Judul: Strategi Long Straddle dan Bull Spreads untuk Lindung Nilai Crude Oil
Abstrak: Konflik Geopolitik Rusia-Ukraina, pemotongan produksi OPEC+, dan China mempercepat vaksinisasi menyebabkan harga crude oil meningkat. Lindung nilai menggunakan strategi opsi dapat menjadi solusi untuk mengurangi risiko jika menghadapi kondisi bullish di masa depan. Penelitian ini menggunakan tiga strategi opsi, yaitu long straddle, bull call spread, dan bull put spread. Berdasarkan hasil perhitungan, ketiga strategi opsi memiliki keuntungan maksimum dan kerugian maksimum pada kondisi dan nilai yang berbeda-beda jika terjadi peningkatan spot price. Long straddle lebih menguntungkan pada kondisi bullish atau bearish, sedangkan bull call spread lebih menguntungkan pada kondisi neutral. Harga jual lindung nilai long straddle merupakan yang terendah pada kondisi bearish dan bullish, sedangkan pada kondisi neutral harga jual lindung nilai terendah terjadi ketika diterapkan strategi bull call spread.
Keyword: Crude oil

Judul: Comparison Bull Spreads Strategies Using Vanilla Options and Barrier Options to Hedging TSR20 Rubber Prices
Abstrak: Komoditas karet menjadi salah satu komoditas penting di dunia, salah satunya karena karet merupakan bahan baku utama yang dibutuhkan dalam industri otomotif. Adanya cuaca ekstrem yang melanda negara-negara produsen karet TSR20 mengakibatkan harga komoditas ini mengalami fluktuasi dan cukup sulit untuk diprediksi. Untuk mengatasi hal tersebut, perlu dilakukan lindung nilai terhadap harga komoditas karet TSR20. Produk derivatif yang digunakan dalam melindungi harga komoditas karet TSR20 ialah opsi. Pada penelitian ini, dicari strategi terbaik antara strategi bull spreads menggunakan opsi vanilla dan strategi bull spreads menggunakan opsi barrier untuk melindungi investor komoditas karet TSR20 terhadap kenaikan harga. Opsi barrier yang digunakan, yaitu up and knock-in. Berdasarkan hasil perhitungan, strategi bull spreads menggunakan opsi barrier merupakan strategi lindung nilai terbaik karena menghasilkan keuntungan terbesar dan harga beli yang lebih murah dibandingkan dengan strategi bull spreads menggunakan opsi vanilla., Rubber commodity is one of the essential commodities in the world, partly because rubber is the primary raw material needed in the automotive industry. The existence of extreme weather that hit the TSR20 rubber-producing countries resulted in the price of this commodity fluctuating and was quite challenging to predict. To overcome this, it is necessary to hedge the price of the TSR20 rubber commodity. Derivative products used to protect the price of the TSR20 rubber commodity are options. In this study, the best strategy is sought between the bull spreads strategy using vanilla options and the bull spreads strategy using the barrier option to protect TSR20 rubber commodity investors against price increases. The barrier options used are up and knock-in. Based on the calculation results, the bull spreads strategy using the barrier option is the best hedging strategy because it produces the most significant profits and a lower purchase price than the bull spreads strategy using vanilla options.
Keyword: hedging, barrier options, vanilla options, rubber TSR20, bull spreads

Judul: Categorization in Macaca fascicularis.
Abstrak: Categorization is an ability to group individuals or events into different classes mediated by conceptualized mental images. There are several levels of categorization and within a taxonomy the levels are nested. At the most concrete level of categorization, all or most members of the category shared common physical attributes that differ from other categories. The higher the level of category, the fewer common attributes between members of the group. In addition to humans, the ability to categorize has also been proposed in animals. One example of categorization in animal is species discrimination. Using matching-tosample task, present experiment tested ability of the long-tailed macaque (Macaca fascicularis) in discriminating dichotomous-stimuli of different animals. The species has been shown to be able to see photos as representations of real object so I used facial photos of humans and animals for the stimuli. First, I tested their ability to classify humans and macaques into separate group. Second, I tested their ability to discriminate their conspecific from other macaques. And the last, I tested whether the subjects were able to discriminate non-human animals from humans. In all of these experiments I found that the subjects showed high performance in categorizing objects, even when I discarded details of visual informations, such as color and local shapes. The ability to identify objects with reduced representation of physical properties means the subjects were able to generalize attributes of members of the group. This would indicate that the subjects created a higher level abstraction. On the other hand, in discriminating intrageneric macaque species I found that they were able to extract uniqueness of each species. More over, I also found that the subjects were able to put photos of non-human animals that shared very few similarities in physical percepts into one group. I suggested that the subjects could create a more abstract concept based on non-percepts relations as a basis to put the objects into one category. Thus, I concluded that M. fascicularis were able to perform multiple levels of categorizations.
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