Arbitrage-Based Pricing when Volatility is Stochastic.

The paper investigates the pricing of derivative securities with calendar-time maturities.

Protecting Genetic Information: A Comparison of Normative Approaches

The increasing use of genetic information has emerged as an important concern worldwide as scientific and technological advances continue to advance at lightening speed and as governments struggle to develop appropriate policy frameworks. While most countries clearly recognize that genetic information warrants some form of privacy protection, the underlying rationale for providing that protection and the approach which is ultimately adopted vary significantly across the board. As a result, a medley of laws, policy statements and guidelines currently exist to protect genetic information, each with its inherent assumptions, concepts and terminology.

Asset Pricing in a Production Economy with Chew–Dekel Preferences

In this paper we provide a thorough characterization of the asset returns implied by a simple general equilibrium production economy with Chew–Dekel risk preferences and convex capital adjustment costs. When households display levels of disappointment aversion consistent with the experimental evidence, a version of the model parameterized to match the volatility of output and consumption growth generates unconditional expected asset returns and price of risk in line with the historical data. For the model with Epstein–Zin preferences to generate similar statistics, the relative risk aversion coefficient needs to be about 55, two orders of magnitude higher than the available estimates. We argue that this is not surprising, given the limited risk imposed on agents by a reasonably calibrated stochastic growth model.

Economics of Human Resource Planning With Special Reference to Higher Education in Kerala

Ongoing changes in global economic structure along information revolution have produced an environment where knowledge and skills or education and training are considered increasingly valued commodities. This is based on the simple notion that nation’s economic progress is linked to education and training. This idea is embodied in the theory of human capital, according to which the knowledge and skill found in labour represents valuable resources for the market. Thus the important assumptions of the Human capital theory are 910 Human capital is an investment for future (2) More training and education leads to better work skills (3) Educational institutions play a central role in the development of human capital(4) the technological revolution is often cited as the most pressing reason why education and knowledge are becoming valuable economic commodities . The objectives of the present study are, the investment and institutional or structural framework of higher education in Kerala, the higher education market and the strengths and weakness of supply demand conditions , cost and the benefits of higher education in Kerala , impact of recent policy changes in higher education,need for expanding higher education market to solve the grave problem of Un employment on the basis of as systematic manpower planning and the higher education and its association with income and employment.

Information Discovery in Distributed Systems-A Novel Concept Based on Modelling of Information Elements

Sharing of information with those in need of it has always been an idealistic goal of networked environments. With the proliferation of computer networks, information is so widely distributed among systems, that it is imperative to have well-organized schemes for retrieval and also discovery. This thesis attempts to investigate the problems associated with such schemes and suggests a software architecture, which is aimed towards achieving a meaningful discovery. Usage of information elements as a modelling base for efficient information discovery in distributed systems is demonstrated with the aid of a novel conceptual entity called infotron.The investigations are focused on distributed systems and their associated problems. The study was directed towards identifying suitable software architecture and incorporating the same in an environment where information growth is phenomenal and a proper mechanism for carrying out information discovery becomes feasible. An empirical study undertaken with the aid of an election database of constituencies distributed geographically, provided the insights required. This is manifested in the Election Counting and Reporting Software (ECRS) System. ECRS system is a software system, which is essentially distributed in nature designed to prepare reports to district administrators about the election counting process and to generate other miscellaneous statutory reports.Most of the distributed systems of the nature of ECRS normally will possess a "fragile architecture" which would make them amenable to collapse, with the occurrence of minor faults. This is resolved with the help of the penta-tier architecture proposed, that contained five different technologies at different tiers of the architecture.The results of experiment conducted and its analysis show that such an architecture would help to maintain different components of the software intact in an impermeable manner from any internal or external faults. The architecture thus evolved needed a mechanism to support information processing and discovery. This necessitated the introduction of the noveI concept of infotrons. Further, when a computing machine has to perform any meaningful extraction of information, it is guided by what is termed an infotron dictionary.The other empirical study was to find out which of the two prominent markup languages namely HTML and XML, is best suited for the incorporation of infotrons. A comparative study of 200 documents in HTML and XML was undertaken. The result was in favor ofXML.The concept of infotron and that of infotron dictionary, which were developed, was applied to implement an Information Discovery System (IDS). IDS is essentially, a system, that starts with the infotron(s) supplied as clue(s), and results in brewing the information required to satisfy the need of the information discoverer by utilizing the documents available at its disposal (as information space). The various components of the system and their interaction follows the penta-tier architectural model and therefore can be considered fault-tolerant. IDS is generic in nature and therefore the characteristics and the specifications were drawn up accordingly. Many subsystems interacted with multiple infotron dictionaries that were maintained in the system.In order to demonstrate the working of the IDS and to discover the information without modification of a typical Library Information System (LIS), an Information Discovery in Library Information System (lDLIS) application was developed. IDLIS is essentially a wrapper for the LIS, which maintains all the databases of the library. The purpose was to demonstrate that the functionality of a legacy system could be enhanced with the augmentation of IDS leading to information discovery service. IDLIS demonstrates IDS in action. IDLIS proves that any legacy system could be augmented with IDS effectively to provide the additional functionality of information discovery service.Possible applications of IDS and scope for further research in the field are covered.

