On the efficacy of Fourier series approximations for pricing European options

This paper investigates several competing procedures for computing the prices of vanilla European options, such as puts, calls and binaries, in which the underlying model has a characteristic function that is known in semi-closed form. The algorithms investigated here are the half-range Fourier cosine series, the half-range Fourier sine series and the full-range Fourier series. Their performance is assessed in simulation experiments in which an analytical solution is available and also for a simple affine model of stochastic volatility in which there is no closed-form solution. The results suggest that the half-range sine series approximation is the least effective of the three proposed algorithms. It is rather more difficult to distinguish between the performance of the halfrange cosine series and the full-range Fourier series. However there are two clear differences. First, when the interval over which the density is approximated is relatively large, the full-range Fourier series is at least as good as the half-range Fourier cosine series, and outperforms the latter in pricing out-of-the-money call options, in particular with maturities of three months or less. Second, the computational time required by the half-range Fourier cosine series is uniformly longer than that required by the full-range Fourier series for an interval of fixed length. Taken together,these two conclusions make a case for pricing options using a full-range range Fourier series as opposed to a half-range Fourier cosine series if a large number of options are to be priced in as short a time as possible.

Acoustic feature extraction using perceptual wavelet packet decomposition for frog call classification

Frog protection has become increasingly essential due to the rapid decline of its biodiversity. Therefore, it is valuable to develop new methods for studying this biodiversity. In this paper, a novel feature extraction method is proposed based on perceptual wavelet packet decomposition for classifying frog calls in noisy environments. Pre-processing and syllable segmentation are first applied to the frog call. Then, a spectral peak track is extracted from each syllable if possible. Track duration, dominant frequency and oscillation rate are directly extracted from the track. With k-means clustering algorithm, the calculated dominant frequency of all frog species is clustered into k parts, which produce a frequency scale for wavelet packet decomposition. Based on the adaptive frequency scale, wavelet packet decomposition is applied to the frog calls. Using the wavelet packet decomposition coefficients, a new feature set named perceptual wavelet packet decomposition sub-band cepstral coefficients is extracted. Finally, a k-nearest neighbour (k-NN) classifier is used for the classification. The experiment results show that the proposed features can achieve an average classification accuracy of 97.45% which outperforms syllable features (86.87%) and Mel-frequency cepstral coefficients (MFCCs) feature (90.80%).

Application of image processing techniques for frog call classification

Frogs have received increasing attention due to their effectiveness for indicating the environment change. Therefore, it is important to monitor and assess frogs. With the development of sensor techniques, large volumes of audio data (including frog calls) have been collected and need to be analysed. After transforming the audio data into its spectrogram representation using short-time Fourier transform, the visual inspection of this representation motivates us to use image processing techniques for analysing audio data. Applying acoustic event detection (AED) method to spectrograms, acoustic events are firstly detected from which ridges are extracted. Three feature sets, Mel-frequency cepstral coefficients (MFCCs), AED feature set and ridge feature set, are then used for frog call classification with a support vector machine classifier. Fifteen frog species widely spread in Queensland, Australia, are selected to evaluate the proposed method. The experimental results show that ridge feature set can achieve an average classification accuracy of 74.73% which outperforms the MFCCs (38.99%) and AED feature set (67.78%).

Medicines information sources and services for consumers : A special focus on the Internet and people with depression

