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The binomial model is a standard framework used to introduce risk neutral pricing of financial assets. Martingale representation, backward stochastic differential equations, and the Malliavin calculus are difficult concepts in a continuous‐time setting. This paper presents these ideas in the...
In this paper, we address the problem of deciding if two independent samples coming from discrete Markovian processes are governed by the same stochastic law. We establish a local metric between samples based on the Bayesian information criterion. In addition, we derive the bound that must be...
The aim of the paper is to show how one can perform asymptotic analysis of models arising in insurance, finance, and other applications of probability theory and solve optimization problems. To this end, we consider two insurance models (one continuous‐time and one discrete‐time). The first one...
Everyone knows the expression “A picture is worth a thousand words,” and this effectively summarizes the ability of graphical summaries to convey information and persuade. However, in many cases, the goal for the right visualization is to encourage and guide discussion while helping focus a team...
We exhibit the convexity ratio of voting districts in many states of the USA, which have had their plans challenged. The convexity ratio confirms that these states have likely been gerrymandered. We then redistrict the largest of these states, Texas, avoiding gerrymandering by starting with...
In a large variety of fields such as epidemiology, process monitoring, chemometrics, marketing, and social sciences among others, many research questions pertain to regression analysis from large data sets. Although in some cases standard regression will suffice, modeling is sometimes more...
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