Forward indifference valuation for dynamically incoming projects

Classical indifference valuation,a widely studied approach in incomplete markets,uses critically the a priori knowledge of the characteristics(arrival,maturity,payoff structure)of the projects in consideration.This assumption,however,may not accommodate realistic scenarios in which projects,not initially anticipated,arrive at later times.To accommodate this,we employ forward indifference valuation criteria,which by construction are flexible enough to adapt to such"non-anticipated"cases while yielding time-consistent indifference prices.We consider and analyze in detail two representative cases:valuation adjustments due to incoming non-anticipated project and the relative forward indifference valuation of new projects in relation to existing ones.

Essay on Indifference:Affect and Thinking From Spinoza to Freud and Deleuze

In this paper,the author is questioning the very concept of“indifference of thinking”.The author also asks:In what sense,thinking leads to“overall indifference”?What,indeed,is indifference?Reading carefully,the philosophical texts on affects,mainly Spinoza,Freud,Bergson,and Deleuze,author argues that indifference is not a kind of non-affection,beside-affection,post-affection,but rather,it is a trace of affect―just as cinders are remnants of fire.Indifference is neither abnegation which is a kind of statement that we could not care less.On the contrary,it is in indifference where we find profound commitment to bringing back things of this world to their natural position.

Indifference Pricing in the Single Period Binomial with Complete Market Model

Binomial no-arbitrage price have a method is the traditional approach for derivative pricing,which is,the complete model,which makes possible the perfect replication in the market.Risk neutral pricing is an appropriate method of asset pricing in a complete market.We have discussed an incomplete market,a non-transaction asset that produces incompleteness of the market.An effective method of asset pricing in incomplete markets is the undifferentiated pricing method.This technique was firstly introduced by Bernoulli in(1738)the sense of gambling,lottery and their expected return.It is used to command investors'preferences and better returns the results they expect.In addition,we also discuss the utility function,which is the core element of the undifferentiated pricing.We also studied some important behavior preferences of agents,and injected exponential effect of risk aversion in the model,so that the model was nonlinear in the process of claim settlement.

Language of Indifference:The Voice of the Powerless in the Select Works of Filipino Artists

The study focused on the elements of nationalist consciousness as the language of indifference in Philippine literature through the works of select contemporary Filipino writers.Identified masterpieces of the Don Carlos Palanca Memorial Awards for Literature 1 awardees that have Marxist tendencies were evaluated using the Marxist Literary Approach to identify the elements of nationalist consciousness and to deduce the implications on the relationship of literature and society.The elements of nationalist consciousness were identified by taking in consideration the main struggles of the characters which were revealed in the characters’lines.These were classified using a researcher-made checklist.Common and recurring themes like class struggle,injustice,wanton disregard for human worth,indifference,moral degradation,political unrest,insurgency,inequality,exploitation,harassment,police brutality,poverty,and violence were considered negative elements as they mirror the struggles of the oppressed and abused characters.The significant contribution of the study lies in its richness in values,realities,and insights into human experiences as it ascertained the socio-economic problems embedded in the works.Evidently as concluded,reforms,justice,and true peace were found absent in the works and these were the essential values that the characters and personas tried to find as they relate with other characters.Fundamentally,literature and society are inseparable and that literary prisms can be vehicles of change in the society.

Judgment to Indifference

The short story"A Very Old Man with Enormous Wings: A Tale for Children"presents people's various judgment towards the old man, which are out of their curiosity, and with the popularity of the spider woman as a turning point, people's attitude towards the old man changes from judgment to treating him with indifference. Also, as Pelayo and Elisenda's attitude changes from the best judgment of treating him as equal as a human being, to using him to make money, and finally to no judgment, treating him as indifferent, eventually they regard the old man as a burden.

Marriage Market with Indifferences: A Linear Programming Approach

We study stable and strongly stable matchings in the marriage market with indifference in their preferences.We characterize the stable matchings as integer extreme points of a convex polytope.We give an alternative proof for the integrity of the strongly stable matching polytope.Also,we compute men-optimal(women-optimal)stable and strongly stable matchings using linear programming.When preferences are strict,we find the men-optimal(women-optimal)stable matching.

Indifference pricing and hedging in a multiple-priors model with trading constraints

This paper considers utility indifference valuation of derivatives under model uncertainty and trading constraints, where the utility is formulated as an additive stochastic differential utility of both intertemporal consumption and terminal wealth, and the uncertain prospects are ranked according to a multiple-priors model of Chen and Epstein(2002). The price is determined by two optimal stochastic control problems(mixed with optimal stopping time in the case of American option) of forward-backward stochastic differential equations.By means of backward stochastic differential equation and partial differential equation methods, we show that both bid and ask prices are closely related to the Black-Scholes risk-neutral price with modified dividend rates.The two prices will actually coincide with each other if there is no trading constraint or the model uncertainty disappears. Finally, two applications to European option and American option are discussed.

