guindon, S; Gul, U; Gumpert, C; Gunther, J; Guo, J; Gupta, S; Gutierrez, P; Gutierrez Ortiz, N G; Gutschow, C; Guttman, N; Guyot, C; Gwenlan, C; Gwilliam, C B; Haas, A; Haber, C; Hadavand, H K; Haddad, N; Haefner, P; Hageboeck, S; Hajduk, Z; Hakobyan, H; Haleem, M; Hall, D; Halladjian, G; Hamacher, K; Hamal, P; Hamano, K; Hamer, M; Hamilton, A; Hamilton, S; Hamnett, P G; Han, L; Hanagaki, K; Hanawa, K; Hance, M; Hanke, P; Hansen, J B; Hansen, J D; Hansen, P H; Hara, K; Hard, A S; Harenberg, T; Harkusha, S; Harper, D; Harrington, R D; Harris, O M; Harrison, P F; Hartjes, F; Hasegawa, S; Hasegawa, Y; Hasib, A; Hassani, S; Haug, S; Hauschild, M; Hauser, R; Havranek, M; Hawkes, C M; Hawkings, R J; Hawkins, A D; Hayashi, T; Hayden, D; Hays, C P; Hayward, H S; Haywood, S J; Head, S J; Heck, T; Hedberg, V; Heelan, L; Heim, S; Heim, T; Heinemann, B; Heinrich, L; Heisterkamp, S; Hejbal, J; Helary, L; Heller, C; Heller, M; Hellman, S; Hellmich, D; Helsens, C; Henderson, J; Henderson, R C W; Hengler, C; Henrichs, A; Henriques Correia, A M; Henrot-Versille, S; Hensel, C; Herbert, G H; Hernández Jiménez, Y; Herrberg-Schubert, R; Herten, G; Hertenberger, R; Hervas, L; Hesketh, G G; Hessey, N P; Hickling, R; Higón-Rodriguez, E; Hill, J C; Hiller, K H; Hillert, S; Hillier, S J; Hinchliffe, I; Hines, E; Hirose, M; Hirschbuehl, D; Hobbs, J; Hod, N; Hodgkinson, M C; Hodgson, P; Hoecker, A; Hoeferkamp, M R; Hoffman, J; Hoffmann, D; Hofmann, J I; Hohlfeld, M; Holmes, T R; Hong, T M; Hooft van Huysduynen, L; Hostachy, J-Y; Hou, S; Hoummada, A; Howard, J; Howarth, J; Hrabovsky, M; Hristova, I; Hrivnac, J; Hryn'ova, T; Hsu, P J; Hsu, S-C; Hu, D; Hu, X; Huang, Y; Hubacek, Z; Hubaut, F; Huegging, F; Huffman, T B; Hughes, E W; Hughes, G; Huhtinen, M; Hülsing, T A; Hurwitz, M; Huseynov, N; Huston, J; Huth, J; Iacobucci, G; Iakovidis, G; Ibragimov, I; Iconomidou-Fayard, L; Idarraga, J; Ideal, E; Iengo, P; Igonkina, O; Iizawa, T; Ikegami, Y; Ikematsu, K; Ikeno, M; Iliadis, D; Ilic, N; Inamaru, Y; Ince, T; Ioannou, P; Iodice, M; Iordanidou, K; Ippolito, V; Irles Quiles, A; Isaksson, C; Ishino, M; Ishitsuka, M; Ishmukhametov, R; Issever, C; Istin, S; Iturbe Ponce, J M; Ivarsson, J; Ivashin, A V; Iwanski, W; Iwasaki, H; Izen, J M; Izzo, V; Jackson, B; Jackson, J N; Jackson, M; Jackson, P; Jaekel, M R; Jain, V; Jakobs, K; Jakobsen, S; Jakoubek, T; Jakubek, J; Jamin, D O; Jana, D K; Jansen, E; Jansen, H; Janssen, J; Janus, M; Jarlskog, G; Javadov, N; Javůrek, T; Jeanty, L; Jeng, G-Y; Jennens, D; Jenni, P; Jentzsch, J; Jeske, C; Jézéquel, S; Ji, H; Ji, W; Jia, J; Jiang, Y; Jimenez Belenguer, M; Jin, S; Jinaru, A; Jinnouchi, O; Joergensen, M D; Johansson, K E; Johansson, P; Johns, K A; Jon-And, K; Jones, G; Jones, R W L; Jones, T J; Jongmanns, J; Jorge, P M; Joshi, K D; Jovicevic, J; Ju, X; Jung, C A; Jungst, R M; Jussel, P; Juste Rozas, A; Kaci, M; Kaczmarska, A; Kado, M; Kagan, H; Kagan, M; Kajomovitz, E; Kama, S; Kanaya, N; Kaneda, M; Kaneti, S; Kanno, T; Kantserov, V A; Kanzaki, J; Kaplan, B; Kapliy, A; Kar, D; Karakostas, K; Karastathis, N; Karnevskiy, M; Karpov, S N; Karthik, K; Kartvelishvili, V; Karyukhin, A N; Kashif, L; Kasieczka, G; Kass, R D; Kastanas, A; Kataoka, Y; Katre, A; Katzy, J; Kaushik, V; Kawagoe, K; Kawamoto, T; Kawamura, G; Kazama, S; Kazanin, V F; Kazarinov, M Y; Keeler, R; Keener, P T; Kehoe, R; Keil, M; Keller, J S; Keoshkerian, H; Kepka, O; Kerševan, B P; Kersten, S; Kessoku, K; Keung, J; Khalil-Zada, F; Khandanyan, H; Khanov, A; Khodinov, A; Khomich, A; Khoo, T J; Khoriauli, G; Khoroshilov, A; Khovanskiy, V; Khramov, E; Khubua, J; Kim, H Y; Kim, H; Kim, S H; Kimura, N; Kind, O; King, B T; King, M; King, R S B; King, S B; Kirk, J; Kiryunin, A E; Kishimoto, T; Kisielewska, D; Kiss, F; Kitamura, T; Kittelmann, T; Kiuchi, K; Kladiva, E; Klein, M; Klein, U; Kleinknecht, K; Klimek, P; Klimentov, A; Klingenberg, R; Klinger, J A; Klioutchnikova, T; Klok, P F; Kluge, E-E; Kluit, P; Kluth, S; Kneringer, E; Knoops, E B F G; Knue, A; Kobayashi, T; Kobel, M; Kocian, M; Kodys, P; Koevesarki, P; Koffas, T; Koffeman, E; Kogan, L A; Kohlmann, S; Kohout, Z; Kohriki, T; Koi, T; Kolanoski, H; Koletsou, I; Koll, J; Komar, A A; Komori, Y; Kondo, T; Kondrashova, N; Köneke, K; König, A C; König, S; Kono, T; Konoplich, R; Konstantinidis, N; Kopeliansky, R; Koperny, S; Köpke, L; Kopp, A K; Korcyl, K; Kordas, K; Korn, A; Korol, A A; Korolkov, I; Korolkova, E V; Korotkov, V A; Kortner, O; Kortner, S; Kostyukhin, V V; Kotov, S; Kotov, V M; Kotwal, A; Kourkoumelis, C; Kouskoura, V; Koutsman, A; Kowalewski, R; Kowalski, T Z; Kozanecki, W; Kozhin, A S; Kral, V; Kramarenko, V A; Kramberger, G; Krasnopevtsev, D; Krasny, M W; Krasznahorkay, A; Kraus, J K; Kravchenko, A; Kreiss, S; Kretz, M; Kretzschmar, J; Kreutzfeldt, K; Krieger, P; Kroeninger, K; Kroha, H; Kroll, J; Kroseberg, J; Krstic, J; Kruchonak, U; Krüger, H; Kruker, T; Krumnack, N; Krumshteyn, Z V; Kruse, A; Kruse, M C; Kruskal, M; Kubota, T; Kuday, S; Kuehn, S; Kugel, A; Kuhl, A; Kuhl, T; Kukhtin, V; Kulchitsky, Y; Kuleshov, S; Kuna, M; Kunkle, J; Kupco, A; Kurashige, H; Kurochkin, Y A; Kurumida, R; Kus, V; Kuwertz, E S; Kuze, M; Kvita, J; La Rosa, A; La Rotonda, L; Lacasta, C; Lacava, F; Lacey, J; Lacker, H; Lacour, D; Lacuesta, V R; Ladygin, E; Lafaye, R; Laforge, B; Lagouri, T; Lai, S; Laier, H; Lambourne, L; Lammers, S; Lampen, C L; Lampl, W; Lançon, E; Landgraf, U; Landon, M P J; Lang, V S; Lange, C; Lankford, A J; Lanni, F; Lantzsch, K; Laplace, S; Lapoire, C; Laporte, J F; Lari, T; Lassnig, M; Laurelli, P; Lavrijsen, W; Law, A T; Laycock, P; Le, B T; Le Dortz, O; Le Guirriec, E; Le Menedeu, E; LeCompte, T; Ledroit-Guillon, F; Lee, C A; Lee, H; Lee, J S H; Lee, S C; Lee, L; Lefebvre, G; Lefebvre, M; Legger, F; Leggett, C; Lehan, A; Lehmacher, M; Lehmann Miotto, G; Lei, X; Leister, A G; Leite, M A L; Leitner, R; Lellouch, D; Lemmer, B; Leney, K J C; Lenz, T; Lenzen, G; Lenzi, B; Leone, R; Leonhardt, K; Leontsinis, S; Leroy, C; Lester, C G; Lester, C M; Levchenko, M; Levêque, J; Levin, D; Levinson, L J; Levy, M; Lewis, A; Lewis, G H; Leyko, A M; Leyton, M; Li, B; Li, B; Li, H; Li, H L; Li, L; Li, S; Li, Y; Liang, Z; Liao, H; Liberti, B; Lichard, P; Lie, K; Liebal, J; Liebig, W; Limbach, C; Limosani, A; Limper, M; Lin, S C; Linde, F; Lindquist, B E; Linnemann, J T; Lipeles, E; Lipniacka, A; Lisovyi, M; Liss, T M; Lissauer, D; Lister, A; Litke, A M; Liu, B; Liu, D; Liu, J B; Liu, K; Liu, L; Liu, M; Liu, M; Liu, Y; Livan, M; Livermore, S S A; Lleres, A; Llorente Merino, J; Lloyd, S L; Lo Sterzo, F; Lobodzinska, E; Loch, P; Lockman, W S; Loddenkoetter, T; Loebinger, F K; Loevschall-Jensen, A E; Loginov, A; Loh, C W; Lohse, T; Lohwasser, K; Lokajicek, M; Lombardo, V P; Long, B A; Long, J D; Long, R E; Lopes, L; Lopez Mateos, D; Lopez Paredes, B; Lorenz, J; Lorenzo Martinez, N; Losada, M; Loscutoff, P; Lou, X; Lounis, A; Love, J; Love, P A; Lowe, A J; Lu, F; Lubatti, H J; Luci, C; Lucotte, A; Luehring, F; Lukas, W; Luminari, L; Lundberg, O; Lund-Jensen, B; Lungwitz, M; Lynn, D; Lysak, R; Lytken, E; Ma, H; Ma, L L; Maccarrone, G; Macchiolo, A; Machado Miguens, J; Macina, D; Madaffari, D; Madar, R; Maddocks, H J; Mader, W F; Madsen, A; Maeno, M; Maeno, T; Magradze, E; Mahboubi, K; Mahlstedt, J; Mahmoud, S; Maiani, C; Maidantchik, C; Maio, A; Majewski, S; Makida, Y; Makovec, N; Mal, P; Malaescu, B; Malecki, Pa; Maleev, V P; Malek, F; Mallik, U; Malon, D; Malone, C; Maltezos, S; Malyshev, V M; Malyukov, S; Mamuzic, J; Mandelli, B; Mandelli, L; Mandić, I; Mandrysch, R; Maneira, J; Manfredini, A; Manhaes de Andrade Filho, L; Manjarres Ramos, J A; Mann, A; Manning, P M; Manousakis-Katsikakis, A; Mansoulie, B; Mantifel, R; Mapelli, L; March, L; Marchand, J F; Marchiori, G; Marcisovsky, M; Marino, C P; Marques, C N; Marroquim, F; Marsden, S P; Marshall, Z; Marti, L F; Marti-Garcia, S; Martin, B; Martin, B; Martin, J P; Martin, T A; Martin, V J; Martin Dit Latour, B; Martinez, H; Martinez, M; Martin-Haugh, S; Martyniuk, A