We develop approximate formulae expressed in terms of elementary functions for the density, the price and the Greeks of path dependent options of Asian style, in a general local volatility model. An algorithm for computing higher order approximations is provided. The proof is based on a heat...

The general consensus among health economists is that the increasing capability of medical providers— often called medical “technology”—is responsible for the majority of growth in medical expenditure. And yet, the principle means of understanding medical technology is through the use of...

In most developing countries, historically, the main strategy for improving the food sector has focused on increasing farm-level production. But in recent years, with the emphasis on value chain analysis, there has been much more focus on subsector studies, demand-driven approaches, and...

The negative effect of distance is justified by the existence of transport costs which hamper the international exchange of final and intermediate goods, and by higher uncertainty about local markets. We submit that distance plays a remarkably different role in the case of R&D FDIs since they...