The classical Merton’s problem of utility maximization was recently solved in [2] in a market consisting of a bond with constant interest rate, a stock that follows a geometric Lévy model, and certain “fictitious” stocks called powerjump assets. Using their previous work [3] on the completeness of such a market and the martingale method, it was proved there that for certain utility functions, i...

The pathway model of Mathai (2005) is shown to be inferable from the maximization of a certain generalized entropy measure. This en-tropy is a variant of the generalized entropy of order α, considered in Mathai and Rathie (1975), and it is also associated with Shannon, Boltzmann-Gibbs, Rényi, Tsallis, and Havrda-Charvát entropies. The generalized entropy measure introduced here is also shown to...

The present paper is a humble attempt to test the allocative efficiency of the farmers in a traditional Orissan agriculture system in terms of resource-use and crop selection. While examining their allocative efficiency it is noted that the rational farmers are not necessarily efficient farmers. The farmers in the sample area are found to be rational in taking production decisions and efficient...

We propose a novel interest point detector stemming from the intuition that image patches which are highly dissimilar over a relatively large extent of their surroundings hold the property of being repeatable and distinctive. This concept of contextual self-dissimilarity reverses the key paradigm of recent successful techniques such as the Local Self-Similarity descriptor and the Non-Local Mean...

A likelihood maximization approach to image registration is developed in this paper. It is assumed that the voxel values in two images in registration are probabilistically related. The principle of maximum likelihood is then exploited to find the optimal registration: the likelihood that given image f, one has image g and given image g, one has image f is optimized with respect to registration...

How can we encourage greater energy efficiency? Estimates that take account of behavioral plasticity—the ease with which actions can be taken—indicate that the United States could reduce overall greenhouse gas emissions by 7% if households adopted simple and money-saving efficiency actions (1). However, most households are not taking these actions despite the benefits for the environment and fo...

Mitigation of climate change is often described as a tragedy of the commons. According to this theoretical framework, it is collectively rational for present-generation countries to mitigate climate change, but not individually rational to do so. It is rather in national self-interest to ‘free-ride’ on the mitigation actions of other countries. In this paper, I discuss two arguments criticizing...