Using the theory of dynamic systems with random structure the representation of nonstationary continuous time, generally non-Gaussian, processes with distinguishable states is considered. Switching of the partial subsystems is intended to be a Poisson point process and so the model has the...

Within a financial market where a risk-free bond and a long-lived risky asset are exchanged by investors with heterogeneous trading rules, we assume that the investors most exposed to the risky asset are subject to joint liquidation needs. The latter encompass a risk whenever the market impact...

This paper presents a complete analysis of a stochastic version of the Solow growth model in which all parameters are ergodic random variables. Applying random dynamical systems theory, we prove that the dynamics and, in particular, the long-run behavior is uniquely determined by a globally...