In this paper, we introduce a new approach for volatility modeling in discrete and continuous time.

This paper exploits the term structure of interest rates to develop testable economic restrictions on the joint process of long-term interest rates and inflation when the latter is subject to a targeting policy by the Central Bank.

A contingent contract in a transferable utility game under uncertainty specifies an outcome for each possible state. It is assumed that coalitions evaluate these contracts by considering the minimal possible excesses. A main question of the paper concerns the existence and characterization of...

In this paper we will describe a class of three-person games and draw general conclusions about non-cooperative behavior in them.