C; Marx, M; Marzano, F; Marzin, A; Masetti, L; Mashimo, T; Mashinistov, R; Masik, J; Maslennikov, A L; Massa, I; Massol, N; Mastrandrea, P; Mastroberardino, A; Masubuchi, T; Matricon, P; Matsunaga, H; Matsushita, T; Mättig, P; Mättig, S; Mattmann, J; Maurer, J; Maxfield, S J; Maximov, D A; Mazini, R; Mazzaferro, L; Mc Goldrick, G; Mc Kee, S P; McCarn, A; McCarthy, R L; McCarthy, T G; McCubbin, N A; McFarlane, K W; Mcfayden, J A; Mchedlidze, G; Mclaughlan, T; McMahon, S J; McPherson, R A; Meade, A; Mechnich, J; Medinnis, M; Meehan, S; Mehlhase, S; Mehta, A; Meier, K; Meineck, C; Meirose, B; Melachrinos, C; Mellado Garcia, B R; Meloni, F; Mengarelli, A; Menke, S; Meoni, E; Mercurio, K M; Mergelmeyer, S; Meric, N; Mermod, P; Merola, L; Meroni, C; Merritt, F S; Merritt, H; Messina, A; Metcalfe, J; Mete, A S; Meyer, C; Meyer, C; Meyer, J-P; Meyer, J; Middleton, R P; Migas, S; Mijović, L; Mikenberg, G; Mikestikova, M; Mikuž, M; Miller, D W; Mills, C; Milov, A; Milstead, D A; Milstein, D; Minaenko, A A; Moya, M Miñano; Minashvili, I A; Mincer, A I; Mindur, B; Mineev, M; Ming, Y; Mir, L M; Mirabelli, G; Mitani, T; Mitrevski, J; Mitsou, V A; Mitsui, S; Miucci, A; Miyagawa, P S; Mjörnmark, J U; Moa, T; Mochizuki, K; Moeller, V; Mohapatra, S; Mohr, W; Molander, S; Moles-Valls, R; Mönig, K; Monini, C; Monk, J; Monnier, E; Montejo Berlingen, J; Monticelli, F; Monzani, S; Moore, R W; Moraes, A; Morange, N; Morel, J; Moreno, D; Moreno Llácer, M; Morettini, P; Morgenstern, M; Morii, M; Moritz, S; Morley, A K; Mornacchi, G; Morris, J D; Morvaj, L; Moser, H G; Mosidze, M; Moss, J; Mount, R; Mountricha, E; Mouraviev, S V; Moyse, E J W; Muanza, S; Mudd, R D; Mueller, F; Mueller, J; Mueller, K; Mueller, T; Mueller, T; Muenstermann, D; Munwes, Y; Murillo Quijada, J A; Murray, W J; Musheghyan, H; Musto, E; Myagkov, A G; Myska, M; Nackenhorst, O; Nadal, J; Nagai, K; Nagai, R; Nagai, Y; Nagano, K; Nagarkar, A; Nagasaka, Y; Nagel, M; Nairz, A M; Nakahama, Y; Nakamura, K; Nakamura, T; Nakano, I; Namasivayam, H; Nanava, G; Narayan, R; Nattermann, T; Naumann, T; Navarro, G; Nayyar, R; Neal, H A; Nechaeva, P Yu; Neep, T J; Negri, A; Negri, G; Negrini, M; Nektarijevic, S; Nelson, A; Nelson, T K; Nemecek, S; Nemethy, P; Nepomuceno, A A; Nessi, M; Neubauer, M S; Neumann, M; Neves, R M; Nevski, P; Newcomer, F M; Newman, P R; Nguyen, D H; Nickerson, R B; Nicolaidou, R; Nicquevert, B; Nielsen, J; Nikiforou, N; Nikiforov, A; Nikolaenko, V; Nikolic-Audit, I; Nikolics, K; Nikolopoulos, K; Nilsson, P; Ninomiya, Y; Nisati, A; Nisius, R; Nobe, T; Nodulman, L; Nomachi, M; Nomidis, I; Norberg, S; Nordberg, M; Nowak, S; Nozaki, M; Nozka, L; Ntekas, K; Nunes Hanninger, G; Nunnemann, T; Nurse, E; Nuti, F; O'Brien, B J; O'grady, F; O'Neil, D C; O'Shea, V; Oakham, F G; Oberlack, H; Obermann, T; Ocariz, J; Ochi, A; Ochoa, M I; Oda, S; Odaka, S; Ogren, H; Oh, A; Oh, S H; Ohm, C C; Ohman, H; Ohshima, T; Okamura, W; Okawa, H; Okumura, Y; Okuyama, T; Olariu, A; Olchevski, A G; Olivares Pino, S A; Oliveira Damazio, D; Oliver Garcia, E; Olszewski, A; Olszowska, J; Onofre, A; Onyisi, P U E; Oram, C J; Oreglia, M J; Oren, Y; Orestano, D; Orlando, N; Oropeza Barrera, C; Orr, R S; Osculati, B; Ospanov, R; Otero Y Garzon, G; Otono, H; Ouchrif, M; Ouellette, E A; Ould-Saada, F; Ouraou, A; Oussoren, K P; Ouyang, Q; Ovcharova, A; Owen, M; Ozcan, V E; Ozturk, N; Pachal, K; Pacheco Pages, A; Padilla Aranda, C; Pagáčová, M; Pagan Griso, S; Paganis, E; Pahl, C; Paige, F; Pais, P; Pajchel, K; Palacino, G; Palestini, S; Pallin, D; Palma, A; Palmer, J D; Pan, Y B; Panagiotopoulou, E; Panduro Vazquez, J G; Pani, P; Panikashvili, N; Panitkin, S; Pantea, D; Paolozzi, L; Papadopoulou, Th D; Papageorgiou, K; Paramonov, A; Paredes Hernandez, D; Parker, M A; Parodi, F; Parsons, J A; Parzefall, U; Pasqualucci, E; Passaggio, S; Passeri, A; Pastore, F; Pastore, Fr; Pásztor, G; Pataraia, S; Patel, N D; Pater, J R; Patricelli, S; Pauly, T; Pearce, J; Pedersen, M; Pedraza Lopez, S; Pedro, R; Peleganchuk, S V; Pelikan, D; Peng, H; Penning, B; Penwell, J; Perepelitsa, D V; Perez Codina, E; Pérez García-Estañ, M T; Perez Reale, V; Perini, L; Pernegger, H; Perrino, R; Peschke, R; Peshekhonov, V D; Peters, K; Peters, R F Y; Petersen, B A; Petersen, J; Petersen, T C; Petit, E; Petridis, A; Petridou, C; Petrolo, E; Petrucci, F; Petteni, M; Pettersson, N E; Pezoa, R; Phillips, P W; Piacquadio, G; Pianori, E; Picazio, A; Piccaro, E; Piccinini, M; Piegaia, R; Pignotti, D T; Pilcher, J E; Pilkington, A D; Pina, J; Pinamonti, M; Pinder, A; Pinfold, J L; Pingel, A; Pinto, B; Pires, S; Pitt, M; Pizio, C; Pleier, M-A; Pleskot, V; Plotnikova, E; Plucinski, P; Poddar, S; Podlyski, F; Poettgen, R; Poggioli, L; Pohl, D; Pohl, M; Polesello, G; Policicchio, A; Polifka, R; Polini, A; Pollard, C S; Polychronakos, V; Pommès, K; Pontecorvo, L; Pope, B G; Popeneciu, G A; Popovic, D S; Poppleton, A; Portell Bueso, X; Pospelov, G E; Pospisil, S; Potamianos, K; Potrap, I N; Potter, C J; Potter, C T; Poulard, G; Poveda, J; Pozdnyakov, V; Pralavorio, P; Pranko, A; Prasad, S; Pravahan, R; Prell, S; Price, D; Price, J; Price, L E; Prieur, D; Primavera, M; Proissl, M; Prokofiev, K; Prokoshin, F; Protopapadaki, E; Protopopescu, S; Proudfoot, J; Przybycien, M; Przysiezniak, H; Ptacek, E; Pueschel, E; Puldon, D; Purohit, M; Puzo, P; Qian, J; Qin, G; Qin, Y; Quadt, A; Quarrie, D R; Quayle, W B; Quilty, D; Qureshi, A; Radeka, V; Radescu, V; Radhakrishnan, S K; Radloff, P; Rados, P; Ragusa, F; Rahal, G; Rajagopalan, S; Rammensee, M; Randle-Conde, A S; Rangel-Smith, C; Rao, K; Rauscher, F; Rave, T C; Ravenscroft, T; Raymond, M; Read, A L; Rebuzzi, D M; Redelbach, A; Redlinger, G; Reece, R; Reeves, K; Rehnisch, L; Reinsch, A; Reisin, H; Relich, M; Rembser, C; Ren, Z L; Renaud, A; Rescigno, M; Resconi, S; Resende, B; Rezanova, O L; Reznicek, P; Rezvani, R; Richter, R; Ridel, M; Rieck, P; Rijssenbeek, M; Rimoldi, A; Rinaldi, L; Ritsch, E; Riu, I; Rizatdinova, F; Rizvi, E; Robertson, S H; Robichaud-Veronneau, A; Robinson, D; Robinson, J E M; Robson, A; Roda, C; Rodrigues, L; Roe, S; Røhne, O; Rolli, S; Romaniouk, A; Romano, M; Romeo, G; Romero Adam, E; Rompotis, N; Roos, L; Ros, E; Rosati, S; Rosbach, K; Rose, M; Rosendahl, P L; Rosenthal, O; Rossetti, V; Rossi, E; Rossi, L P; Rosten, R; Rotaru, M; Roth, I; Rothberg, J; Rousseau, D; Royon, C R; Rozanov, A; Rozen, Y; Ruan, X; Rubbo, F; Rubinskiy, I; Rud, V I; Rudolph, C; Rudolph, M S; Rühr, F; Ruiz-Martinez, A; Rurikova, Z; Rusakovich, N A; Ruschke, A; Rutherfoord, J P; Ruthmann, N; Ryabov, Y F; Rybar, M; Rybkin, G; Ryder, N C; Saavedra, A F; Sacerdoti, S; Saddique, A; Sadeh, I; Sadrozinski, H F-W; Sadykov, R; Safai Tehrani, F; Sakamoto, H; Sakurai, Y; Salamanna, G; Salamon, A; Saleem, M; Salek, D; Sales De Bruin, P H; Salihagic, D; Salnikov, A; Salt, J; Salvachua Ferrando, B M; Salvatore, D; Salvatore, F; Salvucci, A; Salzburger, A; Sampsonidis, D; Sanchez, A; Sánchez, J; Sanchez Martinez, V; Sandaker, H; Sandbach, R L; Sander, H G; Sanders, M P; Sandhoff, M; Sandoval, T; Sandoval, C; Sandstroem, R; Sankey, D P C; Sansoni, A; Santoni, C; Santonico, R; Santos, H; Santoyo Castillo, I; Sapp, K; Sapronov, A; Saraiva, J G; Sarrazin, B; Sartisohn, G; Sasaki, O; Sasaki, Y; Satsounkevitch, I; Sauvage, G; Sauvan, E; Savard, P; Savu, D O; Sawyer, C; Sawyer, L; Saxon, J; Sbarra, C; Sbrizzi, A; Scanlon, T; Scannicchio, D A; Scarcella, M; Schaarschmidt, J; Schacht, P; Schaefer, D; Schaefer, R; Schaepe, S; Schaetzel, S; Schäfer, U; Schaffer, A C; Schaile, D; Schamberger, R D; Scharf, V; Schegelsky, V A; Scheirich, D; Schernau, M; Scherzer, M I; Schiavi, C; Schieck, J; Schillo, C; Schioppa, M; Schlenker, S; Schmidt, E; Schmieden, K; Schmitt, C; Schmitt, C; Schmitt, S; Schneider, B; Schnellbach, Y J; Schnoor, U; Schoeffel, L; Schoening, A; Schoenrock, B D; Schorlemmer, A L S; Schott, M; Schouten, D; Schovancova, J; Schram, M; Schramm, S; Schreyer, M; Schroeder, C; Schuh, N; Schultens, M J; Schultz-Coulon, H-C; Schulz, H; Schumacher, M; Schumm, B