Search results for: Collar option

Authors: H. L. Yim, S. H. Lee, S. K. Yoo, J. J. Kim

Abstract:

This study proposes a materials procurement contracts model to which the zero-cost collar option is applied for heading price fluctuation risks in construction.The material contract model based on the collar option that consists of the call option striking zone of the construction company(the buyer) following the materials price increase andthe put option striking zone of the material vendor(the supplier) following a materials price decrease. This study first determined the call option strike price Xc of the construction company by a simple approach: it uses the predicted profit at the project starting point and then determines the strike price of put option Xp that has an identical option value, which completes the zero-cost material contract.The analysis results indicate that the cost saving of the construction company increased as Xc decreased. This was because the critical level of the steel materials price increasewas set at a low level. However, as Xc decreased, Xpof a put option that had an identical option value gradually increased. Cost saving increased as Xc decreased. However, as Xp gradually increased, the risk of loss from a construction company increased as the steel materials price decreased. Meanwhile, cost saving did not occur for the construction company, because of volatility. This result originated in the zero-cost features of the two-way contract of the collar option. In the case of the regular one-way option, the transaction cost had to be subtracted from the cost saving. The transaction cost originated from an option value that fluctuated with the volatility. That is, the cost saving of the one-way option was affected by the volatility. Meanwhile, even though the collar option with zero transaction cost cut the connection between volatility and cost saving, there was a risk of exercising the put option.

Keywords: Construction materials, Supply chain management, Procurement, Payment, Collar option

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Authors: Rashid Farooq, Abdul Razzaq Ghumman, Hashim Nisar Hashmi

Abstract:

Bridge piers often fail all over the world and the whole structure may be endangered due to scouring phenomena. Scouring has been linked to catastrophic failures that lead into the loss of human lives. Various techniques have been employed to extenuate the scouring process in order to assist the bridge designs. Pier modifications plays vital role to control scouring at the vicinity of the pier. This experimental study aims at monitoring the effectiveness of pier modification and temporal development of scour depth around a bridge pier by providing a collar, a cable or openings under the same flow conditions. Provision of a collar around the octagonal pier reduced more scour depth than that for other two configurations. Providing a collar around the octagonal pier found to be the best in reducing scour. The scour depth in front of pier was found to be 19.5% less than that at the octagonal pier without any modifications. Similarly, the scour depth around the octagonal pier having provision of a cable was less than that at pier with provision of openings. The scour depth around an octagonal pier was also compared with a plain circular pier and found to be 9.1% less.

Keywords: Scour, octagonal pier, collar, cable, openings.

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Authors: Changhong Guo, Shaomei Fang, Yong He

Abstract:

In this paper, fractional Black-Scholes models for the European option pricing were established based on the fractional G-Brownian motion (fGBm), which generalizes the concepts of the classical Brownian motion, fractional Brownian motion and the G-Brownian motion, and that can be used to be a tool for considering the long range dependence and uncertain volatility for the financial markets simultaneously. A generalized fractional Black-Scholes equation (FBSE) was derived by using the Taylor’s series of fractional order and the theory of absence of arbitrage. Finally, some explicit option pricing formulas for the European call option and put option under the FBSE were also solved, which extended the classical option pricing formulas given by F. Black and M. Scholes.

Keywords: European option pricing, fractional Black-Scholes equations, fractional G-Brownian motion, Taylor’s series of fractional order, uncertain volatility.

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Authors: Yi-Chang Chen, Shan-Lin Chang, Chia-Chun Wu

Abstract:

Unlike this study focused extensively on trading behavior of option market, those researches were just taken their attention to model-driven option pricing. For example, Black-Scholes (B-S) model is one of the most famous option pricing models. However, the arguments of B-S model are previously mentioned by some pricing models reviewing. This paper following suggests the importance of the dynamic character for option pricing, which is also the reason why using the genetic algorithm (GA). Because of its natural selection and species evolution, this study proposed a hybrid model, the Genetic-BS model which combining GA and B-S to estimate the price more accurate. As for the final experiments, the result shows that the output estimated price with lower MAE value than the calculated price by either B-S model or its enhanced one, Gram-Charlier garch (G-C garch) model. Finally, this work would conclude that the Genetic-BS pricing model is exactly practical.

