A NUMERICAL QUADRATURE APPROACH TO OPTION VALUATION IN WATER MARKETS

The standard Black-Scholes approach to option valuation becomes cumbersome and may fail to yield a solution when applied to non-standard options such as those emerging in water markets. An alternative tool, numerical quadrature, avoids some restrictive assumptions of the Black-Scholes framework and can more easily price options with complex structures.Research Methods/ Statistical Methods,

VALUING MULTIPLE-EXERCISE OPTION CONTRACTS: METHODOLOGY AND APPLICATION TO WATER MARKETS

Option contracts for water are emerging in some U.S. states as institutional and legal modifications allow water users to devise new mechanisms to increase reliability of water supply in dry years. Option contracts for water, though, are structurally distinct from financial derivatives and often entail a lengthy lifespan and the opportunity for multiple exercise. In this paper I present the framework and results of a finite-horizon, discrete-time, stochastic dynamic programming methodology for valuing multiple-exercise option contracts. I use data from short-term water markets in the Texas Lower Rio Grande to estimate parameters for two different price processes: mean reversion and geometric Brownian motion. Key findings of the analysis include non-zero contract values for both price processes and higher contract values under geometric Brownian motion than under mean reversion.Resource /Energy Economics and Policy,

Accessing IRS Form 990 Data with Excel

Form990.xlsm, freely available at archive.org/details/Form990.xlsm, is a standalone, macro-enabled Excel workbook that allows users to easily download and analyze IRS Form 990 tax data. This information is extremely difficult to access in machine-readable format, but the IRS recently made the data available as XML files. Form990.xlsm directly imports data in separate sheets for each institution. This paper demonstrates how to use this tool by analyzing a small sample of similar colleges. We compare Form 990 data with IPEDS and find substantial agreement, but important differences. Form 990 data offer researchers an alternative to IPEDS for higher education work and enable evaluation of hospitals, political associations, service organizations, and other nonprofits

First Report of Leishmania tropica from a Classical Focus of L. major in North-Sinai, Egypt

This is the publisher's version, also available electronically from http://www.ajtmh.org/content/81/2/213.long.Cutaneous leishmaniasis (CL) is prevalent in the Egyptian Sinai Peninsula and previous research has consistently documented the etiologic agent to be Leishmania major. We report the first isolation of Leishmania tropica from human cases of CL in a Northern Sinai community bordering Palestine. Parasite culturing, real-time polymerase chain reaction (PCR), gene sequencing, and restriction fragment length polymorphism (RFLP) analyses indicate CL cases in this community were caused by either L. major or L. tropica (three cases each). Two wild-caught rodents (Gerbillus pyramidum floweri) were infected with L. tropica. Phlebotomus papatasi sand flies were found harboring L. major, however only non-infected individuals of Phlebotomus sergenti, a vector for L. tropica, were caught. Patients with L. tropica had not traveled from the region in over a year, suggesting these cases are autochthonous. This scenario is consistent with an incursion of L. tropica from bordering countries and raises concerns about expansion of this parasite further into Egypt

Radiocarbon constraint on relict organic carbon contributions to Ross Sea sediments

Author Posting. © American Geophysical Union, 2006. This article is posted here by permission of American Geophysical Union for personal use, not for redistribution. The definitive version was published in Geochemistry Geophysics Geosystems 7 (2006): Q04012, doi:10.1029/2005GC001097.We estimate the relative contribution of relict organic matter to the acid-insoluble organic carbon (AIOC) fraction of surface sediments from Ross Sea, Antarctica, on the basis of 14C abundance. The bulk isotopic characteristics of AIOC can largely be explained by simple two-source models of modern and relict organic carbon, when samples are grouped according to two geographical regions, namely, southwestern and south central Ross Sea. This spatial variability in relict organic carbon could be controlled by proximity to the edge of the Ross Ice Shelf and ice drainage areas. Radiocarbon abundance in the AIOC is potentially an excellent tool to estimate the contribution of relict organic carbon in the Antarctic margin sediments.This work was partly supported by a grant from Japan Society for the Promotion of Science to N.O

