Pricing average price advertising options when underlying spot market prices are discontinuous

Advertising options have been recently studied as a special type of guaranteed contracts in online advertising, which are an alternative sales mechanism to real-time auctions. An advertising option is a contract which gives its buyer a right but not obligation to enter into transactions to purchase page views or link clicks at one or multiple pre-specified prices in a specific future period. Different from typical guaranteed contracts, the option buyer pays a lower upfront fee but can have greater flexibility and more control of advertising. Many studies on advertising options so far have been restricted to the situations where the option payoff is determined by the underlying spot market price at a specific time point and the price evolution over time is assumed to be continuous. The former leads to a biased calculation of option payoff and the latter is invalid empirically for many online advertising slots. This paper addresses these two limitations by proposing a new advertising option pricing framework. First, the option payoff is calculated based on an average price over a specific future period. Therefore, the option becomes path-dependent. The average price is measured by the power mean, which contains several existing option payoff functions as its special cases. Second, jump-diffusion stochastic models are used to describe the movement of the underlying spot market price, which incorporate several important statistical properties including jumps and spikes, non-normality, and absence of autocorrelations. A general option pricing algorithm is obtained based on Monte Carlo simulation. In addition, an explicit pricing formula is derived for the case when the option payoff is based on the geometric mean. This pricing formula is also a generalized version of several other option pricing models discussed in related studies.Comment: IEEE Transactions on Knowledge and Data Engineering, 201

Legislative history of the allowance of LIFO for tax purposes

The legislative history of the allowance of LIFO for tax purposes is documented. The legislative process was structured around veto points of the law and yielded an examination of the political environment out of which the LIFO tax provisions emerged. LIFO provisions were analyzed relative to alternative tax options available to firms, administrative and judicial activities, overall tax legislation including tax rates, and general economic conditions. Production processes of firms lobbying for LIFO were examined and the views of academics and practitioners were incorporated. In addition to providing the basis for a regulatory event study by identifying the critical dates in the legsilative process, insight into the timing and choice of inventory accounting methods for financial reporting as well as for tax is gained

Recording, Documentation, and Information Management for the Conservation of Heritage Places: Guiding Principles

Provides guidance on integrating recording, documentation, and information management of territories, sites, groups of buildings, or monuments into the conservation process; evaluating proposals; consulting specialists; and controlling implementation

Attitudes, meaning, emotion and motivation in design for behaviour change

Copyright @ 2012 Social Science Electronic PublishingThis paper discusses some distinct -- but related -- psychological concepts which are relevant to design for behaviour change, but of which some, at least, are not necessarily within the scope of 'conventional' interaction design. They may fall superfi cially along the cognitive blade of Simon's scissors (1990), dealing with users' thought processes rather than the contextual interaction environment itself, but the interaction of meaning and form demonstrated by product semantics (section 2.1) makes it clear that cognition depends on context: the scissors must work together. While design for emotion (Desmet and Hekkert, 2009) is enjoying increasing attention and practical application, including in behaviour change applications (e.g. Visser et al, 2011), influencing and supporting motivation through design is underexplored except by a few pioneers such as Bisset (2010), while the complexity of work on attitudes and persuasion has not necessarily lent itself to practical design applications to the extent that it might. Nevertheless, much public discourse on behaviour change persists with a preoccupation with measuring and 'changing' attitudes

CHORUS Deliverable 2.1: State of the Art on Multimedia Search Engines

Based on the information provided by European projects and national initiatives related to multimedia search as well as domains experts that participated in the CHORUS Think-thanks and workshops, this document reports on the state of the art related to multimedia content search from, a technical, and socio-economic perspective. The technical perspective includes an up to date view on content based indexing and retrieval technologies, multimedia search in the context of mobile devices and peer-to-peer networks, and an overview of current evaluation and benchmark inititiatives to measure the performance of multimedia search engines. From a socio-economic perspective we inventorize the impact and legal consequences of these technical advances and point out future directions of research