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We consider general regime switching stochastic volatility models where both the asset and the volatility dynamics depend on the values of a Markov jump process. Due to the stochastic volatility and the Markov regime switching, this financial market is thus incomplete and perfect pricing and hedging of options are not possible. Thus, we are interested in finding formulae to solve the problem of pricing and hedging options in this framework. For this, we use the local risk minimization approach to obtain pricing and hedging formulae based on solving a system of partial differential equations. Then we get also formulae to price volatility and variance swap options on these general regime switching stochastic volatility models.
This research paper aims to study the correlation between the port activity and the activity of the different services sectors. By comparing trends between them and analyzing the causality relationships between the port traffic and the other economic sectors, our study tends to present how the activity of the port of Abidjan could have a decisive effect on the local economy. To meet our objectives, correlation analysis and statistical test tools Eviews and other techniques have been run with data provided by local agencies and port authority. By doing so, our research study finds that there is existing correlation between port activity and activity generated by the other services sectors and its contribution can accelerate the economic growth.
The global integration with the growth of the world population generated a constant need of goods where trade took place with both inputs and ready-made products. Although this global need has led to a diversification of exports of goods, it still requires special commodities from tropical Africa and trade partners in West Africa that may supply more their specialized products which can be moved in cargo between destinations. This paper identifies especially Cote d’Ivoire’s commodities export and shipping market structure with its main agricultural products which makes him the world’s dominant producer and exporter of cocoa beans. It develops the importance of export crops structure for local economy driven by the international demand for cocoa beans. And it finally could indicate in our future study whether the possibility of pricing power and export taxes affecting the shipping market has a decisive impact on the port traffic and accelerates growth.
A shallow-water model, coupled with a three dimensional, hydrostatic ocean model, is used to study the wind induced circulation, and the Shatt-al-Arab river plume expansion, in the Persian Gulf. The models are used in an idealized configuration. The following results are obtained: 1) with northwesterly winds, a double gyre is formed: this gyre is cyclonic in the south and anticyclonic in the north. Southeastward currents flow along the Iranian and Arabian coast where the wind stress at the surface dominates the pressure gradient related to the free surface slope, and conversely in the deeper region of the Gulf; 2) In the eastern part of the Gulf, the cyclonic gyre intensifies, as observed and reported in the literature; 3) For northwesterly winds, the plume from Shatt-al-Arab first heads towards the Iranian coast and then spreads southeastward along the Arabian coast; for northerly and northeasterly winds, the plume directly follows the Kuwaiti coast and then the Arabian coast. This sensitivity of the orientation can be related to the double gyre flow structure; 4) A southeasterly wind confines the plume in the northern end of the Gulf as does a pure tidal flow.
We investigate a two-photon ionization process in a real hydrogen atom by short and intense chirped laser pulses. Our simulation of the laser-atom interaction consists on numerically solving the three-dimensional time-dependent Schrodinger equation with a spectral method. The unperturbed wave functions and electronic energies of the atomic system were found by using an accurate L2 discretisation technique based on the expansion of the wave functions on B-spline functions. We show the efficiency of chirped laser pulses to control the ionization yield and the transfer of the population to the 2p bound state involved in the ionization path.
The present study refers to a
cavitating Venturi type section geometry characterized by a convergent angle of
18° and a divergent angle of about 8° where the sheet cavity presents typical self-oscillation
behavior with quasi-periodic vapor clouds shedding. This work is an extension
of previous works concerning void ratio measurements and velocity fields using
double optical probe and
constitutes a complete analysis of the two-phase structure of unsteady
cavitating flow. This paper provides a new method based on conditional and
phase averaging technique with wall pressure signal to treat experimental data
in order to evaluate more precisely time-averaged and rms values of the void
ratio and instantaneous velocity fields. Conditional analysis shows a different
behavior of the two-phase flow dynamics leading to highlight high void ratio
events linked to the break-off cycle. Unsteady phase averaging of the optical
probe signal gives the evolution
of the void ratio at each studied location in the venturi and shows that the
fluctuations close to the wall (where the re-entrant jet is predominant) are in
phase with the upper part of the cavity instead of the thickness of the cavity which is unchanged.