Valuing Pilot Project Investments in Incomplete Markets : A Compound Option Approach

We introduce a general framework to value pilot project investments under the presence of both, market and technical uncertainty. The model generalizes different settings introduced previously in the literature. By distinguishing between the pilot and the commercial stages of the project we are able to frame the problem as a compound perpetual Bermudan option. We work on an incomplete market setting where market uncertainty is spanned by tradable assets and technical uncertainty is private to the firm. The value of these investment opportunities as well as the optimal exercise problem are solved by approximate dynamic programming techniques. We prove the convergence of our algorithm and derive a theoretical bound on how the errors compound as the number of stages of the compound option is increased. Furthermore, we show some numerical results and provide an economic interpretation of the model dynamicsreal options, dynamic programming, incomplete markets

Importance Sampling for multi-constraints rare event probability

Improving Importance Sampling estimators for rare event probabilities requires sharp approx- imations of the optimal density leading to a nearly zero-variance estimator. This paper presents a new way to handle the estimation of the probability of a rare event defined as a finite intersection of subset. We provide a sharp approximation of the density of long runs of a random walk condi- tioned by multiples constraints, each of them defined by an average of a function of its summands as their number tends to infinity.Comment: Conference pape

On the dentition of the sand shark, Odontaspis taurus, from the vicinity of Cananéia, Brazil

Variation in the tooth distribution pattern and number of teeth is described from 528 jaws of the mangona or sand shark, Odontaspis taurus, from the vicinity of Cananéia, Brazil. On the basis of dental characteristics, this series gives no support to the recognition of more than one species of the shallow-water inhabiting sharks known variously over the world as sand sharks, mangonas, sardas, squalos toros, or grey nurse sharks. Counts of the teeth of 12 females and the two embryos contained in each of them show a considerable variation within each family group.Examinei 528 dentaduras de mangonas, provenientes da região de Cananéia. A fórmula dental é de 33-54/30-44; a média de 40.3± 2.41/37.2± 2.34. 15 combinações dos dentes intermediários na maxila são de 0 até 4 de cada lado, em percentagens: 1.5% (0/0, 0/1, 1/0); 60.2% (1/1); 22.9% (1/2, 2/1, 2/0); 9.7% (2/2); 5.7% (1/3, 3/1, 2/3, 3/2, 3/3, 4/1, 2/4). Anomalias em número e forma dos dentículos basais foram observadas em 7% do número total das dentaduras. Os cardumes são sempre compostos por espécimens de fórmula dentária variada. A variabilidade dos caracteres dentais é considerada como hereditária. A comparação das dentições de mangonas de várias regiões, baseada nos dados existentes na literatura especializada, resultou na conclusão de que não se justifica a separação de uma forma distinta do Odontaspis taurus no SW Atlântico

Naegele\u27s Guide to the Only Good Architecture in Iowa

Review of: Naegele’s Guide to the Only Good Architecture in Iowa, by Daniel Naegele

Reflections on the Use of Patient Records: Privacy, Ethics, and Reparations in the History of Psychiatry

One of the most common questions we get asked as historians of psychiatry is “do you have access to patient records?” Why are people so fascinated with the psychiatric patient record? Do people assume they are or should be available? Does access to the patient record actually tell us anything new about the history of psychiatry? And if we did have them, what can, or should we do with them? In the push to both decolonize and personalize the history of psychiatry, as well as make some kind of account or reparation for past mistakes, how can we proceed in an ethical manner that respects the privacy of people in the past who never imagined their intensely personal psychiatric encounter as subject for future historians? In this paper, we want to think through some of the issues that we deal with as white historians of psychiatry especially at the intersection of privacy, ethics, and racism. We present our thoughts as a conversation, structured around questions we have posed for ourselves, and building on discussions we have had together over the past few years. We hope that they act as a catalyst for further discussion in the field

The voiced labiodental allophone [v] of the phoneme /b in the spanish of Concepción (Chile): an exploration study

