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This book aims to address how nanotechnology risks are being
addressed by scientists, particularly in the areas of human health
and the environment and how these risks can be measured in
financial terms for insurers and regulators. It provides a
comprehensive overview of nanotechnology risk measurement and risk
transfer methods, including a chapter outlining how Bayesian
methods can be used. It also examines nanotechnology from a legal
perspective, both current and potential future outcomes. The global
market for nanotechnology products was valued at $22.9 billion in
2013 and increased to about $26 billion in 2014. This market is
expected to reach about $64.2 billion by 2019, a compound annual
growth rate (CAGR) of 19.8% from 2014 to 2019. Despite the
increasing value of nanotechnologies and their widespread use,
there is a significant gap between the enthusiasm of scientists and
nanotechnology entrepreneurs working in the nanotechnology space
and the insurance/regulatory sector. Scientists are scarcely aware
that insurers/regulators have concerns about the potential for
human and environmental risk and insurers/regulators are not in a
position to access the potential risk. This book aims to bridge
this gap by defining the current challenges in nanotechnology
across disciplines and providing a number of risk management and
assessment methodologies. Featuring contributions from authors in
areas such as regulation, law, ethics, management, insurance and
manufacturing, this volume provides an interdisciplinary
perspective that is of value to students, academics, researchers,
policy makers, practitioners and society in general.
This book aims to address how nanotechnology risks are being
addressed by scientists, particularly in the areas of human health
and the environment and how these risks can be measured in
financial terms for insurers and regulators. It provides a
comprehensive overview of nanotechnology risk measurement and risk
transfer methods, including a chapter outlining how Bayesian
methods can be used. It also examines nanotechnology from a legal
perspective, both current and potential future outcomes. The global
market for nanotechnology products was valued at $22.9 billion in
2013 and increased to about $26 billion in 2014. This market is
expected to reach about $64.2 billion by 2019, a compound annual
growth rate (CAGR) of 19.8% from 2014 to 2019. Despite the
increasing value of nanotechnologies and their widespread use,
there is a significant gap between the enthusiasm of scientists and
nanotechnology entrepreneurs working in the nanotechnology space
and the insurance/regulatory sector. Scientists are scarcely aware
that insurers/regulators have concerns about the potential for
human and environmental risk and insurers/regulators are not in a
position to access the potential risk. This book aims to bridge
this gap by defining the current challenges in nanotechnology
across disciplines and providing a number of risk management and
assessment methodologies. Featuring contributions from authors in
areas such as regulation, law, ethics, management, insurance and
manufacturing, this volume provides an interdisciplinary
perspective that is of value to students, academics, researchers,
policy makers, practitioners and society in general.
Presenting state-of-the-art methods in the area, the book begins
with a presentation of weak discrete time approximations of
jump-diffusion stochastic differential equations for derivatives
pricing and risk measurement. Using a moving least squares
reconstruction, a numerical approach is then developed that allows
for the construction of arbitrage-free surfaces. Free boundary
problems are considered next, with particular focus on stochastic
impulse control problems that arise when the cost of control
includes a fixed cost, common in financial applications. The text
proceeds with the development of a fear index based on equity
option surfaces, allowing for the measurement of overall fear
levels in the market. The problem of American option pricing is
considered next, applying simulation methods combined with
regression techniques and discussing convergence properties.
Changing focus to integral transform methods, a variety of option
pricing problems are considered. The COS method is practically
applied for the pricing of options under uncertain volatility, a
method developed by the authors that relies on the dynamic
programming principle and Fourier cosine series expansions.
Efficient approximation methods are next developed for the
application of the fast Fourier transform for option pricing under
multifactor affine models with stochastic volatility and jumps.
Following this, fast and accurate pricing techniques are showcased
for the pricing of credit derivative contracts with discrete
monitoring based on the Wiener-Hopf factorisation. With an energy
theme, a recombining pentanomial lattice is developed for the
pricing of gas swing contracts under regime switching dynamics. The
book concludes with a linear and nonlinear review of the
arbitrage-free parity theory for the CDS and bond markets.
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