The range of consumer health and medicines information sources has diversified along with the increased use of the Internet. This has led to a drive to develop medicines information services and to better incorporate the Internet and e-mail into routine practice in health care and in community pharmacies. To support the development of such services more information is needed about the use of online information by consumers, particularly of those who may be the most likely to use and to benefit from the new sources and modes of medicines communication. This study explored the role and utilization of the Internet-based medicines information and information services in the context of a wider network of information sources accessible to the public in Finland. The overall aim was to gather information to develop better and more accessible sources of information for consumers and services to better meet the needs of consumers. Special focus was on the needs and information behavior among people with depression and using antidepressant medicines. This study applied both qualitative and quantitative methods. Consumer medicines information needs and sources were identified by analyzing the utilization of the University Pharmacy operated national drug information call center (Study I) and surveying Finnish adults (n=2348) use of the different medicines information sources (Study II). The utilization of the Internet as a source of antidepressant information among people with depression was explored by focus group discussions among people with depression and with current or past use of the antidepressant(s) (n=29, Studies III & IV). Pharmacy response to the needs of consumers in term of providing e-mail counseling was assessed by conducting a virtual pseudo customer study among the Finnish community pharmacies (n=161, Study V). Physicians and pharmacists were the primary sources of medicines information. People with mental disorders were more frequent users of telephone- and Internet-based medicines information sources and patient information leaflets than people without mental disorders. These sources were used to complement rather than replace information provided face-to-face by health professionals. People with depression used the Internet to seek facts about antidepressants, to share experiences with peers, and for the curiosity. They described that the access to online drug information was empowering. Some people reported lacking the skills necessary to assess the quality of online information. E-mail medication counseling services provided by community pharmacies were rare and varied in quality. Study results suggest that rather than discouraging the use of the Internet, health professionals should direct patients to use accurate and reliable sources of online medicines information. Health care providers, including community pharmacies should also seek to develop new ways of communicating information about medicines with consumers. This study determined that people with depression and using antidepressants need services enabling interactive communication not only with health care professionals, but also with peers. Further research should be focused on developing medicines information service facilitating communication among different patient and consumer groups.

Community-based social marketing: Effects on social norms

Purpose This research investigates whether application of a community-based social marketing principle, namely increasing the visibility of a target behaviour in the community, can change social norms surrounding the behaviour. Design/methodology/approach A repeated measures quasi-experimental design was employed to evaluate the Victorian Health Promotion Foundation’s Walk to School 2013 programme, which increases the visibility of walking to and from school through programme participation to promote active transportation for primary school children. The target population for the survey were caregivers of primary school children aged between 5-12 years old. The final sample size across the three online surveys administered was 102 respondents. Findings The results suggest that the programme increased caregivers’ perceptions that children in their community walked to and from school and that walking to and from school is socially acceptable. Originality/value The study contributes to addressing the recent call for research examining the relationship between community-based social marketing principles and programme outcomes. Further, the results provide insight for enhancing the social norms approach, which has traditionally relied on changing social norms exclusively through media campaigns.

The onset of warps in Spitzer observations of edge-on spiral galaxies

We analyse warps in the nearby edge-on spiral galaxies observed in the Spitzer/Infrared Array Camera (IRAC)4.5-mu m band. In our sample of 24 galaxies, we find evidence of warp in 14 galaxies. We estimate the observed onset radii for the warps in a subsample of 10 galaxies. The dark matter distribution in each of these galaxies are calculated using the mass distribution derived from the observed light distribution and the observed rotation curves. The theoretical predictions of the onset radii for the warps are then derived by applying a self-consistent linear response theory to the obtained mass models for six galaxies with rotation curves in the literature. By comparing the observed onset radii to the theoretical ones, we find that discs with constant thickness can not explain the observations; moderately flaring discs are needed. The required flaring is consistent with the observations. Our analysis shows that the onset of warp is not symmetric in our sample of galaxies. We define a new quantity called the onset-asymmetry index and study its dependence on galaxy properties. The onset asymmetries in warps tend to be larger in galaxies with smaller dis scalelengths. We also define and quantify the global asymmetry in the stellar light distribution, that we call the edge-on asymmetry in edge-on galaxies. It is shown that in most cases the onset asymmetry in warp is actually anticorrelated with the measured edge-on asymmetry in our sample of edge-on galaxies and this could plausibly indicate that the surrounding dark matter distribution is asymmetric.

Improved bounds on the radius and curvature of the K pi scalar form factor and implications to low-energy theorems

We obtain stringent bounds in the < r(2)>(K pi)(S)-c plane where these are the scalar radius and the curvature parameters of the scalar K pi form factor, respectively, using analyticity and dispersion relation constraints, the knowledge of the form factor from the well-known Callan-Treiman point m(K)(2)-m(pi)(2), as well as at m(pi)(2)-m(K)(2), which we call the second Callan-Treiman point. The central values of these parameters from a recent determination are accomodated in the allowed region provided the higher loop corrections to the value of th form factor at the second Callan-Treiman point reduce the one-loop result by about 3% with F-K/F-pi = 1.21. Such a variation in magnitude at the second Callan-Treiman point yields 0.12 fm(2) less than or similar to < r(2)>(K pi)(S) less than or similar to 0.21 fm(2) and 0.56 GeV-4 less than or similar to c less than or similar to 1.47 GeV-4 and a strong correlation between them. A smaller value of F-K/F-pi shifts both bounds to lower values.

