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option</title> <meta name="description" content="Search results for: real option"> <meta name="keywords" content="real option"> <meta name="viewport" content="width=device-width, initial-scale=1, minimum-scale=1, maximum-scale=1, user-scalable=no"> <meta charset="utf-8"> <link href="https://cdn.waset.org/favicon.ico" type="image/x-icon" rel="shortcut icon"> <link href="https://cdn.waset.org/static/plugins/bootstrap-4.2.1/css/bootstrap.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/plugins/fontawesome/css/all.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/css/site.css?v=150220211555" rel="stylesheet"> </head> <body> <header> <div class="container"> <nav class="navbar navbar-expand-lg navbar-light"> <a class="navbar-brand" href="https://waset.org"> <img src="https://cdn.waset.org/static/images/wasetc.png" alt="Open Science Research Excellence" title="Open Science Research Excellence" /> </a> <button class="d-block d-lg-none navbar-toggler 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id="custom-search-input"> <div class="input-group"> <i class="fas fa-search"></i> <input type="text" class="search-query" name="q" placeholder="Author, Title, Abstract, Keywords" value="real option"> <input type="submit" class="btn_search" value="Search"> </div> </div> </form> </div> </div> <div class="row mt-3"> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Commenced</strong> in January 2007</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Frequency:</strong> Monthly</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Edition:</strong> International</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Paper Count:</strong> 6094</div> </div> </div> </div> <h1 class="mt-3 mb-3 text-center" style="font-size:1.6rem;">Search results for: real option</h1> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6094</span> Financial Assessment of the Hard Coal Mining in the Chosen Region in the Czech Republic: Real Options Methodology Application</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Miroslav%20%C4%8Cul%C3%ADk">Miroslav Čulík</a>, <a href="https://publications.waset.org/abstracts/search?q=Petr%20Gurn%C3%BD"> Petr Gurný</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper is aimed at the financial assessment of the hard coal mining in a given region by real option methodology application. Hard coal mining in this mine makes net loss for the owner during the last years due to the long-term unfavourable mining conditions and significant drop in the coal prices during the last years. Management is going to shut down the operation and abandon the project to reduce the loss of the company. The goal is to assess whether the shutting down the operation is the only and correct solution of the problem. Due to the uncertainty in the future hard coal price evolution, the production might be again restarted if the price raises enough to cover the cost of the production. For the assessment, real option methodology is applied, which captures two important aspect of the financial decision-making: risk and flexibility. The paper is structured as follows: first, current state is described and problem is analysed. Next, methodology of real options is described. At last, project is evaluated by applying real option methodology. The results are commented and recommendations are provided. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=real%20option" title="real option">real option</a>, <a href="https://publications.waset.org/abstracts/search?q=investment" title=" investment"> investment</a>, <a href="https://publications.waset.org/abstracts/search?q=option%20to%20abandon" title=" option to abandon"> option to abandon</a>, <a href="https://publications.waset.org/abstracts/search?q=option%20to%20shut%20down%20and%20restart" title=" option to shut down and restart"> option to shut down and restart</a>, <a href="https://publications.waset.org/abstracts/search?q=risk" title=" risk"> risk</a>, <a href="https://publications.waset.org/abstracts/search?q=flexibility" title=" flexibility"> flexibility</a> </p> <a href="https://publications.waset.org/abstracts/19375/financial-assessment-of-the-hard-coal-mining-in-the-chosen-region-in-the-czech-republic-real-options-methodology-application" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/19375.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">548</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6093</span> REITs India- New Investment Avenue for Financing Urban Infrastructure in India</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Rajat%20Kapoor">Rajat Kapoor</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Indian Real Estate sector is the second largest employer after agriculture and is slated to grow at 30 percent over the next decade. Indian cities have shown tumultuous growth since last two decades. With the growing need of infrastructure, it has become inevitable for real estate sector to adopt more organized and transparent system of investment. SPVs such as REITs ensure transparency facilitating accessibility to invest in real estate for those who find it difficult to purchase real estate as an investment option with a realistic income expectation from their investment. RIETs or real estate investment trusts is an instrument of pooling funds similar to that of mutual funds. In a simpler term REIT is an Investment Vehicle in the form a trust which holds & manages large commercial rent¬ earning properties on behalf of investors and distributes most of its profit as dividends. REIT enables individual investors to invest their money in commercial real estate assets in a diversified portfolio and on the other hand provides fiscal liquidity to developers as easy exit option and channel funds for new projects. However, the success REIT is very much dependent on the taxation structure making such models attractive and adaptive enough for both developers and investors to opt for such investment option. This paper is intended to capture an overview of REITs with context to Indian real estate scenario. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Indian%20real%20estate" title="Indian real estate">Indian real estate</a>, <a href="https://publications.waset.org/abstracts/search?q=real%20estate%20infrastructure%20trusts" title=" real estate infrastructure trusts"> real estate infrastructure trusts</a>, <a href="https://publications.waset.org/abstracts/search?q=urban%20finance" title=" urban finance"> urban finance</a>, <a href="https://publications.waset.org/abstracts/search?q=infrastructure%20investment%20trusts" title=" infrastructure investment trusts"> infrastructure investment trusts</a> </p> <a href="https://publications.waset.org/abstracts/33069/reits-india-new-investment-avenue-for-financing-urban-infrastructure-in-india" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/33069.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">467</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6092</span> Technology Valuation of Unconventional Gas R&D Project Using Real Option Approach</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Young%20Yoon">Young Yoon</a>, <a href="https://publications.waset.org/abstracts/search?q=Jinsoo%20Kim"> Jinsoo Kim</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The adoption of information and communication technologies (ICT) in all industry is growing under industry 4.0. Many oil companies also are increasingly adopting ICT to improve the efficiency of existing operations, take more accurate and quicker decision making and reduce entire cost by optimization. It is true that ICT is playing an important role in the process of unconventional oil and gas development and companies must take advantage of ICT to gain competitive advantage. In this study, real option approach has been applied to Unconventional gas R&D project to evaluate ICT of them. Many unconventional gas reserves such as shale gas and coal-bed methane(CBM) has developed due to technological improvement and high energy price. There are many uncertainties in unconventional development on the three stage(Exploration, Development, Production). The traditional quantitative benefits-cost method, such as net present value(NPV) is not sufficient for capturing ICT value. We attempted to evaluate the ICT valuation by applying the compound option model; the model is applied to real CBM project case, showing how it consider uncertainties. Variables are treated as uncertain and a Monte Carlo simulation is performed to consider variables effect. Acknowledgement—This work was supported by the Energy Efficiency & Resources Core Technology Program of the Korea Institute of Energy Technology Evaluation and Planning (KETEP) granted financial resource from the Ministry of Trade, Industry & Energy, Republic of Korea (No. 20152510101880) and by the National Research Foundation of Korea Grant funded by the Korean Government (NRF-205S1A3A2046684). <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=information%20and%20communication%20technologies" title="information and communication technologies">information and communication technologies</a>, <a href="https://publications.waset.org/abstracts/search?q=R%26D" title=" R&D"> R&D</a>, <a href="https://publications.waset.org/abstracts/search?q=real%20option" title=" real option"> real option</a>, <a href="https://publications.waset.org/abstracts/search?q=unconventional%20gas" title=" unconventional gas "> unconventional gas </a> </p> <a href="https://publications.waset.org/abstracts/67560/technology-valuation-of-unconventional-gas-rd-project-using-real-option-approach" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/67560.