The paper contends that neoclassical ideology stems, to a great extent, from mathematical analysis. It is suggested that mainstream economic thought can be comprehensively revisited if both histories of mathematical and economic thought are to be taken collaboratively into account. Ideology is...

The purpose of this paper is to examine the issue of portfolio optimization. Optimization consists of minimizing the risk for a given rate of return or achieving a bigger return for a given level of risk. We use historical data from the Bank of Greece to calculate the net return and the standard...

Generative Artificial Intelligence (AI) holds the potential to either complement knowledge workers by increasing their productivity or substitute them entirely. We examine the short-term effects of the recent release of the large language model (LLM), ChatGPT, on the employment outcomes of...

This paper introduces the probabilistic formulation of continuous-time economic models: forward stochastic differential equations (SDE) govern the dynamics of backward-looking variables, and backward SDEs capture that of forward-looking variables. Deep learning streamlines the search for the...

Corporate financial management is the catalyst for strengthening financial information about an organization and improving financial policies and strategies for the profitability of the enterprise. Improving the usefulness of financial data requires the understanding and application of...

In this paper, some main eigenvalues and eigenvectors of the politics matrix are investigated. The number of upper-class families in a society is the number of eigenvalues which are very close to 1. An algorithm to identify all the upper-class families from the right and left eigenvectors of...

A necessary condition for a dominance of prospect F over prospect G by all commonly employed investment criteria is E_F (x)≥E_G (x). Because of this requirement, optimal investment rules fail to distinguish between two alternative prospects where in practice one prospect is preferred over the...

This paper applies a multi-input production function to derive the simultaneous impact of internalizing some external economies or diseconomies. While it demonstrates the powerful impact of internalizing external economies, it shows that external diseconomies are absolutely unacceptable. When...

Externality means something from outside, so it requires a different mathematics from the standard theory of the firm. One alternative is offered by James E. Meade, but it contains, at least, three mistakes. Mathematics is supposed to be precise and its handling disciplinary, but Meade’s...

In the landmark article [MSTW17], Müller et. al. introduced the notion of fractional stochastic dominance (SD) to interpolate between first and second SD relations. In this article, we introduce a novel family of multi-fractional stochastic orders that generalizes fractional SD in a natural...

The purpose of this study is to produce valid mathematical modeling tasks using parking fees for learning mathematical modeling in SMK. This study used a research development approach by Akker, Gravemeijer, McKenney and Nieveen. This research consists of 3 stages, namely analysis, design and...

We survey the nascent literature on machine learning in the study of financial markets. We highlight the best examples of what this line of research has to offer and recommend promising directions for future research. This survey is designed for both financial economists interested in grasping...

We survey the nascent literature on machine learning in the study of financial markets. We highlight the best examples of what this line of research has to offer and recommend promising directions for future research. This survey is designed for both financial economists interested in grasping...

A mathematician, like a painter or poet, is a maker of patterns. If his patterns are more permanent than theirs, it is because they are made with ideas. The Common Core State Standards for Mathematics (CCSS-M) include both content standards and standards for mathematical practice (SMP). In...

Investigating the base ground of economic growth as a mathematical model is an essential economic issue. Every economic entity does economic behaviors to maximize its goal, total utility, in a given time. By bringing out the premises of the game theory, market participants, transactions, and...

The antecedent studies have designed a novel financial mechanism in which, upon trading intellectual capital, the economy creates or receives money to ensure unimpeded capital access and spur its generation and exploitation. This piece summarises some mathematical aspects, allowing us to apply...

We consider the optimal dividend problem in the so-called degenerate bivariate risk model under the assumption that the surplus of one branch may become negative. More specific, we solve the stochastic control problem of maximizing discounted dividends until simultaneous ruin of both branches of...

The US financial sector has become a magnet for the brightest graduates in the science, technology, engineering and mathematical fields (STEM). We provide quantitative bases for this anecdotal fact for the US, over the period 1980-2019 and with a specific focus on the last decade where...

An inquiry on the training needs in Mathematics was conducted to Laura Vicuña Center - Palawan (LVC-P) learners. Specifically, this aimed to determine their level of performance in numbers, measurement, geometry, algebra and statistics; identify the difficulties they encountered in solving word...

This paper studies the model risk of the Black-Scholes (BS) model in pricing and risk-managing variable annuities motivated by its wide usage in the insurance industry. Specifically, we derive a model-free decomposition of the no-arbitrage price of the variable annuity into the BS model price in...

This monograph presents the algorithms that are implemented in the Python library CodPy—an acronym that stands for the “Curse Of Dimensionality in PYthon”. This library provides the user with a support vector machine (SVM) and encompasses a broad set of applications. The proposed...

The lack of scale on appreciation in Mathematics encouraged this study as it has been known that positive emotions are needed for effective learning specifically in Mathematics where it has been marked as a tough subject. This study evaluated the factors associated with Appreciation in...

Like most others, traffic economists also treat a vertical line for the capacity of a road. When traffic flow approaches the vertical line, there will be congestion, while the line itself is a gridlock. This paper re-runs the traffic mathematics thoroughly, to derive some surprisingly new...

Introduction: Two next-generation pneumococcal conjugate vaccines (PCVs), a 15- and a 20-valent PCV (PCV15 and PCV20), have recently been licensed for use in adults (PCV15: EC decision Oct 14, 2021; PCV20: EC decision Feb 14, 2022). We developed a dynamical transmission model specific for Germany,...

We present an application of Financial Mathematics (using Real Option Analysis) to value the inherent optionality a coal producer has when mining and processing thermal coal. The pay-off of the physical option can be modelled as a spread option, whereby both the underlyings, and more unusually,...

Many text mining methods have used statistical information as text and language-independent procedures that are not deterministic. Text mining methods based on stochastic patterns and rules need many samples to train. On the other hand, deterministic and non-probabilistic methods are easy to...

We develop a full mathematical theory in a quantitatively focused study especially for optimal annuitization with early retirement. Analytically tractable optimal consumption/investment strategies and wealth process are obtained with mandatory retirement on a finite date. Compared to the...

This paper addresses the problem of forecasting daily stock trends. The key consideration is to predict whether a given stock will close on uptrend tomorrow with reference to today's closing price. We propose a forecasting model that comprises a features selection model, based on the Genetic...

The aim of these Lecture Notes is to complement the material, concerning Life Insurance, presented in the textbook by A. Olivieri and E. Pitacco, “Introduction to Insurance Mathematics. Technical and Financial Features of Risk Tansfers”, by providing the basics of a time-continuous setting...

Students in East-Asian countries consistently score in the top in international assessments. One possible explanation for this success is their use of 'Lesson study' to enhance teaching practices, but evidence on its effectiveness is still scant. We evaluate a national teacher development...

The purpose of the Special Issue "Quantitative Methods in Economics and Finance" of the journal Risks was to provide a collection of papers that reflect the latest research and problems of pricing complex derivates, simulation pricing, analysis of financial markets, and volatility of exchange...

This book is a collection of papers for the Special Issue "Quantitative Methods for Economics and Finance" of the journal Mathematics. This Special Issue reflects on the latest developments in different fields of economics and finance where mathematics plays a significant role. The book gathers...

We investigate a systemic risk measure known as CoVaR that represents the value-at-risk (VaR) of a financial system conditional on an institution being under distress. For characterizing and estimating CoVaR, we use the copula approach and introduce the normal tempered stable (NTS) copula based...

In this article, we present an automated test procedure for examining the filter structure and instructions implemented in electronic questionnaires, and for checking the fit of a questionnaire to the targeted sample. With our approach, we can represent and describe questionnaires using...