robench-2024b
Collection
48 items • Updated
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Cheridito et al. (2006) considered dynamic coherent, convex monetary and monetary risk measures for discrete-time processes modelling the evolution of financial values. <|MaskedSetence|> (2012) extended dynamic convex risk measures in Cheridito et al. to take the timing of cash flow into consideration. Sun and Hu (201... | **A**: Acciaio et al.
**B**: (2021), Chen and Feinstein (2022), Mastrogiacomo and Rosazza (2022), Yoshioka and Yoshioka (2024)
Nowadays, as the digital economy and cryptocurrencies develop rapidly, they have a great impact on the financial market.
**C**: Chen et al.
| ACB | ACB | ABC | ACB | Selection 2 |
<|MaskedSetence|> <|MaskedSetence|> (1999); Boyle and Potapchik (2008). However, as pointed out in Fu et al. <|MaskedSetence|> We expect our analysis to help overcome the numerical inefficiency in the short-maturity regime.
. | **A**: Numerical analysis of the Asian option was conducted in Geman and Yor (1993); Linetsky (2004); Broadie et al.
**B**:
Our study is of practical interest because existing numerical methods have proven to be less efficient in the case of short maturity or low volatility.
**C**: (1999); Vecer (2002), such method... | BAC | BAC | BAC | BAC | Selection 3 |
<|MaskedSetence|> FDA is a niche yet established area in the statistical literature, with many applied and methodological publications in all domains of knowledge, including spatial and space-time FDA [7, 16, 13, 19, 19, 12], coastal engineering [21], environmental studies [3, 18], transportation science [27] and epid... | **A**: [11] proposes a similar approach, without specifying a fixed functional basis, and proposing an innovative functional pick-and-freeze method for estimation.
**B**: A very sound framework for the GSA of stochastic models with scalar outputs is provided in [2]..
**C**:
A very natural framework to tackle this sp... | CAB | CAB | CAB | CBA | Selection 1 |
<|MaskedSetence|> Instead, the set of all models which are consistent with the prices of observed vanilla options was investigated and bounds on the prices of exotic derivatives were derived. The approach was applied to barrier options in [13], to forward start options in [38], to variance options in [17], to weighted... | **A**: Using the theory of Monge–Kantorovich mass transport, [9] established superhedging dualities for exotic options.
**B**: A notion of weak arbitrage was discussed in [21] to deal with the case of infinitely many given options.
**C**:
The pathwise approach, pioneered by [36], makes no assumptions on the dynamic... | BCA | CBA | CBA | CBA | Selection 3 |
Our leading application of excludability is to preferences with single-crossing differences (SCD). Here we show that learning obtains when the information structure satisfies
directionally unbounded beliefs (DUB). <|MaskedSetence|> <|MaskedSetence|> Like SCD, DUB is formulated for a (totally) ordered state space. <... | **A**: SCD is a familiar property (Milgrom and
Shannon, 1994) that is widely assumed in economics: it captures settings in which there are no preference reversals as the state increases.
**B**: It requires that for any state ω𝜔\omegaitalic_ω and any prior that puts positive probability on ω𝜔\omegaitalic_ω, there exi... | BAC | ACB | ACB | ACB | Selection 4 |
To illustrate the quantitative implications of the model we apply it to our running example, regulatory approval by the FDA. Applying the formulae implied by the model to published data on the cost structure of clinical trials, we calculate adjusted critical values that are neither as liberal as unadjusted testing, no... | **A**: And second, different kinds of multiplicity may call for different solutions depending on how they map to decision-making..
**B**: First, costs must matter in any model that justifies MHT as a way of “getting researcher incentives right.” If incentives matter, then it must be the net incentives, i.e.
**C**: We... | CBA | CBA | CAB | CBA | Selection 2 |
…[R]aising enough sheep to replace the yarn made with Britain’s New World cotton imports by would have required staggering quantities of land: almost 9,000,000 acres in 1815, using ratios from model farms, and over 23,000,000 acres in 1830. This final figure surpasses Britain’s total crop and pasture land combined. It... | **A**: (p.
**B**: 276)
Based on this calculation, I set the land supply Z𝑍Zitalic_Z after the relief of land constraints to
.
