Ant Colony Optimization is a relatively new meta-heuristic that has proven its quality and versatility on various combinatorial optimization problems such as the traveling salesman problem, the vehicle routing problem and the job shop scheduling problem.(...)

A consequence of the Hahn-Banach theorem is the classical bipolar theorem which states that the bipolar of a subset of a locally convex vector pace equals its closed convex hull.(...)

The Fundamental Theorem of Asset Pricing states - roughly speaking - that the absence of arbitrage possibilities for a stochastic process S is equivalent to the existence of an equivalent martingale measure for S. It turns out that it is quite hard to give precise and sharp versions of this...

The market model of interest rates specifies simple forward or Libor rates as lognormaly distributed, their stochastic dynamics has a linear volatility function. This model is extended to quadratic volatility which is the product of a quadratic polynomial and a level-independent covariance...

The following paper focuses on the incompleteness arising from model misspecification combined with trading restrictions. While asset price dynamics are assumed to be continuous time processes, the hedging of contingent claims occurs in discrete time. The trading strategies under consideration...

It is well-known that Gaussian hedging strategies are robust in the sense that they always lead to a cost process of bounded variation and that a superhedge is possible if upper bounds on the volatility of the relevant processes are available, cf. El Karoui, Jeanblanc-Picque and Shreve (1998)...

The quarterly International Economic Trends is a compilation of data on the G-7 countries and the euro area, including output, inflation, labor markets, interest rates, government budgets, international trade, and more. A brief essay in each issue covers a topic relevant to international economics.

The scaling function from multiresolution analysis can be used to constuct asmoothing tool in the context of time series analysis. We give a -based timeseries smoothing function for which we show the properties of a quasilinearmoving average. Furthermore, we discuss its features and especially...

At first time in the 124 years old history of the International Statistical Institute (ISI) a session was hold in southern of the Sahara region in Africa, from 16 to 22 August in Durban/South Africa. Hence Denise Lievesley, first female president of ISI said in the Opening Ceremony: „I hope...