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">229</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6091</span> Option Pricing Theory Applied to the Service Sector</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Luke%20Miller">Luke Miller</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper develops an options pricing methodology to value strategic pricing strategies in the services sector. More specifically, this study provides a unifying taxonomy of current service sector pricing practices, frames these pricing decisions as strategic real options, demonstrates accepted option valuation techniques to assess service sector pricing decisions, and suggests future research areas where pricing decisions and real options overlap. Enhancing revenue in the service sector requires proactive decision making in a world of uncertainty. In an effort to strategically price service products, revenue enhancement necessitates a careful study of the service costs, customer base, competition, legalities, and shared economies with the market. Pricing decisions involve the quality of inputs, manpower, and best practices to maintain superior service. These decisions further hinge on identifying relevant pricing strategies and understanding how these strategies impact a firm’s value. A relatively new area of research applies option pricing theory to investments in real assets and is commonly known as real options. The real options approach is based on the premise that many corporate decisions to invest or divest in assets are simply an option wherein the firm has the right to make an investment without any obligation to act. The decision maker, therefore, has more flexibility and the value of this operating flexibility should be taken into consideration. The real options framework has already been applied to numerous areas including manufacturing, inventory, natural resources, research and development, strategic decisions, technology, and stock valuation. Additionally, numerous surveys have identified a growing need for the real options decision framework within all areas of corporate decision-making. Despite the wide applicability of real options, no study has been carried out linking service sector pricing decisions and real options. This is surprising given the service sector comprises 80% of the US employment and Gross Domestic Product (GDP). Identifying real options as a practical tool to value different service sector pricing strategies is believed to have a significant impact on firm decisions. This paper identifies and discusses four distinct pricing strategies available to the service sector from an options’ perspective: (1) Cost-based profit margin, (2) Increased customer base, (3) Platform pricing, and (4) Buffet pricing. Within each strategy lie several pricing tactics available to the service firm. These tactics can be viewed as options the decision maker has to best manage a strategic position in the market. To demonstrate the effectiveness of including flexibility in the pricing decision, a series of pricing strategies were developed and valued using a real options binomial lattice structure. The options pricing approach discussed in this study allows service firms to directly incorporate market-driven perspectives into the decision process and thus synchronizing service operations with organizational economic goals. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=option%20pricing%20theory" title="option pricing theory">option pricing theory</a>, <a href="https://publications.waset.org/abstracts/search?q=real%20options" title=" real options"> real options</a>, <a href="https://publications.waset.org/abstracts/search?q=service%20sector" title=" service sector"> service sector</a>, <a href="https://publications.waset.org/abstracts/search?q=valuation" title=" valuation"> valuation</a> </p> <a href="https://publications.waset.org/abstracts/46102/option-pricing-theory-applied-to-the-service-sector" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/46102.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">355</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6090</span> Derivation of Fractional Black-Scholes Equations Driven by Fractional G-Brownian Motion and Their Application in European Option Pricing</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Changhong%20Guo">Changhong Guo</a>, <a href="https://publications.waset.org/abstracts/search?q=Shaomei%20Fang"> Shaomei Fang</a>, <a href="https://publications.waset.org/abstracts/search?q=Yong%20He"> Yong He</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In this paper, fractional Black-Scholes models for the European option pricing were established based on the fractional G-Brownian motion (fGBm), which generalizes the concepts of the classical Brownian motion, fractional Brownian motion and the G-Brownian motion, and that can be used to be a tool for considering the long range dependence and uncertain volatility for the financial markets simultaneously. A generalized fractional Black-Scholes equation (FBSE) was derived by using the Taylor’s series of fractional order and the theory of absence of arbitrage. Finally, some explicit option pricing formulas for the European call option and put option under the FBSE were also solved, which extended the classical option pricing formulas given by F. Black and M. Scholes. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=European%20option%20pricing" title="European option pricing">European option pricing</a>, <a href="https://publications.waset.org/abstracts/search?q=fractional%20Black-Scholes%20equations" title=" fractional Black-Scholes equations"> fractional Black-Scholes equations</a>, <a href="https://publications.waset.org/abstracts/search?q=fractional%20g-Brownian%20motion" title=" fractional g-Brownian motion"> fractional g-Brownian motion</a>, <a href="https://publications.waset.org/abstracts/search?q=Taylor%27s%20series%20of%20fractional%20order" title=" Taylor's series of fractional order"> Taylor's series of fractional order</a>, <a href="https://publications.waset.org/abstracts/search?q=uncertain%20volatility" title=" uncertain volatility"> uncertain volatility</a> </p> <a href="https://publications.waset.org/abstracts/127107/derivation-of-fractional-black-scholes-equations-driven-by-fractional-g-brownian-motion-and-their-application-in-european-option-pricing" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/127107.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">163</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6089</span> The Non-Uniqueness of Partial Differential Equations Options Price Valuation Formula for Heston Stochastic Volatility Model</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=H.%20D.%20Ibrahim">H. D. Ibrahim</a>, <a href="https://publications.waset.org/abstracts/search?q=H.%20C.%20Chinwenyi"> H. C. Chinwenyi</a>, <a href="https://publications.waset.org/abstracts/search?q=T.%20Danjuma"> T. Danjuma</a> </p> <p class="card-text"><strong>Abstract:</strong></p> An option is defined as a financial contract that provides the holder the right but not the obligation to buy or sell a specified quantity of an underlying asset in the future at a fixed price (called a strike price) on or before the expiration date of the option. This paper examined two approaches for derivation of Partial Differential Equation (PDE) options price valuation formula for the Heston stochastic volatility model. We obtained various PDE option price valuation formulas using the riskless portfolio method and the application of Feynman-Kac theorem respectively. From the results obtained, we see that the two derived PDEs for Heston model are distinct and non-unique. This establishes the fact of incompleteness in the model for option price valuation. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Black-Scholes%20partial%20differential%20equations" title="Black-Scholes partial differential equations">Black-Scholes partial differential equations</a>, <a href="https://publications.waset.org/abstracts/search?q=Ito%20process" title=" Ito process"> Ito process</a>, <a href="https://publications.waset.org/abstracts/search?q=option%20price%20valuation" title=" option price valuation"> option price valuation</a>, <a href="https://publications.waset.org/abstracts/search?q=partial%20differential%20equations" title=" partial differential equations"> partial differential equations</a> </p> <a href="https://publications.waset.org/abstracts/131307/the-non-uniqueness-of-partial-differential-equations-options-price-valuation-formula-for-heston-stochastic-volatility-model" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/131307.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">145</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6088</span> The Martingale Options Price Valuation for European Puts Using Stochastic Differential Equation Models</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=H.