• 제목/요약/키워드: European option

검색결과 68건 처리시간 0.026초

BARRIER OPTIONS UNDER THE MFBM WITH JUMPS : APPLICATION OF THE BDF2 METHOD

  • Choi, Heungsu;Lee, Younhee
    • 충청수학회지
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    • 제33권1호
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    • pp.165-171
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    • 2020
  • In this paper we consider a mixed fractional Brownian motion (mfBm) with jumps. The prices of European barrier options can be evaluated by solving a partial integro-differential equation (PIDE) with variable coefficients, which is derived from the mfBm with jumps. The 2-step backward differentiation formula (BDF2 method) proposed in [6] is applied with the second-order convergence rate in the time and spatial variables. Numerical simulations are carried out to observe the convergence behaviors of the BDF2 method under the mfBm with the Kou model.

쇼그렌증후군의 한방치료 1례 (Case Report of Sjögren’s Syndrome Treated with Traditional Korean Medicine)

  • 홍정수;안상민;추원정;최요섭
    • 대한한방내과학회지
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    • 제37권2호
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    • pp.251-256
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    • 2016
  • Objective: This case report examines the effects of Jaeumganghwa-tang as a treatment option for Sjögren’s syndrome.Methods: We provided the patient with Jaeumganghwa-tang twice a day, as well as acupuncture and bee venom therapy (both twice a week), for 30 days. Symptoms were charted and evaluated using the European League Against Rheumatism (EULAR) Sjögren’s Syndrome Patient Reported Index (ESSPRI).Results: The patient’s ESSPRI score decreased from 8 to 6 after the 30-day treatment.Conclusions: Jaeumganghwa-tang may be helpful in alleviating Sjögren’s syndrome.

국가할당계획의 효율화를 위한 조기행동 전략 추진 방향 (The Role of Early Action for the Effective Introduction of National Allocation Plan)

  • 유재국;임영규;최기련
    • 에너지공학
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    • 제16권1호
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    • pp.15-21
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    • 2007
  • 지구온난화를 막기 위하여 전지구적 노력이 경주되고 있는 가운데 2005년 1월 EU ETS(European Union Emission Trading Scheme)가 본격적으로 시작되었다. EU ETS에서는 구체적 집행활동을 위하여 국가 할당계획(NAP : national allocation plan)을 제출하도록 하고 회원국은 각 개별 시설에까지 할당량을 부여 하도록 하였다. 이 과정에서 조기행동에 대한 문제가 회원국별로 선택적으로 처리되도록 규정하였다. 배출양의 BAU(Business As Usual)가 높게 설정되는 것을 예방하는 한편, 조기행동을 실시하지 않는 기업의 무임승차를 방지하기 위하여 조기행동에 대한 보상이 필요하지만, 조기행동과 관련된 보상은 개별시설의 할당량 및 공정한 경쟁에 영향을 미칠 수 있기 때문에 할당량 수용성에 영향을 미치게 된다. 현재 온실가스 감축 의무부담국가가 아닌 우리나라에서 기후변화협약으로 인하여 진행될 국가할당계획을 효율적으로 수행하기 위해서는 배출권 할당 또는 제한이 이루어지기 전에 조기행동에 대한 보상원칙 정립, 할당규칙 및 데이터 수집에 대한 노력, 기타 정책과의 통합적 접근이 요구된다.

영국의 통합환경관리제도에 관한 연구 (A Study on Integrated Pollution Prevention and Control in the United Kingdom)

  • 한상운
    • 환경정책연구
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    • 제6권3호
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    • pp.1-31
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    • 2007
  • 통합적 환경관리는 산업생태학의 원리에 맞는 이상적인 환경관리방식으로서 일찍부터 서구 산업국가에서 주목을 받았다. 특히 영국은 1970년대 이후부터 다른 유럽국가에 비하여 비교적 일찍 관심을 갖고 이에 대한 정책을 추진해 왔고, 이러한 노력은 EU의 통합적 환경관리 정책에도 많은 영향을 주었다. 영국의 통합적 환경관리는 1976년 RCEP의 보고서에 의하여 그 중요성이 인식되었고 이후 1990년 환경보호법에 통합적 환경관리가 규정됨으로써 그 결실을 보게 되었다. 이러한 과정 속에서 법률과 행정체제 및 환경관리를 위한 BPEO의 개념을 정립하고 발전시켜 왔다. 영국의 이러한 노력은 현재 통합적 환경관리를 도입하고자 하는 우리나라의 정책에도 많은 시사점을 던져주고 있으므로 본 논문에서는 이를 자세히 살펴봄으로써 통합적 환경관리에 대한 인식의 폭을 넓히고 향후의 정책방향을 모색해 보고자 한다.

