Chebyshev interpolation for parametric option pricing

Recurrent tasks such as pricing, calibration and risk assessment need to be executed accurately and in real time. We concentrate on parametric option pricing (POP) as a generic instance of parametric conditional expectations and show that polynomial interpolation in the parameter space promises to considerably reduce run-times while maintaining accuracy. The attractive properties of Chebyshev interpolation and its tensorized extension enable us to identify broadly applicable criteria for (sub)exponential convergence and explicit error bounds. The method is most promising when the computation of the prices is most challenging. We therefore investigate its combination with Monte Carlo simulation and analyze the effect of (stochastic) approximations of the interpolation. For a wide and important range of problems, the Chebyshev method turns out to be more efficient than parametric multilevel Monte Carlo. We conclude with a numerical efficiency study.     

Requests for zoo visitors to undertake pro-wildlife behaviour: How many is too many?

Recognising the potential conservation impact, zoos regularly ask their visitors to undertake pro-wildlife behaviour. This paper presents the results of two studies undertaken to address the question: how often during a visit should visitors be asked? Study 1 sought to a) determine individuals' personal thresholds and b) the point where the number of different behaviours requested began affect visitors' experiences. Study 2 sought the same, but focused on requests for the same behaviour. Results suggest that few respondents' personal thresholds were crossed (2.5% in Study 1 and 9% in Study 2). In neither study did many respondents (2.5% in Study 1 and 2.8% in Study 2) feel that the number of requests negatively affect their overall zoo experience. While there are caveats, we conclude that there appears little cause for concern about asking zoo visitors on multiple occasions to act in support of wildlife. Indeed, such requests may improve experiences.     

Capitalism and democracy in the 21st century: a Kaleckian interpretation of a Schumpeterian problem

The paper reinterprets Schumpeter's views on the dynamic effects of taxation, as originally expressed in Crisis of the Tax State, from a Kaleckian perspective. In light of Schumpeter's rejection of Keynesian and Marshallian approaches to taxation, the paper argues that a recently developed Kaleckian approach provides an appropriate basis from which to analyse the effects on the business cycle of balanced changes in the structure of taxation. It is shown that, under certain shifting assumptions, increases in the taxation of wages or profits will stimulate investment and attenuate the amplitude of the business cycle. Ultimately, the shifting of taxes reduces to a conflict over income shares. The changing distribution of income in the United Kingdom in recent years suggests that investment is likely to remain sluggish unless there is a significant reversal of income shares. This may give rise to increasing economic and political tensions into the 21st century.     

The Theory of International Trade

How to answer a question in ‘A’ level economics? Graham and Mair Dawson, both teachers of economics, give all the information necessary to write a DIY model answer.     

The Potential of Interdisciplinarity for Leisure Research

Abstract

Knowledge about preferences for campsite attributes is needed so that management strategies can be guided by users’ preferences for settings and experiences. However, results of campsite choice studies have shown great variability across settings. Reexamination of this research shows a hierarchical typology of attributes: most important are necessity attributes, which supply basic camping needs, followed by experience attributes, which enhance preferred experience outcomes, and finally amenity attributes, which are relatively minor but can improve site quality. A survey of Whitewater boaters confirmed the predicted order of attribute importance and generally supported the proposed definitions of attribute types. A tentative model of campsite choice is offered in which sites are evaluated first for their ability to provide necessity attributes, then experience attributes, and finally, if more than one potential site remains, amenity attributes. Constraints may cut the evaluation process short anytime after the initial (necessity attribute) stage.     

Organizing for Society: A Typology of Social Entrepreneuring Models

In this article, we use content and cluster analysis on a global sample of 200 social entrepreneurial organizations to develop a typology of social entrepreneuring models. This typology is based on four possible forms of capital that can be leveraged: social, economic, human, and political. Furthermore, our findings reveal that these four social entrepreneuring models are associated with distinct logics of justification that may explain different ways of organizing across organizations. This study contributes to understanding social entrepreneurship as a field of practice and it describes avenues for theorizing about the different organizational approaches adopted by social entrepreneurs.     

The greening of music festivals: motivations,barriers and outcomes. Applying the Mair and Jago model

Events are a growing sector, often attracting tourists to destinations. There is increased emphasis on achieving sustainability in event management; some festivals, particularly large outdoor music festivals, are leading in greening their events. This paper explores the drivers of, and barriers to, greening festivals and considers how events might be a vehicle for promoting sustainable behaviour. The application of the Mair and Jago model is tested. Long interviews were conducted with managers of six UK and Australian festivals that have won awards for their “green” performance and an organisation that encourages the greening of festivals. Findings suggest that managers of these festivals act both as a champion and a steward of greening and that the key drivers of festival greening are the personal values or ethos of the manager and/or the organisation, demand for greening from stakeholders and a desire to educate and act as an advocate of green issues. Barriers to greening festivals included the financial costs, lack of time and control over festival venues and the inability to source appropriate suppliers or supplies. Further research could explore these issues in other events contexts and examine whether events leave a lasting legacy in terms of influencing environmental behaviour.     

Dischord and Dissonance in the Leisure Studies Polyphony: A Response to Fox and Klaiber

This study examines females' participation in the male-dominated sport of motorcycling. Group interviews with female motorcyclists explore the meaning of this leisure activity in their lives and various factors that facilitate their participation. A grounded-theory approach reveals five sources of empowerment that women gain by participating in motorcycling. This study demonstrates the role facilitators play in creating and cultivating sources of empowerment. It also exposes how feelings of guilt, vulnerability, and concern about societal images can undermine women's feelings of empowerment. “Girl power” represents women's attempts to redefine femininity in a way that embraces the positive aspects of both femininity and masculinity and resists negative stereotypes that restrict women's choices of leisure pursuits.     

American rules, OK: Difference and otherness in ‘Independence Day''

According to its advertisement copy, ‘Independence Day' delivers the ultimate encounter when powerful aliens launch an invasion against the human race. Does this ‘ultimate encounter' simply retrace the old fashioned Hollywood theme of good versus evil? Or is there a more sinister meaning woven into the text of the film? This paper deconstructs the narrative of the film to reveal the underlying monolithic, Americanised modernity and argues that ‘Independence Day' provides an allegorical legitimation for Pax Americana.