**C**: If we add cotton, sugar, and timber circa 1830, we have somewhere between 25,000,000 and 30,000,000 ghost acres, exceeding even the contribution of coal by a healthy margin.
| CAB | CAB | CAB | CAB | Selection 3 |
<|MaskedSetence|> The dynamics of these variables can be found in Figures 1(a) and 1(b) along with corresponding estimation results in columns (1) and (2) in Table 1. We find that the treatment substantially increases both contributions and linking. Contributions still show a tendency to decrease over time, and the ra... | **A**: A natural question is how contributions and average degree (number of outgoing links) are impacted by the information treatment.
**B**: Links, on the other hand, exhibit an additional differential dynamic.
**C**: Although there is a strong initial boost from the treatment intervention, decay in the number of l... | ABC | ABC | ABC | ACB | Selection 1 |
<|MaskedSetence|> A naïve combination of convex risk measures and discounted total costs, however, lacks time consistency, hindering the derivation of a corresponding DPP. Roughly speaking, time consistency refers to the property that smaller scores in future epochs guarantee a smaller score in the current epoch. We r... | **A**: There is a stream of literature (see, e.g., [29, 54, 52, 55, 33, 50, 22, 5]) that studies time consistency from multiple angles and/or attempts to integrate convex risk measures and their variations into MDPs.
**B**:
One popular criterion is based on convex risk measures [4, 27, 37].
**C**: While here we are... | CBA | BAC | BAC | BAC | Selection 3 |
<|MaskedSetence|> <|MaskedSetence|> To this purpose, we represent the determination of replenishment order quantities as solutions of a dynamic stochastic period-review inventory model with lost sales and an expected-cost objective function. In real-world applications, the probability distributions of the inventory l... | **A**: We aim at investigating to what extent this approach allows a retailer to improve the inventory management process when faced with multiple sources of non-stationary uncertainty, namely stochastic customer demand, shelf lives, and supply shortages, a lead time of multiple days and demand that is lost if not serv... | BAC | ABC | BAC | BAC | Selection 1 |
The results of estimating equation 1 are shown in Table 4. <|MaskedSetence|> However, when we take into account the potential endogeneity problem, we find a positive and statistically significant effect of external debt on GHG emissions (column 2). <|MaskedSetence|> in external debt causes, on average, a 0.5% increa... | **A**: Indeed, the endogeneity issue may be behind previous findings of the non-significant effect of external debt on GHG emissions (Akam et al., , 2021).
First stage results are presented in the third column of Table 4.
**B**: In particular, a rise of 1 pp.
**C**: When using the fixed effects (FE) estimator, we f... | CBA | CAB | CBA | CBA | Selection 4 |
Again, we complete this preliminary verification with the signature-based validation test. <|MaskedSetence|> The obtained p𝑝pitalic_p-values (see Table 5(b)) show that the GRM model is rejected at any standard level while the RSAR(1) process is not. <|MaskedSetence|> Moreover, this result is in line with the empir... | **A**: This is particularly interesting given that the p𝑝pitalic_p-values of the two-sample Kolmogorov-Smirnov test reported in Table 4(b) are very close.
**B**: We implement the same steps described in the previous section (here, we obtain m=72𝑚72m=72italic_m = 72 historical paths) except that we work with the log-... | BAC | BAC | BAC | BAC | Selection 4 |
When using the AI bot GPT-3 (Brown et al. (2020)), I generate a distribution of responses by exploiting the probabilities produced by the model, as explained in Sect. 3.4.1. A single response from GPT-3 aggregates information from multiple sources and produces output words by sampling words according to the softmax pro... | **A**: (2022); Aher et al.
**B**: (2022)) although not in the context of anchoring effects.
Variability in response to different prompts has allowed scientists to use GPT-3 to evaluate the biases of AI Bots (Aher et al.
**C**: Others have looked at the effect of gendered speech (Lucy and Bamman (2021)) and more gen... | ABC | ABC | ABC | ACB | Selection 2 |
Under the assumption of homogeneous probabilities of success, we estimate the average cost of developing a drug to be $58.51 million. This high cost suggests that drug development is risky compared to the expected value of $63.37 million at the discovery stage. <|MaskedSetence|> Breaking down the clinical trial costs... | **A**: Furthermore, by leveraging discontinuation announcements at various stages, something we did not need to use until now, we estimate the expected cost of clinical trials, where the expectation is taken at the discovery stage, to be approximately $12.43 million.
