Digital Average Price Option (DAPO)

2017 ◽  
Author(s):  
Joe W. Byers
Keyword(s):  
Average Price ◽  
Price Option

A MOMENT MATCHING APPROACH TO THE VALUATION OF A VOLUME WEIGHTED AVERAGE PRICE OPTION

2007 ◽  
Vol 10 (01) ◽  
pp. 95-110 ◽  
Author(s):  
ANTONY WILLIAM STACE
Keyword(s):  
Lognormal Distribution ◽  
Market Price ◽  
Weighted Average ◽  
Moment Matching ◽  
Average Price ◽  
Final Time ◽  
Price Of Risk ◽  
Analogous Manner ◽  
Digital Options ◽  
Price Option

In this paper we develop a method to find the price of several options whose payoff depends on a volume weighted average price (VWAP). Fixed and floating strike VWAP, together with digital VWAP contracts are considered. Throughout we assume that the stock follows a geometric Brownian motion and the rate of trades evolves as a mean reverting process. It is assumed that the VWAP at the final time has a lognormal distribution. The parameters of the approximating lognormal distribution are obtained by matching the first two moments of the volume weighted average price with a lognormal process. A price is then obtained for the fixed strike and digital options when the market price of risk is a constant. We concentrate on the price for calls, prices for puts can be obtained in an analogous manner.

Establishment and Production Costs for Peach Orchards in Florida: Enterprise Budget and Profitability Analysis

EDIS ◽  
2017 ◽  
Vol 2017 (4) ◽  
Author(s):  
Ariel Singerman ◽  
Marina Burani Arouca ◽  
Mercy A. Olmstead
Keyword(s):  
Discount Rate ◽  
Production Costs ◽  
Fixed Costs ◽  
Average Price ◽  
Land Preparation ◽  
Profitability Analysis ◽  
Enterprise Budget ◽  
Marketable Fruit ◽  
Peach Orchard

The article summarizes the establishment and production costs, as well as the potential profitability of a peach orchard in Florida. Our findings show the initial investment required for a peach operation in Florida to be $6,457 per acre; the expense in land preparation and planting alone in year 1 is $2,541 per acre. Variable and fixed costs in years 2 through 15 average $5,680 per acre. As an example of profitability, when using a 10% discount rate, an operation yielding 6,525 (7,254) pounds of marketable fruit per acre during its most productive years obtains a positive NPV when the average price is $2.38 ($2.13) per pound.

A method of pricing an asset lost in a mining catastrophe / Metoda wyceny środka trwałego utraconego w wyniku katastrofy górniczej

2012 ◽  
Vol 57 (3) ◽  
pp. 799-814 ◽  
Author(s):  
Marian Turek ◽  
Aneta Michalak
Keyword(s):  
Market Analysis ◽  
Replacement Cost ◽  
Average Price ◽  
Pair Comparison

Abstract The authors of the paper present a problem of pricing assets lost in result of mining catastrophes. In the subsequent steps of a pricing procedure the Authors suggest a methodology of an asset identification in relation to its technical, functional and environmental wear and particular methods of calculating its value. In the paper there were market, property and income method included, it especially concerned the technique of pair comparison, average price correction and statistical market analysis as well as the technique of replacement cost, reconstruction cost and investment method.

scholarly journals A Panel Data Estimation of Domestic Water Demand with IRT Tariff Structure: The Case of the City of Valencia (Spain)

2021 ◽  
Vol 13 (3) ◽  
pp. 1414
Author(s):  
Mónica Madonado-Devis ◽  
Vicent Almenar-Llongo
Keyword(s):  
Panel Data ◽  
Water Demand ◽  
Large Data ◽  
Demand Elasticity ◽  
Average Price ◽  
Domestic Water ◽  
Domestic Water Demand ◽  
Household Level ◽  
Price Structure ◽  
The City

In urban water provisioning, prices can improve efficiency, contributing to the achievement of the environmental objective. However, household responses to price changes differ widely based on the household characteristics. Analyses performed at the aggregate level ignore the implications of water demand incentives at the individual household level. A large data sample at the household level enables estimation of econometric models of water demand, capturing the heterogeneity in domestic consumption. This study estimated the domestic water demand in the city of Valencia and its elasticity, along with the demands of its different districts and neighbourhoods (intra-urban scale analysis). Water price structure in Valencia is completely different from that of other Spanish cities: it is a price structure of increasing volume (increasing rate tariffs, IRT). For this estimation, from a microdata panel at the household level, the demand function with average prices for the period 2008–2011 was estimated using panel data techniques including a fixed effect for each neighbourhood. The domestic water demand elasticity at the average price in Valencia was estimated at −0.88 (which is higher than that estimated for other Spanish cities). This value indicates an inelastic demand at the average price of the previous period, which can cause consumers to overestimate the price and react more strongly to changes.