Keywords: genetic algorithm, Genetic-BS, option pricing model.

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Authors: L. Korpinen, R. Pääkkönen, F. Gobba

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There has been discussion if the use of mobile phones causes accidents. We studied workers’ accidents and near accidents related to the use of phones. This study is part of a large cross-sectional study that was carried out on 15,000 working-age Finns. We noticed that there were 4–5 times more close call situations than accidents connected to mobile phones and also work related accidents were fewer than leisure related. There are confusing parameters like the use of mobile phones at work, differences in work content between women and men.

Keywords: Blue-collar workers, accident, cell phone, close call situation.

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Authors: H. D. Ibrahim, H. C. Chinwenyi, T. Danjuma

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An option is defined as a financial contract that provides the holder the right but not the obligation to buy or sell a specified quantity of an underlying asset in the future at a fixed price (called a strike price) on or before the expiration date of the option. This paper examined two approaches for derivation of Partial Differential Equation (PDE) options price valuation formula for the Heston stochastic volatility model. We obtained various PDE option price valuation formulas using the riskless portfolio method and the application of Feynman-Kac theorem respectively. From the results obtained, we see that the two derived PDEs for Heston model are distinct and non-unique. This establishes the fact of incompleteness in the model for option price valuation.

Keywords: Option price valuation, Partial Differential Equations, Black-Scholes PDEs, Ito process.

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Authors: H. C. Chinwenyi, H. D. Ibrahim, F. A. Ahmed

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In modern financial mathematics, valuing derivatives such as options is often a tedious task. This is simply because their fair and correct prices in the future are often probabilistic. This paper examines three different Stochastic Differential Equation (SDE) models in finance; the Constant Elasticity of Variance (CEV) model, the Balck-Karasinski model, and the Heston model. The various Martingales option price valuation formulas for these three models were obtained using the replicating portfolio method. Also, the numerical solution of the derived Martingales options price valuation equations for the SDEs models was carried out using the Monte Carlo method which was implemented using MATLAB. Furthermore, results from the numerical examples using published data from the Nigeria Stock Exchange (NSE), all share index data show the effect of increase in the underlying asset value (stock price) on the value of the European Put Option for these models. From the results obtained, we see that an increase in the stock price yields a decrease in the value of the European put option price. Hence, this guides the option holder in making a quality decision by not exercising his right on the option.

Keywords: Equivalent Martingale Measure, European Put Option, Girsanov Theorem, Martingales, Monte Carlo method, option price valuation, option price valuation formula.

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Authors: Jaruphan Supprung

Abstract:

Aims of this research were to study Thai Buddhist temple festivals and Balinese Hindu temple festivals, to compare Thai Buddhist temple festival dress with Balinese Hindu temple festival dress, and to create the knowledge which can be useful for Thai attitudes and cultural perceptions, especially for Thai children and youth. The findings of the research disclosed that there are four temple festivals of Thai Buddhists in Thailand, namely Songkran Festival, Buddhist Lent Festival, Sart Thai Festival and End of Buddhist Lent Festival. In island of Bali, Indonesia, there are three Balinese Hindu temple festivals, namely Odalan Festival, Galungan Festival and Nyepi Festival. Thai Songkran Festival is similar to New Year Celebration in Balinese Nyepi Festival. Thai Songkran Festival and Sart Thai Festival have the same purpose as that of Balinese Galungan Festival in practice of dedicating merit to the spirits of deceased relatives. In these temple festivals, Thai Buddhist men will wear round collar outerwear and wide leg trousers or loincloths but will never wear headdresses, while Balinese Hindu men wear turbans or fabric headbands, shirts and Sarong, which are similar to Sarong of Thai Buddhist men in central and northern part of Thailand. Most of Thai Buddhist women wear Sarong like Balinese Hindu women but wear only round collar outerwear, while Balinese Hindu women wear diamond neck camisole as inner wear and shawl collar as outerwear.

Keywords: Temple festival dresses, Thai Buddhists, Balinese Hindus.

