Functional co-monotony of processes with applications to peacocks and barrier options

We show that several general classes of stochastic processes satisfy a functional co-monotony principle, including processes with independent increments, Brownian diffusions, Liouville processes. As a first application, we recover some recent results about peacock processes obtained by Hirsch et al. which were themselves motivated by a former work of Carr et al. about the sensitivity of Asian Call options with respect to their volatility and residual maturity (seniority). We also derive semi-universal bounds for various barrier options.Comment: 27 page

'An Apotheosis of Well-Being': Durkheim on austerity and double-dip recessions

This article is an attempt to contribute a view on the economic crisis from classical sociology, a voice often missing from the sociological response to the crisis. The work of Émile Durkheim provides a unique perspective here centred on morality and inequality produced in a historical context akin to our neoliberal times. It is argued there are four key points to take from Durkheim’s work. Firstly, that the initial credit crunch can be more fully understood with reference to the economic anomie which Durkheim sees as ‘chronic’ in a time of marketization. Secondly, that this creates an antagonistic relationship between a supposedly self-dependent rich and lazy poor. Thirdly, this conception of self-dependency and individual initiative makes any attempt to regulate the economy akin to sacrilege. Finally, the state is unwilling to intervene due to the emergence of ‘pseudo-democracies’. Therefore, Durkheim’s theory accounts for the initial crisis, austerity and double-dip recessions in a sociological framework. The article concludes by returning to the centrality of morality to the crisis for Durkheim and highlighting the omission of this in contemporary debates

Diffeomorphic approximation of Sobolev homeomorphisms

Every homeomorphism h : X -> Y between planar open sets that belongs to the Sobolev class W^{1,p}(X,Y), 1<p<\infty, can be approximated in the Sobolev norm by diffeomorphisms.Comment: 21 pages, 5 figure

Third World gap year projects: Youth transitions and the mediation of risk

This is the post-print version of the final published article. The definitive, peer-reviewed and edited version of this article is available from the link below. Copyright @ 2008 Pion.In recent years in the UK there has been a great expansion in the number of young people travelling to Third World countries between school and university in order to participate as volunteers on structured gap year projects. Travel to such places is commonly perceived as ‘risky’, and takes young people outside the protective cocoon of UK health and safety legislation. One of the functions played by the providers of gap year projects is to mediate risk. On the basis of analysis of promotional literature, interviews with organisers of gap year projects, and focus groups of returned volunteers, in this paper I argue that the various strategies of risk mediation undertaken by gap year providers serve to reconcile modernising tendencies in UK society toward risk control and structure with postmodern inclinations towards individualisation and uncertainty

Probation, credibility and justice

This paper explores the difficulties that arise for probation agencies or those that deliver community sanctions in developing and maintaining their credibility in prevailing ‘late-modern’ social conditions. It begins by questioning the limits of the pursuit and promise of ‘public protection’ as a source of credibility, and then proceeds to examine the emergence of an alternative strategy – based principally on reparation and ‘payback’ – in Scotland, arguing that these Scottish developments have much to say to the emerging debates in England and Wales (and elsewhere) about the ‘rehabilitation revolution’ and the proper use of imprisonment. The paper provides a critical account of the development and meaning of the Scottish version of ‘payback’, linking it to some important philosophical and empirical studies that may help to steer the development of payback away from a ‘merely punitive’ drift. In the conclusion, I argue that probation agencies and services need to engage much more deeply and urgently with their roles as justice services, rather than as ‘mere’ crime reduction agencies

Liquid racism and the Danish Prophet Muhammad cartoons

This is the author's accepted manuscript. The final published article is available from the link below. Copyright @ 2010 The Author.This article examines reactions to the October 2005 publication of the Prophet Muhammad cartoons in the Danish newspaper Jyllands-Posten. It does so by using the concept of ‘liquid racism’. While the controversy arose because it is considered blasphemous by many Muslims to create images of the Prophet Muhammad, the article argues that the meaning of the cartoons is multidimensional, that their analysis is significantly more complex than most commentators acknowledge, and that this complexity can best be addressed via the concept of liquid racism. The article examines the liquidity of the cartoons in relation to four readings. These see the cartoons as: (1) a criticism of Islamic fundamentalism; (2) blasphemous images; (3) Islamophobic and racist; and (4) satire and a defence of freedom of speech. Finally, the relationship between postmodernity and the rise of fundamentalism is discussed because the cartoons, reactions to them, and Islamic fundamentalism, all contain an important postmodern dimension.ESR

Visions in monochrome: Families, marriage and the individualisation thesis

This paper takes issue with the way in which the individualisation thesis – in which it is assumed that close relationships have become tenuous and fragile - has become so dominant in ‘new’ sociological theorising about family life. Although others have criticised this thesis, in this paper the main criticism derives from empirical research findings carried out with members of transnational families living in Britain whose values and practices do not fit easily with ideas of individualisation. It is argued that we need a much more complex and less linear notion of how families change across generations and in time