This paper presented a simple <Emphasis Type="SmallCaps">PROLOG implementation for Arrow’s Social welfare function (SWF). Arrow (Social choice and individual values, Yale University Press, 1963) proved that any SWF which satisfies a set of conditions IIA, Pareto, and unrestricted domain should be dictatorial. The <Emphasis Type="SmallCaps">PROLOG...</emphasis></emphasis>

Prices are macro-observables of a financial market that result from the trading actions of a huge number of individual investors. Major stylized facts of empirical asset returns concern (i) non-Gaussian distribution of empirical asset returns and (ii) volatility clustering, i.e., the slow decay...