Purpose – The purpose of this paper is to view and analyse public‐private partnerships (PPPs) under a strategic partnering approach between the key parties involved, i.e. public sector, private sector and lenders, and their business environment. Design/methodology/approach – A strategic...

This paper studies efficient market hypothesis in prediction markets and the results are illustrated for the in-play football betting market using the quoted odds for the English Premier League. Our analysis is based on the martingale property, where the last quoted probability should be the...

Dynamic behavior of miscible CO2-oil mixtures in nanopores is the heart of CO2-EOR and CO2 storage in shale reservoirs. However, the underlying physics resulting from scale effects remains unclear due to the lack of in-depth mechanisms analysis and powerful theoretical models. In this work, a...

Asian options are securities with a payoff that depends on the average of the underlying stock price over a certain time interval. We identify three natural assets that appear in pricing of the Asian options, namely a stock S, a zero coupon bond BT with maturity T, and an abstract asset A (an...

EuroMillions is a major pan-European lottery where the player chooses 5 main numbers out of 50 and 2 different lucky star numbers out of 11 (the latest rules from May 10, 2011). A standard ticket costs EUR 2.00. The lottery imposes a Jackpot Cap, the maximal amount that can be won by guessing...

The contracts written on the harmonic average of the underlying price are quite popular in the foreign exchange market. If X denotes the foreign currency and Y denotes the domestic currency, the payoff of the contract is a function of a price of an asset H which is defined asH(T) =...

This paper considers multiple market agents who have distinct distributional opinions about the state price density. Different opinions can be contested on a hypothetical market that trades Arrow-Debreu securities. We focus on the situation when the agents are maximizing logarithmic utility as...

In this article we study options on a traded account. In terms of the actions available to the buyer, the options we study are more general than a class of options known as quot;passport optionsquot;; in terms of the model of the underlying asset they are more restrictive. Using probabilistic...