Utility indifference valuation of corporate bond with rating migration risk

A pricing model for a corporate bond with rating migration risk is established in this article. With the technology of utility-indifference valuation under the Markov-modulated framework, we analyze the price of a multi-rating bond and obtain closed formulae in a three-rating case. Based on the pricing formulae, the impacts of the parameters on the indifference price are analyzed and some reasonable financial explanations are provided as well.

Many Kinds of Reserved Judgement in No-Data Problem

The reserved judgment can be broadly categorized into three types: Re-Do, Re-Set, and Natural Flowing Case (i.e. step by step in Re-Try). Hori et al. constructed the Bayes-Fuzzy Estimation and demonstrated that system theory can be applied to the possibility of Markov processes, and that decision-making approaches can be applied to sequential Bayes estimation. In this paper, we focus on the Natural Flowing Case within reserved judgment. Here, the possibility of oblique (or principal) factor rotation is considered as a part of the tandem fuzzy system that follows step by step for sequential Bayes estimation. Ultimately, we achieve a significant result whereby the expected utility can be calculated automatically without the need to construct a utility function for reserved judgment. There, this utility in Re-Do can be calculated by the prior utility, and that utility in Re-set does not exist by our research in this paper. Finally, we elucidate the relationship between fuzzy system theory and fuzzy decision theory through an applied example of Bayes-Fuzzy theory. Fuzzy estimation can be applied to only normal making decision, but it is impossible to apply abnormal decision problem. Our Vague, specially Type 2 Vague can be applied to abnormal case, too.

Freedom of Indifference: Its Metaphysical Credentials According to Crusius

In the history of philosophy, voluntarists-that is, philosophers committed to some version of the freedom of indifference-have worried about its metaphysical credentials, but only a few, at least to my knowledge, have attempted to argue for more than its mere existence. Freedom of indifference is the option to choose between opposites in a given situation. In this paper, I present the ambitious attempt of the German pre-Kantian philosopher Christian August Crusius (1715-1775) to argue for the claim that we have freedom of indifference as a matter of hypothetical necessity. The point is that, in his view, there can be no actual world without freedom of indifference. This is not a logical but a metaphysical truth. I argue that a possible (motivational) reason for CrusiusJs choice to tread this slippery path is that he attempts to bestow some metaphysical dignity on the freedom of indifference. As a consequence, this metaphysical value of freedom of indifference shapes the relation between the divine and free, rational agents in a way that is completely different from a rationalist’s conception such as Leibniz’s. In this paper, I give a plausible interpretation of a metaphysical argument that has been neglected in the relevant literature.

Stable Matchings in the Marriage Model with Indifferences

For the marriage model with indifferences,we define an equivalence relation over the stable matching set.We identify a sufficient condition,the closing property,under which we can extend results of the classical model(without indifferences)to the equivalence classes of the stable matching set.This condition allows us to extend the lattice structure over classes of equivalences and the rural hospital theorem.

Fuzzy-Bayes Decision Making with Reserved Judgement

This paper discusses a method for identifying states in a multistage Decision Making Problem in which an Indifferent Event is either predetermined or can be automatically derived after the fact. First, when they are pre-set, the amount of possible information about Indifferent Event tends to be large. Therefore, since the decision is risk tolerant, the Max-Product method of Tanaka et al. is used to calculate the expected utility possibility. Next, in the case of automatic derivation after the fact, the amount of information on the possibility of Indifferent Event is relatively small, so the expected utility possibility is derived using Zadeh’s Fuzzy Event Possibility Measure. Here, it is assumed that the setting of the utility function is independent of the information on the occurrence of the Indifferent Event and is identified by the decision maker by lot drawing using the certainty equivalence method. As a concrete example, we focus on the pass/fail decision of a recommendation test, which is a two choice question in the No-Data Problem, and illustrate the multistage state identification method. .

The Influence of Aesthetic Ideology of TAO Yuan-ming on Classical Gardens in South China

Based on the contents and temperament of pastoral poetries written by TAO Yuan-ming,by centering on respecting the nature,indifference and optimism,and plainness and authenticity,the paper had analyzed aesthetic ideologies contained in his poetries.On this basis,it had discussed the influence of aesthetic ideology of TAO Yuan-ming on the style of classical gardens in South China,which were quiet and natural,elegant and fresh,simple and plain,and far-reaching in artistic conception.By combining with cases,it pointed out that the poetic prose had been directly quoted as the names of gardens or scenic spots of classical gardens in South China,and showed that the aesthetic ideology of TAO Yuan-ming had set up a successful ideal model for cultural landscapes,producing far-reaching influence on the aesthetic state of mind of gardeners or owners of gardens,further instilling humanistic spirit into classical gardens in South China.