La existencia de un alófono labiodental sonoro [v] del fonema /b/ en la lengua castellana es ampliamente rechazada, hasta tal punto que a menudo la única manera de rastrear este fono es a través de su omisión de las descripciones del sistema fonético-fonológico del español. En el caso del castellano de Chile, sin embargo, han surgido en las últimas dos décadas por lo menos tres investigaciones que rompen con este consenso. El presente artículo da cuenta de una investigación exploratoria de las realizaciones del fonema /b/ en el español de jóvenes adultos de la provincia de Concepción, Chile. La hipótesis de la existencia de un alófono labiodental sonoro [v] de /b/ se constata, y se procede a analizar su frecuencia y distribución en los distintos entornos fonéticos. Se determina que el 59,5% de las realizaciones de /b/ corresponde al labiodental sonoro [v], una cifra sustancialmente más alta de la que predice la literatura. Además, se determina que [v] es el alófono más frecuente en 11 de los 20 entornos anteriores y en 16 de los 19 entornos posteriores que se analizaron, y que la representación ortográfica de este fonema no incide en la selección de sus alófonos.The existence in Spanish of a voiced labiodental allophone [v] of the phoneme /b/ is widely rejected — so much so, in fact, that often the only way to trace this phone is through its absence from descriptions of the Spanish phonetic-phonological system. In the case of Chilean Spanish, however, at least three exceptions to this consensus have emerged in the last two decades. This article presents the results of a pilot study of the allophones of the phoneme /b/ in the Spanish of young adults in the province of Concepción, Chile. The hypothesis that the phoneme /b/ has a voiced labiodental allophone [v] is confirmed, and the frequency and distribution of this allophone in different phonetic environments are analyzed. The analysis shows that [v] accounts for 59.5% of all tokens of /b/, a substantially higher number than the literature predicts. It further shows that [v] is the most frequent allophone in 11 of 20 anterior phonetic environments and 16 of 19 posterior environments, and that the orthographic representation of this phoneme does not influence the selection of allophones

Grief as a Skill

This qualitative research study examined seven professionals’ views on grief and loss and opinions regarding reframing grief as a skill. Seven semi-structured interviews were conducted to provide data for this research study. Analytic induction was used for data analysis, with the research question being “how is grief a skill?” Major themes included grief being something that is done instead of an affliction or just emotions. Barriers to grieving was a theme, such as: grief not being taught and being sheltered from death, cultural norms that discourage grief or socialize grief out of people. Another theme was the ways that grief is a skill, which involve willingness to authentically experience grief and all it brings, being changed by grief, and learning new skills to better cope with loss and grief. The last major theme was how grief can increase skillfulness as human beings. This included many changes, including deepened understanding of self, deepened understanding of and empathy for others, and deeper understanding of life itself, including a deepened appreciation and gratitude for life, finding meaning in loss, increased meaning and purpose in life, an ability to tolerate suffering and change, and other potential changes. These findings support previous studies about grief outcomes, but also add the dimension of exploring grief as a skill that can be learned. Further research will help workers in various helping fields who wish to work more holistically with clients who are experiencing major life changes, clients who are bereaved, or clients with end-of-life issues. In each of these cases, this research provides a useful framework to better assist clients with these difficult situations, as well as potentially providing a useful orientation towards grief for individuals, communities, and cultures

Notes on the Bull shark Carcharhinus leucas in the lagoon region of Cananéia, Brazil