scholarly journals Impact of Demerger on Shareholders’ Wealth

2009 ◽  
Vol 1 (1) ◽  
Author(s):  
Ranjit SINGH ◽  
Amalesh BHOWAL ◽  
Varun BAWARI
Keyword(s):  
Value Creation ◽  
Stock Exchange ◽  
Specific Character ◽  
Average Price ◽  
Share Prices ◽  
The Subject ◽  
Time Specific ◽  
Almost All ◽  
Total Wealth

Purpose – The purpose of this paper is to investigate the change in the level of the wealth of the shareholders’ before the demerger and after the demerger.Design/methodology/approach – In the present study the data relating to share prices has been taken from the official website of Bombay Stock Exchange. Here the average of the six months price of the demerged company before demerger and average six months price or the average price upto 31st of July, 2007 has been collected of demerged and resultant company after demerger. Findings – It is found that after demerger there is increase in the total wealth of the shareholders in almost all the cases.Research limitations/implications – Given the nature of this study, generalizations cannot be made as the study is conducted in a bullish market. The time specific character of the subject matter is an opportunity for future longitudinal research.Practical implications – Presently de-mergers are creating enormous wealth for shareholders. It is because of the negative synergy. Due to the demerger this negative synergy is removed and the value is unlocked. However, Investors should differentiate between genuine attempts at value creation and de-mergers undertaken to create hype around the stocks. Stay away from dubious companies that want to manipulate prices. Investors should focus on the quality of management and corporate governance record of the companyOriginality/value – The study is the first of its kind and hence original in nature.Article Type: Research paperKeyword(s): Demerger, Demerged Company, Resultant Company, Negative Synergy, Shareholders Wealth.

scholarly journals Authentication and Traceability Study on Barbera d’Asti and Nizza DOCG Wines: The Role of Trace- and Ultra-Trace Elements

Beverages ◽  
2020 ◽  
Vol 6 (4) ◽  
pp. 63
Author(s):  
Maurizio Aceto ◽  
Federica Gulino ◽  
Elisa Calà ◽  
Elisa Robotti ◽  
Maurizio Petrozziello ◽  
...  
Keyword(s):  
Inductively Coupled Plasma ◽  
Multivariate Data Analysis ◽  
Market Value ◽  
Elemental Distribution ◽  
Average Price ◽  
Chemical Markers ◽  
Grape Variety ◽  
Inductively Coupled ◽  
Ultra Trace

Barbera d’Asti—including Barbera d’Asti superiore—and Nizza are two DOCG (Denominazione di Origine Controllata e Garantita) wines produced in Piemonte (Italy) from the Barbera grape variety. Differences among them arise in the production specifications in terms of purity, ageing, and zone of production, in particular with concern to Nizza, which follows the most stringent rules, sells at three times the average price, and is considered to have the highest market value. To guarantee producers and consumers, authentication methods must be developed in order to distinguish among the different wines. As the production zones totally overlap, it is important to verify whether the distinction is possible or not according to metals content, or whether chemical markers more linked to winemaking are needed. In this work, Inductively Coupled Plasma (ICP) elemental analysis and multivariate data analysis are used to study the authentication and traceability of samples from the three designations of 2015 vintage. The results show that, as far as elemental distribution in wine is concerned, work in the cellar, rather than geographic provenance, is crucial for the possibility of distinction.

406. The sale of veal calves and veal production in West Wales (1943–6)

1950 ◽  
Vol 17 (1) ◽  
pp. 1-21 ◽  
Author(s):  
R. Phillips
Keyword(s):  
Carcass Weight ◽  
Average Price ◽  
Veal Calves ◽  
Minor Significance ◽  
General Opinion ◽  
Average Individual

The volume and seasonality of veal production in west Wales has been obtained from an analysis of the records of the collecting centres of the Ministry of Food.It has been found that about 1000 tons of veal are produced annually from 55% of the calves sold to the Ministry at an average carcass weight of 56 lb. Most of the veal is produced in the season of the maximum number of calvings, i.e. spring in the eastern areas and autumn in the western areas. Higher average carcass weights are produced in summer and a higher proportion of the calves offered, are veals during the summer than during the winter. March might be taken as the month of maximum veal output but of lowest average individual carcass weights. The relation between veal weights, production and the average price of milk has been illustrated, and the conclusion drawn is that when milk is cheap (summer) veal weights are high. The more intensive the dairying (in the central part of the region) the lower the average carcass weight and vice versa for the less intensively dairying areas. Calves sold for rearing are only of minor significance in the calf trade in west Wales, but one consolation is that the incidence of the casualty calf is also slight. The choice of colour in calves purchased for further rearing supports the general opinion that during the period under review (1943–6) the Shorthorn breed was the most important, and its Hereford crosses the most popular choice in the more remote beefproducing areas of Pembrokeshire.

scholarly journals Reducing the cost of electricity transmission services of industrial enterprises connected to the electric networks of electric power producers

2021 ◽  
Vol 29 (2) ◽  
pp. 359-383
Author(s):  
Anatoly P. Dzyuba
Keyword(s):  
Electricity Consumption ◽  
Weighted Average ◽  
Electrical Energy ◽  
Average Price ◽  
Electrical Networks ◽  
Electric Networks ◽  
Cost Of Electricity ◽  
Industrial Enterprises ◽  
Transport Component ◽  
The Cost

