Newly independent, path dependent: The impact of the Soviet past on innovation in post-Soviet states

2020 ◽  
pp. 1-19
Author(s):  
Assel Mussagulova
Keyword(s):  
Path Dependent ◽  
Independent Path ◽  
The Impact

scholarly journals Pricing Exotic Options under a High-Order Markovian Regime Switching Model

2007 ◽  
Vol 2007 ◽  
pp. 1-15 ◽  
Author(s):  
Wai-Ki Ching ◽  
Tak-Kuen Siu ◽  
Li-Min Li
Keyword(s):  
Regime Switching ◽  
Order Effect ◽  
High Order ◽  
Martingale Measure ◽  
Exotic Options ◽  
Lookback Options ◽  
Path Dependent ◽  
Markovian Regime Switching ◽  
The Impact ◽  
Markovian Regime

We consider the pricing of exotic options when the price dynamics of the underlying risky asset are governed by a discrete-time Markovian regime-switching process driven by an observable, high-order Markov model (HOMM). We assume that the market interest rate, the drift, and the volatility of the underlying risky asset's return switch over time according to the states of the HOMM, which are interpreted as the states of an economy. We will then employ the well-known tool in actuarial science, namely, the Esscher transform to determine an equivalent martingale measure for option valuation. Moreover, we will also investigate the impact of the high-order effect of the states of the economy on the prices of some path-dependent exotic options, such as Asian options, lookback options, and barrier options.

scholarly journals Mitigating Pro-Poor Housing Failures: Access Theory and the Politics of Urban Governance

2021 ◽  
Vol 9 (2) ◽  
pp. 439-450 ◽  
Author(s):  
Katja Mielke ◽  
Helena Cermeño
Keyword(s):  
Low Income ◽  
Urban Governance ◽  
Political Process ◽  
Development Discourse ◽  
Housing Policies ◽  
Governance Practices ◽  
Housing Scheme ◽  
Path Dependent ◽  
The Impact ◽  
The City

Looking at evolving urban governance and planning practices in the city of Lahore, Pakistan, the article aims to understand—from an Evolutionary Governance Theory perspective—to what extent these practices steer paths and modes of service provision and housing for low-income residents. With a focus on the endurance and transformations of urban governance practices and institutions, we first explore the influence of the changing development discourse and the impact it has had on the (re)configuration of urban governance and housing policies in Lahore. Second, drawing on extensive fieldwork and empirical data collected between 2012 and 2016, we highlight three vignettes depicting the development of different housing options for low-income residents in Lahore, i.e., a government-steered subsidised housing scheme, a privately developed ‘pro-poor’ settlement in the peri-urban fringe of the city, and residential colonies already—or in the process of being—regularised. By analysing the relationship between governance frameworks, the establishment of the three types of settlements and how residents manage to access housing and services there, we demonstrate how purposive deregulation in governance and policy generates a disconnect between urban normative frameworks (i.e., urban planning tools and pro-poor housing policies) and residents’ needs and everyday practices. We argue that this highly political process is not exclusively path-dependent but has also allowed the creation of liminal spaces based on agency and collective action strategies of low-income residents.

scholarly journals Aspects of Screening and Confinement in a Topologically MassiveU1W×U(1)YChern-Simons-Higgs Theory

2016 ◽  
Vol 2016 ◽  
pp. 1-9
Author(s):  
Patricio Gaete ◽  
José A. Helayël-Neto
Keyword(s):  
Effective Model ◽  
Gauge Fields ◽  
Static Charge ◽  
Abelian Gauge ◽  
Massless Field ◽  
First Case ◽  
Dependent Variables ◽  
Path Dependent ◽  
The Impact ◽  
Chern Simons

By using the gauge-invariant but path-dependent variables formalism, we consider a recently proposed topologically massiveU1W×U(1)YChern-Simons-Higgs theory in2+1dimensions. In particular, we inspect the impact of a Chern-Simons mixing term between two Abelian gauge fields on physical observables. We pursue our investigation by analyzing the model in two different situations. In the first case, where we integrate the massive excitation and consider an effective model for the massless field, we show that the interaction energy contains a linear term leading to the confinement of static charge probes along with a screening contribution. In the second situation, where the massless field can be exactly integrated with its constraint duly taken into account, the interesting feature is that the resulting effective model describes a purely screening phase, without any trace of a confining regime.

