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: Hedging for Crude Palm Oil's Price Using Bull Call Spread Strategy and Short Combo Straregy
Abstrak: Ketidakstabilan demand dan supply yang terjadi akibat adanya pandemi Covid-19 menyebabkan harga crude palm oil di Indonesia meningkat pesat. Lindung nilai menggunakan strategi opsi dapat menjadi solusi untuk mengurangi risiko jika menghadapi kenaikan harga atau kondisi bullish di masa depan. Penelitian ini menggunakan dua strategi opsi, yaitu strategi bull call spread dan short combo. Berdasarkan hasil penghitungan, biaya short combo merupakan yang terendah pada kondisi bullish. Pada kondisi bearish, biaya terendah dicapai ketika tidak dilakukan strategi opsi. Pada kondisi neutral, strategi short combo dan strategi bull call spread memberikan biaya terendah. Kedua strategi opsi memiliki kerugian maksimum pada saat spot price kurang dari strike price pertama dengan nilai yang berbeda-beda. Keuntungan maksimum bull call spread dan short combo terjadi pada saat spot price lebih besar dari strike price kedua. Keuntungan makimum short combo bernilai tak terhingga jika terjadi peningkatan spot price. Bull call spread lebih menguntungkan pada kondisi bearish, sedangkan short combo lebih menguntungkan pada kondisi bullish., The instability of demand and supply that occurred as a result of the Covid-19 pandemic caused the price of crude palm oil in Indonesia to increase rapidly. Hedging using an options strategy can be a solution to reduce risk if you face rising prices or bullish conditions in the future. This research uses two option strategies, namely the bull call spread and short combo strategies. Based on the calculation results, short combo costs are the lowest in bullish conditions. In bearish conditions, the lowest costs are achieved when no option strategy is implemented. In neutral conditions, the short combo strategy and the bull call spread strategy provide the lowest costs. Both option strategies have a maximum loss when the spot price is less than the first strike price by varying values. The maximum profit from the bull call spread and short combo occurs when the spot price is greater than the second strike price. The maximum profit of a short combo is infinite if there is an increase in the spot price. Bull call spreads are more profitable in bearish conditions, while short combos are more profitable in bullish conditions.
Keyword: crude palm oil, hedging, option, bull call spread, short combo, lindung nilai

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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