Discrete time models of the term structure of interest rates and interest rate contingent claims

In this study, discrete time one-factor models of the term structure of interest rates and their application to the pricing of interest rate contingent claims are examined theoretically and empirically. The first chapter provides a discussion of the issues involved in the pricing of interest rate contingent claims and a description of the Ho and Lee (1986), Maloney and Byrne (1989), and Black, Derman, and Toy (1990) discrete time models. In the second chapter, a general discrete time model of the term structure from which the Ho and Lee, Maloney and Byrne, and Black, Derman, and Toy models can all be obtained is presented. The general model also provides for the specification of an additional model, the ExtendedMB model. The third chapter illustrates the application of the discrete time models to the pricing of a variety of interest rate contingent claims. In the final chapter, the performance of the Ho and Lee, Black, Derman, and Toy, and ExtendedMB models in the pricing of Eurodollar futures options is investigated empirically. The results indicate that the Black, Derman, and Toy and ExtendedMB models outperform the Ho and Lee model. Little difference in the performance of the Black, Derman, and Toy and ExtendedMB models is detected. ^

A reliability centered maintenance decision system for a discrete part manufacturing facility

This thesis develops and validates the framework of a specialized maintenance decision support system for a discrete part manufacturing facility. Its construction utilizes a modular approach based on the fundamental philosophy of Reliability Centered Maintenance (RCM). The proposed architecture uniquely integrates System Decomposition, System Evaluation, Failure Analysis, Logic Tree Analysis, and Maintenance Planning modules. It presents an ideal solution to the unique maintenance inadequacies of modern discrete part manufacturing systems. Well established techniques are incorporated as building blocks of the system's modules. These include Failure Mode Effect and Criticality Analysis (FMECA), Logic Tree Analysis (LTA), Theory of Constraints (TOC), and an Expert System (ES). A Maintenance Information System (MIS) performs the system's support functions. Validation was performed by field testing of the system at a Miami based manufacturing facility. Such a maintenance support system potentially reduces downtime losses and contributes to higher product quality output. Ultimately improved profitability is the final outcome. ^

Instructional change through collaboration and reflection

The purpose of this study was to investigate the effectiveness of the Facilitator-Collaborative-Reflective Model, a strategic plan for changing teachers' practices and beliefs, on a selected group of middle school teachers. This model of staff development training was based on Corey's (1953) Cooperative-Action-Research Model and Anders and Richardson (1994) Collaborative-Reflective Model. It supports the notion that earning a teachers' commitment to change by focusing on collaboration, reflection and the normative-re-educative process aids in altering teachers' beliefs and practices especially crucial to the change process. The year-long training provided for reflection, inquiry, and learning that was useful to teachers as they pursued their goals with their students. The lead teacher, as a change agent and transformational leader, assisted in this commitment to change by improving the teachers' self-concepts as they slowly changed. The collaborative and receptive environment of the staff development fostered acceptance and stimulation of ideas.^ Given the collaborative nature of the change process, qualitative research methods were used in the investigation. The research process was based on Stufflebeam's Context, Input, Process and Product (CIPP) Evaluation Model (Madaus, Scriven & Stufflebeam, 1983). This allowed for all three factors of the staff development model to be evaluated. The case studies and focus group were effective in discerning any actual change in practices or beliefs.^ The findings of the qualitative evaluation, consisting of a baseline survey, case studies, questionnaire and modified focus group interviews, concluded that all of the teachers were strongly influenced by the intervention model which was the subject of this study. From this evaluation, three distinct indicators were looked at to determine if any change in the teachers' practices and beliefs emerged: (1) change in practice and belief, (2) reflective feedback and (3) collaborative reflection. These indicators were common throughout the teacher responses thus substantiating the infusion of the Facilitator-Collaborative-Reflective Model at the school level for effective staff development. ^

