In this paper, we present a discrete time regime switching binomial-like model of the term structure where the regime switches are governed by a discrete time semi-Markov process. We model the evolution of the prices of zero-coupon when given an initial term structure as in the model by Ho and...

We pursue the view that quantum theory may be an emergent structure at large space–time scales. We consider classical Hamiltonian systems in which the intrinsic proper time evolution parameter is related through a probability distribution to the discrete physical time. This is motivated by...