A; Schune, Ph; Schwartzman, A; Schwegler, Ph; Schwemling, Ph; Schwienhorst, R; Schwindling, J; Schwindt, T; Schwoerer, M; Sciacca, F G; Scifo, E; Sciolla, G; Scott, W G; Scuri, F; Scutti, F; Searcy, J; Sedov, G; Sedykh, E; Seidel, S C; Seiden, A; Seifert, F; Seixas, J M; Sekhniaidze, G; Sekula, S J; Selbach, K E; Seliverstov, D M; Sellers, G; Semprini-Cesari, N; Serfon, C; Serin, L; Serkin, L; Serre, T; Seuster, R; Severini, H; Sforza, F; Sfyrla, A; Shabalina, E; Shamim, M; Shan, L Y; Shank, J T; Shao, Q T; Shapiro, M; Shatalov, P B; Shaw, K; Sherwood, P; Shimizu, S; Shimmin, C O; Shimojima, M; Shiyakova, M; Shmeleva, A; Shochet, M J; Short, D; Shrestha, S; Shulga, E; Shupe, M A; Shushkevich, S; Sicho, P; Sidorov, D; Sidoti, A; Siegert, F; Sijacki, Dj; Silbert, O; Silva, J; Silver, Y; Silverstein, D; Silverstein, S B; Simak, V; Simard, O; Simic, Lj; Simion, S; Simioni, E; Simmons, B; Simoniello, R; Simonyan, M; Sinervo, P; Sinev, N B; Sipica, V; Siragusa, G; Sircar, A; Sisakyan, A N; Sivoklokov, S Yu; Sjölin, J; Sjursen, T B; Skottowe, H P; Skovpen, K Yu; Skubic, P; Slater, M; Slavicek, T; Sliwa, K; Smakhtin, V; Smart, B H; Smestad, L; Smirnov, S Yu; Smirnov, Y; Smirnova, L N; Smirnova, O; Smizanska, M; Smolek, K; Snesarev, A A; Snidero, G; Snow, J; Snyder, S; Sobie, R; Socher, F; Sodomka, J; Soffer, A; Soh, D A; Solans, C A; Solar, M; Solc, J; Soldatov, E Yu; Soldevila, U; Solfaroli Camillocci, E; Solodkov, A A; Solovyanov, O V; Solovyev, V; Sommer, P; Song, H Y; Soni, N; Sood, A; Sopczak, A; Sopko, V; Sopko, B; Sorin, V; Sosebee, M; Soualah, R; Soueid, P; Soukharev, A M; South, D; Spagnolo, S; Spanò, F; Spearman, W R; Spighi, R; Spigo, G; Spousta, M; Spreitzer, T; Spurlock, B; Denis, R D St; Staerz, S; Stahlman, J; Stamen, R; Stanecka, E; Stanek, R W; Stanescu, C; Stanescu-Bellu, M; Stanitzki, M M; Stapnes, S; Starchenko, E A; Stark, J; Staroba, P; Starovoitov, P; Staszewski, R; Stavina, P; Steele, G; Steinberg, P; Stekl, I; Stelzer, B; Stelzer, H J; Stelzer-Chilton, O; Stenzel, H; Stern, S; Stewart, G A; Stillings, J A; Stockton, M C; Stoebe, M; Stoicea, G; Stolte, P; Stonjek, S; Stradling, A R; Straessner, A; Stramaglia, M E; Strandberg, J; Strandberg, S; Strandlie, A; Strauss, E; Strauss, M; Strizenec, P; Ströhmer, R; Strom, D M; Stroynowski, R; Stucci, S A; Stugu, B; Styles, N A; Su, D; Su, J; Subramania, Hs; Subramaniam, R; Succurro, A; Sugaya, Y; Suhr, C; Suk, M; Sulin, V V; Sultansoy, S; Sumida, T; Sun, X; Sundermann, J E; Suruliz, K; Susinno, G; Sutton, M R; Suzuki, Y; Svatos, M; Swedish, S; Swiatlowski, M; Sykora, I; Sykora, T; Ta, D; Tackmann, K; Taenzer, J; Taffard, A; Tafirout, R; Taiblum, N; Takahashi, Y; Takai, H; Takashima, R; Takeda, H; Takeshita, T; Takubo, Y; Talby, M; Talyshev, A A; Tam, J Y C; Tamsett, M C; Tan, K G; Tanaka, J; Tanaka, R; Tanaka, S; Tanaka, S; Tanasijczuk, A J; Tani, K; Tannoury, N; Tapprogge, S; Tarem, S; Tarrade, F; Tartarelli, G F; Tas, P; Tasevsky, M; Tashiro, T; Tassi, E; Tavares Delgado, A; Tayalati, Y; Taylor, F E; Taylor, G N; Taylor, W; Teischinger, F A; Teixeira Dias Castanheira, M; Teixeira-Dias, P; Temming, K K; Ten Kate, H; Teng, P K; Terada, S; Terashi, K; Terron, J; Terzo, S; Testa, M; Teuscher, R J; Therhaag, J; Theveneaux-Pelzer, T; Thoma, S; Thomas, J P; Thomas-Wilsker, J; Thompson, E N; Thompson, P D; Thompson, P D; Thompson, A S; Thomsen, L A; Thomson, E; Thomson, M; Thong, W M; Thun, R P; Tian, F; Tibbetts, M J; Tikhomirov, V O; Tikhonov, Yu A; Timoshenko, S; Tiouchichine, E; Tipton, P; Tisserant, S; Todorov, T; Todorova-Nova, S; Toggerson, B; Tojo, J; Tokár, S; Tokushuku, K; Tollefson, K; Tomlinson, L; Tomoto, M; Tompkins, L; Toms, K; Topilin, N D; Torrence, E; Torres, H; Torró Pastor, E; Toth, J; Touchard, F; Tovey, D R; Tran, H L; Trefzger, T; Tremblet, L; Tricoli, A; Trigger, I M; Trincaz-Duvoid, S; Tripiana, M F; Triplett, N; Trischuk, W; Trocmé, B; Troncon, C; Trottier-McDonald, M; Trovatelli, M; True, P; Trzebinski, M; Trzupek, A; Tsarouchas, C; Tseng, J C-L; Tsiareshka, P V; Tsionou, D; Tsipolitis, G; Tsirintanis, N; Tsiskaridze, S; Tsiskaridze, V; Tskhadadze, E G; Tsukerman, I I; Tsulaia, V; Tsuno, S; Tsybychev, D; Tudorache, A; Tudorache, V; Tuna, A N; Tupputi, S A; Turchikhin, S; Turecek, D; Turk Cakir, I; Turra, R; Tuts, P M; Tykhonov, A; Tylmad, M; Tyndel, M; Uchida, K; Ueda, I; Ueno, R; Ughetto, M; Ugland, M; Uhlenbrock, M; Ukegawa, F; Unal, G; Undrus, A; Unel, G; Ungaro, F C; Unno, Y; Urbaniec, D; Urquijo, P; Usai, G; Usanova, A; Vacavant, L; Vacek, V; Vachon, B; Valencic, N; Valentinetti, S; Valero, A; Valery, L; Valkar, S; Valladolid Gallego, E; Vallecorsa, S; Valls Ferrer, J A; Van Berg, R; Van Der Deijl, P C; van der Geer, R; van der Graaf, H; Van Der Leeuw, R; van der Ster, D; van Eldik, N; van Gemmeren, P; Van Nieuwkoop, J; van Vulpen, I; van Woerden, M C; Vanadia, M; Vandelli, W; Vanguri, R; Vaniachine, A; Vankov, P; Vannucci, F; Vardanyan, G; Vari, R; Varnes, E W; Varol, T; Varouchas, D; Vartapetian, A; Varvell, K E; Vazeille, F; Vazquez Schroeder, T; Veatch, J; Veloso, F; Veneziano, S; Ventura, A; Ventura, D; Venturi, M; Venturi, N; Venturini, A; Vercesi, V; Verducci, M; Verkerke, W; Vermeulen, J C; Vest, A; Vetterli, M C; Viazlo, O; Vichou, I; Vickey, T; Vickey Boeriu, O E; Viehhauser, G H A; Viel, S; Vigne, R; Villa, M; Villaplana Perez, M; Vilucchi, E; Vincter, M G; Vinogradov, V B; Virzi, J; Vivarelli, I; Vives Vaque, F; Vlachos, S; Vladoiu, D; Vlasak, M; Vogel, A; Vokac, P; Volpi, G; Volpi, M; von der Schmitt, H; von Radziewski, H; von Toerne, E; Vorobel, V; Vorobev, K; Vos, M; Voss, R; Vossebeld, J H; Vranjes, N; Vranjes Milosavljevic, M; Vrba, V; Vreeswijk, M; Vu Anh, T; Vuillermet, R; Vukotic, I; Vykydal, Z; Wagner, W; Wagner, P; Wahrmund, S; Wakabayashi, J; Walder, J; Walker, R; Walkowiak, W; Wall, R; Waller, P; Walsh, B; Wang, C; Wang, C; Wang, F; Wang, H; Wang, H; Wang, J; Wang, J; Wang, K; Wang, R; Wang, S M; Wang, T; Wang, X; Wanotayaroj, C; Warburton, A; Ward, C P; Wardrope, D R; Warsinsky, M; Washbrook, A; Wasicki, C; Watanabe, I; Watkins, P M; Watson, A T; Watson, I J; Watson, M F; Watts, G; Watts, S; Waugh, B M; Webb, S; Weber, M S; Weber, S W; Webster, J S; Weidberg, A R; Weigell, P; Weinert, B; Weingarten, J; Weiser, C; Weits, H; Wells, P S; Wenaus, T; Wendland, D; Weng, Z; Wengler, T; Wenig, S; Wermes, N; Werner, M; Werner, P; Wessels, M; Wetter, J; Whalen, K; White, A; White, M J; White, R; White, S; Whiteson, D; Wicke, D; Wickens, F J; Wiedenmann, W; Wielers, M; Wienemann, P; Wiglesworth, C; Wiik-Fuchs, L A M; Wijeratne, P A; Wildauer, A; Wildt, M A; Wilkens, H G; Will, J Z; Williams, H H; Williams, S; Willis, C; Willocq, S; Wilson, J A; Wilson, A; Wingerter-Seez, I; Winklmeier, F; Wittgen, M; Wittig, T; Wittkowski, J; Wollstadt, S J; Wolter, M W; Wolters, H; Wosiek, B K; Wotschack, J; Woudstra, M J; Wozniak, K W; Wright, M; Wu, M; Wu, S L; Wu, X; Wu, Y; Wulf, E; Wyatt, T R; Wynne, B M; Xella, S; Xiao, M; Xu, D; Xu, L; Yabsley, B; Yacoob, S; Yamada, M; Yamaguchi, H; Yamaguchi, Y; Yamamoto, A; Yamamoto, K; Yamamoto, S; Yamamura, T; Yamanaka, T; Yamauchi, K; Yamazaki, Y; Yan, Z; Yang, H; Yang, H; Yang, U K; Yang, Y; Yanush, S; Yao, L; Yao, W-M; Yasu, Y; Yatsenko, E; Yau Wong, K H; Ye, J; Ye, S; Yen, A L; Yildirim, E; Yilmaz, M; Yoosoofmiya, R; Yorita, K; Yoshida, R; Yoshihara, K; Young, C; Young, C J S; Youssef, S; Yu, D R; Yu, J; Yu, J M; Yu, J; Yuan, L; Yurkewicz, A; Zabinski, B; Zaidan, R; Zaitsev, A M; Zaman, A; Zambito, S; Zanello, L; Zanzi, D; Zaytsev, A; Zeitnitz, C; Zeman, M; Zemla, A; Zengel, K; Zenin, O; Ženiš, T; Zerwas, D; Zevi Della Porta, G; Zhang, D; Zhang, F; Zhang, H; Zhang, J; Zhang, L; Zhang, X; Zhang, Z; Zhao, Z; Zhemchugov, A; Zhong, J; Zhou, B; Zhou, L; Zhou, N; Zhu, C G; Zhu, H; Zhu, J; Zhu, Y; Zhuang, X; Zibell, A; Zieminska, D; Zimine, N I; Zimmermann, C; Zimmermann, R; Zimmermann, S; Zimmermann, S; Zinonos, Z; Ziolkowski, M; Zobernig, G; Zoccoli, A; Zur Nedden, M; Zurzolo, G; Zutshi, V; Zwalinski, L

