- 1 Introduction
- 2 Noise option contract design
- 3 Modeling aircraft noise index
- 4 Calibration
- 4.1 Flight movements model calibration
- 4.2 Hidden renewal process calibration
- 5 Fixing the martingale measure: Equilibrium pricing
- 6 Results
- 6.1 Correlation between value creation and noise
- 6.2 Option prices
- 6.3 Sensitivity analysis
- 7 Conclusion
- 8 Appendix
- 8.1 Proof of Theorem ??.
- 8.2 Covariances and variances
- 8.3 Flight movements per operating variant
- 8.4 Expected value creation per operating variant
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