In this essay, we will follow Tang Junyi’s lead in exploring issues related to Chinese diaspora and Chinese philosophy. While we largely endorse Tang’s call for overseas Chinese to establish themselves in their adopted lands, we will argue for a more nuanced view on the identity of Chinese people outside China: they are not marginalized individuals scattered out of “homeland” China, rather they are people legitimately established in their own respective countries. In this connection, we will also advance a view (...) of future Chinese philosophy as a world philosophy that takes roots in China as well as in the world at large. In our view, although Chinese immigrant thinkers in the past century have played a major role in promoting Chinese philosophy outside China, the importance of such a role is likely to decline along with the success of Chinese philosophy becoming a world philosophy. (shrink)

A combinatorial analysis of intrinsicality takes intrinsic properties to be independent of accompaniment: a property is intrinsic only if it is possible for a lonely or an accompanied thing to have it or lack it (I). Cameron argues that the combinatorial analysis in Langton & Lewis (1998) faces an epistemic circularity, which makes (I) suspicious. In this paper, I examine two approaches to free the combinatorial analyses from the circularity and find them all fail. Then I provide an outline of (...) an argument for (I) by appealing to the grounding analyses of intrinsicality, which shows an advantage of the grounding analyses over the combinatorial ones. (shrink)

Objectives: The growing rate of retraction of scientific publications has attracted much attention within the academic community, but there is little knowledge about the nature of such retractions in schizophrenia-related research. This study aimed to analyze the characteristics of retractions of schizophrenia-related publications.

Lack of a historical sense is the hereditary defect of philosophers. … So what is needed from now on is historical philosophizing, and with it the virtue of modesty.

Ratio, Volume 34, Issue 4, Page 303-311, December 2021.

Introduction: The development of advanced sewage technologies empowers the industry to produce high-quality recycled water, which greatly influences human’s life and health. Thus, this study investigates the mechanism of individuals’ adoption of recycled water from the technology adoption perspective. -/- Methods: Employing the mixed method of structural equation modeling and artificial neural network analysis, we examined a research model developed from the extended Unified Theory of Acceptance and Use of Technology (UTAUT2) framework. To examine the research model, this study employs (...) a leading web-survey company (Sojump) to collect 308 valid samples from the residents in mainland China. -/- Results: The structural equation modeling results verified the associations between the six predictors (performance expectancy, effort expectancy, social influence, facilitating conditions, environmental motivation, and price value), individuals’ cognitive and emotional attitudes, and acceptance intention. The artificial neural network analysis validates and complements the structural equation modeling results by unveiling the importance rank of the significant determinants of the acceptance decisions. -/- Discussion: The study provides theoretical implications for recycled water research and useful insights for practitioners and policymakers to reduce the environmental hazards of water scarcity. (shrink)

Both motivational internalism and externalism need to explain why sometimes moral judgments tend to motivate us. In this paper, I argue that Dreier’ second-order desire model cannot be a plausible externalist alternative to explain the connection between moral judgments and motivation. I explain that the relevant second-order desire is merely a constitutive requirement of rationality because that desire makes a set of desires more unified and coherent. As a rational agent with the relevant second-order desire is disposed towards coherence, she (...) will have some motivation to act in accordance with her moral judgments. Dreier’s second-order desire model thus collapses into a form of internalism and cannot be a plausible externalist option to explain the connection between moral judgments and motivation. (shrink)

This article proposes a term structure model for dual-currency interest rate markets. The model assumes that volatility is a deterministic function of time alone. This volatility structure can reduce the dimension of the required state variables. An important special case is presented, which corresponds essentially to a Vasicek/Hull-White yield curve model in each currency. The model is very useful for pricing cross-currency derivatives.

This article presents a generic model for pricing financial derivatives subject to counterparty credit risk. Both unilateral and bilateral types of credit risks are considered. Our study shows that credit risk should be modeled as American style options in most cases, which require a backward induction valuation. To correct a common mistake in the literature, we emphasize that the market value of a defaultable derivative is actually a risky value rather than a risk-free value. Credit value adjustment (CVA) is also (...) elaborated. A practical framework is developed for pricing defaultable derivatives and calculating their CVAs at a portfolio level. (shrink)