A likelihood-based discriminant for the identification of quark- and gluon-initiated jets is built and validated using 4.7 fb[Formula: see text] of proton-proton collision data at [Formula: see text] [Formula: see text] collected with the ATLAS detector at the LHC. Data samples with enriched quark or gluon content are used in the construction and validation of templates of jet properties that are the input to the likelihood-based discriminant. The discriminating power of the jet tagger is established in both data and Monte Carlo samples within a systematic uncertainty of [Formula: see text] 10-20 %. In data, light-quark jets can be tagged with an efficiency of [Formula: see text] while achieving a gluon-jet mis-tag rate of [Formula: see text] in a [Formula: see text] range between [Formula: see text] and [Formula: see text] for jets in the acceptance of the tracker. The rejection of gluon-jets found in the data is significantly below what is attainable using a Pythia 6 Monte Carlo simulation, where gluon-jet mis-tag rates of 10 % can be reached for a 50 % selection efficiency of light-quark jets using the same jet properties.

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...

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

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)

Dynamic cyclical comovements of oil prices with industrial production, consumer prices, unemployment, and stock prices

International Nuclear Information System (INIS)

Ewing, Bradley T.; Thompson, Mark A.

2007-01-01

This paper examines the empirical relationship between oil prices and several key macroeconomic variables. In particular, we investigate the cyclical comovements of crude oil prices with output, consumer prices, unemployment, and stock prices. The methodology involves the use of the Hodrick-Prescott [Hodrick, R.J., Prescott, E.C., 1980. Post-War US Business Cycles: An Empirical Investigation. Working Paper, Carnegie Mellon University] and Baxter-King [Baxter, M., King, R.G., 1999. Measuring business cycles: approximate band-pass filters for economic time series. Review of Economics and Statistics 81, 575-593] filters, as well as the recently developed full-sample asymmetric Christiano-Fitzgerald [Christiano, L.J., Fitzgerald, T.J., 2003. The band pass filter. International Economic Review 44, 435-465] band-pass filter. Contemporaneous and cross-correlation estimates are made using the stationary cyclical components of the time series to make inference about the degree to which oil prices move with the cycle. Besides documenting a number of important cyclical relationships using three different time series filtering methods, the results suggest that crude oil prices are procyclical and lag industrial production. Additionally, we find that oil prices lead consumer prices. (author)

Energy prices and agricultural commodity prices: Testing correlation using copulas method

International Nuclear Information System (INIS)

Koirala, Krishna H.; Mishra, Ashok K.; D'Antoni, Jeremy M.; Mehlhorn, Joey E.

