Portfolio turnpike theorems show that if preferences at large wealth levels are similar to power utility, then the investment strategy converges to the power utility strategy as the horizon increases. We state and prove two simple and general portfolio turnpike theorems. Unlike existing...

This article examines the relationship between crisis, ideas, and economic policy-making in Britain during the 1970s stagflation, looking specifically at the turbulent years 1974-76. It argues that existing ideas-based approaches either fail to define 'idea' with any precision, or explain both...

We discuss here an alternative interpretation of the familiar binomial lattice approach to option pricing, illustrating it with reference to pricing of barrier options, one- and two-sided, with fixed, moving or partial barriers, and also the pricing of American put options. It has often been...

In this paper, we develop the idea that firm sizes evolve as log Brownian motions dSt = St(σdWt + μdt) where the constants μ, σ are characteristics of the firm, chosen from some distribution, and that the firms are wound up at some random time. At any given time, we see a firm of a given...