Stochastic arbitrage return and its implications for option pricing

The purpose of this work is to explore the role that arbitrage opportunities play in pricing financial derivatives. We use a non-equilibrium model to set up a stochastic portfolio, and for the random arbitrage return, we choose a stationary ergodic random process rapidly varying in time. We exploit the fact that option price and random arbitrage returns change on different time scales which allows us to develop an asymptotic pricing theory involving the central limit theorem for random processes. We restrict ourselves to finding pricing bands for options rather than exact prices. The resulting pricing bands are shown to be independent of the detailed statistical characteristics of the arbitrage return. We find that the volatility "smile" can also be explained in terms of random arbitrage opportunities.Comment: 14 pages, 3 fiqure

Open-Source Telemedicine Platform for Wireless Medical Video Communication

An m-health system for real-time wireless communication of medical video based on open-source software is presented. The objective is to deliver a low-cost telemedicine platform which will allow for reliable remote diagnosis m-health applications such as emergency incidents, mass population screening, and medical education purposes. The performance of the proposed system is demonstrated using five atherosclerotic plaque ultrasound videos. The videos are encoded at the clinically acquired resolution, in addition to lower, QCIF, and CIF resolutions, at different bitrates, and four different encoding structures. Commercially available wireless local area network (WLAN) and 3.5G high-speed packet access (HSPA) wireless channels are used to validate the developed platform. Objective video quality assessment is based on PSNR ratings, following calibration using the variable frame delay (VFD) algorithm that removes temporal mismatch between original and received videos. Clinical evaluation is based on atherosclerotic plaque ultrasound video assessment protocol. Experimental results show that adequate diagnostic quality wireless medical video communications are realized using the designed telemedicine platform. HSPA cellular networks provide for ultrasound video transmission at the acquired resolution, while VFD algorithm utilization bridges objective and subjective ratings

The Effects Of Improvements In Information Technology On Growth Of Cities: An Extension

How will improvements in information technology affect growth of cities? Futurists have suggested that as telecommunications technology improves there will be no need for face-to-face contact and therefore cities, in which face-to-face interactions are facilitated, will become obsolete. This paper develops a general model where individuals involved in a relationship use two modes of interaction, face-to-face interactions and electronic communications. Comparative static analysis on the optimal solutions shows that improvements in telecommunications technology may increase or decrease the demand for face-to-face interactions, depending whether face-to-face interactions and telecommunications are substitutes or complements. The placement of the model within a spatial framework shows that city size increases with electronic communications if face-to-face interactions and electronic communications are complements

The Correlation Between Improvements In Telecommunications Technology And Growth Of Cities

This paper examines the correlation between improvements in telecommunication technology and growth of cities. By developing a general and then an urban model we want to examine the impact of telecommunication improvements on city growth assuming first that face-to-face interactions and electronic communications are substitutes and then they are complements. The placement of the general model within an urban framework shows that city size increases with electronic communications if face-to-face interactions and electronic communications are complements

The Effects Of Improvements In Information Technology On Growth Of Cities: A Model With Multiple Activities

This paper extends my previous research in this field by developing a model where the economic agents are no longer engaged in the same productive activity. In this paper I develop a model where individuals involved in a relationship use two modes of interaction, face-to-face interactions and electronic communications. Specifically the model tries to answer the following question: If there is improvement in electronic communications, under what conditions will more activities choose city locations

Exploring the reasons for aberrant response patterns in classroom maths tests

This study has focused on the investigation of the reasons for aberrant response patterns in classroom maths tests. Data were collected from high schools in Cyprus over two academic years. The assessment instruments used included: three Maths Tests, a Test Anxiety Inventory (TAI) and a shorter version of it, an Attention Deficit Hyperactivity Disorder (ADHD) scale and a Maths Self-Esteem Scale. Results showed no associations between any of the factors investigated and misfit when tests with polytomous items were used. Factors investigated included: student and teacher gender, item order, different schools, different teachers, ability, test anxiety, ADHD, maths self-esteem, motivation, language competency, interest in maths, private tuition in maths, study time and class revision. This finding has led to the investigation whether misfit is an inherent characteristic of students and the conclusion that it is not. The only factors that showed some association with misfit were ability (p = 0.022), the interaction of gender with test anxiety (p = 0.018) and different teachers (p = 0.027), and the first two were only for the test containing 12 (out of 16) dichotomous items. Further investigation of these factors is suggested. Analyses of interviews of 21 misfitting students showed that the main reason given for unexpected responses among high ability students was, as expressed by them, carelessness and among low scorers prior knowledge and to a lesser degree cheating and special preference. The two mean square statistics, infit and outfit were also investigated, and an explanation is given for why high infit is considered more of a threat to measurement than high outfit. The researcher finally argues that students with misfitting patterns with high outfit values should not be considered as invalidly measured without further investigation. Similarly, items with high outfit should not be considered as malfunctioning and removed without further investigatio