2015-01-01

The linear relationships between energy prices and prices for agricultural commodities such as corn and soybeans may have been affected, over the last several years, by policy legislations in the farm sector, the Energy Independence and Security Act of 2007, and the Renewable Fuel Standard Program for 2014. Using high-frequency data and newer methodology, this study investigates dependence between agricultural commodity futures prices and energy futures prices. Results reveal that agricultural commodity and energy future prices are highly correlated and exhibit positive and significant relationship. Findings from this study highlight that an increase in energy price increases the price of agricultural commodities. - Highlights: • Energy policy mandates production of 15 billion gallons of corn ethanol by 2015. • Energy-intensive agriculture has a link between energy sector and crop production costs. • We investigate correlation between energy prices and agricultural commodity prices. • Agricultural commodity and energy future prices are highly correlated. • Increase in energy price increases the price of agricultural commodity

Impact of European pharmaceutical price regulation on generic price competition: a review.

Science.gov (United States)

Puig-Junoy, Jaume

2010-01-01

Although economic theory indicates that it should not be necessary to intervene in the generic drug market through price regulation, most EU countries intervene in this market, both by regulating the maximum sale price of generics (price cap) and by setting the maximum reimbursement rate, especially by means of reference pricing systems. We analyse current knowledge of the impact of direct price-cap regulation of generic drugs and the implementation of systems regulating the reimbursement rate, particularly through reference pricing and similar tools, on dynamic price competition between generic competitors in Europe. A literature search was carried out in the EconLit and PubMed databases, and on Google Scholar. The search included papers published in English or Spanish between January 2000 and July 2009. Inclusion criteria included that studies had to present empirical results of a quantitative nature for EU countries of the impact of price capping and/or regulation of the reimbursement rate (reference pricing or similar systems) on price dynamics, corresponding to pharmacy sales, in the generic drug market. The available evidence indicates that price-cap regulation leads to a levelling off of generic prices at a higher level than would occur in the absence of this regulation. Reference pricing systems cause an obvious and almost compulsory reduction in the consumer price of all pharmaceuticals subject to this system, to a varying degree in different countries and periods, the reduction being greater for originator-branded drugs than for generics. In several countries with a reference pricing system, it was observed that generics with a consumer price lower than the reference price do not undergo price reductions until the reference price is reduced, even when there are other lower-priced generics on the market (absence of price competition below the reference price). Beyond the price reduction forced by the price-cap and/or reference pricing regulation itself

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)

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

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...

Understanding Price Controls and Non-Price Competition with Matching Theory

OpenAIRE

Hatfield, John William; Plott, Charles R.; Tanaka, Tomomi

2012-01-01

We develop a quality competition model to understand how price controls affect market outcomes in buyer-seller markets with discrete goods of varying quality. While competitive equilibria do not necessarily exist in such markets when price controls are imposed, we show that stable outcomes do exist and characterize the set of stable outcomes in the presence of price restrictions. In particular, we show that price controls induce non-price competition: price floors induce the trade of ineffici...

Separated influence of crude oil prices on regional natural gas import prices

International Nuclear Information System (INIS)

Ji, Qiang; Geng, Jiang-Bo; Fan, Ying

2014-01-01

This paper analyses the impact of global economic activity and international crude oil prices on natural gas import prices in three major natural gas markets using the panel cointegration model. It also investigates the shock impacts of the volatility and the increase and decrease of oil prices on regional natural gas import prices. The results show that both global economic activity and international crude oil prices have significant long-term positive effects on regional natural gas import prices. The volatility of international crude oil prices has a negative impact on regional natural gas import prices. The shock impact is weak in North America, lags in Europe and is most significant in Asia, which is mainly determined by different regional policies for price formation. In addition, the response of natural gas import prices to increases and decreases in international crude oil prices shows an asymmetrical mechanism, of which the decrease impact is relatively stronger. - Highlights: • Impacts of world economy and oil prices on regional natural gas prices are analysed • North American natural gas prices are mainly affected by world economy • Asian and European natural gas prices are mainly affected by oil prices • The volatility of oil prices has a negative impact on regional natural gas prices • The response of natural gas import prices to oil prices up and down shows asymmetry

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

Pricing Zero-Coupon Catastrophe Bonds Using EVT with Doubly Stochastic Poisson Arrivals

Directory of Open Access Journals (Sweden)

Zonggang Ma

2017-01-01

Full Text Available The frequency and severity of climate abnormal change displays an irregular upward cycle as global warming intensifies. Therefore, this paper employs a doubly stochastic Poisson process with Black Derman Toy (BDT intensity to describe the catastrophic characteristics. By using the Property Claim Services (PCS loss index data from 2001 to 2010 provided by the US Insurance Services Office (ISO, the empirical result reveals that the BDT arrival rate process is superior to the nonhomogeneous Poisson and lognormal intensity process due to its smaller RMSE, MAE, MRPE, and U and larger E and d. Secondly, to depict extreme features of catastrophic risks, this paper adopts the Peak Over Threshold (POT in extreme value theory (EVT to characterize the tail characteristics of catastrophic loss distribution. And then the loss distribution is analyzed and assessed using a quantile-quantile (QQ plot to visually check whether the PCS index observations meet the generalized Pareto distribution (GPD assumption. Furthermore, this paper derives a pricing formula for zero-coupon catastrophe bonds with a stochastic interest rate environment and aggregate losses generated by a compound doubly stochastic Poisson process under the forward measure. Finally, simulation results verify pricing model predictions and show how catastrophic risks and interest rate risk affect the prices of zero-coupon catastrophe bonds.

Induction of cytochrome P450 1A by cow milk-based formula: a comparative study between human milk and formula.

Science.gov (United States)

Xu, Haibo; Rajesan, Ratheishan; Harper, Patricia; Kim, Richard B; Lonnerdal, Bo; Yang, Mingdong; Uematsu, Satoko; Hutson, Janine; Watson-MacDonell, Jo; Ito, Shinya

2005-09-01

During the treatment of neonatal apnea, formula-fed infants, compared to breastfed infants, show nearly three-fold increase in clearance of caffeine, a substrate of cytochrome P450 1A (CYP1A) and in part CYP3A4. However, human milk is known to contain higher concentrations of environmental pollutants than infant formula, which are potent CYP1A inducers. To gain insight into the mechanism underlying this apparent contradiction, we characterized CYP1A and CYP3A4 induction by human milk and cow milk-based infant formula. The mRNA and protein expression of CYP1A1/1A2 were significantly induced by cow milk-based formula, but not by human milk, in HepG2 cells. Luciferase reporter assay demonstrated that cow milk-based formula but not human milk activated aryl hydrocarbon receptor (AhR) significantly. The cotreatment of 3,4-dimethoxyflavone, an AhR antagonist, abolished the formula-induced CYP1A expression. In addition, AhR activation by dibenzo[a,h]anthracene, a potent AhR agonist, was significantly suppressed by infant formula and even more by human milk. In contrast, CYP3A4 mRNA expression was only mildly induced by formula and human milk. Consistently, neither formula nor human milk substantially activated pregnane X receptor (PXR). Effects of whey and soy protein-based formulas on the AhR-CYP1A and the PXR-CYP3A4 pathways were similar to those of cow milk-based formula. In conclusion, infant formula, but not human milk, enhances in vitro CYP1A expression via an AhR-mediated pathway, providing a potential mechanistic basis for the increased caffeine elimination in formula-fed infants.

Relative cost-effectiveness of an extensively hydrolyzed casein formula containing the probiotic Lactobacillus rhamnosus GG in managing infants with cow's milk allergy in Italy

Directory of Open Access Journals (Sweden)

Guest JF

2015-06-01

Full Text Available Julian F Guest,1,2 Monica Panca,1 Olga Ovcinnikova,1 Rita Nocerino3 1CATALYST Health Economics Consultants, Northwood, Middlesex, UK; 2Faculty of Life Sciences and Medicine, King's College, London, UK; 3Department of Translational Medical Science, Pediatric Section, University of Naples 'Federico II', Naples, Italy Objective: To estimate the cost-effectiveness of using an extensively hydrolyzed casein formula (eHCF containing the probiotic Lactobacillus rhamnosus GG, (eHCF + LGG; Nutramigen LGG as first-line management for cow's milk allergy (CMA compared with eHCF alone, soy-based formulae (SBF, hydrolyzed rice formulae (HRF, and amino acid formulae (AAF in Italy, from the perspective of the Italian National Health Service (INHS and parents. Methods: Decision modeling was used to estimate the probability of infants developing tolerance to cow's milk by 18 months, based on an observational study dataset. The model also estimated the cost (at 2012/2013 prices of health care resource use funded by the INHS and formulae paid for by parents over 18 months after starting a formula, as well as the relative cost-effectiveness of each of the formulae. Results: The probability of developing tolerance to cow's milk by 18 months was higher among infants with either IgE-mediated or non-IgE-mediated allergy who were fed eHCF + LGG compared to those fed one of the other formulae. The total health care cost of initially feeding infants with eHCF + LGG was less than that of feeding infants with one of the other formulae. Hence, eHCF + LGG affords the greatest value for money to both the INHS and parents of infants with either IgE-mediated or non-IgE-mediated CMA. Conclusion: Using eHCF + LGG instead of eHCF, SBF, HRF, or an AAF for first-line management of newly diagnosed infants with CMA in Italy affords a cost-effective use of publicly funded resources, and is cost-effective from the parents' perspective, since it improves outcome for less cost. A randomized

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.

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.

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)

Oil price and food price volatility dynamics: The case of Nigeria

Directory of Open Access Journals (Sweden)

Ijeoma C. Nwoko

2016-12-01

Full Text Available This study examines the long and short run relationships between oil price and food price volatility as well as the causal link between them. The study used annual food price volatility index from FAO from 2000 to 2013 and crude oil price from U.S. Energy Information and Administration (EIA from 2000 to 2013. The Johansen and Jesulius co-integration test revealed that there is a long run relationship between oil price and domestic food price volatility. The vector error correction model indicated a positive and significant short run relationship between oil price and food price volatility. The Granger causality test revealed a unidirectional causality with causality running from oil price to food price volatility but not vice versa. It is recommended that policies and interventions that will help reduce uncertainty about food prices such as improved market information, trade policies and investment in research and development among others should be encouraged. Also to reduce the effect of oil price shock, it is recommended that government should subsidise pump price of refined oil, seek alternative sources of energy and there should be less dependence on oil for fertilizer production.

