only if it is, when appropriately renormalized, a martingale for some equivalent probability measure. The theory of pricing … equivalent martingale measure. If this value is unique, the claim is said to be priced by arbitrage. The new probabilities can be …The theory of asset pricing, which takes its roots in the Arrow-Debreu model (Theory of value [1959, chap. 7]), the …

. Our approach leads to an interval of admissible prices much better than the arbitrage pricing interval. …

We work out technical efficiency levels of 29 countries consisting of some selected South Asian, East Asian and EU … countries using data envelopment analysis. Luxembourg has an efficiency score of one(most efficient) in all the years … .Netherlands also has an efficiency score of one in 1966,1971,1976 and 1981.Japan,UK,Belgium,Ireland,Indonesia,Spain and Germany …

We work out the efficiency index of the Delhi Airport using monthly data(March 2000 through July 2004) of international … and total traffic of aircraft's, passengers & cargo movements . The study compares the Delhi Airport technical efficiency … index with the efficiency indexes of some selected domestic airports of India in 2000-01.The study uses data envelopment …

We work out technical efficiency levels of the Indian States and Union Territories using Data Envelopment Analysis from … from 1980-81 to 1997-98 using Kernel densities. The efficiency factor accounted for 5.07 % only,technological change …) to 1997-98(current year) period.The efficiency factor accounted for -10.63% % only,technological change accounted for 173 …

This paper estimates commercial banks’ efficiency in three relatively homogenous groups of countries with different … European integration and economic situation are visible also in banking efficiency. Thus we test the hypothesis that the higher … degree of European economic integration and economic development goes hand in hand with higher baking efficiency. Employing …

account we focus on its relation resources/products and on the concept of efficiency as one of the components of the …

time dependent volatility, using martingale theory. The motivation of this paper lies in two directions. First, we set up a … proper no-arbitrage framework illustrated by a relationship between yield rate drift and bond price. Second, making ap …

results, and, in relation to nonnegative arbitrage, characterizations of semipositivity and consequences thereof. These are …