Theological reflection at work: A phenomenological study of learning processes

Using the learning descriptions of graduates of a graduate ministry program, the mechanisms of interactions between the knowledge facets in learning processes were explored and described. The intent of the study was to explore how explicit, implicit, and emancipatory knowledge facets interacted in the learning processes at or about work. The study provided empirical research on Yang's (2003) holistic learning theory. ^ A phenomenological research design was used to explore the essence of knowledge facet interactions. I achieved epoche through the disclosure of assumptions and a written self-experience to bracket biases. A criterion based, stratified sampling strategy was used to identify participants. The sample was stratified by graduation date. The sample consisted of 11 participants and was composed primarily of married (n = 9), white, non-Hispanic (n = 10), females (n = 9), who were Roman Catholic (n = 9). Professionally, the majority of the group were teachers or professors (n = 5). ^ A semi-structured interview guide with scheduled and unscheduled probes was used. Each approximately 1-hour long interview was digitally recorded and transcribed. The transcripts were coded using a priori codes from holistic learning theory and one emergent code. The coded data were analyzed by identifying patterns, similarities, and differences under each code and then between codes. Steps to increase the trustworthiness of the study included member checks, coding checks, and thick descriptions of the data. ^ Five themes were discovered including (a) the difficulty in describing interactions between knowledge facets; (b) actual mechanisms of interactions between knowledge facets; (c) knowledge facets initiating learning and dominating learning processes; (d) the dangers of one-dimensional learning or using only one knowledge facet to learn; and (e) the role of community in learning. The interpretation confirmed, extended, and challenged holistic learning theory. Mechanisms of interaction included knowledge facets expressing, informing, changing, and guiding one another. Implications included the need for a more complex model of learning and the value of seeing spirituality in the learning process. The study raised questions for future research including exploring learning processes with people from non-Christian faith traditions or other academic disciplines and the role of spiritual identity in learning. ^

A non-linear discrete stochastic optimization model for Advanced Access patient appointment scheduling

Access to healthcare is a major problem in which patients are deprived of receiving timely admission to healthcare. Poor access has resulted in significant but avoidable healthcare cost, poor quality of healthcare, and deterioration in the general public health. Advanced Access is a simple and direct approach to appointment scheduling in which the majority of a clinic's appointments slots are kept open in order to provide access for immediate or same day healthcare needs and therefore, alleviate the problem of poor access the healthcare. This research formulates a non-linear discrete stochastic mathematical model of the Advanced Access appointment scheduling policy. The model objective is to maximize the expected profit of the clinic subject to constraints on minimum access to healthcare provided. Patient behavior is characterized with probabilities for no-show, balking, and related patient choices. Structural properties of the model are analyzed to determine whether Advanced Access patient scheduling is feasible. To solve the complex combinatorial optimization problem, a heuristic that combines greedy construction algorithm and neighborhood improvement search was developed. The model and the heuristic were used to evaluate the Advanced Access patient appointment policy compared to existing policies. Trade-off between profit and access to healthcare are established, and parameter analysis of input parameters was performed. The trade-off curve is a characteristic curve and was observed to be concave. This implies that there exists an access level at which at which the clinic can be operated at optimal profit that can be realized. The results also show that, in many scenarios by switching from existing scheduling policy to Advanced Access policy clinics can improve access without any decrease in profit. Further, the success of Advanced Access policy in providing improved access and/or profit depends on the expected value of demand, variation in demand, and the ratio of demand for same day and advanced appointments. The contributions of the dissertation are a model of Advanced Access patient scheduling, a heuristic to solve the model, and the use of the model to understand the scheduling policy trade-offs which healthcare clinic managers must make. ^

Minimizing makespan for hybrid flowshops with batch, discrete processing machines and arbitrary job sizes

This research aims at a study of the hybrid flow shop problem which has parallel batch-processing machines in one stage and discrete-processing machines in other stages to process jobs of arbitrary sizes. The objective is to minimize the makespan for a set of jobs. The problem is denoted as: FF: batch1,sj:Cmax. The problem is formulated as a mixed-integer linear program. The commercial solver, AMPL/CPLEX, is used to solve problem instances to their optimality. Experimental results show that AMPL/CPLEX requires considerable time to find the optimal solution for even a small size problem, i.e., a 6-job instance requires 2 hours in average. A bottleneck-first-decomposition heuristic (BFD) is proposed in this study to overcome the computational (time) problem encountered while using the commercial solver. The proposed BFD heuristic is inspired by the shifting bottleneck heuristic. It decomposes the entire problem into three sub-problems, and schedules the sub-problems one by one. The proposed BFD heuristic consists of four major steps: formulating sub-problems, prioritizing sub-problems, solving sub-problems and re-scheduling. For solving the sub-problems, two heuristic algorithms are proposed; one for scheduling a hybrid flow shop with discrete processing machines, and the other for scheduling parallel batching machines (single stage). Both consider job arrival and delivery times. An experiment design is conducted to evaluate the effectiveness of the proposed BFD, which is further evaluated against a set of common heuristics including a randomized greedy heuristic and five dispatching rules. The results show that the proposed BFD heuristic outperforms all these algorithms. To evaluate the quality of the heuristic solution, a procedure is developed to calculate a lower bound of makespan for the problem under study. The lower bound obtained is tighter than other bounds developed for related problems in literature. A meta-search approach based on the Genetic Algorithm concept is developed to evaluate the significance of further improving the solution obtained from the proposed BFD heuristic. The experiment indicates that it reduces the makespan by 1.93 % in average within a negligible time when problem size is less than 50 jobs.

Critical Reflection on a Faculty Development Research Project

Critical reflection is imperative for the practitioner who seeks to grow and improve in the important work of teaching. This paper is a critical reflection of one author’s experience in creating a faculty development initiative.

