Equilibrium Bid-Ask Spread of European Derivatives in Dry Markets

In the framework of incomplete markets, due to the non-existence of trade at some points in time, and using a partial equilibrium analysis, we show how the bid-ask spread of an European derivative is generated. We also ¯nd conditons for the existence of the spread. These conditions concern the market structure of the maret-makers, which can be a oligolopoly with price competition or a monopoly, as well as the riskaversion of the demand and supply of the market.

Dry Markets and Statistical Arbitrage Bounds for European Derivatives

We derive statistical arbitrage bounds for the buying and selling price of European derivatives under incomplete markets. In this paper, incompleteness is generated due to the fact that the market is dry, i.e., the underlying asset cannot be transacted at certain points in time. In particular, we re¯ne the notion of statistical arbitrage in order to extend the procedure for the case where dryness is random, i.e., at each point in time the asset can be transacted with a given probability. We analytically characterize several properties of the statistical arbitragefree interval, show that it is narrower than the super-replication interval and dominates somehow alternative intervals provided in the literature. Moreover, we show that, for su±ciently incomplete markets, the statistical arbitrage interval contains the reservation price of the derivative.

Dry Markets and Superreplication Bounds of American Derivatives

This paper studies the impact of dry markets for underlying assets on the pricing of American derivatives, using a disrete time framework. Dry markets are characterized by the possibility of non-existence of trading at certain dates. Such non-existence may be deterministic or probabilistic. Using superreplicating strategies, we derive expectation representations for the range of arbitrage-free values of the dervatives. In the probabilistic case, if we consider an enlarged filtration induced by the price process and the market existence process, ordinary stopping times are required. If not, randomized stopping times are required. Several comparisons of the ranges obtained with the two market restrictions are performed. Finally, we conclude that arbitrage arguments are not enough to define the optimal exercise policy.American derivatives, pricing, incomplete markets, dry markets, superreplication, randomized stopping times, strong duality

Work inclusive methodology in a social exclusion zone. Educational compensation and Interculturality.

La ley, para garantizar el derecho fundamental a la educación de todos los alumnos y alumnas, ordena la atención educativa del alumnado con Necesidades Específicas de Apoyo Educativo asociadas a condiciones sociales desfavorecidas, con un conjunto de medidas y actuaciones de carácter compensador. La sociedad actual demanda un cambio en las aulas y ejemplo de ello se recoge en este artículo con la metodología inclusiva llevada a cabo en el Colegio Luisa de Marillac de la ciudad de Granada (España).The law, to guarantee the fundamental right to education of all students, the educational attention for students with Specific Needs of Educational Support associated to disadvantaged social conditions with a set of steps and actions of acompensating nature. Today’s society demands a change in classrooms and example of it has been collected in this article with the inclusive methodology carried out in Luisa de Marillac Centerin the city of Granada (Spain)

Topic Modeling: A Consistent Framework for Comparative Studies

oai:ojs.pkp.sfu.ca:article/1892In recent years, the field of Topic Modeling (TM) has grown in importance due to the increasing availability of digital text data. TM is an unsupervised learning technique that helps uncover latent semantic structures in large sets of documents, making it a valuable tool for finding relevant patterns. However, evaluating the performance of TM algorithms can be challenging as different metrics and datasets are often used, leading to inconsistent results. In addition, many current surveys of TM algorithms focus on a limited number of models and exclude state-of-the-art approaches. This paper has the objective of addressing these issues by presenting a comprehensive comparative study of five TM algorithms across three different benchmark datasets using five different metrics. We offer an updated survey of the latest TM approaches and evaluation metrics, providing a consistent framework for comparing different algorithms while introducing state-of-the art approaches that have been disregarded in the literature. The experiments, which primarily use Context Vectors (CV) Topic Coherence as an evaluation metric, show that Top2Vec is the best-performing model across all datasets, disrupting the tendency for Latent Dirichlet Allocation to be the best performer. Doi: 10.28991/ESJ-2024-08-01-09 Full Text: PD

An overstimulated consumer in a highly visual world: the moderating effect of the highly sensitive person (hsp) trait on the attitude towards the ad

In the digital world, consumers are constantly being exposed to an overwhelming number of visual stimuli. Online advertisements are the big new showroom for brands – all are striving for attention and attracting the right customer. Generally, advertisements combine colored imagery and strong movements to encourage and capture the consumer’s attention, but is this always the right strategy? Literature shows that people could react differently to similar stimuli, depending on their personality traits – specifically, the visual stimuli embedded in online ads are not an exception. Thus, brands could eventually repel (rather than entice) potential customers by using various colors, high dynamism, and information overload. This research aims to assess how people with a higher sensitivity to external stimuli, commonly defined as Highly Sensitive Persons (HSPs, Aron & Aron, 1997) react when exposed to ads with excessive visual stimuli (i.e., colors, dynamic imagery, complex layouts). Additionally, the HSP trait will be tested as a moderator in the relationship between visual stimuli and attitude towards the ad. A quantitative methodology will be used, involving an experimental design. Theoretical and managerial implications are discussed. We seek to shed some light on the literature through the study of this innovative topic that merges the HSP trait and consumer behavior.Numa era digital, os consumidores estão constantemente expostos a um exorbitante número de estímulos visuais. Os anúncios online são a grande aposta para expansão das marcas – existe um esforço cada vez maior por captar a atenção e atrair o cliente certo. Geralmente, os anúncios agregam cores e movimentos fortes para despertar a atenção do consumidor, mas será essa sempre a estratégia certa a seguir? A literatura demonstra que as pessoas podem reagir de forma diferente a estímulos semelhantes, dependendo de seus traços de personalidade – e, os estímulos visuais incorporados em anúncios online, não são uma exceção. Assim, as marcas podem estar a afastar (em vez de seduzir) potenciais clientes usando uma grande combinação de cores, alto dinamismo e sobrecarga de informações. Esta pesquisa tem como objetivo avaliar como as pessoas com maior sensibilidade a estímulos externos, comumente definidas como Pessoas Altamente Sensíveis (PAS, Aron & Aron, 1997) reagem quando expostas a anúncios com estímulos visuais excessivos (ou seja, cores, imagens dinâmicas, layouts complexos). Adicionalmente, o traço PAS será testado como moderador na relação entre estímulos visuais dos anúncios e a atitude perante o anúncio. Será utilizada uma metodologia quantitativa, envolvendo um design experimental. As implicações teóricas e práticas serão discutidas. Pretende-se agregar novos conhecimentos à literatura através do estudo deste tema inovador que cruza o traço HSP e o comportamento do consumidor