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Authors: Mimi Hafizah Abdullah, Hanani Farhah Harun, Nik Ruzni Nik Idris

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With the implied volatility as an important factor in financial decision-making, in particular in option pricing valuation, and also the given fact that the pricing biases of Leland option pricing models and the implied volatility structure for the options are related, this study considers examining the implied adjusted volatility smile patterns and term structures in the S&P/ASX 200 index options using the different Leland option pricing models. The examination of the implied adjusted volatility smiles and term structures in the Australian index options market covers the global financial crisis in the mid-2007. The implied adjusted volatility was found to escalate approximately triple the rate prior the crisis.

Keywords: Implied adjusted volatility, Financial crisis, Leland option pricing models.

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Authors: Ali Safdari-Vaighani

Abstract:

Pricing financial contracts on several underlying assets received more and more interest as a demand for complex derivatives. The option pricing under asset price involving jump diffusion processes leads to the partial integral differential equation (PIDEs), which is an extension of the Black-Scholes PDE with a new integral term. The aim of this paper is to show how basket option prices in the jump diffusion models, mainly on the Merton model, can be computed using RBF based approximation methods. For a test problem, the RBF-PU method is applied for numerical solution of partial integral differential equation arising from the two-asset European vanilla put options. The numerical result shows the accuracy and efficiency of the presented method.

Keywords: Radial basis function, basket option, jump diffusion, RBF-PUM.

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Authors: Hsuan-Ku Liu

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In this paper, the American exchange option (AEO) valuation problem is modelled as a free boundary problem. The critical stock price for an AEO is satisfied an integral equation implicitly. When the remaining time is large enough, an asymptotic formula is provided for pricing an AEO. The numerical results reveal that our asymptotic pricing formula is robust and accurate for the long-term AEO.

Keywords: Integral equation, asymptotic solution, free boundary problem, American exchange option.

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Authors: Abdenour Bounsiar, Edith Grall, Pierre Beauseroy

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In this paper we are interested in classification problems with a performance constraint on error probability. In such problems if the constraint cannot be satisfied, then a rejection option is introduced. For binary labelled classification, a number of SVM based methods with rejection option have been proposed over the past few years. All of these methods use two thresholds on the SVM output. However, in previous works, we have shown on synthetic data that using thresholds on the output of the optimal SVM may lead to poor results for classification tasks with performance constraint. In this paper a new method for supervised classification with rejection option is proposed. It consists in two different classifiers jointly optimized to minimize the rejection probability subject to a given constraint on error rate. This method uses a new kernel based linear learning machine that we have recently presented. This learning machine is characterized by its simplicity and high training speed which makes the simultaneous optimization of the two classifiers computationally reasonable. The proposed classification method with rejection option is compared to a SVM based rejection method proposed in recent literature. Experiments show the superiority of the proposed method.

Keywords: rejection, Chow's rule, error-reject tradeoff, SupportVector Machine.

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Authors: Tomislav Stambolic, Anton Causevski

Abstract:

The deficit of power for electricity demand reaches almost 30% for consumers in the last few years. This reflects with continually increasing the price of electricity, and today the price for small industry is almost 110Euro/MWh. The high price is additional problem for the owners in the economy crisis which is reflected with higher price of the goods. The paper gives analyses of the energy needs for real agro complex in Macedonia, private vinery with capacity of over 2 million liters in a year and with self grapes and fruits fields. The existing power supply is from grid with 10/04 kV transformer. The geographical and meteorological condition of the vinery location gives opportunity for including renewable as a power supply option for the vinery complex. After observation of the monthly energy needs for the vinery, the base scenario is the existing power supply from the distribution grid. The electricity bill in small industry has three factors: electricity in high and low tariffs in kWh and the power engaged for the technological process of production in kW. These three factors make the total electricity bill and it is over 110 Euro/MWh which is the price near competitive for renewable option. On the other side investments in renewable (especially photovoltaic (PV)) has tendency of decreasing with price of near 1,5 Euro/W. This means that renewable with PV can be real option for power supply for small industry capacities (under 500kW installed power). Therefore, the other scenarios give the option with PV and the last one includes wind option. The paper presents some scenarios for power supply of the vinery as the followings: • Base scenario of existing conventional power supply from the grid • Scenario with implementation of renewable of Photovoltaic • Scenario with implementation of renewable of Photovoltaic and Wind power The total power installed in a vinery is near 570 kW, but the maximum needs are around 250kW. At the end of the full paper some of the results from scenarios will be presented. The paper also includes the environmental impacts of the renewable scenarios, as well as financial needs for investments and revenues from renewable.