Speciation and fate of trace metals in estuarine sediments under reduced and oxidized conditions, Seaplane Lagoon, Alameda Naval Air Station (USA)

We have identified important chemical reactions that control the fate of metal-contaminated estuarine sediments if they are left undisturbed (in situ) or if they are dredged. We combined information on the molecular bonding of metals in solids from X-ray absorption spectroscopy (XAS) with thermodynamic and kinetic driving forces obtained from dissolved metal concentrations to deduce the dominant reactions under reduced and oxidized conditions. We evaluated the in situ geochemistry of metals (cadmium, chromium, iron, lead, manganese and zinc) as a function of sediment depth (to 100 cm) from a 60 year record of contamination at the Alameda Naval Air Station, California. Results from XAS and thermodynamic modeling of porewaters show that cadmium and most of the zinc form stable sulfide phases, and that lead and chromium are associated with stable carbonate, phosphate, phyllosilicate, or oxide minerals. Therefore, there is minimal risk associated with the release of these trace metals from the deeper sediments contaminated prior to the Clean Water Act (1975) as long as reducing conditions are maintained. Increased concentrations of dissolved metals with depth were indicative of the formation of metal HS(- )complexes. The sediments also contain zinc, chromium, and manganese associated with detrital iron-rich phyllosilicates and/or oxides. These phases are recalcitrant at near-neutral pH and do not undergo reductive dissolution within the 60 year depositional history of sediments at this site. The fate of these metals during dredging was evaluated by comparing in situ geochemistry with that of sediments oxidized by seawater in laboratory experiments. Cadmium and zinc pose the greatest hazard from dredging because their sulfides were highly reactive in seawater. However, their dissolved concentrations under oxic conditions were limited eventually by sorption to or co-precipitation with an iron (oxy)hydroxide. About 50% of the reacted CdS and 80% of the reacted ZnS were bonded to an oxide-substrate at the end of the 90-day oxidation experiment. Lead and chromium pose a minimal hazard from dredging because they are bonded to relatively insoluble carbonate, phosphate, phyllosilicate, or oxide minerals that are stable in seawater. These results point out the specific chemical behavior of individual metals in estuarine sediments, and the need for direct confirmation of metal speciation in order to constrain predictive models that realistically assess the fate of metals in urban harbors and coastal sediments

Fatty acid profiles during gametogenesis in sea urchin (Paracentrotus lividus): Effects of dietary inputs on gonad, egg and embryo profiles

The effects of dietary fatty acids on the composition of Paracentrotus lividus gonads were investigated to determine whether dietary inputs affect their relative abundance during gametogenesis. Egg and embryo FA compositions were compared with that of mature gonads to understand how maternal FA are transferred to the offspring. Urchins were fed an experimental pellet diet in comparison to brown kelp (Laminaria digitata). FA profiles of diets, gonads, eggs and embryos revealed the presence in gonads of FA that were absent in the diets and/or higher contents of some long-chain polyunsaturated fatty acids (LC-PUFA). Moreover, some unusual FA, such as non-methylene interrupted (NMI), were found in gonads, eggs and embryos, but not in the diets, suggesting that P. lividus may be capable of synthesizing these FA and accumulating them in the eggs. A description of gonad FA profiles during gametogenesis is reported for the first time and data suggest that eicosapentaenoic and docosahexaenoic acids are accumulated during gametogenesis, while arachidonic acid is highly regulated and is the only LC-PUFA clearly accumulated into the eggs along with NMI. Further studies are required to determine if maternal provisioning of FA has the potential to influence sea urchin production outputs and increase hatchery profitability

Malaria and other vector-borne infection surveillance in the U.S. Department of Defense Armed Forces Health Surveillance Center-Global Emerging Infections Surveillance program: review of 2009 accomplishments

