• Journal of applied mathematics & informatics
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• v.12 no.1_2
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• pp.335-349
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• 2003

Almost all business are affected by the weather so that weather derivatives has been traded to hedge weather risk. Since the weather itself is not an asset with a market price, some analysts believe that the Black-Scholes equation could not be used appropriately to price weather derivative options. But some weather derivatives can be considered as an Asian option, we revisit the Black-scholes model. Numerical solution of the Black-Scholes equation has a significant error at the money option or around the money option, it is necessary to adopt adaptive mesh near to the strike value. Here we propose a numerical method with an adaptive grid refinement.

• Environmental and Resource Economics Review
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• v.23 no.3
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• pp.435-451
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• 2014

This paper attempts to evaluate an environmental regulation program which enforces installation of filtering equipment to reduce major air pollutants from used diesel vehicles. A real option model is presented to incorporate fuel cost uncertainty and irreversibility of emission-reducing investment. A finite-life option based on finite difference method is developed to consider the limited life expectancy of used vehicles. After taking into account social benefits from emission reduction and costs from decreasing fuel efficiency after the adoption of filtering technology, the result finds overall positive performance of the Pollution Reduction Program. However, the result suggests that the Program be designed to be more specific to vehicle types to improve program performance.

• Proceedings of the IEEK Conference
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• 2002.07a
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• pp.381-384
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• 2002

Orthogonal Frequency Division Multiplexing (OFDM), which employs orthogonal overlapping subcarriers to modulate the signals, has been attracted much attention in recent time as a favorable option for future generation wireless networks due to its ability to overcome many impairments in wireless channels. Since OFDM is a multi-carrier system adaptive modulation techniques can be effectively and efficiently used to enhance the system performance in terms of both BER and overall system capacity. This paper discusses a COFDM-CDMA system with adaptive modulation schemes for future generation wireless networks.

• Asian-Australasian Journal of Animal Sciences
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• v.12 no.4
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• pp.657-666
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• 1999

The first option in manure management is developing an environmentally sound nutritional management. This includes proper feeding programs and feeds which will result in less excreted nutrients that need to be managed. Critical components that should be controlled are N, P and minerals that are used at supranutritional levels. Amino acid supplementation and protein restriction reduce N excretion in the monogastric animals. Supplementation with enzymes, such as carbohydrases, phytase and proteases, can be used to reduce excretion of nutrients and feces by improving digestibility of specific nutrients. Growth promoting agents, such as antibiotics, beta-agonists and somatotropin, increase the ability of animals to utilize nutrients, especially dietary protein, which results in reduced excretion of N. Some microminerals, such as Cu and Zn, are supplemented at supranutritional level. Metal-amino acid chelates, metal-proteinates and metal-polysaccharide complexes can be used at a much lower level than inorganic forms of metals without compromising performance of animals. Deodorases can be used to avoid air pollution from animal manure. Nutritional management increases costs to implement. It is necessary to assess the economics in order to find an acceptable compromise between the increased costs and the benefits to the environment and production as well.

• Asian Journal of Innovation and Policy
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• v.7 no.1
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• pp.9-29
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• 2018

Japan's manufacturing is mostly dependent on the automotive industry in Toyota-Kariya cities. However, the nearby city of Hamamatsu is the home of a start-up ecosystem known as Japan's Silicon Valley. How is it possible to evaluate the innovative potential of each regional industry? What kind of guidelines exist for continuing R&D investment when companies' net incomes are negative in the face of the 'Valley-of-Death' or financial crisis? Is it possible to measure the regional resilience ability in the context of the financial crisis? Entrepreneurial innovation is defined as a real-option portfolio consisting of investment decision to commercialize R&D findings. The subcontractor system implies a vertical and tight industrial group. However, a start-up ecosystem means a platform for horizontal and flexible partnership. In this research, the data include the financial indices of each of 18 public companies in both regions between FY2009 and FY2017. The objective of this paper is to clarify the call option or resilience function of equity for R&D investment in the context of the financial crisis in both regions by using Bayesian MCMC analysis.

