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this is entirely their opinion. They may be right and they may be wrong. From a purely theoretical standpoint, it is always a 50/50 proposition for an at-the-money option. The preceding discussion bears a clue for answering the question of how much of S and R we need to short to neutralize F and isolate V. The answer is approximately 50 percent. Under standard Black-Scholes assumption of log-normality, the delta of a call is greater than 50 percent and that of a put is less than 50 percent. When an option contract is purchased, it is always in relation to some underlying reference (or notional) amount of spot. For example, a single option on the Standard & Poor s (S&P) 500 trades to an underlying S&P 500 futures contract with a reference amount of $250 times the current spot value of the index. In this instance, spot refers to a particular cash value of 500 stocks in the S&P index. However, when an investor purchases this option, she does not pay anything close to $250 times the current spot value of the index. Because the option has a strike price, the cost of a call option is S (1 R) K V, not S (1 R) V. Therefore, if the S&P is at a level of 800 and an at-the-money option is being purchased, then the price to be paid is $250 800 $250 800 R $250 800 V,
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The examination of the reports and participant lists of the GSM meetings in those rst years shows that the topics that were to be those of GSM3 were rather marginal. The main advocate of those topics, and of their importance, was Jan Audestad, who was to become the rst chairman of GSM3. Important guidelines were established, if not of cially, during this period, in particular the idea that GSM was to be designed mainly to interwork with ISDN.
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Security has always been a high-priority requirement that has been continually addressed by Grid developers [12]. New techniques and technologies are currently being developed to ensure that Grid networks are highly secure. For example, different types of segmentation techniques used for Grid network resources, especially at the physical level, provide capabilities allowing high-security data traffic to be completely isolated from other types of traffic. Also, recently, new techniques using high-performance encryption for Grid networks have been designed to provide enhanced security to levels difficult to obtain on traditional data networks. 1.4.2.11 Pervasiveness
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having an appraised value greater than Two Thousand Five Hundred Dollars ($2,500) shall be excluded from the Appreciation for purposes of calculating Contingent Interest under this Note if the following procedures are followed: (i) No improvements shall be made without the Lender s advance written permission, not to be unreasonably withheld; (ii) Within Thirty (30) days following the completion of the improvements, the undersigned shall send Notice of completion of the improvements, with proof of their cost, and undersigned s estimated increase in value of the House as a result of such improvements to the Lender; (iii) If the Lender disputes the value of such improvements and the parties cannot agree as to the value of such improvements then the Lender shall select a qualif ied independent appraiser to determine the increase in value of the House, if any, by reason of the improvements. The value assigned to such Capital Improvements by the appraiser shall be conclusive proof of their contribution to the increase (if any) in the value of the House and shall constitute the conclusive determination of the increase in the value of the House by reason of the Capital Improvements for purposes of computing the Appreciation. If the undersigned s estimate of the increase in the value of the House as a result of the Capital Improvements exceeds the value determined by Lender s appraiser by more than Fifteen percent (15%), then the undersigned shall bear the cost of such appraisal and the undersigned shall pay the cost of Lender s appraisal within Thirty (30) days of mailing to them of an invoice therefor. The undersigned s failure to promptly pay this cost will constitute a default under this Note. If the undersigned dispute the Lender s Appraisal, they may at their own expense and within Thirty (30) days of the receipt of Lender s appraisal, secure a qualif ied independent appraiser to determine the increase in value of the House, if any, by reason of the Capital Improvements, and undersigned shall give to the Lender Notice of same. If undersigned s appraisal is higher than the Lender s the value of the improvements will be taken to be one-half (1 2 ) the sum of the two appraisals. If undersigned s Appraisal is not higher, Lender s Appraisal will govern. 5. SECURIT Y. This loan is secured by a mortgage of even date on the House. The undersigned certify that they shall occupy the House as their principal residence. The undersigned do hereby pledge, transfer and grant to the Lender, as security for their obligations under this Note, their entire right, title and interest in the House, improvements and land described more fully in Exhibit A attached hereto (the House ). 6. APPR AISAL. The Lender shall select a qualif ied independent appraiser to appraise the House if required pursuant to Section 2. The appraisal shall be performed
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generally indicating a higher transmission data rate. There is a crossover point around ECR 3/4 when it is bene cial to employ 16QAM with strong coding rather than using QPSK with reduced coding. The results presented in Figure 7.2 are for the single HS-PDSCH case showing the basic modulation and coding performance without link adaptation. Link adaptation selects the modulation and coding scheme so that throughput and delay are optimized for the instantaneous SINR. Figure 7.3 shows the required SINR as a function of the data rate for the rst transmission when link adaptation is included.
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Suppose that we intend to evaluate the accuracy of a clustering algorithm A on a set of objects S relative to a collection of classes on S that forms a partition of S. In other words, we wish to determine the extent to which the clustering produced by A coincides with the partition determined by the classes. If the set S is large, the evaluation can be performed by extracting a random sample T from S, applying A to T , and then comparing the clustering partition of T computed by A and the partition of T into the preexisting classes. Let = {C1 , . . . , Cm } be the clustering partition of T and let = {K1 , . . . , Kn } be the partition of T of classes. The evaluation is helped by n m matrix Q, where qij = |Ci Kj | named the confusion matrix. We can use distances associated with the generalized entropy, d ( , ), to evaluate the distinction between these partitions. This was already observed by Rand [11], who proposed as a measure the cardinality of the symmetric difference of the sets of pairs of objects that belong to the equivalences that correspond to the two partitions. Frequently, one uses the conditional entropy
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