Implied Volatility of Interest Rate Options: An Empirical Investigation of the Market Model

DEFF Research Database (Denmark)

Christiansen, Charlotte; Hansen, Charlotte Strunk

2002-01-01

We analyze the empirical properties of the volatility implied in options on the 13-week US Treasury bill rate. These options have not been studied previously. It is shown that a European style put option on the interest rate is equivalent to a call option on a zero-coupon bond. We apply the LIBOR...

The New Option Offense for Winning Basketball.

Science.gov (United States)

Walker, A. L.; Donohue, Jack

This reference book for basketball coaches provides a total program of both offensive and defensive strategies and tactics. The emphasis is upon an innovative offensive system with an accompanying defensive plan. The initial chapters deal with the installation of the three series of the New Option Offensive: "Red,""White," and "Blue." A drills…

Energy options for residential buildings assessment

International Nuclear Information System (INIS)

Rezaie, Behnaz; Dincer, Ibrahim; Esmailzadeh, Ebrahim

2013-01-01

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

77 FR 43881 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Granting...

Science.gov (United States)

2012-07-26

... multiplier will be $100. The minimum tick size for series trading below $3 will be 0.05 ($5.00) and above $3... to list in-, at- and out-of-the- money strike prices (where the ``at-the-money'' strike price is 100... and the exercise price of the option, multiplied by the contract multiplier ($100). SPBAS options will...

Capturing Option Anomalies with a Variance-Dependent Pricing Kernel

DEFF Research Database (Denmark)

Christoffersen, Peter; Heston, Steven; Jacobs, Kris

2013-01-01

We develop a GARCH option model with a new pricing kernel allowing for a variance premium. While the pricing kernel is monotonic in the stock return and in variance, its projection onto the stock return is nonmonotonic. A negative variance premium makes it U shaped. We present new semiparametric...... evidence to confirm this U-shaped relationship between the risk-neutral and physical probability densities. The new pricing kernel substantially improves our ability to reconcile the time-series properties of stock returns with the cross-section of option prices. It provides a unified explanation...... for the implied volatility puzzle, the overreaction of long-term options to changes in short-term variance, and the fat tails of the risk-neutral return distribution relative to the physical distribution....

Euro Membership as a Real Option Trigger

DEFF Research Database (Denmark)

Aabo, Tom; Pantzalis, Christos

2007-01-01

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

Nonreconstruction Options for Treating Medial Ulnar Collateral Ligament Injuries of the Elbow in Overhead Athletes.

Science.gov (United States)

Clark, Nicholas J; Desai, Vishal S; Dines, Joshua D; Morrey, Mark E; Camp, Christopher L

2018-03-01

This review aims to describe the nonreconstructive options for treating ulnar collateral ligament (UCL) injuries ranging from nonoperative measures, including physical therapy and biologic injections, to ligament repair with and without augmentation. Nonoperative options for UCL injuries include guided physical therapy and biologic augmentation with platelet-rich plasma (PRP). In some patients, repair of the UCL has shown promising return to sport rates by using modern suture and suture anchor techniques. Proximal avulsion injuries have shown the best results after repair. Currently, there is growing interest in augmentation of UCL repair with an internal brace. The treatment of UCL injuries involves complex decision making. UCL reconstruction remains the gold standard for attritional injuries and complete tears, which occur commonly in professional athletes. However, nonreconstructive options have shown promising results for simple avulsion or partial thickness UCL injuries. Future research comparing reconstructive versus nonreconstructive options is necessary.

Options for accounting carbon sequestration in German forests

Science.gov (United States)

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

2009-01-01

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

Chapter 13, Policy options: North America

Science.gov (United States)

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

2012-01-01

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

78 FR 59998 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate...

Science.gov (United States)

2013-09-30

...-Laws. The change will apply only to series of option contracts opened for trading after the effective...-monthly expiration contracts are currently traded with business day expiration dates. These include FLEX... business day of their expiration (i.e., for Friday expirations), or, in the case of an option contract...

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

Estimation of petroleum assets: contribution of the options theory

International Nuclear Information System (INIS)

Chesney, M.

1999-01-01

With the development of data on real options, the theoretical and practical research on projects estimation has advanced considerably. The analogy between investment advisabilities and options allow to take into account the flexibility which is inherent in any project as well as the choices which are available to investors. The advantages of this approach are shown in this paper. An example of application in the field of petroleum industry is given. (O.M.)

Fourier Series Optimization Opportunity

Science.gov (United States)

Winkel, Brian

2008-01-01

This note discusses the introduction of Fourier series as an immediate application of optimization of a function of more than one variable. Specifically, it is shown how the study of Fourier series can be motivated to enrich a multivariable calculus class. This is done through discovery learning and use of technology wherein students build the…

78 FR 47809 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of...

Science.gov (United States)

2013-08-06

... $200 the maximum strike price for which the strike price interval for series of XSP options may be $1. The Exchange also proposed to lower from $5 to $1 the minimum strike price interval for LEAPS and... capacity to handle any potential additional traffic associated with trading of P.M.-settled XSP options...

76 FR 27110 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Science.gov (United States)

2011-05-10

... significant number of series being out-of-the-money. For example, a market participant might have a long... option contract with a 100 share multiplier). Because the temporary procedures allow trading below $0.01 per share (or $1.00 per option contract with a 100 share multiplier), the procedures are available for...

REAL OPTIONS ANALYSIS – ASSESSMENT METHOD OF INVESTMENT PROJECTS IN GREEN ENERGY

Directory of Open Access Journals (Sweden)

MAFTEI DANIEL

2014-10-01

Full Text Available This article highlights the importance of real options as a evaluation method of investment in green energy. Article consider several theoretical and practical approaches, the analysis based on real options by many authors who have theorized and used this method. Each approach provides a operationalisation through a steps series of specific evaluation. This paper highlights the different views: academics, financiers, managers and facilitates the access to an accurate evaluation decisions of projects.

76 FR 76788 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Science.gov (United States)

2011-12-08

... being out-of-the- money. For example, a market participant might have a long position in a call series....01 per share (or $1.00 per option contract with a 100 share multiplier). Because the temporary procedures allow trading below $0.01 per share (or $1.00 per option contract with a 100 share multiplier...

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

Science.gov (United States)

2010-10-01

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

Mars Earth Return Vehicle (MERV) Propulsion Options

Science.gov (United States)

Oleson, Steven R.; McGuire, Melissa L.; Burke, Laura; Fincannon, James; Warner, Joe; Williams, Glenn; Parkey, Thomas; Colozza, Tony; Fittje, Jim; Martini, Mike;

InSAR Deformation Time Series Processed On-Demand in the Cloud

Science.gov (United States)

Horn, W. B.; Weeden, R.; Dimarchi, H.; Arko, S. A.; Hogenson, K.

2017-12-01

During this past year, ASF has developed a cloud-based on-demand processing system known as HyP3 (http://hyp3.asf.alaska.edu/), the Hybrid Pluggable Processing Pipeline, for Synthetic Aperture Radar (SAR) data. The system makes it easy for a user who doesn't have the time or inclination to install and use complex SAR processing software to leverage SAR data in their research or operations. One such processing algorithm is generation of a deformation time series product, which is a series of images representing ground displacements over time, which can be computed using a time series of interferometric SAR (InSAR) products. The set of software tools necessary to generate this useful product are difficult to install, configure, and use. Moreover, for a long time series with many images, the processing of just the interferograms can take days. Principally built by three undergraduate students at the ASF DAAC, the deformation time series processing relies the new Amazon Batch service, which enables processing of jobs with complex interconnected dependencies in a straightforward and efficient manner. In the case of generating a deformation time series product from a stack of single-look complex SAR images, the system uses Batch to serialize the up-front processing, interferogram generation, optional tropospheric correction, and deformation time series generation. The most time consuming portion is the interferogram generation, because even for a fairly small stack of images many interferograms need to be processed. By using AWS Batch, the interferograms are all generated in parallel; the entire process completes in hours rather than days. Additionally, the individual interferograms are saved in Amazon's cloud storage, so that when new data is acquired in the stack, an updated time series product can be generated with minimal addiitonal processing. This presentation will focus on the development techniques and enabling technologies that were used in developing the time

Payout phase in DC pension funds – policy option - Theoretical considerations and Albanian available options

Directory of Open Access Journals (Sweden)

Enkeleda Shehi

2015-11-01

Full Text Available The aim of this paper is to provide a brief overview of the third pillar of pensions in Albania and what are the different alternatives related to the payout. Referring to the actual development of this market in Albania, experience of the actors involved, I find it indispensable and necessary to provide some theoretical background and considerations, and then build up a simple model of projection of a pension scheme cost and a model for payout alternatives for the Albanian pension funds. A great deal of importance is shown towards posing the assumptions. Also, the paper gives an explanation about the differences among different payout options and suggests the best option for the existing pension funds in Albania. The best option represents my conclusion and recommendation for the actual third pillar of pensions and the others that might join latter. To sum up, the first conclusion of the paper is that the annuity option is the best alternative for the payout phase of the pensions. It has the advantage of providing the highest protection against the risk of longevity. The second conclusion is that based on other countries experiences, the annuity market have to be developed hand in hand with the pension system development. Therefore Albania should rely on and follow this experience.

Quantum finance Hamiltonian for coupon bond European and barrier options.

Science.gov (United States)

Baaquie, Belal E

2008-03-01

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

Achalasia: Treatment Options Revisited

Directory of Open Access Journals (Sweden)

Willemijntje A Hoogerwerf

2000-01-01

Full Text Available The aim of all current forms of treatment of achalasia is to enable the patient to eat without disabling symptoms such as dysphagia, regurgitation, coughing or choking. Historically, this has been accomplished by mechanical disruption of the lower esophageal sphincter fibres, either by means of pneumatic dilation (PD or by open surgical myotomy. The addition of laparoscopic myotomy and botulinum toxin (BTX injection to the therapeutic armamentarium has triggered a recent series of reviews to determine the optimal therapeutic approach. Both PD and BTX have excellent short term (less than three months efficacy in the majority of patients. New data have been published that suggest that PD and BTX (with repeat injections can potentially obtain long term efficacy. PD is still considered the first-line treatment by most physicians; its main disadvantage is risk of perforation. BTX injection is evolving as an excellent, safe option for patients who are considered high risk for more invasive procedures. Laparoscopic myotomy with combined antireflux surgery is an increasingly attractive option in younger patients with achalasia, but long term follow-up studies are required to establish its efficacy and the potential for reflux-related sequelae.

Bayesian Option Pricing Framework with Stochastic Volatility for FX Data

Directory of Open Access Journals (Sweden)

Ying Wang

2016-12-01

Full Text Available The application of stochastic volatility (SV models in the option pricing literature usually assumes that the market has sufficient option data to calibrate the model’s risk-neutral parameters. When option data are insufficient or unavailable, market practitioners must estimate the model from the historical returns of the underlying asset and then transform the resulting model into its risk-neutral equivalent. However, the likelihood function of an SV model can only be expressed in a high-dimensional integration, which makes the estimation a highly challenging task. The Bayesian approach has been the classical way to estimate SV models under the data-generating (physical probability measure, but the transformation from the estimated physical dynamic into its risk-neutral counterpart has not been addressed. Inspired by the generalized autoregressive conditional heteroskedasticity (GARCH option pricing approach by Duan in 1995, we propose an SV model that enables us to simultaneously and conveniently perform Bayesian inference and transformation into risk-neutral dynamics. Our model relaxes the normality assumption on innovations of both return and volatility processes, and our empirical study shows that the estimated option prices generate realistic implied volatility smile shapes. In addition, the volatility premium is almost flat across strike prices, so adding a few option data to the historical time series of the underlying asset can greatly improve the estimation of option prices.

Contract Design: Financial Options and Risk.

Science.gov (United States)

Mühlbacher, Axel C; Amelung, Volker E; Juhnke, Christin

2018-01-12

(panel) into account. The first two articles of this series on contract design have shown that complete contracts in healthcare are unrealistic. Healthcare reimbursement contracts are incomplete contracts with a high degree of uncertainty. In incomplete contracts specific contractual regulations are not made for any eventuality. For this reason it is important that the parties agree on the prevention of endogenous risks (asymmetric information after the conclusion of the contract) and on the procedure in the case of unforeseen circumstances (the risks of random, parameter risk and change risks to the healthcare program).

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

Directory of Open Access Journals (Sweden)

Ariful Hoque

2013-06-01

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

Energy exotic options

International Nuclear Information System (INIS)

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

1999-01-01

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

Nail Psoriasis: A Review of Treatment Options.

Science.gov (United States)

Pasch, Marcel C

2016-04-01

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

Explaining choice option attractiveness by beliefs elicited by the laddering method

DEFF Research Database (Denmark)

Grunert, Klaus G.; Bech-Larsen, Tino

2005-01-01

option. The laddering method is used to elicit beliefs of all three types for a choice between conventional and organic pork. As a benchmark, beliefs were also elicited in the traditional way advocated by Ajzen and Fishbein. Using both sets of beliefs in a subsequent survey, it was shown that the beliefs...... elicited by the laddering method increase explanatory power with regard to choice option attractiveness beyond the beliefs elicited by the Ajzen and Fishbein method, and that this additional explanatory power was due to those beliefs which relate the choice option to concepts with a higher level...

Algorithms for Calculating Alternating Infinite Series

International Nuclear Information System (INIS)

Garcia, Hector Luna; Garcia, Luz Maria

2015-01-01

This paper are presented novel algorithms for exact limits of a broad class of infinite alternating series. Many of these series are found in physics and other branches of science and their exact values found for us are in complete agreement with the values obtained by other authors. Finally, these simple methods are very powerful in calculating the limits of many series as shown by the examples

Control Variates for Monte Carlo Valuation of American Options

DEFF Research Database (Denmark)

Rasmussen, Nicki S.

2005-01-01

This paper considers two applications of control variates to the Monte Carlo valuation of American options. The main contribution of the paper lies in the particular choice of a control variate for American or Bermudan options. It is shown that for any martingale process used as a control variate...... technique is used for improving the least-squares Monte Carlo (LSM) approach for determining exercise strategies. The suggestions made allow for more efficient estimation of the continuation value, used in determining the strategy. An additional suggestion is made in order to improve the stability...

Elements of nonlinear time series analysis and forecasting

CERN Document Server

De Gooijer, Jan G

2017-01-01

This book provides an overview of the current state-of-the-art of nonlinear time series analysis, richly illustrated with examples, pseudocode algorithms and real-world applications. Avoiding a “theorem-proof” format, it shows concrete applications on a variety of empirical time series. The book can be used in graduate courses in nonlinear time series and at the same time also includes interesting material for more advanced readers. Though it is largely self-contained, readers require an understanding of basic linear time series concepts, Markov chains and Monte Carlo simulation methods. The book covers time-domain and frequency-domain methods for the analysis of both univariate and multivariate (vector) time series. It makes a clear distinction between parametric models on the one hand, and semi- and nonparametric models/methods on the other. This offers the reader the option of concentrating exclusively on one of these nonlinear time series analysis methods. To make the book as user friendly as possible...

Is photodynamic therapy a relevant therapeutic option in refractory benign familial pemphigus (Hailey-Hailey disease)? A series of eight patients.

Science.gov (United States)

Alsahli, Maha; Debu, Anca; Girard, Celine; Bessis, Didier; Du Thanh, Aurélie; Guillot, Bernard; Dereure, Olivier

2017-11-01

Treatment of benign familial pemphigus or Hailey-Hailey disease (HHD), a rare inherited condition associated with a significant impairment of quality of life, is often challenging and disappointing with frequent relapses and infectious complications. Topical photodynamic therapy (PDT) may offer new perspectives in this difficult setting. Eight patients with long-lasting HHD lesions refractory to multiple treatments were treated on at least one involved site with PDT using methyl-amino levulinate with a standardized protocol of three sessions of irradiation separated by 3-week intervals. A complete or partial clearing was achieved in all treated areas, and the result was satisfactorily maintained in all cases after a follow-up period ranging from 3 to 36 months. Results were of higher quality in non-inguinal areas. Tolerance was overall acceptable with local pain during and shortly after irradiation being the main limiting factor. Our series, although limited in size, emphasizes the interest of PDT in this difficult condition even though results may be incomplete. Treatment-related pain can be adequately managed by prior analgesics, cooling with sprayed water and local tumescent anesthesia. Overall, PDT appears as a relevant option in refractory HHD management with a favorable benefit/risk ratio.

Declassification, an actual operating materials management option in Cofrentes

International Nuclear Information System (INIS)

Garcia-Bermejo, R.; Diego compadre, J. L. de; Lopez Alvarez, L.; Analya Lazaro, M.

2014-01-01

Methods and procedures developed for declassification feature a series of methodological options and innovative technology, including the systematic use of the spatial random variable named index of Residual activity, level specific factors for declassification determined empirically for each unit of characterization and contrasts of hypothesis not parametric which are used in the demonstration of compliance of the levels of declassification Decision rules authorized by the CSN. (Author)

20 CFR 416.2035 - Optional supplementation: Additional State options.

Science.gov (United States)

2010-04-01

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

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

Science.gov (United States)

Xu, Eric R; Kralik, Jerald D

2014-01-01

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

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

Science.gov (United States)

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

2016-01-01

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

Robust Forecasting of Non-Stationary Time Series

NARCIS (Netherlands)

Croux, C.; Fried, R.; Gijbels, I.; Mahieu, K.

2010-01-01

This paper proposes a robust forecasting method for non-stationary time series. The time series is modelled using non-parametric heteroscedastic regression, and fitted by a localized MM-estimator, combining high robustness and large efficiency. The proposed method is shown to produce reliable

Valuation of European Call Option via Inverse Fourier Transform

Directory of Open Access Journals (Sweden)

Rubenis Oskars

2017-12-01

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

The Risk Premia Embedded in Index Options

DEFF Research Database (Denmark)

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

We study the dynamic relation between market risks and risk premia using time series of index option surfaces. We find that priced left tail risk cannot be spanned by market volatility (and its components) and introduce a new tail factor. This tail factor has no incremental predictive power...... for future volatility and jump risks, beyond current and past volatility, but it critical in predicting future market equity and variance risk premia. Our findings suggest a wide wedge between the dynamics of market risks and their compensation, with the latter typically displaying a far more persistent...

The Risk Premia Embedded in Index Options

DEFF Research Database (Denmark)

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

We study the dynamic relation between market risks and risk premia using time series of index option surfaces. We find that priced left tail risk cannot be spanned by market volatility (and its components) and introduce a new tail factor. This tail factor has no incremental predictive power...... for future volatility and jump risks, beyond current and past volatility, but is critical in predicting future market equity and variance risk premia. Our findings suggest a wide wedge between the dynamics of market risks and their compensation, with the latter typically displaying a far more persistent...

Binary Options as a Modern Fenomenon of Financial Business

Directory of Open Access Journals (Sweden)

Kolková Andrea

2016-06-01

Full Text Available Binary options are a new instrument of the financial market. The aim of this paper is to analyze the use of binary options with trading and to illustrate this on the practical example of trades based on Bollinger bands indicator. Currency pair EUR/USD and 6912 time series values of this instrument will be put to analysis. The contribution will be evaluated 8 strategies based on Bollinger Bands. There will be used a backtesting method. From the results follows the most trades could have been realized with the use of Bollinger bands with a double deviation. This strategy, however, also showed the greatest percentage of failed trades. On the contrary the fewest transactions could have been carried out with Bollinger bands with a triple deviation and the MACD filter.

Progressive Supranuclear Palsy and Corticobasal Degeneration: Pathophysiology and Treatment Options

OpenAIRE

Lamb, Ruth; Rohrer, Jonathan D.; Lees, Andrew J.; Morris, Huw R.

2016-01-01

Opinion statement There are currently no disease-modifying treatments for progressive supranuclear palsy (PSP) or corticobasal degeneration (CBD), and no approved pharmacological or therapeutic treatments that are effective in controlling their symptoms. The use of most pharmacological treatment options are based on experience in other disorders or from non-randomized historical controls, case series, or expert opinion. Levodopa may provide some improvement in symptoms of Parkinsonism (specif...

Progressive Supranuclear Palsy and Corticobasal Degeneration: Pathophysiology and Treatment Options

OpenAIRE

Lamb, R.; Rohrer, J. D.; Lees, A. J.; Morris, H. R.

2016-01-01

There are currently no disease-modifying treatments for progressive supranuclear palsy (PSP) or corticobasal degeneration (CBD), and no approved pharmacological or therapeutic treatments that are effective in controlling their symptoms. The use of most pharmacological treatment options are based on experience in other disorders or from non-randomized historical controls, case series, or expert opinion. Levodopa may provide some improvement in symptoms of Parkinsonism (specifically bradykinesi...

Have You Considered Accounting? Opportunities for Women Are Expanding. Career Options Series for Undergraduate Women.

Science.gov (United States)

Rowes, Barbara

This booklet is part of a set of self-guidance publications prepared by Catalyst, a national nonprofit organization. It is written specifically for undergraduate women to help them bring their aspirations into focus, develop realistic career goals and plan for career options in fields which, at the managerial and professional levels, have been…

Balance-of-plant options for the Heat-Pipe Power System

International Nuclear Information System (INIS)

Berte, M.; Capell, B.

1997-09-01

The Heat-Pipe Power System (HPS) is a near-term, low-cost space fission power system with the potential for utilizing various option for balance-of-plant options. The following options have been studied: a low-power thermoelectric design (14-kWe output), a small Brayton cycle system (60--75 kWe), and a large Brayton cycle system (250 kWe). These systems were analyzed on a preliminary basis, including mass, volume, and structure calculations. These analyses have shown that the HPS system can provide power outputs from 10--250 kWe with specific powers of ∼ 14 W/kg for a 14-kWe model to ∼ 100 W/kg for a 250-kWe model. The system designs considered in this study utilize a common component base to permit easy expansion and development

The value of millisecond expiry options in spot foreign exchange markets

Directory of Open Access Journals (Sweden)

John Stevenson

2016-12-01

Full Text Available The spot foreign exchange marketplaces are split into two types by their respective trading rules: markets with conventional resting orders versus markets with resting that orders that include optionality. This optionality is owned by the counterparty who placed the resting order and provides the option to refuse the aggressive order matched against the resting order. This paper describes and contrasts these two types of markets. A valuation method for these very short expiry options on the later marketplace is proposed. Appropriate historical volatility metrics are defined and applied for these uniquely short expiry timescales. These historical volatility and valuation methods are used to describe some historical intraday periods, and are applied to various trading scenarios. Unique behaviors driven by the value of these options are highlighted. The benefits and risks of trading on these markets are described in light of this valuation approach. The effects of various addition constraints on the liquidity providers for these optionality matching marketplaces are introduced. Through judicious timing of order placement and appropriate constraints on the behaviors of the liquidity providers on these markets, the result is shown to be tighter spreads, greater breath and depth of liquidity, and the high fill ratios than the more conventional non-optionality matching markets.

The differential option in LWR-WIMS

International Nuclear Information System (INIS)

Halsall, M.J.

1979-04-01

In an LWRWIMS calculation of a fuel assembly, the user normally designates several fuel pins as being of the same type. If these pins are physically identical, and similarly situated with respect to poisons and water gaps this seems a reasonable thing to do. However, unless the pins so designated are symmetrically placed within the assembly they will in practice burn up at different rates so that at any given irradiation they will have different isotopic compositions and macroscopic cross sections. The simple option in LWRWIMS assumes that all pins designated to be of a certain type deplete at an appropriate average rate and therefore have equal cross sections at all irradiations. The original differential option which attempted to compensate for this approximation has been shown to have serious defects and a new method has been developed to replace it. The new differential option in LWRWIMS, in which each pin is depleted independently at a rate determined by the local flux and spectrum, is a significant improvement on the old method. It is conceptually simpler and therefore less prone to failure, it is particularly suited to calculating isotopic spatial distributions and it costs no more in computing time. (U.K.)

Exotic Options: a Chooser Option and its Pricing

Directory of Open Access Journals (Sweden)

Raimonda Martinkutė-Kaulienė

2012-12-01

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

Risk preference, option pricing and portfolio hedging with proportional transaction costs

International Nuclear Information System (INIS)

Wang, Xiao-Tian; Li, Zhe; Zhuang, Le

2017-01-01

Highlights: • Scaling is a key factor in option pricing. • The model is theoretically analyzed and the results are new. • Some numerical examples are performed. • The implied-volatility-frown is affected by the risk preference and scaling. - Abstract: This paper is concerned in the option pricing and portfolio hedging in a discrete time case with the proportional transaction costs. Through the Monte Carlo simulations it has been shown that the fractal scaling and risk preference of traders have an important influence on the hedging performances in both option pricing and portfolio hedging in a discrete time case. In addition, the relation between preference of traders and implied volatility frown is discussed. We conclude that the risk preferences of traders play an important role in determining the shape of the implied-volatility-frown and the different options having the different hedging frequencies is another reason for the implied volatility frown.