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/...

Research on convergence of nuclear rotational spectra formula

International Nuclear Information System (INIS)

Chen Yongjing; Xu Fuxin

2001-01-01

The superdeformed bands in the A-190 region are systematically analyzed using four-parameter rotational spectra formula of Bohr-Mottelson's I(I + 1) expansion. The convergence of two-parameter ab formula is compared with that of three-parameter abc formula by four parameters A, B, C, D. The result shows that the four-parameter value relation does not support the theoretically expected values of ab and abc formulas, but comparatively the four-parameter value relation agrees with the theoretically expected value of ab formula better than that of abc formula

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.

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.

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)

48 CFR 216.203 - Fixed-price contracts with economic price adjustment.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Fixed-price contracts with economic price adjustment. 216.203 Section 216.203 Federal Acquisition Regulations System DEFENSE... CONTRACTS Fixed-Price Contracts 216.203 Fixed-price contracts with economic price adjustment. ...

NTP-CERHR monograph on Soy Infant Formula.

Science.gov (United States)

2010-09-01

Soy infant formula contains soy protein isolates and is fed to infants as a supplement to or replacement for human milk or cow milk. Soy protein isolates contains estrogenic isoflavones ("phytoestrogens") that occur naturally in some legumes, especially soybeans. Phytoestrogens are non-steroidal, estrogenic compounds. In plants, nearly all phytoestrogens are bound to sugar molecules and these phytoestrogen-sugar complexes are not generally considered hormonally active. Phytoestrogens are found in many food products in addition to soy infant formula, especially soy-based foods such as tofu, soy milk, and in some over-the-counter dietary supplements. Soy infant formula was selected for evaluation by the National Toxicology Program (NTP) because of the: (1)availability of large number of developmental toxicity studies in laboratory animals exposed to the isoflavones found in soy infant formula (namely, genistein) or other soy products, as well as a number of studies on human infants fed soy infant formula, (2)the availability of information on exposures in infants fed soy infant formula, and (3)public concern for effects on infant or child development. The NTP evaluation was conducted through its Center for the Evaluation of Risks to Human Reproduction (CERHR) and completed in September 2010. The results of this soy infant formula evaluation are published in an NTP Monograph. This document contains the NTP Brief on Soy Infant Formula, which presents NTP's opinion on the potential for exposure to soy infant formula to cause adverse developmental effects in humans. The NTP Monograph also contains an expert panel report prepared to assist the NTP in reaching conclusions on soy infant formula. The NTP concluded there is minimal concern for adverse effects on development in infants who consume soy infant formula. This level of concern represents a "2" on the five-level scale of concern used by the NTP that ranges from negligible concern ("1") to serious concern ("5"). This

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...

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...

48 CFR 3016.203 - Fixed price contracts with economic price adjustments.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Fixed price contracts with economic price adjustments. 3016.203 Section 3016.203 Federal Acquisition Regulations System DEPARTMENT OF... TYPES OF CONTRACTS Fixed-Price Contracts 3016.203 Fixed price contracts with economic price adjustments. ...

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

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...

Beyond the sticker price: including and excluding time in comparing food prices.

Science.gov (United States)

Yang, Yanliang; Davis, George C; Muth, Mary K

2015-07-01

An ongoing debate in the literature is how to measure the price of food. Most analyses have not considered the value of time in measuring the price of food. Whether or not the value of time is included in measuring the price of a food may have important implications for classifying foods based on their relative cost. The purpose of this article is to compare prices that exclude time (time-exclusive price) with prices that include time (time-inclusive price) for 2 types of home foods: home foods using basic ingredients (home recipes) vs. home foods using more processed ingredients (processed recipes). The time-inclusive and time-exclusive prices are compared to determine whether the time-exclusive prices in isolation may mislead in drawing inferences regarding the relative prices of foods. We calculated the time-exclusive price and time-inclusive price of 100 home recipes and 143 processed recipes and then categorized them into 5 standard food groups: grains, proteins, vegetables, fruit, and dairy. We then examined the relation between the time-exclusive prices and the time-inclusive prices and dietary recommendations. For any food group, the processed food time-inclusive price was always less than the home recipe time-inclusive price, even if the processed food's time-exclusive price was more expensive. Time-inclusive prices for home recipes were especially higher for the more time-intensive food groups, such as grains, vegetables, and fruit, which are generally underconsumed relative to the guidelines. Focusing only on the sticker price of a food and ignoring the time cost may lead to different conclusions about relative prices and policy recommendations than when the time cost is included. © 2015 American Society for Nutrition.

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.

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.

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.

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

OpenAIRE

Tanha, Hassan

2017-01-01

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

Production of [Formula: see text] and [Formula: see text] mesons up to high transverse momentum in pp collisions at 2.76 TeV.

Science.gov (United States)

Acharya, S; Adamová, D; Aggarwal, M M; Rinella, G Aglieri; Agnello, M; Agrawal, N; Ahammed, Z; Ahmad, N; Ahn, S U; Aiola, S; Akindinov, A; Alam, S N; Albuquerque, D S D; Aleksandrov, D; Alessandro, B; Alexandre, D; Molina, R Alfaro; Alici, A; Alkin, A; Alme, J; Alt, T; Altsybeev, I; Prado, C Alves Garcia; 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; Awes, T; 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; Camejo, A Batista; Batyunya, B; Batzing, P C; Bearden, I G; Beck, H; Bedda, C; Behera, N K; Belikov, I; Bellini, F; Martinez, H Bello; 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; Villar, E Calvo; Camerini, P; Capon, A A; Carena, F; Carena, W; Carnesecchi, F; Castellanos, J Castillo; Castro, A J; Casula, E A R; Sanchez, C Ceballos; Cerello, P; Chang, B; Chapeland, S; Chartier, M; Charvet, J L; Chattopadhyay, S; Chattopadhyay, S; Chauvin, A; Cherney, M; Cheshkov, C; Cheynis, B; Barroso, V Chibante; 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; Concas, M; Balbastre, G Conesa; Valle, Z Conesa Del; Connors, M E; Contreras, J G; Cormier, T M; Morales, Y Corrales; Maldonado, I Cortés; 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; Corchero, M A Diaz; Dietel, T; Dillenseger, P; Divià, R; Djuvsland, Ø; Dobrin, A; Gimenez, D Domenicis; 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; Faivre, J; Fantoni, A; Fasel, M; Feldkamp, L; Feliciello, A; Feofilov, G; Ferencei, J; Téllez, A Fernández; 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; Girard, M Fusco; Gaardhøje, J J; Gagliardi, M; Gago, A M; Gajdosova, K; Gallio, M; Galvan, C D; Ganoti, P; Gao, C; Garabatos, C; Garcia-Solis, E; Garg, K; Garg, P; Gargiulo, C; Gasik, P; Gauger, E F; Ducati, M B Gay; Germain, M; Ghosh, P; Ghosh, S K; Gianotti, P; Giubellino, P; Giubilato, P; Gladysz-Dziadus, E; Glässel, P; Coral, D M Goméz; Ramirez, A Gomez; 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; Corral, G Herrera; Herrmann, F; Hess, B A; Hetland, K F; Hillemanns, H; Hippolyte, B; Hladky, J; Hohlweger, B; Horak, D; Hornung, S; 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; Ivanov, M; Ivanov, V; Izucheev, V; Jacak, B; Jacazio, N; Jacobs, P M; Jadhav, M B; Jadlovska, S; Jadlovsky, J; Jaelani, S; Jahnke, C; Jakubowska, M J; Janik, M A; Jayarathna, P H S Y; Jena, C; Jena, S; Jercic, M; Bustamante, R T Jimenez; Jones, P G; Jusko, A; Kalinak, P; Kalweit, A; Kamin, J; Kang, J H; Kaplin, V; Kar, S; Uysal, A Karasu; Karavichev, O; Karavicheva, T; Karayan, L; Karpechev, E; Kebschull, U; Keidel, R; Keijdener, D L D; Keil, M; Ketzer, B; Khan, P; Khan, S A; Khanzadeev, A; Kharlov, Y; Khatun, A; Khuntia, A; Kielbowicz, M M; Kileng, B; Kim, D; Kim, D W; Kim, D J; 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; Meethaleveedu, G Koyithatta; 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; Fernandes, C Lagana; 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; Monzón, I León; 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; Torres, E López; 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; Cervantes, I Maldonado; 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; García, G Martínez; Pedreira, M Martinez; 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; Pérez, J Mercado; Meres, M; Mhlanga, S; Miake, Y; Mieskolainen, M M; Mihaylov, D L; Mikhaylov, K; Milano, L; Milosevic, J; Mischke, A; Mishra, A N; Miśkowiec, D; Mitra, J; Mitu, C M; Mohammadi, N; Mohanty, B; Khan, M Mohisin; Montes, E; De Godoy, D A Moreira; 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; Narayan, A; Naru, M U; da Luz, H Natal; Nattrass, C; Navarro, S R; Nayak, K; Nayak, R; Nayak, T K; Nazarenko, S; Nedosekin, A; De Oliveira, R A Negrao; 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; Da Silva, A C Oliveira; Oliver, M H; Onderwaater, J; Oppedisano, C; Orava, R; Oravec, M; Velasquez, A Ortiz; Oskarsson, A; Otwinowski, J; Oyama, K; Pachmayer, Y; Pacik, V; Pagano, D; Pagano, P; Paić, G; 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; Da Costa, H Pereira; Peresunko, D; Lezama, E Perez; 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; Oskoń, M Pł; 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; Cahuantzi, M Rodríguez; 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; Montero, A J Rubio; Rueda, O V; 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; Schuchmann, S; 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; Muñoz, G Tejeda; 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; Vyvre, P Vande; Varga, D; Vargas, A; Vargyas, M; Varma, R; Vasileiou, M; Vasiliev, A; Vauthier, A; Doce, O Vázquez; Vechernin, V; Veen, A M; Velure, A; Vercellin, E; Limón, S Vergara; Vernet, R; Vértesi, R; Vickovic, L; Vigolo, S; Viinikainen, J; Vilakazi, Z; Baillie, O Villalobos; Tello, A Villatoro; 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; 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 invariant differential cross sections for inclusive [Formula: see text] and [Formula: see text] mesons at midrapidity were measured in pp collisions at [Formula: see text] TeV for transverse momenta [Formula: see text] GeV/ c and [Formula: see text] GeV/ c , respectively, using the ALICE detector. This large range in [Formula: see text] was achieved by combining various analysis techniques and different triggers involving the electromagnetic calorimeter (EMCal). In particular, a new single-cluster, shower-shape based method was developed for the identification of high-[Formula: see text] neutral pions, which exploits that the showers originating from their decay photons overlap in the EMCal. Above 4 GeV/[Formula: see text], the measured cross sections are found to exhibit a similar power-law behavior with an exponent of about 6.3. Next-to-leading-order perturbative QCD calculations differ from the measured cross sections by about 30% for the [Formula: see text], and between 30-50% for the [Formula: see text] meson, while generator-level simulations with PYTHIA 8.2 describe the data to better than 10-30%, except at [Formula: see text] GeV/[Formula: see text]. The new data can therefore be used to further improve the theoretical description of [Formula: see text] and [Formula: see text] meson production.

