General optimized lower and upper bounds for discrete and continuous arithmetic Asian options

We propose an accurate method for pricing arithmetic Asian options on the discrete or continuous average in a general model setting by means of a lower bound approximation. In particular, we derive analytical expressions for the lower bound in the Fourier domain. This is then recovered by a single univariate inversion and sharpened using an optimization technique. In addition, we derive an upper bound to the error from the lower bound price approximation. Our proposed method can be applied to computing the prices and price sensitivities of Asian options with fixed or floating strike price, discrete or continuous averaging, under a wide range of stochastic dynamic models, including exponential Lévy models, stochastic volatility models, and the constant elasticity of variance diffusion. Our extensive numerical experiments highlight the notable performance and robustness of our optimized lower bound for different test cases

Modélisation, évaluation et contrôle d'une chaîne de traitement d'images routières

·La mise au point d'une chaîne complète de traitement d'image (CTI) est toujours très délicate. Jusqu'à présent la communauté s'est intéressée à l'évaluation d'algorithmes isolés, sur un petit nombre d'image test et avec un réglage adhoc des paramètres indépendant des données d'entrée. Nous montrons ici comment en combinant la modélisation statistique par plans d'expérience, l'optimisation numérique et l'apprentissage neuronal, on peut élaborer une CTI adaptative performante. Il faut aussi pour cela disposer d'une base d'images conséquente, être capable de caractériser en entrée les images brutes et enfin évaluer les sorties de la CTI. Nous montrons comment, dans le cas d'une CTI dédiée à la détection d'obstacles routiers, cette méthodologie expérimentale et l'architecture logicielle associée, assurent en permanence l'efficacité des traitements. L'explication en est simple: la CTI est optimisée dans sa globalité, à partir d'un grand nombre d'images test réelles et en adaptant les traitements aux données d'entrée

The ATLAS TRT electronics

The ATLAS inner detector consists of three sub-systems: the pixel detector spanning the radius range 4cm-20cm, the semiconductor tracker at radii from 30 to 52 cm, and the transition radiation tracker (TRT), tracking from 56 to 107 cm. The TRT provides a combination of continuous tracking with many projective measurements based on individual drift tubes (or straws) and of electron identification based on transition radiation from fibres or foils interleaved between the straws themselves. This paper describes the on and off detector electronics for the TRT as well as the TRT portion of the data acquisition (DAQ) system

The ATLAS Transition Radiation Tracker (TRT) proportional drift tube: design and performance

A straw proportional counter is the basic element of the ATLAS Transition Radiation Tracker (TRT). Its detailed properties as well as the main properties of a few TRT operating gas mixtures are described. Particular attention is paid to straw tube performance in high radiation conditions and to its operational stability

Combined performance tests before installation of the ATLAS Semiconductor and Transition Radiation Tracking Detectors

The ATLAS (A Toroidal LHC ApparatuS) Inner Detector provides charged particle tracking in the centre of the ATLAS experiment at the Large Hadron Collider (LHC). The Inner Detector consists of three subdetectors: the Pixel Detector, the Semiconductor Tracker (SCT), and the Transition Radiation Tracker (TRT). This paper summarizes the tests that were carried out at the final stage of SCT+TRT integration prior to their installation in ATLAS. The combined operation and performance of the SCT and TRT barrel and endcap detectors was investigated through a series of noise tests, and by recording the tracks of cosmic rays. This was a crucial test of hardware and software of the combined tracker detector systems. The results of noise and cross-talk tests on the SCT and TRT in their final assembled configuration, using final readout and supply hardware and software, are reported. The reconstruction and analysis of the recorded cosmic tracks allowed testing of the offline analysis chain and verification of basic tracker performance parameters, such as efficiency and spatial resolution, in combined operation before installation

The Effects of Technology-as-Knowledge on the Economic Performance of Developing Countries: An Econometric Analysis using Annual Publications Data for Botswana, Namibia, and South Africa, 1976-2004

Extant literature indicates that technology, and by implication its underlying knowledge base, determines long-run economic performance. Absent from the literature with respect to developing countries are quantitative assessments of the nexus between technology as knowledge and economic performance. This paper imposes a simple production function on annual pooled observations on Botswana, Namibia, and South Africa over the 1976-2004 period to estimate the marginal impacts of technology as knowledge on economic performance. It finds that capital (k), openness to trade (τ), and even the share of government expenditure of GDP (G) among other factors, influence economic performance. However, the economic performance of countries like Botswana, Namibia, and South Africa depends largely on technology, technological change, and the basic knowledge that forms the foundation for both. For instance, measured as a homogenous “manna from heaven”, technology is the strongest determinant of real per capita income of the three nations. The strength of technology as a determinant of performance depends on the knowledge underpinnings of technology measured as the number of publications (Q, q). Both Q and q are strongly correlated with the countries’ performance. This suggests that the “social capability” and “technological congruence” of these countries are improving, and that developing countries like Botswana, Namibia, and South Africa gain from increased investment in knowledge-building activities including publishing. Obviously there is room for strengthening results, but this analysis has succeeded in producing a testable hypothesis

Determinants of software piracy under risk aversion:a model with empirical evidence

This paper studies the determinants of software piracy in world economies from a risk avoidance perspective. A risk aversion model for the commercialization of pirated software is developed to account for behavioral elements of risk and uncertainty avoidance among countries’ software pirates (i.e., counterfeiters and suppliers) and test empirically for the effects of country characteristics on piracy levels. Panel regression analysis is conducted to identify the determinants of software piracy using this model on a data set of 87 countries during 2007–2011. The empirical results confirm those obtained in prior research (e.g., the inverted U-shaped relationship between GDP per capita and piracy rates) but divulge that the behavioral-country component capturing the attitudes towards risk of software pirates improves the explanatory power of the statistical regressions after controlling for country performance and institutional factors. We also show that human development and good country governance reduce piracy rates. Besides providing support for our risk aversion-based piracy model and hinting at the need to consider population behavior in policy-making, these findings underline the relevance of human development and country institutions in explaining software piracy rates

Agriculture liberalization, Migration and Taxes

al Akhawayn University of Ifrane, Morroc