• Bulletin of the Korean Mathematical Society
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• v.48 no.4
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• pp.791-812
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• 2011

This is a survey on American options. An American option allows its owner the privilege of early exercise, whereas a European option can be exercised only at expiration. Because of this early exercise privilege American option pricing involves an optimal stopping problem; the price of an American option is given as a free boundary value problem associated with a Black-Scholes type partial differential equation. Up until now there is no simple closed-form solution to the problem, but there have been a variety of approaches which contribute to the understanding of the properties of the price and the early exercise boundary. These approaches typically provide numerical or approximate analytic methods to find the price and the boundary. Topics included in this survey are early approaches(trees, finite difference schemes, and quasi-analytic methods), an analytic method of lines and randomization, a homotopy method, analytic approximation of early exercise boundaries, Monte Carlo methods, and relatively recent topics such as model uncertainty, backward stochastic differential equations, and real options. We also provide open problems whose answers are expected to contribute to American option pricing.

• Kyungpook Mathematical Journal
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• v.21 no.1
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• pp.9-14
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• 1981

• Journal of applied mathematics & informatics
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• v.30 no.3_4
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• pp.499-510
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• 2012

Here we consider the inertial effect in a horizontal mushy layer during solidification of a binary alloy. Using perturbation technique, we obtain two systems, one of zero order and the other of first order. We consider a mushy layer with an impermeable mush-liquid interface and of constant permeability. The analysis reveals that the effect of inertial parameter is stabilizing in the sense that the critical Rayleigh number at the onset of motion increases by the inertial effect.

• Journal of applied mathematics & informatics
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• v.13 no.1_2
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• pp.165-182
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• 2003

Sufficient conditions for oscillation of all solutions of a class of second-order quasilinear delay differential equations with fixed moments of impulse effect are found.

• Research in Mathematical Education
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• v.12 no.2
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• pp.151-165
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• 2008

Asian mathematics curricula and textbooks are being recognized in the United States as at least partial explanation for the higher mathematics achievement of students in Asian countries compared to students in the United States. As a result there is considerable interest among many educators in the United States in curricula from Singapore and curricula from Japan. In addition, researchers and educators at one university in the American heartland have been using the English translations of a Korean primary mathematics curriculum for professional development and assessment with groups of Missouri teachers for the purpose of enhancing teachers' understanding of the fundamentals of mathematics, and in hopes of raising student achievement scores. A professional development initiative begun seven years ago and revived this year will entail a rigorous assessment which will be reported in 2009. Results of assessment of the earlier initiatives are reported here.

• Journal for History of Mathematics
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• v.21 no.1
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• pp.79-96
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• 2008

In early 21st century, universities in Korea has been asked the new roles according to the changes of educational and social environment. With Korea's NURI and Brain Korea 21 project support, some chosen research oriented universities now should produce "teacher of teachers". We look 100 years back America's mathematics and see many resemblances between the status of US mathematics at that time and the current status of Korean mathematics, and find some answer for that. E. H. Moore had produced many good research mathematicians through his laboratory teaching techniques. R. L. Moore was his third PhD students. He developed his Texas/Moore method. In this article, we analyze what R. L. Moore had done through his American School of Topology and Moore method. We consider the meaning that early University of Texas case gives us in PBL(Problem Based Learning) process.

• Journal of Educational Research in Mathematics
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• v.9 no.1
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• pp.121-132
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• 1999

We have compared Korean and American mathematics curriculums in 5 areas: whole number(concepts and its operations); geometry; pattern and relations; measurements; statistics and probability. We have found significant differences in geometry area. Korean curriculums contain simple planar figures (circles, triangles, rectangles, and squres) and some of the spatial figures until 3rd grades. But in America they learn various planar and spatial fugures(cone, pyramid, triangular prism, etc) since the 1st grade starts. They also start the 1st grade by dealing with topological concepts like open/closed, inside/outside, order, etc. As the grade goes on, students learn other geometrical concepts like congruence, symmetry, 3-dimensional views. We also found that American curriculum focuses on students' activities and courages communication through projects, groupwork, journal writing, etc. It's also superior in respects of motivation, and connections with real life and other subjects. Korean curriculum needs more improvements in these aspects. Furthermore for lower graders reviewing sections need to be enhanced for feedback.

• Journal of applied mathematics & informatics
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• v.29 no.5_6
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• pp.1269-1283
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• 2011

Here we consider magneto-convection in a mushy layer which is formed during solidification of binary alloys. The mushy layer is treated as an active porous media with variable permeability. The equations governing the layer are conservation of mass, conservation of heat, conservation of solute, magnetic induction equation, momentum equation governed by the Darcy's law and Maxwell's equations for the magnetic field. To study the second order effects on the flow without solving the second order system, we need to obtain the adjoint system for the flow. This motivates the authors we derive the adjoint system analytically for the mushy layer case. Numerical results of the adjoint system are presented for passive and active mushy layers at the onset of the motion using a set of parameters experimentalists use.

• Journal of Educational Research in Mathematics
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• v.13 no.1
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• pp.1-12
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• 2003

이 논문은 수학적 개념의 뜻과 과 중요성을 살펴본 다음, 연구자가 소속되어 있는 한국의 대학생과 연구자가 연구년 동안 강의한 바 있는 미국의 대학생이 갖고 있는 수학적 개념의 수준에 대하여 조사하여 보고, 그 차이점을 비교하여 수학교육의 개선을 위한 시사점을 찾아보고자 하였다. 본 연구는 수학적 개념을 수학적 지식의 구성, 수학적 지식의 구조, 수학적 지식의 현상, 수학을 행하기, 수학적 아이디어의 가치 인식, 구성으로서의 학습, 유용한 노력으로서의 수학으로 분류하고 각 개념에 대한 양국 학생들의 인식 정도를 설문조사 방식으로 조사하였다. 본 연구에서 한국 학생들은 수학적 개념에 대한 7개의 영역 중에서 '수학적 지시의 현상', '수학을 행하기'를 제외한 5개의 영역에서 더 높은 수준을 보였다. 앞으로 한국의 수학교육은 수학을 실제로 행하는 활동을 더욱 강조하여야 할 것이다.

• Journal of applied mathematics & informatics
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• v.9 no.2
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• pp.745-751
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• 2002

In this paper, we Shall find the unique rational price associated with the exchange option. Also, we find the decomposition of Snell envelope and value function of the American exchange option.