"A Study Of The Performance Of The "Jeevan Saathi" And "Jeevan Mitra” Policies Offered By The L.I.C."

The main benefit of Jeevan Saathi policy is that, it is a joint life policy which covers the life of both husband and wife under a single policy. And they also get double benefit if any one of them dies during the term of the policy. The Jeevan Mitra policy is a single life policy, the main advantage of which is that the dependents get double benefit in case of normal death and triple benefit in case of accidental death during the term of policy. so both the policies have their own attractions but when compared with the annual sales of other policies, the additional increase in the sales of these policies are decreasing. It is a fact finding study concerned with market performance of these two policies by conducting a survey among the Jeevan Saathi and Jeevan Mitra policy holders, and a thorough analysis of the various information or data collected from them. This study is an attempt to present an integrated picture of the main features of the policy holders who have bought these policies, the major factors responsible for making them purchase these policies, the various difficulties faced by them at present and further modification needed in the plans of these policies according to the opinion of policy holders. For increasing accuracy of the conclusions, information is also collected from Agents and Development Officers by using interview schedule. The main purpose of this study is to draw attention of LIC to introduce new plans of policies taking into consideration the drawbacks or defects of the existing policies and present needs of policy holders. It will also help to make new plans in order to suit the needs of more people who want to buy life insurance policies

Catalogue Interfaces of Integrated Library Management Systems (ILMS): Experiences in a Proprietary and Open Source Software

The Central Library of Cochin University of Science and Technology (CUSAT) has been automated by proprietary software (Adlib Library) since 2000. After 11 years, in 2011, the university authorities decided to shift to an open source software (OSS), for integrated library management system (ILMS), Koha for automating the library housekeeping operations. In this context, this study attempts to share the experiences in cataloging with both type of software. The features of the cataloging modules of both the software are analysed on the badis of certain check points. It is found that the cataloging module of Koha is almost in par with that of proven proprietary software that has been in market for the past 25 years. Some suggestions made by this study may be incorporated for the further development and perfection of Koha.

