It is argued that the topological approach to the (anti-)symmetrisation condition for the quantum state of a collection of identical particles, defined in the ‘reduced’ configuration space, is particularly natural from the perspective of de Broglie–Bohm pilot-wave theory. Typeset using REVTEX Sub-Faculty of Philosophy, Oxford University, 10 Merton Street, Oxford OX1 4JJ, U.K. (e-mail: harvey.br...

denote an increment of the BM (with ds > 0). We also use N(μ, σ2) to denote a normal distribution with mean μ and variance σ2. Recall some of the key properties of BM: (i) B0 = 0; (ii) independent increments, i.e., dBs and dBt are independent, for any s + ds ≤ t; (iii) stationary increments, i.e., dBs follows a normal distribution N(0, ds). Note this last distribution depends only on the length...

This paper deals with optimal investment and redistribution of the free reserves connected to life and pension insurance contracts in form of dividends and bonus. Formulated appropriately this problem can be viewed as a modification of Merton’s problem of optimal consumption and investment with a very particular form of consumption and utility hereof. Both are linked to a finite state Markov ch...

This paper presents everything you need to know about Merton jump diffusion (we call it MJD) model. MJD model is one of the first beyond Black-Scholes model in the sense that it tries to capture the negative skewness and excess kurtosis of the log stock price density ( ) 0 ln( / ) T S S P by a simple addition of a compound Possion jump process. Introduction of this jump process adds three extra...