Deliberating emission reduction options

Energy Technology Data Exchange (ETDEWEB)

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

2012-06-15

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

Deliberating emission reduction options

Energy Technology Data Exchange (ETDEWEB)

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

2012-06-15

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

Power options: the Massachusetts nonprofit energy purchasers consortium

International Nuclear Information System (INIS)

Hayes, J.

1999-01-01

A series of overhead viewgraphs described some of the topics that were discussed at this workshop. A corporate review of the Massachusetts Health and Educational Facilities Authority (HEFA) was presented. HEFA was formed in 1968 to provide cost savings in electric bills to health, education, cultural and other non profit organizations. The methods that HEFA uses to achieve this goal is to provide energy services with either fixed prices or with two-year or five-year options. Since their creation HEFA has a total of 100 signed natural gas contracts and 300 signed electricity contracts

Australian Asian Options

OpenAIRE

Manuel Moreno; Javier F. Navas

2003-01-01

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

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

Directory of Open Access Journals (Sweden)

Nicoleta Vintila

2007-07-01

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

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

OpenAIRE

Tim Collier

2005-01-01

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

On equivalence of high temperature series expansion and coupling parameter series expansion in thermodynamic perturbation theory of fluids

International Nuclear Information System (INIS)

Sai Venkata Ramana, A.

2014-01-01

The coupling parameter series expansion and the high temperature series expansion in the thermodynamic perturbation theory of fluids are shown to be equivalent if the interaction potential is pairwise additive. As a consequence, for the class of fluids with the potential having a hardcore repulsion, if the hard-sphere fluid is chosen as reference system, the terms of coupling parameter series expansion for radial distribution function, direct correlation function, and Helmholtz free energy follow a scaling law with temperature. The scaling law is confirmed by application to square-well fluids

76 FR 12775 - Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing of a Proposed...

Science.gov (United States)

2011-03-08

... contract would use a $100 multiplier, and the minimum trading increment would be $0.05 for options trading... trading that could be attributable to expiring in-the-money series. The data would include a comparison of...

CROSAT: A digital computer program for statistical-spectral analysis of two discrete time series

International Nuclear Information System (INIS)

Antonopoulos Domis, M.

1978-03-01

The program CROSAT computes directly from two discrete time series auto- and cross-spectra, transfer and coherence functions, using a Fast Fourier Transform subroutine. Statistical analysis of the time series is optional. While of general use the program is constructed to be immediately compatible with the ICL 4-70 and H316 computers at AEE Winfrith, and perhaps with minor modifications, with any other hardware system. (author)

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.

Treatment options for renal cell carcinoma in renal allografts: a case series from a single institution.

Science.gov (United States)

Swords, Darden C; Al-Geizawi, Samer M; Farney, Alan C; Rogers, Jeffrey; Burkart, John M; Assimos, Dean G; Stratta, Robert J

2013-01-01

Renal cell carcinoma (RCC) is more common in renal transplant and dialysis patients than the general population. However, RCC in transplanted kidneys is rare, and treatment has previously consisted of nephrectomy with a return to dialysis. There has been recent interest in nephron-sparing procedures as a treatment option for RCC in allograft kidneys in an effort to retain allograft function. Four patients with RCC in allograft kidneys were treated with nephrectomy, partial nephrectomy, or radiofrequency ablation. All of the patients are without evidence of recurrence of RCC after treatment. We found nephron-sparing procedures to be reasonable initial options in managing incidental RCCs diagnosed in functioning allografts to maintain an improved quality of life and avoid immediate dialysis compared with radical nephrectomy of a functioning allograft. However, in non-functioning renal allografts, radical nephrectomy may allow for a higher chance of cure without the loss of transplant function. Consequently, radical nephrectomy should be utilized whenever the allograft is non-functioning and the patient's surgical risk is not prohibitive. © 2013 John Wiley & Sons A/S.

78 FR 41161 - Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of Advance...

Science.gov (United States)

2013-07-09

... behavior is included in the econometric models underlying STANS, time series of proportional changes in... makers with affirmative duties to create liquidity by standing ready to buy and sell OTC Options in... of OTC derivatives dealers; (ii) incorporating, into the set of risk factors whose behavior is...

ACCOUNTING FOR OPTIONS AND ANALYSIS OF USE OF OPTION COMBINATION STRATEGIES

Directory of Open Access Journals (Sweden)

I. Derun

2016-08-01

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

Group theoretical basis of some identities for the generalized hypergeometric series

International Nuclear Information System (INIS)

Beyer, W.A.; Louck, J.D.; Stein, P.R.

1987-01-01

It is shown that Thomae's identity between two 3 F 2 hypergeometric series of unit argument together with the trivial invariance under separate permutations of numerator and denominator parameters implies that the symmetric group S 5 is an invariance group of this series. A similar result is proved for the terminating Saalschuetzian 4 F 3 series, where S 6 is shown to be the invariance group of this series (or S 5 if one parameter is eliminated by using the Saalschuetz condition). Here Bailey's identity is realized as a permutation of appropriately defined parameters. Finally, the set of three-term relations between 3 F 2 series of unit argument discovered by Thomae [J. Thomae, J. Reine Angew. Math. 87, 26 (1879)] and systematized by Whipple [F. J. Whipple, Proc. London Math. Soc. 23, 104 (1925)] is shown to be transformed into itself under the action of the group S 6 x Λ, where Λ is a two-element group. The 12 left cosets of S 6 x Λ with respect to the invariance group S 5 are the structural elements underlying the three-term relations. The symbol manipulator macsyma was used to obtain preliminary results

Rehabilitation Options

Science.gov (United States)

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

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

CERN Document Server

Mostafa, Fahed; Chang, Elizabeth

2017-01-01

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

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

Science.gov (United States)

2010-01-01

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

Burnable poison option for DUPIC fuel

International Nuclear Information System (INIS)

Choi, Hang Bok; Cupta, H. P.

1996-08-01

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

All of the above: When multiple correct response options enhance the testing effect.

Science.gov (United States)

Bishara, Anthony J; Lanzo, Lauren A

2015-01-01

Previous research has shown that multiple choice tests often improve memory retention. However, the presence of incorrect lures often attenuates this memory benefit. The current research examined the effects of "all of the above" (AOTA) options. When such options are correct, no incorrect lures are present. In the first three experiments, a correct AOTA option on an initial test led to a larger memory benefit than no test and standard multiple choice test conditions. The benefits of a correct AOTA option occurred even without feedback on the initial test; for both 5-minute and 48-hour retention delays; and for both cued recall and multiple choice final test formats. In the final experiment, an AOTA question led to better memory retention than did a control condition that had identical timing and exposure to response options. However, the benefits relative to this control condition were similar regardless of the type of multiple choice test (AOTA or not). Results suggest that retrieval contributes to multiple choice testing effects. However, the extra testing effect from a correct AOTA option, rather than being due to more retrieval, might be due simply to more exposure to correct information.

Graphical Data Analysis on the Circle: Wrap-Around Time Series Plots for (Interrupted) Time Series Designs.

Science.gov (United States)

Rodgers, Joseph Lee; Beasley, William Howard; Schuelke, Matthew

2014-01-01

Many data structures, particularly time series data, are naturally seasonal, cyclical, or otherwise circular. Past graphical methods for time series have focused on linear plots. In this article, we move graphical analysis onto the circle. We focus on 2 particular methods, one old and one new. Rose diagrams are circular histograms and can be produced in several different forms using the RRose software system. In addition, we propose, develop, illustrate, and provide software support for a new circular graphical method, called Wrap-Around Time Series Plots (WATS Plots), which is a graphical method useful to support time series analyses in general but in particular in relation to interrupted time series designs. We illustrate the use of WATS Plots with an interrupted time series design evaluating the effect of the Oklahoma City bombing on birthrates in Oklahoma County during the 10 years surrounding the bombing of the Murrah Building in Oklahoma City. We compare WATS Plots with linear time series representations and overlay them with smoothing and error bands. Each method is shown to have advantages in relation to the other; in our example, the WATS Plots more clearly show the existence and effect size of the fertility differential.

The Amnesiac Lookback Option: Selectively Monitored Lookback Options and Cryptocurrencies

Directory of Open Access Journals (Sweden)

Ho-Chun Herbert Chang

2018-05-01

Full Text Available This study proposes a strategy to make the lookback option cheaper and more practical, and suggests the use of its properties to reduce risk exposure in cryptocurrency markets through blockchain enforced smart contracts and correct for informational inefficiencies surrounding prices and volatility. This paper generalizes partial, discretely-monitored lookback options that dilute premiums by selecting a subset of specified periods to determine payoff, which we call amnesiac lookback options. Prior literature on discretely-monitored lookback options considers the number of periods and assumes equidistant lookback periods in pricing partial lookback options. This study by contrast considers random sampling of lookback periods and compares resulting payoff of the call, put and spread options under floating and fixed strikes. Amnesiac lookbacks are priced with Monte Carlo simulations of Gaussian random walks under equidistant and random periods. Results are compared to analytic and binomial pricing models for the same derivatives. Simulations show diminishing marginal increases to the fair price as the number of selected periods is increased. The returns correspond to a Hill curve whose parameters are set by interest rate and volatility. We demonstrate over-pricing under equidistant monitoring assumptions with error increasing as the lookback periods decrease. An example of a direct implication for event trading is when shock is forecasted but its timing uncertain, equidistant sampling produces a lower error on the true maximum than random choice. We conclude that the instrument provides an ideal space for investors to balance their risk, and as a prime candidate to hedge extreme volatility. We discuss the application of the amnesiac lookback option and path-dependent options to cryptocurrencies and blockchain commodities in the context of smart contracts.

Stochastic arbitrage return and its implication for option pricing

Science.gov (United States)

Fedotov, Sergei; Panayides, Stephanos

2005-01-01

The purpose of this work is to explore the role that random arbitrage opportunities play in pricing financial derivatives. We use a non-equilibrium model to set up a stochastic portfolio, and for the random arbitrage return, we choose a stationary ergodic random process rapidly varying in time. We exploit the fact that option price and random arbitrage returns change on different time scales which allows us to develop an asymptotic pricing theory involving the central limit theorem for random processes. We restrict ourselves to finding pricing bands for options rather than exact prices. The resulting pricing bands are shown to be independent of the detailed statistical characteristics of the arbitrage return. We find that the volatility “smile” can also be explained in terms of random arbitrage opportunities.

77 FR 35095 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Science.gov (United States)

2012-06-12

... being out-of-the-money. For example, a market participant might have a long position in a call series... multiplier). Because the temporary procedures allow trading below $0.01 per share (or $1.00 per option contract with a 100 share multiplier), the procedures are available for all classes, including those...

78 FR 77532 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Science.gov (United States)

2013-12-23

... conditions which may result in a significant number of series being out-of-the-money. For example, a market... multiplier). Because the temporary procedures allow trading below $0.01 per share (or $1.00 per option contract with a 100 share multiplier), the procedures are available for all classes, including those...

78 FR 65402 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of...

Science.gov (United States)

2013-10-31

... consistent with the past practice of introducing volatility index futures prior to volatility index options... series, or vice versa, as indicated on the electronic book, as well as expected opening prices and sizes...), other than spread or contingency orders, would be eligible to be placed on the electronic book for the...

Principle of natural and artificial radioactive series equivalency

International Nuclear Information System (INIS)

Vasilyeva, A.N.; Starkov, O.V.

2001-01-01

In the present paper one approach used under development of radioactive waste management conception is under consideration. This approach is based on the principle of natural and artificial radioactive series radiotoxic equivalency. The radioactivity of natural and artificial radioactive series has been calculated for 10 9 - years period. The toxicity evaluation for natural and artificial series has also been made. The correlation between natural radioactive series and their predecessors - actinides produced in thermal and fast reactors - has been considered. It has been shown that systematized reactor series data had great scientific significance and the principle of differential calculation of radiotoxicity was necessary to realize long-lived radioactive waste and uranium and thorium ore radiotoxicity equivalency conception. The calculations show that the execution of equivalency principle is possible for uranium series (4n+2, 4n+1). It is a problem for thorium. series. This principle is impracticable for neptunium series. (author)

Online, Interactive Option Grid Patient Decision Aids and their Effect on User Preferences.

Science.gov (United States)

Scalia, Peter; Durand, Marie-Anne; Kremer, Jan; Faber, Marjan; Elwyn, Glyn

2018-01-01

Randomized trials have shown that patient decision aids can modify users' preferred healthcare options, but research has yet to identify the attributes embedded in these tools that cause preferences to shift. The aim of this study was to investigate people's preferences as they used decision aids for 5 health decisions and, for each of the following: 1) determine if using the interactive Option Grid led to a pre-post shift in preferences; 2) determine which frequently asked questions (FAQs) led to preference shifts; 3) determine the FAQs that were rated as the most important as users compared options. Interactive Option Grid decision aids enable users to view attributes of available treatment or screening options, rate their importance, and specify their preferred options before and after decision aid use. The McNemar-Bowker paired test was used to compare stated pre-post preferences. Multinomial logistic regressions were conducted to investigate possible associations between covariates and preference shifts. Overall, 626 users completed the 5 most-used tools: 1) Amniocentesis test: yes or no? ( n = 73); 2) Angina: treatment options ( n = 88); 3) Breast cancer: surgical options ( n = 265); 4) Prostate Specific Antigen (PSA) test: yes or no? ( n = 82); 5) Statins for heart disease risk: yes or no? ( n = 118). The breast cancer, PSA, and statins Option Grid decision aids generated significant preference shifts. Generally, users shifted their preference when presented with the description of the available treatment options, and the risk associated with each option. The use of decision aids for some, but not all health decisions, was accompanied by a shift in user preferences. Users typically valued information associated with risks, and chose more risk averse options after completing the interactive tool.

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

Directory of Open Access Journals (Sweden)

Salvador Cruz Rambaud

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

Implied Stopping Rules for American Basket Options from Markovian Projection

KAUST Repository

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

2017-01-01

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

Uranium Resource Availability Analysis of Four Nuclear Fuel Cycle Options

International Nuclear Information System (INIS)

Youn, S. R.; Lee, S. H.; Jeong, M. S.; Kim, S. K.; Ko, W. I.

2013-01-01

Making the national policy regarding nuclear fuel cycle option, the policy should be established in ways that nuclear power generation can be maintained through the evaluation on the basis of the following aspects. To establish the national policy regarding nuclear fuel cycle option, that must begin with identification of a fuel cycle option that can be best suited for the country, and the evaluation work for that should be proceeded. Like all the policy decision, however, a certain nuclear fuel cycle option cannot be superior in all aspects of sustain ability, environment-friendliness, proliferation-resistance, economics, technologies, which make the comparison of the fuel cycle options very complicated. For such a purpose, this paper set up four different fuel cycle of nuclear power generation considering 2nd Comprehensive Nuclear Energy Promotion Plan(CNEPP), and analyzed material flow and features in steady state of all four of the fuel cycle options. As a result of an analysis on material flow of each nuclear fuel cycle, it was analyzed that Pyro-SFR recycling is most effective on U resource availability among four fuel cycle option. As shown in Figure 3, OT cycle required the most amount of U and Pyro-SFR recycle consumed the least amount of U. DUPIC recycling, PWR-MOX recycling, and Pyro-SFR recycling fuel cycle appeared to consumed 8.2%, 12.4%, 39.6% decreased amount of uranium respectively compared to OT cycle. Considering spent fuel can be recycled as potential energy resources, U and TRU taken up to be 96% is efficiently used. That is, application period of limited uranium natural resources can be extended, and it brings a great influence on stable use of nuclear energy

Implied Stopping Rules for American Basket Options from Markovian Projection

KAUST Repository

Bayer, Christian

2017-05-01

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

77 FR 57171 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of...

Science.gov (United States)

2012-09-17

... series, the size of the COA-eligible order and any contingencies, but not the side of the market... current market), size, complex order type, and complex order origin type (i.e. non-broker-dealer public customer, broker- dealers that are not Market-Makers or specialists on an options exchange, and/or Market...

Teen Addiction. Current Controversies Series.

Science.gov (United States)

Winters, Paul A., Ed.

The Current Controversies series explores social, political, and economic controversies that dominate the national and international scenes today from a variety of perspectives. Recent surveys have shown that, after years of decline, drug use among teenagers has increased during the 1990s, and that alcohol and tobacco use have remained…

Traffic Light Options

DEFF Research Database (Denmark)

Jørgensen, Peter Løchte

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

Traffic Light Options

DEFF Research Database (Denmark)

Jørgensen, Peter Løchte

2007-01-01

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

Robust Forecasting of Non-Stationary Time Series

OpenAIRE

Croux, C.; Fried, R.; Gijbels, I.; Mahieu, K.

2010-01-01

This paper proposes a robust forecasting method for non-stationary time series. The time series is modelled using non-parametric heteroscedastic regression, and fitted by a localized MM-estimator, combining high robustness and large efficiency. The proposed method is shown to produce reliable forecasts in the presence of outliers, non-linearity, and heteroscedasticity. In the absence of outliers, the forecasts are only slightly less precise than those based on a localized Least Squares estima...

The origins of options.

Science.gov (United States)

Smaldino, Paul E; Richerson, Peter J

2012-01-01

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

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

Science.gov (United States)

2010-07-01

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

Option price calibration from Renyi entropy

International Nuclear Information System (INIS)

Brody, Dorje C.; Buckley, Ian R.C.; Constantinou, Irene C.

2007-01-01

The calibration of the risk-neutral density function for the future asset price, based on the maximisation of the entropy measure of Renyi, is proposed. Whilst the conventional approach based on the use of logarithmic entropy measure fails to produce the observed power-law distribution when calibrated against option prices, the approach outlined here is shown to produce the desired form of the distribution. Procedures for the maximisation of the Renyi entropy under constraints are outlined in detail, and a number of interesting properties of the resulting power-law distributions are also derived. The result is applied to efficiently evaluate prices of path-independent derivatives

Jumps and stochastic volatility in oil prices: Time series evidence

International Nuclear Information System (INIS)

Larsson, Karl; Nossman, Marcus

2011-01-01

In this paper we examine the empirical performance of affine jump diffusion models with stochastic volatility in a time series study of crude oil prices. We compare four different models and estimate them using the Markov Chain Monte Carlo method. The support for a stochastic volatility model including jumps in both prices and volatility is strong and the model clearly outperforms the others in terms of a superior fit to data. Our estimation method allows us to obtain a detailed study of oil prices during two periods of extreme market stress included in our sample; the Gulf war and the recent financial crisis. We also address the economic significance of model choice in two option pricing applications. The implied volatilities generated by the different estimated models are compared and we price a real option to develop an oil field. Our findings indicate that model choice can have a material effect on the option values.

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.

Palliative Care Options for a Young Adult Patient with a Diffuse Intrinsic Pontine Glioma.

Science.gov (United States)

Sison, Julian; Tran, Hung; Margol, Ashley; Tiwari, Nishant; Garcia, Karla M; Cotter, Jennifer; Kiehna, Erin; Olch, Arthur J; Wong, Kenneth

2017-08-18

Diffuse intrinsic pontine gliomas (DIPGs) are rare but devastating brain tumors that occur primarily in children. These gliomas have poor prognoses and present options focus on palliation of symptoms and prolongation of life. Here, we present a case of a 16-year-old female diagnosed with a DIPG whose age group has been mostly left out of discussions regarding psychosocial support options. This report is meant to start a conversation about the different support options available at our institution that have shown promising results in the literature for palliative care applications. These options can include camps for patients with brain tumors, psychological counseling, the Ronald McDonald House, and other psychosocial programs. Many of these programs can be tailored to meet the specific needs of adolescent and young adult (AYA) patients and will hopefully be integrated into a comprehensive palliative care regimen in future studies.

78 FR 39424 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Science.gov (United States)

2013-07-01

... significant number of series being out-of-the-money. For example, a market participant might have a long... increment as low as $0.01 per share (or $1.00 per option contract with a 100 share multiplier). Because the... multiplier), the procedures are available for all classes, including those classes participating in the Penny...

75 FR 31828 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Science.gov (United States)

2010-06-04

... of series being out-of-the-money. For example, a market participant might have a long position in a... increment as low as $0.01 per share (or $1.00 per option contract with a 100 share multiplier). Because the... multiplier), the procedures are available for all classes, including those classes participating in the Penny...

78 FR 40539 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Science.gov (United States)

2013-07-05

... significant number of series being out-of-the-money. For example, a market participant might have a long... increment as low as $0.01 per share (or $1.00 per option contract with a 100 share multiplier). Because the... multiplier), the procedures are available for all classes, including those classes participating in the Penny...

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.

Het televisieprogramma "Familie Oudenrijn" II : evaluatie van de tweede serie van acht afleveringen.

NARCIS (Netherlands)

Wittink, R.D.

1988-01-01

In April /May 1988 the second series of the TV program Oudenrijn was shown. The series has the aim to stimulate road users to improve their behaviour. It is hoped that the series will act as a medium for countermeasures. An evaluation of the series was made with respect to the number of viewers and

Treatment Options for Retinoblastoma

Science.gov (United States)

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

Polish Toxic Currency Options

Directory of Open Access Journals (Sweden)

Waldemar Gontarski

2009-06-01

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

Sustainability Features of Nuclear Fuel Cycle Options

Directory of Open Access Journals (Sweden)

Stefano Passerini

2012-09-01

Full Text Available The nuclear fuel cycle is the series of stages that nuclear fuel materials go through in a cradle to grave framework. The Once Through Cycle (OTC is the current fuel cycle implemented in the United States; in which an appropriate form of the fuel is irradiated through a nuclear reactor only once before it is disposed of as waste. The discharged fuel contains materials that can be suitable for use as fuel. Thus, different types of fuel recycling technologies may be introduced in order to more fully utilize the energy potential of the fuel, or reduce the environmental impacts and proliferation concerns about the discarded fuel materials. Nuclear fuel cycle systems analysis is applied in this paper to attain a better understanding of the strengths and weaknesses of fuel cycle alternatives. Through the use of the nuclear fuel cycle analysis code CAFCA (Code for Advanced Fuel Cycle Analysis, the impact of a number of recycling technologies and the associated fuel cycle options is explored in the context of the U.S. energy scenario over 100 years. Particular focus is given to the quantification of Uranium utilization, the amount of Transuranic Material (TRU generated and the economics of the different options compared to the base-line case, the OTC option. It is concluded that LWRs and the OTC are likely to dominate the nuclear energy supply system for the period considered due to limitations on availability of TRU to initiate recycling technologies. While the introduction of U-235 initiated fast reactors can accelerate their penetration of the nuclear energy system, their higher capital cost may lead to continued preference for the LWR-OTC cycle.

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

Science.gov (United States)

Yoshihara, Hiroyuki

2014-07-01

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

TANK SPACE OPTIONS REPORT

International Nuclear Information System (INIS)

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

2009-01-01

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

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

OpenAIRE

El Aoud , Sofiene

2015-01-01

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

Treatment options for hepatocellular carcinoma.

Science.gov (United States)

Sandhu, Dalbir S; Tharayil, Vivek S; Lai, Jin-Ping; Roberts, Lewis R

2008-02-01

Hepatocellular carcinoma (HCC) is frequently diagnosed at advanced stages and has a high mortality rate. With improved survival of patients with cirrhotic liver disease and increased prevalence of chronic hepatitis C viral infections, a rise in the number of HCC cases is being reported worldwide. Early diagnosis and treatment can significantly improve the prognosis of patients with HCC. Although surgical resection is an important potentially curative therapy for liver tumors, in appropriately selected patients, liver transplantation has been shown to achieve excellent survival rates for a solid tumor. Locally ablative and locoregional therapies in the form of percutaneous ethanol injection, radiofrequency ablation, transcatheter arterial chemoembolization and transcatheter arterial radioembolization (TheraSphere) are viable options in patients with unresectable HCC. Unfortunately, the role of systemic therapy has been very limited in the treatment of these patients. Novel treatment options based on an improved understanding of the molecular pathogenesis of HCC are being explored. These targeted molecular therapies are aimed at growth factors and their receptors, intracellular signal transduction and cell cycle control. A substantial improvement in outcomes of intermediate and advanced stage HCC is expected with the advent of these targeted therapies, used in combination with surgical or locoregional therapies. Recent positive results from a large Phase III study of the receptor tyrosine kinase inhibitor, sorafenib, hold great promise in the treatment of HCC.

