Suchergebnisse

AbstractWith the development of financial risk management, the notion of convex risk measures has been proposed and has gained increasing attentions. Utility‐based shortfall risk (SR), as a specific and important class of convex risk measures, has become popular in recent years. In this paper we focus on the computational aspects of SR, which are significantly understudied but fundamental for risk assessment and management. We discuss efficient estimation, optimization, and sensitivity analysis of SR, based on Monte Carlo techniques and stochastic optimization methods. We also conduct extensive numerical studies on the proposed approaches. The numerical results further demonstrate the effectiveness of these approaches.

"In his book A Second History, Beijing-based artist, Zhang Dali, examines the widespread use of photographic manipulation carried out by the Chinese government during the regime of Mao Tse-tung (1949-76). Using a compare and contrast format this artist book presents a chronological sequence of original, unmodified images together with their doctored doppelgängers which were manipulated in party-run, photo labs in the 50s, 60s and 70s for the Chinese propaganda market." -- From www.bywaterbros.com (Viewed 8 November 2012)