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

Social and demographic factors of young fathers in the UK and USA

Research on disadvantaged young fathers has been minimally addressed in the literature, particularly in the UK. In both countries teenage pregnancy rates are high and costly in terms of social policy and community provision. This paper explores 2 studies involving 24 young men with an average age of 17 on the transition to young fatherhood; one study was conducted in the UK with white young men and the other in the USA with black young men. The findings from both studies indicated common themes from their stories, particularly with regard to the high levels of disadvantage and social exclusion they had been exposed to in their demographic environments and the anti-social behaviour they described engaging in, prior to the birth of their child/ren. Specifically, a significant proportion of the young men described how they had been immersed in drug and gun crimes and how this shaped their lives and neighbourhoods. Becoming fathers is presented by both sets of young men as rescuing them from this criminal lifestyle.