Partial differential equations for Asian option prices

In this article, we consider fixed and floating strike European style Asian call and put options. For such options, there is no convenient closed-form formula for the prices. Previously, Rogers and Shi, Vecer, and Dubois and Lelièvre have derived partial differential equations with one state variable, with the stock price as numeraire, for the option prices. In this paper, we derive a whole family of partial differential equations, each with one state variable with the stock price as numeraire, from which Asian options can be priced. Any one of these partial differential equations can be transformed into any other. This family includes four partial differential equations which have a particularly simple form including the three found by Rogers and Shi, Vecer, and Dubois and Lelièvre. Our analysis includes the case of a dividend yield; we also include the case of in progress Asian options with floating strike, whereby we discuss the new equation proposed by Vecer, which uses the average asset as numeraire. We perform an error analysis on the four special partial differential equations and Vecer’s new equation and find that their truncation errors are all of the same order. We also perform numerical comparisons of the five partial differential equations and conclude, as expected, that Vecer’s equations and that of Dubois and Lelièvre do better when the volatility is low but that with higher volatilities the performance of all five equations is similar. Vecer’s equations are unique in possessing a certain martingale property and as they perform numerically well or better than the others, must be considered the preferred choice.     

论土地管理学的学科内涵与研究范式

研究目的:从土地科学学科体系的范畴研究土地管理学的学科内涵、内容体系及研究范式。研究方法:理论归纳法,文献统计法。研究结果:土地管理学是研究土地管理过程及其客观规律的学科,是土地科学学科体系的重要分支,在土地科学学科体系中侧重土地公共属性、社会属性问题研究。研究结论:目前,土地管理学研究框架已基本形成,围绕土地管理实践形成了一套知识体系和政策法律框架;在土地权籍理论方面基本形成雏形;未来研究在围绕实践需求基础上,土地管理基本理论研究应得到加强,并探索回归保障土地资源公共属性本质。     

数字化时代的品牌管理范式变革

在过去的十年中,数字媒体在消费者群体中普及是一个值得学术界关注的问题。然而,有关数字媒体如何影响品牌管理的相关研究却寥寥无几。数字时代改变了消费者与品牌以及消费者之间的互动,这种行为上的变化需要我们对品牌管理进行重新审视。品牌管理社区导向范式丰富了目前研究甚少的品牌管理实践领域,也为企业将品牌融入进消费者的数字化生活提供了途径。这一新范式将数字媒体纳入品牌管理的战略和职能中去,大大提升了品牌价值。     

Linkage Measures: a Revisit and a Suggested Alternative

This paper examines major linkage measures in the literature from different perspectives and attempts to clarify some of the controversies over them. The examination and clarification suggest more refined backward and forward linkage measures for linkage indices construction. The measures are then applied to analyse the linkages of Hawaii’s agriculture sectors.     

The exchange paradigm: Where to now?

This essay restates the main conclusions of “Value and Exchange,” discusses three possible directions of research that flow from it, and evaluates their likely impact on the economics profession. The three directions are (1) the application of the distinction between value paradigm and exchange paradigm to the elucidation of the history of economic thought, (2) formal theorizing within the framework of the exchange paradigm, and (3) empirical work informed by the insights of the exchange paradigm.      

Effect of graphical presentations on insights into a company's financial position: an innovative educational approach to communicating financial information in financial reporting

This article focuses on the graphical presentation of the financial ratios of the firm. Following an earlier plea for visualizing the financial report based on pacioli's treatise Divina Proportione, this study investigates the benefits of visualizing and reports on an experiment into the significance of visual information, designed to compare visual and numerical financial information. The experiment was conducted with the help of third-year accounting students. The study demonstrates an alternative teaching method and indicates that this can be a very effective and stimulating process of accounting education and training. Further the co-operation between teacher and students makes an intersting contribution to the development of better accounting education and training. The exploratory research indicates that presentation of graphical information produces time-gains in comparison with numerical information alone. Memory plays a very important role here. The conclusion are: first, that visual information can be considered as very important in providing a clear insight into the financial position of the firm, thus improving communication; and second, that the integration of accounting research and teaching is a very promising way of preparing academically and professionally future accounting practitioners.     

The energy revolution in the USA and the pre-salt reserves in Brazil: Risks and opportunities for the Brazilian petrochemical industry

The petrochemical industry is known for its interrelations with the oil industry. In recent years the world has witnessed the rapid growth of the Chinese economy and an associated surge in demand for petroleum and oil products, alongside the emergence of alternative sources of oil and natural gas to those produced by OPEC (Organization of Petroleum Exporting Countries) and Russia, such as Brazil’s pre-salt reserves and shale gas in the United States. The US is undergoing a veritable energy revolution with its use of unconventional oil and natural gas production techniques in low-permeability reservoirs, chiefly shale gas. Brazil’s prospects as an international player are on the rise thanks to the exploration of oil and natural gas from its pre-salt reserves, which could lead to exports of petroleum of over 2 million barrels/day. All these movements have a direct influence on the petrochemical industry. This article aims to foster discussions about the risks and opportunities facing the Brazilian petrochemical industry with the exploration of oil and natural gas in Brazil and unconventional sources in the United States. Systemic thinking and scenario-based planning were used as the basis for the analysis.     

The global economic costs of the need to treat polluted water

We estimate the global costs and other implications of the need to treat wastewater before it can be re-used. We extend the World Trade Model by creating water treatment sectors and provide alternative sources of water for satisfying users’ quantity and quality requirements. The database distinguishes qualities and quantities of water endowments, sectoral water requirements, and wastewater discharges. We estimate that global water treatment costs could be reduced by several trillion dollars if water endowments were maintained at higher quality than currently is the case. Under scenarios where water quality degrades further, the treatment costs more than double even without taking account of likely increases in quality requirements. This modeling framework provides a starting point not only for more detailed empirical investigations of water management strategies, but also for examining prospects and associated costs for recovering other resources, such as metals, which can be reused multiple times.     

ICT-enabled system innovations in public services: Experiences from intelligent transport systems

Public transport is confronted with major challenges such as climate change and congestion. This paper discusses how these major challenges are addressed by means of ICT-enabled system innovations in public services. Recent developments in ICT enable the realisation of novel solutions for public transport that can be subsumed under the headline of intelligent transport systems (ITS). However, while the advances in information and communication technology are very fast, the transformation of transport systems and infrastructures tends to take a long time. In parallel, public sector reforms of the past decade, often characterised by the introduction of New Public Management principles, have changed the organisational and institutional conditions for transport service provision and innovation, with the private sector playing an increasingly prominent role. Public–private innovation networks in services (ServPPINs) have been suggested as a concept to foster the realisation of system innovations.This paper analyses the conditions, determinants and instruments for managing ServPPINs successfully, by comparing four cases of ServPPINs in intelligent transport systems, which all aim at establishing system innovations. The four cases are: ITS Vienna Region, a dynamic intermodal traffic information service; compano, a novel ride-sharing scheme in Austria; SIS, a real-time traffic information services, displays and management system in Oslo; and Flexus, an electronic ticket system for public transportation in Oslo.The paper shows the importance of organisational and institutional conditions of ServPPINs for realising these system innovations, and the crucial role of entrepreneurial individuals, both in public and private sector organisations. It also points to the importance of making clear strategic choices at the right moments in time in the course of the life-cycle of ServPPINs.