Analytic approximations for multi-asset option pricing

We derive general analytic approximations for pricing European basket and rainbow options on N assets. The key idea is to express the option’s price as a sum of prices of various compound exchange options, each with different pairs of subordinate multi- or single-asset options. The underlying asset prices are assumed to follow lognormal processes, although our results can be extended to certain other price processes for the underlying. For some multi-asset options a strong condition holds, whereby each compound exchange option is equivalent to a standard single-asset option under a modified measure, and in such cases an almost exact analytic price exists. More generally, approximate analytic prices for multi-asset options are derived using a weak lognormality condition, where the approximation stems from making constant volatility assumptions on the price processes that drive the prices of the subordinate basket options. The analytic formulae for multi-asset option prices, and their Greeks, are defined in a recursive framework. For instance, the option delta is defined in terms of the delta relative to subordinate multi-asset options, and the deltas of these subordinate options with respect to the underlying assets. Simulations test the accuracy of our approximations, given some assumed values for the asset volatilities and correlations. Finally, a calibration algorithm is proposed and illustrated.

The Gift of the Nile: Hellenizing Egypt from Aeschylus to Alexander

The Egyptians mesmerized the ancient Greeks for scores of years. The Greek literature and art of the classical period are especially thick with representations of Egypt and Egyptians. Yet despite numerous firsthand contacts with Egypt, Greek writers constructed their own Egypt, one that differed in significant ways from actual Egyptian history, society, and culture. Informed by recent work on orientalism and colonialism, this book unravels the significance of these misrepresentations of Egypt in the Greek cultural imagination in the fifth and fourth centuries B.C.E. Looking in particular at issues of identity, otherness, and cultural anxiety, Phiroze Vasunia shows how Greek authors constructed an image of Egypt that reflected their own attitudes and prejudices about Greece itself. He focuses his discussion on Aeschylus Suppliants; Book 2 of Herodotus; Euripides' Helen; Plato's Phaedrus, Timaeus, and Critias; and Isocrates' Busiris. Reconstructing the history of the bias that informed these writings, Vasunia shows that Egypt in these works was shaped in relation to Greek institutions, values, and ideas on such subjects as gender and sexuality, death, writing, and political and ethnic identity. This study traces the tendentiousness of Greek representations by introducing comparative Egyptian material, thus interrogating the Greek texts and authors from a cross-cultural perspective. A final chapter also considers the invasion of Egypt by Alexander the Great and shows how he exploited and revised the discursive tradition in his conquest of the country. Firmly and knowledgeably rooted in classical studies and the ancient sources, this study takes a broad look at the issue of cross-cultural exchange in antiquity by framing it within the perspective of contemporary cultural studies. In addition, this provocative and original work shows how Greek writers made possible literary Europe's most persistent and adaptable obsession: the barbarian.

Winckelmann and the invention of antiquity: history and aesthetics in the age of Altertumswissenschaft

This volume provides a new perspective on the emergence of the modern study of antiquity, Altertumswissenschaft, in eighteenth-century Germany through an exploration of debates that arose over the work of the art historian Johann Joachim Winckelmann between his death in 1768 and the end of the century. This period has long been recognised as particularly formative for the development of modern classical studies, and over the past few decades has received increased attention from historians of scholarship and of ideas. Winckelmann's eloquent articulation of the cultural and aesthetic value of studying the ancient Greeks, his adumbration of a new method for studying ancient artworks, and his provision of a model of cultural-historical development in terms of a succession of period styles, influenced both the public and intra-disciplinary self-image of classics long into the twentieth century. Yet this area of Winckelmann's Nachleben has received relatively little attention compared with the proliferation of studies concerning his importance for late eighteenth-century German art and literature, for historians of sexuality, and his traditional status as a 'founder figure' within the academic disciplines of classical archaeology and the history of art. Harloe restores the figure of Winckelmann to classicists' understanding of the history of their own discipline and uses debates between important figures, such as Christian Gottlob Heyne, Friedrich August Wolf, and Johann Gottfried Herder, to cast fresh light upon the emergence of the modern paradigm of classics as Altertumswissenschaft: the multi-disciplinary, comprehensive, and historicizing study of the ancient world.

