evolution of financial, economic and social systems and to construct scenarios for the future. In a nutshell, highly non … logical scenarios that derive, avoiding the traps of an illusionary stability and simple linear extrapolation. The endogenous … scenarios are "muddling along", "managing through" and "blood red abyss". The exogenous scenarios are "painful adjustment" and …

market participants and policymakers about the proper and fair valuation of financial derivatives and structured products … light on CDO valuation based on data before and during the current financial upheaval. We present the One Factor Model based … market: i) an insufficient analysis of underlying assets by both investors and rating agencies; ii) the valuation model was …