Keywords: Energy, Power Supply, Renewable, Efficiency.

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Authors: H. D. Ibrahim, H. C. Chinwenyi, A. H. Usman

Abstract:

Valuing derivatives (options, futures, swaps, forwards, etc.) is one uneasy task in financial mathematics. The two ways this problem can be effectively resolved in finance is by the use of two methods (Martingales and Partial Differential Equations (PDEs)) to obtain their respective options price valuation formulas. This research paper examined two different stochastic financial models which are Constant Elasticity of Variance (CEV) model and Black-Karasinski term structure model. Assuming their respective option price valuation formulas, we proved the analogous of the Martingales and PDEs options price valuation formulas for the two different Stochastic Differential Equation (SDE) models. This was accomplished by using the applications of Girsanov theorem for defining an Equivalent Martingale Measure (EMM) and the Feynman-Kac theorem. The results obtained show the systematic proof for analogous of the two (Martingales and PDEs) options price valuation formulas beginning with the Martingales option price formula and arriving back at the Black-Scholes parabolic PDEs and vice versa.

Keywords: Option price valuation, Martingales, Partial Differential Equations, PDEs, Equivalent Martingale Measure, Girsanov Theorem, Feyman-Kac Theorem, European Put Option.

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Authors: Salah Alrabeei, Mohammad Yousuf

Abstract:

The goal of option pricing theory is to help the investors to manage their money, enhance returns and control their financial future by theoretically valuing their options. However, most of the option pricing models have no analytical solution. Furthermore, not all the numerical methods are efficient to solve these models because they have nonsmoothing payoffs or discontinuous derivatives at the exercise price. In this paper, we solve the American option under jump diffusion models by using efficient time-dependent numerical methods. several techniques are integrated to reduced the overcome the computational complexity. Fast Fourier Transform (FFT) algorithm is used as a matrix-vector multiplication solver, which reduces the complexity from O(M2) into O(M logM). Partial fraction decomposition technique is applied to rational approximation schemes to overcome the complexity of inverting polynomial of matrices. The proposed method is easy to implement on serial or parallel versions. Numerical results are presented to prove the accuracy and efficiency of the proposed method.

Keywords: Integral differential equations, American options, jump–diffusion model, rational approximation.

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Authors: Anitha Narasimhan, Aarthy Anandan, Madhan Karky, C. N. Subalalitha

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Games can be the excellent tools for teaching a language. There are few e-learning games in Indian languages like word scrabble, cross word, quiz games etc., which were developed mainly for educational purposes. This paper proposes a Tamil word game called, “Porul”, which focuses on education as well as on players’ thinking and decision-making skills. Porul is a multiple choice based quiz game, in which the players attempt to answer questions correctly from the given multiple options that are generated using a unique algorithm called the Option Selection algorithm which explores the semantics of the question in various dimensions namely, synonym, rhyme and Universal Networking Language semantic category. This kind of semantic exploration of the question not only increases the complexity of the game but also makes it more interesting. The paper also proposes a Scoring Algorithm which allots a score based on the popularity score of the question word. The proposed game has been tested using 20,000 Tamil words.

Keywords: Porul game, Tamil word game, option selection, flash card, scoring, algorithm.

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Authors: Leena Korpinen, Rauno Pääkkönen, Fabriziomaria Gobba

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This paper is based on a large questionnaire study. The paper presents how all participants and subgroups (upper- and lower-level white-collar workers) answered the question, “Have you had an ache, pain, or numbness, which you associate with desktop computer use, in the different body parts during the last 12 months?’ 14.6% of participants (19.4% of women and 8.2% of men) reported that they had often or very often physical symptoms in the neck. Even if our results cannot prove a causal relation of symptoms with computer use, show that workers believe that computer use can influence their wellbeing: this is important when devising treatment modalities to decrease these physical symptoms.

Keywords: Ergonomics, work, computer, symptoms.