Republicanism, rights and democratic Athens

Cartledge and Edge (2010) argue that the modern republican tradition offers a useful framework for understanding the Athenian concept of freedom; and that within this framework the Athenians protected their freedoms without reference to any concept of rights. This paper agrees with both of these conclusions but identifies and corrects three assumptions behind Cartledge and Edge’s argument: that the only purpose of rights is to protect individual freedoms against the state; that rights have no place at all in the republican tradition; and that the ancient Greeks did not understand rights. In fact the Athenians did have an understanding of rights but they did not use rights to protect freedoms. The reason for this is that the protected freedom is a very modern and particularly sophisticated application of the concept of rights.

Κύριε, Δέσποτα, Domine: Greek Politeness in the Roman Empire

Why did the Greeks of the Roman period make such extensive use of the vocative κύριε, when Greeks of earlier periods had been content with only one vocative meaning ‘master’, δέσποτα? This study, based primarily on a comprehensive search of documentary papyri but also making extensive use of literary evidence (particularly that of the Septuagint and New Testament), traces the development of both terms from the classical period to the seventh century AD. It concludes that κύριε was created to provide a translation for Latin domine, and that domine, which has often been considered a translation of κύριε, had a Roman origin. In addition, both κύριε and domine were from their beginnings much less deferential than is traditionally supposed, so that neither term underwent the process of ‘weakening’ which converted English ‘master’ into ‘Mr’. δέσποτα, which was originally far more deferential than the other two terms, did undergo some weakening, but not (until a very late period) as much as is usually supposed. These findings in turn imply that Imperial politeness has been somewhat misunderstood and suggest that the Greeks of the first few centuries AD were much less servile in their language than is traditionally assumed.

The reception of T. S. Bayer’s 'Historia Regni Graecorum Bactriani' (1738)

Theophilus (Gottlieb) Siegfried Bayer (1694-1738) is usually credited as the first person in modern times to address the history of the Greeks in Bactria in a serious way. Bayer’s Historia Regni Graecorum Bactriani, brings together numismatic and historical research. He describes two Graeco-Bactrian coins which he was able to examine first hand, and collects and comments upon the Classical historical sources on the Greek kingdoms of Bactria and India. It was published in St. Petersburg in 1738, where Bayer, a German, held an academic position. In this short article, I am interested in two questions surrounding the Historia Regni Graecorum Bactriani. First (and relatively briefly), how Bayer conducted his research without first hand access to source material and without himself travelling in Bactria – or indeed further east than St. Petersburg. Secondly, the way in which Bayer’s scholarship was received by some of his contemporaries and by later writers, outside the field of Bactrian studies.

Intent and Method: A Study of Female Characters in Aeschylean and Euripidean Drama

Aeschylus and Euripides used tragic female characters to help fulfill the purpose of religious celebration and to achieve the motivation of public reaction. The playwrights, revising myths about tragic woman and redefining the Greek definition of appropriate femininity, supported or questioned the very customs which they changed. Originally composed as part of a religious festival for Dionysus, the god of wine, revelry and fertility, the tragedies of Aeschylus and Euripides were evaluated by Aristotle. He favored Aeschylus over Euripides, but it appears as if his stipulations for tragic characterization do not apply to Aeschylean and Euripidean women. Modem critics question both Aristotle's analysis in the Poetics as well as the tragedies which he evaluated. As part of the assessment of Aeschylus, the character of the Persian Queen, Atossa, appears as a conradiction the images that Greeks maintain of non-Greeks. The Persians is discussed in relation to modem criticisms and as on its function as a warning against radical changes in Athenian domestic life. The Oresteia, a trilogy, also charts the importance of an atypical woman in Aeschylean tragedy, and how this role, Clytaemnestra, represents an extreme example of the natural and necessary evolution of families, households and kingdoms. In contrast to Aeschylus' plea to retain nomoi (traditional custom and law), EUripides' tragedy, the Medea, demonstrates the importance of a family and a country to provide security, especially for women. Medea's abandonment by Jason and subsequent desperation drives her to commit murder in the hope of revenge. Ultimately, Euripides advocates changes in social convention away from the alienation of non-Greek, non-citizens, and females. Euripides is, unfortunately, tagged a misogynist by some in this tragedy and another example-the Hippolytus. Euripides' Phaedra becomes entangled in a scheme of divine vengeance and ultimately commits suicide in an attempt to avoid societal shame. Far from treatises of hate, Euripidean women take advantage of the little power they possess within a constrictive social system. While both Aeschylus and Euripides revise customary images and expectations of women in the context of religiously-motivated drama, one playwright intends to maintain civic order and the other intends to challenge the secular norm.

