Long ago I began teaching my students that they should consider knowledge to be like health rather than like wealth. That is, knowledge is not something quantifiable that you can have more of, instead, it is something that can be improved. Being a student of Karl Popper' philosophy science, this...

The paper derives and tests maximum likelihood parameter estimators for symmetrically correlated Weiner processes observed at discrete intervals. Such processes are arise when pricing and determining Value-at-Risk for portfolio derivatives. Cases of driftless and mean-reverting state variables...

Discussing 'realism' has been a growth industry lately. Where once we might have heard philosophers argue over realism vs idealism or vs instrumentalism. Today the discussion concerns various types of realism. Basically the main question is: do the model's assumptions represent realty, that is ,...