Search results

We present an approach for pricing American put options with a regime-switching volatility. Our method reveals that the option price can be expressed as the sum of two components: the price of a European put option and the premium associated with the early exercise privilege. Our analysis demonstrates that, under these conditions, the perpetual put option consistently commands a higher price during periods of high volatility compared to those of low volatility. Moreover, we establish that the optimal exercise boundary is lower in high-volatility regimes than in low-volatility regimes. Additionally, we develop an analytical framework to describe American puts with an Erlang-distributed random-time horizon, which allows us to propose a numerical technique for approximating the value of American puts with finite expiry. We also show that a combined approach involving randomization and Richardson extrapolation can be a robust numerical algorithm for estimating American put prices with finite expiry.

The purpose of this paper is to develop a framework to evaluate and assess the performance of the COVID-19 vaccine distribution process that is sensitive to the unique supply-side and demand-side constraints exhibited in the US vaccine rollout.

A queuing framework that operates under two distinct regimes is formulated to analyze service rates that represent system capacity to vaccinate (under the first regime) and hesitancy-induced throughput (under the second regime). These supply- and hesitancy-constrained regimes form the focus of the present paper, as the former reflects the inherent ability of the nation in its various jurisdictions to mobilize, whereas the latter reflects a critical area for public policy to protect the population’s overall health and safety.

The two-regime framework analysis provides insights into the capacity to vaccinate and hesitancy-constrained demand, which is found to vary across the country primarily by politics and region. The framework also allows analysis of the end-to-end supply chain, where it is found that the ability to vaccinate was likely constrained by last-mile administration issues, rather than the capacity of the manufacturing and transportation steps of the supply chain.

This study presents a new framework to consider end-to-end supply chains as dynamic systems that exhibit different regimes because of unique supply- and demand-side characteristics and estimate rollout capacity and underlying determinants at the national, state and county levels.

The purpose of this study is to examine whether regulations can prevent financial crises based on the case of Sweden in the 20th century. The evolution of banking regulation relies heavily on learning across borders as well as responding to recent and remembered crises. Sweden went from being an open economy with a highly protected national banking system with several banking crises under the Classical regime, through the Statist regime with no crises followed by abrupt liberalisation in the 1980s as the country changed to a more market-based regime. This study examines the regulatory responses to crises in each of these periods to assess how, and whether, an often backward-looking regulatory framework can address forward-looking risks.

This study is a qualitative study using a historical method. The authors use archival material, official publications and statistical data as well as secondary literature to succinctly analyse crises and regulatory responses in different regulatory regimes in the 20th century. The theoretical framework builds on three macro- and microeconomic policy regimes, the Classical, the Statist and the Market regime.

The authors find that regulations can play a decisive role in alleviating a banking crisis, but the relationship between regulations and economic development is complex, and regulations alone cannot prevent a crisis.

To the best of the authors’ knowledge, this is the first longitudinal study of banking regulations in Sweden and how these change in response to crises with the aim of improving the role of banks in financial intermediation and financial stability. This study contributes to a body of literature on financial crises with a long-term perspective and an assessment of regulations as a policy response.

This paper aims to discuss the adequacy of restrictive measures. Providing a synopsis of a global movement toward the imposition of target restrictive measures. Questioning the success of targeted restrictive measures in obtaining behavioural change. Identifying a reversion to the implementation of wide ranging sectoral restrictive measures in an attempt to encourage immediate behavioural change. Accessing the success of using restrictive measures to encourage democratic regimes in Africa.

This study is a desktop research that examines European Parliament and Council issued Regulations for the jurisdictions of Iran, Russia and Belarus. Academic research is also used in identifying a pendulum swing by global legislatures with respect to the imposition of targeted measures to requiring the imposition of additional wide ranging sectoral measures.

Targeted measures can be circumvented using non-hostile third countries. Academic research identifies that wide reaching sectoral sanctions encourage regime change. Therefore, where targeted measures fail to give rise to their desired persuasive objectives. The legislator moves to introduce additional measures, also comprising of sectoral sanctions. Sectoral sanctions have been applied by the European Union in Iran, Russia and Belarus. The USA has taken measures to limit Russia ability to use Turkey as a transshipment hub. The African continent case study identifies the importance of creating an architecture founded on upholding positive governance and human rights standards. Failure to do so leads to a revolving system of authoritarian regimes, sanctioned by restrictive measures.

This paper is a desktop review composed by the author.

Our paper studies a central issue with a long history in economics: the relationship between population and economic growth. We analyze the joint dynamics of economic and demographic growth in 111 countries during the period 1960–2019.

Using the concept of economic regime, the paper introduces the notion of distance between the dynamical paths of different countries. Then, a minimal spanning tree (MST) and a hierarchical tree (HT) are constructed to detect groups of countries sharing similar dynamic performance.

The methodology confirms the existence of three country clubs, each of which exhibits a different dynamic behavior pattern. The analysis also shows that the clusters clearly differ with respect to the evolution of other fundamental variables not previously considered [gross domestic product (GDP) per capita, human capital and life expectancy, among others].

Our results indirectly suggest the existence of dynamic interdependence in the trajectories of economic growth and population change between countries. It also provides evidence against single-model approaches to explain the interdependence between demographic change and economic growth.

We introduce a methodology that allows for a model-free topological and hierarchical description of the interplay between economic growth and population.

This study aims to test the dynamic impact of public debt and economic growth on newly democratized African countries (South Africa and Namibia) and compare the findings with those of newly democratized European countries (Germany and Ukraine) during the period 1990–2022.

