891 resultados para Equilibrium Option Pricing


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The Kerala model of development mostly bypassed the fishing community, as the fishers form the main miserable groups with respect to many of the socio-economic and quality of life indicators. Modernization drive in the fishing sector paradoxically turns to marginalization drives as far as the traditional fishers in Kerala are concerned. Subsequent management and resource recuperation drives too seemed to be detrimental to the local fishing community. Though SHGs and cooperatives had helped in overcoming many of the maladies in most of the sectors in Kerala in terms of livelihood and employment in the 1980s, the fishing sector by that time had been moving ahead with mechanization and export euphoria and hence it bypassed the fishing sector. Though it has not helped the fishing sector in the initial stages, but because of necessity, it soon has become a vibrant livelihood and employment force in the coastal economy of Kerala. Initial success made it to link this with the governmental cooperative set up and soon SHGs and Cooperatives become reinforcing forces for the inclusive development of the real fishers.The fisheries sector in Kerala has undergone drastic changes with the advent of globalised economy. The traditional fisher folk are one of the most marginalized communities in the state and are left out of the overall development process mainly due to the marginalization of this community both in the sea and in the market due to modernization and mechanization of the sector. Mechanization opened up the sector a great deal as it began to attract people belonging to non-fishing community as moneylenders, boat owners, employers and middle men which often resulted in conflicts between traditional and mechanized fishermen. These factors, together with resource depletion resulted in the backwardness experienced by the traditional fishermen compared to other communities who were reaping the benefits of the overall development scenario.The studies detailing the activities and achievements of fisher folks via Self Help Groups (SHGs) and the cooperative movement in coastal Kerala are scant. The SHGs through cooperatives have been effective in livelihood security, poverty alleviation and inclusive development of the fisher folk (Rajasenan and Rajeev, 2012). The SHGs have a greater role to play as estimated fall in demand for marine products in international markets, which may result in reduction of employment opportunities in fish processing, peeling, etc. Also, technological advancement has made them unskilled to work in this sector making them outliers in the overall development process resulting in poor quality of physical and social infrastructure. Hence, it is all the more important to derive a strategy and best practice methods for the effective functioning of these SHGs so that the

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Die Untersuchung betrifft die deutsche öffentliche Verwaltung. Untersucht werden soll, ob eine Intensivierung des Organisationslernens Möglichkeiten zur Optimierung von Strukturen und Prozessen der öffentlichen Verwaltung bietet, mithin das Organisationslernen eine zweckmäßige Option für die Bürokratie darstellt. Untersucht wird diese Frage am Beispiel der Kommunalverwaltungen, die im Vergleich zu staatlichen Verwaltungen über größere Handlungsspielräume verfügen. Die Kommunalverwaltungen befinden sich derzeit in einem Reformprozess, der 1993 von der Kommunalen Gemeinschaftsstelle für Verwaltungsvereinfachung (KGSt) durch die Vorlage eines "Neuen Steuerungsmodells" (NSM) angestoßen wurde. Am Beispiel dieses Reformprozesses soll mit der vorliegenden Untersuchung zunächst geprüft werden, ob unter Berücksichtigung von Verlauf und Ergebnis dieses Prozesses ein Bedarf an einer Optimierung der Programme oder der Prozesse zur Verwaltungsentwicklung erkennbar ist. Sofern ein Bedarf zur Optimierung der Programme oder der Prozesse zur Verwaltungsentwicklung erkennbar wird, ist weiter zu fragen, ob dieser Bedarf durch das Organisationslernen befriedigt werden kann. Unter der Voraussetzung, dass die Modell-Vorstellung von der lernenden Organisation prinzipiell geeignet erscheint, in einem Entwicklungsprozess förderlich zu wirken, ist abschließend zu prüfen, ob dies auch unter der besonderen Aufgabenstellung und den besonderen Handlungsbedingungen der öffentlichen Verwaltung gelten könnte. Nach einer inzwischen mehr als 10-jährigen Einführungsphase wird ungeachtet einiger positiver Veränderungen die Gesamtbilanz zum NSM verhalten beurteilt. Im einzelnen lassen sich sowohl bezüglich des Modells problematische Lücken und Beschränkungen erkennen als auch Defizite in dem Implementationsverfahren. Insgesamt ist also die Frage nach dem Optimierungsbedarf zu bejahen. Die Intensivierung des Organisationslernens als Möglichkeit zur Optimierung von Implementationsprozessen kann nach dem Ergebnis der vorgenommenen Analysen grundsätzlich auch für die öffentliche Verwaltung in Betracht gezogen werden. Sowohl die grundlegenden Lernvoraussetzungen für das Organisationslernen als auch die grundlegenden verwaltungswissenschaftlich begründeten Anforderungen an die praktische Verwaltungsentwicklung erscheinen erfüllt. Zur Klärung der Frage, ob das Organisationslernen unter den besonderen Handlungsbedingungen der öffentlichen Verwaltung zur Optimierung des Verwaltungshandelns geeignet erscheint, wurde zusätzlich eine Expertenbefragung in ausgewählten Kommunalverwaltungen durchgeführt. Im Ergebnis dieser Befragung zeigt sich, dass die Vorstellung von einer lernenden Organisation zur Optimierung des Verwaltungshandelns durchaus auf Interesse stößt, jedoch die Einführungs- und Betriebsbedingungen zur Intensivierung des Organisationslernens noch nicht in allen Behörden gegeben sind und möglicherweise auch nicht in allen Behörden hergestellt werden können, so dass im Ergebnis das Organisationslernen als Option für die Bürokratie zwar Chancen verspricht, jedoch unter Berücksichtigung der Handlungsbedingungen in der öffentlichen Verwaltung differenziert zu beurteilen ist.