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Authors: Kanittha Kanokkanjana, Savitri Garivait

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This study focuses on emission of black carbon (BC) from field open burning of corn residues. Real-time BC concentration was measured by Micro Aethalometer from field burning and simulated open burning in a chamber (SOC) experiments. The average concentration of BC was 1.18±0.47 mg/m3 in the field and 0.89±0.63 mg/m3 in the SOC. The deduced emission factor from field experiments was 0.50±0.20 gBC/kgdm, and 0.56±0.33 gBC/kgdm from SOC experiment, which are in good agreement with other studies. In 2007, the total burned area of corn crop was 8,000 ha, resulting in an emission load of BC 20 ton corresponding to 44.5 million kg CO2 equivalent. Therefore, the control of open burning in corn field represents a significant global warming reduction option.

Keywords: Black carbon, corn field residues, global warming, mitigation option

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Authors: George Yungchih Wang

Abstract:

Real options theory suggests that managerial flexibility embedded within irreversible investments can account for a significant value in project valuation. Although the argument has become the dominant focus of capital investment theory over decades, yet recent survey literature in capital budgeting indicates that corporate practitioners still do not explicitly apply real options in investment decisions. In this paper, we explore how real options decision criteria can be transformed into equivalent capital budgeting criteria under the consideration of uncertainty, assuming that underlying stochastic process follows a geometric Brownian motion (GBM), a mixed diffusion-jump (MX), or a mean-reverting process (MR). These equivalent valuation techniques can be readily decomposed into conventional investment rules and “option impacts", the latter of which describe the impacts on optimal investment rules with the option value considered. Based on numerical analysis and Monte Carlo simulation, three major findings are derived. First, it is shown that real options could be successfully integrated into the mindset of conventional capital budgeting. Second, the inclusion of option impacts tends to delay investment. It is indicated that the delay effect is the most significant under a GBM process and the least significant under a MR process. Third, it is optimal to adopt the new capital budgeting criteria in investment decision-making and adopting a suboptimal investment rule without considering real options could lead to a substantial loss in value.

Keywords: real options, capital budgeting, geometric Brownianmotion, mixed diffusion-jump, mean-reverting process

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Authors: Zeynep İltüzer Samur, Gül Tekin Temur

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Due to the increasing and varying risks that economic units face with, derivative instruments gain substantial importance, and trading volumes of derivatives have reached very significant level. Parallel with these high trading volumes, researchers have developed many different models. Some are parametric, some are nonparametric. In this study, the aim is to analyse the success of artificial neural network in pricing of options with S&P 100 index options data. Generally, the previous studies cover the data of European type call options. This study includes not only European call option but also American call and put options and European put options. Three data sets are used to perform three different ANN models. One only includes data that are directly observed from the economic environment, i.e. strike price, spot price, interest rate, maturity, type of the contract. The others include an extra input that is not an observable data but a parameter, i.e. volatility. With these detail data, the performance of ANN in put/call dimension, American/European dimension, moneyness dimension is analyzed and whether the contribution of the volatility in neural network analysis make improvement in prediction performance or not is examined. The most striking results revealed by the study is that ANN shows better performance when pricing call options compared to put options; and the use of volatility parameter as an input does not improve the performance.

Keywords: Option Pricing, Neural Network, S&P 100 Index, American/European options

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Authors: A. Das, L. Hitihamillage, S. Moridpour

Abstract:

Natural disasters are inevitable to the biodiversity. Disasters such as flood, tsunami and tornadoes could be brutal, harsh and devastating. In Australia, flooding is a major issue experienced by different parts of the country. In such crisis, delays in evacuation could decide the life and death of the people living in those regions. Congestion management could become a mammoth task if there are no steps taken before such situations. In the past to manage congestion in such circumstances, many strategies were utilised such as converting the road shoulders to extra lanes or changing the road geometry by adding more lanes. However, expansion of road to resolving congestion problems is not considered a viable option nowadays. The authorities avoid this option due to many reasons, such as lack of financial support and land space. They tend to focus their attention on optimising the current resources they possess and use traffic signals to overcome congestion problems. Traffic Signal Management strategy was considered a viable option, to alleviate congestion problems in the City of Geelong, Victoria. Arterial road with signalised intersections considered in this paper and the traffic data required for modelling collected from VicRoads. Traffic signalling software SIDRA used to model the roads, and the information gathered from VicRoads. In this paper, various signal parameters utilised to assess and improve the corridor performance to achieve the best possible Level of Services (LOS) for the arterial road.

