Following [10] we continue the study of the problem of expected utility maximization in incomplete markets. Our goal is to find minimal conditions on a model and a utility function for the validity of several key assertions of the theory to hold true....

The ant system is a new meta-heuristic for hard combinatorial optimization problems. It is a population-based approach that uses exploitation of positive feedback as well as greedy search. It was first proposed for tackling the well known Traveling Salesman Problem (TSP), but has been also...