Oleg Lebedev, Ped.D., Associate Member of the Russian Academy of Science, Professor at the Moscow School of Social and Economic Sciences, Moscow, Russian Federation. Email: o_lebed@mail.ru Address: Bld. 2, 82 Vernadskogo Ave., Moscow, 119571, Russian Federation.Relationship between objectives...

The author reviews the monograph which is concerned with international experience of application of standards in pre-school, primary and secondary education, and also in teachers education. The reviewer identifies the problem of standardization of school education and emphasizes the relevance of...

The article considers the problems in reforming the relations between the children and the teachers in schools. The author argues that it is possible to achieve higher levels of the quality of education only if the underlying principle of these relations changes. Namely, the idea that children...

This paper presents an analysis of diversification and portfolio value at risk for heavy-tailed dependent risks in models with multiple common shocks. We show that, in the framework of value at risk comparisons, diversification is optimal for moderately heavy-tailed dependent risks with common...

This paper focuses on the analysis of portfolio diversification for a wide class of nonlinear transformations of heavy-tailed risks. We show that diversification of a portfolio of nonlinear transformations of thick-tailed risks increases riskiness if expectations of these functions are infinite....

Recent results in value at risk analysis show that, for extremely heavy-tailed risks with unbounded distribution support, diversification may increase value at risk, and that, generally, it is difficult to construct an appropriate risk measure for such distributions. We further analyze the...

The present paper introduces new sign tests for testing for conditionally symmetric martingale-difference assumptions as well as for testing that conditional distributions of two (arbitrary) martingale-difference sequences are the same. Our analysis is based on the results that demonstrate that...

We present a unified approach to value at risk analysis under heavy-tailedness using new majorization theory for linear combinations of thick-tailed random variables that we develop. Among other results, we show that the stylized fact that portfolio diversification is always preferable is...

In this paper, we obtain sharp estimates for the expected payoffs and prices of European call options on an asset with an absolutely continuous price in terms of the price density characteristics. These techniques and results complement other approaches to the derivative pricing problem. Exact...