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Merton's portfolio problem is a problem in continuous-time finance and in particular intertemporal portfolio choice. An investor must choose how much to consume and must allocate their wealth between stocks and a risk-free asset so as to maximize expected utility .
Manifest functions are the consequences that people see, observe or even expect. It is explicitly stated and understood by the participants in the relevant action. The manifest function of a rain dance, according to Merton in his 1957 Social Theory and Social Structure, is to produce rain, and this outcome is intended and desired by people participating in the ritual.
The Merton model, [1] developed by Robert C. Merton in 1974, is a widely used "structural" credit risk model. Analysts and investors utilize the Merton model to understand how capable a company is at meeting financial obligations, servicing its debt, and weighing the general possibility that it will go into credit default .
Robert Cox Merton (born July 31, 1944) is an American economist, Nobel Memorial Prize in Economic Sciences laureate, and professor at the MIT Sloan School of Management, known for his pioneering contributions to continuous-time finance, especially the first continuous-time option pricing model, the Black–Scholes–Merton model.
A celebrated economic application of a Bellman equation is Robert C. Merton's seminal 1973 article on the intertemporal capital asset pricing model. [20] (See also Merton's portfolio problem). The solution to Merton's theoretical model, one in which investors chose between income today and future income or capital gains, is a form of Bellman's ...
The pCN algorithm is well-defined, with non-degenerate acceptance probability, even for target distributions on infinite-dimensional Hilbert spaces. As a consequence, when pCN is implemented on a real-world computer in large but finite dimension N , i.e. on an N -dimensional subspace of the original Hilbert space, the convergence properties ...
Program Composition Notation (PCN) is a specification notation for building up larger programs from smaller modules or programs (usually written in C or Fortran ...
A Process Control Network (PCN) is a communications network layer that is a part of the Industrial Automation networks in Process Industries. This network is used to transmit instructions and data between control and measurement units and Supervisory Control and Data Acquisition ( SCADA ) equipment.