The Carr Lake Project: Potential Biophysical Benefits of Conversion to a Multiple-Use Park

The Carr Lake Project aims to convert Carr Lake’s 450 acres of agriculture fields into a regional multi-use park that will benefit flood protection, water quality, and wildlife habitat, while also providing additional recreational areas for the local community. The Project is represented by an informal consortium of interested parties including the Watershed Institute of California State University Monterey Bay, The City of Salinas, 1000 Friends of Carr Lake, and the Big Sur Land Trust. (Document contains 54 pages

Entanglement Renormalization: an introduction

We present an elementary introduction to entanglement renormalization, a real space renormalization group for quantum lattice systems. This manuscript corresponds to a chapter of the book "Understanding Quantum Phase Transitions", edited by Lincoln D. Carr (Taylor & Francis, Boca Raton, 2010)Comment: v2: new format. 24 pages, 10 figures, 2 tables, chapter of the book "Understanding Quantum Phase Transitions", edited by Lincoln D. Carr (Taylor & Francis, Boca Raton, 2010

"Efficient Static Replication of European Options under Exponential Levy Models"

This paper proposes a new scheme for the static replication of European options and their portfolios. First, we derive a general approximation formula for efficient static replication as an extension of Carr and Chou [1997, 2002] and Carr and Wu [2002]. Second, we present a concrete procedure for implementing our scheme by applying it to plain vanilla options under exponential LLevy models. Finally, numerical examples in a model developed by Carr, Geman, Madan and Yor [2002] are used to demonstrate that our replication scheme is more efficient and more effective in practice than a standard static replication method.

Efficient Static Replication of European Options for Exponential Levy Models (Revised in January 2008, Published in "Journal of Futures Markets", Vol.29-1, 1-15, 2009. )

This paper proposes a new scheme for the static replication of European options and their portfolios. First, we derive a general approximation formula for efficient static replication as an extension of Carr and Chou [1997, 2002] and Carr and Wu [2002]. Second, we present a concrete procedure for implementing our scheme by applying it to plain vanilla options under exponential L?evy models. Finally, numerical examples in a model developed by Carr, Geman, Madan and Yor[2002] are used to demonstrate that our replication scheme is more efficient and more effective in practice than a standard static replication method.