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.

'Marginal gothic': mediating the monstrous in British romanticism

In this paper I look at texts from the Romantic Period which strategically employ elements of the Gothic genre in what I describe as a `marginal` relationship with the Gothic canon. My intention is both to explore the way the boundaries of the genre might be extended, and to cast fresh light on some of the texts discussed, specifically in relation to the ways in which the `monstrous` is perceived and portrayed as villainy. In the first half of the paper, using Burke’s Philosophical Enquiry on the Sublime and the Beautiful as a starting point, I consider Burke’s Reflections on the Revolution in France, Godwin’s Caleb Williams, Radcliffe’s The Italian, and Blake’s The Marriage of Heaven and Hell as all in various ways examples of `marginal Gothic` that present evil doing as monstrous aberrations, also noting the contemporary reception of Beckford’s Vathek, praised in 1786 for its `accuracy and credibility`. In addition, I suggest that Wordsworth’s `Tintern Abbey` and Book VI of The Prelude provide evidence of marginal, but significant, Gothic influence that references Radcliffe’s and Burke’s explorations of a terror of the unknown. In the second half of the paper I focus on Scott’s Guy Mannering, or The Astrologer (1815) as an important example of a `marginal` Gothic novel. Scott’s reference to Vathek at a key point in his plot suggests that he had read Beckford’s novel as entirely `Gothic`. This discussion incorporates a comparison between Mannering’s youthful enthusiasm for astrological divination, and themes to be found in Shelley’s Frankenstein, notably with respect to the nature of Victor Frankenstein’s response to `old` and `new` science and medicine, and to the creation and control of Gothic monstrosity. In these and in other instances, it will be argued that the `marginal Gothic` of Scott’s novel may be read as a precursor to Shelley’s work. [From the Author]

Marginal adaptation and performance of bioactive dental restorative materials in deciduous and young permanent teeth

Objective: The aim of this study was to investigate the adaptation of different types of restorations towards deciduous and young permanent teeth. Materials and Methods: Class V cavities were prepared in deciduous and young permanent teeth and filled with different materials (a conventional glass-ionomer, a resin-modified glass-ionomer, a poly-acid-modified composite resin and a conventional composite resin). Specimens were aged in artificial saliva for 1, 6, 12 and 18 months, then examined by SEM. Results: The composite resin and the polyacid-modified composite had better marginal adaptation than the glass-ionomers,though microcracks developed in the enamel of the tooth. The glass-ionomers showed inferior marginal quality and durability, but no microcracking of the enamel. The margins of the resin-modified glass-ionomer were slightly superior to the conventional glass-ionomer. Conditioning improved the adaptation of the composite resin, but the type of tooth made little or no difference to the performance of the restorative material. All materials were associated with the formation of crystals in the gaps between the filling and the tooth; the quantity and shape of these crystals varied with the material. Conclusions: Resin-based materials are generally better at forming sound, durable margins in deciduous and young permanent teeth than cements, but are associated with microcracks in the enamel. All fluoride-releasing materials give rise to crystalline deposits.

Policy packages as potential routes to urban road pricing in the UK

This paper focuses on urban road pricing as a demand management policy that is often regarded as radical and generally unacceptable. Road pricing often gets delayed or abandoned due to low acceptability. This may be due to the fact that complex interactions and drivers of change affect road transport management and require cooperation within implementation networks. The implementation network is a group of people (referred to as partners and actors) who co-ordinate the introduction of policy tools. The drivers of change include any internal or external influences that have an effect on the time, place, or ‘shape’ of the policy measures being introduced. Demand management measures that focus on 'sustainable transport' usually address a limited set of objectives and are often implemented alone i.e. are not necessarily combined with other policy measures. When combined with other measures, it is not always clear whether the multiple interactions between policy tools and implementation networks have been sufficiently considered. Examples of ongoing implementation of policy package in the UK are the support of road pricing initiatives combined with public transport improvements by the Transport Innovation Fund. The objectives of the paper are twofold. First, we present a review of the UK urban road pricing situation. Second, we contrast the emerging issues against six key implementation factors. The analysis of three existing UK road pricing examples - London, Edinburgh and Durham – shows the importance of combining policy tools. Furthermore, through the above examples and theoretical arguments, we emphasise the additional need of creating and maintaining strong networks when implementing policy packages.