Reliability, transparency, and ethical crises pushed many social science disciplines toward dramatic changes, in particular psychology more recently political science. This paper discusses why sociology should also change. It reviews as a discipline through the lens of current practices, definitions sociology, positions sociological associations, brief consideration arguments three highly influ...

We present a method of deriving analytical solutions for two-dimensional Black-Scholes-Merton equation. The consists three changes variables in order to reduce the original partial differential equation (PDE) normal form and then solve it. Analytical two cases option pricing on minimum maximum assets are derived using our shown agree with previously published results. advantage solution procedu...

In this paper we propose a copula-based technique to recover the distribution of actively managed funds. The copula is meant to represent the dependence structure between the market return (or in general the benchmark) and the investment strategy of the asset manager. The analysis is carried out in a rational investor economy with managed funds, such as that in Merton (1981) and Berk and Green ...

Several authors have investigated whether the weak relation between equity market returns and market volatility is due to the omission of risk factors that link variations of the investment opportunity to changes in economic conditions. It has been well known since Merton (1971, 1973) that, when investment opportunities are time varying, dynamic hedging is necessary for forward-looking investor...

This paper extends the classical consumption and portfolio rules model in continuous time (Merton 1969, 1971) to the framework of decision-makers with time-inconsistent preferences. The model is solved for different utility functions for both, naive and sophisticated agents, and the results are compared. In order to solve the problem for sophisticated agents, we derive a modified HJB (Hamilton-...