Pricing arithmetic Asian and Amerasian options: A diffusion operator integral expansion approach

In this paper, we propose a new explicit series expansion formula for the price of an arithmetic Asian option under the Black–Scholes model and Merton's jump-diffusion model. The method is based on an equivalence in law relation together with the diffusion operator integral method proposed by Heath and Platen. The method yields explicit series expansion formula for the Asian options' prices. The theoretical convergence of the expansion to the true value is established. We also consider the American Asian option (i.e., Amerasian option) and derive the corresponding expansion formula through the early exercise premium representation. Numerical results illustrate the accuracy and efficiency of the method as compared with benchmarks in the literature.     

The role of mobile network operators in next-generation public safety services

Field of researchThis research is in the field of public safety communications in mobile broadband 4G/5G networks. The focus is on mobile network operators and their business opportunities in the public safety market.PurposeThe purpose of this research is to provide a review of ongoing public safety mobile broadband projects in which mobile operators play a key role. In addition, a business model analysis is presented to determine the role of mobile operators in these projects. A comparison of the two key business models is also included to reveal their general characteristics.Methods and dataThe research used a qualitative method, an inductive case study. This method was used to draw general conclusions from a small number of case studies based on ongoing public safety mobile broadband projects. The Casadesus-Masanell and Ricart framework and the business model canvas were used to analyse and compare the two key business models discussed. Data were collected from a variety of sources, including company reports, press releases, international events and conferences, and selected interviews with managers in charge.FindingsThe results show that mobile operators have new business opportunities in the public safety market. Their existing mobile networks can be used for public safety services with certain enhancements. Within existing projects, mobile operators have different business models. The two analysed models were found to require different resources and offer different business opportunities for mobile operators. Procurement authorities responsible for selecting business models are encouraged to pay attention to the choice of model based on, for example, strategic objectives.ValueVery little research has been done on the business opportunities of mobile operators in the public safety market. In this area, this study lays the groundwork for new research. Procurement authorities can use the results when deciding on the business model. Mobile operators can benefit from these results by better understanding their own roles in public safety projects and when assessing the business opportunities of a particular project.     

复杂信任网络群组综合评价方法及应用研究

考虑评价环境的复杂不确定性、评价专家的信任行为特征以及群组专家的共识等问题，提出了一种区间Fermatean模糊信任网络群组综合评价方法。首先，针对区间Fermatean模糊评价信息的集成问题，提出了区间Fermatean模糊信息的运算规则，并在此基础上提出了一种区间Fermatean模糊Frank集成方法。其次，考虑到评价专家间信任关系对专家权重和共识达成的影响，构建了基于语言术语的信任网络以计算专家权重，同时设计了个性化反馈机制，进而构建了信任共识交互模型以提高群组共识度。此外，针对评价指标权重未知的情形,提出了区间Fermatean模糊熵权法获取指标权重。最后，通过高校商科类本科生统计设计能力的评价问题验证所提出方法的可行性和优越性。