We reconsider the valuation of barrier options by means of binomial trees from a “forward looking” prospective rather than the more conventional “backward induction” one used by standard approaches. This reformulation allows us to write closed-form expressions for the value of European and American put barrier-options on a non-dividend-paying stock.

One-third of the people with an age over twenty have some signs of degenerated discs. However, in most of the patients the mere presence of degenerative discs is not a problem leading to pain, neurological compression, or other symptoms. This paper presents an interval type-2 fuzzy hybrid rule-based system to diagnose the abnormal degenerated discs where pain variables are represented by interv...

This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996–2011 using quarterly data, with a view to analytically informing the conduct of monetary policy. The results show that forward-looking formulations of both rules and their hybrid version setting a nominal output growth objective for monetary policy wi...

In a finitely repeated principal agent relationship with adverse selection I study (exogenous) interim information that is revealed during a long term relationship. Interim information mitigates adverse selection. Verifiability, measured by the cost of signal manipulation, and the signal’s informativeness determine the use and effectiveness of interim information: Less precise and more manipula...

We test the Becker-Murphy model of rational addiction with New Zealand credit card debt data. Our results clearly favour the rational addiction model over the myopic, backward-looking model. The estimated short-run and long-run price elasticities are-0.58 and-2.32 respectively, and the estimated rate of time-preference is 6.7% per quarter.

What will the healthcare system and healthcare organizations look like in the year 2020? What requirements will they have for health human resources? This article is organized in five brief sections, beginning with looking backward to look forward and proceeding through key trends, organizational evolution by sector and future health organizations and concluding with 10 implications for health ...