Comparison of High Performance Network Options: EDR InfiniBand vs.100Gb RDMA Capable Ethernet

Energy Technology Data Exchange (ETDEWEB)

Kachelmeier, Luke Anthony [Los Alamos National Lab. (LANL), Los Alamos, NM (United States); Univ. of New Mexico, Albuquerque, NM (United States); Van Wig, Faith Virginia [Los Alamos National Lab. (LANL), Los Alamos, NM (United States); Missouri Univ. of Science and Technology, Rolla, MO (United States); Erickson, Kari Natania [Los Alamos National Lab. (LANL), Los Alamos, NM (United States); New Mexico Inst. of Mining and Technology, Socorro, NM (United States)

2016-08-08

These are the slides for a presentation at the HPC Mini Showcase. This is a comparison of two different high performance network options: EDR InfiniBand and 100Gb RDMA capable ethernet. The conclusion of this comparison is the following: there is good potential, as shown with the direct results; 100Gb technology is too new and not standardized, thus deployment effort is complex for both options; different companies are not necessarily compatible; if you want 100Gb/s, you must get it all from one place.

Environmental Issues in the Power Sector : Long-Term Impacts and Policy Options for Karnataka

OpenAIRE

World Bank

2004-01-01

This study of the long-term environmental impacts and policy options for power sector development in Karnataka, is one of a series undertaken by the Bank, in cooperation with the Government of India and state governments. It is a follow-up to the broader study Environmental Issues in the Power Sector (EIPS) (ESMAP/World Bank 1998), and the general methodology developed for EIPS, is used fo...

Analysis of historical series of industrial demand of energy; Analisi delle serie storiche dei consumi energetici dell`industria

Energy Technology Data Exchange (ETDEWEB)

Moauro, F. [ENEA, Centro Ricerche Casaccia, Rome (Italy). Dip. Energia

1995-03-01

This paper reports a short term analysis of the Italian demand for energy fonts and a check of a statistic model supposing the industrial demand for energy fonts as a function of prices and production, according to neoclassic neoclassic micro economic theory. To this pourpose monthly time series of industrial consumption of main energy fonts in 6 sectors, industrial production indexes in the same sectors and indexes of energy prices (coal, natural gas, oil products, electricity) have been used. The statistic methodology refers to modern analysis of time series and specifically to transfer function models. These ones permit rigorous identification and representation of the most important dynamic relations between dependent variables (production and prices), as relation of an input-output system. The results have shown an important positive correlation between energy consumption with prices. Furthermore, it has been shown the reliability of forecasts and their use as monthly energy indicators.

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

Directory of Open Access Journals (Sweden)

Salvador Cruz Rambaud

2016-01-01

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

Forecasting with Option-Implied Information

DEFF Research Database (Denmark)

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

2013-01-01

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

Trend time-series modeling and forecasting with neural networks.

Science.gov (United States)

Qi, Min; Zhang, G Peter

2008-05-01

Despite its great importance, there has been no general consensus on how to model the trends in time-series data. Compared to traditional approaches, neural networks (NNs) have shown some promise in time-series forecasting. This paper investigates how to best model trend time series using NNs. Four different strategies (raw data, raw data with time index, detrending, and differencing) are used to model various trend patterns (linear, nonlinear, deterministic, stochastic, and breaking trend). We find that with NNs differencing often gives meritorious results regardless of the underlying data generating processes (DGPs). This finding is also confirmed by the real gross national product (GNP) series.

Options Study - Phase II

Energy Technology Data Exchange (ETDEWEB)

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

2010-09-01

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

Efficient Trajectory Options Allocation for the Collaborative Trajectory Options Program

Science.gov (United States)

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

2017-01-01

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

Early Option Exercise

DEFF Research Database (Denmark)

Heje Pedersen, Lasse; Jensen, Mads Vestergaard

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

Early Option Exercise

DEFF Research Database (Denmark)

Jensen, Mads Vestergaard; Heje Pedersen, Lasse

2016-01-01

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

Glenohumeral Joint Preservation: A Review of Management Options for Young, Active Patients with Osteoarthritis

Directory of Open Access Journals (Sweden)

Olivier A. van der Meijden

2012-01-01

Full Text Available The management of osteoarthritis of the shoulder in young, active patients is a challenge, and the optimal treatment has yet to be completely established. Many of these patients wish to maintain a high level of activity, and arthroplasty may not be a practical treatment option. It is these patients who may be excellent candidates for joint-preservation procedures in an effort to avoid or delay joint replacement. Several palliative and restorative techniques are currently optional. Joint debridement has shown good results and a combination of arthroscopic debridement with a capsular release, humeral osteoplasty, and transcapsular axillary nerve decompression seems promising when humeral osteophytes are present. Currently, microfracture seems the most studied reparative treatment modality available. Other techniques, such as autologous chondrocyte implantation and osteochondral transfers, have reportedly shown potential but are currently mainly still investigational procedures. This paper gives an overview of the currently available joint preserving surgical techniques for glenohumeral osteoarthritis.

Multiscale Poincaré plots for visualizing the structure of heartbeat time series.

Science.gov (United States)

Henriques, Teresa S; Mariani, Sara; Burykin, Anton; Rodrigues, Filipa; Silva, Tiago F; Goldberger, Ary L

2016-02-09

Poincaré delay maps are widely used in the analysis of cardiac interbeat interval (RR) dynamics. To facilitate visualization of the structure of these time series, we introduce multiscale Poincaré (MSP) plots. Starting with the original RR time series, the method employs a coarse-graining procedure to create a family of time series, each of which represents the system's dynamics in a different time scale. Next, the Poincaré plots are constructed for the original and the coarse-grained time series. Finally, as an optional adjunct, color can be added to each point to represent its normalized frequency. We illustrate the MSP method on simulated Gaussian white and 1/f noise time series. The MSP plots of 1/f noise time series reveal relative conservation of the phase space area over multiple time scales, while those of white noise show a marked reduction in area. We also show how MSP plots can be used to illustrate the loss of complexity when heartbeat time series from healthy subjects are compared with those from patients with chronic (congestive) heart failure syndrome or with atrial fibrillation. This generalized multiscale approach to Poincaré plots may be useful in visualizing other types of time series.

Efficacy of peroral endoscopic myotomy compared with other invasive treatment options for the different esophageal motor disorders

Directory of Open Access Journals (Sweden)

Fermín Estremera-Arévalo

Full Text Available Introduction: Peroral endoscopic myotomy (POEM has been performed since 2008 on more than 5,000 patients. It has proven to be highly effective in the treatment of achalasia and has shown promising outcomes for other esophageal motility spastic disorders. Methods: A literature review of the efficacy of POEM compared to the previous invasive treatments for different esophageal motility disorders was performed. The application in the pediatric and elderly populations and its role as a rescue therapy after other procedures are also outlined. Results: Short-term outcomes are similar to laparoscopic Heller myotomy (LHM and pneumatic endoscopic dilation (PD (clinical success > 90% for achalasia subtypes I and II. Mid-term outcomes are comparable to LHM and overcome results obtained after PD (> 90% vs ~50%. With regard to type III achalasia, POEM efficacy is 98% compared to 80.8% for LHM and the PD success remains at 40%. With regard to spastic esophageal disorders (SED, POEM has an effectiveness of 88% and 70% for distal esophageal spasm (DES and jackhammer esophagus (JE respectively. A response of 95% in patients with sigmoid esophagus has been reported. POEM has been performed in pediatric and elderly populations and has obtained a higher efficacy than PD in pediatric series (100% vs 33% without greater adverse events. Previous treatments do not seem to hinder POEM results with excellent response rates, including 97% in post LHM and 100% in a re-POEM series. Final considerations: POEM has shown excellent short and mid-term results for all subtypes of achalasia but long-term results are not yet available. The promising results in SED may make POEM the first-line treatment for SED. A high-safety profile and efficacy have been shown in elderly and pediatric populations. Previous treatments do not seem to diminish the success rate of POEM. Core tip: POEM has emerged as an efficient treatment option for all subtypes of achalasia and other scenarios

Efficacy of peroral endoscopic myotomy compared with other invasive treatment options for the different esophageal motor disorders.

Science.gov (United States)

Estremera-Arévalo, Fermín; Albéniz, Eduardo; Rullán, María; Areste, Irene; Iglesias, Rosa; Vila, Juan José

2017-08-01

Peroral endoscopic myotomy (POEM) has been performed since 2008 on more than 5,000 patients. It has proven to be highly effective in the treatment of achalasia and has shown promising outcomes for other esophageal motility spastic disorders. A literature review of the efficacy of POEM compared to the previous invasive treatments for different esophageal motility disorders was performed. The application in the pediatric and elderly populations and its role as a rescue therapy after other procedures are also outlined. Short-term outcomes are similar to laparoscopic Heller myotomy (LHM) and pneumatic endoscopic dilation (PD) (clinical success > 90%) for achalasia subtypes I and II. Mid-term outcomes are comparable to LHM and overcome the results obtained after PD (> 90% vs ~50%). With regard to type III achalasia, POEM efficacy is 98% compared to 80.8% for LHM and the PD success remains at 40%. With regard to spastic esophageal disorders (SED), POEM has an effectiveness of 88% and 70% for distal esophageal spasm (DES) and jackhammer esophagus (JE) respectively. A response of 95% in patients with sigmoid esophagus has been reported. POEM has been performed in pediatric and elderly populations and has obtained a higher efficacy than PD in pediatric series (100% vs 33%) without greater adverse events. Previous treatments do not seem to hinder POEM results with excellent response rates, including 97% in post LHM and 100% in a re-POEM series. Final considerations: POEM has shown excellent short and mid-term results for all subtypes of achalasia but long-term results are not yet available. The promising results in SED may make POEM the first-line treatment for SED. A high-safety profile and efficacy have been shown in elderly and pediatric populations. Previous treatments do not seem to diminish the success rate of POEM. Core tip: POEM has emerged as an efficient treatment option for all subtypes of achalasia and other scenarios (including previous treatments and elderly

Nevada Transportation Options Study

International Nuclear Information System (INIS)

P. GEHNER; E.M. WEAVER; L. FOSSUM

2006-01-01

This study performs a cost and schedule analysis of three Nevada Transportation options that support waste receipt at the repository. Based on the U.S. Department of Energy preference for rail transportation in Nevada (given in the Final Environmental Impact Statement), it has been assumed that a branch rail line would be constructed to support waste receipt at the repository. However, due to potential funding constraints, it is uncertain when rail will be available. The three Nevada Transportation options have been developed to meet a varying degree of requirements for transportation and to provide cost variations used in meeting the funding constraints given in the Technical Direction Letter guidelines for this study. The options include combinations of legal-weight truck, heavy-haul truck, and rail. Option 1 uses a branch rail line that would support initial waste receipt at the repository in 2010. Rail transportation would be the primary mode, supplemented by legal weight trucks. This option provides the highest level of confidence in cost and schedule, lowest public visibility, greatest public acceptability, lowest public dose, and is the recommended option for support of waste receipt. The completion of rail by 2010 will require spending approximately $800 million prior to 2010. Option 2 uses a phased rail approach to address a constrained funding scenario. To meet funding constraints, Option 2 uses a phased approach to delay high cost activities (final design and construction) until after initial waste receipt in 2010. By doing this, approximately 95 percent of the cost associated with completion of a branch rail line is deferred until after 2010. To support waste receipt until a branch rail line is constructed in Nevada, additional legal-weight truck shipments and heavy-haul truck shipments (on a limited basis for naval spent nuclear fuel) would be used to meet the same initial waste receipt rates as in Option 1. Use of heavy-haul shipments in the absence

Series: Pragmatic trials and real world evidence: Paper 1. Introduction.

Science.gov (United States)

Zuidgeest, Mira G P; Goetz, Iris; Groenwold, Rolf H H; Irving, Elaine; van Thiel, Ghislaine J M W; Grobbee, Diederick E

2017-08-01

This is the introductory paper in a series of eight papers. In this series, we integrate the theoretical design options with the practice of conducting pragmatic trials. For most new market-approved treatments, the clinical evidence is insufficient to fully guide physicians and policy makers in choosing the optimal treatment for their patients. Pragmatic trials can fill this gap, by providing evidence on the relative effectiveness of a treatment strategy in routine clinical practice, already in an early phase of development, while maintaining the strength of randomized controlled trials. Selecting the setting, study population, mode of intervention, comparator, and outcome are crucial in designing pragmatic trials. In combination with monitoring and data collection that does not change routine care, this will enable appropriate generalization to the target patient group in clinical practice. To benefit from the full potential of pragmatic trials, there is a need for guidance and tools in designing these studies while ensuring operational feasibility. This paper introduces the concept of pragmatic trial design. The complex interplay between pragmatic design options, feasibility, stakeholder acceptability, validity, precision, and generalizability will be clarified. In this way, balanced design choices can be made in pragmatic trials with an optimal chance of success in practice. Copyright © 2017 The Authors. Published by Elsevier Inc. All rights reserved.

Expensing options solves nothing.

Science.gov (United States)

Sahlman, William A

2002-12-01

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

An update on adjunctive treatment options for bipolar disorder.

Science.gov (United States)

Dean, Olivia M; Gliddon, Emma; Van Rheenen, Tamsyn E; Giorlando, Francesco; Davidson, Sandra K; Kaur, Manreena; Ngo, Trung T; Williams, Lana J

2018-03-01

Bipolar disorder is a complex illness often requiring combinations of therapies to successfully treat symptoms. In recent years, there have been significant advancements in a number of therapies for bipolar disorder. It is therefore timely to provide an overview of current adjunctive therapeutic options to help treating clinicians to inform their patients and work towards optimal outcomes. Publications were identified from PubMed searches on bipolar disorder and pharmacotherapy, nutraceuticals, hormone therapy, psychoeducation, interpersonal and social rhythm therapy, cognitive remediation, mindfulness, e-Health and brain stimulation techniques. Relevant articles in these areas were selected for further review. This paper provides a narrative review of adjunctive treatment options and is not a systematic review of the literature. A number of pharmacotherapeutic, psychological and neuromodulation treatment options are available. These have varying efficacy but all have shown benefit to people with bipolar disorder. Due to the complex nature of treating the disorder, combination treatments are often required. Adjunctive treatments to traditional pharmacological and psychological therapies are proving useful in closing the gap between initial symptom remission and full functional recovery. Given that response to monotherapy is often inadequate, combination regimens for bipolar disorder are typical. Correspondingly, psychiatric research is working towards a better understanding of the disorder's underlying biology. Therefore, treatment options are changing and adjunctive therapies are being increasingly recognized as providing significant tools to improve patient outcomes. Towards this end, this paper provides an overview of novel treatments that may improve clinical outcomes for people with bipolar disorder. © 2018 John Wiley & Sons A/S. Published by John Wiley & Sons Ltd.

Optimal separable bases and series expansions

International Nuclear Information System (INIS)

Poirier, B.

1997-01-01

A method is proposed for the efficient calculation of the Green close-quote s functions and eigenstates for quantum systems of two or more dimensions. For a given Hamiltonian, the best possible separable approximation is obtained from the set of all Hilbert-space operators. It is shown that this determination itself, as well as the solution of the resultant approximation, is a problem of reduced dimensionality. Moreover, the approximate eigenstates constitute the optimal separable basis, in the sense of self-consistent field theory. The full solution is obtained from the approximation via iterative expansion. In the time-independent perturbation expansion for instance, all of the first-order energy corrections are zero. In the Green close-quote s function case, we have a distorted-wave Born series with optimized convergence properties. This series may converge even when the usual Born series diverges. Analytical results are presented for an application of the method to the two-dimensional shifted harmonic-oscillator system, in the course of which the quantum tanh 2 potential problem is solved exactly. The universal presence of bound states in the latter is shown to imply long-lived resonances in the former. In a comparison with other theoretical methods, we find that the reaction path Hamiltonian fails to predict such resonances. copyright 1997 The American Physical Society

When to Wait for More Evidence? Real Options Analysis in Proton Therapy

Science.gov (United States)

Abrams, Keith R.; de Ruysscher, Dirk; Pijls-Johannesma, Madelon; Peters, Hans J.M.; Beutner, Eric; Lambin, Philippe; Joore, Manuela A.

2011-01-01

Purpose. Trends suggest that cancer spending growth will accelerate. One method for controlling costs is to examine whether the benefits of new technologies are worth the extra costs. However, especially new and emerging technologies are often more costly, while limited clinical evidence of superiority is available. In that situation it is often unclear whether to adopt the new technology now, with the risk of investing in a suboptimal therapy, or to wait for more evidence, with the risk of withholding patients their optimal treatment. This trade-off is especially difficult when it is costly to reverse the decision to adopt a technology, as is the case for proton therapy. Real options analysis, a technique originating from financial economics, assists in making this trade-off. Methods. We examined whether to adopt proton therapy, as compared to stereotactic body radiotherapy, in the treatment of inoperable stage I non-small cell lung cancer. Three options are available: adopt without further research; adopt and undertake a trial; or delay adoption and undertake a trial. The decision depends on the expected net gain of each option, calculated by subtracting its total costs from its expected benefits. Results. In The Netherlands, adopt and trial was found to be the preferred option, with an optimal sample size of 200 patients. Increase of treatment costs abroad and costs of reversal altered the preferred option. Conclusion. We have shown that real options analysis provides a transparent method of weighing the costs and benefits of adopting and/or further researching new and expensive technologies. PMID:22147003

DIRECTIONS FOR FUTURE CONSTRUCTION SUPPLY CHAIN MANAGEMENT RESEARCH IN NEW ZEALAND: A REAL OPTIONS PERSPECTIVE

Directory of Open Access Journals (Sweden)

Tran, Van

2012-04-01

Full Text Available Real Options (RO has been a universally accepted concept in a number of major industries. However, its use in the construction supply chain management (CSCM sector has been limited. Some rare supply chain management RO studies have shown a number of limitations. First, there is a lack of a rigorous theoretical RO framework pertaining specifically to CSCM. All such supply chain management RO studies are based off RO theories or models developed for other sectors (engineering, infrastructure, natural resources. And second, attempts to extend real option to wider uses in CSCM seem premature at the present. This paper reviews all recent literature pertaining to real options and real options applied specifically to the construction supply chain management area. The study proposes a research programme pertaining to CSCM in New Zealand in order to enhance the current understanding of RO in this area and in the process develop a comprehensive theory for the RO application in New Zealand CSCM.

Distributed Energy Implementation Options

Energy Technology Data Exchange (ETDEWEB)

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

2017-09-13

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

Stacked Heterogeneous Neural Networks for Time Series Forecasting

Directory of Open Access Journals (Sweden)

Florin Leon

2010-01-01

Full Text Available A hybrid model for time series forecasting is proposed. It is a stacked neural network, containing one normal multilayer perceptron with bipolar sigmoid activation functions, and the other with an exponential activation function in the output layer. As shown by the case studies, the proposed stacked hybrid neural model performs well on a variety of benchmark time series. The combination of weights of the two stack components that leads to optimal performance is also studied.

32 CFR 48.201 - Options.

Science.gov (United States)

2010-07-01

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

Potential and economics of forestry options for carbon sequestration in India

International Nuclear Information System (INIS)

Ravindranath, N.H.; Somashekhar, B.S.

1995-01-01

There is a need to understand the carbon (C) sequestration potential of the forestry option and its financial implications for each country. In India the C emissions from deforestation are estimated to be nearly offset by C sequestration in forests under succession and tree plantations. India has nearly succeeded in stabilizing the area under forests and has adequate forest conservation strategies. Biomass demands for softwood, hardwood and firewood are estimated to double or treble by the year 2020. A set of forestry options were developed to meet the projected biomass needs, and keeping in mind the features of land categories available, three scenarios were developed: potential; demand-driven; and programme-driven scenarios. Adoption of the demand-driven scenario, targeted at meeting the projected biomass needs, is estimated to sequester 78 Mt of C annually after accounting for all emissions resulting from clearfelling and end use of biomass. The demand-driven scenario is estimated to offset 50% of national C emission at 1990 level. The cost per t of C sequestered for forestry options is lower than the energy options considered. The annual investment required for implementing the demand-driven scenario is estimated to be US$ 2.1 billion for six years and is shown to be feasible. Among forestry options, the ranking based on investment cost per t of C sequestered from least cost to highest cost is; natural regeneration -agro-forestry-enhanced natural regeneration ( < US$ 2.5/t C) -timber-community-forestry (US$ 3.3 to 7.3 per t of C). (Author)

Time series patterns and language support in DBMS

Science.gov (United States)

Telnarova, Zdenka

2017-07-01

This contribution is focused on pattern type Time Series as a rich in semantics representation of data. Some example of implementation of this pattern type in traditional Data Base Management Systems is briefly presented. There are many approaches how to manipulate with patterns and query patterns. Crucial issue can be seen in systematic approach to pattern management and specific pattern query language which takes into consideration semantics of patterns. Query language SQL-TS for manipulating with patterns is shown on Time Series data.

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

International Nuclear Information System (INIS)

Analytis, G.Th.

1996-07-01

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

48 CFR 570.401 - Renewal options.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Renewal options. 570.401... Requirements 570.401 Renewal options. (a) Exercise of options. Before exercising an option to renew, follow the... survey. Before exercising an option to renew a lease, review current market information to ensure the...

Treatment Options for Wilms Tumor

Science.gov (United States)

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

Treatment Options for Myelodysplastic Syndromes

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

Treatment Option Overview (Prostate Cancer)

Science.gov (United States)

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

Treatment Option Overview (Myelodysplastic Syndromes)

Science.gov (United States)

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

Treatment Option Overview (Esophageal Cancer)

Science.gov (United States)

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

Treatment Option Overview (Childhood Rhabdomyosarcoma)

Science.gov (United States)

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

Treatment Option Overview (Penile Cancer)

Science.gov (United States)

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

Treatment Option Overview (Vulvar Cancer)

Science.gov (United States)

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

Treatment Option Overview (Pancreatic Cancer)

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

Treatment Option Overview (Adrenocortical Carcinoma)

Science.gov (United States)

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

Treatment Options for Childhood Rhabdomyosarcoma

Science.gov (United States)

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

Treatment Options for Kaposi Sarcoma

Science.gov (United States)

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

Treatment Options for Childhood Craniopharyngioma

Science.gov (United States)

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

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

Option-implied term structures

OpenAIRE

Vogt, Erik

2014-01-01

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

Complex network approach to fractional time series

Energy Technology Data Exchange (ETDEWEB)

Manshour, Pouya [Physics Department, Persian Gulf University, Bushehr 75169 (Iran, Islamic Republic of)

2015-10-15

In order to extract correlation information inherited in stochastic time series, the visibility graph algorithm has been recently proposed, by which a time series can be mapped onto a complex network. We demonstrate that the visibility algorithm is not an appropriate one to study the correlation aspects of a time series. We then employ the horizontal visibility algorithm, as a much simpler one, to map fractional processes onto complex networks. The degree distributions are shown to have parabolic exponential forms with Hurst dependent fitting parameter. Further, we take into account other topological properties such as maximum eigenvalue of the adjacency matrix and the degree assortativity, and show that such topological quantities can also be used to predict the Hurst exponent, with an exception for anti-persistent fractional Gaussian noises. To solve this problem, we take into account the Spearman correlation coefficient between nodes' degrees and their corresponding data values in the original time series.

Treatment Option Overview (Myelodysplastic/Myeloproliferative Neoplasms)

Science.gov (United States)

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

Efficient option valuation of single and double barrier options

Science.gov (United States)

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

2017-12-01

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

Evaluation of fuel cycle options for plutonium utilization: 1977 study. Final report

International Nuclear Information System (INIS)

Pardue, W.M.; Madia, W.J.; Pobereskin, M.; Tripplett, M.B.; Waddell, J.D.

1977-05-01

This is the third in a series of three reports on the analysis of plutonium recycle. Analyses are based upon an October, 1976, middle case ERDA forecast of nuclear growth which predicts 510 GWe of nuclear capacity in the year 2000. Four fuel cycle options were reviewed, ranging from no LWR recycle of uranium of plutonium to recycle options both with and without breeder reactors. A special effort was devoted to the review of various estimates of the costs of reprocessing nuclear fuels, with a resulting value of $190/kg of heavy metal (deflated 1975 dollars). The associated range is estimated to $125/kg to $250/kg. Sensitivity analysis of reprocessing costs, uranium consumption, average generation costs, and total discounted costs of electricity indicate that the long-term economic advantages of plutonium recycle are quite conclusive. Nuclear scenarios which project low growth rates and which delay the start of recycle and introduction of a breeder reactor postpone the apparent economic advantages

Assessment of Startup Fuel Options for the GNEP Advanced Burner Reactor (ABR)

Energy Technology Data Exchange (ETDEWEB)

Jon Carmack (062056); Kemal O. Pasamehmetoglu (103171); David Alberstein

2008-02-01

The Global Nuclear Energy Program (GNEP) includes a program element for the development and construction of an advanced sodium cooled fast reactor to demonstrate the burning (transmutation) of significant quantities of minor actinides obtained from a separations process and fabricated into a transuranic bearing fuel assembly. To demonstrate and qualify transuranic (TRU) fuel in a fast reactor, an Advanced Burner Reactor (ABR) prototype is needed. The ABR would necessarily be started up using conventional metal alloy or oxide (U or U, Pu) fuel. Startup fuel is needed for the ABR for the first 2 to 4 core loads of fuel in the ABR. Following start up, a series of advanced TRU bearing fuel assemblies will be irradiated in qualification lead test assemblies in the ABR. There are multiple options for this startup fuel. This report provides a description of the possible startup fuel options as well as possible fabrication alternatives available to the program in the current domestic and international facilities and infrastructure.