Impact of dental insurance on adults’ oral health care in Tehran, Iran.

The aim of the present study was to determine relationships between insurance status and utilization of oral health care and its characteristics and to identify factors related to insured patients’ selection of dental clinic or dentist. The study was based on cross-sectional data obtained through phone interviews. The target population included adults in the city of Tehran. Using a two-stage stratified random technique, 3,200 seven-digit numbers resembling real phone numbers were drawn; when calling, 1,669 numbers were unavailable (busy, no answer, fax, line blocked). Of the 1,531 subjects who answered the phone call, 224 were outside the target age (under 18), and 221 refused to respond, leaving 1,086 subjects in the final sample. The interviews were carried out using a structured questionnaire and covered characteristics of dental visits, the respondent’s reason for selecting a particular dentist or clinic and demographic and socio-economic background (gender, age, level of education, income, and insurance status). Data analysis included the Chi-square test, ANOVA, and logistic regression and the corresponding odds ratios (OR). Of all the 1,086 respondents, 57% were women, 62% were under age 35, 46% had a medium and 34% a high level of education, 13% were under the poverty line, and 70% had insurance coverage; 64% with the public, and 6% with a commercial insurance. Having insurance coverage was more likely for women (OR=1.5), for those in the oldest age group (OR=2.0), and for those with a high level of education (OR=2.5). Of those with dental insurance, 54% reported having had a dental visit within the past 12 months ; more often by those with commercial insurance in comparison with public (65% vs. 53% p<0.001). Check-up as the reason for the most recent visit occurred most frequently among those with commercial insurance (28%) compared with those having public insurance (16%) or being non-insured (13%) (p<0.001). Having had two or more dental visits within the past 12 months was most common among insured respondents, when compared with the non-insured (31% vs. 22% p=0.01). The non-insured respondents reported tooth extractions almost twice as frequently as did the insured ones (p<0.001). Of the 726 insured subjects, 60% selected fully out-of-pocket-paid services (FOP), and 53% were unaware of their insurance benefits. Of those who selected FOP, good interpersonal aspects (OR=4.6), being unaware of dental insurance benefits (OR=4.6), and good technical aspects (OR=2.3) as a reason had greater odds of selecting FOP. The present study revealed that dental insurance was positively related to demand for oral health care as well as to utilization of services, but to the latter with a minor extent. Among insured respondents, despite their opportunity to use fully or highly subsidized oral health care services, good interpersonal relationship and high quality of services were the most important factors when an insured patient selected a dentist or a clinic. The present findings indicate a clear need to modify dental insurance systems in Iran to facilitate optimal use of oral health care services to maximize the oral health of the population. A special emphasis in the insurance schemes should be focused on preventive care.

An interpreter for slips-An applicative language based on LAMBDA-Calculus

An applicative language based on the LAMBDA-Calculus is presented. The language, SLIPS (Small Language for Instruction Purposes), is described using the LAMBDA-Calculus as a metalanguage. A call-by-need mechanism of function invocation eliminates the drawbacks of both call-by-name and call-by-value. The system has been implemented in PASCAL.

On the importance of pro-environmental organizational climate for employee green behavior

In their call to action, Ones and Dilchert(2012) discuss several possible individual and some contextual determinants of employee green behavior that await examination by industrial and organizational I–O) psychologists. Although these authors briefly mentioned organizational climate, specifically ethical climate, as a potentially relevant predictor of green behaviors, they mostly emphasized the role of individual difference characteristics and traditional job performance determinants such as knowledge, skills, abilities, and other person factors (KSAOs).

