Multigrid for American option pricing with stochastic volatility

The paper describes an implicit finite difference approach to the pricing of American options on assets with a stochastic volatility. A multigrid procedure is described for the fast iterative solution of the discrete linear complementarity problems that result. The accuracy and performance of this approach is improved considerably by a strike-price related analytic transformation of asset prices and adaptive time-stepping.

[Book Review] A database of North American tertiary mammals

Review of: Janis, C.M., Scott, K.M., & Jacobs, L.L. (eds.) 1998. Evolution of Tertiary Mammals of North America Volume 1: Terrestrial Carnivores, Ungulates, and Ungulatelike Mammals, i-x, 1491. Cambridge University Press, Cambridge, UK. £165

US imperialism in action: An audit-based appraisal of the Coalition Provisional Authority in Iraq

This paper drawing from audit reports reflects upon the post-Iraq war administration the Coalition Provisional Authority (CPA). It argues that the CPA’s compliance with basic levels of decent public administration were akin to Guantanamo’s compliance with basic levels of natural justice. The audit reports demonstrate that the CPA was a chaotic administration which spent billions without proper controls or procedures and left precious Iraqi oil revenues open to fraudulent acts. The CPA failed to comply with its obligations under UN resolutions. It identifies the geopolitical/economic implications of the US government which was partly motivated by economic concerns but it was also motivated by political concerns—the imposition of US hegemony. It then turns to the broader economic imperatives of the falling rate of profit and the imposition of neoliberalism (market fundamentalism).