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

International Nuclear Information System (INIS)

Nisbet, A.; Woodman, R.

1999-01-01

Areas in England and Wales are still subject to restrictions on tile movement, sale and slaughter of sheep because concentrations of radiocaesium in sheep meat may exceed the 1000 Bq kg -1 limit imposed after the Chernobyl nuclear power plant accident. Various monitoring programmes have been implemented to enable lamb production to be sustained in these restricted areas, although no alternative management strategies have been considered to date. Current management practices have been reviewed and costed. An assessment has also been undertaken to establish the practicability and cost effectiveness of five alternative management options. The practicability of each option, which encompasses technical feasibility, capacity, cost, impact and acceptability, was assessed through a series of case studies carried out on farms in the restricted area of north Wales, and through consultation with a range of organisations with interests in farming and/or the environment. Recommendations are made for the future management of the restricted areas in England and Wales. (author)

Bayesian Forecasting of Options Prices: A Natural Framework for Pooling Historical and Implied Volatiltiy Information

OpenAIRE

Darsinos, T.; Satchell, S.E.

2001-01-01

Bayesian statistical methods are naturally oriented towards pooling in a rigorous way information from separate sources. It has been suggested that both historical and implied volatilities convey information about future volatility. However, typically in the literature implied and return volatility series are fed separately into models to provide rival forecasts of volatility or options prices. We develop a formal Bayesian framework where we can merge the backward looking information as r...

2005 resource options report

International Nuclear Information System (INIS)

Morris, T.

2005-01-01

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

Probabilistic methods in exotic option pricing

NARCIS (Netherlands)

Anderluh, J.H.M.

2007-01-01

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

Dopamine Modulates Option Generation for Behavior.

Science.gov (United States)

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

2018-05-21

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

The Factor Structure in Equity Options

DEFF Research Database (Denmark)

Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

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

The information content of options

OpenAIRE

Navon, Yonatan

2017-01-01

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

Risk management with substitution options: Valuing flexibility in small-scale energy systems

Science.gov (United States)

Knapp, Karl Eric

Several features of small-scale energy systems make them more easily adapted to a changing operating environment than large centralized designs. This flexibility is often manifested as the ability to substitute inputs. This research explores the value of this substitution flexibility and the marginal value of becoming a "little more flexible" in the context of real project investment in developing countries. The elasticity of substitution is proposed as a stylized measure of flexibility and a choice variable. A flexible alternative (elasticity > 0) can be thought of as holding a fixed-proportions "nflexible" asset plus a sequence of exchange options---the option to move to another feasible "recipe" each period. Substitutability derives value from following a contour of anticipated variations and from responding to new information. Substitutability value, a "cost savings option", increases with elasticity and price risk. However, the required premium to incrementally increase flexibility can in some cases decrease with an increase in risk. Variance is not always a measure of risk. Tools from stochastic dominance are newly applied to real options with convex payoffs to correct some misperceptions and clarify many common modeling situations that meet the criteria for increased variance to imply increased risk. The behavior of the cost savings option is explored subject to a stochastic input price process. At the point where costs are identical for all alternatives, the stochastic process for cost savings becomes deterministic, with savings directly proportional to elasticity of substitution and price variance. The option is also formulated as a derivative security via dynamic programming. The partial differential equation is solved for the special case of Cobb-Douglas (elasticity = 1) (also shown are linear (infinite elasticity), Leontief (elasticity = 0)). Risk aversion is insufficient to prefer a more flexible alternative with the same expected value. Intertemporal

Are biofuels a feasible option?

International Nuclear Information System (INIS)

Goldemberg, Jose; Guardabassi, Patricia

2009-01-01

Recently a number of objections have been raised against the use of ethanol produced from agricultural products such as maize, sugarcane, wheat or sugar beets as a replacement for gasoline, despite some of their advantages such as being cleaner and to some extent renewable. We address these objections in this paper. Topics discussed include the 'corn connection' (which was theorized to be a cause of deforestation in the Amazonia), the rise of food prices due to ethanol production and the real possibilities of ethanol in reducing greenhouse gas emissions. It has been shown that such concerns are grossly exaggerated and that ethanol from sugarcane, as produced in Brazil, is the preferred option for the production of fuel not only in terms of cost but also as a favourable energy balance. Finally, the possibility of expanding ethanol production to other sugar-producing countries is also discussed

48 CFR 17.107 - Options.

Science.gov (United States)

2010-10-01

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

Balancing of solar heating options

NARCIS (Netherlands)

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

1984-01-01

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

Stock option repricing in Europe

NARCIS (Netherlands)

Sauer, M.; Sautner, Z.

2008-01-01

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

48 CFR 2917.207 - Exercising options.

Science.gov (United States)

2010-10-01

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

Disc degeneration: current surgical options

Directory of Open Access Journals (Sweden)

C Schizas

2010-10-01

Full Text Available Chronic low back pain attributed to lumbar disc degeneration poses a serious challenge to physicians. Surgery may be indicated in selected cases following failure of appropriate conservative treatment. For decades, the only surgical option has been spinal fusion, but its results have been inconsistent. Some prospective trials show superiority over usual conservative measures while others fail to demonstrate its advantages. In an effort to improve results of fusion and to decrease the incidence of adjacent segment degeneration, total disc replacement techniques have been introduced and studied extensively. Short-term results have shown superiority over some fusion techniques. Mid-term results however tend to show that this approach yields results equivalent to those of spinal fusion. Nucleus replacement has gained some popularity initially, but evidence on its efficacy is scarce. Dynamic stabilisation, a technique involving less rigid implants than in spinal fusion and performed without the need for bone grafting, represents another surgical option. Evidence again is lacking on its superiority over other surgical strategies and conservative measures. Insertion of interspinous devices posteriorly, aiming at redistributing loads and relieving pain, has been used as an adjunct to disc removal surgery for disc herniation. To date however, there is no clear evidence on their efficacy. Minimally invasive intradiscal thermocoagulation techniques have also been tried, but evidence of their effectiveness is questioned. Surgery using novel biological solutions may be the future of discogenic pain treatment. Collaboration between clinicians and basic scientists in this multidisciplinary field will undoubtedly shape the future of treating symptomatic disc degeneration.

38 CFR 6.10 - Options.

Science.gov (United States)

2010-07-01

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

Perpetual Cancellable American Call Option

OpenAIRE

Emmerling, Thomas J.

2010-01-01

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

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.

48 CFR 317.107 - Options.

Science.gov (United States)

2010-10-01

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

38 CFR 8.25 - Options.

Science.gov (United States)

2010-07-01

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

Bounds for Asian basket options

Science.gov (United States)

Deelstra, Griselda; Diallo, Ibrahima; Vanmaele, Michèle

2008-09-01

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

Breast Cancer: Treatment Options

Science.gov (United States)

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

Summation of Divergent Series and Zeldovich's Regularization Method

International Nuclear Information System (INIS)

Mur, V.D.; Pozdnyakov, S.G.; Popruzhenko, S.V.; Popov, V.S.

2005-01-01

A method for summing divergent series, including perturbation-theory series, is considered. This method is an analog of Zeldovich's regularization method in the theory of quasistationary states. It is shown that the method in question is more powerful than the well-known Abel and Borel methods, but that it is compatible with them (that is, it leads to the same value for the sum of a series). The constraints on the parameter domain that arise upon the removal of the regularization of divergent integrals by this method are discussed. The dynamical Stark shifts and widths of loosely bound s states in the field of a circularly polarized electromagnetic wave are calculated at various values of the Keldysh adiabaticity parameter and the multiquantum parameter

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

Science.gov (United States)

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

2016-06-01

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

24 CFR 206.19 - Payment options.

Science.gov (United States)

2010-04-01

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

Traditional preventive treatment options

DEFF Research Database (Denmark)

Longbottom, C; Ekstrand, K; Zero, D

2009-01-01

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

24 CFR 35.120 - Options.

Science.gov (United States)

2010-04-01

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

FTR-option formulation and pricing

International Nuclear Information System (INIS)

Parmeshwaran, Vijay; Muthuraman, Kumar

2009-01-01

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

Novel Immunotherapy Options for Extranodal NK/T-Cell Lymphoma

Directory of Open Access Journals (Sweden)

Boyu Hu

2018-04-01

Full Text Available Extranodal NK/T-cell lymphoma (ENKTCL is a highly aggressive mature NK/T-cell neoplasm marked by NK-cell phenotypic expression of CD3ε and CD56. While the disease is reported worldwide, there is a significant geographic variation with its highest incidence in East Asian countries possibly related to the frequent early childhood exposure of Epstein–Barr virus (EBV and specific ethnic–genetical background, which contributes to the tumorigenesis. Historically, anthracycline-based chemotherapy such as CHOP (cyclophosphamide, adriamycin, vincristine, and prednisone was used, but resulted in poor outcomes. This is due in part to intrinsic ENKTCL resistance to anthracycline caused by high expression levels of P-glycoprotein. The recent application of combined modality therapy with concurrent or sequential radiation therapy for early stage disease, along with non-anthracycline-based chemotherapy regimens consisting of drugs independent of P-glycoprotein have significantly improved clinical outcomes. Particularly, this neoplasm shows high sensitivity to l-asparaginase as NK-cells lack asparagine synthase activity. Even still, outcomes of patients with advanced stage disease or those with relapsed/recurrent disease are dismal with overall survival of generally a few months. Thus, novel therapies are needed for this population. Clinical activity of targeted antibodies along with antibody–drug conjugates, such as daratumumab (naked anti-CD38 antibody and brentuximab vedotin (anti-CD30 antibody conjugated with auristatin E, have been reported. Further promising data have been shown with checkpoint inhibitors as high levels of programmed death-ligand 1 expression are observed in ENKTCL due to EBV-driven overexpression of the latent membrane proteins [latent membrane protein 1 (LMP1 and LMP2] with activation of the NF-κB/MAPK pathways. Initial case series with programmed death 1 inhibitors showed an overall response rate of 100% in seven relapsed

Valuing real options: frequently made errors

OpenAIRE

Fernández, Pablo

2002-01-01

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

26 CFR 1.544-4 - Options.

Science.gov (United States)

2010-04-01

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

Options for new Swiss energy supply strategies

International Nuclear Information System (INIS)

Gantner, U.; Hirschberg, S.; Jakob, M.

1999-01-01

Ecologically neutral, cost efficient, without supply shortages, independent from foreign countries, risk- and waste-free - that is the image of an ideal future energy supply. But even if considerable ecological and economical improvements of various energy supply options can be achieved, the next generation of heat and power plants with the associated up- and down-stream parts of energy chains, will not comply with all such idealistic requirements. As research in the framework of the GaBE Project on 'Comprehensive Assessment of Energy Systems' has shown, among the reasons for this are the limited medium term potential of renewable energy sources, and the necessity to employ primarily non-renewable energy carriers for the emerging more efficient energy conversion processes. (author)

Gathering Time-Series Data for Evaluating Behavior-Change Campaigns in Developing Countries: Reactivity of Diaries and Interviews

Science.gov (United States)

Tobias, Robert; Inauen, Jennifer

2010-01-01

Gathering time-series data of behaviors and psychological variables is important to understand, guide, and evaluate behavior-change campaigns and other change processes. However, repeated measurement can affect the phenomena investigated, particularly frequent face-to-face interviews, which are often the only option in developing countries. This…

Illiquidity Premia in the Equity Options Market

DEFF Research Database (Denmark)

Christoffersen, Peter; Goyenko, Ruslan; Jacobs, Kris

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

45 CFR 1306.34 - Combination program option.

Science.gov (United States)

2010-10-01

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

Safety and Feasibility of a KineSpring Knee System for the Treatment of Osteoarthritis: A Case Series

Directory of Open Access Journals (Sweden)

David A. Hayes

2015-01-01

Full Text Available The treatment gap between conservative management and total knee arthroplasty may leave patients with moderate cases of knee osteoarthritis (OA without an ideal treatment option. The KineSpring® Knee Implant System may be a viable treatment option to fill the treatment gap for patients with knee OA who are not willing or inappropriate candidates for total knee arthroplasty, yet do not demonstrate relief with conservative treatments. This current paper reports a series of patients who received the KineSpring System and were followed for five years. Twelve patients were included in the case series. All 12 patients were diagnosed with symptomatic OA of the medial compartment of the knee. Pain and functional problems associated with OA improved with treatment using the KineSpring System. Furthermore, these improvements were seen over the course of five years. The findings of this study show the KineSpring System as a promising intervention for early-onset OA and warrant further investigation regarding its effectiveness.

VEHICLES REGISTERED IN THE FRENCH SPECIAL SERIES '431 K...' AND '431 CD...'

CERN Multimedia

Relations with the Host States Service

2002-01-01

1. Registration a) Entitlement Only members of the personnel holding a Carte spéciale (AT or FI series) or a Carte diplomatique (CD series), issued by the French Ministry of Foreign Affairs (hereinafter 'MAE'), are entitled to register vehicles in the '431 K ...' or '431 CD ...' special series (green plates). It is compulsory to register in one of these series vehicles that have been purchased or imported free of tax and/or customs duty. In the event of standard registration at a later date, the duty and/or tax will have to be paid on the basis of the currently applicable rates and the vehicle's residual value. Registration in one of these series is optional if the duty and/or tax has been paid in a European Union Member State. In this case, you are strongly recommended to retain documentary evidence of payment and pass this on to any subsequent buyer of the vehicle. This documentation will be required if a standard registration needs to be issued. Without it, the duty and/or tax will have to be pa...

On the analyticity of Laguerre series

International Nuclear Information System (INIS)

Weniger, Ernst Joachim

2008-01-01

The transformation of a Laguerre series f(z) = Σ ∞ n=0 λ (α) n L (α) n (z) to a power series f(z) = Σ ∞ n=0 γ n z n is discussed. Since many nonanalytic functions can be expanded in terms of generalized Laguerre polynomials, success is not guaranteed and such a transformation can easily lead to a mathematically meaningless expansion containing power series coefficients that are infinite in magnitude. Simple sufficient conditions based on the decay rates and sign patterns of the Laguerre series coefficients λ (α) n as n → ∞ can be formulated which guarantee that the resulting power series represents an analytic function. The transformation produces a mathematically meaningful result if the coefficients λ (α) n either decay exponentially or factorially as n → ∞. The situation is much more complicated-but also much more interesting-if the λ (α) n decay only algebraically as n → ∞. If the λ (α) n ultimately have the same sign, the series expansions for the power series coefficients diverge, and the corresponding function is not analytic at the origin. If the λ (α) n ultimately have strictly alternating signs, the series expansions for the power series coefficients still diverge, but are summable to something finite, and the resulting power series represents an analytic function. If algebraically decaying and ultimately alternating Laguerre series coefficients λ (α) n possess sufficiently simple explicit analytical expressions, the summation of the divergent series for the power series coefficients can often be accomplished with the help of analytic continuation formulae for hypergeometric series p+1 F p , but if the λ (α) n have a complicated structure or if only their numerical values are available, numerical summation techniques have to be employed. It is shown that certain nonlinear sequence transformations-in particular the so-called delta transformation (Weniger 1989 Comput. Phys. Rep. 10 189-371 (equation (8.4-4)))-are able to

48 CFR 517.207 - Exercise of options.

Science.gov (United States)

2010-10-01

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

24 CFR 982.625 - Homeownership option: General.

Science.gov (United States)

2010-04-01

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

Summation of divergent series and Zel'dovich's regularization method

International Nuclear Information System (INIS)

Mur, V.D.; Pozdnyakov, S.G.; Popruzhenko, S.V.; Popov, V.S.

2005-01-01

The method of summation of divergent series, including series of a perturbation theory, which is an analog of the Zel'dovich regularization procedure in the theory of quasistationary states is considered. It is shown that this method is more powerful than the well-known Abel and Borel methods, but compatible with them (i. e., gives the same value for the sum of the series). The restrictions to the range of parameters which appear after removal of the regularization of integrals by this method are discussed. The dynamical Stark shifts and widths of weakly bound s states in a field of circularly polarized electromagnetic wave are calculated at different values of the Keldysh adiabaticity parameter and multiquantum parameter [ru

A novel intravitreal fluocinolone acetonide implant (Iluvien® in the treatment of patients with chronic diabetic macular edema that is insufficiently responsive to other medical treatment options: a case series

Directory of Open Access Journals (Sweden)

Schmit-Eilenberger VK

2015-05-01

benefit-to-risk profile in the patient population with chronic DME of this case series that were refractory to other therapies. The longer-term efficacy and safety in a real-life setting is still being assessed in this center. FAc may offer an important treatment option for patients with chronic DME refractory to other treatment options. Keywords: fluocinolone acetonide, corticosteroid, diabetic macular edema, intravitreal implant, best-corrected visual acuity

Renewable energy policy evaluation using real option model. The case of Taiwan

International Nuclear Information System (INIS)

Lee, Shun-Chung; Shih, Li-Hsing

2010-01-01

This study presents a policy benefit evaluation model that integrates cost efficiency curve information on renewable power generation technologies into real options analysis (ROA) methods. The proposed model evaluates quantitatively the policy value provided by developing renewable energy (RE) in the face of uncertain fossil fuel prices and RE policy-related factors. The economic intuition underlying the policy-making process is elucidated, while empirical analysis illustrates the option value embedded in the current development policy in Taiwan for wind power. In addition to revealing the benefits that RE development provides when considering real options, analytical results indicate that ROA is a highly effective means of quantifying how policy planning uncertainty including managerial flexibility influences RE development. In addition to assessing the policy value of current RE development policy, this study also compares policy values in terms of internalized external costs and varying feed-in tariff (FIT). Simulation results demonstrate that the RE development policy with internalized CO 2 emission costs is appropriate policy planning from sustainability point of view. Furthermore, relationship between varying FIT and policy values can be shown quantitatively and appropriate FIT level could be determined accordingly. (author)

Evaluation of natural gas supply options for Southeast and Central Europe: Part 2. Multi-criteria assessment

International Nuclear Information System (INIS)

Afgan, Naim H.; Carvalho, Maria G.; Pilavachi, Petros A.; Martins, Nelson

2008-01-01

Decision making methods are used as a tool for the selection of alternatives to be evaluated on the basis of several criteria. Evaluation of the potential routes for natural gas supply to the Southeast and Central European countries is studied using single and multi-criteria evaluation. The potential options included in this analysis are the: Yamal Route; Nabucco Route; West Balkan Route; LNG Neum Route; and Gas by Wire Route. In part 1, the paper was devoted to the definition of the indicators and to single indicator analysis. In part 2, the analysis is based on multi-criteria evaluation, which comprises the possibility to assess the options under predefined constraints amongst indicators. The paper also describes different methods used for multi-criteria evaluation. This analysis focuses on cases with different priorities defined among individual weighting coefficients with the others having the same value. It was shown that all options under specific constraints can be qualified as promising in the decision making process. It is also concluded that favourite indicator constraints may exaggerate some options

Option Derivatives in Electricity Hedging

Directory of Open Access Journals (Sweden)

P. Pavlátka

2010-01-01

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

Analytic American Option Pricing and Applications

OpenAIRE

Sbuelz, A.

2003-01-01

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

Option-implied measures of equity risk

DEFF Research Database (Denmark)

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

2012-01-01

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

Study of Agricultural Product Options Pricing

Science.gov (United States)

HONG, Qiu

2017-09-01

China is a large agricultural country, and the healthy development of agriculture is related to the stability of the whole society. The agricultural production and management of agricultural products are confronted with many risks, especially the market risks. Option contract is the object of option market transaction, so it is very important to study the option contract of agricultural products. Option trading separates the risk and profit, so that the trader can avoid the risk while retaining the opportunity to obtain income. The option has the characteristics of low transaction cost, simple and efficient, so it is suitable for small and medium investors.

Treatment Options by Stage (Pancreatic Cancer)

Science.gov (United States)

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

Treatment Options by Stage (Esophageal Cancer)

Science.gov (United States)

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

Treatment Options by Stage (Vulvar Cancer)

Science.gov (United States)

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

Treatment Options by Stage (Penile Cancer)

Science.gov (United States)

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

Treatment Options for Non-Hodgkin Lymphoma

Science.gov (United States)

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

Treatment Options by Stage (Prostate Cancer)

Science.gov (United States)

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

Treatment Options by Stage (Adrenocortical Carcinoma)

Science.gov (United States)

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

Treatment Options for Childhood Hodgkin Lymphoma

Science.gov (United States)

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

Treatment Options for Adult Hodgkin Lymphoma

Science.gov (United States)

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

Treatment Option Overview (Chronic Lymphocytic Leukemia)

Science.gov (United States)

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

Hairy Cell Leukemia Treatment Option Overview

Science.gov (United States)

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

Treatment Option Overview (Small Intestine Cancer)

Science.gov (United States)

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

Treatment Option Overview (Adult Hodgkin Lymphoma)

Science.gov (United States)

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

Treatment Option Overview (Merkel Cell Carcinoma)

Science.gov (United States)

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

Treatment Option Overview (Childhood Hodgkin Lymphoma)

Science.gov (United States)

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

Treatment Options for AIDS-Related Lymphoma

Science.gov (United States)

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

Treatment Options for Renal Cell Cancer

Science.gov (United States)

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

Treatment Options for Gastrointestinal Carcinoid Tumors

Science.gov (United States)

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

Treatment Options by Stage (Gastric Cancer)

Science.gov (United States)

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

Treatment Options by Stage (Thyroid Cancer)

Science.gov (United States)

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

Treatment Options for Chronic Myelogenous Leukemia

Science.gov (United States)

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

Natural Tooth Pontic: An Instant Esthetic Option for Periodontally Compromised Teeth—A Case Series

Directory of Open Access Journals (Sweden)

Rishi Raj

2016-01-01

Full Text Available Sudden tooth loss in the esthetic zone of the maxillary or mandibular anterior region can be due to trauma, periodontal disease, or endodontic failure. The treatment options for replacing the missing tooth can vary between removable prosthesis, tooth-supported prosthesis, and implant-supported prosthesis. Irrespective of the final treatment, the first line of management would be to provisionally restore the patient’s esthetic appearance at the earliest, while functionally stabilizing the compromised arch. Using the patient’s own natural tooth as a pontic offers the benefits of being the right size, shape, and color and provides exact repositioning in its original intraoral three-dimensional position. Additionally, using the patient’s platelet concentrate (platelet rich fibrin facilitates early wound healing and preservation of alveolar ridge shape following tooth extraction. The abutment teeth can also be preserved with minimal or no preparation, thus keeping the technique reversible, and can be completed at the chair side thereby avoiding laboratory costs. This helps the patient better tolerate the effect of tooth loss psychologically. The article describes a successful, immediate, and viable technique for rehabilitation of three different patients requiring replacement of a single periodontally compromised tooth in an esthetic region.

Energy conversion options for ARIES-III - A conceptual D-3He tokamak reactor

International Nuclear Information System (INIS)

Santarius, J.F.; Blanchard, J.P.; Emmert, G.A.; Sviatoslavsky, I.N.; Wittenberg, L.J.; Ghoneim, N.M.; Hasan, M.Z.; Mau, T.K.; Greenspan, E.; Herring, J.S.; Kernbichler, W.; Klein, A.C.; Miley, G.H.; Miller, R.L.; Peng, Y.K.M.

1989-01-01

The potential for highly efficient conversion of fusion power to electricity provides one motivation for investigating D- 3 He fusion reactors. This stems from: (1) the large fraction of D- 3 He power produced in the forms of charged particles and synchrotron radiation which are amenable to direct conversion, and (2) the low neutron fluence and lack of tritium breeding constraints, which increase design flexibility. The design team for a conceptual D- 3 He tokamak reactor, ARIES-III, has investigated numerous energy conversion options at a scoping level in attempting to realize high efficiency. The energy conversion systems have been studied in the context of their use on one or more of three versions of a D- 3 He tokamak: a first stability regime device, a second stability regime device, and a spherical torus. The set of energy conversion options investigated includes bootstrap current conversion, compression-expansion cycles, direct electrodynamic conversion, electrostatic direct conversion, internal electric generator, liquid metal heat engine blanket, liquid metal MHD, plasma MHD, radiation boiler, scrape-off layer thermoelectric, synchrotron radiation conversion by rectennas, synchrotron radiation conversion by thermal cycles, thermionic/AMTEC/thermal systems, and traveling wave conversion. The original set of options is briefly discussed, and those selected for further study are described in more detail. The four selected are liquid metal MHD, plasma MHD, rectenna conversion, and direct electrodynamic conversion. Thermionic energy conversion is being considered, and some options may require a thermal cycle in parallel or series. 17 refs., 3 figs., 1 tab

Adaptation options to future climate of maize crop in Southern Italy examined using thermal sums

Science.gov (United States)

Di Tommasi, P.; Alfieri, S. M.; Bonfante, A.; Basile, A.; De Lorenzi, F.; Menenti, M.

