Option pricing with random risk aversion

Based on a standard general equilibrium economy, we develop a framework for pricing European options where the risk aversion parameter is state dependent, and aggregate wealth and the underlying asset have a bivariate transformed-normal distribution. Our results show that the volatility and the skewness of the risk aversion parameter change the slope of the pricing kernel, and that, as the volatility of the risk aversion parameter increases, the (Black and Scholes) implied volatility shifts upwards but its shape remains the same, which implies that the volatility of the risk aversion parameter does not change the shape of the risk neutral distribution. Also, we demonstrate that the pricing kernel may become non-monotonic for high levels of volatility and low levels of skewness of the risk aversion parameter. An empirical example shows that the estimated volatility of the risk aversion parameter tends to be low in periods of high market volatility and vice-versa.

Phytoremediation in Sandpit Lake: Aquaponic

Sandpit Lake in Sukabumi area is a suitable site for developing aquaculture. However due to rapid eutrophication only sustainable aquaculture should be applied. We evaluated the ability of lettuce in reducing nutrients from fish culture. This phytoremediation study was carried out using mesocosm, where lettuce as the phytoremediation agent were grown on vegetable floating raft (VFR) together with 25 fish which were grown underneath it and fed by fish feed. We built three sizes of VFR which were 20, 40 and 60% covered the mesocosm surface. The three sizes VFR were the treatment and the 0% covering served as control. Water quality sampling was carried out two times at day zero and day seven of the experiment. We collected temperature, oxygen, nitrogen, and phosphate data and analyzed them using ANOVA. Our result showed the nitrogen increased inside mesocosm meanwhile orthoposphat decreased. But the size of VFR did not give any effect to the water quality parameter change. However descriptively, we found that 40% of VFR was able to slowdown the nutrien TAN increasing and orthoposphat concentration found to be low. Moreover, it resulted in the highest lettuce survival. We recommend using 40% coverage in employing an aquaponic system in sandpit lake.

Reprocessable Photodeformable Azobenzene Polymers

Photodeformable azobenzene (azo) polymers are a class of smart polymers that can efficiently convert light energy into mechanical power, holding great promise in various photoactuating applications. They are typically of crosslinked polymer networks with highly oriented azo mesogens embedded inside. Upon exposure to the light of appropriate wavelength, they experience dramatic order parameter change following the configuration change of the azo units. This could result in the generation and accumulation of the gradient microscopic photomechanical force in the crosslinked polymer networks, thus leading to their macroscopic deformation. So far, a great number of photodeformable azo polymers have been developed, including some unoriented ones showing photodeformation based on different mechanisms. Among them, photodeformable azo polymers with dynamic crosslinking networks (and some uncrosslinked ones) have aroused particular interest recently because of their obvious advantages over those with stable chemical crosslinking structures such as high recyclability and reprocessability. In this paper, I provide a detailed overview of the recent progress in such reprocessable photodeformable polymers. In addition, some challenges and perspectives are also presented.

A multiband patch antenna with embedded square split ring resonators in non-Homogeneous substrate

The authors have attempted to influence an embedded square split ring resonator (SSRR) response in a stacked non-homogeneous substrate to demonstrate a quad-band antenna. The purpose is to produce multiband operations of a microstrip patch antenna. The highlighted factor is the effect of embedding an SSRR and the differing relative permittivity of the substrate on the side length of the SSRR. The analysis shows that a non-homogeneous dual substrate patch produces multiple bands compared to a single substrate patch antenna without any parameter change. A dual substrate antenna fabricated using FR4 and Rogers RT/Duroid 5880 copper clad sheets with a dimension of 85.6x54x0.908 mm3 (0.314λ0x0.198λ0x0.003λ0). The antenna resonates at 1.1, 2.45, 3.65 and 5.25 GHz in the L-, S- and C-bands. It is possible to employ the patch antenna in WLAN (dual-band) and WiMAX applications and suitable for mobile broadcast service at 1.1 GHz. The authors compare the simulated and measured results of a prototype in the article. The maximum measured gain is 5.48 dBi at 1.1 GHz and 4.025 dBi at 3.65 GHz. The measured bandwidth is 60 MHz (1.2%) at 5.25 GHz.