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We prove that for any incomplete market and any concave utility function the marginal propensities to consume and to save are always positive. Furthermore, we intro- duce a class of incomplete markets that includes almost all well known examples of market ...
Recent neurophysiological studies reveal that risk and reward are separately encoded in the human brain, and that the encodings display different timing patterns. Therefore, we hypothesized that sensitivity of trading decisions to risk and reward parameter ...
In this thesis, the framework of multi-stream combination has been explored to improve the noise robustness of automatic speech recognition (ASR) systems. The central idea of multi-stream ASR is to combine information from several sources to improve the pe ...
In the standard real options approach to investment under uncertainty, agents formulate optimal policies under the assumptions of risk neutrality or perfect capital markets. However, in most situations, corporate executives face incomplete markets either b ...
We prove that, in a heterogeneous economy with scale-invariant utilities, the yield of a long term bond is determined by the agent with maximal expected marginal utility. We also prove that the same result holds for the long term forward rates. Furthermore ...
In this thesis, the framework of multi-stream combination has been explored to improve the noise robustness of automatic speech recognition (ASR) systems. The central idea of multi-stream ASR is to combine information from several sources to improve the pe ...
We present a new hybrid algorithm for local search in distributed combinatorial optimization. This method is a mix between classical local search methods in which nodes take decisions based only on local information, and full inference methods that guarant ...
The model of Dvali, Gabadadze, and Porrati (DGP) gives a simple geometrical setup in which gravity becomes 5-dimensional at distances larger than a length scale lambda(DGP). We show that this theory has strong interactions at a length scale lambda(3) simil ...
We are progressively approaching the physical limits of microcavity LEDs (MC-LEDs) for high brightness, high efficiency LEDs. They are promising high efficiency devices and they offer the very attractive prospect of full planar fabrication process. However ...
We propose a formal model of rational exchange and exchange protocols in general, which is based on game theory. In this model, an exchange protocol is represented as a set of strategies in a game that is played by the protocol parties and the network that ...