• Journal of Korea Port Economic Association
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• v.19 no.2
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• pp.177-202
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• 2003

Balassian Approach of regional economic integration has been mainly aimed at improving conditions for regional trade since 1960s. After the financial crises of the late 1990s, however, the theoretical approach to regional integration will have to be a different one as regionalism have to offer enhanced protection against crises. The aim of this paper, above all, is to provide a theoretical framework for the emerging new monetary regionalism. Regions that wish to strengthen their co-operation in monetary and financial affairs today have the option of monetary regionalism without trade agreement. East Asian region will become an increasingly important domain within which to explore enhanced protection against financial crises. And as Korea seems to play a crucial role in building regional integration among ASEAN＋3(Korea, China and Japan) countries, alternative policy for Korean economy to be the North-east Asian Economic Base need to be schemed on the basis of Balassian as well as monetary regionalism.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.39-50
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• 2021

We investigate competition and its impact on borrowers' indebtedness (BI) in South Asian microfinance. Our empirical investigations are based on a comprehensive panel dataset of 355 MFIs located in seven countries in South Asia. The empirical results revealed that microfinance in South Asia is imperfectly competitive and the existing industry shows a monopolistic competition during the period under consideration. Also, the competition increased after the global financial crisis (GFC) in 2007-08 which implies that microfinance uses hostile lending behavior through the adverse selection that is highly risky and it can induce repayment crisis. The empirical findings also show that increased competition has significant negative effects on borrowers' indebtedness, particularly in large-scale and regulated microfinance organizations (MFIs). Instead of using equity financing, debt financing could be a better option. Finally, we find that while competition seems to have some positive effects in economic discourse by channeling technological improvements in products and services, its negative effects in microfinance outweigh the benefits over costs, particularly in poverty-stricken nations. The findings are helpful for the policymakers, microfinance industry, investors, borrowers, and Central Bank of South Asian markets.

• East Asian Economic Review
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• v.21 no.2
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• pp.103-121
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• 2017

This paper experimentally studies the performance of negotiation considering individual and party, like a country, share of benefit over the best ones. It experiments two-stage bargaining games, internal and external negotiations. From the experimental results, this paper shows strong tendency to select fair allocation in the internal negotiations, but the tendency would be weaker with attractive outside option. In addition, the outside option may claim difference in individual benefit. From the regressions on individual performance in the negotiations, being a proposing party would matter to enhance the performance. However, relative individual performance within party fairness matters. Still attractive no-agreement options happen to break the tendency. As policy implication for trade negotiation, this paper warns that possible loss in individual benefit from not active participation to the external negotiations, no active role of proposer in case that players stick to internal allocations, and deviation of advantageous sector due to attractive outside options.

• International conference on construction engineering and project management
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• 2009.05a
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• pp.272-275
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• 2009

Carbon finance is the investment in Greenhouse Gas (GHG) emission reduction projects in developing countries and countries with economies in transition within the framework of the Kyoto Protocol's Clean Development Mechanism (CDM) or Joint Implementation (JI) and with creation of financial instruments, i.e., carbon credits, which are tradable in carbon market. The additional revenue generated from carbon credits will increase the bankability of projects by reducing the risks of commercial lending or grant finance. Meantime, it has also demonstrated numerous opportunities for collaborating across sectors, and has served as a catalyst in bringing climate issues to bear in projects relating to rural electrification, renewable energy, energy efficiency, urban infrastructure, waste management, pollution abatement, forestry, and water resource management. Establishing additionality is essential for successful CDM project development. One of the key steps is the investment analysis. As guided by UNFCCC, financial indicators such as IRR, NPV, DSCR etc are most commonly used in both Option II & Option III. However, economic indicator such as Economic Internal Rate of Return(EIRR) are often overlooked in Option III even it might be more suitable for the project. This could be due to the difficulties in economic analysis. Although Asian Development Bank(ADB) has given guidelines in evaluating EIRR, there are still large amount of works have to be carried out in estimating the economic, financial, social and environmental benefits in the host country. This paper will present a case study of a CDM development of a 18 MW hydro power plant with carbon finance option in central Vietnam. The estimation of respective factors in EIRR, such as Willingness to Pay(WTP), shadow price etc, will be addressed with the adjustment to Vietnam local provincial factors. The significance of carbon finance to Vietnam renewable energy development will also be addressed.

• Asian Pacific Journal of Cancer Prevention
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• v.15 no.19
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• pp.8121-8125
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• 2014

Background: Ovarian mucinous carcinoma has a poor prognosis in advanced stages and a poor response to conventional chemotherapy. An efficient treatment is not yet available. We heere investigated HER2 expression and the potential for trastuzumab therapy in ovarian mucinous tumors. Materials and Methods: Immunohistochemistry was performed in formalin-fixed, paraffin-embedded tissue from 27 ovarian mucinous tumors including 14 carcinomas and 13 borderline tumors diagnosed in the Pathology Department, Farhet Hached Hospital, Sousse, between 1993 and 2013. The HercepTest (DAKO) was used for immunohistochemistry. Results: HER2 expression was observed in only one borderline tumor (7.7%) and in 14.3% of mucinous carcinomas of the ovary. Conclusions: Our results suggest that trastuzumab therapy would be an option for patients with mucinous carcinoma when the tumor has HER2 overexpression.