...For the exclusive use of J. Toerroenen 9-910-045 REV. MAY 13, 2013 JOHN S. HAMMOND C.K. Claridge, Inc. On a Sunday in mid-September 2009, Christine Schilling was in the office of Ralph Purcell, president of C. K. Claridge, Inc. (CKC). Schilling, recently hired by Purcell, was going over an analysis she had recently prepared and discussed at a meeting in New York with the firm’s intellectual property attorneys. Purcell hoped that by the end of the afternoon, aided by Schilling’s insights, he would be able to establish a course of action that might hasten the final settlement of a patent suit brought against CKC three years earlier by the Tolemite Corporation and its licensee, Barton Research and Development (BARD). The Contenders CKC was founded in Milwaukee, Wisconsin, in 1948 as a commercial outlet for the inventive genius of Dr. Charles K. Claridge, an astute organic chemist. Dr. Claridge owned and managed the company until 1996, when, desiring to retire, he sold it along with all of its patents and products to Arnoux Industries, a small Chicago-based conglomerate. CKC continued to prosper as an Arnoux subsidiary and by 2009 had projected annual sales of about $105 million, 14% of the Arnoux total. About 10% of CKC’s sales in 2009 were derived from a chemical component called Varacil, whose manufacturing process was the subject of the patent suit. The remainder of its sales included a wide range of specialty organic chemical products, sold in relatively...
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...March 28, 2008 22:40 Applicable Analysis ArticleApplAnalHomogVolChoquetMikeliclast Applicable Analysis Vol. 00, No. 00, March 2008, 1{22 RESEARCH ARTICLE Laplace transform approach to the rigorous upscaling of the in¯nite adsorption rate reactive °ow under dominant Peclet number through a pore z Catherine Choquet a and Andro Mikeli¶c b ¤ aUniversit¶e P. C¶ezanne, LATP UMR 6632, Facult¶e des Sciences et Techniques de Saint-J¶er^ome, 13397 Marseille Cedex 20, FRANCE bUniversit¶e de Lyon, Lyon, F-69003, FRANCE; Universit¶e Lyon 1, Institut Camille Jordan, UFR Math¶ematiques, Site de Gerland, B^at. A, 50, avenue Tony Garnier 69367 Lyon Cedex 07, FRANCE (submitted on March 31, 2008) In this paper we undertake a rigorous derivation of the upscaled model for reactive °ow through a narrow and long two-dimensional pore. The transported and di®used solute par- ticles undergo the in¯nite adsorption rate reactions at the lateral tube boundary. At the inlet boundary we suppose Danckwerts' boundary conditions. The transport and reaction pa- rameters are such that we have dominant Peclet number. Our analysis uses the anisotropic singular perturbation technique, the small characteristic parameter " being the ratio between the thickness and the longitudinal observation length. Our goal is to obtain error estimates for the approximation of the physical solution by the upscaled one. They are presented in the energy norm. They give the approximation error as a power of...
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...Overview of Applications by Discipline ECONOMICS Estimating sensitivity of demand to price 352–356 Pricing problems 352–366, 422–427 Estimating cost of power 363–366 47–56, Assessing a utility function 554–556 Estimating demand for products 632–638, 649–650, 764–771, 965 Subway token hoarding 792 FINANCE AND ACCOUNTING Collecting on delinquent credit accounts 14–16 Cost projections 29–33 Finding a breakeven point 33–41 Calculating NPV 57–62 Calculating NPV for production capacity decision 58–62 Portfolio management 173–178, 345–346, 387–394, 442–444, 689–691 Pension fund management 178–182 Financial planning 210–214, 676–681, 734–735 Arbitrage opportunities in oil pricing 215–219 Currency trading 220 Capital budgeting 290–295 Estimating stock betas 396–401 Hedging risk with put options 407–408 Stock hedging 407–408 Asset management 409–410 New product development 503–504, 574, 673–676, 715–722 Bidding for a government contract 513–518, 523–533, 653–657 Investing with risk aversion 557–560 Land purchasing decision 575 Risk analysis 582–583 Liquidity risk management 651–653 Estimating warranty costs 657–661 Retirement planning 681–685 Modeling stock prices 685–686 Pricing options 686–689, 691–693 Investing for college 732 Bond investment 733 HUMAN RESOURCES AND HEALTH CARE Fighting HIV/AIDS 23–24 DEA in the hospital industry 184–189 Salesforce allocation problems 454–456 Assigning MBA students to teams 462 Selecting...
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...through this solution manual and communicating to me several mistakes/typos. 1 1.1. Stochastic Calculus for Finance I: The Binomial Asset Pricing Model 1. The Binomial No-Arbitrage Pricing Model Proof. If we get the up sate, then X1 = X1 (H) = ∆0 uS0 + (1 + r)(X0 − ∆0 S0 ); if we get the down state, then X1 = X1 (T ) = ∆0 dS0 + (1 + r)(X0 − ∆0 S0 ). If X1 has a positive probability of being strictly positive, then we must either have X1 (H) > 0 or X1 (T ) > 0. (i) If X1 (H) > 0, then ∆0 uS0 + (1 + r)(X0 − ∆0 S0 ) > 0. Plug in X0 = 0, we get u∆0 > (1 + r)∆0 . By condition d < 1 + r < u, we conclude ∆0 > 0. In this case, X1 (T ) = ∆0 dS0 + (1 + r)(X0 − ∆0 S0 ) = ∆0 S0 [d − (1 + r)] < 0. (ii) If X1 (T ) > 0, then we can similarly deduce ∆0 < 0 and hence X1 (H) < 0. So we cannot have X1 strictly positive with positive probability unless X1 is strictly negative with positive probability as well, regardless the choice of the number ∆0 . Remark: Here the condition X0 = 0 is not essential, as far as a property definition of arbitrage for arbitrary X0 can be given. Indeed, for the one-period binomial model, we can define arbitrage as a trading strategy such that P (X1 ≥ X0 (1 + r)) = 1 and P (X1 > X0 (1 + r)) > 0. First, this is a generalization of the case X0 = 0; second, it is “proper” because it is comparing the result of an arbitrary investment involving money and...
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