In systems theory, it is well known that the parameter spaces of dynamical systems are stratified into bifurcation regions, with each supporting a different dynamical solution regime. Some can be stable, with different characteristics, such as monotonic stability, periodic damped stability, or...

This paper re-derives the finite mixture option pricing model of Ritchey (1990), based on the assumption that the option investors hold heterogeneous expectations about the parameters of the lognormal process of the underlying asset price. By proving that the model admits no riskless arbitrage,...

This paper demonstrates that the term structure model of Heath, Jarrow and Morton (HJM, 1992) can be decomposed into two component functions, such that if one can represent the observed initial forward rate curve, then the other is the dynamic evolution of the forward rates. This decomposition...

This paper derives a sufficient and necessary condition for arbitrage-free pricing, by the mathematical definition of linear dependency. It states that any pricing function that can be expressed as a linear combination of some of its partial derivatives inherently possesses the arbitrage-free...

Growing concerns related to environmental pollution, energy security, and future oil supplies have encouraged the development of large-scale non-petroleum-based alternative fuels, such as bioethanol and biodiesel. Bioethanol made from inexpensive and abundant sources of lignocellulosic biomass,...

With rapid economic development, energy consumption in China has tripled in the past 20years, exceeding 2.8 billion tons of standard coal in 2008. The search for new green energy as substitutes for nonrenewable energy resources has become an urgent task. Biodiesel is one of the most important...

A water-miscible solvent of 1,2-dimethoxyethane was found for efficient extraction of algal oil from wet cells of Botryococcus braunii. The volumetric ratio of the extractant to water in the wet algal biomass affected the extraction efficiency at a fixed ratio of solvent to dry algal biomass,...

This survey provides an overview of the classes of macroeconometric models for which these experiments have so far been run and emphasizes the implications for lack of robustness of conventional dynamical inferences from macroeconometric policy simulations. By making this detailed survey of past...

In recent years the rapid development of complex network theory has provided a new angle on the vulnerability analysis of a power grid. However, current analysis models are usually general ones that may ignore some specific features of power systems. In order to address the issue, this paper...