966 resultados para Low Volatility Options


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The Australian lungfish is a unique living representative of an ancient dipnoan lineage, listed as ‘vulnerable’ to extinction under Australia’s Environment Protection and Biodiversity Conservation Act 1999. Historical accounts indicate this species occurred naturally in two adjacent river systems in Australia, the Burnett and Mary. Current day populations in other rivers are thought to have arisen by translocation from these source populations. Early genetic work detected very little variation and so had limited power to answer questions relevant for management including how genetic variation is partitioned within and among sub-populations. In this study, we use newly developed microsatellite markers to examine samples from the Burnett and Mary Rivers, as well as from two populations thought to be of translocated origin, Brisbane and North Pine. We test whether there is significant genetic structure among and within river drainages; assign putatively translocated populations to potential source populations; and estimate effective population sizes. Eleven polymorphic microsatellite loci genotyped in 218 individuals gave an average within-population heterozygosity of 0.39 which is low relative to other threatened taxa and for freshwater fishes in general. Based on FST values (average over loci = 0.11) and STRUCTURE analyses, we identify three distinct populations in the natural range, one in the Burnett and two distinct populations in the Mary. These analyses also support the hypothesis that the Mary River is the likely source of translocated populations in the Brisbane and North Pine rivers, which agrees with historical published records of a translocation event giving rise to these populations. We were unable to obtain bounded estimates of effective population size, as we have too few genotype combinations, although point estimates were low, ranging from 29 - 129. We recommend that, in order to preserve any local adaptation in the three distinct populations that they be managed separately.

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The financial health of beef cattle enterprises in northern Australia has declined markedly over the last decade due to an escalation in production and marketing costs and a real decline in beef prices. Historically, gains in animal productivity have offset the effect of declining terms of trade on farm incomes. This raises the question of whether future productivity improvements can remain a key path for lifting enterprise profitability sufficient to ensure that the industry remains economically viable over the longer term. The key objective of this study was to assess the production and financial implications for north Australian beef enterprises of a range of technology interventions (development scenarios), including genetic gain in cattle, nutrient supplementation, and alteration of the feed base through introduced pastures and forage crops, across a variety of natural environments. To achieve this objective a beef systems model was developed that is capable of simulating livestock production at the enterprise level, including reproduction, growth and mortality, based on energy and protein supply from natural C4 pastures that are subject to high inter-annual climate variability. Comparisons between simulation outputs and enterprise performance data in three case study regions suggested that the simulation model (the Northern Australia Beef Systems Analyser) can adequately represent the performance beef cattle enterprises in northern Australia. Testing of a range of development scenarios suggested that the application of individual technologies can substantially lift productivity and profitability, especially where the entire feedbase was altered through legume augmentation. The simultaneous implementation of multiple technologies that provide benefits to different aspects of animal productivity resulted in the greatest increases in cattle productivity and enterprise profitability, with projected weaning rates increasing by 25%, liveweight gain by 40% and net profit by 150% above current baseline levels, although gains of this magnitude might not necessarily be realised in practice. While there were slight increases in total methane output from these development scenarios, the methane emissions per kg of beef produced were reduced by 20% in scenarios with higher productivity gain. Combinations of technologies or innovative practices applied in a systematic and integrated fashion thus offer scope for providing the productivity and profitability gains necessary to maintain viable beef enterprises in northern Australia into the future.

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Frictions are factors that hinder trading of securities in financial markets. Typical frictions include limited market depth, transaction costs, lack of infinite divisibility of securities, and taxes. Conventional models used in mathematical finance often gloss over these issues, which affect almost all financial markets, by arguing that the impact of frictions is negligible and, consequently, the frictionless models are valid approximations. This dissertation consists of three research papers, which are related to the study of the validity of such approximations in two distinct modeling problems. Models of price dynamics that are based on diffusion processes, i.e., continuous strong Markov processes, are widely used in the frictionless scenario. The first paper establishes that diffusion models can indeed be understood as approximations of price dynamics in markets with frictions. This is achieved by introducing an agent-based model of a financial market where finitely many agents trade a financial security, the price of which evolves according to price impacts generated by trades. It is shown that, if the number of agents is large, then under certain assumptions the price process of security, which is a pure-jump process, can be approximated by a one-dimensional diffusion process. In a slightly extended model, in which agents may exhibit herd behavior, the approximating diffusion model turns out to be a stochastic volatility model. Finally, it is shown that when agents' tendency to herd is strong, logarithmic returns in the approximating stochastic volatility model are heavy-tailed. The remaining papers are related to no-arbitrage criteria and superhedging in continuous-time option pricing models under small-transaction-cost asymptotics. Guasoni, Rásonyi, and Schachermayer have recently shown that, in such a setting, any financial security admits no arbitrage opportunities and there exist no feasible superhedging strategies for European call and put options written on it, as long as its price process is continuous and has the so-called conditional full support (CFS) property. Motivated by this result, CFS is established for certain stochastic integrals and a subclass of Brownian semistationary processes in the two papers. As a consequence, a wide range of possibly non-Markovian local and stochastic volatility models have the CFS property.

