The formation of the European Union (EU) is the one of the biggest political – economic events of the last 50 years. The aim of this study is to develop EU economy functioning system dynamic model. Main research method is system dynamics. General scheme of EU economy system dynamic model is...

The paper discusses implementation of a research that is aimed at development of a simulation model which would allow analyzing different development strategies of the third generation university. Small countries’ universities have limits of growth. The problem can be solved with a new...

Distortion risk measures summarize the risk of a loss distribution by means of a single value. In fuzzy systems, the Ordered Weighted Averaging (OWA) and Weighted Ordered Weighted Averaging (WOWA) operators are used to aggregate a large number of fuzzy rules into a single value. We show that...

This study sheds new light on the question of whether or not sentiment surveys, and the expectations derived from them, are relevant to forecasting economic growth and stock returns, and whether they contain information that is orthogonal to macroeconomic and financial data. I examine 16...

The paper Survival Estimation: the Kaplan–Meier Method Applied in Endoprosthetics aims to answer a particular research question regarding the estimation of the survival period for patients benefiting from the National Public Health Program conducted by the Ministry of Health. The research...

Historians of the social sciences and historians of economics have come to agree that, in the United States, the 1940s transformation of economics from political economy to economic science was associated with economists' engagements with other disciplines — e.g. mathematics, statistics,...

In the seismological and geophysics literature, it is suggested by numerous authors that the elapsed time between two earthquakes at a given location should be represented by either an exponential or Weibull distribution. In addition, the seismic gap hypothesis states that large waiting times...

The aim of this paper is to obtain the valuation formulas for European and barrier options if the underlying of the option contract is supposed to be driven by a fractional Brownian motion with Hurst parameter greater than 0.5. The paper is build upon the framework developed in Necula (2007) for...

This chapter introduces the reader to definitions and key properties of stochastic processes that are important in finance. The discussion starts from the description of Brownian motion that describes the idea of a continuous random walk and proceeds to Ito processes that incorporate both trend...

This articles presents a new series of maps showing the climate and environmental variability of Botswana. Situated in southern Africa, Botswana has an arid to semi-arid climate, which significantly varies in its different regions: Kalahari Desert, Makgadikgadi Pan and Okavango Delta. While...