Nietzsche as 'Europe's Buddha' and 'Asia's superman'

Nietzsche represents in an interesting way the well-worn Western approach to Asian philosophical and religious thinking: initial excitement, then neglect by appropriation, and swift rejection when found to be incompatible with one’s own tradition, whose roots are inexorably traced back to the ‘ancient’ Greeks. Yet, Nietzsche’s philosophical critique and methods - such as ‘perspectivism’ - offer an instructive route through which to better understand another tradition even if the sole purpose of this exercise is to perceive one’s own limitations through the eyes of the other: a self-destruktion of sorts. To help correct this shortcoming and begin the long overdue task of even-handed dialogue - or contemporary comparative philosophy - we will be served well by looking at Nietzsche’s mistakes, which in turn informed the tragic critic of the West of the last century, Martin Heidegger. We may learn here not to cast others in one’s own troubled image; and not to reverse cultural icons: Europe’s Superman, and Asia’s Buddha.

Motivators and barriers of ethnic groups to engage in arts performance

This paper aims to highlight the behavioural processes of ethnic minority group consumers in relation to arts performance in Australia. Our findings indicate that Chinese, Vietnamese, Italians and Greeks have varying perceptions, practice and experiential decision-making. The major barriers for ethnic audiences to attend arts events were cost and time; a lack of understanding of or exposure to some artforms; language difficulties. Motivating factors for ethnic audiences were events associated with their own ethnic backgrounds; socialising/meeting with friends/people, and familiarity with the art-form. Our research will be critical for future arts marketing and cultural research and contribute to socially inclusive communities where every resident can act as a contributor to build socio-economically strong cities and nations

Older women crafting ethical subjectivities in rural places

Over the last two years my colleagues and I conducted research conversations with older women living in rural Victoria about the meaning of craft in their lives. These conversations are the basis for our speculations on how women constitute ethical subjectivities through specific craft activities and through their engagement with Country Women Association (CWA) craft groups. The CWA is recognised as a ‘community of practice’ with local, regional, state, national and global networks, aiming to improve the lives of rural people. The focus of this paper, however, is on how ethical subjectivities by rural women are fashioned through specific involvements in craft activities and craft groups. I aim to elaborate on how Foucault’s later work on the ‘Care of the Self’ may open possibilities, even if limited, for understanding the complex ways women take up subject positions in interaction with historical, political, economic and social arrangements, and through engagement with specific institutions. For Foucault, ‘care of the self’ is an inherently social practice. Currently, modern power relations incite us to relate to our selves through self confessional and self-disciplining technologies. Could a differently constituted mode of self-care be drawn from the Ancient Greeks to offer us ideas for enacting personal and social transformations today?

Semiotic, rhetoric and democracy

This paper unites Deely’s call for a better understanding of semiotics with Jaeger’s insight into the sophists and the cultural history of the Ancient Greeks. The two bodies of knowledge are brought together to try to better understand the importance of rhetorical processes to political forms such as democracy. Jaeger explains how cultural expression, particularly poetry, changed through the archaic and classical eras to deliver, or at least to be commensurate with contemporary politics and ideologies. He explains how Plato (429-347 BCE) struggled against certain poetry and prose manifestations in his ambition to create a ‘perfect man’ – a humanity which would think in a way which would enable the ideal Republic to flourish. Deely’s approach based on Poinsot and Peirce presents a theoretical framework by means of which we can think of the struggle to influence individual and communal conceptualisation as a struggle within semiotics. This is a struggle over the ways reality is signified by signs. Signs are physical and mental indications which, in the semiotic tradition, are taken to produce human subjectivity – human ‘being’. Deely’s extensive body of work is about how these signs are the building blocks of realist constructions of understanding. This paper is concerned with the deliberate use of oral and written signs in rhetorical activity which has been deliberately crafted to change subjectivity. We discuss: (1) what thought and culture is in terms of semiotics and (2) Jaeger’s depiction of Ancient Greece as an illustration of the conjunction between culture and subjectivity. These two fields are brought together in order to make the argument that rhetoric can be theorised as the deliberate harnessing of semiotic affects. The implication is that the same semiotic, subjectivity-changing potency holds for 21st century rhetoric. However fourth century BCE Athens is the best setting for a preliminary discussion of rhetoric as deliberate semiotic practice because this was when rhetoric was most clearly understood for what it is. By contrast a discussion concentrating on modern rhetoric: public relations; advertising; lobbying; and public affairs would open wider controversies requiring considerably more complex explanation.