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Augerelectron emission from foil-excited Ne-ions (6 to 10 MeV beam energy) has been measured. The beam-foil time-of-flight technique has been applied to study electronic transitions of metastable states (delayed spectra) and to determine their lifetimes. To achieve a line identification for the complex structure observed in the prompt spectrum, the spectrum is separated into its isoelectronic parts by an Augerelectron-ion coincidence correlating the emitted electrons and the emitting projectiles of well defined final charge states q_f. Well resolved spectra were obtained and the lines could be identified using intermediate coupling Dirac-Fock multiconfiguration calculations. From the total KLL-Augerelectron transition probabilities observed in the electronion coincidence experiment for Ne (10 MeV) the amount of projectiles with one K-hole just behind a C-target can be estimated. For foil-excited Ne-projectiles in contrast to single collision results the comparison of transition intensities for individual lines with calculated transition probabilities yields a statistical population of Li- and Be-like configurations.

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Der Name einer kleinen Internatsschule im Berner Oberland taucht zunehmend in den Diskussionen über die Gestaltung von selbst organisiertem Lernen auf: Institut Beatenberg. Der Direktor des Instituts, Andreas Müller, und seine Mitarbeiter sind gefragte Referenten auf Veranstaltungen über die Einführung einer Lehr-Lernkultur, die den Lernenden und seine Lernprozesse in den Mittelpunkt der pädagogischen Arbeit stellt. Zudem finden ihre Publikationen zunehmendes Interesse im gesamten deutschsprachigen Raum. Ein Schlüsselinstrument wurde dabei zum Schlagwort: Kompetenzraster. Doch die stellen nur eines der Instrumente dar, die den ‚Wirkungskreislauf des Lernerfolgs’ in Beatenberg stützen. Berufliche Schulen in Hessen und Hamburg haben im Rahmen von Modellprojekten mit der Erarbeitung von Kompetenzrastern nach den Vorbildern in Beatenberg begonnen und versprechen sich damit eine neue, auf selbst organisiertem Lernen aufbauende kompetenzorientierte berufliche Bildung. In dem Beitrag werden die Arbeit mit Kompetenzrastern und den dahinter liegenden ‚Lernlandschaften’ sowie der ‚Wirkungskreislauf den Lernerfolgs’ in Beatenberg kompetenzorientiert dargestellt. Die Dimensionen Definition, Beschreibung, Ordnung, Erwerb, Messung und Anerkennung von Kompetenzen werden herausgearbeitet und die Möglichkeiten von Kompetenzrastern in der beruflichen Bildung kritisch gewürdigt. Der Beitrag ist entlang der genannten Dimensionen gegliedert.

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We analyze a finite horizon, single product, periodic review model in which pricing and production/inventory decisions are made simultaneously. Demands in different periods are random variables that are independent of each other and their distributions depend on the product price. Pricing and ordering decisions are made at the beginning of each period and all shortages are backlogged. Ordering cost includes both a fixed cost and a variable cost proportional to the amount ordered. The objective is to find an inventory policy and a pricing strategy maximizing expected profit over the finite horizon. We show that when the demand model is additive, the profit-to-go functions are k-concave and hence an (s,S,p) policy is optimal. In such a policy, the period inventory is managed based on the classical (s,S) policy and price is determined based on the inventory position at the beginning of each period. For more general demand functions, i.e., multiplicative plus additive functions, we demonstrate that the profit-to-go function is not necessarily k-concave and an (s,S,p) policy is not necessarily optimal. We introduce a new concept, the symmetric k-concave functions and apply it to provide a characterization of the optimal policy.