This study investigates the dynamic relationship between knowledge management systems, particularly emphasizing knowledge acquisition and dissemination, and their impact on academic staff's teaching motivation. By employing the Bayesian Mindsponge Framework (BMF), data from 676 academic staff at higher education institutions in Vietnam was analyzed, revealing a complex interplay of factors. Notably, positive associations were found between knowledge acquisition, knowledge dissemination, and teaching motivation. However, the interaction effect of knowledge acquisition and knowledge dissemination appeared to be negatively associated with teaching motivation. (...) This suggests the possible existence of a resource curse of knowledge in improving staff’s teaching motivation. It is recommended that the knowledge systems are refined to reduce complexity and that staff are trained with better knowledge processing methods for reducing resource curse risks. (shrink)

In this thesis, I explore motivational internalism and externalism, which concern the relationship between moral judgments and motivation. I first introduce the basic terms and different forms of internalism and externalism, including the externalist objections to internalism based on the famous counterexamples. I then argue against externalism by defending and developing Michael Smith’s fetishism argument. I not only respond to the externalist objections to the fetishism argument but also further argue against different externalist explanations of moral motivation that intend to (...) avoid the fetishism charge. Finally, I re-examine different forms of internalism in order to argue for a new form of internalism that can better preserve our internalist intuitions whilst accommodating the externalist counterexamples. My ultimate conclusion will be that the most plausible form of internalism to accept is constitutional, unconditional, relatively strong, direct internalism that is formulated in terms of dispositional desires. (shrink)

For the past three years, Coronavirus-19 (Covid-19) has become one of the major global health problems. Unlike any previous virus in the past decades, Covid-19 has shown its unprecedented spreading speed, infection rate, fatality rate, etc. Under this urgent disease outbursting event, scientists around the globe, through the myriad of research and experiments, successfully developed effective vaccines. However, like many other medical innovations, Covid-19 vaccines are categorized as intellectual properties and a scarce resource. As a consequence, the citizens of developed (...) and developing countries face an imbalanced distribution of affordable vaccines. The formation of this issue is not only due to manufacturing, transportation, and other infrastructures, but also strongly correlated with aspects in the legal field, such as intellectual property rights (IPRs). With a humane common sense of vaccination many people, through comparative research method, this article aims to discuss the conflicts between the global crisis of Force Majeure and the interests of certain countries or corporations, possible solutions to resolve this conflict, and future coping strategies that ought to be published. (shrink)

Equity-linked securities with a guaranteed return become popular in a volatile market environment. This paper presents a new model for valuing guaranteed equity-linked notes. We consider a security whose value depends on the performance of a basket of equities averaged over certain points in time, but that is floored by a guaranteed amount. We show that the security’s price is given by the sum of the guaranteed amount plus the price of an Asian style option on the basket above. The (...) model provides analytical formulas for the security’s price as well as for corresponding hedge ratios; these respective formulas appear to be accurate over a wide range of underlying security parameter values, based on numerical testing against a Monte Carlo benchmark, Finally, we apply our method to value a type of segregated fund with a maturity guarantee. (shrink)

This article presents a comprehensive framework for valuing financial instruments subject to credit risk. In particular, we focus on the impact of default dependence on asset pricing, as correlated default risk is one of the most pervasive threats in financial markets. We analyze how swap rates are affected by bilateral counterparty credit risk, and how CDS spreads depend on the trilateral credit risk of the buyer, seller, and reference entity in a contract. Moreover, we study the effect of collateralization on (...) valuation, since the majority of OTC derivatives are collateralized. The model shows that a fully collateralized swap is risk-free, whereas a fully collateralized CDS is not equivalent to a risk-free one. (shrink)

This study used a flame atomic absorption spectrometer (FAAS) and atomic fluorescence spec-trophotometer (AFS) to detect the concentrations of chromium (Cr), cadmium (Cd), lead (Pb), hy-drargyrum (Hg) and arsenic (As) in soils and three genotypes of vegetables in greenhouse, as well as analyzed the physical and chemical properties of soils, including soil pH, soil organic matter (OM), basic nutrients, electrical conductivity (EC) and cation exchange capacity (CEC) in Guan- zhong areas, Shaanxi province, China. The results showed that comparing to subsoil, (...) the sampled topsoil is enriched in Cr, Cd, Pb, As and Hg. Cd (0.83 - 3.17 mg·kg-1) and Hg (0.40 - 1.44 mg·kg-1) are exceeding the limited value stated in “the 2006 Greenhouse Vegetable Producing Environmental Quality Evaluation Standards” of 0.40 mg·kg-1 and 0.35 mg·kg-1 respectively. However, Nanzhuang greenhouse soil is within the limits. The heavy metal pollution index (HPI) of soil in Sanyuan (8.10) is the highest and in Dongzhang (4.23) is the lowest. The contents of Pb (0.201 - 0.376 mg·kg-1) were exceeding the limited value (0.20 mg·kg-1) in vegetables species, and Cd (0.0363 - 0.0572 mg·kg-1) in some place were also exceeding the limited value (0.05 mg·kg-1). Greenhouse soils were becoming acidified year after year; the ratios of N, P and K in soil were seriously imbalanced. According to the impacting factors, OM, pH, available P, EC and CEC have obviously effected the accumulation of Cr and Hg. However, there was not enough evidence for the effects of available nitrogen and available potassium. (shrink)

