of the developed methods. Keywords: American and Bermudan options, Optimal stopping times, Monte Carlo sim- ulation … dominates the discounted cash-flow process fi(Xi)/Bi, e.g. [32]. 2.2 Continuation values and optimal stopping times. For the … estimating continuation values and optimal stopping times Suppose we have a sample (t, mXt, mBt) of M independent trajectories …

the sample space with payoffs at the optimal stopping times, we propose sequential estimates for continuation values …

the sample space with payoffs at the optimal stopping times, we propose sequential estimates for continuation values …. Applying the sample space with payofis at the optimal stopping times, we propose sequential estimates for contin- uation values …, Consumption process, Regression methods, Optimal stopping times ⁄This research was supported by the Deutsche …