**B**: Also, see Dubois and Kyle (2016) for estimat... | CAB | ACB | ACB | ACB | Selection 4 |
For general probability distributions, loading of its discretized probability density function (PDFs) remains one of the main problems in quantum computing. <|MaskedSetence|> Recently, there has been new approaches to the quantum state preparation problem in the literature, that are not related to the qGAN or VQE meth... | **A**: In [iaconis2023quantum], the authors considered the quantum state preparation problem for probability distribution with smooth differentiable density functions, such as the normal distribution, where they proposed an algorithm based on the matrix product state (MPS) approximation method, and provide an error ana... | CAB | CAB | CAB | BCA | Selection 1 |
<|MaskedSetence|> <|MaskedSetence|> In Section 3, we address the solvability of the dual PDE problem by verifying a separation form of the solution and the probabilistic representations, the homogenization of Neumann boundary conditions and the stochastic flow analysis. <|MaskedSetence|> It is also verified therein ... | **A**: In Section 2, we introduce the auxiliary state processes with reflections and derive the associated HJB equation with two Neumann boundary conditions for the auxiliary stochastic control problem.
**B**: The verification theorem on the optimal feedback control is presented in Section 4 together with the technica... | CAB | CAB | CAB | CAB | Selection 2 |
The work faces several limitations. <|MaskedSetence|> Simplifying assumptions are necessary to assign production functions and estimate replaceability, detailed in [28].
Prices are not considered as we adapt a network measure for short-term shock propagation in supply chains. <|MaskedSetence|> <|MaskedSetence|> Furt... | **A**: However, price dynamics becomes significant over longer time horizons, impacting shock propagation and network reconfiguration.
**B**: Conceptually, the framework does not replace other decarbonization modeling frameworks, like IAMs and integrating results obtained from this study into full-scale climate-econom... | BCA | BCA | ACB | BCA | Selection 2 |
Lastly, we present a sensitivity analysis for the carbon tax. Similarly to the case of the other input parameters, we fix the values of incentives and TEB budget to 0% and €10M, respectively, while assuming the GEB to take values from Table 2. Here, we have also omitted the cases in which GenCos have a €1M capacity ex... | **A**: Nevertheless, while serving its purpose regardless of the GEB value, the carbon tax causes a decrease in the total generation and, consequently, in the total welfare.
**B**: Both output factors only remain stable once GenCos cease nearly all the conventional generation (i.e., VRE share in the total generation m... | CAB | BCA | CAB | CAB | Selection 4 |
<|MaskedSetence|> <|MaskedSetence|> <|MaskedSetence|> Moreover, [14] considers two agents who interact strategically through their linear impact on the return of the risk free asset. Maximizing their terminal wealth under CRRA utility, he derives the unique constant pure-strategy Nash equilibrium. Risk-averse invest... | **A**: [43], however, consider a continuous time financial market where the price impact - both temporary and permanent - results from the investment of n+1𝑛1n+1italic_n + 1 ’strategic players’.
**B**: Additionally, so-called market impact games, in which a finite number of large traders aims to minimize their liquid... | CAB | ABC | CAB | CAB | Selection 3 |
<|MaskedSetence|> Our flow analysis provides a useful foundation for the analysis of global P flows in terms of phosphate rock, fertilizers and related goods before biomass production. As such, it allows to derive valuable information for the analysis of vulnerabilities in countries’ supply relationships, including fo... | **A**: For this the translation of nominal bilateral trade flows into material flows of P is an important step in terms of accuracy.
**B**: We provide the information on (a) the origin of P flows, (b) their destinations and approximate material composition and (c) the resulting complex system of dependencies in supply... | CAB | CAB | CAB | BAC | Selection 1 |
<|MaskedSetence|> A RILA is a complex annuity with insurance properties that offer policyholders the flexibility to prioritise their growth opportunities while limiting potential losses. <|MaskedSetence|> <|MaskedSetence|> large-cap stocks, NASDAQ Composite for all American and foreign common stocks, and the MSCI EA... | **A**:
As a supplement to compulsory annuities, a new type of insurance product called Registered Index-Linked Annuity (RILA) has been introduced in the U.S., also known as ‘index-linked annuities’ or ‘structured variable annuities.’ Moenig [18] provided a timely first academic study on RILAs.
**B**: Typically, hold... | ACB | ACB | ACB | BCA | Selection 2 |
The link between default and income is potentially complex, on the one hand income shocks can affect default, this is however not our object of interest. <|MaskedSetence|> <|MaskedSetence|> <|MaskedSetence|> [2018]). As a consequence, a soft default may reduce employment opportunities, condition mobility, and the a... | **A**: On the other hand, default episodes through their effects on credit availability can affect income generating opportunities in several respects.