2012-04-01

Future climate scenarios predict substantial changes in air temperature within a few decades and agriculture needs to increase the capacity of adaptation both by changing spatial distribution of crops and shifting timing of management. In this context the prediction of future behaviour of crops with respect to present climate could be useful for farm and landscape management. In this work, thermal sums were used to simulate a maize crop in a future scenario, in terms of length of the growing season and of intervals between the main phenological stages. The area under study is the Sele plain (Campania Region), a pedo-climatic homogeneous area, one of the most agriculturally advanced and relevant flatland in Southern Italy. Maize was selected for the present study since it is extensively grown in the Sele Plain for water buffalofeeding,. Daily time-series of climatic data of the area under study were generated within the Italian project AGROSCENARI, and include maximum and minimum temperature and precipitation. The 1961-1990 and the 1998-2008 periods were compared to a future climate scenario (2021-2050). Future time series were generated using a statistical downscaling technique (Tomozeiu et al., 2007) from general circulation models (AOGCM). Differences in crop development length were calculated for different maize varieties under 3 management options for sowing time: custom date (typical for the area), before and after custom date. The interactions between future thermal regime and the length of growing season under the different management options were analyzed. Moreover, frequency of spells of high temperatures during the anthesis was examined. The feasibility of the early sowing option was discussed in relation with field trafficability at the beginning of the crop cycle. The work was carried out within the Italian national project AGROSCENARI funded by the Ministry for Agricultural, Food and Forest Policies (MIPAAF, D.M. 8608/7303/2008)

Size and series effects on the economics of nuclear power plants

International Nuclear Information System (INIS)

Rouyer, J.L.; Marcetteau, P.; Nisan, S.

2001-01-01

This paper updates data and models concerning size and series effects on the economics of nuclear power plants. Size effect is the observation that, for a given technology, capital cost of a plant increases less rapidly than its capacity. The overall scaling exponent is derived from specific exponents for different plant items. It varies for industrial LWR and PHWR between 0.4 to 0.7. Series effect comprises two types of effects: a) fabrication in series of equipment, thus reducing unit cost with increased number of units; b) Increased efficiency through the feedback of experience obtained from the on-site realisation of a number of identical plants. Size and series effects are combined in the realisation of a full programme of a same standard model of nuclear power plants, for a given country or for several countries, in the same period of time (typically 10 years). Calculations have been performed to compare size and series effects for a 15000 MWe programme to be installed within 10 years, and reactor sizes varying from 600 MWe to 1500 MWe. The different options regarding the size of PWR standard model have also been compared on the basis of the least leveled electricity cost. The results of the calculations show that a standardised series of 1500 MWe appears presently the best solution in densely industrialized countries. In the long term, reactors of 1000 MWe, or less, (if new concepts sharply decrease unit cost per kW installed), may be preferred because of the associated large series effect. (authors)

Augmented lagrange hopfield network for economic dispatch with multiple fuel options

International Nuclear Information System (INIS)

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

2011-01-01

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

Municipal waste processing: Technical/economic comparison of composting and incineration options

International Nuclear Information System (INIS)

Bertanza, G.

1993-01-01

The first part of this paper which assessed the state-of-the-art of municipal waste composting and incineration technologies indicated that the advanced level of available technologies in this field now allows the realization of reliable and safe plants. This second part of the paper deals with the economics of the composting and incineration options. Cost benefit analyses using the discounted cash flow method are made for waste processing plants featuring composting alone, incineration only and mixed composting and incineration. The economic analyses show that plants employing conventional composting techniques work well for the case of exclusively organic waste materials. Incineration schemes are shown to be economically effective when they incorporate suitable energy recovery systems. The integrated composting-incineration waste processing plant appears to be the least attractive option in terms of economics. Current R ampersand D activities in this field are being directed towards the development of systems with lower environmental impacts and capital and operating costs

Estimating option values of solar radiation management assuming that climate sensitivity is uncertain.

Science.gov (United States)

Arino, Yosuke; Akimoto, Keigo; Sano, Fuminori; Homma, Takashi; Oda, Junichiro; Tomoda, Toshimasa

2016-05-24

Although solar radiation management (SRM) might play a role as an emergency geoengineering measure, its potential risks remain uncertain, and hence there are ethical and governance issues in the face of SRM's actual deployment. By using an integrated assessment model, we first present one possible methodology for evaluating the value arising from retaining an SRM option given the uncertainty of climate sensitivity, and also examine sensitivities of the option value to SRM's side effects (damages). Reflecting the governance challenges on immediate SRM deployment, we assume scenarios in which SRM could only be deployed with a limited degree of cooling (0.5 °C) only after 2050, when climate sensitivity uncertainty is assumed to be resolved and only when the sensitivity is found to be high (T2x = 4 °C). We conduct a cost-effectiveness analysis with constraining temperature rise as the objective. The SRM option value is originated from its rapid cooling capability that would alleviate the mitigation requirement under climate sensitivity uncertainty and thereby reduce mitigation costs. According to our estimates, the option value during 1990-2049 for a +2.4 °C target (the lowest temperature target level for which there were feasible solutions in this model study) relative to preindustrial levels were in the range between $2.5 and $5.9 trillion, taking into account the maximum level of side effects shown in the existing literature. The result indicates that lower limits of the option values for temperature targets below +2.4 °C would be greater than $2.5 trillion.

Margin Requirements and Equity Option Returns

DEFF Research Database (Denmark)

Hitzemann, Steffen; Hofmann, Michael; Uhrig-Homburg, Marliese

In equity option markets, traders face margin requirements both for the options themselves and for hedging-related positions in the underlying stock market. We show that these requirements carry a significant margin premium in the cross-section of equity option returns. The sign of the margin...... premium depends on demand pressure: If end-users are on the long side of the market, option returns decrease with margins, while they increase otherwise. Our results are statistically and economically significant and robust to different margin specifications and various control variables. We explain our...... findings by a model of funding-constrained derivatives dealers that require compensation for satisfying end-users’ option demand....

Margin Requirements and Equity Option Returns

DEFF Research Database (Denmark)

Hitzemann, Steffen; Hofmann, Michael; Uhrig-Homburg, Marliese

In equity option markets, traders face margin requirements both for the options themselves and for hedging-related positions in the underlying stock market. We show that these requirements carry a significant "margin premium" in the cross-section of equity option returns. The sign of the margin...... premium depends on demand pressure: If end-users are on the long side of the market, option returns decrease with margins, while they increase otherwise. Our results are statistically and economically significant and robust to different margin specifications and various control variables. We explain our...... findings by a model of funding-constrained derivatives dealers that require compensation for satisfying end-users’ option demand....

Option Pricing using Realized Volatility

DEFF Research Database (Denmark)

Stentoft, Lars Peter

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

Americal options analyzed differently

NARCIS (Netherlands)

Nieuwenhuis, J.W.

2003-01-01

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

Series active power filter in power conditioning

Energy Technology Data Exchange (ETDEWEB)

Turunen, J.

2009-07-01

Power quality has become an important issue nowadays for several reasons, e.g. modern society's growing dependence on electricity and the fact that poor power quality may generate significant economic losses in few moments. Probable power quality problems are, e.g. harmonics, flicker, voltage dips and supply interruptions. The power quality may be improved by using filters and compensators.The purpose of this thesis is to research the operation of the series active power filter (SAPF) in power conditioning. Therefore, this thesis presents a comparison of three series hybrid active power filters (SHAPFs) in current harmonics filtering. In addition to this, it is shown how the voltage dip compensation performance of the SAPF is improved in a unified power quality conditioner (UPQC) application.The three SHAPFs included in the comparison are series connected topology (SCT), filter connected topology (FCT) and electrically tuned LC shunt circuit (ETLC). The operating principle of these filters is to direct the harmonic currents produced by the load to flow in the LC shunt circuits instead of the supply. In the case of the SCT this phenomenon is boosted by applying so-called active resistance in the supply branch using the SAPF. In the case of the FCT a similar action is achieved by applying the compensation voltage in series with the LC shunt circuits using the SAPF. In the case of the ETLC the performance of the LC shunt circuit is enhanced by applying so-called active inductances in series with the LC shunt circuit using the SAPF. The SHAPFs are compared by searching for their best current filtering performance using various main circuit and control system configurations and loads. The operation of the SHAPFs is first analysed mathematically. After this, the current filtering performance of the SHAPFs is inspected using simulations and experimental tests. The experimental tests are carried out using SHAPF prototypes. As a result, it is shown that the current

Real Option Cost Vulnerability Analysis of Electrical Infrastructure

Science.gov (United States)

Prime, Thomas; Knight, Phil

2015-04-01

means that a real option can be deferred or exercised depending on the climate future that has been realised. The real option value is defined as the maximum positive NPV value that is found across the range of potential SLR "futures". Real Options add value in that flood defences may not be built when there is real value in doing so. The cost modelling output is in the form of an accessible database that has detailed real option values varying spatially across the model domain (for each critical infrastructure) and temporally up to 2100. The analysis has shown that in 2100, 8.2% of the substations analysed have a greater than a 1 in 2 chance of exercising the real option to build flood defences against coastal flooding. The cost modelling tool and flood maps that have been developed will help stakeholders in deciding where and when to invest in mitigating against coastal flooding.

Alternative Fuels Data Center: Biodiesel Equipment Options

Science.gov (United States)

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

78 FR 7997 - Noncompensatory Partnership Options

Science.gov (United States)

2013-02-05

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

Portfolio insurance using traded options

OpenAIRE

Machado-Santos, Carlos

2001-01-01

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

48 CFR 3017.202 - Use of options.

Science.gov (United States)

2010-10-01

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

Equity Portfolio Management Using Option Price Information

DEFF Research Database (Denmark)

Christoffersen, Peter; Pan, Xuhui (Nick)

We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by using...... stocks' exposure to crude oil option information. Option-implied information can also help construct better mean-variance portfolios and better estimates of market beta....

R package imputeTestbench to compare imputations methods for univariate time series

OpenAIRE

Bokde, Neeraj; Kulat, Kishore; Beck, Marcus W; Asencio-Cortés, Gualberto

2016-01-01

This paper describes the R package imputeTestbench that provides a testbench for comparing imputation methods for missing data in univariate time series. The imputeTestbench package can be used to simulate the amount and type of missing data in a complete dataset and compare filled data using different imputation methods. The user has the option to simulate missing data by removing observations completely at random or in blocks of different sizes. Several default imputation methods are includ...

Fourier and wavelet option pricing methods

NARCIS (Netherlands)

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

2018-01-01

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

Option trading and individual investor performance

NARCIS (Netherlands)

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

2009-01-01

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

American option pricing with stochastic volatility processes

Directory of Open Access Journals (Sweden)

Ping LI

2017-12-01

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

Students' Use of Optional Online Reviews and Its Relationship to Summative Assessment Outcomes in Introductory Biology

Science.gov (United States)

Carpenter, Shana K.; Rahman, Shuhebur; Lund, Terry J. S.; Armstrong, Patrick I.; Lamm, Monica H.; Reason, Robert D.; Coffman, Clark R.

2017-01-01

Retrieval practice has been shown to produce significant enhancements in student learning of course information, but the extent to which students make use of retrieval to learn information on their own is unclear. In the current study, students in a large introductory biology course were provided with optional online review questions that could be…

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

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.

Multipliers for the Absolute Euler Summability of Fourier Series

Indian Academy of Sciences (India)

In this paper, the author has investigated necessary and sufficient conditions for the absolute Euler summability of the Fourier series with multipliers. These conditions are weaker than those obtained earlier by some workers. It is further shown that the multipliers are best possible in certain sense.

48 CFR 317.207 - Exercise of options.

Science.gov (United States)

2010-10-01

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

48 CFR 1517.207 - Exercise of options.

Science.gov (United States)

2010-10-01

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

24 CFR 982.636 - Homeownership option: Portability.

Science.gov (United States)

2010-04-01

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

Examining Key Issues Underlying the Audit Commission Reports on SEN Policy Paper 1 (5th Series)

Science.gov (United States)

Norwich, Brahm; Beek, Chris; Richardson, Penny; Gray, Peter

2004-01-01

This book is the first publication in the fifth series of seminars organised by the SEN Policy Options Steering Group to examine policy issues to do with special educational needs. The aim of the seminar was to examine in depth several underlying issues raised by the recent Audit Commission Reports on special educational needs. The seminar…

Heterogeneous Beliefs, Public Information, and Option Markets

DEFF Research Database (Denmark)

Qin, Zhenjiang

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

48 CFR 3417.207 - Exercise of options.

Science.gov (United States)

2010-10-01

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

48 CFR 17.207 - Exercise of options.

Science.gov (United States)

2010-10-01

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

48 CFR 817.202 - Use of options.

Science.gov (United States)

2010-10-01

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

48 CFR 536.270 - Exercise of options.

Science.gov (United States)

2010-10-01

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

Analytic American Option Pricing and Applications

NARCIS (Netherlands)

Sbuelz, A.

2003-01-01

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

48 CFR 517.202 - Use of options.

Science.gov (United States)

2010-10-01

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

48 CFR 217.207 - Exercise of options.

Science.gov (United States)

2010-10-01

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

48 CFR 17.202 - Use of options.

Science.gov (United States)

2010-10-01

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

32 CFR 644.168 - Exercise of options.

Science.gov (United States)

2010-07-01

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

Tank Space Options Report

International Nuclear Information System (INIS)

BOYLES, V.C.

2001-01-01

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

Budget Options

National Research Council Canada - National Science Library

2000-01-01

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

Treatment Options for Actinic Keratosis

Science.gov (United States)

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

Treatment Option Overview (Vaginal Cancer)

Science.gov (United States)

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

Treatment Option Overview (Anal Cancer)

Science.gov (United States)

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

24 CFR 221.775 - Option period.

Science.gov (United States)

2010-04-01

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

24 CFR 221.770 - Assignment option.

Science.gov (United States)

2010-04-01

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

48 CFR 2917.202 - Use of options.

Science.gov (United States)

2010-10-01

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

Alternative energy options

International Nuclear Information System (INIS)

Bennett, K.F.

1983-01-01

It is accepted that coal will continue to play the major role in the supply of energy to the country for the remainder of the century. In this paper, however, emphasis has been directed to those options which could supplement coal in an economic and technically sound manner. The general conclusion is that certain forms of solar energy hold the most promise and it is in this direction that research, development and implementation programmes should be directed. Tidal energy, fusion energy, geothermal energy, hydrogen energy and fuel cells are also discussed as alternative energy options

Time averaging, ageing and delay analysis of financial time series

Science.gov (United States)

Cherstvy, Andrey G.; Vinod, Deepak; Aghion, Erez; Chechkin, Aleksei V.; Metzler, Ralf

2017-06-01

We introduce three strategies for the analysis of financial time series based on time averaged observables. These comprise the time averaged mean squared displacement (MSD) as well as the ageing and delay time methods for varying fractions of the financial time series. We explore these concepts via statistical analysis of historic time series for several Dow Jones Industrial indices for the period from the 1960s to 2015. Remarkably, we discover a simple universal law for the delay time averaged MSD. The observed features of the financial time series dynamics agree well with our analytical results for the time averaged measurables for geometric Brownian motion, underlying the famed Black-Scholes-Merton model. The concepts we promote here are shown to be useful for financial data analysis and enable one to unveil new universal features of stock market dynamics.

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

Energy Technology Data Exchange (ETDEWEB)

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

2015-08-15

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

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

International Nuclear Information System (INIS)

Yamazaki, Kazutoshi

2015-01-01

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

False-nearest-neighbors algorithm and noise-corrupted time series

International Nuclear Information System (INIS)

Rhodes, C.; Morari, M.

1997-01-01

The false-nearest-neighbors (FNN) algorithm was originally developed to determine the embedding dimension for autonomous time series. For noise-free computer-generated time series, the algorithm does a good job in predicting the embedding dimension. However, the problem of predicting the embedding dimension when the time-series data are corrupted by noise was not fully examined in the original studies of the FNN algorithm. Here it is shown that with large data sets, even small amounts of noise can lead to incorrect prediction of the embedding dimension. Surprisingly, as the length of the time series analyzed by FNN grows larger, the cause of incorrect prediction becomes more pronounced. An analysis of the effect of noise on the FNN algorithm and a solution for dealing with the effects of noise are given here. Some results on the theoretically correct choice of the FNN threshold are also presented. copyright 1997 The American Physical Society

42 CFR 457.70 - Program options.

Science.gov (United States)

2010-10-01

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

24 CFR 221.255 - Assignment option.

Science.gov (United States)

2010-04-01

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

Expensing stock options: a fair-value approach.

Science.gov (United States)

Kaplan, Robert S; Palepu, Krishna G

2003-12-01

Now that companies such as General Electric and Citigroup have accepted the premise that employee stock options are an expense, the debate is shifting from whether to report options on income statements to how to report them. The authors present a new accounting mechanism that maintains the rationale underlying stock option expensing while addressing critics' concerns about measurement error and the lack of reconciliation to actual experience. A procedure they call fair-value expensing adjusts and eventually reconciles cost estimates made at grant date with subsequent changes in the value of the options, and it does so in a way that eliminates forecasting and measurement errors over time. The method captures the chief characteristic of stock option compensation--that employees receive part of their compensation in the form of a contingent claim on the value they are helping to produce. The mechanism involves creating entries on both the asset and equity sides of the balance sheet. On the asset side, companies create a prepaid-compensation account equal to the estimated cost of the options granted; on the owners'-equity side, they create a paid-in capital stock-option account for the same amount. The prepaid-compensation account is then expensed through the income statement, and the stock option account is adjusted on the balance sheet to reflect changes in the estimated fair value of the granted options. The amortization of prepaid compensation is added to the change in the option grant's value to provide the total reported expense of the options grant for the year. At the end of the vesting period, the company uses the fair value of the vested option to make a final adjustment on the income statement to reconcile any difference between that fair value and the total of the amounts already reported.

48 CFR 217.202 - Use of options.

Science.gov (United States)

2010-10-01

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

48 CFR 252.217-7001 - Surge option.

Science.gov (United States)

2010-10-01

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

Riesz Representation Theorem on Bilinear Spaces of Truncated Laurent Series

Directory of Open Access Journals (Sweden)

Sabarinsyah

2017-06-01

Full Text Available In this study a generalization of the Riesz representation theorem on non-degenerate bilinear spaces, particularly on spaces of truncated Laurent series, was developed. It was shown that any linear functional on a non-degenerate bilinear space is representable by a unique element of the space if and only if its kernel is closed. Moreover an explicit equivalent condition can be identified for the closedness property of the kernel when the bilinear space is a space of truncated Laurent series.

Transportation Options | Climate Neutral Research Campuses | NREL

Science.gov (United States)

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

A Time Series Forecasting Method

Directory of Open Access Journals (Sweden)

Wang Zhao-Yu

2017-01-01

Full Text Available This paper proposes a novel time series forecasting method based on a weighted self-constructing clustering technique. The weighted self-constructing clustering processes all the data patterns incrementally. If a data pattern is not similar enough to an existing cluster, it forms a new cluster of its own. However, if a data pattern is similar enough to an existing cluster, it is removed from the cluster it currently belongs to and added to the most similar cluster. During the clustering process, weights are learned for each cluster. Given a series of time-stamped data up to time t, we divide it into a set of training patterns. By using the weighted self-constructing clustering, the training patterns are grouped into a set of clusters. To estimate the value at time t + 1, we find the k nearest neighbors of the input pattern and use these k neighbors to decide the estimation. Experimental results are shown to demonstrate the effectiveness of the proposed approach.

Generalized worry disorder: a review of DSM-IV generalized anxiety disorder and options for DSM-V.

Science.gov (United States)

Andrews, Gavin; Hobbs, Megan J; Borkovec, Thomas D; Beesdo, Katja; Craske, Michelle G; Heimberg, Richard G; Rapee, Ronald M; Ruscio, Ayelet Meron; Stanley, Melinda A

2010-02-01

Generalized anxiety disorder (GAD) has undergone a series of substantial classificatory changes since its first inclusion in DSM-III. The majority of these revisions have been in response to its poor inter-rater reliability and concerns that it may lack diagnostic validity. This article provides options for the revision of the DSM-IV GAD criteria for DSM-V. First, searches were conducted to identify the evidence that previous DSM Work Groups relied upon when revising the DSM-III-R GAD and the overanxious disorder classifications. Second, the literature pertaining to the DSM-IV criteria for GAD was examined. The review presents a number of options to be considered for DSM-V. One option is for GAD to be re-labeled in DSM-V as generalized worry disorder. This would reflect its hallmark feature. Proposed revisions would result in a disorder that is characterized by excessive anxiety and worry generalized to a number of events or activities for 3 months or more. Worry acts as a cognitive coping strategy that manifests in avoidant behaviors. The reliability and validity of the proposed changes could be investigated in DSM-V validity tests and field trials.

Low level radioactive waste disposal: An evaluation of reports comparing ocean and land based disposal options

International Nuclear Information System (INIS)

1990-05-01

This document evaluates reports presenting comparative assessments of land and sea disposal options for low and intermediate level radioactive waste. It was performed following a request by the LDC to the IAEA. In this evaluation, IAEA Safety Series No. 65 ''Environmental Assessment Methodologies for Sea Dumping of Radioactive Wastes'', was used as the main reference in reviewing the comparative assessments made to date. IAEA Safety Series No. 65 gives guidance on the performance of comparative assessments of the different options, and provides a list and scheme of factors to be considered. 5 studies were transmitted by the Contracting Parties and considered in this review. A larger number of reports was not considered in this effort on the basis that the evaluation would be most effective if directed at those studies which specifically compared ocean disposal with land based disposal in a consistent manner. It is not the purpose of this report to state whether one document is better than another or whether one report forms a good blueprint for future assessments. This would require a different type of review and is outside the scope of this document. Indeed since the purposes of the five reports were originally so different it would not be possible to produce such a ranking and any attempts in that direction would be very misleading. 11 refs, 3 tabs

WKB approach to evaluate series of Mathieu functions in scattering problems

OpenAIRE

Hubert, Maxime; Dubertrand, Remy

2017-01-01

The scattering of a wave obeying Helmholtz equation by an elliptic obstacle can be described exactly using series of Mathieu functions. This situation is relevant in optics, quantum mechanics and fluid dynamics. We focus on the case when the wavelength is comparable to the obstacle size, when the most standard approximations fail. The approximations of the radial (or modified) Mathieu functions using WKB method are shown to be especially efficient, in order to precisely evaluate series of suc...

Products of multiple Fourier series with application to the multiblade transformation

Science.gov (United States)

Kunz, D. L.

1981-01-01

A relatively simple and systematic method for forming the products of multiple Fourier series using tensor like operations is demonstrated. This symbolic multiplication can be performed for any arbitrary number of series, and the coefficients of a set of linear differential equations with periodic coefficients from a rotating coordinate system to a nonrotating system is also demonstrated. It is shown that using Fourier operations to perform this transformation make it easily understood, simple to apply, and generally applicable.

Effective Summation and Interpolation of Series by Self-Similar Root Approximants

Directory of Open Access Journals (Sweden)

Simon Gluzman

2015-06-01

Full Text Available We describe a simple analytical method for effective summation of series, including divergent series. The method is based on self-similar approximation theory resulting in self-similar root approximants. The method is shown to be general and applicable to different problems, as is illustrated by a number of examples. The accuracy of the method is not worse, and in many cases better, than that of Padé approximants, when the latter can be defined.

Pricing American and Asian Options

OpenAIRE

Pat Muldowney

2015-01-01

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

Transition edge sensor series array bolometer

Energy Technology Data Exchange (ETDEWEB)

Beyer, J, E-mail: joern.beyer@ptb.d [Physikalisch-Technische Bundesanstalt (PTB), Abbestrasse 2-12, D-10587 Berlin (Germany)

2010-10-15

A transition edge sensor series array (TES-SA) is an array of identical TESs that are connected in series by low-inductance superconducting wiring. The array elements are equally and well thermally coupled to the absorber and respond to changes in the absorber temperature in synchronization. The TES-SA total resistance increases compared to a single TES while the shape of the superconducting transition is preserved. We are developing a TES-SA with a large number, hundreds to thousands, of array elements with the goal of enabling the readout of a TES-based bolometer operated at 4.2 K with a semiconductor-based amplifier located at room temperature. The noise and dynamic performance of a TES-SA bolometer based on a niobium/aluminum bilayer is analyzed. It is shown that stable readout of the bolometer with a low-noise transimpedance amplifier is feasible.

