This paper studies options on the minimum/maximum of two average prices. We provide a closed-form pricing formula for the option with geometric averaging starting at any time before maturity. We show overwhelming numerical evidence that the variance reduction technique with the help of the above...

This paper illustrates application of Bayesian inference to quantile regression. Bayesian inference regards unknown parameters as random variables, and we describe an MCMC algorithm to estimate the posterior densities of quantile regression parameters. Parameter uncertainty is taken into account...

This study investigates the relationship between consumer debt and aggregate economic activity based on time series methods and directed acyclic graphs (DAG). Quarterly US data, measured over the period 1980 to 2003, on consumer debt, gross domestic product (GDP), interest rates, housing starts,...

Urban national parks were designed in the 1970s to bring nature and recreational opportunities to socio-economically disadvantaged communities in the USA. Using the theoretical frame of environmental justice, this paper discusses findings of a recent survey of visitors to Los Angeles' Santa...

A new approach of parameterization is proposed to construct a general goodness-of-fit test. It can not only generate traditional tests (including the Kolmogorov-Smirnov, Cramér-von Mises and Anderson-Darling tests) but also produce new types of omnibus tests, which are generally much more...