Option Pricing With V. G. Martingale Components1

European call options are priced when the uncertainty driving the stock price follows the V. G. stochastic process (Madan and Seneta 1990). the incomplete markets equilibrium change of measure is approximated and identified using the log return mean, variance, and kurtosis. an exact equilibrium interpretation is also provided, allowing inference about relative risk aversion coefficients from option prices. Relative to Black-Scholes, V. G. option values are higher, particularly so for out of the money options with long maturity on stocks with high means, low variances, and high kurtosis.     

滩海陆岸进海路及平台的质量控制

结合在垦东12区块进海路及海油陆采平台工程的质量检验，阐述了滩海陆岸设施建造施工检验阶段各质量要点。指出．滩海陆岸设施主体工程的质量控制归根到底是原材料和施工工序的质量控制。     

百色市可持续发展能力的生态评价

以百色市复合生态系统为研究对象,运用层次分析法,分别从经济发展、社会进步和环境保护3方面评价百色市2001～2006年的可持续发展能力的动态变化,分析制约其发展的因素,并提出相应对策.     

Variance stabilizing and normalizing transformations for the compound poisson process

Summary Two parametric sets of normalizing transformations for the compound Poisson process are considered. The transformations in the first set are also variance stabilizing, and the optimum variance stabilizing transformation and an optimum normalizing transformation in this set are determined. The second set consists of power transformations, and an optimum normalizing transformation is obtained. Some comparisons with respect to normalization are made between these optimum transformations. The work of this author was performed while he was a visitor at the Department of Statistics, State University of New York at Buffalo.     

α-Optimal sampling plans for large acceptance numbers

Acceptance sampling by attributes is an important tool of industrial quality control. In this paper the sampling plan is selected according to a given cost situation using the assumption that one knows the probability that the number of defective items in a lot does not exceed break even quality. An approximate solution is derived for the case that either the sampling cost is small or the lot sizeN large, which both imply a large acceptance numberc.     

Dynamics of food policy formulation in the USA

Examination of the dynamics of food policy formulation in the USA reveals a series of intriguing contrasts. As an example of pluralist decision making, it is unequalled in the sheer number and variety of actors and interests which it encompasses. This article analyses four principal generic elements of the food policy process: its ideological underpinnings; its policy settings; its substantive components; and, its foreign-domestic linkages. The profound changes which have occurred in the Washington political climate are also considered in terms of their implications for food-related policies in both the domestic and international arenas.     

Organizational governance and the grievance process: In need of a new model for resolving workplace issues

This article begins by providing insights from the research literature on the union and nonunion grievance processes in the United States. We then take a look at the status of “voice” in the American workplace and identify both inherent and practical implementation problems in providing employee “voice” regarding workplace rules. Finally, we lay out the elements of a viable system that would best meet the criteria for procedural and substantive due process in the employment relationship.     

课程设计环境的建立及其实现

本文提出,建立计算机课程设计的设计环境,以提高学生的设计能力和水平;并建立评估系统为课程设计评分。设计环境由计算窗口、辅导窗口、命令窗口、记事卡窗口、绘图系统、知识系统、过程文档记录及评估系统组成。程序实现采用面向对象的程序设计方法,成绩评估采用层次分析法。     

项目管理模式优化与实务探索

在科技日新月异迅猛发展的今天,在日益激烈的竞争环境下,越来越多的科研院所依托成功的项目管理来实现长远发展战略。为了能够指引高层管理者做出正确的判断和决策,一个科学合理有效的项目管理成功标准就显得至关重要。笔者通过对大量理论文献,案例剖析发现,以项目管理规划为指导,以流程管理为核心的管理模式更适合作为成功项目管理的新标准。     

Commentary to “From new-product development to commercialization through networks”

This commentary essay explores some broader implications of the article by Aarikka-Stenroos and Sandberg (in this issue) concerning two issues: the principal character of innovation processes and the delineation of networks. The article provides an interesting discussion on how firms can overcome the obstacles of successful commercialization of innovations by the utilization of various types of networks involving developers, producers and users alike. This commentary recognizes two problems in this setting: An overly linear view on innovation processes and NPD, and an overly simplistic view on the delineation of networks.