%20C.%20Chinwenyi">H. C. Chinwenyi</a>, <a href="https://publications.waset.org/abstracts/search?q=H.%20D.%20Ibrahim"> H. D. Ibrahim</a>, <a href="https://publications.waset.org/abstracts/search?q=F.%20A.%20Ahmed"> F. A. Ahmed</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In modern financial mathematics, valuing derivatives such as options is often a tedious task. This is simply because their fair and correct prices in the future are often probabilistic. This paper examines three different Stochastic Differential Equation (SDE) models in finance; the Constant Elasticity of Variance (CEV) model, the Balck-Karasinski model, and the Heston model. The various Martingales option price valuation formulas for these three models were obtained using the replicating portfolio method. Also, the numerical solution of the derived Martingales options price valuation equations for the SDEs models was carried out using the Monte Carlo method which was implemented using MATLAB. Furthermore, results from the numerical examples using published data from the Nigeria Stock Exchange (NSE), all share index data show the effect of increase in the underlying asset value (stock price) on the value of the European Put Option for these models. From the results obtained, we see that an increase in the stock price yields a decrease in the value of the European put option price. Hence, this guides the option holder in making a quality decision by not exercising his right on the option. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=equivalent%20martingale%20measure" title="equivalent martingale measure">equivalent martingale measure</a>, <a href="https://publications.waset.org/abstracts/search?q=European%20put%20option" title=" European put option"> European put option</a>, <a href="https://publications.waset.org/abstracts/search?q=girsanov%20theorem" title=" girsanov theorem"> girsanov theorem</a>, <a href="https://publications.waset.org/abstracts/search?q=martingales" title=" martingales"> martingales</a>, <a href="https://publications.waset.org/abstracts/search?q=monte%20carlo%20method" title=" monte carlo method"> monte carlo method</a>, <a href="https://publications.waset.org/abstracts/search?q=option%20price%20valuation%20formula" title=" option price valuation formula"> option price valuation formula</a> </p> <a href="https://publications.waset.org/abstracts/111011/the-martingale-options-price-valuation-for-european-puts-using-stochastic-differential-equation-models" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/111011.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">134</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6087</span> Implied Adjusted Volatility by Leland Option Pricing Models: Evidence from Australian Index Options</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mimi%20Hafizah%20Abdullah">Mimi Hafizah Abdullah</a>, <a href="https://publications.waset.org/abstracts/search?q=Hanani%20Farhah%20Harun"> Hanani Farhah Harun</a>, <a href="https://publications.waset.org/abstracts/search?q=Nik%20Ruzni%20Nik%20Idris"> Nik Ruzni Nik Idris</a> </p> <p class="card-text"><strong>Abstract:</strong></p> With the implied volatility as an important factor in financial decision-making, in particular in option pricing valuation, and also the given fact that the pricing biases of Leland option pricing models and the implied volatility structure for the options are related, this study considers examining the implied adjusted volatility smile patterns and term structures in the S&P/ASX 200 index options using the different Leland option pricing models. The examination of the implied adjusted volatility smiles and term structures in the Australian index options market covers the global financial crisis in the mid-2007. The implied adjusted volatility was found to escalate approximately triple the rate prior the crisis. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=implied%20adjusted%20volatility" title="implied adjusted volatility">implied adjusted volatility</a>, <a href="https://publications.waset.org/abstracts/search?q=financial%20crisis" title=" financial crisis"> financial crisis</a>, <a href="https://publications.waset.org/abstracts/search?q=Leland%20option%20pricing%20models" title=" Leland option pricing models"> Leland option pricing models</a>, <a href="https://publications.waset.org/abstracts/search?q=Australian%20index%20options" title=" Australian index options"> Australian index options</a> </p> <a href="https://publications.waset.org/abstracts/9747/implied-adjusted-volatility-by-leland-option-pricing-models-evidence-from-australian-index-options" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/9747.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">379</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6086</span> Basket Option Pricing under Jump Diffusion Models</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Ali%20Safdari-Vaighani">Ali Safdari-Vaighani</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Pricing financial contracts on several underlying assets received more and more interest as a demand for complex derivatives. The option pricing under asset price involving jump diffusion processes leads to the partial integral differential equation (PIDEs), which is an extension of the Black-Scholes PDE with a new integral term. The aim of this paper is to show how basket option prices in the jump diffusion models, mainly on the Merton model, can be computed using RBF based approximation methods. For a test problem, the RBF-PU method is applied for numerical solution of partial integral differential equation arising from the two-asset European vanilla put options. The numerical result shows the accuracy and efficiency of the presented method. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=basket%20option" title="basket option">basket option</a>, <a href="https://publications.waset.org/abstracts/search?q=jump%20diffusion" title=" jump diffusion"> jump diffusion</a>, <a href="https://publications.waset.org/abstracts/search?q=%E2%80%8Eradial%20basis%20function" title=" ‎radial basis function"> ‎radial basis function</a>, <a href="https://publications.waset.org/abstracts/search?q=RBF-PUM" title=" RBF-PUM"> RBF-PUM</a> </p> <a href="https://publications.waset.org/abstracts/67152/basket-option-pricing-under-jump-diffusion-models" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/67152.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">354</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6085</span> Information Retrieval from Internet Using Hand Gestures</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Aniket%20S.%20Joshi">Aniket S. Joshi</a>, <a href="https://publications.waset.org/abstracts/search?q=Aditya%20R.%20Mane"> Aditya R. Mane</a>, <a href="https://publications.waset.org/abstracts/search?q=Arjun%20Tukaram"> Arjun Tukaram </a> </p> <p class="card-text"><strong>Abstract:</strong></p> In the 21st century, in the era of e-world, people are continuously getting updated by daily information such as weather conditions, news, stock exchange market updates, new projects, cricket updates, sports and other such applications. In the busy situation, they want this information on the little use of keyboard, time. Today in order to get such information user have to repeat same mouse and keyboard actions which includes time and inconvenience. In India due to rural background many people are not much familiar about the use of computer and internet also. Also in small clinics, small offices, and hotels and in the airport there should be a system which retrieves daily information with the minimum use of keyboard and mouse actions. We plan to design application based project that can easily retrieve information with minimum use of keyboard and mouse actions and make our task more convenient and easier. This can be possible with an image processing application which takes real time hand gestures which will get matched by system and retrieve information. Once selected the functions with hand gestures, the system will report action information to user. In this project we use real time hand gesture movements to select required option which is stored on the screen in the form of RSS Feeds. Gesture will select the required option and the information will be popped and we got the information. A real time hand gesture makes the application handier and easier to use. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=hand%20detection" title="hand detection">hand detection</a>, <a href="https://publications.waset.org/abstracts/search?q=hand%20tracking" title=" hand tracking"> hand tracking</a>, <a href="https://publications.waset.org/abstracts/search?q=hand%20gesture%20recognition" title=" hand gesture recognition"> hand gesture recognition</a>, <a href="https://publications.waset.org/abstracts/search?q=HSV%20color%20model" title=" HSV color model"> HSV color model</a>, <a href="https://publications.waset.org/abstracts/search?q=Blob%20detection" title=" Blob detection"> Blob detection</a> </p> <a href="https://publications.waset.org/abstracts/29069/information-retrieval-from-internet-using-hand-gestures" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/29069.