The politics of ancient Mesopotamia

Conventional wisdom asserts that the empires of ancient Mesopotamia were ruled by blood-thirsty tyrants with a penchant for megalomania and a lust for power.

However, archaeological work conducted during the nineteenth and twentieth centuries has begun to unearth a more sophisticated political landscape. Many of the empires of ancient Mesopotamia can be seen to have practised forms of governance remarkably similar to the democratic systems employed by the Greeks many centuries later.

This lecture will examine the democratic tendencies of various Mesopotamian empires and trace their influence on later Grecian developments.

The Assyrians

This chapter seeks to extend earlier works on Mesopotamian democracy to a civilisation that is not only typically excluded from such discussions of democracy in the ancient Near East, but generally considered to be among the region’s most bloodthirsty and bellicose: the Assyrians. On the one hand it cannot be denied that the Assyrians went through periods of aggressive expansion, that they were cruel to at least some of their enemies and that the more militant Assyrian kings struck fear into the hearts of men and women across the region (I:106-110, 113; II:1, 54-6 in: Grayson 1991: 201). On the other hand, however, it is peculiar that the intermittent war-mongering of the Assyrians is seen not only as ‘a modern myth exaggerated beyond all proportion’ (Parpola 2003: 1060), but also seen to exclude them from practicing any form of democracy. This is starkly inconsistent with the contemporary assessment of other societies of the ancient world, such as the Greeks or Romans who were both belligerent and at least nominally democratic. To give one example of this double standard, Jana Pecirkova argues that while the Greek polis enabled the birth of science, philosophy and the rule of law, the Assyrians were not able to distinguish ‘between the rational and the irrational, between reality and illusion’ (Pecirkova 1985: 155). The reason for this, according to Pecrikova, is simple: their ‘only alternative to monarchy … was anarchy … Political decisions were arbitrary in character and not governed by any laws or generally acknowledged and accepted rules’ and the ‘people were the passive subjects of political decision-making’ (Pecirkova 1985: 166-8). This chapter, while cautious not to over-state the democratic tendencies of the Assyrians, takes Pecirkova’s argument to task by examining the complex functioning of power and politics, the checks and balances on monarchical authority, the rule of law and the sophisticated intellectual scene of the three key epochs of ancient Assyrian civilisation.

The politics of Ancient Mesopotamia : prelude to democracy?

Conventional wisdom asserts that the empires of ancient Mesopotamia were ruled by blood-thirsty tyrants with a penchant for megalomania and a lust for power.
However, archaeological work conducted during the nineteenth and twentieth centuries has begun to unearth a more sophisticated political landscape. Many of the empires of ancient Mesopotamia can in fact be seen to have practised forms of governance remarkably similar to the democratic systems employed by the Greeks many centuries later.
This lecture will examine the democratic tendencies of various Mesopotamian empires and trace their influence on later Grecian developments.

Consuming environmentalism: following codes or practicing ethics?

In this article, I consider some of the pedagogical challenges presented by a new wave of environmentalism that implores individuals to "save the earth" through simple, normalised acts like recycling. In the context of teaching environmental education in higher education settings, I provide a justification for an alternative conception of environmentalism based on self-stylisation. This conception draws on the work of French philosopher, Michel Foucault, who studied ancient Greeks to contemplate a new perspective on ethics.