In this paper,, we study a new kind of exotic options called geometric Asian rainbow option on the Iranian stock market. At first, we choose two stocks from the Iranian stock market. Next, we present the price for the two-asset geometric Asian rainbow option under the fractional Brownian motion. Then, our sensitivity analysis of the model parameters such as the risk-free rate and Hurst exponent will be investigated. In addition, we study the effect of these parameters on the price of geometric Asian rainbow option and the results confirm the accuracy of our pricing model. Finally, we compare the price of the geometric Asian rainbow option with those of European, American and Asian analogs. The outcomes show that this new option has a cheaper price in comparison to the mentioned traditional options and also could work better in risk management. Therefore, it can be highly noticed by investors and financial agents.

Abstract Background: Identifying different groups of customers and their preferences and needs enable countries to gain a competitive advantage in the medical tourism market. We aimed to segment medical tourists from West Asian countries seeking medical services in Iran. Methods: This cross-sectional study was conducted on 596 medical tourists who sought medical services in Iran in 2021. Data were collected using a valid questionnaire. Segmentation was performed based on medical tourism attributes (medical, destination, and tourism attributes), using cluster analysis methods; wards, and K means. The segments ' evaluation and profiling were conducted using discriminant analysis, chi-square, and one-way ANOVA tests. Results: Our study divided the market into five segments: health seekers (3.8%), health and destination seekers (8.9%), tourism seekers (17.8%), infrastructure seekers (10.23%), and perfectionism (59.45%). In all segments, the health attributes were of high importance. The perfectionism segment registered the highest score in all three attributes (more than 5 of 6). Conclusion: Improving health attributes and offering luxurious medical services can be the main strategy for Iran to attract the most medical tourists and achieve a good position in this marketplace. The implication of this study is policymaking for targeting the most profitable segment of this marketplace.

1- INTRODUCTION Financial markets and oil exchanges and their expectations play a major role in understanding oil price changes. To analyze and understand how crude oil prices change, it is important to pay attention to these markets. In IRAN, the International Deputy of National Oil Company determines the price of Iranian oil by using different pricing methods and mechanisms. One of the factors they use for pricing is the price of oil in the FOB Persian Gulf region, including the oil price of Dubai and Oman oil exchanges. The current pricing models of Iran's crude oil prices in the East Asian market have not yet taken into account the role of stock exchanges and capital markets in price calculations. Current method of determination of the price of Iranian crude oil in Asia, it uses the price of index oil in the physical market and the price of index oil in the stock market of that region. This article examines the impact of the financial layers of the Dubai crude oil market on the price of Iranian crude oil and the extent to which the behavior of the price of Iranian crude oil in the Asian market affects the financial markets of Asia such as the Dubai Stock Exchange.   2- THEORETICAL FRAMEWORK The Asian oil market is one of the largest markets in the world and the largest oil customers such as China, India, etc. are located in this region. Also, this market is one of the largest customers even in the condition of Iran's oil embargo, so investigating various financial factors and market structure of competitive and leading crude oil in the Asian market is one of the important issues in maintaining the country's oil market. If the country's oil price formula is developed based on the oil considerations of other competitors, it will have the characteristic of being competitive with other producers in this region. On the other hand, maintaining the market share in the Asian market depends on the price formula that takes into account the most considerations of the capital market (stocks in this region) along with the fluctuations in the price of crude oil indicators in this market.   3- METHODOLOGY In this research, the multivariate GARCH method and daily time series data of 2010-2019 are used to investigate the impact of the financial structure of the Asian oil market on the price of Iranian oil.   4- RESULTS & DISCUSSION The price of Iranian crude oil in the Asian market is dependent on the financial markets of Dubai index crude oil, and as expected, using the Brent market structure in the ICE exchange for the pricing of Iranian crude oil in the Asian market gives a wrong signal because the European crude oil exchange market has a significant effect on the price of crude oil. Iran has no market in the East and this is despite what is usually said in academic societies. On the other hand, due to the regional nature of the oil market, the price of regional crude oil influences the Iranian oil market, and the stock market has a regional effect on the price of crude oil.   5- CONCLUSIONS & SUGGESTIONS In this research, three markets were examined; the Oil market, the Tokyo stock market and the Iranian crude oil market in the East Asia region. First, a shock is created in the stock market. With the effect of policy changes, market expectations are changed and price shocks are created in the stock market. The effect of turbulence in one market is transferred to other markets. Every shock in one market creates a positive impulse in another market. In other words, if the fluctuations in the futures market (Dubai Stock Exchange) increase, the price of Iranian crude oil will also increase in the market and have a positive effect on the fluctuations. Based on the findings of this research, it can be stated that oil exchanges play an important, influential and positive role in determining the price of Iranian crude oil, and any fluctuation in the market structure of oil exchanges will cause fluctuations in the price of Iranian crude oil. Also, the price of Iranian crude oil in the Asian market is a function of the structure of the oil market (contango or backward). The Ministry of Petroleum, especially the international affairs of the National Iranian Oil Company, should pay attention to the developments of the oil market regionally, the connection of the capital and futures markets in crude oil pricing, oil sales negotiations, marketing and conclusion of oil sales contracts. Also, it is suggested to modify the traditional pricing models in the Asian market in such a way that in the oil pricing formulas in the Asian market, especially the changes in the future prices of the index crude oil of this region and its stock market and the financial structure of the oil market of Dubai and Oman are also taken into account.  Also, in the pricing formula of Iranian oil in the Asian market, in addition to the role of Saudi Arabia as a competitor, use the variables of the model used in the current article. It is also suggested that the international affairs of the National Oil Company pay attention to futures contract transactions in paper exchanges in this Asian market to cover the risk caused by crude oil price fluctuations. In short-term and long-term budget planning of the government should pay attention to the relationship between capital markets and oil futures with the oil market, especially in this region; have such models and use them in their policies. The central bank of IRAN also has models to explain the behavior of crude oil prices in the market so that it can control the currency fluctuations that are mainly caused by the fluctuations of the financial markets and the oil market. The Budget Management and Planning Organization needs to estimate the price of crude oil in the annual budget to calculate the country's annual income, and also to implement development plans, it is necessary to estimate oil revenues and oil prices. Based on the analysis of financial factors, they can have a more correct analysis of the price of oil. For further studies, other target markets for the sale of crude oil (including the Mediterranean and North American markets) and other grades of Iranian crude oil in those markets can be examined. It is better to use other econometric methods, for example, IGARCH, ARFIMA and FIGARCH methods for estimation. In the same way, I suggest that in the next studies, the interest rate and the dollar rate, as well as the effects of other stock exchanges, should be considered as a variable, and the effect of other economic indicators should be investigated, and other non-oil stock market items can also be added to the model and be checked

