Related papers: Quantitative easing is an incomplete strategy that…
We formulate quantum computing solutions to a large class of dynamic nonlinear asset pricing models using algorithms, in theory exponentially more efficient than classical ones, which leverage the quantum properties of superposition and…
Several problems in planning and reactive synthesis can be reduced to the analysis of two-player quantitative graph games. {\em Optimization} is one form of analysis. We argue that in many cases it may be better to replace the optimization…
With model uncertainty characterized by a convex, possibly non-dominated set of probability measures, the agent minimizes the cost of hedging a path dependent contingent claim with given expected success ratio, in a discrete-time,…
In recent years, the economic policy of privatization, which is defined as the transfer of property or responsibility from public sector to private sector, is one of the global phenomenon that increases use of markets to allocate resources.…
How does public debt matter for price stability? If it is useful for the private sector to insure idiosyncratic risk, even transitory government debt expansions can exert upward pressure on interest rates and create inflation. As I…
Cosmic inflation is envisioned as the ``most likely'' start for the observed universe. To give substance to this claim, a framework is needed in which inflation can compete with other scenarios and the relative likelihood of all scenarios…
This paper proposes a model of tax compliance and fiscal capacity grounded in universalization reasoning. Citizens partially internalize the consequences of concealment by imagining a world in which everyone acted similarly, linking their…
It has been widely claimed that inflation is generically eternal to the future, even in models where the inflaton potential monotonically increases away from its minimum. The idea is that quantum fluctuations allow the field to jump uphill,…
We contrast the possibility of inflation starting a) from the universe's inception or b) from an earlier non-inflationary state. Neither case is ideal since a) assumes quantum mechanical reasoning is straightforwardly applicable to the…
Since the advent of inflation, several theorems have been proven suggesting that although inflation can (and generically does) continue eternally into the future, it cannot be extended eternally into the past to create a ``steady-state''…
We find a unique way of realizing inflation through cyclic phases in an universe with negative vacuum energy. According to the second law of thermodynamics entropy monotonically increases from cycle to cycle, typically by a constant factor.…
Inflationary models with a non-zero background curvature require additional hypothesis or parameters compared to flat inflation and the procedure to construct them cannot be as simple as in the flat case. For this reason, there is no…
The notion of a credit spread curve is fundamental in fixed income investing, but in practice it is not `given' and needs to be constructed from bond prices either for a particular issuer, or for a sector rating-by-rating. Rather than…
A theoretical self-sustainable economic model is established based on the fundamental factors of production, consumption, reservation and reinvestment, where currency is set as a unconditional credit symbol serving as transaction equivalent…
A model of quintessential inflation is presented, which manages to achieve the requirements of both inflation and quintessence with natural values of the mass-scales and parameters.
We consider implications of the quantum extension of the inflationary no hair theorem. We show that when the quantum state of inflation is picked to ensure the validity of the EFT of fluctuations, it takes only ${\cal O}(10)$ efolds of…
Quantile regression provides a framework for modeling statistical quantities of interest other than the conditional mean. The regression methodology is well developed for linear models, but less so for nonparametric models. We consider…
Cryptocurrency lending pools are services that allow lenders to pool together assets in one cryptocurrency and loan it out to borrowers who provide collateral worth more (than the loan) in a separate cryptocurrency. Borrowers can repay…
We introduce a non-zero-sum game between a government and a legislative body to study the optimal level of debt. Each player, with different time preferences, can intervene on the stochastic dynamics of the debt-to-GDP ratio via singular…
Computational aspects of the optimal consumption and investment with the partially observed stochastic volatility of the asset prices are considered. The new quantization approach to filtering - density quantization - is introduced which…