In this paper, we evaluate American-style, path-dependent derivatives with an artificial intelligence technique. Specifically, we use swarm intelligence to find the optimal exercise boundary for an American-style derivative. Swarm intelligence is particularly efficient (regarding computation and...

Transportation systems are the glue that binds together American cities. From the first boulevard, through the horse-drawn streetcars of the 19th Century, through the electric trolleys of the early 1900s, to the freeways of the post-World War II era, transportation investments have long played a...