This paper presents a new model for pricing OTC derivatives subject to collateralization. It allows for collateral posting adhering to bankruptcy laws. As such, the model can back out the market price of a collateralized contract. This framework is very useful for valuing outstanding derivatives. Using a unique dataset, we find empirical evidence that credit risk alone is not overly important in determining credit-related spreads. Only accounting for both collateral arrangement and credit risk can sufficiently explain unsecured credit costs. This (...) finding suggests that failure to properly account for collateralization may result in significant mispricing of derivatives. We also empirically gauge the impact of collateral agreements on risk measurements. Our findings indicate that there are important interactions between market and credit risk. (shrink)

This paper argues that the reduced-form jump diffusion model may not be appropriate for credit risk modeling. To correctly value hybrid defaultable financial instruments, e.g., convertible bonds, we present a new framework that relies on the probability distribution of a default jump rather than the default jump itself, as the default jump is usually inaccessible. As such, the model can back out the market prices of convertible bonds. A prevailing belief in the market is that convertible arbitrage is mainly due (...) to convertible underpricing. Empirically, however, we do not find evidence supporting the underpricing hypothesis. Instead, we find that convertibles have relatively large positive gammas. As a typical convertible arbitrage strategy employs delta-neutral hedging, a large positive gamma can make the portfolio highly profitable, especially for a large movement in the underlying stock price. (shrink)

This paper attempts to assess the economic significance and implications of collateralization in different financial markets, which is essentially a matter of theoretical justification and empirical verification. We present a comprehensive theoretical framework that allows for collateralization adhering to bankruptcy laws. As such, the model can back out differences in asset prices due to collateralized counterparty risk. This framework is very useful for pricing outstanding defaultable financial contracts. By using a unique data set, we are able to achieve a clean (...) decomposition of prices into their credit risk factors. We find empirical evidence that counterparty risk is not overly important in credit-related spreads. Only the joint effects of collateralization and credit risk can sufficiently explain unsecured credit costs. This finding suggests that failure to properly account for collateralization may result in significant mispricing of financial contracts. We also analyze the difference between cleared and OTC markets. (shrink)

This paper presents a Least Square Monte Carlo approach for accurately calculating credit value adjustment (CVA). In contrast to previous studies, the model relies on the probability distribution of a default time/jump rather than the default time itself, as the default time is usually inaccessible. As such, the model can achieve a high order of accuracy with a relatively easy implementation. We find that the valuation of a defaultable derivative is normally determined via backward induction when their payoffs could be (...) positive or negative. Moreover, the model can naturally capture wrong or right way risk. (shrink)

In this paper, we aim to trace the origin of the systematic cross-cultural variations in referential intuitions by investigating the effects of perspective taking on people’s responses in the Gödel-style probes through two novel experiments. Here is how we will proceed. In section 2, we first briefly introduce the MMNS (2004) study, and then critically review the two relevant studies conducted by Sytsma and colleagues (i.e., Sytsma and Livengood 2011; Sytsma et al. 2015). In section 3, we introduce the literature (...) on cross-cultural variation in perspective taking in cultural psychology, which together with the conjecture of perspectival ambiguity leads to the hypothesis of our current study. In sections 4 and 5, two new experiments on how perspective taking affects people’s responses in hypothetical stories modelled on the Gödel thought experiment will be reported. Based on the empirical findings, in section 6 we argue that the robust cross-cultural variations thus far observed in people’s responses to the Gödel cases are largely attributable to culturally specific perspective-taking strategies, which provides new support for the proposal previously made by Sytsma and Livengood (2011). The implications of the experimental results for the ongoing work of testing the theories of refence of names and for the current metaphilosophical debate on the robustness of philosopher’s intuitions are also drawn in this section. Finally, the major conclusions and contributions of the current study are highlighted in section 7. (shrink)

