With the development of financial markets and increasing demand for managing risk exposure, researchers and practitioners have developed various financial instruments over the years. Options, Futures, Forwards, Swaps are few examples of such instr...
The classical secretary problem was an optimal selection thought experiment for a decision process where candidates with independent and identically distributed values to the observer appear in a random order and the observer must attempt to choos...
We present recursive algorithms to calculate invariant distributions and fundamental matrices of Markov chains specified by the "Islands & Ports'" (IP) model. The state space of the IP model can be partitioned into "islands'" and "ports". An islan...
