Random Dynamical Systems in Finance

The theory and applications of random dynamical systems (RDS) are at the cutting edge of research in mathematics and economics, particularly in modeling the long-run evolution of economic systems subject to exogenous random shocks. Despite this interest, there are no books available that solely focus on RDS in finance and economics. Exploring this emerging area, Random Dynamical Systems in Financeshows how to model RDS in financial applications. Through numerous examples, the book explains how the theory of RDS can describe the asymptotic and qualitative behavior of systems of random and stochastic differential/difference equations in terms of stability, invariant manifolds, and attractors. The authors present many models of RDS and develop techniques for implementing RDS as approximations to financial models and option pricing formulas. For example, they approximate geometric Markov renewal processes in ergodic, merged, double-averaged, diffusion, normal deviation, and Poisson cases and apply the obtained results to option pricing formulas. With references at the end of each chapter, this book provides a variety of RDS for approximating financial models, presents numerous option pricing formulas for these models, and studies the stability and optimal control of RDS. The book is useful for researchers, academics, and graduate students in RDS and mathematical finance as well as practitioners working in the financial industry.

Business & Money

Swishchuk, Anatoliy

Islam, Shafiqul

Finance

Chapman and Hall/CRC

The collapse of communism in Europe and the former Soviet Union has produced one of the most daunting tasks of the twentieth century: the construction of market economies out of the wreckage of central planning. While there is a lively debate among economists on this transformation, little has reached a non-specialist audience. In Making Markets, Shafiqul Islam and Michael Mandelbaum call on four eminent economists to summarize the state of current thinking. Richard Portes, Centre for Economic Policy Research in London, surveys the process of transition, examining its primary features and the problems that will be faced in light of Western economic theory and international economic practice. Paul Marer, Indiana University, gives a detailed account of the transition already underway in Central Europe. Robert Campbell, Indiana University, discusses the special problems confronting the Soviet Union’s successor states, particularly Russia. Jeffrey Sachs, Harvard University and adviser to the Russian and Polish governments, considers the role of the West, citing episodes in economic history in which external support made success possible.

Making Markets: Economic Transformation in Eastern Europe and the Post-Soviet States

Council on Foreign Relations

The theory and applications of random dynamical systems (RDS) are at the cutting edge of research in mathematics and economics, particularly in modeling the long-run evolution of economic systems subject to exogenous random shocks. Despite this interest, there are no books available that solely focus on RDS in finance and economics. Exploring this emerging area, Random Dynamical Systems in Finance shows how to model RDS in financial applications.
 Through numerous examples, the book explains how the theory of RDS can describe the asymptotic and qualitative behavior of systems of random and stochastic differential/difference equations in terms of stability, invariant manifolds, and attractors. The authors present many models of RDS and develop techniques for implementing RDS as approximations to financial models and option pricing formulas. For example, they approximate geometric Markov renewal processes in ergodic, merged, double-averaged, diffusion, normal deviation, and Poisson cases and apply the obtained results to option pricing formulas.
 With references at the end of each chapter, this book provides a variety of RDS for approximating financial models, presents numerous option pricing formulas for these models, and studies the stability and optimal control of RDS. The book is useful for researchers, academics, and graduate students in RDS and mathematical finance as well as practitioners working in the financial industry.

Water is the resource that will determine the wealth, welfare, and stability of many countries in the twenty-first century. This book offers a new approach to managing water that will overcome the conflicts that emerge when the interactions among natural, societal, and political forces are overlooked. At the heart of these conflicts are complex water networks. In managing them, science alone is insufficient and so is policy-making that doesn't take science into account. Solutions will only emerge if a negotiated or diplomatic approach that blends science, policy, and politics is used to manage water networks. The authors show how open and constantly changing water networks can be managed successfully using collaborative adaptive techniques to build informed agreements among disciplinary experts, water users with conflicting interests, and governmental bodies with countervailing claims. Shafiqul Islam is an engineer with over twenty-five years of practical experience in addressing water issues. Lawrence Susskind is founder of MIT's Environmental Policy and Planning Program and a leader of the Program on Negotiation at Harvard Law School. Together they have developed a text that is relevant for students and experienced professionals working in a variety of engineering, science, and applied social science fields. They show how new thinking about water conflict can replace the zero-sum battles that pit experts, politicians, and stakeholders against each other in counter-productive ways. Their volume not only presents the key elements of a theory of water diplomacy; it includes excerpts and commentary from more than two dozen seminal readings as well as practice exercises that challenge readers to apply what they have learned.

Water Diplomacy: A Negotiated Approach to Managing Complex Water Networks (RFF Press Water Policy Series)

Science & Math

Susskind, Lawrence E.

Biological Sciences

Routledge

Water Diplomacy (RFF Press Water Policy Series)

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