The methodology involves three stages: identifying the appropriate transition variable, assessing the linearity between public debt and economic growth and selecting the order m of the transition function. The linearity test helps identify the nature of relationships between public debt and economic growth. The wild cluster bootstrap-Lagrange Multiplier test is used to evaluate the model’s appropriateness. All these tests would be executed using the Lagrange Multiplier type of test.

The results signify the policy switch, as the authors find that the relationship between public debt and economic growth is characterized by two transitions that symbolize that the current stage of the relationship is beyond the U-shape; however, an S-shape. The results show that for newly democratized African countries, the threshold during the first waves was 50% of GDP, represented by a U-shape, which then transits to an inverted U-shape with a threshold of 65% of GDP. Then, for the European case, it was 60% of GDP, which is now 72% of GDP.

The findings suggest that an escalating level of public debt has a negative impact on economic growth; therefore, it is important to implement fiscal discipline, prioritize government spending and reduce reliance on debt financing. This can be achieved by focusing on revenue generation, implementing effective taxation policies, reducing wasteful expenditures and promoting investment and productivity-enhancing measures.

The purpose of this article is twofold. First, this study characterises the current state of the bio-packaging market's development. Second, it identifies key factors influencing and possible scenarios of the bio-packaging market transition to increase the market share of compostable packaging.

The results of 29 in-depth interviews (IDIs) with representatives of the key groups of bio-packaging supply chains' (SCs') stakeholders were the input for the consideration of the research problem.

The main economic, legal, social and technological enablers and barriers to the bio-packaging regime transition are recognised, and their impact at the market level is explained. The authors recognised the hybrid transition scenario towards an increase in the market share of compostable packaging related to the three traditional pathways of transformation, reconfiguration and technological substitution.

This study contributes to a better understanding of the socio-technical system theory by examining interdependencies between landscape (external environment), market regime (bio-packaging market) and niche innovations (compostable packaging) as well as system transition pathways. The findings and conclusions on bio-packaging market developments can be important lessons learnt to be applied in different countries due to the same current development stage of the compostable packaging lifecycle worldwide.

This paper discusses the challenges that two doctoral researchers faced while researching religious minorities and women in a culturally sensitive society such as Pakistan. Their shared interest in sensitive topics related to gender and minorities in Pakistan led both researchers to collaborate in this study to provide a better understanding of issues in qualitative research in the same research context. They discuss the challenges of interviewing participants within the educational context. They also suggest some ways to overcome such challenges.

Based on Foucualt's writings on regimes of truth, discourse and systems of exclusion, the authors in this study analyze how patriarchal and faith-based regimes of truth constrain some discourses that affect participants’ willingness and insights to reflect on the issues freely.

While reflecting on their experiences in data collection, authors report that qualitative researchers struggle to access participants to investigate issues related to gender subjectivities and minority faiths in educational contexts in developing societies like Pakistan. Researchers face a variety of problems, from their own positionality to participants’ access to their responses. The reason for this is patriarchal and religious regimes and also their intersecting relations that restrict participants’ ability to reflect on their issues. Minorities in Pakistan are often prevented from expressing their views freely by blasphemy fears. The discourses of gender are also sensitive. Therefore, the study suggests that in societies such as Pakistan, where religion and gender are emotive terms, the problem can be handled by counter-discourses that challenge truth regimes by conceiving research as a transformative practice. Moreover, such societies require a policy for protecting researchers and participants in the interest of knowledge production and dissemination.

This study is originally based on the primary data used in two doctoral studies.

This study aims to develop an experimentally validated three-dimensional numerical model for predicting different flow patterns produced with a gas dynamic virtual nozzle (GDVN).

The physical model is posed in the mixture formulation and copes with the unsteady, incompressible, isothermal, Newtonian, low turbulent two-phase flow. The computational fluid dynamics numerical solution is based on the half-space finite volume discretisation. The geo-reconstruct volume-of-fluid scheme tracks the interphase boundary between the gas and the liquid. To ensure numerical stability in the transition regime and adequately account for turbulent behaviour, the k-ω shear stress transport turbulence model is used. The model is validated by comparison with the experimental measurements on a vertical, downward-positioned GDVN configuration. Three different combinations of air and water volumetric flow rates have been solved numerically in the range of Reynolds numbers for airflow 1,009–2,596 and water 61–133, respectively, at Weber numbers 1.2–6.2.

The half-space symmetry allows the numerical reconstruction of the dripping, jetting and indication of the whipping mode. The kinetic energy transfer from the gas to the liquid is analysed, and locations with locally increased gas kinetic energy are observed. The calculated jet shapes reasonably well match the experimentally obtained high-speed camera videos.

The model is used for the virtual studies of new GDVN nozzle designs and optimisation of their operation.

To the best of the authors’ knowledge, the developed model numerically reconstructs all three GDVN flow regimes for the first time.

The purpose of this study was to develop a scale that can be used to assess inequality at work based on gender, age and ethnicity that is grounded in Acker’s (2006) inequality regimes.

The authors used three representative samples (total N = 1,806) of Swedish teachers, nurses and social workers to develop and validate the scale. The validation process included the assessment of content validity, confirmatory factor analysis for factorial validity, internal consistency and associations with theoretically warranted outcomes and related constructs to assess criterion-related validity and convergent validity.

The authors found evidence supporting the content, factorial, criterion-related and convergent validity of the InEquality in organisations Scale (InE-S). Furthermore, the scale demonstrated high internal consistency.

The newly developed scale InE-S may be used to further the understanding of how inequality at work influences employees. This study makes a contribution to the current literature by providing a scale that, for the first time, can test Acker’s hypotheses using quantitative methods to demonstrate the consequences of inequality at work.