The one-side defaultable financial derivatives valuation problems have been studied extensively, but the valuation of bilateral derivatives with asymmetric credit qualities is still lacking convincing mechanism. This paper presents an analytical model for valuing derivatives subject to default by both counterparties. The default-free interest rates are modeled by the Market Models, while the default time is modeled by the reduced-form model as the first jump of a time-inhomogeneous Poisson process. All quantities modeled are market-observable. The closed-form solution gives us a (...) better understanding of the impact of the credit asymmetry on swap value, credit value adjustment, swap rate and swap spread. (shrink)

Many have offered accounts of the procreative asymmetry, the claim that one has no moral reason to create a life just because it would be happy, but one has moral reason not to create a life just because it would be miserable. I suggest a new approach. Instead of looking at the procreative asymmetry on its own, we can situate it within a broader landscape of asymmetries. Specifically, there are two other analogous asymmetries in the prudential and epistemic domains. The (...) prudential asymmetry says that one has no prudential reason to acquire a desire just because it would be satisfied, but one has prudential reason not to acquire a desire just because it would be frustrated. The epistemic asymmetry says that one has no epistemic reason to acquire a belief just because it is true, but one has epistemic reason not to acquire a belief just because it is false. The existence of these analogous asymmetries in these normative domains suggests the possibility of a unified account of all three asymmetries as instances of a more fundamental asymmetry of value-based reasons. This paper develops a working model of what such a unified account might look like. Such an account can give us a unified explanation of a variety of phenomena, reinforce the plausibility of each of these asymmetries, and give us a novel picture of how value gives us reasons that might extend beyond these three applications. (shrink)

Though there is a wide and varied literature on ethical supererogation, there has been almost nothing written about its epistemic counterpart, despite an intuitive analogy between the two fields. This paper seeks to change this state of affairs. I will begin by showing that there are examples which intuitively feature epistemically supererogatory doxastic states. Next, I will present a positive theory of epistemic supererogation that can vindicate our intuitions in these examples, in an explanation that parallels a popular theory of (...) ethical supererogation. Roughly, I will argue that a specific type of epistemic virtue—the ability to creatively think up plausible hypotheses given a body of evidence—is not required of epistemic agents. Thus, certain exercises of this virtue can result in supererogatory doxastic states. In presenting this theory, I will also show how thinking about epistemic supererogation can provide us a new way forward in the debate about the uniqueness thesis for epistemic rationality. (shrink)

The LIBOR Market Model has become one of the most popular models for pricing interest rate products. It is commonly believed that Monte-Carlo simulation is the only viable method available for the LIBOR Market Model. In this article, however, we propose a lattice approach to price interest rate products within the LIBOR Market Model by introducing a shifted forward measure and several novel fast drift approximation methods. This model should achieve the best performance without losing much accuracy. Moreover, the calibration (...) is almost automatic and it is simple and easy to implement. Adding this model to the valuation toolkit is actually quite useful; especially for risk management or in the case there is a need for a quick turnaround. (shrink)

This article presents a new model for valuing a credit default swap (CDS) contract that is affected by multiple credit risks of the buyer, seller and reference entity. We show that default dependency has a significant impact on asset pricing. In fact, correlated default risk is one of the most pervasive threats in financial markets. We also show that a fully collateralized CDS is not equivalent to a risk-free one. In other words, full collateralization cannot eliminate counterparty risk completely in (...) the CDS market. (shrink)

Past work has shown systematic differences between Easterners' and Westerners' intuitions about the reference of proper names. Understanding when these differences emerge in development will help us understand their origins. In the present study, we investigate the referential intuitions of English- and Chinese-speaking children and adults in the U.S. and China. Using a truth-value judgment task modeled on Kripke's classic Gödel case, we find that the cross-cultural differences are already in place at age seven. Thus, these differences cannot be attributed (...) to later education or enculturation. Instead, they must stem from differences that are present in early childhood. We consider alternate theories of reference that are compatible with these findings and discuss the possibility that the cross-cultural differences reflect differences in perspective-taking strategies. (shrink)

