We propose a Markov chain model for credit rating changes. We do not use any distributional assumptions on the asset values of the rated companies but directly model the rating transitions process. The parameters of the model are estimated by a maximum likelihood approach using historical rating...

We model the yield curve in any given country as an object lying in an infinite-dimensional Hilbert space, the evolution of which is driven by what is known as a cylindrical Brownian motion. We assume that volatilities and correlations do not depend on rates (which hence are Gaussian). We prove...

Trends and possibilities of interregional development of education: Case of pre-school education.In 2004.2007, experts from the Institute of Knowledge, Statistics and Economics of HSE developed an information analytical system for rating the education development in the regions of Russia. The...

The author reviews the principal directions of the research on the effects of performance pay in schools on students grades and on the behavior of teachers. Analyzed are methodological particularities of various studies. A conclusion is made concerning the prospective usefulness of V. Lavys...

Reputations often guide sequential decisions to trust and to reward trust. We consider situations where each player is randomly matched with a partner in every period. One player – the truster – decides whether to trust. If trusted, the other player – the temptee – has a temptation to...