Transition edge sensor series array bolometer

International Nuclear Information System (INIS)

Beyer, J

2010-01-01

A transition edge sensor series array (TES-SA) is an array of identical TESs that are connected in series by low-inductance superconducting wiring. The array elements are equally and well thermally coupled to the absorber and respond to changes in the absorber temperature in synchronization. The TES-SA total resistance increases compared to a single TES while the shape of the superconducting transition is preserved. We are developing a TES-SA with a large number, hundreds to thousands, of array elements with the goal of enabling the readout of a TES-based bolometer operated at 4.2 K with a semiconductor-based amplifier located at room temperature. The noise and dynamic performance of a TES-SA bolometer based on a niobium/aluminum bilayer is analyzed. It is shown that stable readout of the bolometer with a low-noise transimpedance amplifier is feasible.

THE REAL OPTIONS OF CAPITAL BUDGET

Directory of Open Access Journals (Sweden)

Antonio Lopo Martins

2008-07-01

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

Role and design options of a logistics vehicle to support European and international space infrastructures in low earth orbit

Science.gov (United States)

Apel, U.; Ress, R.

1991-10-01

Design options for a low-cost logistic vehicle for transporting uploads in LEO are discussed. Preferable design features based on mission requirements and constraints are identified and it is shown that the ATV currently under study has a suitable design for such a vehicle.

45 CFR 1306.33 - Home-based program option.

Science.gov (United States)

2010-10-01

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

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

OpenAIRE

Martin Gritsch; Tricia Coxwell Snyder

2007-01-01

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

Thermal test options

International Nuclear Information System (INIS)

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

1993-02-01

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

Finite rate chemistry for USA-series codes - rormulation and applications

International Nuclear Information System (INIS)

Palaniswamy, S.; Chakravarthy, S.R.; Ota, D.K.

1989-01-01

The USA-series of CFD codes are based on unified solution algorithms including explicit and implicit formulations, factorization and relaxation approaches, time marching and space marching methodologies, etc., in order to be able to solve a very wide class of CFD problems using a single framework. Euler or Navier-Stokes equations are solved using a finite-volume treatment with upwind Total Variation Diminishing discretization for the inviscid terms. Recently, these codes have been enlarged to also unify different aerothermodynamic options (perfect gas, real gas including equilibrium and nonequlibrium chemistry). This paper describes aspects of the finite-rate-chemistry capability. 27 references

On a learning curve for shared decision making: Interviews with clinicians using the knee osteoarthritis Option Grid.

Science.gov (United States)

Elwyn, Glyn; Rasmussen, Julie; Kinsey, Katharine; Firth, Jill; Marrin, Katy; Edwards, Adrian; Wood, Fiona

2018-02-01

Tools used in clinical encounters to illustrate to patients the risks and benefits of treatment options have been shown to increase shared decision making. However, we do not have good information about how these tools are viewed by clinicians and how clinicians think patients would react to their use. Our aim was to examine clinicians' views about the possible and actual use of tools designed to support patients and clinicians to collaborate and deliberate about treatment options, namely, Option Grid decision aids. We conducted a thematic analysis of qualitative interviews embedded in the intervention phase of a trial of an Option Grid decision aid for osteoarthritis of the knee. Interviews were conducted with 6 participating clinicians before they used the tool and again after clinicians had used the tool with 6 patients. In the first interview, clinicians voiced concerns that the tool would lead to an increase in encounter duration, patient resistance regarding involvement in decision making, and potential information overload. At the second interview, after minimal training, the clinicians reported that the tool had changed their usual way of communicating, and it was generally acceptable and helpful to integrate it into practice. After experiencing the use of Option Grids, clinicians became more willing to use the tools in their clinical encounters with patients. How best to introduce Option Grids to clinicians and adopt their use into practice will need careful consideration of context, workflow, and clinical pathways. © 2016 John Wiley & Sons, Ltd.

Pricing and Applications of Digital Installment Options

Directory of Open Access Journals (Sweden)

Pierangelo Ciurlia

2012-01-01

Full Text Available For its theoretical interest and strong impact on financial markets, option valuation is considered one of the cornerstones of contemporary mathematical finance. This paper specifically studies the valuation of exotic options with digital payoff and flexible payment plan. By means of the Incomplete Fourier Transform, the pricing problem is solved in order to find integral representations of the upfront price for European call and put options. Several applications in the areas of corporate finance, insurance, and real options are discussed. Finally, a new type of digital derivative named supercash option is introduced and some payment schemes are also presented.

Treatment Options for Adult Soft Tissue Sarcoma

Science.gov (United States)

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

Treatment Options by Stage (Merkel Cell Carcinoma)

Science.gov (United States)

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

Treatment Options by Stage (Chronic Lymphocytic Leukemia)

Science.gov (United States)

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

Treatment Options for Hodgkin Lymphoma during Pregnancy

Science.gov (United States)

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

Treatment Option Overview (Adult Soft Tissue Sarcoma)

Science.gov (United States)

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

Treatment Option Overview (Adult Non-Hodgkin Lymphoma)

Science.gov (United States)

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

Treatment Option Overview (Small Cell Lung Cancer)

Science.gov (United States)

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

Treatment Option Overview (Adult Acute Lymphoblastic Leukemia)

Science.gov (United States)

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

Treatment Options for Adult Acute Lymphoblastic Leukemia

Science.gov (United States)

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

Treatment Options for Adult Acute Myeloid Leukemia

Science.gov (United States)

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

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

International Nuclear Information System (INIS)

Kiriyama, Eriko; Suzuki, Atsuyuki

2004-01-01

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

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

International Nuclear Information System (INIS)

Nisbet, Anne; Woodman, Rona

2000-01-01

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

Options for human intrusion

International Nuclear Information System (INIS)

Bauser, M.; Williams, R.

1993-01-01

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

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.

SURGICAL TREATMENT OF HEMORRHOIDS: A CRITICAL APPRAISAL OF THE CURRENT OPTIONS

Science.gov (United States)

CERATO, Marlise Mello; CERATO, Nilo Luiz; PASSOS, Patrícia; TREIGUE, Alberto; DAMIN, Daniel C.

2014-01-01

Introduction Surgical treatment of hemorrhoids is still a dilemma. New techniques have been developed leading to a lower rate of postoperative pain; however, they are associated with a greater likelihood of recurrence. Aim To review current indications as well as the results and complications of the main techniques currently used in the surgical treatment of hemorrhoidal disease. Methods A systematic search of the published data on the options for treatment of hemorrhoids up to December 2012 was conducted using Medline/PubMed, Cochrane, and UpToDate. Results Currently available surgical treatment options include procedure for prolapse and hemorrhoids (PPH), transanal hemorrhoidal dearterialization (THD), and conventional hemorrhoidectomy techniques. Excisional techniques showed similar results regarding pain, time to return to normal activities, and complication rates. PPH and THD were associated with less postoperative pain and lower complication rates; however, both had higher postoperative recurrence rates. Conclusion Conventional surgical techniques yield better long-term results. Despite good results in the immediate postoperative period, PPH and THD have not shown consistent long-term favorable results. PMID:24676303

Option Panels in Pure-Jump Settings

DEFF Research Database (Denmark)

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

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

Options contracts in the nuclear fuel industry

International Nuclear Information System (INIS)

Fuller, D.M.

1995-01-01

This article discusses options trading in the nuclear fuels industry. Although there now exists no formal options market in the nuclear industry, flexibilities, or embedded options, are actually quite common in the long-term supply contracts. The value of these flexibilities can be estimated by applying the methods used to evaluate options. The method used is the Black-Scholes Model, and it is applied to a number of examples

Transformer induced instability of the series resonant converter

Science.gov (United States)

King, R. J.; Stuart, T. A.

1983-01-01

It is shown that the common series resonant power converter is subject to a low frequency oscillation that can lead to the loss of cyclic stability. This oscillation is caused by a low frequency resonant circuit formed by the normal L and C components in series with the magnetizing inductance of the output transformer. Three methods for eliminating this oscillation are presented and analyzed. One of these methods requires a change in the circuit topology during the resonance cycle. This requires a new set of steady state equations which are derived and presented in a normalized form. Experimental results are included which demonstrate the nature of the low frequency oscillation before cyclic stability is lost.

Fourier series

CERN Document Server

Tolstov, Georgi P

1962-01-01

Richard A. Silverman's series of translations of outstanding Russian textbooks and monographs is well-known to people in the fields of mathematics, physics, and engineering. The present book is another excellent text from this series, a valuable addition to the English-language literature on Fourier series.This edition is organized into nine well-defined chapters: Trigonometric Fourier Series, Orthogonal Systems, Convergence of Trigonometric Fourier Series, Trigonometric Series with Decreasing Coefficients, Operations on Fourier Series, Summation of Trigonometric Fourier Series, Double Fourie

Current status in the treatment options for esophageal achalasia.

Science.gov (United States)

Chuah, Seng-Kee; Chiu, Chien-Hua; Tai, Wei-Chen; Lee, Jyong-Hong; Lu, Hung-I; Changchien, Chi-Sin; Tseng, Ping-Huei; Wu, Keng-Liang

2013-09-07

Recent advances in the treatment of achalasia include the use of high-resolution manometry to predict the outcome of patients and the introduction of peroral endoscopic myotomy (POEM). The first multicenter randomized, controlled, 2-year follow-up study conducted by the European Achalasia Trial group indicated that laparoscopic Heller myotomy (LHM) was not superior to pneumatic dilations (PD). Publications on the long-term success of laparoscopic surgery continue to emerge. In addition, laparoscopic single-site surgery is applicable to advanced laparoscopic operations such as LHM and anterior fundoplication. The optimal treatment option is an ongoing matter of debate. In this review, we provide an update of the current progress in the treatment of esophageal achalasia. Unless new conclusive data prove otherwise, LHM is considered the most durable treatment for achalasia at the expense of increased reflux-associated complications. However, PD is the first choice for non-surgical treatment and is more cost-effective. Repeated PD according to an "on-demand" strategy based on symptom recurrence can achieve long-term remission. Decision making should be based on clinical evidence that identifies a subcategory of patients who would benefit from specific treatment options. POEM has shown promise but its long-term efficacy and safety need to be assessed further.

Pharmaceutical Options for Triggering of Final Oocyte Maturation in ART

Directory of Open Access Journals (Sweden)

Juan Carlos Castillo

2014-01-01

Full Text Available Since the pioneering days of in vitro fertilization, hCG has been the gold standard to induce final follicular maturation. We herein reviewed different pharmaceutical options for triggering of final oocyte maturation in ART. The new upcoming agent seems to be GnRHa with its potential advantages over hCG trigger. GnRHa triggering elicits a surge of gonadotropins resembling the natural midcycle surge of gonadotropins, without the prolonged action of hCG, resulting in the retrieval of more mature oocytes and a significant reduction in or elimination of OHSS as compared to hCG triggering. The induction of final follicular maturation using GnRHa represents a paradigm shift in the ovulation triggering concept in ART and, thus, a way to develop a safer IVF procedure. Kisspeptins are key central regulators of the neuroendocrine mechanisms of human reproduction, who have been shown to effectively elicit an LH surge and to induce final oocyte maturation in IVF cycles. This new trigger concept may, therefore, offer a completely new, “natural” pharmacological option for ovulation induction. Whether kisspeptins will be the future agent to trigger ovulation remains to be further explored.

Report on "American Option Pricing and Hedging Strategies"

OpenAIRE

Zhang, Jinshan

2007-01-01

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

Monte Carlo Simulation of an American Option

Directory of Open Access Journals (Sweden)

Gikiri Thuo

2007-04-01

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

Observing Optional Number in DDC Edition 23

Directory of Open Access Journals (Sweden)

Rotmianto Mohamad

2018-01-01

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

Using forbidden ordinal patterns to detect determinism in irregularly sampled time series.

Science.gov (United States)

Kulp, C W; Chobot, J M; Niskala, B J; Needhammer, C J

2016-02-01

It is known that when symbolizing a time series into ordinal patterns using the Bandt-Pompe (BP) methodology, there will be ordinal patterns called forbidden patterns that do not occur in a deterministic series. The existence of forbidden patterns can be used to identify deterministic dynamics. In this paper, the ability to use forbidden patterns to detect determinism in irregularly sampled time series is tested on data generated from a continuous model system. The study is done in three parts. First, the effects of sampling time on the number of forbidden patterns are studied on regularly sampled time series. The next two parts focus on two types of irregular-sampling, missing data and timing jitter. It is shown that forbidden patterns can be used to detect determinism in irregularly sampled time series for low degrees of sampling irregularity (as defined in the paper). In addition, comments are made about the appropriateness of using the BP methodology to symbolize irregularly sampled time series.

Acquisitions Through a Behavioral and Real Options Lens

NARCIS (Netherlands)

J.C.M. Kil (Joris)

2013-01-01

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

Lifting options for stratospheric aerosol geoengineering: advantages of tethered balloon systems.

Science.gov (United States)

Davidson, Peter; Burgoyne, Chris; Hunt, Hugh; Causier, Matt

2012-09-13

The Royal Society report 'Geoengineering the Climate' identified solar radiation management using albedo-enhancing aerosols injected into the stratosphere as the most affordable and effective option for geoengineering, but did not consider in any detail the options for delivery. This paper provides outline engineering analyses of the options, both for batch-delivery processes, following up on previous work for artillery shells, missiles, aircraft and free-flying balloons, as well as a more lengthy analysis of continuous-delivery systems that require a pipe connected to the ground and supported at a height of 20 km, either by a tower or by a tethered balloon. Towers are shown not to be practical, but a tethered balloon delivery system, with high-pressure pumping, appears to have much lower operating and capital costs than all other delivery options. Instead of transporting sulphuric acid mist precursors, such a system could also be used to transport slurries of high refractive index particles such as coated titanium dioxide. The use of such particles would allow useful experiments on opacity, coagulation and atmospheric chemistry at modest rates so as not to perturb regional or global climatic conditions, thus reducing scale-up risks. Criteria for particle choice are discussed, including the need to minimize or prevent ozone destruction. The paper estimates the time scales and relatively modest costs required if a tethered balloon system were to be introduced in a measured way with testing and development work proceeding over three decades, rather than in an emergency. The manufacture of a tether capable of sustaining the high tensions and internal pressures needed, as well as strong winds, is a significant challenge, as is the development of the necessary pumping and dispersion technologies. The greatest challenge may be the manufacture and launch of very large balloons, but means have been identified to significantly reduce the size of such balloons or aerostats.

Design Evolution Study - Aging Options

International Nuclear Information System (INIS)

McDaniel, P.

2002-01-01

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

17 CFR 33.3 - Unlawful commodity option transactions.

Science.gov (United States)

2010-04-01

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

Equity Portfolio Management Using Option Price Information

DEFF Research Database (Denmark)

Christoffersen, Peter; Pan, Xuhui (Nick)

We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by usi...

The Real Options Attached to an Investment Project

Directory of Open Access Journals (Sweden)

Mihai-Cristian DINICĂ

2011-12-01

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

Antiplasmodial activity of a series of 1,3,5-triazine-substituted polyamines

OpenAIRE

Klenke, Burkhard; Barrett, Michael P.; Brun, Reto; Gilbert, Ian H.

2017-01-01

Polyamine biosynthesis and function has been shown to be a good drug target in some parasitic protozoa and it is proposed that the pathway might also represent a target in the malaria parasite Plasmodium falciparum. A series of 1,3,5-triazine-substituted polyamine analogues were tested for activity against Plasmodium falciparum in vitro. The series showed activity against the parasites and were generally more active against the chloroquine-resistant line K1 than the chloroquine-susceptible li...

17 CFR 32.3 - Unlawful commodity option transactions.

Science.gov (United States)

2010-04-01

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

40 CFR 35.6345 - Equipment disposal options.

Science.gov (United States)

2010-07-01

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

Incentive effects of performance-vested stock options

NARCIS (Netherlands)

Kuang, Y.

2007-01-01

The vesting of traditional stock options (TSOs) only depends on the passage of time and managerial compensation might merely reflect price increases in a rising market. As a reform on traditional stock option plans, performance targets have been introduced as a condition for option vesting. The use

`Indoor` series vending machines; `Indoor` series jido hanbaiki

Energy Technology Data Exchange (ETDEWEB)

Gensui, T.; Kida, A. [Fuji Electric Co. Ltd., Tokyo (Japan); Okumura, H. [Fuji Denki Reiki Co. Ltd., Tokyo (Japan)

1996-07-10

This paper introduces three series of vending machines that were designed to match the interior of an office building. The three series are vending machines for cups, paper packs, cans, and tobacco. Among the three series, `Interior` series has a symmetric design that was coated in a grain pattern. The inside of the `Interior` series is coated by laser satin to ensure a sense of superior quality and a refined style. The push-button used for product selection is hot-stamped on the plastic surface to ensure the hair-line luster. `Interior Phase II` series has a bay window design with a sense of superior quality and lightness. The inside of the `Interior Phase II` series is coated by laser satin. `Interior 21` series is integrated with the wall except the sales operation panel. The upper and lower dress panels can be detached and attached. The door lock is a wire-type structure with high operativity. The operation block is coated by titanium color. The dimensions of three series are standardized. 6 figs., 1 tab.

Mixed waste management options

International Nuclear Information System (INIS)

Owens, C.B.; Kirner, N.P.

1992-01-01

Currently, limited storage and treatment capacity exists for commercial mixed waste streams. No commercial mixed waste disposal is available, and it has been estimated that if and when commercial mixed waste disposal becomes available, the costs will be high. If high disposal fees are imposed, generators may be willing to apply extraordinary treatment or regulatory approaches to properly dispose of their mixed waste. This paper explores the feasibility of several waste management scenarios and management options. Existing data on commercially generated mixed waste streams are used to identify the realm of mixed waste known to be generated. Each waste stream is evaluated from both a regulatory and technical perspective in order to convert the waste into a strictly low-level radioactive or a hazardous waste. Alternative regulatory approaches evaluated in this paper include a delisting petition) no migration petition) and a treatability variance. For each waste stream, potentially available treatment options are identified that could lead to these variances. Waste minimization methodology and storage for decay are also considered. Economic feasibility of each option is discussed broadly. Another option for mixed waste management that is being explored is the feasibility of Department of Energy (DOE) accepting commercial mixed waste for treatment, storage, and disposal. A study has been completed that analyzes DOE treatment capacity in comparison with commercial mixed waste streams. (author)

Compound Option Pricing under Fuzzy Environment

Directory of Open Access Journals (Sweden)

Xiandong Wang

2014-01-01

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

Public opinion on water reuse options

International Nuclear Information System (INIS)

Bruvold, W.H.

1988-01-01

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

ACCIDENT ANALYSES & CONTROL OPTIONS IN SUPPORT OF THE SLUDGE WATER SYSTEM SAFETY ANALYSIS

Energy Technology Data Exchange (ETDEWEB)

WILLIAMS, J.C.

2003-11-15

This report documents the accident analyses and nuclear safety control options for use in Revision 7 of HNF-SD-WM-SAR-062, ''K Basins Safety Analysis Report'' and Revision 4 of HNF-SD-SNF-TSR-001, ''Technical Safety Requirements - 100 KE and 100 KW Fuel Storage Basins''. These documents will define the authorization basis for Sludge Water System (SWS) operations. This report follows the guidance of DOE-STD-3009-94, ''Preparation Guide for US. Department of Energy Nonreactor Nuclear Facility Safety Analysis Reports'', for calculating onsite and offsite consequences. The accident analysis summary is shown in Table ES-1 below. While this document describes and discusses potential control options to either mitigate or prevent the accidents discussed herein, it should be made clear that the final control selection for any accident is determined and presented in HNF-SD-WM-SAR-062.

7 CFR 457.172 - Coverage Enhancement Option.

Science.gov (United States)

2010-01-01

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

Numerical Algorithm for Delta of Asian Option

Directory of Open Access Journals (Sweden)

Boxiang Zhang

2015-01-01

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

Delta-gamma-theta Hedging of Crude Oil Asian Options

Directory of Open Access Journals (Sweden)

Juraj Hruška

2015-01-01

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

48 CFR 552.217-70 - Evaluation of Options.

Science.gov (United States)

2010-10-01

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

14 CFR 380.33a - Operator's option plan.

Science.gov (United States)

2010-01-01

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

24 CFR 206.26 - Change in payment option.

Science.gov (United States)

2010-04-01

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

5 CFR 870.704 - Amount of Option A.

Science.gov (United States)

2010-01-01

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

Transportation Energy Futures Series. Potential for Energy Efficiency Improvement Beyond the Light-Duty-Vehicle Sector

Energy Technology Data Exchange (ETDEWEB)

Vyas, A. D. [Argonne National Lab. (ANL), Argonne, IL (United States); Patel, D. M. [Argonne National Lab. (ANL), Argonne, IL (United States); Bertram, K. M. [Argonne National Lab. (ANL), Argonne, IL (United States)

2013-02-01

Considerable research has focused on energy efficiency and fuel substitution options for light-duty vehicles, while much less attention has been given to medium- and heavy-duty trucks, buses, aircraft, marine vessels, trains, pipeline, and off-road equipment. This report brings together the salient findings from an extensive review of literature on future energy efficiency options for these non-light-duty modes. Projected activity increases to 2050 are combined with forecasts of overall fuel efficiency improvement potential to estimate the future total petroleum and greenhouse gas (GHG) emissions relative to current levels. This is one of a series of reports produced as a result of the Transportation Energy Futures (TEF) project, a Department of Energy-sponsored multi-agency project initiated to pinpoint underexplored strategies for abating GHGs and reducing petroleum dependence related to transportation.

Transportation Energy Futures Series: Potential for Energy Efficiency Improvement Beyond the Light-Duty-Vehicle Sector

Energy Technology Data Exchange (ETDEWEB)

Vyas, A. D.; Patel, D. M.; Bertram, K. M.

2013-03-01

Considerable research has focused on energy efficiency and fuel substitution options for light-duty vehicles, while much less attention has been given to medium- and heavy-duty trucks, buses, aircraft, marine vessels, trains, pipeline, and off-road equipment. This report brings together the salient findings from an extensive review of literature on future energy efficiency options for these non-light-duty modes. Projected activity increases to 2050 are combined with forecasts of overall fuel efficiency improvement potential to estimate the future total petroleum and greenhouse gas (GHG) emissions relative to current levels. This is one of a series of reports produced as a result of the Transportation Energy Futures (TEF) project, a Department of Energy-sponsored multi-agency project initiated to pinpoint underexplored strategies for abating GHGs and reducing petroleum dependence related to transportation.

Research into real-option evaluation method

International Nuclear Information System (INIS)

Shiba, Tsuyoshi; Wakamatsu, Hitoshi

2002-03-01

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

Review of scientific and technical options for the Superconducting Super Collider Program

International Nuclear Information System (INIS)

Dombeck, T.

1993-11-01

This document is a review of options for the Superconducting Super Collider (SSC) Program. It is the result of an informal study by an ad-hoc working group consisting of Laboratory physicists and engineers who investigated the physics and technical implications of a number of possible alternative SSC programs. Previous studies have shown, and early in this study it was confirmed, that a collider of approximately 20 TeV protons on 20 TeV protons with a luminosity of 10 33 cm -2 s -1 at each interaction region is needed to support a physics program that is guaranteed to answer existing particle physics questions and make new discoveries. Therefore, all options considered in this document were consistent with attainment of these original goals for the SSC. One promising option considered was a program of colliding anti-protons on protons as a possible means to reduce the cost of the SSC by eliminating one of the Collider rings. However, the luminosity requirements to obtain the SSC physics goals remains the same as for protons colliding with protons and this study confirms that even though progress has been made over the last ten years in obtaining the high intensity anti-proton beams necessary, a luminosity higher than 10 32 cannot be guaranteed. Other options were examined to see what advantages could be derived by departing from the SSC baseline program, either in schedule, in parameters, by staging, or by combinations of these options. Even though we considered re-examination of the cost of the baseline program to be beyond the scope of this document, differential cost savings were estimated. Finally, a brief survey of progress over the last ten years in various technical areas that might lead to more cost effective engineering designs was included in this study, such as higher magnetic field magnets resulting from lower operating temperatures or higher current-carrying superconducting materials

Review of scientific and technical options for the Superconducting Super Collider Program

Energy Technology Data Exchange (ETDEWEB)

Dombeck, T.