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Abstract is not available.

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There are currently limited options for the control of the invasive tropical perennial sedge 'Cyperus aromaticus' (Ridley) Mattf. and Kukenth (Navua sedge). The potential for halosulfuron-methyl as a selective herbicide for Navua sedge control in tropical pastures was investigated by undertaking successive field and shade house experiments in North Queensland, Australia. Halosulfuron-methyl and adjuvant rates, and combinations with other herbicides, were examined to identify a herbicide regime that most effectively reduced Navua sedge. Our research indicated that combining halosulfuron- methyl with other herbicides did not improve efficacy for Navua sedge control. We also identified that low rates of halosulfuron-methyl (25 g ha-1 a.i.) were just as effective as higher rates (73 g ha-1 a.i.) at controlling the sedge, and that this control relied on the addition of the adjuvant Bonza at the recommended concentration (1% of the spray volume). Pot trials in the controlled environment of the shade house achieved total mortality under these regimes. Field trials demonstrated more variable results with reductions in Navua sedge ranging between 40-95% at 8-10 weeks after treatment. After this period (16-24 weeks after treatment), regrowth of sedge, either from newly germinated seed, or of small plants protected from initial treatment, indicated sedge populations can rapidly increase to levels similar to pre-application, depending on the location and climatic conditions. Such variable results highlight the need for concerted monitoring of pastures to identify optimal treatment times. Ideally, initial treatment should be done when the sedge is healthy and actively growing, with follow up-treatments applied when new seed heads are produced from regrowth.

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Much of our understanding and management of ecological processes requires knowledge of the distribution and abundance of species. Reliable abundance or density estimates are essential for managing both threatened and invasive populations, yet are often challenging to obtain. Recent and emerging technological advances, particularly in unmanned aerial vehicles (UAVs), provide exciting opportunities to overcome these challenges in ecological surveillance. UAVs can provide automated, cost-effective surveillance and offer repeat surveys for pest incursions at an invasion front. They can capitalise on manoeuvrability and advanced imagery options to detect species that are cryptic due to behaviour, life-history or inaccessible habitat. UAVs may also cause less disturbance, in magnitude and duration, for sensitive fauna than other survey methods such as transect counting by humans or sniffer dogs. The surveillance approach depends upon the particular ecological context and the objective. For example, animal, plant and microbial target species differ in their movement, spread and observability. Lag-times may exist between a pest species presence at a site and its detectability, prompting a need for repeat surveys. Operationally, however, the frequency and coverage of UAV surveys may be limited by financial and other constraints, leading to errors in estimating species occurrence or density. We use simulation modelling to investigate how movement ecology should influence fine-scale decisions regarding ecological surveillance using UAVs. Movement and dispersal parameter choices allow contrasts between locally mobile but slow-dispersing populations, and species that are locally more static but invasive at the landscape scale. We find that low and slow UAV flights may offer the best monitoring strategy to predict local population densities in transects, but that the consequent reduction in overall area sampled may sacrifice the ability to reliably predict regional population density. Alternative flight plans may perform better, but this is also dependent on movement ecology and the magnitude of relative detection errors for different flight choices. Simulated investigations such as this will become increasingly useful to reveal how spatio-temporal extent and resolution of UAV monitoring should be adjusted to reduce observation errors and thus provide better population estimates, maximising the efficacy and efficiency of unmanned aerial surveys.

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An investigation of power frequency (50 Hz) surface partial discharges in dry air, using 21r/3 Rogowski profile electrodes in the low pressure range of 0.067 to 91.333 kPa, shows that for the discharges occurring symmetrically around the electrodes and just outside the uniform field region, the breakdown voltages are 20 to 30% lower than those accounted for by the usual Paschen values. Emphasis, therefore, has been given to modified values of breakdown voltages for any useful calculations. The effect of reduced pressure on inception voltage has been discussed and an attempt has been made to explain the difference between the observed and calculated values on the basis of a pressure-dependent secondary ionization coefficient. It is shown that increasing the insulation thickness in a critical pressure range (0.067 to 0.400 kPa) does not allow any significant increase in the discharge free working stress of the insulation system. At higher pressures (>0.400 kPa) the increase in inception voltage with thickness and pressure follows an equation which is expected to hold for other insulating materials as well.

