American options exercised by physical delivery of a portfolio of cash and underlying stock are considered in the binary tree model under small proportional transaction costs. Dynamic programming type recursive algorithms are developed for computing the ask and bid prices of such options, extending the Snell envelope construction. Representations of the ask and bid prices of American options wi...

By H. K. SNELL, M.D. Medical Officer, H.M. Prison, Liverpool The new scientific approach to the problem of the criminal may perhaps be said to date from the war period, but one of the most important measures foretelling the change in opinion which was to follow later, was the Mental Deficiency Act of 1913. This (in Sections 8 and 9) involved the recognition of a partial lack of responsibility i...

AUTHOR, COMPANY ACS: Stefano GREGO, Massimo SARACHINO BBC: Adrian WILLIAMS, Richard WRIGHT e-Vod: Frédéric BOUDIER, David CLEMENCEAU, Patrice FOURNIER INA: Jean-Hugues CHENOT, Denis FRAMBOURT, Frederic JAFFRES, Alain PERRIER, Michel GOULEY, Jean VARRA ITC/irst: Roberto BRUNELLI, Mauro CETTOLO JRS: Gert KIENAST, Kurt MAJCEN, Harald MAYER, Peter SCHALLAUER, Herwig ZEINER NTEC: Maren ERNST-VOGEL, ...

Within the past year the mode of action of biotin has become increasingly clarified. The relation of this vitamin to oxalacetic acid decarboxylation was discovered independently in at least four laboratories (l-l), while its apparent role in the synthesis of oleic acid has been suggested by Williams et al. (5) and Snell et al. (6). Biotin has further been shown to activate the deamination of as...