Los Modelos Implícitos de Valoración de Opciones

[ES] Los modelos implícitos constituyen uno de los enfoques de valoración de opciones alternativos al modelo de Black-Scholes que ha conocido un mayor desarrollo en los últimos años. Dentro de este planteamiento existen diferentes alternativas: los árboles implícitos, los modelos con función de volatilidad determinista y los modelos con función de volatilidad implícita. Todos ellos se construyen a partir de una estimación de la distribución de probabilidades riesgo-neutral del precio futuro del activo subyacente, congruente con los precios de mercado de las opciones negociadas. En consecuencia, los modelos implícitos proporcionan buenos resultados en la valoración de opciones dentro de la muestra. Sin embargo, su comportamiento como instrumento de predicción para opciones fuera de muestra no resulta satisfactorio. En este artículo se analiza la medida en la que este enfoque contribuye a la mejora de la valoración de opciones, tanto desde un punto de vista teórico como práctico.

Imminent Geologic and Hydrologic Hazards on Fort Ord BLM Land

The Bureau of Land Management acquired 7,500 acres of land as part of the re-use of the decommissioned Fort Ord Army base. A variety of geologic hazards exist on the landscape including gully erosion, mass wasting, and decaying earthen dams. This short report highlights a few critical areas that deserve closer evaluation and remediation. Of particular concern are decaying earthen dams and mass wasting of tall stream banks that may impact BLM infrastructure or adjacent urban development. (Document contains 13 paGES)

Air Flow Land-Sea-Air Interface: Monterey Bay, California - 1971. Annual Report, Part 1, July 1972

Air flow at the land-sea-air interface influences to a large extent the atmospheric conditions that determine the transport, di lution, and trapping of natural and man-made air pollutants in the coastal areas of Monterey Bay and the Salinas Valley. Analysis of the hourly air flow on a daily and monthly basis indicates patterns of stagnation from midnight to noon of the fol lowing day with moderate to strong air flow during period 1300 to 2200. Throughout the year 1971 whenever flow is greater than 5 mph, the prevailing wind direction is onshore and from a westerly direction. Suggestions for urbanization and industrialization are made on the basis of an understanding of the atmospheric conditions which lead to trapping and dispersal of atmospheric waste. (27 page document)

Review of river fisheries valuation in tropical Asia

This study attempts to estimate the economic value of riverine fisheries in tropical Asia and quantify the economic impacts of any changes to the environment that affects rivers and hence fisheries. The value of riverine fisheries has been considered in the following two ways: firstly, through a compilation and summary of the results of existing studies on this topic; secondly, by estimating the direct use value of riverine and floodplain fishing by country using quantities and freshwater fish prices derived from various sources. Furthermore, a review of the characteristics of the fisheries is presented. These fisheries have been shown to be valuable (i.e., economically or socially important) in at least two specific ways: as a generator of commercially marketable output, and as a source of income and employment in relatively impoverished communities.

The valuation of riparian fisheries in Southern and Eastern Africa

This paper reviews the published and gray literature concerning economic valuations of river fisheries in eastern and southern Africa, extracting the best available information on their direct economic values and on the impacts of changes in water management on this value. It then assesses the methods used and makes recommendations regarding approaches to be used in future. The review concentrates on rivers with their associated floodplains and major deltas. The values and issues associated with estuaries and lakes are not considered.