Noventa e um espécimes jovens e 3 fêmeas adultas de "cação cabeça chata" capturados na região lagunar de Cananeia foram examinados, constatando-se a fórmula dental 27/25 e número de vértebras pré-caudais entre 109 e 115.Verificouse que as proporções entre a la. nadadeira dorsal e a 2a. foram de 2.3 e 2.8 para os jovens e de 2.9 até 3.1 para os adultos.Ficou assim confirmado que a forma es tudada pertence a C. leuaas. É comum a ocorrência de jovens dentro da região estudada~ no entanto,quanto aos adultos,as fêmeas só são encontradas durante o período de parição, i.é, de novembro a fevereiro. Constatou-se que o número de embriões nas ninhadas foi de 7 a 9 e seus tamanhos oscilaram ent re 768-812 mm. O comprimento do menor jovem livre encontrado foi de 697 mm, sendo que jovens de presumivelmente 9 a 12 meses têm de 98 a 112 cm; entre 21 e 24 meses alcançam 124 a 128 cm, ou seja, os tamanhos que apresentam quando emigram para mar aberto. Não ficou confirmado o fenômeno da inibição alimentar nas fêmeas capturadas, já observado em genetrizes da mesma espécie durante o período de parição no delta do Mississippi. O conteúdo estomacal apresentou, por ordem decrescente de abundância: Arius spixii (13); Chloroscombrus chrysurus (7); A. grandicassus (6); A. barbus (4); Felichtys marinus (3); Genidens genide ns (2); Chanophorus tajacica (2); Carcharhinus porosus (2); Conodon nobilis, Caranx crysos, scomberomorus maculatus, Sphyrna tiburo, Rhinoptera brasiliensis, Dasyatis americana, Diapterus rhombeus (1), além de cerca de 25/30 exemplares de Callinectes sp.Ninety one young specimens and 3 adult females of BulI shark ("cação cabeça chata") caught in the lagoon region of Cananéia were examined, their tooth formula being 27/25 and the number of pre-caudal vertebrae ranging from 109 to 115. The proportion between the 1st and 2nd dorsal fins were found to be 2.3 and 2.8 for the young,and 2.9 to 3.1 for the adults. These data confirm that the studied form belongs to C. leuoas. Young occur regularly but in limited numbers.As regards the adults, however, females only appear during the short parturition period, i.e., from November to February. The number of embryos in the litters were from 7 to 9, their sizes ranging between 768-812 mm. The length of the smallest free young found was 697 mm, but young presumably 9 to 12 months old had 98 to 112 cm; between 21 and 24 months they were reaching 124 to 128 cm, that is, the same size they have when they start migrating to the open sea. The feeding inhibition phenomenon during the period of parturition was not observed in the female specimens caught in the lagoon. The more abundant species found in the stomach contents were: Arius spixii; Chloroscombrus chrysurus; A. grandicassus; A. barbus; Felichtys marinus; Genidens genidens; Chanophorus tajacica and Carcharhinus porosus

Cancer Immunotherapy Treatments

Cancer is the second leading cause of death in American, with over half a million deaths from cancer reported in 2009. Cancer chemotherapy treatments were developed in the nineteen hundreds and remain the backbone of current treatments; however, they have some limitations. New immunotherapy cancer treatments, where biologic agents are given to patients to influence the body’s natural immune response, are being researched. Among these immunotherapy treatments are co-inhibition blockade of T cells, and combination blockade treatments together with chemotherapy treatment. This review will discuss T cell activation and the role of T cell coinhibitors such as CTLA-4 and PD-1 in immune system function. It will go through some immune system dysfunctions seen in breast cancer patients. The review will focus on the usage of anti-CTLA-4 and anti-PD-1 antibodies in coinhibition blockade treatments, as well as combination immunotherapy approaches in clinical trials. The mechanism involved in the blockade of T cell coinhibition is important for understanding why this form of immunotherapy is successful. Anti-CTLA-4 and PD-1 antibodies have resulted in objective responses in a good percentage of cancer patients. New combination immunotherapy approaches, as well as immunotherapy treatments in addition to chemotherapy, has been shown to be more effective. Also, the blockade of multiple T cell receptors combined with vaccination in mice has yielded a high survival rate. Most of the material for this paper was located from journals, and extracted via The Touro College Library search engine—primarily through Pubmed