Statistical evaluation of texture analysis from the biocrystallization method

The consumers are becoming more concerned about food quality, especially regarding how, when and where the foods are produced (Haglund et al., 1999; Kahl et al., 2004; Alföldi, et al., 2006). Therefore, during recent years there has been a growing interest in the methods for food quality assessment, especially in the picture-development methods as a complement to traditional chemical analysis of single compounds (Kahl et al., 2006). The biocrystallization as one of the picture-developing method is based on the crystallographic phenomenon that when crystallizing aqueous solutions of dihydrate CuCl2 with adding of organic solutions, originating, e.g., from crop samples, biocrystallograms are generated with reproducible crystal patterns (Kleber & Steinike-Hartung, 1959). Its output is a crystal pattern on glass plates from which different variables (numbers) can be calculated by using image analysis. However, there is a lack of a standardized evaluation method to quantify the morphological features of the biocrystallogram image. Therefore, the main sakes of this research are (1) to optimize an existing statistical model in order to describe all the effects that contribute to the experiment, (2) to investigate the effect of image parameters on the texture analysis of the biocrystallogram images, i.e., region of interest (ROI), color transformation and histogram matching on samples from the project 020E170/F financed by the Federal Ministry of Food, Agriculture and Consumer Protection(BMELV).The samples are wheat and carrots from controlled field and farm trials, (3) to consider the strongest effect of texture parameter with the visual evaluation criteria that have been developed by a group of researcher (University of Kassel, Germany; Louis Bolk Institute (LBI), Netherlands and Biodynamic Research Association Denmark (BRAD), Denmark) in order to clarify how the relation of the texture parameter and visual characteristics on an image is. The refined statistical model was accomplished by using a lme model with repeated measurements via crossed effects, programmed in R (version 2.1.0). The validity of the F and P values is checked against the SAS program. While getting from the ANOVA the same F values, the P values are bigger in R because of the more conservative approach. The refined model is calculating more significant P values. The optimization of the image analysis is dealing with the following parameters: ROI(Region of Interest which is the area around the geometrical center), color transformation (calculation of the 1 dimensional gray level value out of the three dimensional color information of the scanned picture, which is necessary for the texture analysis), histogram matching (normalization of the histogram of the picture to enhance the contrast and to minimize the errors from lighting conditions). The samples were wheat from DOC trial with 4 field replicates for the years 2003 and 2005, “market samples”(organic and conventional neighbors with the same variety) for 2004 and 2005, carrot where the samples were obtained from the University of Kassel (2 varieties, 2 nitrogen treatments) for the years 2004, 2005, 2006 and “market samples” of carrot for the years 2004 and 2005. The criterion for the optimization was repeatability of the differentiation of the samples over the different harvest(years). For different samples different ROIs were found, which reflect the different pictures. The best color transformation that shows efficiently differentiation is relied on gray scale, i.e., equal color transformation. The second dimension of the color transformation only appeared in some years for the effect of color wavelength(hue) for carrot treated with different nitrate fertilizer levels. The best histogram matching is the Gaussian distribution. The approach was to find a connection between the variables from textural image analysis with the different visual criteria. The relation between the texture parameters and visual evaluation criteria was limited to the carrot samples, especially, as it could be well differentiated by the texture analysis. It was possible to connect groups of variables of the texture analysis with groups of criteria from the visual evaluation. These selected variables were able to differentiate the samples but not able to classify the samples according to the treatment. Contrarily, in case of visual criteria which describe the picture as a whole there is a classification in 80% of the sample cases possible. Herewith, it clearly can find the limits of the single variable approach of the image analysis (texture analysis).

Information needs for a purchase of fairtrade coffee

This research investigates what information German Fairtrade coffee consumers search for during pre-purchase information seeking and to what extent information is retrieved. Furthermore, the sequence of the information search as well as the degree of cognitive involvement is highlighted. The role of labeling, the importance of additional ethical information and its quality in terms of concreteness as well as the importance of product price and organic origin are addressed. A set of information relevant to Fairtrade consumers was tested by means of the Information Display Matrix (IDM) method with 389 Fairtrade consumers. Results show that prior to purchase, information on product packages plays an important role and is retrieved rather extensively, but search strategies that reduce the information processing effort are applied as well. Furthermore, general information is preferred over specific information. Results of two regression analyses indicate that purchase decisions are related to search behavior variables rather than to socio-demographic variables and purchase motives. In order to match product information with consumers’ needs, marketers should offer information that is reduced to the central aspects of Fairtrade.

Interrelatedness of grazing livestock with vegetation parameters and farmers’ livelihoods in the Mahafaly region, southwestern Madagascar

