Introduction -- Manufacturing and Re-manufacturing Systems -- A Hidden Markov Model for Customer Classification -- Markov Decision Processes for Customer Lifetime Value -- Higher-order Markov Chains -- Multivariate Markov Chains -- Hidden Markov Chains

Pairs trading is one of convergence trades, which simultaneously buy relatively underpriced assets and sell relatively overpriced assets to exploit temporary mispricing. This paper studies time consistency optimal pairs trading strategies under both "symmetric'' and "non-symmetric'' trading...