Rationality is intrapersonally permissive just in case there are multiple doxastic states that one agent may be rational in holding at a given time, given some body of evidence. One way for intrapersonal permissivism to be true is if there are epistemic supererogatory beliefs—beliefs that go beyond the call of epistemic duty. Despite this, there has been almost no discussion of epistemic supererogation in the permissivism literature. This paper shows that this is a mistake. It does this by arguing that (...) the most popular ways of responding to one of the major obstacles to any intrapersonally permissive all fall prey to the same problem. This problem is most naturally solved by positing a category of epistemically supererogatory belief. So intrapersonal epistemic permissivists should embrace epistemic supererogation. (shrink)

The current discussions of conceptual schemes and related topics are misguided; for they have been focused too much on the truth-conditional notions of meaning/concepts and translation/interpretation in Tarski's style. It is exactly due to such a Quinean interpretation of the notion of conceptual schemes that the very notion of conceptual schemes falls prey to Davidson's attack. We argue that what should concern us in the discussions of conceptual schemes and related issues, following the initiatives of I. Hacking, T. Kuhn, and (...) N. Rescher, is not the truth-values of assertions, but rather the truthvalue-status of the sentences used to make the assertions. This is because the genuine conceptual innovation between alternative theories/languages does not lie in differences in determining the truth-values of their sentences, but turns on whether these sentences have truth-values when considered within the context of a competing one. The core of conceptual relativism does not consist in the claim that different conceptual schemes may yield incommensurable truth claims, but rather that different conceptual schemes may yield incompatible truth-value-status and therefore lead to distinct perceptions of reality. Conceptual schemes are no longer seen as sentential languages consisting of a set of sentences accepted as true, but rather seen as metaphysical presuppositions of presuppositional languages.[ABSTRACT FROM AUTHOR]. (shrink)

Few would deny that something ontologically depends on something else. Given that something depends on something, what depends on what? Huayan Buddhism 華嚴宗, a prominent Chinese Buddhist school, is known for its extensive thesis of interdependence, according to which everything depends on everything else. This intriguing thesis is entangled with seemingly paradoxical claims that everything is not only identified with everything else but also contained within it. Moreover, the radical thesis of interdependence entails that dependence is pervasive and symmetric. In (...) this paper, I first develop a contemporary interpretation of Huayan interdependence by employing the definitional account of essence and the essence-based account of dependence. Through these contemporary resources, I elucidate and unify the theses of interdependence, mutual identity, and mutual containment within Huayan Buddhism. I then propose a unique framework of ontological dependence that suggests varying degrees of ontological dependence, aimed at accommodating and explaining away our intuitions against pervasive and symmetric dependence. By contemporizing Huayan Buddhism, I explore its potential and facilitate engagement between contemporary metaphysics and Huayan Buddhism. (shrink)

T. M. Scanlon’s contractualism is a meta-ethical theory that explains moral motivation and also provides a conception of how to carry out moral deliberation. It supports non-consequentialism – the theory that both consequences and deontological considerations are morally significant in moral deliberation. Regarding the issue of punishment, non-consequentialism allows us to take account of the need for deterrence as well as principles of fairness, justice, and even desert. Moreover, Scanlonian contractualism accounts for permissibility in terms of justifiability: An act is (...) permissible if and only if it can be justified to everyone affected by it. This contractualist thesis explains why it is always impermissible to frame an innocent person, why vicarious punishment is impermissible, and why there has to be a cap on sentences. Contractualism therefore allows us to take deterrence as a goal of punishment without the excess of utilitarianism. This paper further argue that the resulting view is superior to pure retributivism. Finally, it shows why legal excuses and mitigation can be justified in terms of the notion of negative desert. (For access to this paper: http://www.tandfonline.com/eprint/sJ2JBVXkztyFMGmxS7tS/full ) . (shrink)

The current study is conducted to examine the following research questions: - Examine how knowledge acquisition and knowledge dissemination are associated with academic staff’s job satisfaction and teaching motivation - Examine whether job satisfaction mediates the relationship between knowledge acquisition, knowledge dissemination and teaching motivation.

