Judul: Comparison of Binary Option Prices on Nickel Futures Contracts using Monte Carlo and Quasi Monte Carlo Methods
Abstrak: Investasi dalam komoditas seperti nikel memiliki potensi ekonomi yang signifikan, terutama mengingat peran vital nikel dalam industri baja tahan karat dan baterai lithium. Penelitian ini bertujuan untuk membandingkan harga opsi biner pada kontrak berjangka nikel menggunakan metode Monte Carlo dan Kuasi Monte Carlo. Metode Monte Carlo dan Kuasi Monte Carlo dengan barisan kuasi acak Van der Corput dan Sobol digunakan untuk menghitung harga opsi biner asset-or-nothing. Hasil simulasi menunjukkan bahwa metode Kuasi Monte Carlo memberikan hasil yang lebih akurat dengan galat relatif yang lebih kecil dibandingkan metode Monte Carlo, terutama pada barisan kuasi acak Sobol. Dengan semakin banyaknya simulasi, kedua metode semakin mendekati nilai analitik, namun Kuasi Monte Carlo menunjukkan konvergensi yang lebih cepat. Temuan ini menunjukkan bahwa metode Kuasi Monte Carlo lebih efektif dalam menghitung harga opsi biner, yang dapat mengurangi waktu komputasi dan meningkatkan akurasi prediksi harga., Investment in commodities such as nickel has significant economic potential, particularly due to nickel's vital role in the stainless steel and lithium battery industries. This study aims to compare binary option pricing on nickel futures contracts using Monte Carlo and Quasi Monte Carlo methods. Monte Carlo and Quasi Monte Carlo methods with Van der Corput and Sobol quasi-random sequences were used to calculate the asset-or-nothing binary option prices. The simulation results show that the Quasi Monte Carlo method provides more accurate results with smaller relative errors compared to the Monte Carlo method, especially with the Sobol quasi-random sequence. As the number of simulations increases, both methods approach the analytical values, but Quasi Monte Carlo shows faster convergence. These findings indicate that the Quasi Monte Carlo method is more effective in pricing binary options, which can reduce computation time and improve price prediction accuracy.
Keyword: Monte Carlo, binary option pricing, futures contracts, nickel commodity, Quasi-Monte Carlo, harga opsi biner, komoditas nikel, kontrak berjangka, Kuasi Monte Carlo

Judul: Real Options Analysis for Investment in Nickel Smelter Construction
Abstrak: Nikel merupakan salah satu dari lima unsur logam yang memiliki sifat konduktor dan digunakan sebagai salah satu bahan baku produksi baterai. Permintaan nikel mengalami peningkatan karena perkembangan industri mobil listrik yang semakin besar. Nikel membutuhkan pemurnian agar dapat menjadi bahan baku pembuatan baterai melalui proses smelting pada smelter nikel. Perusahaan smelter nikel memiliki peluang untuk mendapatkan fleksibilitas lebih untuk penentuan keputusan investasi yang tepat menggunakan metode real options. Real options merupakan suatu hak manajerial untuk mengambil tindakan, seperti menunda, memperluas, kontrak, meninggalkan pada aset non-finansial dengan biaya yang ditentukan pada atau sebelum waktu yang telah ditetapkan. Penelitian ini bertujuan untuk menghitung nilai opsi dengan skenario opsi ekspansi menggunakan metode pohon Binomial. Proyek yang diproyeksikan beroperasi pada tahun 2025 ini akan mengeksekusi opsi ekspansi atau opsi pengembangan pada tahun 2036 dengan nilai opsi maksimum sebesar US$153,23 miliar dan nilai opsi minimum sebesar US$1,58 miliar. Real options ini membawa nilai nilai tambah sebesar US$3,93 miliar., Nickel is one of the five metallic elements with conductors characteristic and is used as a raw material for battery production. Nickel demand has increased due to the growing development of the electric car industry. Nickel requires purification to be used as raw material for making batteries through the smelting process in nickel smelting. Nickel smelter companies have the opportunity to get more flexibility in determining the right investment decisions using the real options method. Real options are a managerial right to take action, such as postponing, expanding, contracting, or abandoning non-financial assets at a determined cost on or before a predetermined time. This study aims to calculate the option value of an option to expand scenarios using the Binomial tree method to provide more flexibility to managers in making investment decisions using the Binomial tree method. The project, which is projected to operate in 2025, will exercise the option to expand or growth option in 2036 with a maximum option value of US$153.23 billion and a minimum option value of US$1.58 billion. These real options bring an additional value of US$3.93 billion.
Keyword: investasi, metode binomial, nikel, opsi ekspansi, smelter nikel, investment, binomial method, nickel, growth option, nickel smelter

Judul: Bioecology of Earthworm Pheretima darnleiensis
Abstrak: Pheretima darnleiensis is a native earthworm in Southeast Asia, India, Japan, and Indonesia, however there is lack of study on P. darnleiensis. Determining the characteristics of P. darnleiensis and the ecology surrounding its habitat is needed in order to culture the earthworm. Hence, this study was aimed to study the structure of several organs and morphological characters that can be used to identify P. darnleiensis and its habitat condition. Earthworms were collected in a plot of 100 x 100 x 20 cm in 10 locations and were identified. The structure of P. darnleiensis organs was studied histologically using paraffin. Pheretima darnleiensis did not have diverticula and stalked gland on copulatory pouches, nephridia occurred on bithecate spermatheca, and the first spermathecal pores were at segment 4/5. Based on this study, the highest population of P. darnleiensis was found in an area containing abundance of other earthworm species at 15 individuals/m2, plant cover at 25.00%, soil arthropods at 16.32 individuals/kg fresh soil, abiotic component cover at 78.50%, soil temperature at 27.42 ± 1.01 oC, soil pH at 5.77 ± 0.53, soil moisture at 19.83 ± 9.92%, organic carbon at 3.39%, N at 0.29%, P at 286.80 ppm, K at 500.00 ppm, sand at 28.76%, silt at 38.74%, and clay at 32.50%. Silt fraction could be considered as one of factors influencing P. darnleiensis abundance.
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