Riparian zones can provide a protective buffer between streams and adjacent land-based activities by removing nitrate from shallow groundwater flowing through them. Catchment-scale waterquality models are useful tools for predicting catchment behaviour under various climatic conditions and land-use scenarios. In this paper, we use the Riparian Nitrate Model (RNM) to investigate the potential ro...

The first Fundamental Theorem of Asset Pricing establishes the equivalence between the absence of arbitrage in financial markets and the existence of Equivalent Martingale Measures, if appropriate conditions hold. Since the theorem may fail when dealing with infinitely many trading dates, this paper draws on the A.A. Lyapunov Theorem in order to retrieve the equivalence for complete markets suc...

This paper reevaluates the mathematical and economic meaning of no arbitrage in frictionless markets. Contrary to the traditional view, no arbitrage is not generally equivalent to the existence of an equivalent martingale measure. Departures from this equivalence allow asset prices to contain a monetary component. The refined view is that no arbitrage and no private monetary value components ar...

We consider the problem of valuation of certain Asian options in the geometric jump-diffusion models with continuously dividend-paying assets. With the sources of diffusion risks and two primitive tradeable assets, the market in this model is, in general, incomplete, and so, there are more than one equivalent martingale measures and no-arbitrage prices. For this jump-diffusion model, we adopt t...

In this paper, we consider the special class of positive local submartingales (Xt) of the form: Xt = Nt + At, where the measure (dAt) is carried by the set {t : Xt = 0}. We show that many examples of stochastic processes studied in the literature are in this class and propose a unified approach based on martingale techniques to study them. In particular, we establish some martingale characteriz...

are closed. Manifolds carrying a hypersymplectic structure have a rich geometry, the neutral metric is Kähler and Ricci flat and its holonomy group is contained in Sp(2n,R) ([8]). Moreover, the Levi Civita connection is flat, when restricted to the leaves of the canonical foliations associated to the product structure given by E (see [2]). Metrics associated to a hypersymplectic structure are a...

Previous research indicates that prior information about a target feature, such as its color, can speed search. Can search also be speeded by knowing what a target will not look like? In the two experiments reported here, participants searched for target letters. Prior to viewing search displays, participants were prompted either with the color in which one or more nontarget letters would appea...

We consider the problem of modelling the term structure of bonds subject to default risk, under minimal assumptions on the default time. In particular, we do not assume the existence of a default intensity and we therefore allow for the possibility of default at predictable times. It turns out that this requires the introduction of an additional term to the forward-rate approach by Heath, Jarro...

In this paper we consider a general class of diffusion-based models and show that, even in the absence of an Equivalent Local Martingale Measure, the financial market may still be viable, in the sense that strong forms of arbitrage are excluded and portfolio optimisation problems can be meaningfully solved. Relying partly on the recent literature, we provide necessary and sufficient conditions ...

R. Dalang, A. Morton and W. Willinger have proved a beautiful version of the Fundamental Theorem of Asset Pricing which pertains to the case of nite discrete time: In this case the absence of arbitrage opportunities already characterizes the existence of an equivalent martingale measure. The purpose of this paper is to give an elementary proof of this important theorem which relies only on orth...