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

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

Modelling the impact of oil prices on Vietnam's stock prices

International Nuclear Information System (INIS)

Narayan, Paresh Kumar; Narayan, Seema

2010-01-01

The goal of this paper is to model the impact of oil prices on Vietnam's stock prices. We use daily data for the period 2000-2008 and include the nominal exchange rate as an additional determinant of stock prices. We find that stock prices, oil prices and nominal exchange rates are cointegrated, and oil prices have a positive and statistically significant impact on stock prices. This result is inconsistent with theoretical expectations. The growth of the Vietnamese stock market was accompanied by rising oil prices. However, the boom of the stock market was marked by increasing foreign portfolio investment inflows which are estimated to have doubled from US$0.9 billion in 2005 to US$1.9 billion in 2006. There was also a change in preferences from holding foreign currencies and domestic bank deposits to stocks local market participants, and there was a rise in leveraged investment in stock as well as investments on behalf of relatives living abroad. It seems that the impact of these internal and domestic factors were more dominant than the oil price rise on the Vietnamese stock market. (author)

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....

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.

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.)

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...

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...

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…

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...

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

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

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....

Testing causal relationships between wholesale electricity prices and primary energy prices

International Nuclear Information System (INIS)

Nakajima, Tadahiro; Hamori, Shigeyuki

2013-01-01

We apply the lag-augmented vector autoregression technique to test the Granger-causal relationships among wholesale electricity prices, natural gas prices, and crude oil prices. In addition, by adopting a cross-correlation function approach, we test not only the causality in mean but also the causality in variance between the variables. The results of tests using both techniques show that gas prices Granger-cause electricity prices in mean. We find no Granger-causality in variance among these variables. -- Highlights: •We test the Granger-causality among wholesale electricity and primary energy prices. •We test not only the causality in mean but also the causality in variance. •The results show that gas prices Granger-cause electricity prices in mean. •We find no Granger-causality in variance among these variables

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

Consumer food choices: the role of price and pricing strategies.

Science.gov (United States)

Steenhuis, Ingrid H M; Waterlander, Wilma E; de Mul, Anika

2011-12-01

To study differences in the role of price and value in food choice between low-income and higher-income consumers and to study the perception of consumers about pricing strategies that are of relevance during grocery shopping. A cross-sectional study was conducted using structured, written questionnaires. Food choice motives as well as price perceptions and opinion on pricing strategies were measured. The study was carried out in point-of-purchase settings, i.e. supermarkets, fast-food restaurants and sports canteens. Adults (n 159) visiting a point-of-purchase setting were included. Price is an important factor in food choice, especially for low-income consumers. Low-income consumers were significantly more conscious of value and price than higher-income consumers. The most attractive strategies, according to the consumers, were discounting healthy food more often and applying a lower VAT (Value Added Tax) rate on healthy food. Low-income consumers differ in their preferences for pricing strategies. Since price is more important for low-income consumers we recommend mainly focusing on their preferences and needs.

An electricity price model with consideration to load and gas price effects.

Science.gov (United States)

Huang, Min-xiang; Tao, Xiao-hu; Han, Zhen-xiang

2003-01-01

Some characteristics of the electricity load and prices are studied, and the relationship between electricity prices and gas (fuel) prices is analyzed in this paper. Because electricity prices are strongly dependent on load and gas prices, the authors constructed a model for electricity prices based on the effects of these two factors; and used the Geometric Mean Reversion Brownian Motion (GMRBM) model to describe the electricity load process, and a Geometric Brownian Motion(GBM) model to describe the gas prices; deduced the price stochastic process model based on the above load model and gas price model. This paper also presents methods for parameters estimation, and proposes some methods to solve the model.

27 CFR 24.303 - Formula wine record.

Science.gov (United States)

2010-04-01

... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Formula wine record. 24..., DEPARTMENT OF THE TREASURY LIQUORS WINE Records and Reports § 24.303 Formula wine record. A proprietor who produces beverage formula wine shall maintain records showing by transaction date the details of production...

Tiered co-payments, pricing, and demand in reference price markets for pharmaceuticals.

Science.gov (United States)

Herr, Annika; Suppliet, Moritz

2017-12-01

Health insurance companies curb price-insensitive behavior and the moral hazard of insureds by means of cost-sharing, such as tiered co-payments or reference pricing in drug markets. This paper evaluates the effect of price limits - below which drugs are exempt from co-payments - on prices and on demand. First, using a difference-in-differences estimation strategy, we find that the new policy decreases prices by 5 percent for generics and increases prices by 4 percent for brand-name drugs in the German reference price market. Second, estimating a nested-logit demand model, we show that consumers appreciate co-payment exempt drugs and calculate lower price elasticities for brand-name drugs than for generics. This explains the different price responses of brand-name and generic drugs and shows that price-related co-payment tiers are an effective tool to steer demand to low-priced drugs. Copyright © 2017 Elsevier B.V. All rights reserved.

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…

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

OpenAIRE

Ekström, Erik; Hobson, David

2009-01-01

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

KOREKSI BIAS BETA SAHAM DI BURSA EFEK INDONESIA PERIODE 2009-2012

Directory of Open Access Journals (Sweden)

Indah Saptorini

2016-04-01

Full Text Available This  study  aims  to  determine  whether  the  beta  value  of  shares  listed  on  the Indonesia Stock Exchange (BEI is a bias beta due to nonsynchronous trading activities.  There  are  310  companies  listed  on  the  Stock  Exchange  2009-2012 period  sampled  in  this  study.  The  bias  needs  to  be  corrected.  From  three methods employed : the Scholes and Williams (1977, the Dimson (1979, and the Fowler and Rorke (1983. Results of the analysis conclude that the shares on the Stock Exchange has a bias beta caused by not having a securities trading for  some  time.  This  resulted  in  the  calculation  of  IHSG  the  period  of  t  was biased because it uses the closing price of the period t-1.  In  this  study  bias  beta  correction  method  Scholes  and  Williams  (1977,  both one lag one lead and two lag two lead are better than the bias beta correction method Dimson (1979 and the bias beta correction method Fowler and Rorke (1983 because the value of beta Scholes and Williams after corrected close to one. Keywords : Nonsynchronous tradings, thin tradings, bias

Time series analysis applied to construct US natural gas price functions for groups of states

Energy Technology Data Exchange (ETDEWEB)

Kalashnikov, V.V. [Departamento de Ingenieria Industrial y de Sistemas, Tecnologico de Monterrey, Av. Eugenio Garza Sada 2501 Sur, Col. Tecnologico, Monterrey, Nuevo Leon, 64849 (Mexico); Matis, T.I. [Deparment of Industrial Engineering, Texas Tech University, 2500 Broadway, Lubbock, TX 79409 (United States); Perez-Valdes, G.A. [Departamento de Ingenieria Industrial y de Sistemas, Tecnologico de Monterrey, Av. Eugenio Garza Sada 2501 Sur, Col. Tecnologico, Monterrey, Nuevo Leon, 64849 (Mexico); Deparment of Industrial Engineering, Texas Tech University, 2500 Broadway, Lubbock, TX 79409 (United States)

2010-07-15

The study of natural gas markets took a considerably new direction after the liberalization of the natural gas markets during the early 1990s. As a result, several problems and research opportunities arose for those studying the natural gas supply chain, particularly the marketing operations. Consequently, various studies have been undertaken about the econometrics of natural gas. Several models have been developed and used for different purposes, from descriptive analysis to practical applications such as price and consumption forecasting. In this work, we address the problem of finding a pooled regression formula relating the monthly figures of price and consumption volumes for each state of the United States during the last twenty years. The model thus obtained is used as the basis for the development of two methods aimed at classifying the states into groups sharing a similar price/consumption relationship: a dendrogram application, and an heuristic algorithm. The details and further applications of these grouping techniques are discussed, along with the ultimate purpose of using this pooled regression model to validate data employed in the stochastic optimization problem studied by the authors. (author)

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.…

REASONS AND CONSEQUENCES OF THE WORLD AGRICULTURAL MARKET BAD PRICE DYNAMICS THREATS

Directory of Open Access Journals (Sweden)

K. Grodzievskaya

2013-11-01

Full Text Available This article is about main threats of the bad price dynamics on the world agricultural market for agriculture producers. Scientific point of view on the risks is considered. Mostly theoretical point of view allows understanding how deep and wide scientists could research this problem. Author considers reasons of this menaces and ways out, how to avoid or estimate the rate of undesirable consequences for agriculture producers and agriculture price conjuncture. Researcher distinguishes several main reasons of the agriculture threats among them: production, finance, inflation and conjuncture fluctuation. In this article readers can find new ideas for governmental way to operate risky and low informative level situations in agricultural sphere. Researchers can use structural approach of the risk identification due to the scheme of risks realization reasons. Also few formulas provided for cybernetic way to research this problem. Scientist proposes ways for neutralization threats, among them are: adaptation, insurance, spends minimization, etc. Author analyzes Ukrainian agricultural tendencies in the last decades and draws a conclusion for socio-economic trend in witch modern world economy moves.