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옵션 가치 및 민감도 평가 방법: 속도와 정확도 개선에 대한 고찰 (Option Pricing and Sensitivity Evaluation Methodology: Improvement of Speed and Accuracy)

  • 최영수;오세진;이원창
    • Communications for Statistical Applications and Methods
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    • 제15권4호
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    • pp.563-585
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    • 2008
  • 본 연구는 다양하고 복잡해지는 파생상품 추세에 상응하는 적절한 가치평가에 대한 연구의 필요성을 인지하고 가격 및 민감도 평가에 있어서 속도와 정확도를 향상시키는데 그 의의를 두고자 한다. 몬테카를로 시뮬레이션에서 의사난수 대신 저불일치수열인준난수를 이용하면 시행횟수의 감소와 정확도 개선이 가능한데, 미국형 옵션이나 경로의존형 상품 등 다차원의 난수가 필요할 경우 기존의 준난수를 사용하면 상관관계가 증가하는 문제로 적용에 한계가 있다. 이런 단점을 보완하기 위해 문제를 발생시키는 차원의 난수를 제외시켜 상관계수를 특정값 이하로 제어하는 새로운 방법을 고안하여 다차원 상품에 적용이 가능토록 하였고 미국형 풋옵션에 적용하여 새로운 방법의 유용성을 검증하였다. 또한, 몬테카를로 시뮬레이션에서 민감도 계산방법으로 우도비율법과 경로의존형 근사방법을 사용하면 속도 및 정확도가 개선됨을 보인다. 이러한 결과는 최근 시장의 추세인 기초자산이나 위험요소가 여러 개인 경우 그리고 경로의존형 및 조기상환형 상품 등에 적용 가능토록하여 몬테카를로 시뮬레이션 방법에 있어 가장 큰 단점으로 지적되는 수행시간을 단축시키고 민감도 계산의 오차를 줄여줌을 보여준다. 또한, 2개 이하의 기초자산으로 이루어진 파생상품의 가치 및 민감도 평가에 가장 효율적인 수치해석적 방법론으로 알려져 있는 유한차분법의 적용시 격자생성구간의 설정이 매우 중요하다는 사실을 비대칭 나비형스프레드에 적용하여 실증적으로 보인다.

해외 주요국 수송용 바이오연료의 혼합의무 정책비교 분석 연구 (Study on Comparison of Global Biofuels Mandates Policy in Transport Sector)

  • 김재곤;임의순;정충섭
    • 신재생에너지
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    • 제7권4호
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    • pp.18-29
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    • 2011
  • Biofuls are considered as an option to reduce greenhouse gases emission, increase energy supply diversity and security of supply, as well as an opportunity for job creation and rural development. First of all, biofuls technologies have been promoted as a means for reducing the carbon intensity of the transport sector. Hence, in the last decade biofuels production has been driven by governmental policies. The key instruments widely adopted to foster production and increase consumption have been mandatory blending targets, tax exemptions and sibsidies. As one of the most powerful instruments, biofuel mandates require fuel producers to produce a pre-defined amount (or share) of biofuels and blend them with petroleum fuel. National biofuels mandates are in place 35 countries and partially in place in 6 countries. In this study, we reviewed status of global biofuels policies to reduce greenhouse gases in the European Union, United States and other countires worldwide. Especially, we discussed representative biofuels mandates policies same as Renewable Fuel Standard (RFS, US), Renewable Transport Fules Obligation (RTFO, UK) in transport sector.

Development of a multi criteria decision analysis framework for the assessment of integrated waste management options for irradiated graphite

  • Abrahamsen-Mills, Liam;Wareing, Alan;Fowler, Linda;Jarvis, Richard;Norris, Simon;Banford, Anthony
    • Nuclear Engineering and Technology
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    • 제53권4호
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    • pp.1224-1235
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    • 2021
  • An integrated waste management approach for irradiated graphite was developed during the European Commission project 'Treatment and Disposal of Irradiated Graphite and other Carbonaceous Waste'. This included the identification of potential options for the management of irradiated graphite, taking account of storage, retrieval, treatment and disposal methods. This paper describes how these options can be assessed using multi-criteria decision analysis (MCDA) for a case study relating to a generic power reactor. Criteria have been defined to account for safety, environmental, economic and socio-political factors, including radiological impact, resource usage, economic costs and risks. The impact of each option against each criterion has been assessed using data from the project and the wider literature. A linear additive approach has been used to convert the calculated impacts to scores. To account for the relative importance of the criteria, example weightings were allocated. This application has shown that MCDA approaches can be used to support complex decisions regarding irradiated graphite management, accounting for a wide range of criteria. Use of this approach by individual countries or organisations will need to account for the specific options, scores, weightings and constraints that apply, based on their national strategies, regulatory requirements and public acceptability.