Modulation of aroma volatiles and phytochemical quality of fresh-cut melon (Cucumis melo L.) by oxygen levels, 1-methylcyclopropene and lysophosphatidylethanolameine

Current fresh-cut technologies are effective in the effort of maintaining visual quality during the fresh-cut fruit supply chain. However, studies on extended shelf life based on appearance attributes or microbial stability have neglected the understanding of the effect of processing technologies and conservation techniques in the aromatic, nutritional, and functional properties of processed fruit. Three technologies were evaluated for their effects on quality of fresh-cut melon, with emphasis on aroma volatiles: oxygen levels, the ethylene action inhibitor 1-methylcyclopropene (1-MCP), and lysophosphatidylethanolamine (LPE), an inhibitor of phospholipase D (PLD). Modified atmosphere packaging (MAP) is widely used in fresh-cut fruit, with the objective of extending shelf-life. Nevertheless, MAP requirements and recommendations for fresh-cut fruit target mostly color and texture maintenance, neglecting the effects on aroma production. In this thesis, the quality attributes and aroma production of fresh-cut melon were monitored during MAP storage. Cantaloupe and honeydew melon cultivars were processed into cubes and stored at 5 ºC under high passive MAP or reduced controlled atmosphere (CA; 5 kPa O2 + 10 kPa CO2, balance N2). Oxygen levels during storage had a greater impact on aroma than on other quality attributes during storage of fresh-cut climacteric and non-climacteric melon. Cantaloupe and honeydew melon flavor-important volatiles were differently affected by oxygen levels inside the packages. Also, storage time had a significant effect on volatile production of fresh-cut cantaloupe and honeydew melons. 1-MCP application to whole fruit, its effects on quality, ethylene production and perception have been the subject of many studies. In contrast, fewer studies have focused on 1-MCP application to fresh-cut fruit. For its known inhibitory effect on ethylene production, we anticipated 1-MCP to have beneficial effects on some quality attributes of fresh-cut melon, while altering aroma profile. The effect of 1-MCP application in quality and synthesis of flavor-important volatile compounds in melon was evaluated during storage of fresh-cut cantaloupe. Cantaloupe melons were processed and treated with 1.0 μL L-1 of 1-MCP, for 24 h at 5 ºC, packaged in vented plastic clamshells and stored under normal atmosphere at 5 ºC for 9 days. Treatment with 1-MCP did not affect the main quality attributes of fresh-cut melon, but affected nine of the flavor-important volatiles, particularly those with isoleucine and phenylalanine as precursors. 1-MCP affected fresh-cut cantaloupe production of propyl acetate, 2-methylbutyl acetate, methyl butanoate, methyl 2-methyl butanoate, methyl hexanoate, 2-methylbutyl alcohol, phenethyl alcohol, benzyl alcohol and heptanal. LPE is reported to inhibit PLD activity, reduce ethylene production, and extend shelf-life of many horticultural commodities. Therefore, LPE could provide a novel treatment to improve the quality of fresh-cut fruit, via maintenance of membrane integrity and reduction of the wound response. The effect of LPE on PLD activity, quality and volatile production of fresh-cut melon was investigated during storage. Charentais-type melons were processed into cubes and vacuum-infiltrated with 200 mg L-1 of LPE, packaged in plastic clamshells and stored at 5 ºC for 9 days. LPE was not effective in maintaining overall quality of fresh-cut melon but induced a reduction of aldehydes production in the first three days of storage. LPE inhibited PLD activity in the first day after processing, which may have induced the reduction of aldehydes observed at day three of storage of fresh-cut melon. In conclusion, oxygen levels significantly affect the volatile profile of fresh-cut melon, and there may be opportunity to optimize oxygen recommendation for aroma preservation. 1-MCP and LPE altered the volatile profile of fresh-cut melon but had minimal or no effect on other quality attributes

Agentes externos, Ciudades Educadoras e Inclusión. Ejes del cambio en las aulas

In recent decades there has been a change in the conception of education, several international organization shave recognized that inclusive education is the best way to provide education for all. In this article we collect the features of the project started about volunteering, educational city and inclusion as axes of a possible change in our classrooms.En las últimas décadas se ha producido un cambio en la concepción de la educación, diferentes organismos internacionales han reconocido que la educación inclusiva es la mejor manera de brindar una educación para todos. En este artículo recogemos las características del proyecto iniciado sobre voluntariado, Ciudad Educadora e inclusión como ejes de un cambio posible en nuestras aulas