Vector-borne infections (VBI) are defined as infectious diseases transmitted by the bite or mechanical transfer of arthropod vectors. They constitute a significant proportion of the global infectious disease burden. United States (U.S.) Department of Defense (DoD) personnel are especially vulnerable to VBIs due to occupational contact with arthropod vectors, immunological naiveté to previously unencountered pathogens, and limited diagnostic and treatment options available in the austere and unstable environments sometimes associated with military operations. In addition to the risk uniquely encountered by military populations, other factors have driven the worldwide emergence of VBIs. Unprecedented levels of global travel, tourism and trade, and blurred lines of demarcation between zoonotic VBI reservoirs and human populations increase vector exposure. Urban growth in previously undeveloped regions and perturbations in global weather patterns also contribute to the rise of VBIs. The Armed Forces Health Surveillance Center-Global Emerging Infections Surveillance and Response System (AFHSC-GEIS) and its partners at DoD overseas laboratories form a network to better characterize the nature, emergence and growth of VBIs globally. In 2009 the network tested 19,730 specimens from 25 sites for Plasmodium species and malaria drug resistance phenotypes and nearly another 10,000 samples to determine the etiologies of non-Plasmodium species VBIs from regions spanning from Oceania to Africa, South America, and northeast, south and Southeast Asia. This review describes recent VBI-related epidemiological studies conducted by AFHSC-GEIS partner laboratories within the OCONUS DoD laboratory network emphasizing their impact on human populations

Sea ice diatom contributions to Holocene nutrient utilization in East Antarctica

Combined high-resolution Holocene δ30Sidiat and δ13Cdiat paleorecords are presented from theSeasonal Ice Zone, East Antarctica. Both data sets reflect periods of increased nutrient utilization by diatomsduring the Hypsithermal period (circa 7800 to 3500 calendar years (cal years) B.P.), coincident with a higherabundance of open water diatom species (Fragilariopsis kerguelensis), increased biogenic silica productivity(%BSi), and higher regional summer temperatures. The Neoglacial period (after circa 3500 cal years B.P.) isreflected by an increase in sea ice indicative species (Fragilariopsis curta and Fragilariopsis cylindrus,upto50%) along with a decrease in %BSi and δ13Cdiat(< 18‰ to 23‰). However, over this period, δ30Sidiatdata show an increasing trend, to some of the highest values in the Holocene record (average of +0.43‰).Competing hypotheses are discussed to account for the decoupling trend in utilization proxies including ironfertilization, species-dependent fractionation effects, and diatom habitats. Based on mass balance calculations,we highlight that diatom species derived from the semi-enclosed sea ice environment may have a confoundingeffect upon δ30Sidowncorecompositions of the seasonal sea ice zone. A diatom composition, with approximately28% of biogenic silica derived from the sea ice environment (diat-SI) can account for the increased averagecompo sition of δ30Sidiatduring the Neoglacial. These data highlight the significant role sea ice diatoms can playwith relation to their export in sediment records, which has implications on productivity reconstructions fromthe seasonal ice zone

Genetic Evidence for Inhibition of Bacterial Division Protein FtsZ by Berberine

Background: Berberine is a plant alkaloid that is widely used as an anti-infective in traditional medicine. Escherichia coli exposed to berberine form filaments, suggesting an antibacterial mechanism that involves inhibition of cell division. Berberine is a DNA ligand and may induce filamentation through induction of the SOS response. Also, there is biochemical evidence for berberine inhibition of the cell division protein FtsZ. Here we aimed to assess possible berberine mechanism(s) of action in growing bacteria using genetics tools. Methodology/Principal Findings: First, we tested whether berberine inhibits bacterial growth through DNA damage and induction of the SOS response. The SOS response induced by berberine was much lower compared to that induced by mitomycin C in an SOS response reporter strain. Also, cell filamentation was observed in an SOS-negative E. coli strain. To test whether berberine inhibits FtsZ, we assessed its effects on formation of the cell division Z-rings, and observed a dramatic reduction in Z-rings in the presence of berberine. We next used two different strategies for RNA silencing of ftsZ and both resulted in sensitisation of bacteria to berberine, visible as a drop in the Minimum Inhibitory Concentration (MIC). Furthermore, Fractional Inhibitory Concentration Indices (FICIs) showed a high level of synergy between ftsZ silencing and berberine treatment (FICI values of 0.23 and 0.25 for peptide nucleic acid- and expressed antisense RNA-based silencing of ftsZ, respectively). Finally, over-expression of ftsZ led to a mild rescue effect in berberine-treated cells