Aristotelis ir Johnstonas apie hilomorfizmą ir objektų pobūdį

As M. Loux has recently reminded us, there are two basic strategies for explaining the character of particular objects, the ‘relational approach’ and the ‘constituent approach’. The prime example of a constituent approach would be Aristotelian hylomorphism. This article reveals three things. First, it gives a roadmap towards what the author considers to be the exegetically correct reconstruction of Aristotle’s hylomorphic theory. Second, it provides a presentation of the basic claims of a neo-Aristotelian hylomorphic theory, the one argued for by M. Johnston. Finally, it argues that regardless of whatever shortcomings it may have, Aristotle’s theory has an advantage over that proposed by Johnston. Unlike Johnston’s theory, it may give us a complete account of the character of a particular object.Kaip neseniai mums priminė M. Louxas, yra dvi pagrindinės strategijos, paaiškinančios tam tikrų objektų pobūdį: santykio prieiga ir sandaros prieiga. Pagrindinis sandaros prieigos pavyzdys būtų Aristotelio hilomorfizmas. Šiame straipsnyje atskleidžiami trys dalykai. Pirma, jame pateikiamas planas, ką autorius laiko egzegetiškai korektiška Aristotelio hilomorfizmo teorijos rekonstrukcija. Antra, jame aptariami pagrindiniai M. Johnstono neoaristoteliškos hilomorfizmo teorijos teiginiai. Galiausiai straipsnyje atskleidžiama, kad, nepaisant galimų trūkumų, Aristotelio teorija turi pranašumą prieš Johnstono siūlomą teoriją. Skirtingai nuo Johnstono teorijos, ji gali išsamiai papasakoti apie konkretaus objekto pobūdį

A relationship approach to the marketing of professional ship management services

Merged with duplicate record 10026.1/449 on 01.02.2017 by CS (TIS)Professional ship management, i. e. the management of ships by third parties on behalf of their owners, has grown in importance in international shipping. This research investigates the relationship between professional ship managers and their clients in order to lay down the foundations for optimal marketing strategies directed towards retention of current clients and prospects over the long-term. Professional ship management has been described as an efficient organisational. adjustment to the needs of the global shipping market and a way by which western countries have been trying to sustain their global maritime dominance (Sletmo 1989). Despite this, ship management has received little attention from academia. The importance of the subject area and the limited scientific attention it has received, make professional ship management worthy of scholarly consideration. A review of ship management was undertaken in order to ascertain current marketing policies and problems faced by the industry. Frequent client defections and client uncertainty and dissatisfaction coupled with marketing directed towards client attraction (mainly promotion) resulted in identifying that application of relationship marketing may be beneficial for professional ship management. A review of the relationship marketing literature supported the application of the concept in a ship management context and assisted in developing a conceptual model. The conceptual model aimed towards identifying the dimensionality of ship manager-client relationships and their classification. Classification involved carrying out tests to identify whether ship management companies may be assembled into segments on the basis of their client relationships, and if so, whether particular characteristics of the interacting organisations may be found in particular relationship segments. Analysis of the data obtained from telephone interviews with a sample of ship managers in the United Kingdom and Cyprus resulted in the identification of the dimensions in ship manager-client relationships. A subsequent questionnaire to the respondents aimed at identifying the organisational characteristics of the companies and obtained structured responses to the relationship dimensions. Application of cluster analysis indicated the existence of four segments of ship management companies on the basis of their client relationships. The clusters obtained were validated and also supported on a theoretical basis from the relationship marketing literature. Preliminary investigation between organisational, characteristics and cluster membership indicated that companies in particular relationship segments share certain similar organisational characteristics. Multiple discriminant analysis assisted in identifying those organisational characteristics that are more strongly associated with cluster membership. A discussion of the results provides serious implications for practitioners, be it professional ship management companies or their clients. The research shows that ship management companies may be facing problems due to their client relationship attitudes, that the ship management industry is segmented in terms of service providers and that clients can have a choice of ship manager based on their individual needs. Companies with particular client relationships may face problems like short-term contracts and client defections. Based on the study, ship management companies will be able to address and combat such problems. Furthermore, implications for theory development, research methodology in a maritime context and scope for further research in professional ship management are discussed