Naturalism in Light in August

William Faulkner is acclaimed as one of the most outstanding American writers of the twentieth century,enjoying a high reputation as a first-rate writer in American literature.Light in August is considered as a masterpiece of Faulkner.With pro found moral significance,minute psychological descriptions and unique narrative techniques,William Faulkner passes his judg ments on the human life and the contradiction of human nature.

Silent Subversion in A Woman On A Roof

This paper centers on the unnamed woman sunbathing on the roof of her own ,using her indifference and silence as rebellion toward the three men's provocation working on another roof, trying to explore women's subversion toward the gender bias and their self-consciousness raising in the society.

In vitro assessment of the synergism between extracts of Cocos nucifera husk and some standard antibiotics

Objective: To evaluate the interactions between the crude extracts of Cocos nucifera(C.nucifera) and six front line antibiotics(ampicillin sodium salt, penicillin G sodium,amoxicillin, chloramphenicol, ciprofloxacin and tetracycline hydrochloride), against some bacterial pathogens linked with human infection.Methods: The pulverized husk of C.nucifera was dissolved in 95% n-hexane and extracted using Soxhlet extraction method and sterile distilled water(aqueous).The antibacterial susceptibility of the crude extracts of C.nucifera was tested against environmental and clinical strains(6) obtained from the South African Bureau of Standards(SABS), Vibrio(6) and Listeria pathogens(6).The agar-well diffusion method was used for screening the extracts for their antibacterial activity.The minimum inhibitory concentration and minimum bactericidal concentration of the extracts were determined.Time-kill assay was used to evaluate bactericidal and/or bacteriostatic activity.The synergistic effect of the crude extracts and antibiotics was assessed and evaluated by adopting the checkerboard methods.Results: With the time-kill assay, the highest bactericidal activity was observed on Vibrio fluvialis EL041 with a-5.6 ± 0.2 log_(10)CFU/mL decrease in cell density as a result of the combination of the extracts and chloramphenicol at two-fold minimum inhibitory concentrations.Synergisms using the time-kill assay constituted about 72%, while indifference constituted about 28%.The checkerboard method revealed synergistic interaction in 67% of the combinations, and indifference in 33%.There was no specificity in the observed synergy to a particular class of antibiotics.Conclusions: This investigation suggests the crude extracts of C.nucifera to be a potential broad spectrum antimicrobial compound.Therefore, further study is needed to isolate the pure compounds from these crude extracts.

An Analysis of Stephen Crane's The Red Badge of Courage

The Red Badge of Courage,the masterpiece of Stephen Crane,was "an episode of the American Civil War".It is written in a naturalistic style which indicates the trend of naturalistic writings in the 20th century in America.As a naturalist novel,it takes survival,determinism,violence,and taboo as key themes,and shows indifference of the natural world.

Outsourcing Service Departments

In a manufacturing company, certain departments can be characterized as production departments and others as service departments. This paper expands and simplifies the results by the author and his co-author （Lowenthal ＆ Malek, 2005; 2013）, by explaining in a simple way how to obtain the fair-price per unit to pay to external suppliers that replace service departments. The paper also proves that replacing several service departments at once produces exactly the same fair-price per unit if they were replaced sequentially.

Employee Stock Options＂ Accounting for Optimal Hedging, Suboptimal Exercises, and Contractual Restrictions

Employee stock options （ESOs） have become an integral component of compensation in the US. In view of their significant cost to firms, the Financial Accounting Standards Board （FASB） has mandated expensing ESOs since 2004. The main difficulty of ESO valuation lies in the uncertain timing of exercises, and a number of contractual restrictions of ESOs further complicate the problem. We present a valuation framework that captures the main characteristics of ESOs. Specifically, we incorporate the holder＇s risk aversion, and hedging strategies that include both dynamic trading of a correlated asset and static positions in market-traded options. Their combined effect on ESO exercises and costs are evaluated along with common features like vesting periods, job termination risk and multiple exercises. This leads to the study of a joint stochastic control and optimal stopping problem. We find that ESO values are much less than the corresponding Black-Scholes prices due to early exercises, which arise from risk aversion and job termination risk; whereas static hedges induce holders to delay exercises and increase ESO costs.

Multidimensional Approach to Suicide Prevention in Jails and Prisons: The Best Defense against Liability Lawsuits

Inmates in jails and prisons are a high-risk group for suicide. Often, legal claims of medical negligence and §1983 based on deliberate indifference by the correctional officials follow. Unique stable and dynamic factors and circumstances and their interaction explain most suicides. A systematic suicide screening using a well-designed suicide screening questionnaire that captures known risk factors will identify most inmates at risk if adequately used. Identification and subsequent mental health assessment set the stage for preventive intervention, monitoring, and treatment of the inmates. A multidimensional suicide prevention program saves not only lives but also the best defense against a liability lawsuit.