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Low level strategic supplements constitute one of the few options for northern beef producers to increase breeder productivity and profitability. Objectives of the project were to improve the cost-effectiveness of using such supplements and to improve supplement delivery systems. Urea-based supplements fed during the dry season can substantially reduce breeder liveweight loss and increase fertility during severe dry seasons. Also when fed during the late wet season these supplements increased breeder body liveweight and increased fertility of breeders in low body condition. Intake of dry lick supplements fed free choice is apparently determined primarily by the palatability of supplements relative to pasture, and training of cattle appears to be of limited importance. Siting of supplementation points has some effect on supplement intake, but little effect on grazing behaviour. Economic analysis of supplementation (urea, phosphorus or molasses) and weaning strategies was based on the relative efficacy of these strategies to maintain breeder body condition late in the dry season. Adequate body condition of breeders at this time of the year is needed to avoid mortality from under-nutrition and achieve satisfactory fertility of breeders during the following wet season. Supplements were highly cost-effective when they reduced mortality, but economic returns were generally low if the only benefit was increased fertility.

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Stakeholder engagement is important for successful management of natural resources, both to make effective decisions and to obtain support. However, in the context of coastal management, questions remain unanswered on how to effectively link decisions made at the catchment level with objectives for marine biodiversity and fisheries productivity. Moreover, there is much uncertainty on how to best elicit community input in a rigorous manner that supports management decisions. A decision support process is described that uses the adaptive management loop as its basis to elicit management objectives, priorities and management options using two case studies in the Great Barrier Reef, Australia. The approach described is then generalised for international interest. A hierarchical engagement model of local stakeholders, regional and senior managers is used. The result is a semi-quantitative generic elicitation framework that ultimately provides a prioritised list of management options in the context of clearly articulated management objectives that has widespread application for coastal communities worldwide. The case studies show that demand for local input and regional management is high, but local influences affect the relative success of both engagement processes and uptake by managers. Differences between case study outcomes highlight the importance of discussing objectives prior to suggesting management actions, and avoiding or minimising conflicts at the early stages of the process. Strong contributors to success are a) the provision of local information to the community group, and b) the early inclusion of senior managers and influencers in the group to ensure the intellectual and time investment is not compromised at the final stages of the process. The project has uncovered a conundrum in the significant gap between the way managers perceive their management actions and outcomes, and community's perception of the effectiveness (and wisdom) of these same management actions.

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White nectarines (Prunus persica var. nucipersica) were fumigated with methyl bromide (MB) at a nominal treatment dose of 18 g m-3 at 18°C for 5 h and 30 min as a quarantine disinfestation treatment against Bactrocera tryoni, the Queensland fruit fly. Three large scale trials were conducted against each of the four immature lifestages, eggs and first, second and third instars. There were no survivors from the estimated 43,614 eggs, 41,873 first instars, 41,345 second instars and 33,549 third instars treated, thereby resulting in an efficacy of GROTERDAN99.99% mortality at the 95% confidence level for each lifestage. Of the 12 trials reported herein, the highest concentration of MB, sampled from the chamber headspace analysed by gas chromatography, was 18.7 g m-3. The maximum chamber temperature from 5 min readings was 19.7°C and the maximum fruit core temperature was 19.5°C. The treatment time for all trials was exactly 5.5 h. Thus the recommended treatment dose to disinfest nectarines from B. tryoni is 19.0 g m-3 MB at 20.0°C for 5.5 h. Fruit quality trials were conducted on white nectarines at three combinations of treatment parameters: 15 g m-3 MB at 19°C for 5.25 h; 18 g m-3 MB at 19°C for 5.5 h and 21 g m-3 MB at 19°C for 5.5 h. The fruit were stored at 0, 4 and 8 days at 4°C and 8 days at 4°C followed by 4 d at 22°C. They were then were assessed for skin colour, flesh colour, skin defects, flesh defects, fruit weight loss, flesh firmness, total soluble solids, titratable acidity and rots. There was no significant difference between untreated control and MB treated fruits in any of the parameters measured. Thus the treatments did not have adverse effects on fruit quality.

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Tyrosine aminotransferase activity in the liver increased about fourfold after 9h, on exposure of rats to stress of low pressure. 2. The phenylalanine hydroxylase activity increased about 60% on exposure for 24h or more. 3. An environmental pressure decrease of about 0.033 MN/m2 is needed to increase the activity of tyrosine aminotransferase. 4. Adrenalectomy completely abolished the increase in activity of tyrosine aminotransferase obtained on exposure to low pressure. 5. Treatment with cycloheximide or actinomycin D prevented the increase in activity of tyrosine aminotransferase. 6. Treatment with cycloheximide at the early part of exposure to stress prevented the increase in activity of phenylalanine hydroxylase obtained after 24h.

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Creeping flow hydrodynamics combined with diffusion boundary layer equation are solved in conjunction with free-surface cell model to obtain a solution of the problem of convective transfer with surface reaction for flow parallel to an array of cylindrical pellets at high Peclet numbers and under fast and intermediate kinetics regimes. Expressions are derived for surface concentration, boundary layer thickness, mass flux and Sherwood number in terms of Damkoehler number, Peclet number and void fraction of the array. The theoretical results are evaluated numerically.