This is the first in a series of papers in which we study an efficient approximation scheme for solving the Hamilton-Jacobi-Bellman equation for multi-dimensional problems in stochastic control theory. The method is a combination of a WKB style asymptotic expansion of the value function, which...

This paper implements a land use classification for the City of Calgary, Alberta, Canada, using an object-oriented approach for six Landsat TM and ETM+ images and simulates the land use pattern in the future using Markov Chain analysis and Cellular Automata analysis based on the interactions...

A novel Rankine power cycle which uses a mixture of three hydrocarbons as working fluid is proposed to utilize the cold energy in LNG (liquefied natural gas). Process simulations and composition optimization of four schemes for the cycle are carried out. The results show that while the cycle is...

Under the SABR stochastic volatility model, pricing and hedging contracts that are sensitive to forward smile risk (e.g., forward starting options, barrier options) require the joint transition density.In this paper, we address this problem by providing closed-form representations,...

Research related to child welfare often suggests complicated relationships between child maltreatment, social disadvantage, program and policy effects, individual development, and population conditions that interact and change over time. New theories and conceptual models that account for this...

We address the problem of defining and calculating forward volatility implied by option prices when the underlying asset is driven by a stochastic volatility process. We examine alternative notions of forward implied volatility and the information required to extract these measures from the...

The fermentative hydrogen production capability of the newly isolated Clostridium sp. 6A-5 bacterium was studied in a batch cultivation experiment. Various culture conditions (temperature, initial pH, and glucose concentration) were evaluated for their effects on cell growth and hydrogen...