This paper investigates the position (state) distribution of the single step binomial (multinomial) process on a discrete state/time grid under the assumption that the velocity process rather than the state process is Markovian. In this model the particle follows a simple multi-step process in...

This paper presents a methodology to calibrate the distribution of losses observed in operational risk events. The method is specifically designed to handle the situation where individual event information is only available above an approved threshold and a limited set of below threshold...