The Asian oil market is one of the largest markets in the world, with the largest oil customers such as China, India, etc. located in this region. Therefore, examining the country's crude oil price formula in the Asian market in terms of technical issues of the oil market such as quality value indicators and oil market structure, in addition to price relations with crude oil market indices, is very important in explaining the country's crude oil price formula in the Asian market. Oil competitors have been trying to gain more market share in Asia in recent years by changing the price formula for crude oil. For this purpose, in this article, using the monthly data of the time series from 2013 until 2019 and multivariate GARCH method, the formula of Iranian crude oil price in the Asian market is examined based on the technical and economic parameters of the market. The results of this study show that the price of Iranian crude oil in the Asian market is a function of the quality value of Iranian crude oil compared to competitors, the degree of cantango or backwardness of the crude oil market and fluctuations in the average oil prices of Dubai and Oman. Also, the TAPIS index crude oil indirectly affects the country's oil price by affecting the Oman and Dubai crude oil markets.

market competitiveness is one of the pillars of the global competitiveness index. The purpose of this study is to investigate the causal relationship between commodity market efficiency and economic success variables (economic growth and unemployment). For this purpose, panel vector error correction model (PVECM) and Wald test were used. The findings of this study confirmed the long-term causality from economic growth rate, unemployment rate, technology, trade and investment to commodity market efficiency. In addition, long-term causality from variables such as economic growth rate, unemployment rate, commodity market efficiency, technology and trade to investment was also confirmed. The results of this study also showed that with the exception of commodity market and investment efficiency, other variables such as economic growth, unemployment, technology and trade are not effective in adjusting short-term error to long-term equilibrium. In other words, only for commodity market and investment efficiency, coefficients of error correction were statistically negative and significant. Investment was identified variable as the most effective variable on commodity market efficiency and economic success.

Understanding the price behavior of oil and gas for Iran as an influential member of OPEC has particular importance in macroeconomic and business decision-making. The present study aimed to investigate the long-term and short-term relationships of oil and gas price behavior in two major export markets of Iran and their effect on each otherBecause of the conditions in the gas sector, the price of Japanese imported gas can represent the Asian market, and in the EU market, the price of imported natural gas from Germany plays the same role, and in the oil sector, OPEC is also has major impact in the global oil market, this study examined the interaction of OPEC oil prices with Asian and European gas prices using the Vector Error Correction Method (VECM). The findings show that there is a significant cointegration and relationship between gas prices in the Asian and European markets and OPEC oil in the long run, and any deviation from the long-run equilibrium in the Asian and European markets at rates of 0. 16, And 0. 13 is respectively corrected. This in turn can be exploited in major gas export trends in the country.

The present study was conducted aiming at the explication of market entry (West Asian Markets) mode strategies via resource-based and institutional influences on the Iranian body building equipment industry. Current research is applied in terms of method and has been done by means of survey. The statistic population includes all senior managers and employees of Iranian producing factories and exportimport companies of body building equipment in 2017 (192 cases). The PPS method was used for sampling. The research instrument includes the questionnaire of examining market entry mode strategies via resource-based and institutional influences of Zovo Kavogil (1996) and the questionnaire of company performance of Okas et al. (2012). Structural equation modeling technique was used to analyze the data using the software PLS and SPSS. Based on the results of data analysis, resource-based characteristics and environment-based features have a significant effect on the selection of market entry strategies. In addition, the strategies selected to penetrate the target market have a significant and positive effect on the company's performance. As a result, there are two equal and unequal modes of entry into the new market; companies seeking to enter the unequal state of the target market should have a dual view on their strategies: 1. Short-range vision (using strategies related to environmental resources Infiltration into the target market. 2. Long-term vision (considering organizational influences on the type of market entry choice).