Here we model the price of a stock in discrete time by a Markov chain of the recursive form Sn+1 = SnYn+1, n ≥ 0, where the {Yi} are iid with distribution P (Y = u) = p, P (Y = d) = 1 − p. Here 0 < d < 1 + r < u are constants with r the risk-free interest rate ((1 + r)x is the payoff you would receive one unit of time later if you bought $x worth of the risk-free asset (a bond for example, or p...

Financial derivatives are contracts concerning rights and obligations to engage in future transactions on some underlying financial instrument. A major concern in financial markets is to compute an expected value of such contracts as a basis for trading decisions. The Cox, Ross and Rubinstein (CRR) binomial tree model is a popular discrete approach to such computations, which requires time quad...

As climate change has emerged as the most pressing sustainability issue, there has been an increase in corporate responses to the problem. They often involve changes to organizational routines, behaviours, procedures and are based on the process of organizational learning. In this article, we try to connect process of climate change adaptation with organizational learning. We present climate ch...

Impacts of global climate change will primarily be felt through the water cycle. Adaptation to changing conditions in transboundary basins is an important precondition ensure regional sustainable development and political stability. However, adaptation measures one basin country can affect resources options elsewhere, therefore often requiring coordinated or joint responses by riparian countrie...

Nature provides numerous functions and services that can contribute to societal climate change adaptation. These ‘adaptation services’ be sustained, latent, or novel, depend on persistence transformation of ecosystems, require varying co-production by people. Adaptation also include mitigation. We present an approach explore extensive set land use scenarios outline possible futures for a landsc...

1 The U.S. Department of Energy, Office of Science, Biological and Environmental Research Program, Integrated Assessment Program, Grant No. DE-SC0005171. Integrated assessment models (IAMs), models that couple the human and natural systems, have been widely used by the climate change research community to project the emissions consequences of economic activity and the technical potential and co...

Link Adaptation is a radio resource management technique that assesses the channel conditions and selects a transport mode, from a set of possible options, which is optimised for these conditions according to a predefined criterion. The optimum transport mode is commonly determined so as to maximise the throughput. Although this approach may be appropriate for best-effort services, its suitabil...

The main task of the article is clarifying the content of different types of costs (which are associated with providing information about business processes) and on this basis an identification of opportunities for their reduction may be found. In this regard, this paper examines business processes in retail in rendering account of sales. A special place in the article is devoted to the analysi...

Since the late 1980s, scientists and policy makers have devoted considerable attention and resources to the issue of global climate change. Domestic and international policies in response focus primarily on prevention of future climate impacts on society through the mitigation of carbon dioxide emissions. Academic and political attention is also largely focused on issues of mitigation. Adaptati...

The US National Research Council defines abrupt climate change as a change of state that is sufficiently rapid and sufficiently widespread in its effects that economies are unprepared or incapable of adapting. This may be too restrictive a definition, but abrupt climate change does have implications for the choice between the main response options: mitigation (which reduces the risks of climate...