penalty clause or liquidated damage which is formerly agreed between parties is legally examined and accepted as a rule. although judge could in some circumstances modify this stipulation. yet its economic analysis which is focused on economic efficiency can be considered as a “major unexplained puzzle in the economic theory of law”. this article compares the major legal systems in the case of ...

Article history: Received 17 September 2016 Received in revised form 2 March 2017 Accepted 2 March 2017 Available online 4 March 2017

In this article we study the simplest one-dimensional transport equation ut + aux = f and study the implementation of the boundary condition using a penalty

Several recent studies have shown a negative association between motherhood and wages. However, an analysis of change over time in the motherhood penalty has not been conducted. Using two cohorts of young women drawn from the 1975– 1985 National Longitudinal Survey of Young Women and the 1986–1998 National Longitudinal Survey of Youth, we explicitly test the relationship between motherhood and ...

in this paper, installment options on the underlying assetwhich evolves according to black-scholes model and pays constant dividendto its owner will be considered. applying arbitrage pricing theory,the non-homogeneous parabolic partial differential equation governingthe value of installment option is derived. then, penalty method is usedto value the european continuous installment call option.

Article history: Received 5 June 2008 Received in revised form 5 December 2008 Accepted 8 December 2008 Available online xxxx MSC: 65N30 76E25 76W05

A new and universal penalty method is introduced in this contribution. It is especially intended to be applied in stochastic metaheuristics like genetic algorithms, particle swarm optimization or ant colony optimization. The novelty of this method is, that it is an advanced approach that only requires one parameter to be tuned. Moreover this parameter, named oracle, is easy and intuitive to han...