Arbitrage Theory provides the foundation for the pricing of financial derivatives and has become indispensable in both financial theory and financial practice. This textbook offers a rigorous and comprehensive introduction to the mathematics of arbitrage pricing in a discrete-time, finite-state economy in which a finite number of securities are traded. In a first step, various versions of the Fundamental Theorem of Asset Pricing, i.e., characterizations of when a market does not admit arbitrage opportunities, are proved. The book then focuses on incomplete markets where the main concern is to obtain a precise description of the set of “market-consistent” prices for nontraded financial contracts, i.e. the set of prices at which such contracts could be transacted between rational agents. Both European-type and American-type contracts are considered. A distinguishing feature of this book is its emphasis on market-consistent prices and a systematic description of pricing rules, also at intermediate dates. The benefits of this approach are most evident in the treatment of American options, which is novel in terms of both the presentation and the scope, while also presenting new results. The focus on discrete-time, finite-state models makes it possible to cover all relevant topics while requiring only a moderate mathematical background on the part of the reader. The book will appeal to mathematical finance and financial economics students seeking an elementary but rigorous introduction to the subject; mathematics and physics students looking for an opportunity to get acquainted with a modern applied topic; and mathematicians, physicists and quantitatively inclined economists working or planning to work in the financial industry.

This book contains a collection of essays written by renowned economists on the occasion of Andras Brody's 70th birthday. Andras Brody has contributed to many fields of economics, including mathematical modelling, the theory of economic growth, marxian economics and input-output analysis. The essays contained in this book deal with new results in these and related fields, and cover both theoretical and empirical aspects. Among the topics being discussed are foundations of input-output analysis, methodologies for measuring economic growth and structural change, and normative aspects of economic behaviour. The book also includes a chapter on the extraordinary event of building an input-output table for the newly reunited Germany.

This book presents an extensive study on the effectiveness of recent regulations on pharmaceutical prices in India, exploring the weaknesses in the design and implementation of pharmaceutical price controls and investigating what can be done to fix the broken system. In addition, it examines the extent to which essential medicines are actually made affordable by price controls. The book argues that companies make the pharmaceutical price control regime largely ineffective by coordinating to increase pre-regulation prices; by diversifying horizontally away from the regulated markets and increasing prices in the unregulated markets; by manipulating trade margins; and by refusing to comply with the regulation because the penalties remains negligible. The book draws on extensive empirical research involving India’s 2013 Drug Price Control Order and widely-used medicines such as paracetamol and metformin to illustrate how firms have weakened regulation. It argues that theregulatory regime can be strengthened by using systematic analysis of product- and region-level data in the Indian pharmaceutical industry, and by screening for the strategies that firms currently employ to circumvent regulation. In closing, it discusses recent efforts to strengthen the implementation of price controls in India and expanding the scope of price controls to medical devices.

This report was jointly launched by the National Academy of Economic Strategy of the Chinese Academy of Social Sciences and UN-HABITAT. Using the indicator system and objective data, the competitiveness of 1,035 global cities was evaluated in detail. The report measures the development pattern of global urban competitiveness as a whole, and the gap between the relevant parties and the ideal state. It has refreshed people's past perceptions of urban rankings and confirmed that the science and technology innovation center cities and central cities of emerging economies have begun to break the inherent global cities and they have entered the ranks of the most urban competitiveness. While paying attention to the comparison of competitiveness among cities, this report further promotes the perspective to the pattern and trend change of global economic and social development from the perspective of city. The followings are new findings: First, information technology has increasingly become the primary driving force for urban development; Second, it is the three meridians that divide the global urban population and economic differentiation; Third, the soft links between cities gradually dominate the global urban system; Fourth, the formation of new global cities is beginning.

Find Auto Accident Personal Injury Insurance Claim by Dan Baldyga in Paperback and other formats in Law > Personal Injury.

Choosing the right auto insurance for your family is an important decision. The coverage can help to protect a substantial investment, your car. The cost can affect your budget. With so many policies to choose from, it can become confusing to decide which one is best for you. In this article, we will discuss some tips that can help in the auto insurance selection process.

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