The study aims to get deeper insight into the highly extensive system of animal husbandry in the Mahafaly region of southwestern Madagascar. It tries to understand the major drivers for pastoral dynamics, land and resource use along a gradient in altitude and vegetation to consider the area’s high spatial and temporal heterogeneity. The study also analyzes the reproductive performance of local livestock as well as the owners’ culling strategies to determine herd dynamics, opportunities for economic growth, and future potential for rural development. Across seasons, plateau herds from both livestock species covered longer distances (cattle 13.6±3.02 km, goats 12.3±3.48 km) and were found further away from the settlements (cattle 3.1±0.96 km, goats 2.8±0.98 km) than those from the coastal plain (walking_dist: cattle 9.5±3.25 km, goats 9.2±2.57 km; max_dist: cattle 2.6±1.28 km, goats 1.8±0.61 km). Transhumant cattle were detected more vulnerable through limited access to pasture land and water resources compared to local herds. Seasonal water shortage has been confirmed as a key constraint on the plateau while livestock keeping along the coast is more limited by dry season forage availability. However, recent security issues and land use conflicts with local crop farmers are gaining importance and force livestock owners to adapt their traditional grazing management, resulting in spatio-temporal variation of livestock numbers and in the impending risk of local overgrazing and degradation of rangelands. Among the 133 plant species consumed by livestock, 13 were determined of major importance for the animals’ nutrition. The nutritive value and digestibility of the natural forage, as well as its abundance in the coastal zone, substantially decreased over the course of the dry season and emphasized the importance of supplementary forage plants, in particular Euphorbia stenoclada. At the same time, an unsustainable utilization and overexploitation of its wild stocks may raise the pressure on the vegetation and pasture resources within the nearby Tsimanampetsotsa National Park. Age at first parturition was 40.5±0.59 months for cattle and 21.3±0.63 months for goats. Both species showed long parturition intervals (cattle 24.2±0.48 months, goats 12.4±0.30 months), mostly due to the maintenance of poorly performing breeding females within the herds. Reported offspring mortality, however, was low with 2.5% of cattle and 18.8% of goats dying before reaching maturity. The analysis of economic information revealed higher than expected market dynamics, especially for zebus, resulting in annual contribution margins of 33 € per cattle unit and 11 € per goat unit. The application of the PRY Herd Life model to simulate herd development for present management and two alternate scenarios confirmed the economic profitability of the current livestock system and showed potential for further productive and economic development. However, this might be clearly limited by the region’s restricted carrying capacity. Summarizing, this study illustrates the highly extensive and resources-driven character of the livestock system in the Mahafaly region, with herd mobility being a central element to cope with seasonal shortages in forage and water. But additional key drivers and external factors are gaining importance and increasingly affect migration decisions and grazing management. This leads to an increased risk of local overgrazing and overexploitation of natural pasture resources and intensifies the tension between pastoral and conservation interests. At the same time, it hampers the region’s agronomic development, which has not yet been fully exploited. The situation therefore demonstrates the need for practical improvement suggestions and implication measures, such as the systematic forestation of supplemental forage plant species in the coastal zone or a stronger integration of animal husbandry and crop production, to sustain the traditional livestock system without compromising peoples’ livelihoods while at the same time minimizing the pastoral impact on the area’s unique nature and environment.

Financial Information Mediation: A Case Study of Standards Integration for Electronic Bill Presentment and Payment Using the COIN Mediation Technology

Each player in the financial industry, each bank, stock exchange, government agency, or insurance company operates its own financial information system or systems. By its very nature, financial information, like the money that it represents, changes hands. Therefore the interoperation of financial information systems is the cornerstone of the financial services they support. E-services frameworks such as web services are an unprecedented opportunity for the flexible interoperation of financial systems. Naturally the critical economic role and the complexity of financial information led to the development of various standards. Yet standards alone are not the panacea: different groups of players use different standards or different interpretations of the same standard. We believe that the solution lies in the convergence of flexible E-services such as web-services and semantically rich meta-data as promised by the semantic Web; then a mediation architecture can be used for the documentation, identification, and resolution of semantic conflicts arising from the interoperation of heterogeneous financial services. In this paper we illustrate the nature of the problem in the Electronic Bill Presentment and Payment (EBPP) industry and the viability of the solution we propose. We describe and analyze the integration of services using four different formats: the IFX, OFX and SWIFT standards, and an example proprietary format. To accomplish this integration we use the COntext INterchange (COIN) framework. The COIN architecture leverages a model of sources and receivers’ contexts in reference to a rich domain model or ontology for the description and resolution of semantic heterogeneity.

Provision of information and documentation on education in the Austrian Federal Ministry of Education. 'Provisión de información y documentación en educación en el Ministerio Federal de Educación de Austria'.