Pricing derivatives with fractional volatility

2017 ◽  
Vol 04 (01) ◽  
pp. 1750014 ◽  
Author(s):  
Hideharu Funahashi
Keyword(s):  
Brownian Motion ◽  
Analytical Formula ◽  
Approximation Formula ◽  
Barrier Options ◽  
Hurst Index ◽  
Option Prices ◽  
Important Lesson ◽  
Highly Sensitive ◽  
Path Dependent ◽  
The Impact

This paper studies the effect of fractional volatility on path-dependent options, which are highly sensitive to the volatility structure of a targeted underlying asset process. To this end, we propose an approximation formula for average and barrier options when volatility follows a fractional Brownian motion. Furthermore, using the analytical formula, we investigate the impact of the Hurst index on option prices. Overall, our important finding is that when the maturity is short and speed of mean-reversion is slow, the impact of the Hurst index strongly influences the option prices and that is non-negligible. This is an important lesson for practitioners who uses standard Brownian motion.

scholarly journals Path Dependence in Settlement Processes: Explaining Settlement in Northern Ireland

2007 ◽  
Vol 55 (2) ◽  
pp. 442-458 ◽  
Author(s):  
Joseph Ruane ◽  
Jennifer Todd
Keyword(s):  
Northern Ireland ◽  
Political Development ◽  
Path Dependence ◽  
Recent Literature ◽  
Processes Of Change ◽  
Path Dependent ◽  
Power Perception ◽  
The Impact

The recent literature on path dependence provides a model that can be used in explanation of ethnic conflict and settlement processes. Using Northern Ireland as a case study, this article identifies path dependent patterns of conflict embedded in long-term processes of political development whose change may interrupt these patterns. It highlights the importance of long-term state trajectories in constituting and reproducing these patterns, the generation of ‘endogenous’ processes of change and the impact of wider geopolitical processes in strengthening these. It shows how and why factors such as power, perception, networks and institutions vary in their impact on conflict and explains when they work together to produce settlement.

Doing It for the Kids? The Determinants of Attitudes towards Public Childcare in Unified Germany

2011 ◽  
Vol 41 (2) ◽  
pp. 349-372 ◽  
Author(s):  
ACHIM GOERRES ◽  
MARKUS TEPE
Keyword(s):  
Family Involvement ◽  
Political Ideology ◽  
General Social Survey ◽  
European Social Survey ◽  
Social Survey ◽  
Self Interest ◽  
Path Dependent ◽  
The Stability ◽  
The Impact ◽  
The Welfare State

AbstractIn order to explain why people differ in their attitudes towards public childcare, we present a theoretical framework that integrates four causal mechanisms: regime socialisation, political ideology, family involvement and material self-interest. Estimation results obtained from multivariate regressions on the 2002 German General Social Survey and replications on the 2008/9 European Social Survey can be condensed into three statements: (1) Regime socialisation is the single most important determinant of attitudes toward public childcare, followed by young age as an indicator of self-interest and political ideology. Family involvement does not have any sizeable impact. (2) Regime socialisation conditions the impact of some indicators of political ideology and family involvement on attitudes toward public childcare. (3) Despite a paradigmatic shift in policy, the dynamics of 2008 mirror those of 2002, highlighting the stability of inter-individual differences in support. The results suggest that the ‘shadow of communism’ still stretches over what people in the East expect from the welfare state and that individual difference in the demand for public childcare appears to be highly path-dependent.

scholarly journals The Evolution of Professionalism as a Mode of Regulation: Evidence from the United States

2021 ◽  
pp. 095001702110352
Author(s):  
Ian Kirkpatrick ◽  
Sundeep Aulakh ◽  
Daniel Muzio
Keyword(s):  
United States ◽  
The United States ◽  
The Self ◽  
Increasing Returns ◽  
Documentary Sources ◽  
Key Stakeholders ◽  
The Us ◽  
Path Dependent ◽  
The Impact ◽  
Mode Of Regulation

Opinion is divided on how far and in what ways professionalism as a mode of regulation has evolved. To date, attention has focused on the impact of neoliberal political and economic ideologies that challenge the idea that professions should be trusted to regulate themselves. This article further examines the impact of these attacks on professionalism and assesses whether they have triggered a process of decline. Drawing on a range of documentary sources from the US, it suggests that, while professional modes of regulation are evolving, the dominant pattern is one of continuity. The analysis also draws attention to the path-dependent nature of professionalism and how it is associated with increasing returns for key stakeholders: producers, government regulators and employers. The article’s main contribution is to highlight these trends empirically and raise questions about the accuracy and value of grand narratives that over-emphasise change and understate the self-reinforcing nature of professional modes of regulation.

