This paper discusses cake-cutting protocols when the cake is a heterogeneous good, represented by an interval on the real line. We propose a new desirable property, the meta-envy-freeness of cake-cutting, which has not been formally considered before. Meta-envy-free means there is no envy on role assignments, that is, no party wants to exchange his/her role in the protocol with the one of any o...

This paper discusses cake-cutting protocols when the cake is a heterogeneous good that is represented by an interval in the real line. We propose a new desirable property, the meta-envy-freeness of cake-cutting, which has not been formally considered before. Though envy-freeness was considered to be one of the most important desirable properties, envy-freeness does not prevent envy about role a...

We extend the classic cake-cutting problem to a situation in which the ”cake” is divided among families. Each piece of cake is owned and used simultaneously by all members of the family. A typical example of such a cake is land. We examine three ways to assess the fairness of such a division, based on the classic no-envy criterion: (a) Average envy-freeness means that for each family, the avera...

This paper proposes a cake-cutting protocol using cryptography when the cake is a heterogeneous good that is represented by an interval on a real line. Although the Dubins-Spanier moving-knife protocol with one knife achieves simple fairness, all players must execute the protocol synchronously. Thus, the protocol cannot be executed on asynchronous networks such as the Internet. We show that the...

The purpose of this study is to test The Weak Form Efficient Market Hypothesis in Dhaka’s Stock Market. The study examined the distribution of equity returns by dividing the sample period into two sub periods of daily DSE General Index (DGEN) and sub periods are sample-1(2004-2007), and sample-2 (2008-2012). Also, monthly general index starting from 1990 to 2012 are taken as sample to test the ...

We consider a financial market in which two securities are traded: a stock and an index. Their prices are assumed to satisfy the Black–Scholes model. Besides assuming that the index is a tradable security, we also assume that it is efficient, in the following sense: we do not expect a prespecified self-financing trading strategy whose wealth is almost surely nonnegative at all times to outperfo...

We provide an explanation for the explosive growth in the popularity of Stock Index Futures contracts. In our economy there are three broad classes of traders that place orders with a competitive market maker that sets a bid-ask spread arising from adverse selection. Informed traders trade on the basis of their private information about the value of particular securities. Liquidity traders trad...

The weak form of the Efficient Market Hypothesis (EMH) states that the current market price fully reflects the information of past prices and rules out predictions based on price data alone. In an efficient market, consistent prediction of the next outcome of a financial time series is problematic because there are no reoccurring patterns that can be used for a reliable prediction. This researc...

The use of intelligent systems for stock market predictions has been widely established. In this paper, we investigate how the seemingly chaotic behavior of stock markets could be well represented using Flexible Neural Tree (FNT) ensemble technique. We considered the Nasdaq-100 index of Nasdaq Stock Market and the S&P CNX NIFTY stock index. We analyzed 7-year Nasdaq-100 main index values and 4y...

The use of intelligent systems for stock market predictions has been widely established. In this paper, we investigate how the seemingly chaotic behavior of stock markets could be well represented using several connectionist paradigms and soft computing techniques. To demonstrate the different techniques, we considered Nasdaq-100 index of Nasdaq Stock Market and the S&P CNX NIFTY stock index. W...