1993-11-01

This document is a review of options for the Superconducting Super Collider (SSC) Program. It is the result of an informal study by an ad-hoc working group consisting of Laboratory physicists and engineers who investigated the physics and technical implications of a number of possible alternative SSC programs. Previous studies have shown, and early in this study it was confirmed, that a collider of approximately 20 TeV protons on 20 TeV protons with a luminosity of 10{sup 33} cm{sup {minus}2}s{sup {minus}1} at each interaction region is needed to support a physics program that is guaranteed to answer existing particle physics questions and make new discoveries. Therefore, all options considered in this document were consistent with attainment of these original goals for the SSC. One promising option considered was a program of colliding anti-protons on protons as a possible means to reduce the cost of the SSC by eliminating one of the Collider rings. However, the luminosity requirements to obtain the SSC physics goals remains the same as for protons colliding with protons and this study confirms that even though progress has been made over the last ten years in obtaining the high intensity anti-proton beams necessary, a luminosity higher than 10{sup 32} cannot be guaranteed. Other options were examined to see what advantages could be derived by departing from the SSC baseline program, either in schedule, in parameters, by staging, or by combinations of these options. Even though we considered re-examination of the cost of the baseline program to be beyond the scope of this document, differential cost savings were estimated. Finally, a brief survey of progress over the last ten years in various technical areas that might lead to more cost effective engineering designs was included in this study, such as higher magnetic field magnets resulting from lower operating temperatures or higher current-carrying superconducting materials.

32 CFR 48.203 - Election of options.

Science.gov (United States)

2010-07-01

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

45 CFR 1306.32 - Center-based program option.

Science.gov (United States)

2010-10-01

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

Accounting treatment of currency options

Directory of Open Access Journals (Sweden)

Prošić Danica

2016-01-01

Full Text Available Currency options are often used to mitigate currency risk resulting from corporate activities. Their implementation can be complex, and there could be problems if the essential elements and principles are not fully understood. Although they are not the simplest financial products, currency options are interesting and useful to those who are trying to make a step forward in the area of currency risk management. This paper aims to present the general principles and specifics of accounting records and valuation of currency options used for hedging against risk. It is a complex process which, in addition to numerous conditions, also involves the implementation of accounting rules that deviate from the generally accepted accounting principles.

Mental health policy: Options for South Africa

Directory of Open Access Journals (Sweden)

Y. G. Pillay

1993-03-01

Full Text Available This paper emphasizes the need for mental health professionals to become involved in developing mental health policies in South Africa. In particular, it examines three options that are currently the focus of attention with respect to national health options, i.e. a free market system, a national health service (NHS and a national health insurance system (NHIS. While the paper does not provide support for any one of these options it does attempt to investigate some of the implications of each option for the funding and delivery of mental health care.

Essure a novel option for the treatment of hydrosalpinx: a case series and literature review.

Science.gov (United States)

Lorente González, Juan; Ríos Castillo, José Enrique; Pomares Toro, Elvira; Romero Nieto, María Inmaculada; Castelo-Branco, Camil; Arjona Berral, José Eduardo

2016-01-01

The aim of this study is to evaluate the use of hysteroscopic Essure device placement for the treatment of hydrosalpinx (HS)-related infertility in patients with laparoscopic contraindications and compared their pregnancy outcomes following IVF-ICSI treatment with those patients having had laparoscopic tubal occlusion (LTO). From 2008 to 2014 a total of 50 patients were diagnosed with unilateral or bilateral hydrosalpinges: 29 patients had laparoscopic contraindications and were treated hysteroscopically and 21 patients were treated with laparoscopical salpingectomy. Of the 29 patients who underwent treatment with Essure(®), 21 began a cycle of in vitro fertilization (IVF), and 13 finished in embryo transfer that resulted in seven clinical pregnancies. Furthermore, in the group of women treated with salpingectomy, 17 started an IVF cycle that resulted in 12 clinical pregnancies. The clinical pregnancy rate per patient with an IVF cycle started was 33.3% and 70.6%, the live-birth rate per patient was 14.3% and 52.9%, the miscarriage rate was 57.1% and 18.2%, and the implantation rate was 16.3% and 34.1% for hysteroscopy and laparoscopy, respectively. Essure(®) placement is an alternative method for occlusion of hydrosalpinges before IVF. Monitoring the live-birth rate confirms that this option may be considered when laparoscopy is impossible or contraindicated.

38 CFR 9.4 - Beneficiaries and options.

Science.gov (United States)

2010-07-01

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

40 CFR 80.163 - Detergent certification options.

Science.gov (United States)

2010-07-01

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

Treatment Options by Stage (Vaginal Cancer)

Science.gov (United States)

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

Treatment Options for Chronic Myeloproliferative Neoplasms

Science.gov (United States)

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

Treatment Options for Nonmelanoma Skin Cancer

Science.gov (United States)

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

Treatment Option Overview (Chronic Myeloproliferative Neoplasms)

Science.gov (United States)

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

Observing Optional Number in DDC Edition 23

Directory of Open Access Journals (Sweden)

Mohamad Rotmianto

2015-04-01

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

Novel preventive treatment options

DEFF Research Database (Denmark)

Longbottom, C; Ekstrand, K; Zero, D

2009-01-01

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

Low activity resin processing and disposal options review

International Nuclear Information System (INIS)

Gardner, F.

1996-01-01

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

Aliens and existential elevators: absurdity and its shadows in Douglas Adams’s Hitch hiker series

Directory of Open Access Journals (Sweden)

M.A. van der Colff

2008-07-01

Full Text Available According to twentieth-century existentialist philosophy, the universe as we know it is steeped in senselessness, and the only possible means of survival is the construction of subjective meaning. Douglas Adams’s fictional universe portrayed in his “Hitch hiker” series reflects the arbitrary nature of existence, and the characters dwelling in this narrative space are faced with two existential choices: the one is defiance in the face of senselessness, the other is bleak despair. This article explores the existential choices made by prominent characters in the “Hitch hiker” series. The article distinguishes between and analyses the Sisyphus characters and their polar opposites (or nihilist shadows in Douglas Adams’s “Hitch hiker” series. Adams’s characters, be they human, alien or sentient machine, all face the same existential choice: actuate individual meaning, or resort to despondency. Characters who choose the first option are regarded as Sisyphus figures, whereas characters who choose the latter are referred to as shadows or nihilist nemeses.

Help Options in CALL: A Systematic Review

Science.gov (United States)

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

2009-01-01

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

Option Fixation: A Cognitive Contributor to Overconfidence

Science.gov (United States)

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

2007-01-01

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

Energy options and the role of coal: an integrated approach

Energy Technology Data Exchange (ETDEWEB)

Isaacs, E. [Alberta Energy Research Institute, Edmonton, AB (Canada)

2006-07-01

Considers energy goals and options with particular regard to providing affordable energy to Canada. Gasification of coal and carbon to provide a reliable source of clean power and heat to the oil sand industry and for feedstocks for the production of fertilizer, methanol, petrochemicals, and ultra-clean fuels is examined. The layout for integrated gasification polygeneration with carbon feed and plans for Canada's first commercial gasification plant (the Nexen Long Lake Project) are shown in diagrams. Progress in coal gasification at a clean coal Luscar/Sherritt pilot plant is outlined. Clean coal technology is part of a strategy to provide integration across energy systems, generate value for all hydrocarbon resources, and minimize emissions. 15 figs., 2 tabs.

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.

Self-dual continuous series of representations for and

Science.gov (United States)

Hadasz, Leszek; Pawelkiewicz, Michal; Schomerus, Volker

2014-10-01

We determine the Clebsch-Gordan and Racah-Wigner coefficients for continuous series of representations of the quantum deformed algebras and . While our results for the former algebra reproduce formulas by Ponsot and Teschner, the expressions for the orthosymplectic algebra are new. Up to some normalization factors, the associated Racah-Wigner coefficients are shown to agree with the fusing matrix in the Neveu-Schwarz sector of N =1 supersymmetric Liouville field theory.

Spinal Cord Injury in the Geriatric Population: Risk Factors, Treatment Options, and Long-Term Management.

Science.gov (United States)

Ikpeze, Tochukwu C; Mesfin, Addisu

2017-06-01

Spinal cord injuries (SCIs) are sustained by more than 12 500 patients per year in the United States and more globally. The SCIs disproportionately affect the elderly, especially men. Approximately 60% of these injuries are sustained traumatically through falls, but nontraumatic causes including infections, tumors, and medication-related epidural bleeding have also been documented. Preexisting conditions such as ankylosing spondylitis and diffuse idiopathic skeletal hyperostosis can render the spine stiff and are risk factors as well as cervical spondylosis and ensuing cervical stenosis. Treatment options vary depending on the severity, location, and complexity of the injury. Surgical management has been growing in popularity over the years and remains an option as it helps reduce spinal cord compression and alleviate pain. Elevating mean arterial pressures to prevent spinal cord ischemia and avoiding the second hit of SCI have become more common as opposed to high dose steroids. Ongoing clinical trials with pharmacological agents such as minocycline and riluzole have shown early, promising results in their ability to reduce cellular damage and facilitate recovery. Though SCI can be life changing, the available treatment options have aimed to reduce pain and minimize complications and maintain quality of life alongside rehabilitative services.

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

OpenAIRE

Tanha, Hassan

2017-01-01

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

The Factor Structure in Equity Options

DEFF Research Database (Denmark)

Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

2018-01-01

Equity options display a strong factor structure. The first principal components of the equity volatility levels, skews, and term structures explain a substantial fraction of the crosssectional variation. Furthermore, these principal components are highly correlated with the S&P 500 index option...... volatility, skew, and term structure, respectively. We develop an equity option valuation model that captures this factor structure. The model predicts that firms with higher market betas have higher implied volatilities, steeper moneyness slopes, and a term structure that covaries more with the market...

Option Strike Price and Managerial Investment Decisions

Institute of Scientific and Technical Information of China (English)

刘鸿雁; 张维

2003-01-01

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

What Are We Drinking? Beverages Shown in Adolescents' Favorite Television Shows.

Science.gov (United States)

Eisenberg, Marla E; Larson, Nicole I; Gollust, Sarah E; Neumark-Sztainer, Dianne

2017-05-01

Media use has been shown to contribute to poor dietary intake; however, little attention has been paid to programming content. The portrayal of health behaviors in television (TV) programming contributes to social norms among viewers, which have been shown to influence adolescent behavior. This study reports on a content analysis of beverages shown in a sample of TV shows popular with a large, diverse group of adolescents, with attention to the types of beverages and differences across shows and characters. Favorite TV shows were assessed in an in-school survey in 2010. Three episodes of each of the top 25 shows were analyzed, using a detailed coding instrument. Beverage incidents (ie, beverage shown or described) were recorded. Beverage types included milk, sugar-sweetened beverages (SSBs), diet beverages, juice, water, alcoholic drinks, and coffee. Characters were coded with regard to gender, age group, race, and weight status. Shows were rated for a youth, general, or adult audience. χ 2 tests were used to compare the prevalence of each type of beverage across show ratings (youth, general, adult), and to compare characteristics of those involved in each type of beverage incident. Beverage incidents were common (mean=7.4 incidents/episode, range=0 to 25). Alcohol was the most commonly shown (38.8%); milk (5.8%) and juice (5.8%) were least common; 11.0% of incidents included SSBs. Significant differences in all types of beverage were found across characters' age groups. Almost half of young adults' (49.2%) or adults' (42.0%) beverage incidents included alcohol. Beverages are often portrayed on TV shows viewed by adolescents, and common beverages (alcohol, SSBs) may have adverse consequences for health. The portrayal of these beverages likely contributes to social norms regarding their desirability; nutrition and health professionals should talk with youth about TV portrayals to prevent the adoption of unhealthy beverage behaviors. Copyright © 2017 Academy of

What are we drinking? Beverages shown in adolescents’ favorite TV shows

Science.gov (United States)

Eisenberg, Marla E.; Larson, Nicole I.; Gollust, Sarah E.; Neumark-Sztainer, Dianne

2016-01-01

Background Media use has been shown to contribute to poor dietary intake; however, little attention has been paid to programming content. The portrayal of health behaviors in television (TV) programming contributes to social norms among viewers, which have been shown to influence adolescent behavior. Objective This study reports on a content analysis of beverages shown in a sample of TV shows popular with a large, diverse group of adolescents, with attention to the types of beverages and differences across shows and characters. Design Favorite TV shows were assessed in an in-school survey in 2010. Three episodes of each of the top 25 shows were analyzed using a detailed coding instrument. Key measures Beverage incidents (i.e. beverage shown or described) were recorded. Beverage types included milk, sugar-sweetened beverages (SSB), diet beverages, juice, water, alcoholic drinks and coffee. Characters were coded with regards to gender, age group, race, and weight status. Shows were rated for a youth, general or adult audience. Statistical analyses Chi-square tests were used to compare the prevalence of each type of beverage across show ratings (youth, general, adult), and to compare characteristics of those involved in each type of beverage incident. Results Beverage incidents were common (mean=7.4 incidents/episode, range=0–25). Alcohol was the most commonly shown (38.8%); milk (5.8%) and juice (5.8%) were least common; 11.0% of incidents included SSB. Significant differences in all types of beverage were found across age groups. Almost half of young adults’ (49.2%) or adults’ (42.0%) beverage incidents included alcohol. Conclusions Beverages are often portrayed on TV shows viewed by adolescents, and common beverages (alcohol, SSB) may have adverse consequences for health. The portrayal of these beverages likely contributes to social norms regarding their desirability; nutrition and health professionals should talk with youth about TV portrayals to prevent the

Essay on Option Pricing, Hedging and Calibration

DEFF Research Database (Denmark)

da Silva Ribeiro, André Manuel

Quantitative finance is concerned about applying mathematics to financial markets.This thesis is a collection of essays that study different problems in this field: How efficient are option price approximations to calibrate a stochastic volatilitymodel? (Chapter 2) How different is the discretely...... of dynamics? (Chapter 5) How can we formulate a simple free-arbitrage model to price correlationswaps? (Chapter 6) A summary of the work presented in this thesis: Approximation Behooves Calibration In this paper we show that calibration based on an expansion approximation for option prices in the Heston...... stochastic volatility model gives stable, accurate, and fast results for S&P500-index option data over the period 2005 to 2009. Discretely Sampled Variance Options: A Stochastic Approximation Approach In this paper, we expand Drimus and Farkas (2012) framework to price variance options on discretely sampled...

Proceedings of the Management options information seminar

International Nuclear Information System (INIS)

2002-01-01

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

Options theory and strategic investment decisions

International Nuclear Information System (INIS)

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

1992-01-01

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

A Comparison of Retrievability: Celect versus Option Filter.

Science.gov (United States)

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

2015-06-01

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

Cross-sectoral assessment of mitigation options

DEFF Research Database (Denmark)

Halsnæs, K.

1997-01-01

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

The Factor Structure in Equity Options

DEFF Research Database (Denmark)

Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

Equity options display a strong factor structure. The first principal components of the equity volatility levels, skews, and term structures explain a substantial fraction of the cross-sectional variation. Furthermore, these principal components are highly correlated with the S&P500 index option...... volatility, skew, and term structure respectively. We develop an equity option valuation model that captures this factor structure. The model predicts that firms with higher market betas have higher implied volatilities, steeper moneyness slopes, and a term structure that co-varies more with the market...

Equity Options During the Shorting Ban of 2008

Directory of Open Access Journals (Sweden)

Nusret Cakici

2018-03-01

Full Text Available The Securities and Exchange Commission’s 2008 emergency order introduced a shorting ban of some 800 financials traded in the US. This paper provides an empirical analysis of the options market around the ban period. Using transaction level data from OPRA (The Options Price Reporting Authority, we study the options volume, spreads, pricing measures and option trade volume informativeness during the ban. We also consider the put–call parity relationship. While mostly statistically significant, economic magnitudes of our results suggest that the impact of the ban on the equity options market was likely not as dramatic as initially thought.

Treatment Options by Stage (Small Cell Lung Cancer)

Science.gov (United States)

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

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.

New options for purchasing electricity

International Nuclear Information System (INIS)

2003-10-01

This guide is intended for small to medium commercial customers in Alberta and explains new options for purchasing electricity. Small to medium customers include corner stores, community centres, schools, small office buildings, and light industrial businesses. In the 1990s, private power producers in Alberta built 3,000 megawatts of new generation, adding 30 per cent more supply to the power grid in the province. Prices in the deregulated electricity market have fluctuated with natural gas prices, changing weather and changing power demands. The competitive electricity market was opened on January 1, 2001 in Alberta, offering consumers purchasing choices such as green power, multi-year contracts, or electricity rates under the Regulated Rate Option (RRO). The RRO was a transition mechanism that will end by December 31, 2003 at which time, small to medium commercial customers will have the option to shop around for competitive electricity contracts that provide a fixed price of power over time, or they can opt to stay with their current supplier and receive a regulated flow-through of market prices. Under the flow-through option, risk of future deferral charges is reduced, but electricity prices will probably change between billing periods. 1 fig

Estimation of time-delayed mutual information and bias for irregularly and sparsely sampled time-series

International Nuclear Information System (INIS)

Albers, D.J.; Hripcsak, George

2012-01-01

Highlights: ► Time-delayed mutual information for irregularly sampled time-series. ► Estimation bias for the time-delayed mutual information calculation. ► Fast, simple, PDF estimator independent, time-delayed mutual information bias estimate. ► Quantification of data-set-size limits of the time-delayed mutual calculation. - Abstract: A method to estimate the time-dependent correlation via an empirical bias estimate of the time-delayed mutual information for a time-series is proposed. In particular, the bias of the time-delayed mutual information is shown to often be equivalent to the mutual information between two distributions of points from the same system separated by infinite time. Thus intuitively, estimation of the bias is reduced to estimation of the mutual information between distributions of data points separated by large time intervals. The proposed bias estimation techniques are shown to work for Lorenz equations data and glucose time series data of three patients from the Columbia University Medical Center database.

Shungnak Energy Configuration Options.

Energy Technology Data Exchange (ETDEWEB)

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

2017-10-01

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

The safeguards options study

Energy Technology Data Exchange (ETDEWEB)

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

1995-04-01

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

The safeguards options study

International Nuclear Information System (INIS)

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

1995-04-01

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

Residual power series method for fractional Sharma-Tasso-Olever equation

Directory of Open Access Journals (Sweden)

Amit Kumar

2016-02-01

Full Text Available In this paper, we introduce a modified analytical approximate technique to obtain solution of time fractional Sharma-Tasso-Olever equation. First, we present an alternative framework of the Residual power series method (RPSM which can be used simply and effectively to handle nonlinear fractional differential equations arising in several physical phenomena. This method is basically based on the generalized Taylor series formula and residual error function. A good result is found between our solution and the given solution. It is shown that the proposed method is reliable, efficient and easy to implement on all kinds of fractional nonlinear problems arising in science and technology.

Multifractal analysis of implied volatility in index options

Science.gov (United States)

Oh, GabJin

2014-06-01

In this paper, we analyze the statistical and the non-linear properties of the log-variations in implied volatility for the CAC40, DAX and S& P500 daily index options. The price of an index option is generally represented by its implied volatility surface, including its smile and skew properties. We utilize a Lévy process model as the underlying asset to deepen our understanding of the intrinsic property of the implied volatility in the index options and estimate the implied volatility surface. We find that the options pricing models with the exponential Lévy model can reproduce the smile or sneer features of the implied volatility that are observed in real options markets. We study the variation in the implied volatility for at-the-money index call and put options, and we find that the distribution function follows a power-law distribution with an exponent of 3.5 ≤ γ ≤ 4.5. Especially, the variation in the implied volatility exhibits multifractal spectral characteristics, and the global financial crisis has influenced the complexity of the option markets.

Short-Term Market Risks Implied by Weekly Options

DEFF Research Database (Denmark)

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

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

“To boldly go where no series has gone before”. Star Trek - The Original Series in Italia: il linguaggio della tecno-scienza, il doppiaggio, il fandom

Directory of Open Access Journals (Sweden)

Giulia Iannuzzi

2014-12-01

Full Text Available This essay consists of a critical analysis of the Italian dubbing of Star Trek. The Original Series (1966-1969, which was partially translated and shown on Italian television between 1979 and 1981. The study of the dubbing is approached considering translation as a complex cultural phenomenon (drawing on studies such as Even-Zohar and Venuti's, and using the case of Star Trek also as an example of broader phenomena and dynamics, namely the presence of American science fiction series on Italian television, and the difficult relationship in Italy between humanistic and scientific cultures (here, Pierpaolo Antonello's contributions are the milestones, to which the essay attributes the noticeable simplification and flattening the techno-scientific language undergoes during translation in the Star Trek episodes considered. This general tendency to simplify (and even remove technical and scientific terminology in the Italian version can be explained by two main factors: the idea that Italian viewers are less well educated scientifically than Americans, and limited investment (in terms of both financial and professional resources, on the part of the TV channel and dubbing company (TMC and ADC. Both these aspects reveal a perception of a television series as merely a commodity product, typical of the years preceding the current new golden age of American series, but still not unknown in contemporary Italy (as has been shown in other cases, by studies such those by Buonomo, Izzo and Scarpino, and Ranzato. The analysis of the Italian dubbing of Star Trek in the present essay is accompanied by a preliminary overview of the translation and airing of American science fiction series in Italy between the 1950s and the 1970s, and by a survey of the fortunes of these series across different media over the same period. Star Trek, at the center of one the biggest and most profitable contemporary cultural franchises, and one of the most well organized fandoms

Management options for recycling radioactive scrap metals

Energy Technology Data Exchange (ETDEWEB)

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

1997-02-01

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

Taylor Series Trajectory Calculations Including Oblateness Effects and Variable Atmospheric Density

Science.gov (United States)

Scott, James R.

2011-01-01

Taylor series integration is implemented in NASA Glenn's Spacecraft N-body Analysis Program, and compared head-to-head with the code's existing 8th- order Runge-Kutta Fehlberg time integration scheme. This paper focuses on trajectory problems that include oblateness and/or variable atmospheric density. Taylor series is shown to be significantly faster and more accurate for oblateness problems up through a 4x4 field, with speedups ranging from a factor of 2 to 13. For problems with variable atmospheric density, speedups average 24 for atmospheric density alone, and average 1.6 to 8.2 when density and oblateness are combined.

Option generation in decision making: ideation beyond memory retrieval.

Science.gov (United States)

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

2014-01-01

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

Option generation in decision making: Ideation beyond memory retrieval

Directory of Open Access Journals (Sweden)

Fabio eDel Missier

2015-01-01

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

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

Science.gov (United States)

1985-01-01

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

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

NARCIS (Netherlands)

Jamshidian, F.

2004-01-01

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

Economic feasibility of biogas production in swine farms using time series analysis

Directory of Open Access Journals (Sweden)

Felipe Luis Rockenbach

2016-07-01

Full Text Available ABSTRACT: This study aimed to measure the economic feasibility and the time needed to return capital invested for the installation of a swine manure treatment system, these values originated the sale of carbon credits and/or of compensation of electric energy in swine farms, using the Box-Jenkins forecast models. It was found that the use of biogas is a viable option in a large scale with machines that operate daily for 10h or more, being the return period between 70 to 80 months. Time series analysis models are important to anticipate the series under study behavior, providing the swine breeder/investor means to reduce the financial investment risk as well as helping to decrease the production costs. Moreover, this process can be seen as another source of income and enable the breeder to be self-sufficient in the continuous supply of electric energy, which is very valuable nowadays considering that breeders are now increasingly using various technologies.

On Sums of Numerical Series and Fourier Series

Science.gov (United States)

Pavao, H. Germano; de Oliveira, E. Capelas

2008-01-01

We discuss a class of trigonometric functions whose corresponding Fourier series, on a conveniently chosen interval, can be used to calculate several numerical series. Particular cases are presented and two recent results involving numerical series are recovered. (Contains 1 note.)

42 CFR 408.65 - Payment options.

Science.gov (United States)

2010-10-01

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

49 CFR 190.209 - Response options.

Science.gov (United States)

2010-10-01

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

23 CFR 500.104 - State option.

Science.gov (United States)

2010-04-01

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

Default options and neonatal resuscitation decisions.

Science.gov (United States)

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

2012-12-01

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

17 CFR 32.11 - Suspension of commodity option transactions.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Suspension of commodity option... REGULATION OF COMMODITY OPTION TRANSACTIONS § 32.11 Suspension of commodity option transactions. (a... accept money, securities or property in connection with, the purchase or sale of any commodity option, or...

