This paper develops an augmented Artificial Neural Network forecast-simulation procedure for estimating both the current fundamental price of a financial asset and the state-dependent distribution (including volatilities) from which future returns will be fundamentally drawn. The results provide...

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...

There exists considerable evidence from educational measurement theorists that constructed-response questions add little new information about student achievement beyond that provided by multiple- choice questions. The purpose of this paper is to view this issue through the eyes of an economist,...