En un país pequeño como Austria es necesario recibir estímulo del exterior a nivel europeo respectivamente internacional para que los responsables vean lo útil que son las iniciativas nacionales en el campo de documentación educativa. Trabajar de manera comparativa en un contexto europeo ayuda a comprender mejor su propia posición y sirve de base para tomar decisiones y para desarrollar nuevos proyectos en el futuro. Ha crecido el interés en utilizar la información y documentación educativa durante las últimas décadas. Actualmente los ministros de educación ya no pueden seguir su trabajo sin recurrir a todos aquellos datos que han sido recopilados en los respectivos países y presentados a través de las redes europeas como EURYDICE, la red europea de información en educación (htttp://www.eurydice.org).

Plan exportador de la empresa ProAmérica LTDA

La empresa Proamerica Ltda con una trayectoria de más de 40 años, perteneciente al sector químico, dedicada a fabricar y comercializar productos para el aseo, decide emprender junto al Centro de Investigación y Desarrollo (CIDEM) el proceso de internacionalización de la empresa, buscando un crecimiento, rentabilidad y supervivencia en el largo plazo; el CIDEM coloco a su alcance un guía de cómo exportar, dirigida a facilitar el conocimiento y desarrollo de cada una de las etapas involucradas dentro del proceso exportador. En el marco teórico metodológico se realizo en primera instancia una preselección de países en el cual se tuvo en cuenta aspectos como el destino actual de las exportaciones colombianas del producto a exportar (Limpiador Fresco Desinfectante), la afinidad cultural y comercial, preferencias arancelarias, países competidores y disponibilidad de transporte; paso a seguir se escogieron tres países (potencial, contingente y alterno), describiendo una reseña económica, geográfica y política de cada país, estimando un costo de transporte al mercado potencial teniendo en cuenta las exigencias de entrada del producto y régimen comercial. Así mismo, obteniendo información del mercado como productos, precios, comercialización, competencia y promoción. En este sentido, se hizo una evaluación de las condiciones de la compañía frente al mercado potencial escogido de acuerdo a la organización, producción, producto, mercadeo, finanzas y competitividad. Finalmente, se definió la planeación de la exportación teniendo en cuenta los objetivos, estrategias, búsqueda de clientes y mecanismos de familiarización con el mercado.

De lo micro a lo macro prudencial: Un análisis de la supervisión bancaria desde la econometría espacial

La crisis que se desató en el mercado hipotecario en Estados Unidos en 2008 y que logró propagarse a lo largo de todo sistema financiero, dejó en evidencia el nivel de interconexión que actualmente existe entre las entidades del sector y sus relaciones con el sector productivo, dejando en evidencia la necesidad de identificar y caracterizar el riesgo sistémico inherente al sistema, para que de esta forma las entidades reguladoras busquen una estabilidad tanto individual, como del sistema en general. El presente documento muestra, a través de un modelo que combina el poder informativo de las redes y su adecuación a un modelo espacial auto regresivo (tipo panel), la importancia de incorporar al enfoque micro-prudencial (propuesto en Basilea II), una variable que capture el efecto de estar conectado con otras entidades, realizando así un análisis macro-prudencial (propuesto en Basilea III).

Estado situacional de los modelos basados en agentes y su impacto en la investigación organizacional

En un mundo hiperconectado, dinámico y cargado de incertidumbre como el actual, los métodos y modelos analíticos convencionales están mostrando sus limitaciones. Las organizaciones requieren, por tanto, herramientas útiles que empleen tecnología de información y modelos de simulación computacional como mecanismos para la toma de decisiones y la resolución de problemas. Una de las más recientes, potentes y prometedoras es el modelamiento y la simulación basados en agentes (MSBA). Muchas organizaciones, incluidas empresas consultoras, emplean esta técnica para comprender fenómenos, hacer evaluación de estrategias y resolver problemas de diversa índole. Pese a ello, no existe (hasta donde conocemos) un estado situacional acerca del MSBA y su aplicación a la investigación organizacional. Cabe anotar, además, que por su novedad no es un tema suficientemente difundido y trabajado en Latinoamérica. En consecuencia, este proyecto pretende elaborar un estado situacional sobre el MSBA y su impacto sobre la investigación organizacional.