This paper presents a new model for valuing hybrid defaultable financial instruments, such as, convertible bonds. In contrast to previous studies, the model relies on the probability distribution of a default jump rather than the default jump itself, as the default jump is usually inaccessible. As such, the model can back out the market prices of convertible bonds. A prevailing belief in the market is that convertible arbitrage is mainly due to convertible underpricing. Empirically, however, we do not find evidence (...) supporting the underpricing hypothesis. Instead, we find that convertibles have relatively large positive gammas. As a typical convertible arbitrage strategy employs delta-neutral hedging, a large positive gamma can make the portfolio highly profitable, especially for a large movement in the underlying stock price. (shrink)

This article presents a new model for valuing financial contracts subject to credit risk and collateralization. Examples include the valuation of a credit default swap (CDS) contract that is affected by the trilateral credit risk of the buyer, seller and reference entity. We show that default dependency has a significant impact on asset pricing. In fact, correlated default risk is one of the most pervasive threats in financial markets. We also show that a fully collateralized CDS is not equivalent to (...) a risk-free one. In other words, full collateralization cannot eliminate counterparty risk completely in the CDS market. (shrink)

The incremental risk charge (IRC) is a new regulatory requirement from the Basel Committee in response to the recent financial crisis. Notably few models for IRC have been developed in the literature. This paper proposes a methodology consisting of two Monte Carlo simulations. The first Monte Carlo simulation simulates default, migration, and concentration in an integrated way. Combining with full re-valuation, the loss distribution at the first liquidity horizon for a subportfolio can be generated. The second Monte Carlo simulation is (...) the random draws based on the constant level of risk assumption. It convolutes the copies of the single loss distribution to produce one year loss distribution. The aggregation of different subportfolios with different liquidity horizons is addressed. Moreover, the methodology for equity is also included, even though it is optional in IRC. (shrink)

This article presents a new methodology for pricing and hedging commodity derivatives. A generic model calibration is provided. The calibration procedure consists of an offline step where the mean reversion rates, the ratio of the long and short factor volatilities and the correlation between the long and short factors are determined via historical analysis. This offline step is performed relatively infrequently. There’s also an online step of the calibration which happens every time the model is used to price an option (...) or to simulate price paths. Empirical study shows that the model is quite accurate. (shrink)

This paper reports the first study in the literature that adopts a bibliometric approach to systematically explore the scholarship in the young and fast‐growing research field of experimental philosophy. Based on a corpus of 1,248 publications in experimental philosophy from the past two decades retrieved from the PhilPapers website, the study examined the publication trend, the influential experimental philosophers, the impactful works, the popular publication venues, and the major research themes in this subarea of philosophy. It found, first, an overall (...) growing trend in publications in experimental philosophy, encompassing four developmental stages. Second, it found that significant changes in topics of interest have taken place, with some gaining increasing attention, others seemingly going out of fashion, and still others remaining popular constantly. Third, the study identified lists of leading philosophers, frequently cited publications, and popular journals helpful for researchers and newcomers to get a quick start in learning about the field. (shrink)

In this brief reply I respond to criticisms of my book, The referential mechanism of proper names, from Michael Devitt and Nicolo D'Agruma. I focus on the question of whether the perspectivism advocated in the book explains the empirical results there detailed.

This paper presents an analytical model for valuing interest rate swaps, subject to bilateral counterparty credit risk. The counterparty defaults are modeled by the reduced-form model as the first jump of a time-inhomogeneous Poisson process. All quantities modeled are market-observable. The closed-form solution gives us a better understanding of the impact of the credit asymmetry on swap value, credit value adjustment, swap rate and swap spread.

Dan Li (Đại học Diên An, Trung Quốc) -- Hiện nay, hầu hết người dân được khảo sát đều có chung mối quan ngại về việc bảo vệ môi trường [1]. Mặc dù đã có nhiều nghiên cứu tìm hiểu về các hành vi và tâm lý liên quan đến môi trường [2], nhưng hiểu biết đối với sự khác biệt giữa các thế hệ đối với mối quan tâm liên quan đến môi trường vẫn còn nhiều khoảng trống. Đặc (...) biệt là đối với các chủ doanh nghiệp tái chế rác thải nhựa, các hiểu biết này càng quan trọng hơn vì nó có thể ảnh hưởng đến xu hướng phát triển của ngành công nghiệp xử lý rác thải nhựa, một trong những vấn nạn cấp thiết toàn cầu. (shrink)

“[…] only by uniting the power of the entire village could they chase Snake away.” —In “The Virtue of Sacrifice”; The Kingfisher Story Collection [1].

During the lifetime of a structured product, payment events and cancellation events mainly affect the value of the option. This article presents a model for pricing generic cancellable option. The model is used to build most common kinds of cancellation schedules and compute the cancellation probability.