{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2018:YIP63BYMJJSSEY3OBTBSZHZT5I","merge_version":"pith-open-graph-merge-v1","event_count":2,"valid_event_count":2,"invalid_event_count":0,"equivocation_count":0,"current":{"canonical_record":{"metadata":{"abstract_canon_sha256":"e9ded29ddcfe1648fb9f627b009d8b9a200a25626faf418fb4513ee2b6b61186","cross_cats_sorted":["q-fin.PR"],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.CP","submitted_at":"2018-09-19T17:10:07Z","title_canon_sha256":"abf209b0b89dfebfc78004d8820fe552978e01e5cfd20e3c708e8a228f5044b6"},"schema_version":"1.0","source":{"id":"1809.07300","kind":"arxiv","version":2}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1809.07300","created_at":"2026-07-04T23:53:10Z"},{"alias_kind":"arxiv_version","alias_value":"1809.07300v2","created_at":"2026-07-04T23:53:10Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1809.07300","created_at":"2026-07-04T23:53:10Z"},{"alias_kind":"pith_short_12","alias_value":"YIP63BYMJJSS","created_at":"2026-07-04T23:53:10Z"},{"alias_kind":"pith_short_16","alias_value":"YIP63BYMJJSSEY3O","created_at":"2026-07-04T23:53:10Z"},{"alias_kind":"pith_short_8","alias_value":"YIP63BYM","created_at":"2026-07-04T23:53:10Z"}],"graph_snapshots":[{"event_id":"sha256:2c4718c2dc07757e13cb07210d71e59945673d6d9fa8032f01319d779f8617de","target":"graph","created_at":"2026-07-04T23:53:10Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"graph_snapshot":{"author_claims":{"count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","strong_count":0},"builder_version":"pith-number-builder-2026-05-17-v1","claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"integrity":{"available":true,"clean":true,"detectors_run":[],"endpoint":"/pith/1809.07300/integrity.json","findings":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938","summary":{"advisory":0,"by_detector":{},"critical":0,"informational":0}},"paper":{"abstract_excerpt":"We present a novel method for the numerical pricing of American options based on Monte Carlo simulation and the optimization of exercise strategies. Previous solutions to this problem either explicitly or implicitly determine so-called optimal exercise regions, which consist of points in time and space at which a given option is exercised. In contrast, our method determines the exercise rates of randomized exercise strategies. We show that the supremum of the corresponding stochastic optimization problem provides the correct option price. By integrating analytically over the random exercise de","authors_text":"Christian Bayer, Ra\\'ul Tempone, S\\\"oren Wolfers","cross_cats":["q-fin.PR"],"headline":"","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.CP","submitted_at":"2018-09-19T17:10:07Z","title":"Pricing American Options by Exercise Rate Optimization"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1809.07300","kind":"arxiv","version":2},"verdict":{"created_at":null,"id":null,"model_set":{},"one_line_summary":"","pipeline_version":null,"pith_extraction_headline":"","strongest_claim":"","weakest_assumption":""}},"verdict_id":null}}],"author_attestations":[],"timestamp_anchors":[],"storage_attestations":[],"citation_signatures":[],"replication_records":[],"corrections":[],"mirror_hints":[],"record_created":{"event_id":"sha256:d58faaa1b5cfdd02c557a79d6f2214b119d327973b5939473f20f4c39150b475","target":"record","created_at":"2026-07-04T23:53:10Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"attestation_state":"computed","canonical_record":{"metadata":{"abstract_canon_sha256":"e9ded29ddcfe1648fb9f627b009d8b9a200a25626faf418fb4513ee2b6b61186","cross_cats_sorted":["q-fin.PR"],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.CP","submitted_at":"2018-09-19T17:10:07Z","title_canon_sha256":"abf209b0b89dfebfc78004d8820fe552978e01e5cfd20e3c708e8a228f5044b6"},"schema_version":"1.0","source":{"id":"1809.07300","kind":"arxiv","version":2}},"canonical_sha256":"c21fed870c4a6522636e0cc32c9f33ea3eb2cb4e870e8a445b2f1887cdd60568","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"c21fed870c4a6522636e0cc32c9f33ea3eb2cb4e870e8a445b2f1887cdd60568","first_computed_at":"2026-07-04T23:53:10.156975Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-07-04T23:53:10.156975Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"I7Fhfo0ELmJSfd5GS24yFI9zR1xE2tHFswFkOux7ianwDeh5+lNxMmbdMoQ2+F7jdfWhEBuVTs6PAITkORKABA==","signature_status":"signed_v1","signed_at":"2026-07-04T23:53:10.157468Z","signed_message":"canonical_sha256_bytes"},"source_id":"1809.07300","source_kind":"arxiv","source_version":2}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:d58faaa1b5cfdd02c557a79d6f2214b119d327973b5939473f20f4c39150b475","sha256:2c4718c2dc07757e13cb07210d71e59945673d6d9fa8032f01319d779f8617de"],"state_sha256":"b61255a53ae7ac9a4cb6fe4a84e2d22f0c674f71b6578971eee313ee3f75883f"}