This paper studies an informed mechanism designer problem in which the principal’s private information is a number of agents. We define mechanical equivalence such that it holds if each agent’s and the principal’s perspectives are consistent in the sense that a conversion problem for a...

This paper studies the pricing of discrete arithmetic Asian options (AAOs) with fixed strikes under the Hull-White interest rate model. For the pricing of AAOs, we first investigate the stochastic dynamics of the price of the underlying asset under the T-forward measure, and then study the...

Masuyama (2011) obtained the subexponential asymptotics of the stationary distribution of an M/G/1 type Markov chain under the assumption related to the periodic structure of G-matrix. In this note, we improve Masuyama’s result by showing that the subexponential asymptotics holds without the...

Downton’s bivariate exponential distribution is one of the most important bivariate distributions in reliability theory. In this paper a simple representation for Downton’s bivariate exponential random vector is given. As an application of this representation, we consider a reliability model...