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">289</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6084</span> An Application of Bidirectional Option Contract to Coordinate a Dyadic Fashion Apparel Supply Chain </h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Arnab%20Adhikari">Arnab Adhikari</a>, <a href="https://publications.waset.org/abstracts/search?q=Arnab%20Bisi"> Arnab Bisi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Since the inception, the fashion apparel supply chain is facing the problem of high demand uncertainty. Often the demand volatility compels the corresponding supply chain member to incur substantial holding cost and opportunity cost in case of the overproduction and the underproduction scenario, respectively. It leads to an uncoordinated fashion apparel supply chain. There exist several scholarly works to achieve coordination in the fashion apparel supply chain by employing the different contracts such as the buyback contract, the revenue sharing contract, the option contract, and so on. Specially, the application of option contract in the apparel industry becomes prevalent with the changing global scenario. Exploration of existing literature related to the option contract reveals that most of the research works concentrate on the one direction demand adjustment i.e. either to match the demand upwards or downwards. Here, we present a holistic approach to coordinate a dyadic fashion apparel supply chain comprising one manufacturer and one retailer with the help of bidirectional option contract. We show a combination of wholesale price contract and bidirectional option contract can coordinate the under expanded supply chain. We also propose a framework that captures the variation of the apparel retailer’s order quantity and the apparel manufacturer’s production quantity with the changing exercise price for the different ranges of the option price. We analytically explore that corresponding cost parameters of the supply chain members along with the nature of demand distribution play an instrumental role in the coordination as well as the retailer’s ordering decision. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=fashion%20apparel%20supply%20chain" title="fashion apparel supply chain">fashion apparel supply chain</a>, <a href="https://publications.waset.org/abstracts/search?q=supply%20chain%20coordination" title=" supply chain coordination"> supply chain coordination</a>, <a href="https://publications.waset.org/abstracts/search?q=wholesale%20price%20contract" title=" wholesale price contract"> wholesale price contract</a>, <a href="https://publications.waset.org/abstracts/search?q=bidirectional%20option%20contract" title=" bidirectional option contract"> bidirectional option contract</a> </p> <a href="https://publications.waset.org/abstracts/38689/an-application-of-bidirectional-option-contract-to-coordinate-a-dyadic-fashion-apparel-supply-chain" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/38689.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">441</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6083</span> Ways to Spend Time at an Airport before Boarding a Flight</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Amol%20Parikh">Amol Parikh</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The goal of this study is to understand the most preferred ways to spend time at an airport while waiting for a flight to board. Survey was done on 1639 people of the United States of America. In the overall data, it was found that majority people always preferred spending time doing something in their mobile phone. Second most preferred option was reading something, followed by wanting a companion to talk to or to eat/drink. Least preferred option was to eat/drink alone. Overall data was then filtered based on age, gender, income and urban density groups. Percentage of people wanting to use a mobile phone was highest in the age group of 18-24. People aged 45 and above chose reading as the most preferred option. In any of the ranges of income, gender or urban density using mobile phone was the most preferred option. Conclusion of this study is that introducing a mobile app to search for a companion at an airport to do like minded activity would get noticed by majority travelers and would be a business idea worth trying as wanting a companion to talk or eat/drink with is not the least preferred option. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=waiting%20for%20a%20flight" title="waiting for a flight">waiting for a flight</a>, <a href="https://publications.waset.org/abstracts/search?q=airport" title=" airport"> airport</a>, <a href="https://publications.waset.org/abstracts/search?q=mobile%20phone" title=" mobile phone"> mobile phone</a>, <a href="https://publications.waset.org/abstracts/search?q=companion" title=" companion"> companion</a> </p> <a href="https://publications.waset.org/abstracts/50877/ways-to-spend-time-at-an-airport-before-boarding-a-flight" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/50877.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">281</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6082</span> Nonparametric Estimation of Risk-Neutral Densities via Empirical Esscher Transform</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Manoel%20Pereira">Manoel Pereira</a>, <a href="https://publications.waset.org/abstracts/search?q=Alvaro%20Veiga"> Alvaro Veiga</a>, <a href="https://publications.waset.org/abstracts/search?q=Camila%20Epprecht"> Camila Epprecht</a>, <a href="https://publications.waset.org/abstracts/search?q=Renato%20Costa"> Renato Costa</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper introduces an empirical version of the Esscher transform for risk-neutral option pricing. Traditional parametric methods require the formulation of an explicit risk-neutral model and are operational only for a few probability distributions for the returns of the underlying. In our proposal, we make only mild assumptions on the pricing kernel and there is no need for the formulation of the risk-neutral model for the returns. First, we simulate sample paths for the returns under the physical distribution. Then, based on the empirical Esscher transform, the sample is reweighted, giving rise to a risk-neutralized sample from which derivative prices can be obtained by a weighted sum of the options pay-offs in each path. We compare our proposal with some traditional parametric pricing methods in four experiments with artificial and real data. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=esscher%20transform" title="esscher transform">esscher transform</a>, <a href="https://publications.waset.org/abstracts/search?q=generalized%20autoregressive%20Conditional%20Heteroscedastic%20%28GARCH%29" title=" generalized autoregressive Conditional Heteroscedastic (GARCH)"> generalized autoregressive Conditional Heteroscedastic (GARCH)</a>, <a href="https://publications.waset.org/abstracts/search?q=nonparametric%20option%20pricing" title=" nonparametric option pricing"> nonparametric option pricing</a> </p> <a href="https://publications.waset.org/abstracts/20964/nonparametric-estimation-of-risk-neutral-densities-via-empirical-esscher-transform" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/20964.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">489</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6081</span> Econophysics: The Use of Entropy Measures in Finance</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Muhammad%20Sheraz">Muhammad Sheraz</a>, <a href="https://publications.waset.org/abstracts/search?q=Vasile%20Preda"> Vasile Preda</a>, <a href="https://publications.waset.org/abstracts/search?q=Silvia%20Dedu"> Silvia Dedu</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Concepts of econophysics are usually used to solve problems related to uncertainty and nonlinear dynamics. In the theory of option pricing the risk neutral probabilities play very important role. The application of entropy in finance can be regarded as the extension of both information entropy and the probability entropy. It can be an important tool in various financial methods such as measure of risk, portfolio selection, option pricing and asset pricing. Gulko applied Entropy Pricing Theory (EPT) for pricing stock options and introduced an alternative framework of Black-Scholes model for pricing European stock option. In this article, we present solutions to maximum entropy problems based on Tsallis, Weighted-Tsallis, Kaniadakis, Weighted-Kaniadakies entropies, to obtain risk-neutral densities. We have also obtained the value of European call and put in this framework. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=option%20pricing" title="option pricing">option pricing</a>, <a href="https://publications.waset.org/abstracts/search?q=Black-Scholes%20model" title=" Black-Scholes model"> Black-Scholes model</a>, <a href="https://publications.waset.org/abstracts/search?q=Tsallis%20entropy" title=" Tsallis entropy"> Tsallis entropy</a>, <a href="https://publications.waset.org/abstracts/search?q=Kaniadakis%20entropy" title=" Kaniadakis entropy"> Kaniadakis entropy</a>, <a href="https://publications.waset.org/abstracts/search?q=weighted%20entropy" title=" weighted entropy"> weighted entropy</a>, <a href="https://publications.waset.org/abstracts/search?q=risk-neutral%20density" title=" risk-neutral density"> risk-neutral density</a> </p> <a href="https://publications.waset.org/abstracts/55546/econophysics-the-use-of-entropy-measures-in-finance" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/55546.