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简介：Greenhousegasesandglobalwarminghavereceivedincreasingattentioninrecentyearsandgainedaprominentplaceonnationalandinternationalagendas.In1988theUnitedStatesCongressaskedtheU.S.NationalAcademyofSciencestoconductastudyonthepolicyimplicationsofgreenhousewarming.Oneofthetasksinthestudywastoexaminemitigationoptionsanddevelopanassessmentmethodologyforthem.Thistaskwasundertakenbyapanelof19scientists,economists,andengineers.TheauthorwastheChairmanofthatpanel.Inthispaper,themethodologydeveloped-the“technologicarcosting”method-isbrieflyreviewedandthereasonsforchoosingitovereconomicmodelingwerediscussed.Itconcludeswithadiscussiononhowthegreenhousewarmingproblemmayaffecttheenergyandpowersystemofthefuture.

简介：Thispaperadoptstherealoptionsapproachtostudythedecision-makingofcorporateendogenousbankruptcyanddebtreorganizationinarisk-neutralframework,whileunderstandingcorporatebankruptcyanddebtreorganizationastheoptionsheldbyequityholdersandthecreditor.Afterobtainingthevaluesofcontingentclaimsonthecorporateassets,thepaperanalyzesthebankruptcydecisionsofdifferentleveredcorporate.Withstandarddebtcontractandunderabsolutepriorityrule,thebankruptcytimesmaximizingtheequityvaluearenotconsistentwiththosemaximizingthecorporatevalue:thehighleveredcorporatewillinefficientlybankruptearlywhilethelowleveredcorporatewillinefficientlybankruptlate.Ifdebtreorganizationorcreditorconcessionisn'tallowed,liquidationoftenleadstothelossinvalue.Butifstrategicdefaultordeviationfromabsolutepriorityruleisallowed,thedecisionmaximizingtheequityvaluewillbeconsistentwiththatmaximizingthecorporatevalue.Debtreorganizationhassignificanteconomicimplication:forhighleveredcorporateorlowleveredcorporate,withdebtreorganizationordeviationoftheabsolutepriorityrulepermitted,postponedorhastenedbankruptcycanbeavoided,hence,thebankruptcytriggerchosenbyequityholderstomaximizetheequityvalueisefficientdecisionwithoutvaluelosses.

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简介：China’s ,China,China. 

简介：Colorectalcancer(CRC)isasignificantcauseofmorbidityandmortalityworldwide.However,coloncancerincidenceandmortalityisdecliningoverthepastdecadeowingtoadoptionofeffectivescreeningprograms.Nevertheless,insomepartsoftheworld,CRCincidenceandmortalityremainontherise,likelyduetofactorsincluding'westernized'diet,lifestyle,andlackofhealth-careinfrastructureandresources.Participationandadherencetodifferentnationalscreeningprogramsremainobstacleslimitingtheachievementofscreeninggoals.Differentmodalitiesareavailablerangingfromstoolbasedteststoradiologyandendoscopywithvaryingsensitivityandspecificity.However,theavailabilityofthesetestsislimitedtoareaswithhigheconomicresources.Recently,FDAapprovedablood-basedtest(Epiprocolon?)forCRCscreening.Thisbloodbasedtestmayservetoincreasetheparticipationandadherencerates.Hence,leadingtoincreaseincoloncancerdetectionandprevention.ThisarticlewilldiscussvariousCRCscreeningtestswithaparticularfocusonthedataregardingthenewapprovedbloodtest.Finally,wewillproposeanalgorithmforasimplecost-effectiveCRCscreeningprogram.

简介：Acompoundoptionissimplyanoptiononanoption.Inthisshortpaper,byusingamartingaletechnique,weobtainananalyticalformulaforpricingcompoundEuropeancalloptions.Numericalresultsaregiventoexplainsomeeconomicphenomenon.

简介：Exercise-pricepolicyisperhapsthecentraldesignissueregardingnontradableExecutiveStockOptions(ESO).Inthispaper,wegivethevaluelineofESO,V(P),andtherangeoftheincentive-maximizingexercisepriceswhichisdefinedastheexercisepricesthatgenerateincentives,εn(P)/εP,within1percentofthemaximumusingthe“certaintyequivalence”approach,similartothatadoptedbyRichardLambertetal..Ourresultsshowthat,holdingconstantthecompany'scostofmakinganoptiongrant,incentivesaremaximizedbysettingexercisepriceswithinarangethattypicallyincludesthegrant-datemarketprice.

简介：Theoutbreakoftheglobalfinancialcrisisin2008precipitatedtheG20'sinstitutionalupgrading.Withthelapseofthreeyears,theG20isnowinaninstitutionaltransitionfrombeinganeffectivemechanisminresponsetotheglobalfinancialcrisistobecominganimportantplatformforpromotinginternational

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简介：InChina,electricityconsumptionkeepsgrowingatahighspeedandinstalledcapacitywillbedoubledinthenextfifteenyears.AstheworldsecondCO2producerandalsoamemberofKyotoProtocol,howtobalanceenergyneedsandenvironmentalprotectionresponsibilityinthefutureisaseriousproblemforChina.Assuch,thereareanumberoftechnologychoicesfortoday’selectricpowergeneration.AfterdiscussingthecurrentadvancedpowergenerationtechnologiesbasedonChineseenergystructureandcurrentconditionsofpowerindustry,thispapergivesareferencetothetechnologyoptionsforChinainthefuture.Herepublishedisthesecondpartofthepaper.