**B**: For example, it is known that non-credit actors such as potential employers, landlords, insurance companies, and mobile phone providers also make ample use of s... | BAC | ABC | ABC | ABC | Selection 3 |
Table 5. <|MaskedSetence|> We present the mean and the standard deviation (SD) for all model parameters.
3- and 4-factor model: In the crisis period 2021-23, the Gaussian component of the 3-factor model is only responsible for the short term fluctuations (cf. Figure 12(A)), while the large long term deviations are ... | **A**: Posterior properties of the model parameters in the 2021-23 time period.
**B**: These observations for the sample paths of the underlying processes are in line with the estimated model parameters we obtain in Table 5, where we have high values for both positive and negative jump sizes..
**C**: Figure 12(B)).
| ACB | ABC | ACB | ACB | Selection 4 |
<|MaskedSetence|> As such, the meta-learner will quickly remember task-specific information and perform well on a similar query set. <|MaskedSetence|> LLF (You et al., 2021) studies MAML in an offline setting, proving that a predictor optimized by MAML can generalize well against concept drifts. However, the query se... | **A**: Some works (Finn et al., 2019; Nagabandi et al., 2019; He et al., 2020) extend MAML to online settings on the assumption that the support set and the corresponding query set come from the same context, i.e., following the same distribution.
**B**: Consequently, the predictions are still susceptible to distribut... | ACB | ACB | ACB | BAC | Selection 3 |
<|MaskedSetence|> The first dependent variable is the first day return, which is computed as the difference between the closing and the IPO price, divided by the IPO price. This is shown in Columns 1-4. The second dependent variable is the 12-month industry adjusted return, which is computed from three months after th... | **A**: Continuous variables winsorized at the 1% and 99% level to mitigate the impact of outliers.
.
**B**: •
Notes: This table presents the correlation between investor emotions, information content and two stylized facts regarding initial public offering (IPO) returns.
**C**: Robust standard errors are reported i... | BCA | BCA | BCA | BCA | Selection 3 |
<|MaskedSetence|> For these flagged customers, the bank can deploy a representative to intervene and better understand their needs. However, resource limitations make it necessary to flag a relatively small number of customers with high confidence. <|MaskedSetence|> In terms of the precision-recall trade-off, our mod... | **A**: 3.4.
.
**B**: The focus of this exploration was to reduce false positives in the flagged customers to increase the efficiency of bank interventions.
**C**:
With the end goal of preventing churn, the model works by flagging customers with the highest risk of potential churn.
| BCA | CBA | CBA | CBA | Selection 4 |
<|MaskedSetence|> 2 with the time series of RV from 1970 to 2021, including expanded views of the aforementioned periods of market upheavals. In Sec. 3 we give analytical expressions of the two distribution functions used to fit the entire RV distribution: modified Generalized Beta (mGB), which is discussed in great d... | **A**: In Sec.
**B**:
To gain further insight into this phenomenon, we start in Sec.
**C**: Towards this end we also use a linear fit (LF) of the tails.
| ACB | BAC | BAC | BAC | Selection 2 |
<|MaskedSetence|> <|MaskedSetence|> We hypothesize that this deviation from theoretical prediction is due to a lack of learning amongst low-valuation types: players with low valuation win rarely, so the feedback they receive is coarse on most periods and hence insufficient to converge to bidding one’s value.131313We ... | **A**:
As anticipated, we observe bid shading in the first price auction, as well as within the lower to middle quantiles in the case of the soft-floor.
**B**: We increased the length of the simulation to T=800,000𝑇800000T=800,000italic_T = 800 , 000 periods.
**C**: The second price auction also displays bid shadi... | ACB | ACB | ACB | BCA | Selection 3 |
In this model, individuals have to make decisions sequentially, without knowing their position in the sequence (position uncertainty), but are aware of the decisions of some of their predecessors by observing a sample of past play. <|MaskedSetence|> Nevertheless, if the agents are unaware of their position in the sequ... | **A**: If instead, she decides to defect, then all the successors are expected to defect as well.
**B**: In the presence of position certainty, those placed in the early positions of the sequence would want to contribute, in an effort to induce some of the other group members to co-operate (Rapoport and Erev, 1994), w... | BAC | BAC | ABC | BAC | Selection 1 |
We conducted an extensive simulation to gauge the effectiveness of the multi-SSQW framework with daily return distributions of various stocks. Our results indicate that this approach successfully leverages the advantages of quantum computation within the financial arena.