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">303</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6080</span> Cuckoo Search Optimization for Black Scholes Option Pricing</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Manas%20Shah">Manas Shah</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Black Scholes option pricing model is one of the most important concepts in modern world of computational finance. However, its practical use can be challenging as one of the input parameters must be estimated; implied volatility of the underlying security. The more precisely these values are estimated, the more accurate their corresponding estimates of theoretical option prices would be. Here, we present a novel model based on Cuckoo Search Optimization (CS) which finds more precise estimates of implied volatility than Particle Swarm Optimization (PSO) and Genetic Algorithm (GA). <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=black%20scholes%20model" title="black scholes model">black scholes model</a>, <a href="https://publications.waset.org/abstracts/search?q=cuckoo%20search%20optimization" title=" cuckoo search optimization"> cuckoo search optimization</a>, <a href="https://publications.waset.org/abstracts/search?q=particle%20swarm%20optimization" title=" particle swarm optimization"> particle swarm optimization</a>, <a href="https://publications.waset.org/abstracts/search?q=genetic%20algorithm" title=" genetic algorithm"> genetic algorithm</a> </p> <a href="https://publications.waset.org/abstracts/38259/cuckoo-search-optimization-for-black-scholes-option-pricing" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/38259.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">453</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6079</span> A Survey on Positive Real and Strictly Positive Real Scalar Transfer Functions</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mojtaba%20Hakimi-Moghaddam">Mojtaba Hakimi-Moghaddam</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Positive real and strictly positive real transfer functions are important concepts in the control theory. In this paper, the results of researches in these areas are summarized. Definitions together with their graphical interpretations are mentioned. The equivalent conditions in the frequency domain and state space representations are reviewed. Their equivalent electrical networks are explained. Also, a comprehensive discussion about a difference between behavior of real part of positive real and strictly positive real transfer functions in high frequencies is presented. Furthermore, several illustrative examples are given. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=real%20rational%20transfer%20functions" title="real rational transfer functions">real rational transfer functions</a>, <a href="https://publications.waset.org/abstracts/search?q=positive%20realness%20property" title=" positive realness property"> positive realness property</a>, <a href="https://publications.waset.org/abstracts/search?q=strictly%20positive%20realness%20property" title=" strictly positive realness property"> strictly positive realness property</a>, <a href="https://publications.waset.org/abstracts/search?q=equivalent%20conditions" title=" equivalent conditions"> equivalent conditions</a> </p> <a href="https://publications.waset.org/abstracts/44531/a-survey-on-positive-real-and-strictly-positive-real-scalar-transfer-functions" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/44531.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">386</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6078</span> The Real Estate Market Sustainability Concept and Its Implementation in Management of Real Estate Companies</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Linda%20Kau%C5%A1kale">Linda Kauškale</a>, <a href="https://publications.waset.org/abstracts/search?q=Ineta%20Geipele"> Ineta Geipele</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Due to the rapidly changing external environment, portfolio management strategies became closely interconnected with real estate industry development and macroeconomic development tendencies. The aim of the research is to analyze sustainable real estate market development influencing factors, with particular focus on its economic and management aspects that influences real estate investment decisions as well. Scientific literature and article analysis, data analysis, expert evaluation, and other quantitative and qualitative research methods were used in the research. Developed real estate market sustainability model and index analysis approach can be applied by investors and real estate companies in real estate asset management and can help in risk minimization activities in international entrepreneurship. Future research directions have been identified in the research as well. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=indexes" title="indexes">indexes</a>, <a href="https://publications.waset.org/abstracts/search?q=investment%20decisions" title=" investment decisions"> investment decisions</a>, <a href="https://publications.waset.org/abstracts/search?q=real%20estate%20market" title=" real estate market"> real estate market</a>, <a href="https://publications.waset.org/abstracts/search?q=sustainability" title=" sustainability"> sustainability</a> </p> <a href="https://publications.waset.org/abstracts/64130/the-real-estate-market-sustainability-concept-and-its-implementation-in-management-of-real-estate-companies" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/64130.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">360</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6077</span> Random Walks and Option Pricing for European and American Options</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Guillaume%20Leduc">Guillaume Leduc</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In this paper, we describe a broad setting under which the error of the approximation can be quantified, controlled, and for which convergence occurs at a speed of n⁻¹ for European and American options. We describe how knowledge of the error allows for arbitrarily fast acceleration of the convergence. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=random%20walk%20approximation" title="random walk approximation">random walk approximation</a>, <a href="https://publications.waset.org/abstracts/search?q=European%20and%20American%20options" title=" European and American options"> European and American options</a>, <a href="https://publications.waset.org/abstracts/search?q=rate%20of%20convergence" title=" rate of convergence"> rate of convergence</a>, <a href="https://publications.waset.org/abstracts/search?q=option%20pricing" title=" option pricing"> option pricing</a> </p> <a href="https://publications.waset.org/abstracts/23942/random-walks-and-option-pricing-for-european-and-american-options" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/23942.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">463</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6076</span> A Survey on Linear Time Invariant Multivariable Positive Real Systems</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mojtaba%20Hakimi-Moghaddam">Mojtaba Hakimi-Moghaddam</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Positive realness as the most important property of driving point impedance of passive electrical networks appears in the control systems stability theory in 1960’s. There are three important subsets of positive real (PR) systems are introduced by researchers, that is, loos-less positive real (LLPR) systems, weakly strictly positive real (WSPR) systems and strictly positive real (SPR) systems. In this paper, definitions, properties, lemmas, and theorems related to family of positive real systems are summarized. Properties in both frequency domain and state space representation of system are explained. Also, several illustrative examples are presented. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=real%20rational%20matrix%20transfer%20functions" title="real rational matrix transfer functions">real rational matrix transfer functions</a>, <a href="https://publications.waset.org/abstracts/search?q=positive%20realness%20property" title=" positive realness property"> positive realness property</a>, <a href="https://publications.waset.org/abstracts/search?q=strictly%20positive%20realness%20property" title=" strictly positive realness property"> strictly positive realness property</a>, <a href="https://publications.waset.org/abstracts/search?q=Hermitian%20form%20asymptotic%20property" title=" Hermitian form asymptotic property"> Hermitian form asymptotic property</a>, <a href="https://publications.waset.org/abstracts/search?q=pole-zero%20properties" title=" pole-zero properties"> pole-zero properties</a> </p> <a href="https://publications.waset.org/abstracts/72983/a-survey-on-linear-time-invariant-multivariable-positive-real-systems" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/72983.