42 CFR 436.229 - Optional targeted low-income children.

Science.gov (United States)

2010-10-01

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

24 CFR 982.628 - Homeownership option: Eligible units.

Science.gov (United States)

2010-04-01

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

Infinite series

CERN Document Server

Hirschman, Isidore Isaac

2014-01-01

This text for advanced undergraduate and graduate students presents a rigorous approach that also emphasizes applications. Encompassing more than the usual amount of material on the problems of computation with series, the treatment offers many applications, including those related to the theory of special functions. Numerous problems appear throughout the book.The first chapter introduces the elementary theory of infinite series, followed by a relatively complete exposition of the basic properties of Taylor series and Fourier series. Additional subjects include series of functions and the app

Flexibility and Project Value: Interactions and Multiple Real Options

Science.gov (United States)

Čulík, Miroslav

2010-06-01

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

Therapeutic options in pediatric non alcoholic fatty liver disease: current status and future directions

Directory of Open Access Journals (Sweden)

Vajro Pietro

2012-10-01

Full Text Available Abstract The epidemics of overweight and obesity has resulted in a significant increase of non alcoholic fatty liver disease (NAFLD, a potentially progressive condition. Currently, obesity related hepatopathy represents therefore the main cause of pediatric chronic liver disease. The first choice treatment at all ages is weight loss and/or lifestyle changes, however compliance is very poor and a pharmacological approach has become necessary. In the present article we present a systematic literature review focusing on established pediatric NALFD drugs (ursodeoxycholic acid, insulin sensitizers, and antioxidants and on innovative therapeutic options as well. Regarding the former ones, a pediatric pilot study highlighted that ursodeoxycholic acid is not efficient on transaminases levels and bright liver. Similarly, a recent large scale, multicenter randomized clinical trial (TONIC study showed that also insulin sensitizers and antioxidant vitamin E have scarce effects on serum transaminase levels. Among a large series of novel therapeutic approaches acting on recently proposed different pathomechanisms, probiotics seem hitherto the most interesting and reasonable option for their safety and tolerability. Toll-like receptors modifiers, Pentoxifylline, and Farnesoid X receptors agonists have been still poorly investigated, and will need further studies before becoming possible promising innovative therapeutic strategies.

A Python-based interface to examine motions in time series of solar images

Science.gov (United States)

Campos-Rozo, J. I.; Vargas Domínguez, S.

2017-10-01

Python is considered to be a mature programming language, besides of being widely accepted as an engaging option for scientific analysis in multiple areas, as will be presented in this work for the particular case of solar physics research. SunPy is an open-source library based on Python that has been recently developed to furnish software tools to solar data analysis and visualization. In this work we present a graphical user interface (GUI) based on Python and Qt to effectively compute proper motions for the analysis of time series of solar data. This user-friendly computing interface, that is intended to be incorporated to the Sunpy library, uses a local correlation tracking technique and some extra tools that allows the selection of different parameters to calculate, vizualize and analyze vector velocity fields of solar data, i.e. time series of solar filtergrams and magnetograms.

Evaluation of electromagnetic loads on various design options of the ITER diagnostic upper port plug during plasma disruptions

International Nuclear Information System (INIS)

Pak, Sunil; Ku, Duck Young; Oh, Dong-Keun; Jhang, Hogun; Kim, Duck-Hoi; Cheon, Mun-Seong; Seon, Chang Rae; Lee, Hyeon Gon; Pitcher, Spencer

2011-01-01

Electromagnetic (EM) loads due to eddy current and halo current during plasma disruptions are evaluated for the ITER diagnostic upper port plug. To reduce strong EM loads acting on the port plug fixed to the vacuum vessel like a cantilever beam, three design options have been considered: removal of the diagnostic first wall, slitting of the diagnostic shield module and recess of the port plug. The main focus of the present study is to examine the efficacy of these options in terms of EM loads on the upper port plug. It is found that making slits is more effective than removing the first wall. It is also shown that the upper port plug needs to be recessed to reduce the EM load induced by halo current.

Modelling Callable Annuity Bonds with Interest-Only Optionality

OpenAIRE

Holst, Anders; Nalholm, Morten

2004-01-01

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

34 CFR 300.110 - Program options.

Science.gov (United States)

2010-07-01

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

32 CFR 571.5 - Enlistment options.

Science.gov (United States)

2010-07-01

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

TIAA-CREF Retirement Options and Considerations.

Science.gov (United States)

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

1979-01-01

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

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

Science.gov (United States)

2015-10-28

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

Reducing the Deficit: Spending and Revenue Options

Science.gov (United States)

2011-03-01

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

Pawnee Nation Energy Option Analyses

Energy Technology Data Exchange (ETDEWEB)

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

2009-07-31

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

Spent fuel reprocessing options

International Nuclear Information System (INIS)

2008-08-01

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

Static super-replicating strategies for a class of exotic options

NARCIS (Netherlands)

Chen, X.; Deelstra, G.; Dhaene, J.; Vanmaele, M.

2008-01-01

In this paper, we investigate static super-replicating strategies for European-type call options written on a weighted sum of asset prices. This class of exotic options includes Asian options and basket options among others. We assume that there exists a market where the plain vanilla options on the

17 CFR 230.238 - Exemption for standardized options.

Science.gov (United States)

2010-04-01

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

Is it timing or backdating of option grants?

NARCIS (Netherlands)

van der Goot, T.

2010-01-01

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

78 FR 38843 - Single Application Option

Science.gov (United States)

2013-06-28

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

Declassification, an actual operating materials management option in Cofrentes; La descalsificacion, una opcion operativa real de gestion de materiales en C. N. Cofrentes

Energy Technology Data Exchange (ETDEWEB)

Garcia-Bermejo, R.; Diego compadre, J. L. de; Lopez Alvarez, L.; Analya Lazaro, M.

2014-07-01

Methods and procedures developed for declassification feature a series of methodological options and innovative technology, including the systematic use of the spatial random variable named index of Residual activity, level specific factors for declassification determined empirically for each unit of characterization and contrasts of hypothesis not parametric which are used in the demonstration of compliance of the levels of declassification Decision rules authorized by the CSN. (Author)

Generalized localization for the double trigonometric Fourier series and the Walsh-Fourier series of functions in L log +L log + log +L

International Nuclear Information System (INIS)

Bloshanskaya, S K; Bloshanskii, I L; Roslova, T Y

1998-01-01

For an arbitrary open set Ω subset of I 2 =[0,1) 2 and an arbitrary function f element of L log + L log + log + L(I 2 ) such that f=0 on Ω the double Fourier series of f with respect to the trigonometric system Ψ=E and the Walsh-Paley system Ψ=W is shown to converge to zero (over rectangles) almost everywhere on Ω. Thus, it is proved that generalized localization almost everywhere holds on arbitrary open subsets of the square I 2 for the double trigonometric Fourier series and the Walsh-Fourier series of functions in the class L log + L log + log + L (in the case of summation over rectangles). It is also established that such localization breaks down on arbitrary sets that are not dense in I 2 , in the classes Φ Ψ (L)(I 2 ) for the orthonormal system Ψ=E and an arbitrary function such that Φ E (u)=o(u log + log + u) as u→∞ or for Φ W (u)=u( log + log + u) 1-ε , 0<ε<1

The syndrome of inappropriate antidiuretic hormone: current and future management options.

LENUS (Irish Health Repository)

Sherlock, Mark

2010-06-01

Hyponatraemia is the commonest electrolyte abnormality, and syndrome of inappropriate antidiuretic hormone (SIADH) is the most frequent underlying pathophysiology. Hyponatraemia is associated with significant morbidity and mortality, and as such appropriate treatment is essential. Treatment options for SIADH include fluid restriction, demeclocycline, urea, frusemide and saline infusion, all of which have their limitations. The introduction of the vasopressin-2 receptor antagonists has allowed clinicians to specifically target the underlying pathophysiology of SIADH. Initial studies have shown good efficacy and safety profiles in the treatment of mild to moderate hyponatraemia. However, studies assessing the efficacy and safety of these agents in acute severe symptomatic hyponatraemia are awaited. Furthermore, the cost of these agents at present may limit their use.

75 FR 47710 - TRICARE; Extended Care Health Option

Science.gov (United States)

2010-08-09

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

10 CFR 490.307 - Option for Electric Utilities.

Science.gov (United States)

2010-01-01

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

Retrospective insights from real options in R&D

NARCIS (Netherlands)

Lint, L.J.O.

2000-01-01

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

Mouse-tracking evidence for parallel anticipatory option evaluation.

Science.gov (United States)

Cranford, Edward A; Moss, Jarrod

2017-12-23

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

Option valuation for energy issues

International Nuclear Information System (INIS)

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

2004-01-01

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

PhilDB: the time series database with built-in change logging

Directory of Open Access Journals (Sweden)

Andrew MacDonald

2016-03-01

Full Text Available PhilDB is an open-source time series database that supports storage of time series datasets that are dynamic; that is, it records updates to existing values in a log as they occur. PhilDB eases loading of data for the user by utilising an intelligent data write method. It preserves existing values during updates and abstracts the update complexity required to achieve logging of data value changes. It implements fast reads to make it practical to select data for analysis. Recent open-source systems have been developed to indefinitely store long-period high-resolution time series data without change logging. Unfortunately, such systems generally require a large initial installation investment before use because they are designed to operate over a cluster of servers to achieve high-performance writing of static data in real time. In essence, they have a ‘big data’ approach to storage and access. Other open-source projects for handling time series data that avoid the ‘big data’ approach are also relatively new and are complex or incomplete. None of these systems gracefully handle revision of existing data while tracking values that change. Unlike ‘big data’ solutions, PhilDB has been designed for single machine deployment on commodity hardware, reducing the barrier to deployment. PhilDB takes a unique approach to meta-data tracking; optional attribute attachment. This facilitates scaling the complexities of storing a wide variety of data. That is, it allows time series data to be loaded as time series instances with minimal initial meta-data, yet additional attributes can be created and attached to differentiate the time series instances when a wider variety of data is needed. PhilDB was written in Python, leveraging existing libraries. While some existing systems come close to meeting the needs PhilDB addresses, none cover all the needs at once. PhilDB was written to fill this gap in existing solutions. This paper explores existing time

Options theory

International Nuclear Information System (INIS)

Markland, J.T.

1992-01-01

Techniques used in conventional project appraisal are mathematically very simple in comparison to those used in reservoir modelling, and in the geosciences. Clearly it would be possible to value assets in mathematically more sophisticated ways if it were meaningful and worthwhile so to do. The DCf approach in common use has recognized limitations; the inability to select a meaningful discount rate being particularly significant. Financial Theory has advanced enormously over the last few years, along with computational techniques, and methods are beginning to appear which may change the way we do project evaluations in practice. The starting point for all of this was a paper by Black and Scholes, which asserts that almost all corporate liabilities can be viewed as options of varying degrees of complexity. Although the financial presentation may be unfamiliar to engineers and geoscientists, some of the concepts used will not be. This paper outlines, in plain English, the basis of option pricing theory for assessing the market value of a project. it also attempts to assess the future role of this type of approach in practical Petroleum Exploration and Engineering economics. Reference is made to relevant published Natural Resource literature

Intravaginal boric acid: is it an alternative therapeutic option for vaginal trichomoniasis?

Science.gov (United States)

Thorley, Nicola; Ross, Jonathan

2017-12-09

Trichomoniasis, caused by Trichomonas vaginalis (TV), is the most common curable sexually transmitted infection worldwide. Current guidance in the UK is to treat TV with a nitroimidazole antibiotic. The high prevalence of TV, high rate of antibiotic resistance and limited tolerability to nitroimidazoles suggest that alternative treatment regimens are needed. Intravaginal boric acid (BA) has been used safely for the treatment of candida vulvovaginitis and bacterial vaginosis, and in vitro studies suggest BA is active against TV. We review the evidence for the efficacy of BA in patients with TV. MEDLINE, EMBASE, CINAHL, AMED, HMIC and BNI and Grey literature databases, The Cochrane Library, Trial Registers, conference abstracts and proceedings were searched. Inclusion criteria were women aged 16 years or over with microbiological confirmation of TV infection and using BA as treatment. There were no restrictions on language, publication date or study design. The in vitro evidence for BA activity against TV was also reviewed. No randomised controlled trials or case series were found. Four case reports demonstrated TV clearance with BA using a variety of dose regimens (dose 600 mg alternate nights to 600 mg two times per day; duration 1-5 months). In vitro studies suggest that BA has activity against TV which is independent of its effect on pH. Further evaluation of BA for the treatment of uncomplicated TV is required, but it may be useful when therapeutic options are limited. If shown to be safe and effective, intravaginal BA might provide a well-tolerated alternative anti-infective treatment which reduces community exposure to systemic antibiotics. © Article author(s) (or their employer(s) unless otherwise stated in the text of the article) 2017. All rights reserved. No commercial use is permitted unless otherwise expressly granted.

48 CFR 52.217-5 - Evaluation of Options.

Science.gov (United States)

2010-10-01

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

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

Directory of Open Access Journals (Sweden)

Peter Laurence

2003-07-01

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

Inferring causality from noisy time series data

DEFF Research Database (Denmark)

Mønster, Dan; Fusaroli, Riccardo; Tylén, Kristian

2016-01-01

Convergent Cross-Mapping (CCM) has shown high potential to perform causal inference in the absence of models. We assess the strengths and weaknesses of the method by varying coupling strength and noise levels in coupled logistic maps. We find that CCM fails to infer accurate coupling strength...... and even causality direction in synchronized time-series and in the presence of intermediate coupling. We find that the presence of noise deterministically reduces the level of cross-mapping fidelity, while the convergence rate exhibits higher levels of robustness. Finally, we propose that controlled noise...

Buridan's Ass and a Menu of Options.

OpenAIRE

Svetlana Boyarchenko

2005-01-01

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

Security option file - Exploitation (DOS-Expl)

International Nuclear Information System (INIS)

2016-01-01

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

Alternative disposal options for transuranic waste

International Nuclear Information System (INIS)

Loomis, G.G.

1994-01-01

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

Disposal options for disused radioactive sources

International Nuclear Information System (INIS)

2005-01-01

This report presents a review of relevant information on the various technical factors and issues, as well as approaches and relevant technologies, leading to the identification of potential disposal options for disused radioactive sources. The report attempts to provide a logical 'road map' for the disposal of disused radioactive sources, taking into consideration the high degree of variability in the radiological properties of such types of radioactive waste. The use of borehole or shaft type repositories is highlighted as a potential disposal option, particularly for those countries that have limited resources and are looking for a simple, safe and cost effective solution for the disposal of their radioactive source inventories. It offers information about usage and characteristics of radioactive sources, disposal considerations, identification and screening of disposal options as well as waste packaging and acceptance criteria for disposal. The information provided in the report could be adapted or adopted to identify and develop specific disposal options suitable for the type and inventory of radioactive sources kept in storage in a given Member State

The Early Exercise Premium Representation for American Options on Multiply Assets

International Nuclear Information System (INIS)

Klimsiak, Tomasz; Rozkosz, Andrzej

2016-01-01

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

Treatment Option Overview (Childhood Acute Lymphoblastic Leukemia)

Science.gov (United States)

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

The DC electric conductivity calculation by the series for the memory functions

International Nuclear Information System (INIS)

Milinski, N.

1988-01-01

In this work we have shown that the memory function formalism of the response transport theory reduces to the expression that we already have obtained earlier from the Kubo formula. In that way, the Laurent series expansion into scattering parameter g is applicable to this formalism. (author) 4 refs

Perpetual American options within CTRWs

Science.gov (United States)

Montero, Miquel

2008-06-01

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

Perpetual American options within CTRW's

OpenAIRE

Montero, Miquel

2007-01-01

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

Correlation measure to detect time series distances, whence economy globalization

Science.gov (United States)

Miśkiewicz, Janusz; Ausloos, Marcel

2008-11-01

An instantaneous time series distance is defined through the equal time correlation coefficient. The idea is applied to the Gross Domestic Product (GDP) yearly increments of 21 rich countries between 1950 and 2005 in order to test the process of economic globalisation. Some data discussion is first presented to decide what (EKS, GK, or derived) GDP series should be studied. Distances are then calculated from the correlation coefficient values between pairs of series. The role of time averaging of the distances over finite size windows is discussed. Three network structures are next constructed based on the hierarchy of distances. It is shown that the mean distance between the most developed countries on several networks actually decreases in time, -which we consider as a proof of globalization. An empirical law is found for the evolution after 1990, similar to that found in flux creep. The optimal observation time window size is found ≃15 years.

For the last time: stock options are an expense.

Science.gov (United States)

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

2003-03-01

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

Treatment Option Overview (Ovarian Germ Cell Tumors)

Science.gov (United States)

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

Lunar Cube Transfer Trajectory Options

Science.gov (United States)

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

2015-01-01

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

Treatment Option Overview (Mycosis Fungoides and the Sezary Syndrome)

Science.gov (United States)

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

Strategic growth options

NARCIS (Netherlands)

Kulatilaka, N.; Perotti, E.C.

1998-01-01

We provide a strategic rationale for growth options under uncertainty and imperfect corn-petition. In a market with strategic competition, investment confers a greater capability to take advantage of future growth opportunities. This strategic advantage leads to the capture of a greater share of the

Engineering options for the U.S. Fusion Demo

International Nuclear Information System (INIS)

Tillack, M.S.; El-Guebaly, L.; Wong, C.

1995-01-01

Through its successful operation, the US Fusion Demo must be sufficiently convincing that a utility or independent power producer will choose to purchase one as its next electric generating plant. A fusion power plant which is limited to the use of currently-proven technologies is unlikely to be sufficiently attractive to a utility unless fuel shortages and regulatory restrictions are far more crippling to competing energy sources than currently anticipated. In that case, the task of choosing an appropriate set of engineering technologies today involves trade-offs between attractiveness and technical risk. The design space for an attractive tokamak fusion power core is not unlimited; previous studies have shown that advanced low-activation ferritic steel, vanadium alloy, or SiC/SiC composites are the only candidates the authors have for the primary in-vessel structural material. An assessment of engineering design options has been performed using these three materials and the associated in-vessel component designs which are compatible with them

Evaluating State Options for Reducing Medicaid Churning

Science.gov (United States)

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

2015-01-01

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

Options Counseling for the Pregnant Adolescent Patient.

Science.gov (United States)

Hornberger, Laurie L

2017-09-01

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

Berg River Textiles - Cleaner Production Option Report

DEFF Research Database (Denmark)

Wenzel, Henrik; Schneider, Zsig

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

Illiquidity Premia in the Equity Options Market

DEFF Research Database (Denmark)

Christoffersen, Peter; Goyenko, Ruslan; Jacobs, Kris

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

CANDU fuel cycle options in Korea

International Nuclear Information System (INIS)

Boczar, P.G.; Fehrenbach, P.J.; Meneley, D.A.

1996-04-01

The easiest first step in CANDU fuel-cycle evolution may be the use of slightly enriched uranium (SEU), including recovered uranium from reprocessed LWR spent fuel. Relatively low enrichment (up to 1.2%) will result in a twoto three-fold reduction in the quantity of spent fuel per unit energy production, reductions in fuel-cycle costs, and greater flexibility in the design of new reactors. The CANFLEX (CANDU FLEXible) fuel bundle would be the optimal fuel carrier. A country that has both CANDU and PWR reactors can exploit the natural synergism between these two reactor types to minimize overall waste production, and maximize energy derived from the fuel. This synergism can be exploited through several different fuel cycles. A high burnup CANDU MOX fuel design could be used to utilize plutonium from conventional reprocessing or more advanced reprocessing options (such as co-processing). DUPIC (Direct Use of Spent PWR Fuel In CANDU) represents a recycle option that has a higher degree of proliferation resistance than does conventional reprocessing, since it uses only dry processes for converting spent PWR fuel into CANDU fuel, without separating the plutonium. Good progress is being made in the current KAERI, AECL, and U.S. Department of State program in demonstrating the technical feasibility of DUPIC. In the longer term, CANDU reactors offer even more dramatic synergistic fuel cycles with PWR or FBR reactors. If the objective of a national fuel-cycle program is the minimization of actinide waste or destruction of long-lived fission products, then studies have shown the superiority of CANDU reactors in meeting this objective. Long-term energy security can be assured either through the thorium cycle or through a CANDU 1 FBR system, in which the FBR would be operated as a 'fuel factory,' providing the fissile material to power a number of lower-cost, high efficiency CANDU reactors. In summary, the CANDU reactor's simple fuel design, high neutron economy, and on

Valuating Privacy with Option Pricing Theory

Science.gov (United States)

Berthold, Stefan; Böhme, Rainer

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

Real options methodology in public-private partnership projects valuation

Directory of Open Access Journals (Sweden)

Rakić Biljana

2014-01-01

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

Magnetic Field Emission Comparison for Series-Parallel and Series-Series Wireless Power Transfer to Vehicles – PART 2/2

DEFF Research Database (Denmark)

Batra, Tushar; Schaltz, Erik

2014-01-01

Series-series and series-parallel topologies are the most favored topologies for design of wireless power transfer system for vehicle applications. The series-series topology has the advantage of reflecting only the resistive part on the primary side. On the other hand, the current source output...... characteristics of the series-parallel topology are more suited for the battery of the vehicle. This paper compares the two topologies in terms of magnetic emissions to the surroundings for the same input power, primary current, quality factor and inductors. Theoretical and simulation results show that the series...

EXECUTIVE STOCK OPTION EXERCISING BEHAVIOR: EVIDENCE FROM BURSA MALAYSIA

OpenAIRE

Ahmad Ibn Ibrahimy; Dr. Rubi Ahmad

2012-01-01

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

Taxing Stock Options: Efficiency, Fairness and Revenue Implications

Directory of Open Access Journals (Sweden)

Jack M. Mintz

2015-10-01

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

Technetium removal: preliminary flowsheet options

International Nuclear Information System (INIS)

Eager, K.M.

1995-01-01

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

Case series of 17 modified Weil's osteotomies for Freiberg's and Köhler's II AVN, with AOFAS scoring pre- and post-operatively.

Science.gov (United States)

Edmondson, M C; Sherry, K R; Afolayan, J; Armitage, A R; Skyrme, A D

2011-03-01

Treatment for metatarsal head avascular necrosis is largely conservative. For severe or refractory cases there are various surgical options. We have performed a 'modified Weil's osteotomy' of the distal metatarsal in order to manage this problem. We present the largest case series, to our knowledge, with 17 such cases. The patients were scored pre- and post-operatively using the AOFAS Forefoot scoring system. We found that this procedure provided a mean score improvement of 36 points, with a complication rate of 5.9%. We would advocate this modified osteotomy as an effective, reliable and safe treatment option. Copyright © 2009 European Foot and Ankle Society. Published by Elsevier Ltd. All rights reserved.

Conservation and Development Options existing on Uluguru ...

African Journals Online (AJOL)

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

Athabasca caribou landscape management options report : executive summary

Energy Technology Data Exchange (ETDEWEB)

NONE

2009-05-15

The woodland caribou are listed as threatened under Alberta's Wildlife Act and the federal Species at Risk Act. The key factors that directly or indirectly affect the population size and distribution of woodland caribou population include habitat change due to wildfire or human land-use activities, predation and hunting. The Alberta Woodland Caribou Recovery Plan outlines a time line to progressively improve conditions for caribou in Alberta. The 2 main goals are to achieve self-sustaining woodland caribou populations and maintain the distribution of caribou in Alberta; and ensure that long-term habitat requirements for woodland caribou are met within Alberta's caribou range. The Athabasca Landscape Team conducted 2 analyses from which it developed management options. The first was a rating or relative risk to caribou persistence within 4 Athabasca ranges based on a series of 8 risk criteria, including both biological and land use factors. The second analysis conducted for each planning area involved simulation modeling using ALCES to forecast likely caribou populations and habitat conditions under 3 scenarios, including non-industrial, business and usual, and alternative futures. 1 tab.

Management options for cholestatic liver disease in children.

Science.gov (United States)

Catzola, Andrea; Vajro, Pietro

2017-11-01

Due to a peculiar age-dependent increased susceptibility, neonatal cholestasis affects the liver of approximately 1 in every 2500 term infants. A high index of suspicion is the key to an early diagnosis, and to implement timely, often life-saving treatments. Even when specific treatment is not available or curative, prompt medical management and optimization of nutrition are of paramount importance to survival and avoidance of complications. Areas covered: The present article will prominently focus on a series of newer diagnostic and therapeutic options of cholestasis in neonates and infants blended with consolidated established paradigms. The overview of strategies for the management reported here is based on a systematic literature search published in English using accessible databases (PubMed, MEDLINE) with the keywords biliary atresia, choleretics and neonatal cholestasis. References lists from retrieved articles were also reviewed. Expert commentary: A large number of uncommon and rare hepatobiliary disorders may present with cholestasis during the neonatal and infantile period. Potentially life-saving disease-specific pharmacological and surgical therapeutic approaches are currently available. Advances in hepatobiliary transport mechanisms have started clarifying fundamental aspects of inherited and acquired cholestasis, laying the foundation for the development of possibly more effective specific therapies.

Energy options?; Energie opties?

Energy Technology Data Exchange (ETDEWEB)

Van Sark, W. (ed.)

2006-05-15

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

Evaluating technology service options.

Science.gov (United States)

Blumberg, D F

1997-05-01

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