A daily return distribution offers a statistic... | **A**: It’s the day-to-day value change in percentage terms for the asset.
**B**: Afterward, we employ the multi-SSQW approach to simulate these outcomes, yielding a more realistic probability distribution of the market.
**C**: Initially, we performed simulations 100 times, experimenting with num(the number of walker... | ABC | BCA | ABC | ABC | Selection 3 |
<|MaskedSetence|> 2020 and 17-38% in Holzmeister et al. (2022). We speculate that, in addition to other differences in the design and subject pool, our delegation frequencies arise in part from a fortuitous number of experts to choose from.
In contrast to our five experts, in Apesteguia et al. <|MaskedSetence|> <|Ma... | **A**: (2022) there was no choice..
**B**: (2020) subjects could choose among 80 leaders and in Holzmeister et al.
**C**:
For us, the biggest surprise was how many of our investors delegated—roughly half of them.
The delegation frequencies are higher than those found elsewhere in the literature, e.g., 35% in Apeste... | CBA | CBA | ABC | CBA | Selection 1 |
<|MaskedSetence|> Here, we give a quick review of ergodic theory. <|MaskedSetence|> Our basic references for ergodic theory are classical [Collet and Eckmann, 1980], [Day, 1998], and [W. de Melo, 1993]. <|MaskedSetence|> We stress that a deep result by Avila et.al. (Proposition 6.3) theoretically supports our argume... | **A**: If the reader is familiar with ergodic theory, skip Subsection 5.1.
**B**:
Our (numerical/theoretical) argument in this and the next sections use ergodic theory.
**C**: Note that our strategy (philosophy) in this and the next sections stems from [Lyubich, 2012] and [Shen and van Strien, 2014] (these are quite... | BAC | BAC | BAC | BAC | Selection 3 |
As mentioned above, the WETH-USDC pool is a mature and highly liquid pool. One would expect it to perform much more efficiently than younger, mostly speculative pools with high volatility. To this end, we choose the WETH-PEPE pool which is a highly active pool with 1/10011001/1001 / 100 the liquidity of USDC (median o... | **A**: This suggests that users (or the Uniswap Labs interface) are actively choosing risk tolerance levels with the expectation that slippage would be quite high, likely, due to the high price volatility..
**B**: As for slippage tolerance, the 25th percentile and median slippage tolerance values for the PEPE pool are... | CBA | CBA | ACB | CBA | Selection 2 |
Having outlined the landscape of VASPs in Austria, we are now interested in understanding how they differ from traditional financial intermediaries.
Figure 4 stylizes the traditional financial intermediaries on the right and the VASPs on the left. In the middle, rectangles represent the primary economic services, and l... | **A**: More specifically, VASPs in group 1 operate similarly to money exchanges.
**B**: Circles on the left represent VASPs, divided into groups as described in Figure 3, while on the right are traditional financial intermediaries.
**C**: The last group that provides payment services can be compared to payment proces... | ACB | ABC | ACB | ACB | Selection 1 |
However, only few papers analyse the challenge of estimating the parameters of such dynamics. <|MaskedSetence|> There exist different methods of jump filtering. A first intuitive one is to settle a threshold, for example 3 standard deviations, such that data points within this threshold are considered to belong to t... | **A**: Indeed, in order to estimate the parameters of both the continuous and the spiked noise, we need first to be able to distinguish them.
**B**: The residuals categorized as continuous suit well the normal quantiles however the jumps are pretty sparse and, hence, difficult to fit.
**C**: However, the choice of th... | ABC | ACB | ACB | ACB | Selection 2 |
We find that trading volume cannot be reconciled with the reported changes in open interest for the majority of these exchanges. <|MaskedSetence|> In our view, the most likely scenario is that both are true, perhaps, however, not to the same degree on every exchange. Although we could not perfectly reconcile these qua... | **A**: Given that volatility and trading volumes in Bitcoin and other cryptocurrencies have been trending lower in 2023202320232023 we believe that the latter is a more plausible explanation.
**B**: Although we could not reconcile the changes in open interest with trading volume, the frequency and magnitude of the dis... | CAB | CAB | CAB | BAC | Selection 1 |
<|MaskedSetence|> <|MaskedSetence|> The Gini coefficient is briefly reviewed in Section 3 with particular focus on its invariance under a normalization of the equations of motion. In Section 4 it is proven both that the Gini coefficient increases monotonically in time under the induced dynamics and that its rate of i... | **A**: The variant of the Yard-Sale Model on which the present paper focuses is motivated and defined in Section 2.