Adaptive frequency scaled wavelet packet decomposition for frog call classification

Environmental changes have put great pressure on biological systems leading to the rapid decline of biodiversity. To monitor this change and protect biodiversity, animal vocalizations have been widely explored by the aid of deploying acoustic sensors in the field. Consequently, large volumes of acoustic data are collected. However, traditional manual methods that require ecologists to physically visit sites to collect biodiversity data are both costly and time consuming. Therefore it is essential to develop new semi-automated and automated methods to identify species in automated audio recordings. In this study, a novel feature extraction method based on wavelet packet decomposition is proposed for frog call classification. After syllable segmentation, the advertisement call of each frog syllable is represented by a spectral peak track, from which track duration, dominant frequency and oscillation rate are calculated. Then, a k-means clustering algorithm is applied to the dominant frequency, and the centroids of clustering results are used to generate the frequency scale for wavelet packet decomposition (WPD). Next, a new feature set named adaptive frequency scaled wavelet packet decomposition sub-band cepstral coefficients is extracted by performing WPD on the windowed frog calls. Furthermore, the statistics of all feature vectors over each windowed signal are calculated for producing the final feature set. Finally, two well-known classifiers, a k-nearest neighbour classifier and a support vector machine classifier, are used for classification. In our experiments, we use two different datasets from Queensland, Australia (18 frog species from commercial recordings and field recordings of 8 frog species from James Cook University recordings). The weighted classification accuracy with our proposed method is 99.5% and 97.4% for 18 frog species and 8 frog species respectively, which outperforms all other comparable methods.

An Optimal Mechanism for Sponsored Search Auctions on the Web and Comparison With Other Mechanisms

In this paper, we first describe a framework to model the sponsored search auction on the web as a mechanism design problem. Using this framework, we describe two well-known mechanisms for sponsored search auction-Generalized Second Price (GSP) and Vickrey-Clarke-Groves (VCG). We then derive a new mechanism for sponsored search auction which we call optimal (OPT) mechanism. The OPT mechanism maximizes the search engine's expected revenue, while achieving Bayesian incentive compatibility and individual rationality of the advertisers. We then undertake a detailed comparative study of the mechanisms GSP, VCG, and OPT. We compute and compare the expected revenue earned by the search engine under the three mechanisms when the advertisers are symmetric and some special conditions are satisfied. We also compare the three mechanisms in terms of incentive compatibility, individual rationality, and computational complexity. Note to Practitioners-The advertiser-supported web site is one of the successful business models in the emerging web landscape. When an Internet user enters a keyword (i.e., a search phrase) into a search engine, the user gets back a page with results, containing the links most relevant to the query and also sponsored links, (also called paid advertisement links). When a sponsored link is clicked, the user is directed to the corresponding advertiser's web page. The advertiser pays the search engine in some appropriate manner for sending the user to its web page. Against every search performed by any user on any keyword, the search engine faces the problem of matching a set of advertisers to the sponsored slots. In addition, the search engine also needs to decide on a price to be charged to each advertiser. Due to increasing demands for Internet advertising space, most search engines currently use auction mechanisms for this purpose. These are called sponsored search auctions. A significant percentage of the revenue of Internet giants such as Google, Yahoo!, MSN, etc., comes from sponsored search auctions. In this paper, we study two auction mechanisms, GSP and VCG, which are quite popular in the sponsored auction context, and pursue the objective of designing a mechanism that is superior to these two mechanisms. In particular, we propose a new mechanism which we call the OPT mechanism. This mechanism maximizes the search engine's expected revenue subject to achieving Bayesian incentive compatibility and individual rationality. Bayesian incentive compatibility guarantees that it is optimal for each advertiser to bid his/her true value provided that all other agents also bid their respective true values. Individual rationality ensures that the agents participate voluntarily in the auction since they are assured of gaining a non-negative payoff by doing so.

Neuromagnetic studies on cortical somatosensory functions in infants and children : Normal development and effect of early brain lesions