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">274</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6075</span> Personalized Climate Change Advertising: The Role of Augmented Reality (A.R.) Technology in Encouraging Users for Climate Change Action</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mokhlisur%20Rahman">Mokhlisur Rahman</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The growing consensus among scientists and world leaders indicates that immediate action should be considered regarding the climate change phenomenon. However, climate change is no more a global issue but a personal one. Thus, individual participation is necessary to address such a significant issue. Studies show that individuals who perceive climate change as a personal issue are more likely to act toward it. This abstract presents augmented reality (A.R.) technology in the social media platform Facebook video advertising. The idea involves creating a video advertisement that enables users to interact with the video by navigating its features and experiencing the result uniquely and engagingly. This advertisement uses A.R. to bring changes, such as people making changes in real-life scenarios by simple clicks on the video and hearing an instant rewarding fact about their choices. The video shows three options: room, lawn, and driveway. Users select one option and engage in interaction based on while holding the camera in their personal spaces: Suppose users select the first option, room, and hold their camera toward spots such as by the windows, balcony, corners, and even walls. In that case, the A.R. offers users different plants appropriate for those unoccupied spaces in the room. Users can change the options of the plants and see which space at their house deserves a plant that makes it more natural. When a user adds a natural element to the video, the video content explains a piece of beneficiary information about how the user contributes to the world more to be livable and why it is necessary. With the help of A.R., if users select the second option, lawn, and hold their camera toward their lawn, the options are various small trees for their lawn to make it more environmentally friendly and decorative. The video plays a beneficiary explanation here too. Suppose users select the third option, driveway, and hold their camera toward their driveway. In that case, the A.R. video option offers unique recycle bin designs using A.I. measurement of spaces. The video plays audio information on anthropogenic contribution to greenhouse gas emission. IoT embeds tracking code in the video ad on Facebook, which stores the exact number of views in the cloud for data analysis. An online survey at the end collects short qualitative answers. This study helps understand the number of users involved and willing to change their behavior; It makes personalized advertising in social media. Considering the current state of climate change, the urgency for action is increasing. This ad increases the chance to make direct connections with individuals and gives a sense of personal responsibility for climate change to act <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=motivations" title="motivations">motivations</a>, <a href="https://publications.waset.org/abstracts/search?q=climate" title=" climate"> climate</a>, <a href="https://publications.waset.org/abstracts/search?q=iot" title=" iot"> iot</a>, <a href="https://publications.waset.org/abstracts/search?q=personalized-advertising" title=" personalized-advertising"> personalized-advertising</a>, <a href="https://publications.waset.org/abstracts/search?q=action" title=" action"> action</a> </p> <a href="https://publications.waset.org/abstracts/166104/personalized-climate-change-advertising-the-role-of-augmented-reality-ar-technology-in-encouraging-users-for-climate-change-action" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/166104.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">73</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6074</span> Numerical Pricing of Financial Options under Irrational Exercise Times and Regime-Switching Models</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mohammad%20Saber%20Rohi">Mohammad Saber Rohi</a>, <a href="https://publications.waset.org/abstracts/search?q=Saghar%20Heidari"> Saghar Heidari</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In this paper, we studied the pricing problem of American options under a regime-switching model with the possibility of a non-optimal exercise policy (early or late exercise time) which is called an irrational strategy. For this, we consider a Markovmodulated model for the dynamic of the underlying asset as an alternative model to the classical Balck-Scholes-Merton model (BSM) and an intensity-based model for the irrational strategy, to provide more realistic results for American option prices under the irrational behavior in real financial markets. Applying a partial differential equation (PDE) approach, the pricing problem of American options under regime-switching models can be formulated as coupled PDEs. To solve the resulting systems of PDEs in this model, we apply a finite element method as the numerical solving procedure to the resulting variational inequality. Under some appropriate assumptions, we establish the stability of the method and compare its accuracy to some recent works to illustrate the suitability of the proposed model and the accuracy of the applied numerical method for the pricing problem of American options under the regime-switching model with irrational behaviors. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=irrational%20exercise%20strategy" title="irrational exercise strategy">irrational exercise strategy</a>, <a href="https://publications.waset.org/abstracts/search?q=rationality%20parameter" title=" rationality parameter"> rationality parameter</a>, <a href="https://publications.waset.org/abstracts/search?q=regime-switching%20model" title=" regime-switching model"> regime-switching model</a>, <a href="https://publications.waset.org/abstracts/search?q=American%20option" title=" American option"> American option</a>, <a href="https://publications.waset.org/abstracts/search?q=finite%20element%20method" title=" finite element method"> finite element method</a>, <a href="https://publications.waset.org/abstracts/search?q=variational%20inequality" title=" variational inequality"> variational inequality</a> </p> <a href="https://publications.waset.org/abstracts/160801/numerical-pricing-of-financial-options-under-irrational-exercise-times-and-regime-switching-models" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/160801.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">73</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6073</span> Asymmetric Relation between Earnings and Returns</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Seungmin%20Chee">Seungmin Chee</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper investigates which of the two arguments, conservatism or liquidation option, is a true underlying driver of the asymmetric slope coefficient result regarding the association between earnings and returns. The analysis of the relation between earnings and returns in four mutually exclusive settings segmented by ‘profits vs. losses’ and ‘positive returns vs. negative returns’ suggests that liquidation option rather than conservatism is likely to cause the asymmetric slope coefficient result. Furthermore, this paper documents the temporal changes between Basu period (1963-1990) and post-Basu period (1990-2005). Although no significant change in degree of conservatism or value relevance of losses is reported, stronger negative relation between losses and positive returns is observed in the post-Basu period. Separate regression analysis of each quintile based on the rankings of price to sales ratio and book to market ratio suggests that the strong negative relation is driven by growth firms. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=conservatism" title="conservatism">conservatism</a>, <a href="https://publications.waset.org/abstracts/search?q=earnings" title=" earnings"> earnings</a>, <a href="https://publications.waset.org/abstracts/search?q=liquidation%20option" title=" liquidation option"> liquidation option</a>, <a href="https://publications.waset.org/abstracts/search?q=returns" title=" returns"> returns</a> </p> <a href="https://publications.waset.org/abstracts/25149/asymmetric-relation-between-earnings-and-returns" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/25149.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">373</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6072</span> Passive and Active Spatial Pendulum Tuned Mass Damper with Two Tuning Frequencies</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=W.%20T.%20A.%20Mohammed">W. T. A. Mohammed</a>, <a href="https://publications.waset.org/abstracts/search?q=M.%20Eltaeb"> M. Eltaeb</a>, <a href="https://publications.waset.org/abstracts/search?q=R.