In this Element the authors review the technique of the change of numeraire in the martingale approach to option pricing. Their intention is to present a reader friendly explanation of the technique itself, and illustrate how it is applied in various fields of quantitative finance as the basis...

This paper implements a land use classification for the City of Calgary, Alberta, Canada, using an object-oriented approach for six Landsat TM and ETM+ images and simulates the land use pattern in the future using Markov Chain analysis and Cellular Automata analysis based on the interactions...

A novel Rankine power cycle which uses a mixture of three hydrocarbons as working fluid is proposed to utilize the cold energy in LNG (liquefied natural gas). Process simulations and composition optimization of four schemes for the cycle are carried out. The results show that while the cycle is...