Until recently, objective investigation of the functional development of the human brain in vivo was challenged by the lack of noninvasive research methods. Consequently, fairly little is known about cortical processing of sensory information even in healthy infants and children. Furthermore, mechanisms by which early brain insults affect brain development and function are poorly understood. In this thesis, we used magnetoencephalography (MEG) to investigate development of cortical somatosensory functions in healthy infants, very premature infants at risk for neurological disorders, and adolescents with hemiplegic cerebral palsy (CP). In newborns, stimulation of the hand activated both the contralateral primary (SIc) and secondary somatosensory cortices (SIIc). The activation patterns differed from those of adults, however. Some of the earliest SIc responses, constantly present in adults, were completely lacking in newborns and the effect of sleep stage on SIIc responses differed. These discrepancies between newborns and adults reflect the still developmental stage of the newborns’ somatosensory system. Its further maturation was demonstrated by a systematic transformation of the SIc response pattern with age. The main early adult­like components were present by age two. In very preterm infants, at term age, the SIc and SIIc were activated at similar latencies as in healthy fullterm newborns, but the SIc activity was weaker in the preterm group. The SIIc response was absent in four out of the six infants with brain lesions of the underlying hemisphere. Determining the prognostic value of this finding remains a subject for future studies, however. In the CP adolescents with pure subcortical lesions, contrasting their unilateral symptoms, the SIc responses of both hemispheres differed from those of controls: For example the distance between SIc representation areas for digits II and V was shorter bilaterally. In four of the five CP patients with cortico­subcortical brain lesions, no normal early SIc responses were evoked by stimulation of the palsied hand. The varying differences in neuronal functions, underlying the common clinical symptoms, call for investigation of more precisely designed rehabilitation strategies resting on knowledge about individual functional alterations in the sensorimotor networks.

Proceedings of the 2nd Workshop on (Re)Creating Lively Cities Through Ambient Technology in Arts, Culture and Gastronomic Experiences

Digital and interactive technologies are becoming increasingly embedded in everyday lives of people around the world. Application of technologies such as real-time, context-aware, and interactive technologies; augmented and immersive realities; social media; and location-based services has been particularly evident in urban environments where technological and sociocultural infrastructures enable easier deployment and adoption as compared to non-urban areas. There has been growing consumer demand for new forms of experiences and services enabled through these emerging technologies. We call this ambient media, as the media is embedded in the natural human living environment. This workshop focuses on ambient media services, applications, and technologies that promote people’s engagement in creating and recreating liveliness in urban environments, particularly through arts, culture, and gastronomic experiences. The RelCi workshop series is organized in cooperation with the Queensland University of Technology (QUT), in particular the Urban Informatics Lab and the Tampere University of Technology (TUT), in particular the Entertainment and Media Management (EMMi) Lab. The workshop runs under the umbrella of the International Ambient Media Association (AMEA) (http://www.ambientmediaassociation.org), which is hosting the international open access journal entitled “International Journal on Information Systems and Management in Creative eMedia”, and the international open access series “International Series on Information Systems and Management in Creative eMedia” (see http://www.tut.fi/emmi/Journal). The RelCi workshop took place for the first time in 2012 in conjunction with ICME 2012 in Melbourne, Autralia; and this year’s edition took place in conjunction with INTERACT 2013 in Cape Town, South Africa. Besides, the International Ambient Media Association (AMEA) organizes the Semantic Ambient Media (SAME) workshop series, which took place in 2008 in conjunction with ACM Multimedia 2008 in Vancouver, Canada; in 2009 in conjunction with AmI 2009 in Salzburg, Austria; in 2010 in conjunction with AmI 2010 in Malaga, Spain; in 2011 in conjunction with Communities and Technologies 2011 in Brisbane, Australia; in 2012 in conjunction with Pervasive 2012 in Newcastle, UK; and in 2013 in conjunction with C&T 2013 in Munich, Germany.

Functional Imagery Training to reduce snacking: Testing a novel motivational intervention based on Elaborated Intrusion theory

Functional Imagery Training (FIT) is a new theory-based, manualized intervention that trains positive goal imagery. Multisensory episodic imagery of proximal personal goals is elicited and practised, to sustain motivation and compete with less functional cravings. This study tested the impact of a single session of FIT plus a booster phone call on snacking. In a stepped-wedge design, 45 participants who wanted to lose weight or reduce snacking were randomly assigned to receive a session of FIT immediately or after a 2-week delay. High-sugar and high-fat snacks were recorded using timeline follow back for the previous 3 days, at baseline, 2 and 4 weeks. At 2 weeks, snacking was lower in the immediate group than in the delayed group, and the reduction after FIT was replicated in the delayed group between 2 and 4 weeks. Frequencies of motivational thoughts about snack reduction rose following FIT for both groups, and this change correlated with reductions in snacking and weight loss. By showing that FIT can support change in eating behaviours, these findings show its potential as a motivational intervention for weight management.