Many organizations have now adopted Service Oriented Architecture （SOA） as an architectural style to help them with architecture, design and implementation of their core services and systems. Most of these organizat...Many organizations have now adopted Service Oriented Architecture （SOA） as an architectural style to help them with architecture, design and implementation of their core services and systems. Most of these organizations are challenged in integrating SOA style with their overall Enterprise Architecture work. This framework links an SOA style with the Enterprise Architecture （EA） methodologies to help organizations organize their SOA effort as a key part of their Enterprise Architecture. The case study demonstrates the implementation of architecture goal with organization vision in service oriented organizational structure using services that align Business with Technology. The framework is validated and has reserved the privileges of SOA and EA.展开更多
Abstract Option pricing problem plays an extremely important role in quantitative finance. In com- plete market, Black-Scholes-Merton theory has been central to the development of financial engineering as both discipl...Abstract Option pricing problem plays an extremely important role in quantitative finance. In com- plete market, Black-Scholes-Merton theory has been central to the development of financial engineering as both discipline and profession. However, in incomplete market, there are not any replicating port- folios for those options, and thus, the market traders cannot apply the law of one price for obtaining a unique solution. Fortunately, the authors can get a fair price via local-equilibrium principle. In this paper, the authors apply the stochastic control theory to price the exotic option-barrier options, and analyze the relationship between the price and the current positions. The authors get the explicit expression for the market price of the risk. The position effect plays a significant role in option pricing, because it can tell the trader how many and which direction to trade with the market in order to reach the local equilibrium with the market.展开更多
文摘Many organizations have now adopted Service Oriented Architecture （SOA） as an architectural style to help them with architecture, design and implementation of their core services and systems. Most of these organizations are challenged in integrating SOA style with their overall Enterprise Architecture work. This framework links an SOA style with the Enterprise Architecture （EA） methodologies to help organizations organize their SOA effort as a key part of their Enterprise Architecture. The case study demonstrates the implementation of architecture goal with organization vision in service oriented organizational structure using services that align Business with Technology. The framework is validated and has reserved the privileges of SOA and EA.
基金supported by the National Natural Science Foundation of China under Grant No.9732007CB814901
文摘Abstract Option pricing problem plays an extremely important role in quantitative finance. In com- plete market, Black-Scholes-Merton theory has been central to the development of financial engineering as both discipline and profession. However, in incomplete market, there are not any replicating port- folios for those options, and thus, the market traders cannot apply the law of one price for obtaining a unique solution. Fortunately, the authors can get a fair price via local-equilibrium principle. In this paper, the authors apply the stochastic control theory to price the exotic option-barrier options, and analyze the relationship between the price and the current positions. The authors get the explicit expression for the market price of the risk. The position effect plays a significant role in option pricing, because it can tell the trader how many and which direction to trade with the market in order to reach the local equilibrium with the market.
