A neural network versus Black–Scholes: a comparison of pricing and hedging performances

An Erratum has been published for this article in Journal of Forecasting 22(6‐7) 2003, 551 The Black–Scholes formula is a well‐known model for pricing and hedging derivative securities. It relies, however, on several highly questionable assumptions. This paper examines whether a neural network (MLP) can be used to find a call option pricing formula better corresponding to market prices and the properties of the underlying asset than the Black–Scholes formula. The neural network method is applied to the out‐of‐sample pricing and delta‐hedging of daily Swedish stock index call options from 1997 to 1999. The relevance of a hedge‐analysis is stressed further in this paper. As benchmarks, the Black–Scholes model with historical and implied volatility estimates are used. Comparisons reveal that the neural network models outperform the benchmarks both in pricing and hedging performances. A moving block bootstrap is used to test the statistical significance of the results. Although the neural networks are superior, the results are sometimes insignificant at the 5% level. Copyright © 2003 John Wiley & Sons, Ltd.     

基于神经网络智能天线的一种波达方向估计方法

该文提出利用径向基函数神经网络来估计无线通信中智能天线的信号到达方向．为了减少输入，利用信号相关阵的对称性质，仅考虑相关阵中的上三角或下三角的部分元素作为网络的输入量，计算量较小．计算机模拟结果表明，该方案是有效的．     

发动机传感器的测试

发动机传感器的测试是进行控制和诊断的基础,故有必要对传感器输出信号的性质、特征及电路加以阐述.     

The social brain: Insights from cognitive neuroscience

Cognitive neuroscience has provided powerful tools that now permit the investigation of human social cognition and behavior with unprecedented accuracy. This review summarizes some of the features of the human brain that differentiate it from the brains of other animals, some of the methods used in cognitive neuroscience, and concludes with an example of research from the author’s own lab that implicates the amygdala in emotion recognition, social judgment, and autism.     

词汇策略的使用与词汇知识水平的相关探究

旨在探讨二语学习者的词汇策略倾向与其词汇知识之间的关系。对非英语专业大学二年级学生的词汇水平测试和词汇学习策略问卷调查结果表明：（1）学习者词汇策略的认知倾向对词汇知识水平有预测作用：词汇水平较高的同学更多地使用认知策略和元认知策略，而词汇水平相对较差的同学较多地依赖机械记忆；（2）二语学习者还没有摆脱母语知识系统的束缚，还需要进一步努力构建二语词汇知识系统。     

螺旋霉素发酵过程动态建模的神经网络方法

对文题所述方法,根据实验数据进行仿真研究,获得了满意的结果。为高度复杂的非线性生化过程的模型化提供了一条新的途径。     

罗丹明B光纤酸度传感器的研究

本文采用静电吸附方法将罗丹明B固定在Nafion膜上,制成光纤酸度传感器,具有响应迅速,稳定性良好,干扰少的优点,可用于2～8M硫酸和盐酸的连续监测。     

认知语言学对隐喻的诠释

世界在变,人对世界的认知也是在不断深化；对语言研究从规范、描写发展到解释认知语言学在客观主义和主观主义之间架起了一座桥梁,提出了主客观相结合的体验主义认识论。隐喻是一种重要的认知模式,是新的语言意义产生的根源。本文通过认知语言学理论阐述研究隐喻的理论基础,并解释隐喻与认知、隐喻与本义的关系,说明对隐喻的研究应注意解释的范围与意义,应从文化与思维入手,探讨语言的哲学实质,从而对语言进行深层次的研究。     

发酵过程混合神经网络模型及其仿真

提出了一种新型的发酵过程混合神经网络模型，该模型由非线性神经网络和线性神经网络两部分组成，由于非线性神经网络采用结构具有线形式的Flat网络，两个网络能够合并为同一表达式，并具有线性形式，可采用线性最小二乘法求解网络权值，与串联结构及串并联结构混合神经网络模型相比，该模型训练方式简单，并可方便地使用在线辨识算法。