scholarly journals Classical simulation of linear optics subject to nonuniform losses

Quantum ◽  
2020 ◽  
Vol 4 ◽  
pp. 267
Author(s):  
Daniel Jost Brod ◽  
Michał Oszmaniec
Keyword(s):  
Beam Splitter ◽  
Linear Optics ◽  
Beam Splitters ◽  
Network Geometry ◽  
Input Mode ◽  
Classical Simulation ◽  
Single Input ◽  
Path Dependent ◽  
The Impact ◽  
Comprehensive Study

We present a comprehensive study of the impact of non-uniform, i.e. path-dependent, photonic losses on the computational complexity of linear-optical processes. Our main result states that, if each beam splitter in a network induces some loss probability, non-uniform network designs cannot circumvent the efficient classical simulations based on losses.To achieve our result we obtain new intermediate results that can be of independent interest. First we show that, for any network of lossy beam-splitters, it is possible to extract a layer of non-uniform losses that depends on the network geometry. We prove that, for every input mode of the network it is possible to commute si layers of losses to the input, where si is the length of the shortest path connecting the ith input to any output. We then extend a recent classical simulation algorithm due to P. Clifford and R. Clifford to allow for arbitrary n-photon input Fock states (i.e. to include collision states). Consequently, we identify two types of input states where boson sampling becomes classically simulable: (A) when n input photons occupy a constant number of input modes; (B) when all but O(log⁡n) photons are concentrated on a single input mode, while an additional O(log⁡n) modes contain one photon each.

Agencification in Greece: a parallel public sector?

2021 ◽  
Vol 34 (2) ◽  
pp. 189-204
Author(s):  
Manto Lampropoulou
Keyword(s):  
Ad Hoc ◽  
Domestic Politics ◽  
Reform Process ◽  
Structured Interviews ◽  
Content Type ◽  
Quantitative And Qualitative Research ◽  
Path Dependent ◽  
Key Aspects ◽  
Administrative Tradition ◽  
The Impact

PurposeThe purpose of this paper is to provide insights into the impact of agencification on the process of administrative reorganization in Greece. It is suggested that agencies tend to create a parallel administrative space that operates disjointly or even detached from the central bureaucracy. This hypothesis is tested and elaborated in relation to Greece's centralist administrative tradition.Design/methodology/approachThe analysis identifies the critical junctures of the domestic agencification pattern and seeks to explain its evolution on the basis of historical-cultural factors, rational choice explanations and country-specific variables. The methodology combines quantitative and qualitative research. Along with a review of existing literature, data were collected through semi-structured interviews and the Registry of Entities and Agencies.FindingsThe findings show that agencification never became a coherent policy reform tool, while its outcomes were filtered by the centralist and politicized tradition of the Greek state. The effect of agencification was proved to be highly path-dependent and contingent upon the broader administrative tradition. The agencification policy does not follow a clear direction and has been shaped as a random combination of ad hoc decisions, external pressures and domestic politics.Research limitations/implicationsThe paper provides some generalizations of the agencification experience. However, they do not cover all specificities and particularities of agencies and their applicability varies. Further research could consider these variations.Originality/valueA novelty of this study is that it links the agencification effect with three key aspects of the administrative reform process, namely, decentralization, debureaucratization and depoliticization. In addition, no single study exists regarding agencification in Greece; thus, the paper is the first to provide an overall view of the Greek arm's length bodies.

The impact of the scope of technological search on path-dependence in export specialization: evidence for European countries

2019 ◽  
Vol 28 (6) ◽  
pp. 1611-1635 ◽  
Author(s):  
Andreas Reinstaller ◽  
Peter Reschenhofer
Keyword(s):  
Path Dependence ◽  
Positive Impact ◽  
Path Dependency ◽  
Product Lines ◽  
Technological Search ◽  
Path Dependent ◽  
The One ◽  
The Impact ◽  
Export Specialization ◽  
Different Levels

Abstract This paper examines how product relatedness and the breadth of technological search affect the path-dependent development of export specializations across countries documented in prior research. The results of the econometric analysis in this paper show that broader technological search in an industry has a positive impact on the development of comparative advantages in the product lines it exports. The interplay between product relatedness and the scope of technological search has a two-edged character. On the one hand, broader technological search supports adjustments and consolidations of the export baskets on the extensive margin. This contributes to weaken path-dependency. On the other hand, it fosters the competitiveness of products that are related to current export specializations, and thereby promotes path-dependency on the intensive margin of trade. These results differ across countries with different levels of technological capabilities.

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