%20Kashani"> R. Kashani</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The first bending modes of tall asymmetric structures in the two lateral X and Y-directions have two different natural frequencies. To add tuned damping to these bending modes, one needs to either a) use two pendulum-tuned mass dampers (PTMDs) with one tuning frequency, each PTMD targeting one of the bending modes, or b) use one PTMD with two tuning frequencies (one in each lateral directions). Option (a), being more massive, requiring more space, and being more expensive, is less attractive than option (b). Considering that the tuning frequency of a pendulum depends mainly on the pendulum length, one way of realizing option (b) is by constraining the swinging length of the pendulum in one direction but not in the other; such PTMD is dubbed passive Bi-PTMD. Alternatively, option (b) can be realized by actively setting the tuning frequencies of the PTMD in the two directions. In this work, accurate physical models of passive Bi-PTMD and active PTMD are developed and incorporated into the numerical model of a tall asymmetric structure. The model of PTMDs plus structure is used for a)synthesizing such PTMDs for particular applications and b)evaluating their damping effectiveness in mitigating the dynamic lateral responses of their target asymmetric structures, perturbed by wind load in X and Y-directions. Depending on how elaborate the control scheme is, the active PTMD can either be made to yield the same damping effectiveness as the passive Bi-PTMD of the same size or the passive Bi-TMD twice as massive as the active PTMD. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=active%20tuned%20mass%20damper" title="active tuned mass damper">active tuned mass damper</a>, <a href="https://publications.waset.org/abstracts/search?q=high-rise%20building" title=" high-rise building"> high-rise building</a>, <a href="https://publications.waset.org/abstracts/search?q=multi-frequency%20tuning" title=" multi-frequency tuning"> multi-frequency tuning</a>, <a href="https://publications.waset.org/abstracts/search?q=vibration%20control" title=" vibration control"> vibration control</a> </p> <a href="https://publications.waset.org/abstracts/164535/passive-and-active-spatial-pendulum-tuned-mass-damper-with-two-tuning-frequencies" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/164535.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">105</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6071</span> Cultivation of Stenocereus Spp. as an Option to Reduce Crop Loss Problems in High Marginalization States in Mexico</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Abraham%20Castro-Alvarez">Abraham Castro-Alvarez</a>, <a href="https://publications.waset.org/abstracts/search?q=Luisaldo%20Sandate-Flores"> Luisaldo Sandate-Flores</a>, <a href="https://publications.waset.org/abstracts/search?q=Roberto%20Parra-Saldivar"> Roberto Parra-Saldivar</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The losing of crops during the whole production process is a problem that is affecting farmers in the whole world, as climate change affects the weather behavior. Stenocereus spp. is a tropical, exotic and endemic columnar cacti, it produces a colored and expensive fruit known how “pitaya”. The quality and value of the fruit, these species represent an attractive option for economical development in arid and semi-arid regions. This fruits are produced in Mexico, mainly in 4 regions, Mixteca Oaxaca-Puebla, Michoacan, Sinaloa-Sonora, Jalisco-Zacatecas. Pitaya can be an option to try mixed crop in this states due to the resistance to hard weather conditions. And also because of the marginalization problems that exist in these townships. As defined by the Population National Council it consists in the absence of development opportunities and the lack of capacity to get them. According to an analysis done in EsriPress ArcGis 10.1 the potential area in the country is almost the half of the territory being the total area of Mexico 1,965,249 km2 and the area with potential to produce pitaya 960,527 km2. This area covers part of the most affected townships that also have a few options of maize varieties making even harder the production of maize and exposing farmers to crop losing if conditions are good enough. Making pitaya a good option for these farmers to have an economic backup in their productions. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=maize" title="maize">maize</a>, <a href="https://publications.waset.org/abstracts/search?q=pitaya" title=" pitaya"> pitaya</a>, <a href="https://publications.waset.org/abstracts/search?q=rain%20fed" title=" rain fed"> rain fed</a>, <a href="https://publications.waset.org/abstracts/search?q=Stenocereus" title=" Stenocereus"> Stenocereus</a> </p> <a href="https://publications.waset.org/abstracts/27410/cultivation-of-stenocereus-spp-as-an-option-to-reduce-crop-loss-problems-in-high-marginalization-states-in-mexico" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/27410.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">318</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6070</span> Real Interest Rates and Real Returns of Agricultural Commodities in the Context of Quantitative Easing</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Wei%20Yao">Wei Yao</a>, <a href="https://publications.waset.org/abstracts/search?q=Constantinos%20Alexiou"> Constantinos Alexiou</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In the existing literature, many studies have focused on the implementation and effectiveness of quantitative easing (QE) since 2008, but only a few have evaluated QE’s effect on commodity prices. In this context, by following Frankel’s (1986) commodity price overshooting model, we study the dynamic covariation between the expected real interest rates and six agricultural commodities’ real returns over the period from 2000:1 to 2018 for the US economy. We use wavelet analysis to investigate the causal relationship and co-movement of time series data by calculating the coefficient of determination in different frequencies. We find that a) US unconventional monetary policy may cause more positive and significant covariation between the expected real interest rates and agricultural commodities’ real returns over the short horizons; b) a lead-lag relationship that runs from agricultural commodities’ real returns to the expected real short-term interest rates over the long horizons; and c) a lead-lag relationship from agricultural commodities’ real returns to the expected real long-term interest rates over short horizons. In the realm of monetary policy, we argue that QE may shift the negative relationship between most commodities’ real returns and the expected real interest rates to a positive one over a short horizon. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=QE" title="QE">QE</a>, <a href="https://publications.waset.org/abstracts/search?q=commodity%20price" title=" commodity price"> commodity price</a>, <a href="https://publications.waset.org/abstracts/search?q=interest%20rate" title=" interest rate"> interest rate</a>, <a href="https://publications.waset.org/abstracts/search?q=wavelet%20coherence" title=" wavelet coherence"> wavelet coherence</a> </p> <a href="https://publications.waset.org/abstracts/160778/real-interest-rates-and-real-returns-of-agricultural-commodities-in-the-context-of-quantitative-easing" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/160778.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">89</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6069</span> Real-Time Visualization Using GPU-Accelerated Filtering of LiDAR Data</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Sa%C5%A1o%20Pe%C4%8Dnik">Sašo Pečnik</a>, <a href="https://publications.waset.org/abstracts/search?q=Borut%20%C5%BDalik"> Borut Žalik</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper presents a real-time visualization technique and filtering of classified LiDAR point clouds. The visualization is capable of displaying filtered information organized in layers by the classification attribute saved within LiDAR data sets. We explain the used data structure and data management, which enables real-time presentation of layered LiDAR data. Real-time visualization is achieved with LOD optimization based on the distance from the observer without loss of quality. The filtering process is done in two steps and is entirely executed on the GPU and implemented using programmable shaders. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=filtering" title="filtering">filtering</a>, <a href="https://publications.waset.org/abstracts/search?q=graphics" title=" graphics"> graphics</a>, <a href="https://publications.waset.org/abstracts/search?q=level-of-details" title=" level-of-details"> level-of-details</a>, <a href="https://publications.waset.org/abstracts/search?q=LiDAR" title=" LiDAR"> LiDAR</a>, <a href="https://publications.waset.org/abstracts/search?q=real-time%20visualization" title=" real-time visualization"> real-time visualization</a> </p> <a href="https://publications.waset.org/abstracts/16857/real-time-visualization-using-gpu-accelerated-filtering-of-lidar-data" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/16857.