Keywords: Congestion, constraints, management, LOS.

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Authors: S. Dhib, S. A. Addouche, T. Loukil, A. Elmhamedi

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In this paper, a reverse supply chain network is investigated for a decision making. This decision is surrounded by complex flows of returned products, due to the increasing quantity, the type of returned products and the variety of recovery option products (reuse, recycling, and refurbishment). The most important problem in the reverse logistic network (RLN) is to orient returned products to the suitable type of recovery option. However, returned products orientations from collect sources to the recovery disposition have not well considered in performance model. In this study, we propose a performance model for designing a network configuration on reverse logistics. Conceptual and analytical models are developed with taking into account operational, economic and environmental factors on designing network.

Keywords: Reverse logistics, Network design, Performance model, Open loop configuration.

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Authors: Chang-Hung Hsu, Chun-Yao Lee, Guan-Lin Liao, Yung-Tsan Jou, Jin-Maun Ho, Yu-Hua Hsieh, Yi-Xing Shen

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This article simulates the wind generator set which has two fault bearing collar rail destruction and the gear box oil leak fault. The electric current signal which produced by the generator, We use Empirical Mode Decomposition (EMD) as well as Fast Fourier Transform (FFT) obtains the frequency range-s signal figure and characteristic value. The last step is use a kind of Artificial Neural Network (ANN) classifies which determination fault signal's type and reason. The ANN purpose of the automatic identification wind generator set fault..

Keywords: Wind-driven generator, Fast Fourier Transform, Neural network

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Authors: R. P. Mahapatra, Jitendra Singh

Abstract:

This paper proposes a new technique for improving the efficiency of software testing, which is based on a conventional attempt to reduce test cases that have to be tested for any given software. The approach utilizes the advantage of Regression Testing where fewer test cases would lessen time consumption of the testing as a whole. The technique also offers a means to perform test case generation automatically. Compared to one of the techniques in the literature where the tester has no option but to perform the test case generation manually, the proposed technique provides a better option. As for the test cases reduction, the technique uses simple algebraic conditions to assign fixed values to variables (Maximum, minimum and constant variables). By doing this, the variables values would be limited within a definite range, resulting in fewer numbers of possible test cases to process. The technique can also be used in program loops and arrays.

Keywords: Software Testing, Test Case Generation, Test CaseReduction

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Authors: Lien-Fa Lin, Yung-Ming Li, Fu-Shun Hsieh

Abstract:

With the advancement of information technology and development of group commerce, people have obviously changed in their lifestyle. However, group commerce faces some challenging problems. The products or services provided by vendors do not satisfactorily reflect customers’ opinions, so that the sale and revenue of group commerce gradually become lower. On the other hand, the process for a formed customer group to reach group-purchasing consensus is time-consuming and the final decision is not the best choice for each group members. In this paper, we design a social decision support mechanism, by using group discussion message to recommend suitable options for group members and we consider social influence and personal preference to generate option ranking list. The proposed mechanism can enhance the group purchasing decision making efficiently and effectively and venders can provide group products or services according to the group option ranking list.

Keywords: Social network, group decision, text mining, group commerce.

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Authors: L. Korpinen, R. Pääkkönen, F. Gobba

Abstract:

Accidents and close call situations involving cell phones are nowadays possible. The objective of this study was to investigate the accidents and close call situations due to cell phone use while moving, driving, and working among Finns aged between 18 and 65. This work is part of a large cross-sectional study that was carried out on 15,000 working-age Finns. About 26% of people who had an accident, and about half of the people including close call situation with the mobile phone, answered that use of the phone influenced. In the future, it is important to take into account that the use of a mobile phone can be distracting while driving.

Keywords: Blue-collar workers, accident, cell phone, close call situation.