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

Directory of Open Access Journals (Sweden)

H. Raouf Sheybani

2016-09-01

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

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.

Value-based differential pricing: efficient prices for drugs in a global context.

Science.gov (United States)

Danzon, Patricia; Towse, Adrian; Mestre-Ferrandiz, Jorge

2015-03-01

This paper analyzes pharmaceutical pricing between and within countries to achieve second-best static and dynamic efficiency. We distinguish countries with and without universal insurance, because insurance undermines patients' price sensitivity, potentially leading to prices above second-best efficient levels. In countries with universal insurance, if each payer unilaterally sets an incremental cost-effectiveness ratio (ICER) threshold based on its citizens' willingness-to-pay for health; manufacturers price to that ICER threshold; and payers limit reimbursement to patients for whom a drug is cost-effective at that price and ICER, then the resulting price levels and use within each country and price differentials across countries are roughly consistent with second-best static and dynamic efficiency. These value-based prices are expected to differ cross-nationally with per capita income and be broadly consistent with Ramsey optimal prices. Countries without comprehensive insurance avoid its distorting effects on prices but also lack financial protection and affordability for the poor. Improving pricing efficiency in these self-pay countries includes improving regulation and consumer information about product quality and enabling firms to price discriminate within and between countries. © 2013 The Authors. Health Economics published by John Wiley & Sons Ltd.

Lectures on the Arthur-Selberg trace formula

CERN Document Server

Gelbart, Stephen

1996-01-01

The Arthur-Selberg trace formula is an equality between two kinds of traces: the geometric terms given by the conjugacy classes of a group and the spectral terms given by the induced representations. In general, these terms require a truncation in order to converge, which leads to an equality of truncated kernels. The formulas are difficult in general and even the case of GL(2) is nontrivial. The book gives proof of Arthur's trace formula of the 1970s and 1980s, with special attention given to GL(2). The problem is that when the truncated terms converge, they are also shown to be polynomial in the truncation variable and expressed as "weighted" orbital and "weighted" characters. In some important cases the trace formula takes on a simple form over G. The author gives some examples of this, and also some examples of Jacquet's relative trace formula. This work offers for the first time a simultaneous treatment of a general group with the case of GL(2). It also treats the trace formula with the example of Jacque...

Nuclear mass formulas and its application for astrophysics

International Nuclear Information System (INIS)

Koura, Hiroyuki

2003-01-01

Some nuclear mass formulae are reviewed and applied for the calculation of the rapid neutron-capture-process (r-process) nucleosynthesis. A new mass formula composed of the gross term, the even-odd term, and the shell term is also presented. The new mass formula is a revised version of the spherical basis mass formula published in 2001, that is, the even-odd term is treated more carefully, and a considerable improvement is brought about. The root-mean-square deviation of the new formula from experimental masses is 641 keV for Z ≥ 8 and N ≥ 8. Properties on systematic of the neutron-separation energy is compared with some mass formulas. The calculated abundances of the r-process from different mass formulae are compared with use of a simple reaction model, and the relation between the calculated abundances and the corresponding masses are discussed. Furthermore, fission barriers for the superheavy and neutron-rich nuclei are also applied for the endpoint of the r-process. (author)

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...

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

Modeling the relationship between the oil price and global food prices

International Nuclear Information System (INIS)

Chen, Sheng-Tung; Kuo, Hsiao-I; Chen, Chi-Chung

2010-01-01

The growth of corn-based ethanol production and soybean-based bio-diesel production following the increase in the oil prices have significantly affect the world agricultural grain productions and its prices. The main purpose of this paper is to investigate the relationships between the crude oil price and the global grain prices for corn, soybean, and wheat. The empirical results show that the change in each grain price is significantly influenced by the changes in the crude oil price and other grain prices during the period extending from the 3rd week in 2005 to the 20th week in 2008 which implies that grain commodities are competing with the derived demand for bio-fuels by using soybean or corn to produce ethanol or bio-diesel during the period of higher crude oil prices in these recent years. The subsidy policies in relation to the bio-fuel industries in some nations engaging in bio-fuel production should be considered to avoid the consequences resulting from high oil prices. (author)

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

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.

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.

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...

Psychological Prices and Price Rigidity in Grocery Retailing: Analysis of German Scanner Data

OpenAIRE

Herrmann, Roland; Moeser, Anke

2005-01-01

A substantial degree of price rigidity has been reported for branded foods in various studies with scanner data. One possible explanation for price rigidity is the existence of psychological pricing points. We analyze to which extent psychological pricing plays a role in grocery retailing and whether it contributes to price rigidity of branded foods in Germany. Psychological pricing defined here as just-below-the-round-figure-pricing is empirically analyzed with scanner data of weekly prices ...

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. .

48 CFR 5416.203 - Fixed-price contracts with economic price adjustment.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Fixed-price contracts with economic price adjustment. 5416.203 Section 5416.203 Federal Acquisition Regulations System DEFENSE LOGISTICS AGENCY, DEPARTMENT OF DEFENSE TYPES OF CONTRACTS Fixed Price Contracts 5416.203 Fixed-price...

The Earnings/Price Risk Factor in Capital Asset Pricing Models

Directory of Open Access Journals (Sweden)

Rafael Falcão Noda

2015-01-01

Full Text Available This article integrates the ideas from two major lines of research on cost of equity and asset pricing: multi-factor models and ex ante accounting models. The earnings/price ratio is used as a proxy for the ex ante cost of equity, in order to explain realized returns of Brazilian companies within the period from 1995 to 2013. The initial finding was that stocks with high (low earnings/price ratios have higher (lower risk-adjusted realized returns, already controlled by the capital asset pricing model's beta. The results show that selecting stocks based on high earnings/price ratios has led to significantly higher risk-adjusted returns in the Brazilian market, with average abnormal returns close to 1.3% per month. We design asset pricing models including an earnings/price risk factor, i.e. high earnings minus low earnings, based on the Fama and French three-factor model. We conclude that such a risk factor is significant to explain returns on portfolios, even when controlled by size and market/book ratios. Models including the high earnings minus low earnings risk factor were better to explain stock returns in Brazil when compared to the capital asset pricing model and to the Fama and French three-factor model, having the lowest number of significant intercepts. These findings may be due to the impact of historically high inflation rates, which reduce the information content of book values, thus making the models based on earnings/price ratios better than those based on market/book ratios. Such results are different from those obtained in more developed markets and the superiority of the earnings/price ratio for asset pricing may also exist in other emerging markets.

Computational methods in the pricing and risk management of modern financial derivatives

Science.gov (United States)

Deutsch, Hans-Peter

1999-09-01

In the last 20 years modern finance has developed into a complex mathematically challenging field. Very complicated risks exist in financial markets which need very advanced methods to measure and/or model them. The financial instruments invented by the market participants to trade these risk, the so called derivatives are usually even more complicated than the risks themselves and also sometimes generate new riks. Topics like random walks, stochastic differential equations, martingale measures, time series analysis, implied correlations, etc. are of common use in the field. This is why more and more people with a science background, such as physicists, mathematicians, or computer scientists, are entering the field of finance. The measurement and management of all theses risks is the key to the continuing success of banks. This talk gives insight into today's common methods of modern market risk management such as variance-covariance, historical simulation, Monte Carlo, “Greek” ratios, etc., including the statistical concepts on which they are based. Derivatives are at the same time the main reason for and the most effective means of conducting risk management. As such, they stand at the beginning and end of risk management. The valuation of derivatives and structured financial instruments is therefore the prerequisite, the condition sine qua non, for all risk management. This talk introduces some of the important valuation methods used in modern derivatives pricing such as present value, Black-Scholes, binomial trees, Monte Carlo, etc. In summary this talk highlights an area outside physics where there is a lot of interesting work to do, especially for physicists. Or as one of our consultants said: The fascinating thing about this job is that Arthur Andersen hired me not ALTHOUGH I am a physicist but BECAUSE I am a physicist.

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.)

48 CFR 16.203 - Fixed-price contracts with economic price adjustment.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Fixed-price contracts with economic price adjustment. 16.203 Section 16.203 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 16.203 Fixed-price...

Potential impacts of electricity price changes on price formation in the economy: a social accounting matrix price modeling analysis for Turkey

International Nuclear Information System (INIS)

Akkemik, K. Ali

2011-01-01

Recent reforms in the Turkish electricity sector since 2001 aim to introduce a tariff system that reflects costs. This is expected to affect the production and consumer prices of electricity. The changes in electricity prices are then reflected in production costs in other segments of the economy. Subsequently, producer and consumer prices will be affected. The potential impact of the changes in electricity prices that the ongoing electricity reforms in Turkey will bring about may have important implications on the price formation in economic activities and the cost of living for households. This paper evaluates the potential impacts of changes in electricity prices from a social accounting matrix (SAM) price modeling perspective. It is found that based on the estimated price multipliers that prices in the energy-producing sectors, mining, and iron and steel manufacturing sectors would be affected more severely than the remaining sectors of the economy. Consumer prices are affected slightly less than producer prices. - Research Highlights: → The impact of electricity generation costs on prices in other sectors is modeled. → A micro-SAM emphasizing electricity supply is constructed using 2002 I-O tables. → Energy, mining, and steel sectors are more responsive to electricity costs. → Living costs are less responsive to electricity cost changes than producer prices.

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

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.

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.

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. .

Transfer Pricing

DEFF Research Database (Denmark)

Rohde, Carsten; Rossing, Christian Plesner