The oil-exporting countries of the Persian Gulf have failed economically and socially. It is time for a radical new approach to managing oil revenues while oil and gas reserves last. We propose an approach to cut the level of oil revenues available to governments to zero while incorporating a...

The oil-exporting countries of the Persian Gulf have failed economically and socially. It is time for a radical new approach to managing oil revenues while oil and gas reserves last. We propose an approach to cut the level of oil revenues available to governments to zero while incorporating a...

The oil-exporting countries of the Persian Gulf have failed economically and socially. It is time for a radical new approach to managing oil revenues while oil and gas reserves last. We propose an approach to cut the level of oil revenues available to governments to zero while incorporating a...

This article revisits the topic of two‐state option pricing. It examines the models developed by Cox, Ross, and Rubinstein (1979), Rendleman and Bartter (1979), and Trigeorgis (1991) and presents two alternative binomial models based on the continuous‐time and discrete‐time geometric...

This paper uses the first-passage-time approach to estimate default probabilities of commercial mortgages and the Receiver Operating Characteristic (ROC) approach to empirically test the cash flow proposition of Vandell (1995). The focus is on comparing the performance between a single trigger...

I paesi del Golfo Persico esportatori di petrolio hanno fallito dal punto di vista economico e sociale. È tempo di adottare un approccio radicalmente nuovo alla gestione dei ricavi petroliferi finché vi sono ancora riserve di petrolio e di gas. Noi proponiamo un approccio finalizzato ad...

This paper surveys methodologies on the statistical approach to term structure estimation, also known as yield curve smoothing models. Specifically, term structure estimation methods are reviewed to determine the effects of the assumed functional form of the interpolating function and whether...