Encountering the Silk Road in Mengjiang with Tada Fumio: Korean/Japanese Colonial Fieldwork, Research, Connections and Collaborations

  • WINSTANLEY-CHESTERS, Robert;CATHCART, Adam
    • Acta Via Serica
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    • 제7권1호
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    • pp.131-148
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    • 2022
  • While much has been written about Imperial Japan's encounter with geopolitics and developing ideas about Geography as a political and cultural discipline, little if anything has been written about relational and research Geographies between Japan and Silk Roads both ancient and modern. Memories of the ancient Silk Road were revivified in the late 19th century in tandem with the Great Game of European nations, as Japan modernized and sought new places and influence globally following the Meiji restoration. Imperial Japan thus sought to conquer and co-opt spaces imagined to be part of or influenced by the ancient Silk Road and any modern manifestation of it. This paper explores a particular process in that co-option and appropriation, research collaboration between institutions of the Empire. In particular it considers the exploration of Mengjiang/Inner Mongolia after its conquest in 1939/1940, by a collaborative team of Korean and Japanese Geographers, led by Professor Tada Fumio. This paper considers the making knowable of spaces imagined to be on the ancient Silk Road in the Imperial period, and the projecting of the imperatives of the Empire back into Silk Road history, at the same time as such territory was being made anew. This paper also casts new light on the relational and collaborative processes of academic exchange, specifically in the field of Geography, between Korean and Japanese academics during the Korean colonial period.

Evaluation of the Non-use Values of Taishan Mountain Cultural Heritage

  • Song, Xiu-hua;Lang, Xiao-xia;Ham, Kwang-min
    • 한국환경과학회지
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    • 제31권8호
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    • pp.727-733
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    • 2022
  • The contingent valuation method (CVM) is one of the most commonly used and effective methods to evaluate non-use value of resources. Reasonable application of CVM to value the cultural heritage is the key process of evaluation. CVM was used to evaluate the non-use value of cultural heritage of Taishan Mountain combined with questionnaire survey and field research in this study. The results indicated that the importance of the degree of the three components of non-use value was heritage value ranked highest (40.22%) > followed by existence value (38.58%) >then option value (21.20%). In addition, the rate of willingness to pay was 54.52%, the average and median values of per person were 40.17 CNY·a-1 and 20.00 CNY·a-1 and the non-use values of Taishan Mountain cultural heritage was 33 million CNY·a-1. The median value of WTP was consistent with Asian countries but was lower than European and American countries. Factors influencing WTP showed that monthly income and satisfaction with Taishan Mountain were correlated to WTP, and family location and willingness to revist were correlated remarkably with WTP. In addition, monthly income was correlated remarkably with WTP value, however other factors were not. The results showed the importance and necessity of protective development of Taishan Mountain cultural heritage, which would be used as an important reference for decision makers.

Filum Terminale Lipoma with Herniated Intervertebral Disc Treated with Traditional Korean Medicine: A Case Report

  • Kim, Sang-Gyun;Park, Ju-Hun;Park, Han-Bin;Yoo, Dong-Hwi;Jang, Won-Suk;Shin, Won-Bin;Choi, Kang-Eah;Cho, Hyun-Woo
    • Journal of Acupuncture Research
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    • 제37권4호
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    • pp.281-284
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    • 2020
  • Filum terminale lipoma is an inherited lumbosacral abnormality that can cause tethered cord syndrome. This report describes an unusual case of lumbago and sciatica, pain suspected to be caused by a filum terminale lipoma where a herniated intervertebral disc had occurred. The patient was hospitalized for 43 days and received integrative Korean medicine treatment, including acupuncture, pharmacopuncture, Chuna therapy, cupping therapy, physiotherapy and herbal medicine. Treatment effectiveness was assessed using the numerical rating scale, Oswestry Disability Index, European Quality of Life 5-Dimensions, and patient symptoms. After inpatient treatment, the pain the patient suffered was significantly reduced, and the evaluation indices scores reflected this. Integrative Korean remedies may be an effective option for lower back pain and lower extremity symptoms which are caused by filum terminale lipoma where a herniated intervertebral disc has occurred. Additional clinical research is required to support this observation.