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Sectoral balances using CBO data. Their method defines the balances as: A) Federal budget balance; B) Current Account (multiplied by -1 in the diagram); and C) Nonfederal Domestic Balance, representing mainly private sector net savings and the state and local government sector balance. The equation A+B+C=0 must hold by definition. [6]
Statistical finance [1] is the application of econophysics [2] to financial markets. Instead of the normative roots of finance , it uses a positivist framework. It includes exemplars from statistical physics with an emphasis on emergent or collective properties of financial markets.
An affine term structure model is a financial model that relates zero-coupon bond prices (i.e. the discount curve) to a spot rate model. It is particularly useful for deriving the yield curve – the process of determining spot rate model inputs from observable bond market data.
Multiparameter equations of state are empirical equations of state that can be used to represent pure fluids with high accuracy. Multiparameter equations of state are empirical correlations of experimental data and are usually formulated in the Helmholtz free energy. The functional form of these models is in most parts not physically motivated.
In financial economics, a state-price security, also called an Arrow–Debreu security (from its origins in the Arrow–Debreu model), a pure security, or a primitive security is a contract that agrees to pay one unit of a numeraire (a currency or a commodity) if a particular state occurs at a particular time in the future and pays zero numeraire in all the other states.
Often, constructing local balance equations is equivalent to removing the outer summations in the global balance equations for certain terms. [1] During the 1980s it was thought local balance was a requirement for a product-form equilibrium distribution, [10] [11] but Gelenbe's G-network model showed this not to be the case. [12]
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The marginal cost of public funds (MCF) is a concept in public finance which measures the loss incurred by society in raising less revenues to finance government spending due to the distortion of resource allocation caused by taxation. [1]