Reducing the cost of electricity consumption by industrial enterprises is the most important area of increasing the operational efficiency of their activities. The article is devoted to the issue of reducing the cost of paying for the service component of the transport component of purchased electrical energy from industrial enterprises that have technological connection to the electrical networks of electricity producers. The article makes an empirical study of the features of the pricing of payment for the services of the transport component of purchased electrical energy for industrial enterprises connected to the electric grids of electricity producers with the identification of factors influencing the overestimation of the cost of paid electricity, and calculating such overestimations using the example of a typical schedule of electricity consumption of a machinebuilding enterprise for various regions Russia. On the basis of the developed author's indicators (tariff coefficient for electricity transportation by the level of GNP, index of tariff coefficient for electricity transportation, weighted average price for electricity transportation, index of weighted average price for electricity transportation, integral index of efficiency of GNP tariffs) study of the effectiveness of the application of tariffs for the transport of electricity for industrial enterprises connected to the electric networks of electricity producers. Based on the calculated indicators, the article groups the regions into three main groups, with the development of recommendations for managing the cost of purchasing electricity by the component of the cost of the transport component of purchased electricity in each group. As the most optimal option for reducing the cost of electricity transportation, the author proposes the introduction of demand management for electricity consumption, which will reduce the costs of industrial enterprises that pay for the transport component of purchased electricity at unfavorable tariff configurations.

scholarly journals Analysis of Vaccine Supply and Demand in National Immunization Program for Children and the need for Establishing Vaccine Stockpiles in China

2021 ◽  
Author(s):  
Miao Ning ◽  
Cui Jian ◽  
Liu Yi ◽  
Zhang Guomin
Keyword(s):  
Central Government ◽  
Supply And Demand ◽  
Government Procurement ◽  
Average Price ◽  
National Immunization Program ◽  
Childhood Immunization ◽  
Immunization Program ◽  
National Immunization ◽  
China Academy ◽  
Group A

Abstract Introduction The number of vaccines used in China's childhood immunization program had continued to increase, from four in 1978 to ten in 2019. We described the supply and demand of vaccines, and compared the ratio of vaccine supply and demand of each vaccine to illustrate the shortage of vaccines and the need of vaccine stockpiles in China. Methods We downloaded the manufacturers supplying vaccines and the vaccination requirements for the national immunization program for children from 2016 to 2019 in the National Immunization Program Information system, as well as the batch issue data of biological products from the official website of China Academy of Food and Drug Control (CFDA). Vaccine prices were obtained from Chinese Central Government Procurement (CCGP).The demand, supply, and the ratio of vaccine supply and demand of each vaccine were calculated respectively. Results On average, five out of ten vaccines were supplied by three or more enterprises, three kinds of vaccines were supplied by two enterprises and two kinds of vaccines were supplied only by one enterprise between 2016 to 2019. The ratio of vaccine supply and demand of Diphtheria-tetanus and Group A meningitis polysaccharide were 79.52% and 67.99% respectively, with a potential shortage. There were three vaccines with a supply-demand ratio below 80% in 2016–2018, and five in 2019. The number of potential vaccine shortage was increasing. The average price of vaccines with potential shortage was $ 0.28. The average price of other vaccines without shortage was $ 1.8. Conclusions Most vaccines used in the childhood immunization program are available to meet demand, but there are also some vaccines with the risk of shortage and the number of vaccines with the risk of shortage tends to increase. The next step is to develop a national stockpiling mechanism to avoid a shortage of vaccines.

scholarly journals THE EFFECTS OF ENVIRONMENTAL ISSUES ON RESIDENTIAL HOUSE PRICE (IN THE CASE OF ULAANBAATAR CITY)

2018 ◽  
pp. 117-130
Author(s):  
Oyunjargal D ◽  
Byambatseren Ch
Keyword(s):  
Air Quality ◽  
Quality Index ◽  
House Price ◽  
Measurement Data ◽  
Quality Measurement ◽  
Air Quality Index ◽  
Quality Level ◽  
Average Price ◽  
Residential House ◽  
The Impact

The purpose of this research is to determine the impact of the environment, especially the quality of air on house price. In addition, it also includes the research of the linkage between the index of air quality and average price of residential house which located in the most crowded districts of Ulaanbaatar such as Bayangol, Bayanzurkh, Chingeltei, Sukhbaatar, Songinokhairkhan and Khan-Uul. The statistical analysis and statistics determination methods were applied to identify the relationship utilizing the air quality index, determined from the air quality measurement data recorded in 2015-2017, and the average price per square meter of newly built apartment houses in the selected districts. The research findings suggest that there is little direct link between the house prices and air quality level, and the air quality levels of Ulaanbaatar districts do not have a significant impact on the price per square meter. Therefore, the air quality index should not considered as a house price determinant.

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