Stochastic optimal control has become a critical framework for addressing decision-making problems under uncertainty, especially in the context of financial market models. By combining probabilistic ...

In this paper, we examine the feasibility of extending the Akaike information criterion (AIC) for deterministic systems as a potential model selection criteria for stochastic models. We discuss the ...

It is argued that current attempts to model human learning behavior commonly fail on one of two counts: either the model assumptions are artificially restricted so as to permit the application of ...

The aim of this course is to introduce mathematical modeling to students interested in applied mathematics. The intended audience are undergraduate seniors in applied mathematics or 1st year graduate ...

Stochastic volatility is the unpredictable nature of asset price volatility over time. It's a flexible alternative to the Black Scholes' constant volatility assumption.