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Authors: Liliana M. Marinelli, Cristina T. Varanese

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In the last few years, students from higher education have difficulties in grasping mathematical concepts which support physical matters, especially those in the first years of this education. Classical Physics teaching turns to be complex when students are not able to make use of mathematical tools which lead to the conceptual structure of Physics. When derivation and integration rules are not used or developed in parallel with other disciplines, the physical meaning that we attempt to convey turns to be complicated. Due to this fact, it could be of great use to see the Classical Mechanics from an axiomatic approach, where the correspondence rules give physical meaning, if we expect students to understand concepts clearly and accurately. Using the Minkowski point of view adapted to a two-dimensional space and time where vectors, matrices, and straight lines (worked from an affine space) give mathematical and physical rigorosity even when it is more abstract. An interesting option would be to develop the disciplinary contents from an axiomatic version which embraces the Classical Mechanics as a particular case of Relativistic Mechanics. The observation about the increase in the difficulties stated by students in the first years of education allows this idea to grow as a possible option to improve performance and understanding of the concepts of this subject.

Keywords: Axiom, classical physics, physical concepts, relativity.

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Authors: Wu Qinglong, Zhou Qicai, Xiong Xiaolei, Zhang Richeng

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In order to achieve the layout and size optimization of the web members of tower crane boom, a truss topology and cross section size optimization method based on continuum is proposed considering three typical working conditions. Firstly, the optimization model is established by replacing web members with web plates. And the web plates are divided into several sub-domains so that periodic soft kill option (SKO) method can be carried out for topology optimization of the slender boom. After getting the optimized topology of web plates, the optimized layout of web members is formed through extracting the principal stress distribution. Finally, using the web member radius as design variable, the boom compliance as objective and the material volume of the boom as constraint, the cross section size optimization mathematical model is established. The size optimization criterion is deduced from the mathematical model by Lagrange multiplier method and Kuhn-Tucker condition. By comparing the original boom with the optimal boom, it is identified that this optimization method can effectively lighten the boom and improve its performance.

Keywords: Tower crane boom, topology optimization, size optimization, periodic, soft kill option, optimization criterion.

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Authors: Safiah A. Madkhali

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The grammatical relation object has not attracted the same attention in the literature as subject has. Where there is a clearly monotransitive verb such as kick, the criteria for identifying the grammatical relation may converge. However, the term object is also used to refer to phenomena that do not subsume all, or even most, of the recognized properties of the canonical object. Instances of such phenomena include non-canonical objects such as the ones in the so-called double-object construction i.e., the indirect object and the direct object as in (He bought his dog a new collar). In this paper, it is demonstrated how criteria of identifying the grammatical relation object that are found in the theoretical and typological literature can be applied to Arabic. Also, further language-specific criteria are here derived from the regularities of the canonical object in the language. The criteria established in this way are then applied to the non-canonical objects to demonstrate how far they conform to, or diverge from, the canonical object. Contrary to the claim that the direct object is more similar to the canonical object than is the indirect object, it was found that it is, in fact, the indirect object rather than the direct object that shares most of the aspects of the canonical object in monotransitive clauses.

Keywords: Canonical objects, double-object constructions, direct object, indirect object, non-canonical objects.

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Authors: Salah Alrabeei, Mohammad Yousuf

Abstract:

The goal of option pricing theory is to help the investors to manage their money, enhance returns and control their financial future by theoretically valuing their options. Modeling option pricing by Black-School models with jumps guarantees to consider the market movement. However, only numerical methods can solve this model. Furthermore, not all the numerical methods are efficient to solve these models because they have nonsmoothing payoffs or discontinuous derivatives at the exercise price. In this paper, the exponential time differencing (ETD) method is applied for solving partial integrodifferential equations arising in pricing European options under Merton’s and Kou’s jump-diffusion models. Fast Fourier Transform (FFT) algorithm is used as a matrix-vector multiplication solver, which reduces the complexity from O(M2) into O(M logM). A partial fraction form of Pad`e schemes is used to overcome the complexity of inverting polynomial of matrices. These two tools guarantee to get efficient and accurate numerical solutions. We construct a parallel and easy to implement a version of the numerical scheme. Numerical experiments are given to show how fast and accurate is our scheme.

Keywords: Integral differential equations, L-stable methods, pricing European options, Jump–diffusion model.

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