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">308</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6068</span> Robust Numerical Scheme for Pricing American Options under Jump Diffusion Models</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Salah%20Alrabeei">Salah Alrabeei</a>, <a href="https://publications.waset.org/abstracts/search?q=Mohammad%20Yousuf"> Mohammad Yousuf</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The goal of option pricing theory is to help the investors to manage their money, enhance returns and control their financial future by theoretically valuing their options. However, most of the option pricing models have no analytical solution. Furthermore, not all the numerical methods are efficient to solve these models because they have nonsmoothing payoffs or discontinuous derivatives at the exercise price. In this paper, we solve the American option under jump diffusion models by using efficient time-dependent numerical methods. several techniques are integrated to reduced the overcome the computational complexity. Fast Fourier Transform (FFT) algorithm is used as a matrix-vector multiplication solver, which reduces the complexity from O(M2) into O(M logM). Partial fraction decomposition technique is applied to rational approximation schemes to overcome the complexity of inverting polynomial of matrices. The proposed method is easy to implement on serial or parallel versions. Numerical results are presented to prove the accuracy and efficiency of the proposed method. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=integral%20differential%20equations" title="integral differential equations">integral differential equations</a>, <a href="https://publications.waset.org/abstracts/search?q=jump%E2%80%93diffusion%20model" title=" jump–diffusion model"> jump–diffusion model</a>, <a href="https://publications.waset.org/abstracts/search?q=American%20options" title=" American options"> American options</a>, <a href="https://publications.waset.org/abstracts/search?q=rational%20approximation" title=" rational approximation"> rational approximation</a> </p> <a href="https://publications.waset.org/abstracts/125266/robust-numerical-scheme-for-pricing-american-options-under-jump-diffusion-models" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/125266.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">119</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6067</span> A Computational Study of the Effect of Intake Design on Volumetric Efficiency for Best Performance in Motorsport</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Dominic%20Wentworth-Linton">Dominic Wentworth-Linton</a>, <a href="https://publications.waset.org/abstracts/search?q=Shian%20Gao"> Shian Gao</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This project was aimed at investigating the effect of velocity stacks on the intakes of internal combustion engines for motorsport applications. The intake systems in motorsport are predominantly fuel injection with a plate mounted for the stacks. Using Computational Fluid Dynamics software, the relationship between the stack length and power and torque delivery across the engine’s rev range was investigated and the results were used to choose the best option for its intended motorsport discipline. The test results are expected to vary with engine geometry and its natural manufacturer characteristics. The test was also relevant in bridging between computational data and real simulation as the results show flow, pressure and velocity readings but the behaviour of the engine is inferred from the nature of each test. The results of the data analysis were tested in a real-life simulation on a dynamometer to prove the theory of stack length on power and torque delivery, which helps determine the most suitable stack for the Vauxhall engine for rallying in the Caribbean. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=CFD%20simulation" title="CFD simulation">CFD simulation</a>, <a href="https://publications.waset.org/abstracts/search?q=Internal%20combustion%20engine" title=" Internal combustion engine"> Internal combustion engine</a>, <a href="https://publications.waset.org/abstracts/search?q=Intake%20system" title=" Intake system"> Intake system</a>, <a href="https://publications.waset.org/abstracts/search?q=Dynamometer%20test" title=" Dynamometer test"> Dynamometer test</a> </p> <a href="https://publications.waset.org/abstracts/70308/a-computational-study-of-the-effect-of-intake-design-on-volumetric-efficiency-for-best-performance-in-motorsport" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/70308.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">283</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6066</span> The Relationship between Urbanization and the Rapid Development of Real Estate Industry in China: Taking Chongqing as an Example</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Deng%20Tingting">Deng Tingting</a> </p> <p class="card-text"><strong>Abstract:</strong></p> There is a very close interaction between the rapid development of the real estate industry and regional urbanization. The real estate problem can be boiled down to the problem of urbanization, in essence. The growth of hundreds of millions of people in the future will determine the development of low-level demand in the real estate market. At the same time, the practical problems of urbanization also seriously restrict the healthy development of real estate itself. The latter two interact with each other by adjusting the industrial structure, economic aggregate, regional population flow, and many other linkage factors. Through the case analysis of Chongqing, this paper finds that the urbanization of Chongqing and the overall development level of the real estate industry are still in the stage of development and upgrading, and its development potential and future development and application space are still very large. Therefore, from the perspective of the regional economy, studying the interaction between the two is of great significance to accelerate the process of urbanization in Chongqing, promote the healthy development of the real estate industry, and promote the rapid growth of the regional economy. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=urbanization" title="urbanization">urbanization</a>, <a href="https://publications.waset.org/abstracts/search?q=demographics" title=" demographics"> demographics</a>, <a href="https://publications.waset.org/abstracts/search?q=real%20estate" title=" real estate"> real estate</a>, <a href="https://publications.waset.org/abstracts/search?q=interrelationships" title=" interrelationships"> interrelationships</a> </p> <a href="https://publications.waset.org/abstracts/158200/the-relationship-between-urbanization-and-the-rapid-development-of-real-estate-industry-in-china-taking-chongqing-as-an-example" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/158200.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">130</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">6065</span> Payment for Pain: Differences between Hypothetical and Real Preferences</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=J.%20Trarbach">J. Trarbach</a>, <a href="https://publications.waset.org/abstracts/search?q=S.%20Schosser"> S. Schosser</a>, <a href="https://publications.waset.org/abstracts/search?q=B.%20Vogt"> B. Vogt</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Decision-makers tend to prefer the first alternative over subsequent alternatives which is called the <em>primacy effect</em>. To reliably measure this effect, we conducted an experiment with real consequences for preference statements. Therefore, we elicit preferences of subjects using a rating scale, i.e. hypothetical preferences, and willingness to pay, i.e. real preferences, for two sequences of pain. Within these sequences, both overall intensity and duration of pain are identical. Hence, a rational decision-maker should be indifferent, whereas the primacy effect predicts a stronger preference for the first sequence. What we see is a primacy effect only for hypothetical preferences. This effect vanishes for real preferences. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=decision%20making" title="decision making">decision making</a>, <a href="https://publications.waset.org/abstracts/search?q=primacy%20effect" title=" primacy effect"> primacy effect</a>, <a href="https://publications.waset.org/abstracts/search?q=real%20incentives" title=" real incentives"> real incentives</a>, <a href="https://publications.waset.org/abstracts/search?q=willingness%20to%20pay" title=" willingness to pay"> willingness to pay</a> </p> <a href="https://publications.waset.org/abstracts/65259/payment-for-pain-differences-between-hypothetical-and-real-preferences" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/65259.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">294</span> </span> </div> </div> <ul class="pagination"> <li class="page-item disabled"><span class="page-link">&lsaquo;</span></li> <li class="page-item active"><span class="page-link">1</span></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=real%20option&page=2">2</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=real%20option&page=3">3</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=real%20option&page=4">4</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=real%20option&page=5">5</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=real%20option&page=6">6</a></li> <li class="page-item"><a class="page-link" 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