none

No description available.

The extensive alteration of global ecosystems, especially the changes caused by globalized and industrialized economic development activities over the last fifty years, have urged for a better understanding of the human-in-nature management system. Bangladesh, a densely populated developing country, is witnessing rapid environmental degradation while passing through different phases of industrial growth. Leather, one of the oldest industries in this country, provides a very positive picture in the country’s national economy and at the same time produces severe ecological and social crisis in a mutually reinforcing way. At first sight, it seems to fit the SES concept of social ecological trap. The previous scientific studies on ‘Hazaribagh’ leather processing unit in Bangladesh have investigated social, economic, ecological and stakeholder’s perspectives but did not address the pathway that has shaped the present situation. The objective of this case study was therefore to explore the reasons why change of this ‘Hazaribagh system’ has been impeded for so long and if the social-ecological trap concept could help to clarify the reasons for the chronic delay of the relocation of ‘Hazaribagh’ leather processing unit. This study has observed, through a historical investigation that a path dependent social ecological trap situation is persisting in the ‘Hazaribagh system’ where the economic opportunity is playing the role as a juncture between the phases of the process; and power mechanism and the disconnected SES has influenced and strengthened the claim. This study has also addressed some other underlying substantial social issues, which are influencing the process and might contribute to outline further research, and consequently provide insight to escape from the trap situation.

Under path dependent consideration, we discuss vulnerable option pricing problem. Two pricing models are proposed: Model(1) use stepwise regression and Monte Carlo simulation, and Model(2) is based on multi-level regression method. Since the option price was approximated by quadratic surface at each time point in Model(1), large mean square errors are induced. Therefore, we further propose a stepwise subset regression method to improve Model(1) approach. At present, this proposed method can compute the option price accurately for no credit risk options. For Model(2), we utilize a multi-level regression method to price vulnerable options, and simulation results show that the method can also obtain accurate option prices.

This dissertation presents a novel methodology to examine the evolution of green production capabilities for 226 countries between 2003 and 2017 based on spillovers between the sectors. It identifies the growth potential of sectors and the key sectors driving the spillovers of production capabilities. Moreover, it delves into the patterns observed in the evolution of these capabilities, considering the diverse economic classifications. Lastly, it focuses on 72 developing countries that face unique challenges in pursuing green economic growth, exploring the effect of technological innovations on the spillovers of production capabilities within their green sectors. Three key hypotheses are investigated: the first is how non-green production capabilities significantly contribute to the spillovers of production capabilities into green sectors. Second is how spillovers of production capabilities from the green sectors follow a path-defying evolution pattern, while those from the non-green sectors adhere to a path-dependent evolution. Third is how technological innovations have a positive and significant effect on the spillovers of existing non-green production capabilities into green sectors but have no significant effect on the spillovers of production capabilities between green sectors. Using a novel methodology, the 'Green Sector Space,' statistical analysis, and Partial Least Square Structural Equation Modeling, the findings highlight significant disparities in green production capabilities in developing economies compared to other economic classifications. Additionally, non-green sectors' significant and dominant role in driving the spillovers of production capabilities into the green sectors, with a significantly higher dominance observed in developing countries. Finally, the results underscore how technological innovations have a significant and positive effect on the spillovers of production capabilities from non-green to green sectors in developing countries, which exhibits a path-dependent evolution pattern. Conversely, does not affect the spillovers between the green sectors. Recommendations are also provided in developing countries to leverage technological innovations in accelerating their green growth.

Diplomová práce primárně řeší zda jsou exotické opce vhodné pro zajištění kurzových rizik a přináší návrh vhodné aplikace exotických opcí. Práce je zaměřena na úzkou skupinu exotických opcí, tzv. Path-Dependent opce. Tři často používané typy těchto opcí jsou analyzovány a testovány jak mezi sebou tak pro lepší porovnání i s klasickou vanilla opcí. Hlavním výstupem diplomové práce je návrh vhodného využití testovaných exotických opcí.

The objective of this thesis is the implementation of Monte Carlo and quasi-Monte Carlo methods for the valuation of financial derivatives. Advantages and disadvantages of each method are stated based on both the literature and on independent computational experiments by the author. Various methods to generate pseudo-random and quasi-random sequences are implemented in a computationally uniform way to enable objective comparisons. Code is developed in VBA and C++, with the C++ code converted to a COM object to make it callable from Microsoft Excel and Matlab. From the simulated random sequences Brownian motion paths are built using various constructions and variance-reduction techniques including Brownian Bridge and Latin hypercube. The power and efficiency of the methods is compared on four financial securities pricing problems: European options, Asian options, barrier options and mortgage-backed securities. In this paper a detailed step-by-step algorithm is given for each method (construction of pseudo- and quasi-random sequences, Brownian motion paths for some stochastic processes, variance- and dimension- reduction techniques, evaluation of some financial securities using different variance-reduction techniques etc).

Since the dawn of the capitalist epoch, most advanced countries have seen more than a hundred fold change in their total products. This combined with a near five fold change in population size had brought a huge windfall of wealth in these countries. The main engine for this capitalist machine has been the accelaration of technical progress (Maddison, 1982). In this paper we investigate for the positive relationship between the existing stock of technology and accelaration of technical progress. We use the time series data from 1982-2002 to test our regression model. The model encapsulates annual patents turnover (proxy for acceleration of technical progress), patent stock (proxy for technological stock) and R&D expenditures of four advanced countries as the primary variables, where the former acts as the dependent variable and the later two act as the determinant variables. The model projects a highly significant positive relationship between technology stock and the pace of technological progress, endorsing our hypothesis.

<p>Since the dawn of the capitalist epoch, most advanced countries have seen more than a hundred fold change in their total products. This combined with a near five fold change in population size had brought a huge windfall of wealth in these countries. The main engine for this capitalist machine has been the accelaration of technical progress (Maddison, 1982). In this paper we investigate for the positive relationship between the existing stock of technology and accelaration of technical progress. We use the time series data from 1982-2002 to test our regression model. The model encapsulates annual patents turnover (proxy for acceleration of technical progress), patent stock (proxy for technological stock) and R&D expenditures of four advanced countries as the primary variables, where the former acts as the dependent variable and the later two act as the determinant variables. The model projects a highly significant positive relationship between technology stock and the pace of technological progress, endorsing our hypothesis.</p>

Thesis (MComm (Statistics and Actuarial Science))--University of Stellenbosch, 2007. / The use of options on various stock markets over the world has introduced a unique opportunity for investors to hedge, speculate, create synthetic financial instruments and reduce funding and other costs in their trading strategies. The power of options lies in their versatility. They enable an investor to adapt or adjust her position according to any situation that arises. Another benefit of using options is that they provide leverage. Since options cost less than stock, they provide a high-leverage approach to trading that can significantly limit the overall risk of a trade, or provide additional income. This versatility and leverage, however, come at a price. Options are complex securities and can be extremely risky. In this document several aspects of trading and valuing some exotic options are investigated. The aim is to give insight into their uses and the risks involved in their trading. Two volatility-dependent derivatives, namely compound and chooser options; two path-dependent derivatives, namely barrier and Asian options; and lastly binary options, are discussed in detail. The purpose of this study is to provide a reference that contains both the mathematical derivations and detail in valuating these exotic options, as well as an overview of their applicability and use for students and other interested parties.