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简介：Lookbackoptionsarepath-dependentoptions.Ingeneral,thebinomialtreemethods,asthemostpopularapproachestopricingoptions,involveapathdependentvariableaswellastheunderlyingassetpriceforlookbackoptions.However,forfloatingstrikelookbackoptions,asingle-statevariablebinomialtreemethodcanbeconstructed.Thispaperisdevotedtotheconvergenceanalysisofthesingle-statebinomialtreemethodsbothfordiscretelyandcontinuouslymonitoredAmericanfloatingstrikelookbackoptions.Wealsoinvestigatesomepropertiesofsuchoptions,includingeffectsofexpirationdate,interestrateanddividendyieldonoptionsprices,propertiesofoptimalexerciseboundariesandsoon.

简介：ThevalueofaEuropeanoptionsatisfiestheBlack-Scholesequationwithappropriatelyspecifiedfinalandboundaryconditions.Wetransformtheproblemtoaninitialboundaryvalueproblemindimensionlessform.Therearetwoparametersinthecoefficientsoftheresultinglinearparabolicpartialdifferentialequation.Forarangeofvaluesoftheseparameters,thesolutionoftheproblemhasaboundaryoraninitiallayer.Theinitialfunctionhasadiscontinuityinthefirst-orderderivative,whichleadstotheappearanceofaninteriorlayer.Weconstructanalyticallytheasymptoticsolutionoftheequationinafinitedomain.Basedontheasymptoticsolutionwecandeterminethesizeoftheartificialboundarysuchthattherequiredsolutioninafinitedomaininxandatthefinaltimeisnotaffectedbytheboundary.Also,westudycomputationallythebehaviourinthemaximumnormoftheerrorsinnumericalsolutionsincasessuchthatoneoftheparametersvariesfromfinite(orprettylarge)tosmallvalues,whiletheotherparameterisfixedandtakeseitherfinite(orprettylarge)orsmallvalues.Crank-Nicolsonexplicitandimplicitschemesusingcenteredorupwindapproximationstothederivativearestudied.Wepresentnumericalcomputations,whichdetermineexperimentallytheparameter-uniformratesofconvergence.Wenotethatthisrateisratherweak,dueprobablytomixedsourcesoferrorsuchasinitialandboundarylayersandthediscontinuityinthederivativeofthesolution.

简介：Sincethebeginningofthe1990s,thephenomenonofterrorismhasbecomeacomplex,intertwined,andsophisticatedphenomenon.Thepictureofterrorismhasbeendiversified;itstoolshaveexpandedanditsinfluencehasexpandedbeyondthegeopoliticallimitsofacountry.Therefore,wefindthatbehindthisdevelopmentarekeyfactors,includingtheinterdependencecharacteristicthatmadetheworldlikeasmallcosmicvillageasaresultofoverlapduetotechnologicaldevelopmentsandthesecretionsofglobalizationaswellasthetrendsoftheAmericanpoliticaldiscoursetothepost-September11,2001eventstowardstheArabandIslamiccountries,whichcontributedtotheescalationofnegativereactionsagainstWesterncountries.TheeventsofSeptember11,2001representedaqualitativeshiftinthehistoryofglobalterrorismandthewaysinwhichitsstrategicpotentialwasexploited.Itconfirmedtousthefactthatterroristattackscanaffectanycountry,regardlessofthepossibilityofaccumulatingitsstrategiccapabilitiesandinfluenceintheglobalorder.Thestudyfocusedonthestudyoftheuseofstrategicperformanceoptionsintheframeworkofcounter-terrorism(Iraqmodel),asadescriptionofthesituationandthesubsequentinputtounderstandanddeterminetheelementsofthestrategicresponsetoattitudesandactions.Variousmeasuresintheframeworkofcombatingterrorismanddryingupsourcesoffunding,contributetotheemergenceofterrorismanditsexpansionintheIraqienvironment,andproducenegativerepercussionsonthedataoftheIraqisecuritysituation,whichinturnaffecttheregionalsecurityequation,asaresultoftheinabilitytoformulateastrategicperspectivethathasapositiveroleespeciallyintheaftermathoftheeventsofSeptember11,2001.Therefore,thefightagainstterrorismanditssourcesoffunding,especiallyinIraq,requirestheproductionofanewglobalvisioncommensuratewiththeproblemsofchangeinthestructureoftheinternationalsys

简介：Thispaperproposesandmakesastudyofanewmodel(calledthe3/2plusjumpsmodel)forVIXoptionpricing.Themodelallowsthemean-reversionspeedandvolatilityofvolatilitytobehighlysensitivetotheactuallevelofVIX.Inparticular,thepositivevolatilityskewisaddressedbythe3/2plusjumpsmodel.Dailycalibrationisusedtoprovethattheproposedmodelpreservesitsvalidityandreliabilityforbothin-sampleandout-of-sampletests.Theresultsshowthatthemodelsarecapableoffittingthemarketpricewhilegeneratingpositivevolatilityskew.

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简介：ThispaperisconcernedwithnumericalmethodsforAmericanoptionpricing.Weemploynumericalanalysisandthenotionofviscositysolutiontoshowuniformconvergenceoftheexplicitdifferenceschemeandthebinomialtreemethod.Wealsoprovetheexistenceandconvergenceoftheoptimalexerciseboundariesintheaboveapproximn.tions.