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.

Pinter and style

This short article considers Harold Pinter’s dramatic style, looking at the ways in which it has been defined, imitated and parodied over the years, and concludes with an exploration of the way in which some of Pinter’s work may be seen as self-parody. [From the Author]

Piranesi in Ghent

Piranesi in Ghent is an exhibition, a catalogue and a symposium. It is also a telling story in the recent scholarship and recurring ‘fashionable’ re-discoveries of Piranesi’s work. It is a funny story, a serious cultural enterprise that begins, like all good love stories, by chance. But there’s more here: scholarly passion, intellectual curiosity, design and experimentations: as well as reproductions, plates and debates, and a lot of challenging hypotheses and development possibilities. This is indeed a very Piranesian story and, as in Piranesi’s work, here the less visibly obvious is worthy of the greatest attention, because it reveals more, much more indeed, than what appears at first.

The benefits of a health impact assessment in relation to fuel poverty: assessing Luton's affordable warmth strategy and the need for a national strategy

The links between fuel poverty and poor health are well documented, yet there is no statutory requirement on local authorities to develop fuel poverty strategies, which tend to be patchy nationally and differ substantially in quality. Fuel poverty starts from the perspective of income, even though interventions can improve health. The current public health agenda calls for more partnership-based, cost-effective strategies based on sound evidence. Fuel poverty represents a key area where there is currently little local evidence quantifying and qualifying health gain arising from strategic interventions. As a result, this initial study sought to apply the principles of a health impact assessment to Luton’s Affordable Warmth Strategy, exploring the potential to identify health impact arising – as a baseline for future research – in the context of the public health agenda. A national strategy would help ensure the promotion of targeted fuel poverty strategies.

Putting down routes: an examination of local government cultural policy shaping the development of heritage trails

This paper explores the significance of trails within local government cultural strategies by presenting the results of an audit of 1000 trails, content analysis of local cultural strategies and a series of interviews with local government cultural officers. It highlights the growing sophistication of trails as flexible and multi-faceted products promising an array of social, environmental, cultural and economic benefits. However, key issues emerge as challenges for local government cultural officers. These include the need for a realistic assessment of the relative importance of competing rationales, the design of methodologies to enable evidence-based policy making and more effective engagement with commercial organisations.