Several useful point processes such as the Markovian arrival process, the input and departure processes of finite-capacity Markovian queues, and various models for counters and biological phenomena are obtained by considering Markov chains with marked transitions. This point of view yields many...

We study financial market incompleteness induced by discontinuities in asset returns. When there are multiple outcomes for a discontinuity, it is shown that this incompleteness cannot be removed by the introduction of extra securities. Claims cannot be hedged and are thereby not uniquely priced...