A Q-Methodology approach to investigating the relationship between level of reflection and typologies among prospective teachers in the physics learning assistant program at Florida International University

The purpose of this mixed methods study was to understand physics Learning Assistants' (LAs) views on reflective teaching, expertise in teaching, and LA program teaching experience and to determine if views predicted level of reflection evident in writing. Interviews were conducted in Phase One, Q methodology was used in Phase Two, and level of reflection in participants' writing was assessed using a rubric based on Hatton and Smith's (1995) "Criteria for the Recognition of Evidence for Different Types of Reflective Writing" in Phase Three. Interview analysis revealed varying perspectives on content knowledge, pedagogical knowledge, and experience in relation to expertise in teaching. Participants revealed that they engaged in reflection on their teaching, believed reflection helps teachers improve, and found peer reflection beneficial. Participants believed teaching experience in the LA program provided preparation for teaching, but that more preparation was needed to teach. Three typologies emerged in Phase Two. Type One LAs found participation in the LA program rewarding and believed expertise in teaching does not require expertise in content or pedagogy, but it develops over time from reflection. Type Two LAs valued reflection, but not writing reflections, felt the LA program teaching experience helped them decide on non-teaching careers and helped them confront gaps in their physics knowledge. Type Three LAs valued reflection, believed expertise in content and pedagogy are necessary for expert teaching, and felt LA program teaching experience increased their likelihood of becoming teachers, but did not prepare them for teaching. Writing assignments submitted in Phase Three were categorized as 19% descriptive writing, 60% descriptive reflections, and 21% dialogic reflections. No assignments were categorized as critical reflection. Using ordinal logistic regression, typologies that emerged in Phase Two were not found to be predictors for the level of reflection evident in the writing assignments. In conclusion, viewpoints of physics LAs were revealed, typologies among them were discovered, and their writing gave evidence of their ability to reflect on teaching. These findings may benefit faculty and staff in the LA program by helping them better understand the views of physics LAs and how to assess their various forms of reflection.

Czechs Look Back on 1989, a Revolution Betrayed: A Reflection on the Mythology of the Velvet Revolution

Twenty-five years ago today the Velvet Revolution kicked off in what was then Czechoslovakia to bring an end to the one-party government of the Communist Party. This exclusive translation of a feature from the Czech journal A2 Cultural Bi-Weekly explains that the events of 1989 were about more than just Václav Havel, a playwright and leader in the revolution who was elected president in 1990. A generation of unfulfilled promises later, Czechs are struggling to revive the spirit of not only democracy and humanism, but also socialism. This article originally appeared in Ricochet, November 17, 2014.

9-11 Memorial: Commemoration and Reflection

Ceremony held at the fountain outside the Maidique Campus to commemorate the events of September 11, 2011. Community leaders in attendance include Miami-Dade County Mayor Carlos Gimenez.

Evaluating the Effectiveness of Discrete Trial Procedures for Teaching Receptive Discrimination to Children with Autism Spectrum Disorders

Research has found that children with autism spectrum disorders (ASD) show significant deficits in receptive language skills (Wiesmer, Lord, & Esler, 2010). One of the primary goals of applied behavior analytic intervention is to improve the communication skills of children with autism by teaching receptive discriminations. Both receptive discriminations and receptive language entail matching spoken words with corresponding objects, symbols (e.g., pictures or words), actions, people, and so on (Green, 2001). In order to develop receptive language skills, children with autism often undergo discrimination training within the context of discrete trial training. This training entails teaching the learner how to respond differentially to different stimuli (Green, 2001). It is through discrimination training that individuals with autism learn and develop language (Lovaas, 2003). The present study compares three procedures for teaching receptive discriminations: (1) simple/conditional (Procedure A), (2) conditional only (Procedure B), and (3) conditional discrimination of two target cards (Procedure C). Six children, ranging in age from 2-years-old to 5-years-old, with an autism diagnosis were taught how to receptively discriminate nine sets of stimuli. Results suggest that the extra training steps included in the simple/conditional and conditional only procedures may not be necessary to teach children with autism how to receptively discriminate. For all participants, Procedure C appeared to be the most efficient and effective procedure for teaching young children with autism receptive discriminations. Response maintenance and generalization probes conducted one-month following the end of training indicate that even though Procedure C resulted in less training sessions overall, no one procedure resulted in better maintenance and generalization than the others. In other words, more training sessions, as evident with the simple/conditional and conditional only procedures, did not facilitate participants’ ability to accurately respond or generalize one-month following training. The present study contributes to the literature on what is the most efficient and effective way to teach receptive discrimination during discrete trial training to children with ASD. These findings are critical as research shows that receptive language skills are predictive of better outcomes and adaptive behaviors in the future.