**B**:
The paper is organized as follows.
**C**: The asymptotics of the modified system when a redistributive tax is incorporated are derived in Section 5 and shown to match the classical Yard-Sale Mo... | CAB | BAC | BAC | BAC | Selection 2 |
A common approach to mitigate the curse of dimensionality is the regression-based Monte Carlo method, which involves simulating numerous paths and then estimating the continuation value through cross-sectional regression to obtain optimal stopping rules. [1] first used spline regression to estimate the continuation va... | **A**: [10] initially integrated GPR with the regression-based Monte Carlo methods, and testing its efficacy on Bermudan options across up to five dimensions.
**B**: Examples include kernel ridge regression [4, 5], support vector regression [6], neural networks [7, 8], regression trees [9], and Gaussian process regres... | BAC | BAC | BCA | BAC | Selection 2 |
The study of elicitability is a fast growing field in statistics and at its core are scoring functions that incentivise truthful predictions and allow for forecast comparison, model comparison (backtesting), and model calibration [17, 12]. In sensitivity analysis, scoring functions are utilised for defining sensitivity... | **A**: Using the celebrated Osband’s principle in statistics, we propose ways to create novel MK divergences that are attained by the anti- or comonotonic coupling.
**B**: Indeed, we propose novel asymmetric Monge-Kantorovich (MK) divergences where the OT cost functions are statistical scoring functions.
**C**: Secti... | BAC | BAC | BCA | BAC | Selection 1 |
Another research direction with fruitful outcomes is time-inconsistent control problem, where the Bellman optimality principle does not hold.
There are many important problems in mathematical finance and economics incurring time-inconsistency, for example, the mean-variance selection problem and the investment-consum... | **A**: [3], closely related to our paper, study a time-inconsistent investment-consumption problem under a general discount function, and obtain an explicit representation of the equilibrium strategies for some special utility functions, which is different from most of existing literature on the time-inconsistent inves... | CBA | CAB | CBA | CBA | Selection 3 |
In regards to Figure 5, we conclude that the non-atomic arbitrage volume on DEXes is immense and controlled by a few large entities. To gain a better understanding of the evolution over time, we take a more in-depth look at the share of non-atomic arbitrage volume controlled by the large searchers in Figure 6. <|Maske... | **A**: Interestingly, beaverseacher1, the biggest non-atomic arbitrage searcher, is the only major searcher operating through our entire data collection period.
**B**: Interestingly, the three searchers associated with rsyncbuilder all operate during non-overlapping time windows, it appears that one searcher is replac... | CAB | CAB | CAB | CAB | Selection 3 |
<|MaskedSetence|> <|MaskedSetence|> At the core of MarketSenseAI, the LLM generates concise summaries from vast amounts of numerical and textual data, extracting crucial insights about a company’s developments and stock potential. Subsequently, it analyzes these summaries, considering the investment horizon, to make ... | **A**: In essence, this paper pioneers the integration of multi-source data analysis with the cognitive capabilities of LLMs to redefine stock selection and portfolio management.
**B**: Each component of this architecture provides specific insights, such as news, fundamentals, and macroeconomic summaries, that can be ... | ACB | ACB | BAC | ACB | Selection 4 |
In Section 3, the local volatility model which circumvents potential issues with the randomisation formulation is constructed. <|MaskedSetence|> After enhancing the underlying probabilistic framework to allow for the stochastic switching times, we follow the previously established procedures of Sections 2 and 3 in con... | **A**: Furthermore, we illustrate a financial application by solving the pricing problem of a European option with an underlying that is modelled using the proposed local volatility models.
**B**: Here, we distinguish between two types of stochastic switching, involving a fixed and a random number of switches between ... | CBA | CBA | CBA | BCA | Selection 2 |
<|MaskedSetence|> This is one reason why efficiency gains are small to negligible. Investments do not meaningfully affect expert fraud, which may be partially driven by very high consumer participation rates. Throughout the experiment, 95%-98% of consumers enter the market, which speaks to the potential efficiency of ... | **A**: In contrast to the predictions of the standard model, consumers also do not appear to reward expert prices that signal honesty.
**B**: For example, in this paper, we did not collect data on consumer beliefs.
**C**:
Overall, experts in our experiment substantially under-invest into new diagnostic technologies.... | ACB | CAB | CAB | CAB | Selection 2 |
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