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We analyze an infinite horizon, single product, periodic review model in which pricing and production/inventory decisions are made simultaneously. Demands in different periods are identically distributed random variables that are independent of each other and their distributions depend on the product price. Pricing and ordering decisions are made at the beginning of each period and all shortages are backlogged. Ordering cost includes both a fixed cost and a variable cost proportional to the amount ordered. The objective is to maximize expected discounted, or expected average profit over the infinite planning horizon. We show that a stationary (s,S,p) policy is optimal for both the discounted and average profit models with general demand functions. In such a policy, the period inventory is managed based on the classical (s,S) policy and price is determined based on the inventory position at the beginning of each period.

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This article studies the static pricing problem of a network service provider who has a fixed capacity and faces different types of customers (classes). Each type of customers can have its own capacity constraint but it is assumed that all classes have the same resource requirement. The provider must decide a static price for each class. The customer types are characterized by their arrival process, with a price-dependant arrival rate, and the random time they remain in the system. Many real-life situations could fit in this framework, for example an Internet provider or a call center, but originally this problem was thought for a company that sells phone-cards and needs to set the price-per-minute for each destination. Our goal is to characterize the optimal static prices in order to maximize the provider's revenue. We note that the model here presented, with some slight modifications and additional assumptions can be used in those cases when the objective is to maximize social welfare.

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Increasingly used in online auctions, buyout prices allow bidders to instantly purchase the item listed. We distinguish two types: a temporary buyout option disappears if a bid above the reserve price is made; a permanent one remains throughout the auction or until it is exercised. In a model featuring time-sensitive bidders with uniform valuations and Poisson arrivals but endogenous bidding times, we focus on finding temporary and permanent buyout prices maximizing the seller's discounted revenue, and examine the relative benefit of using each type of option in various environments. We characterize equilibrium bidder strategies in both cases and then solve the problem of maximizing seller's utility by simulation. Our numerical experiments suggest that buyout options may significantly increase a seller’s revenue. Additionally, while a temporary buyout option promotes early bidding, a permanent option gives an incentive to the bidders to bid late, thus leading to concentrated bids near the end of the auction.

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The Hardy-Weinberg law, formulated about 100 years ago, states that under certain assumptions, the three genotypes AA, AB and BB at a bi-allelic locus are expected to occur in the proportions p2, 2pq, and q2 respectively, where p is the allele frequency of A, and q = 1-p. There are many statistical tests being used to check whether empirical marker data obeys the Hardy-Weinberg principle. Among these are the classical xi-square test (with or without continuity correction), the likelihood ratio test, Fisher's Exact test, and exact tests in combination with Monte Carlo and Markov Chain algorithms. Tests for Hardy-Weinberg equilibrium (HWE) are numerical in nature, requiring the computation of a test statistic and a p-value. There is however, ample space for the use of graphics in HWE tests, in particular for the ternary plot. Nowadays, many genetical studies are using genetical markers known as Single Nucleotide Polymorphisms (SNPs). SNP data comes in the form of counts, but from the counts one typically computes genotype frequencies and allele frequencies. These frequencies satisfy the unit-sum constraint, and their analysis therefore falls within the realm of compositional data analysis (Aitchison, 1986). SNPs are usually bi-allelic, which implies that the genotype frequencies can be adequately represented in a ternary plot. Compositions that are in exact HWE describe a parabola in the ternary plot. Compositions for which HWE cannot be rejected in a statistical test are typically “close" to the parabola, whereas compositions that differ significantly from HWE are “far". By rewriting the statistics used to test for HWE in terms of heterozygote frequencies, acceptance regions for HWE can be obtained that can be depicted in the ternary plot. This way, compositions can be tested for HWE purely on the basis of their position in the ternary plot (Graffelman & Morales, 2008). This leads to nice graphical representations where large numbers of SNPs can be tested for HWE in a single graph. Several examples of graphical tests for HWE (implemented in R software), will be shown, using SNP data from different human populations

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Exercises and solutions in LaTex

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Exercises and solutions in PDF

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Public contracting in Colombia is conflicting and inefficient. It frequently leads to damage to State property. The Colombian legal system cannot assure efficient and transparent public contracting. The cause is the institutional environment characterized by high transaction costs. Colombian law worsens the process by recognizing the principle of economic equilibrium in public contracts. This principle increasese contract incompleteness and renders impossible the use of economic incentives to control the opportunism of the economic agents. The authors present the hypothesis that the economic equilibrium principle increases the conflictive nature of public contracting. They test the hypothesis empirically. The first section of the paper presents a summary of the literature on transaction costs economics, as well as the legal literature on the historical origin and the content of the economic equilibrium principle. The second section describes the methodology of the empirical study. The third section shows the empirical evidence of the effects that the economic equilibrium principle exerts over the public contracting. The last section presents the conclusions.