A regression-based smoothing spline Monte Carlo algorithm for pricing American options in discrete time

American options in discrete time can be priced by solving optimal stopping problems. This can be done by computing so-called continuation values, which we represent as regression functions defined recursively by using the continuation values of the next time step. We use Monte Carlo to generate data, and then we apply smoothing spline regression estimates to estimate the continuation values from these data. All parameters of the estimate are chosen data dependent. We present results concerning consistency and the estimates’ rate of convergence.     

An Experimental Evaluation of the Serial Cost Sharing Rule

This paper proposes an experimental test to evaluate the performance of the serial cost sharing rule, originally proposed by Shenker [Sigmetrics, 241–242 (1990)] and then analyzed by Moulin and Shenker [Econometrica 60, 1009–1037 (1992)]. We report measures of the performance and efficiency of the serial mechanism by comparing the choices and payoffs attained by the subjects to the expected equilibrium allocations. Experimental evidence shows that learning is needed for the subjects to converge to the equilibrium strategy. However, in terms of efficiency, the serial mechanism leads to almost efficient allocations.     

Plaid designs for the evaluation of training for medical practitioners

The training of medical practitioners to improve the practitioner/patient relationship may be difficult, as limitations often exist on the choice of patients included in the study. A specific study of this type of training is given. It is proposed that a simple modification and generalization of Yates' plaid-square designs be used. It is shown that a replicated plaid-design incorporates as a special case the criss-cross or strip-plot design. The usefulness of these designs in studies of the training of medical practitioners is illustrated. The basic characteristics of their analysis are outlined.     

Awkward Customers? Parents and Provision for Special Educational Needs

This article selectively reports on a small-scale qualitative exploration of the experiences of families who had undergone recent conflict with special educational needs (SEN) professionals. The data were collected over the spring and summer terms of 2001 from 10 families in two local education authorities (LEAs) in the English midlands. The research aimed to examine the parents' perspectives on points of conflict or dissatisfaction between themselves and education professionals. It was concerned with the parents' points of view regarding their pursuit of desired outcomes for their children and the factors that helped or hindered their endeavours. The project found that the parents' negotiation of the SEN system was held by them to be exceptionally difficult and stressful compared to other troubling issues in their lives. The research suggests that dissatisfactions with SEN provision have important implications for the management of LEA Parent partnership Schemes (PPS) in ameliorating the differences between parental aspirations and governmental ambition.     

Gay Affirmative Practice: A Model for Social Work Practice with Gay,Lesbian, and Bisexual Youth

Gay affirmative practice has recently been introduced into the social work literature as a culturally sensitive model for working with gay, lesbian, and bisexual (GLB) adults, however, this model has rarely been applied to practice with GLB youth. In this article, the authors review the literature to present the main tenets of gay affirmative practice, outline the challenges that GLB youth face, and delineate the environmental and individual strengths that can be enhanced to promote well-being. The authors then apply the gay affirmative practice model to GLB youth, offering concrete information about the specific knowledge, attitudes, and skills that social workers should acquire to better serve the unique, yet diverse, needs of GLB youth.