Mathematics All Around (6th Edition)
6th Edition
ISBN: 9780134434681
Author: Tom Pirnot
Publisher: PEARSON
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Chapter 2.3, Problem 57E
To determine
To find:
The set
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Construct a know-show table for each statement below that appears to be true.
Problem 3. Pricing a multi-stock option the Margrabe formula
The purpose of this problem is to price a swap option in a 2-stock model, similarly as
what we did in the example in the lectures. We consider a two-dimensional Brownian
motion given by W₁ = (W(¹), W(2)) on a probability space (Q, F,P). Two stock prices
are modeled by the following equations:
dX
=
dY₁ =
X₁ (rdt+
rdt+0₁dW!)
(²)),
Y₁ (rdt+dW+0zdW!"),
with Xo
xo and Yo =yo. This corresponds to the multi-stock model studied in class,
but with notation (X+, Y₁) instead of (S(1), S(2)). Given the model above, the measure
P is already the risk-neutral measure (Both stocks have rate of return r). We write
σ = 0₁+0%. We consider a swap option, which gives you the right, at time T, to
exchange one share of X for one share of Y. That is, the option has payoff
F=(Yr-XT).
(a) We first assume that r = 0 (for questions (a)-(f)). Write an explicit expression for
the process Xt.
Reminder before proceeding to question (b): Girsanov's theorem…
Problem 1. Multi-stock model
We consider a 2-stock model similar to the one studied in class. Namely, we consider
=
S(1)
S(2)
=
S(¹) exp (σ1B(1) + (M1 - 0/1 )
S(²) exp (02B(2) + (H₂-
M2
where (B(¹) ) +20 and (B(2) ) +≥o are two Brownian motions, with
t≥0
Cov (B(¹), B(2)) = p min{t, s}.
"
The purpose of this problem is to prove that there indeed exists a 2-dimensional Brownian
motion (W+)+20 (W(1), W(2))+20 such that
=
S(1)
S(2)
=
=
S(¹) exp (011W(¹) + (μ₁ - 01/1) t)
롱)
S(²) exp (021W (1) + 022W(2) + (112 - 03/01/12) t).
where σ11, 21, 22 are constants to be determined (as functions of σ1, σ2, p).
Hint: The constants will follow the formulas developed in the lectures.
(a) To show existence of (Ŵ+), first write the expression for both W. (¹) and W (2)
functions of (B(1), B(²)).
as
(b) Using the formulas obtained in (a), show that the process (WA) is actually a 2-
dimensional standard Brownian motion (i.e. show that each component is normal,
with mean 0, variance t, and that their…
Chapter 2 Solutions
Mathematics All Around (6th Edition)
Ch. 2.1 - In Exercises 1-12, use set notation to list all...Ch. 2.1 - Prob. 2ECh. 2.1 - Prob. 3ECh. 2.1 - Prob. 4ECh. 2.1 - Prob. 5ECh. 2.1 - Prob. 6ECh. 2.1 - Prob. 7ECh. 2.1 - Prob. 8ECh. 2.1 - Prob. 9ECh. 2.1 - Prob. 10E
Ch. 2.1 - Prob. 11ECh. 2.1 - Prob. 12ECh. 2.1 - In Exercises 13-22, use an alternative method to...Ch. 2.1 - In Exercises 13-22, use an alternative method to...Ch. 2.1 - Prob. 15ECh. 2.1 - Prob. 16ECh. 2.1 - In Exercises 13-22, use an alternative method to...Ch. 2.1 - In Exercises 13-22, use an alternative method to...Ch. 2.1 - In Exercises 13-22, use an alternative method to...Ch. 2.1 - In Exercises 13-22, use an alternative method to...Ch. 2.1 - In Exercises 13-22, use an alternative method to...Ch. 2.1 - Prob. 22ECh. 2.1 - Prob. 23ECh. 2.1 - Prob. 24ECh. 2.1 - Prob. 25ECh. 2.1 - Prob. 26ECh. 2.1 - Prob. 27ECh. 2.1 - Prob. 28ECh. 2.1 - Prob. 29ECh. 2.1 - Prob. 30ECh. 2.1 - In Exercises 31-42, replace each # with either or...Ch. 2.1 - In Exercises 31-42, replace each # with either or...Ch. 2.1 - In Exercises 31-42, replace each # with either or...Ch. 2.1 - In Exercises 31-42, replace each # with either or...Ch. 2.1 - Prob. 35ECh. 2.1 - In Exercises 31-42, replace each # with either or...Ch. 2.1 - In Exercises 31-42, replace each # with either or...Ch. 2.1 - In Exercises 31-42, replace each # with either or...Ch. 2.1 - In Exercises 31-42, replace each # with either or...Ch. 2.1 - In Exercises 31-42, replace each # with either or...Ch. 2.1 - In Exercises 31-42, replace each # with either or...Ch. 2.1 - In Exercises 31-42, replace each # with either or...Ch. 2.1 - Find nA for each of the following sets A. 1, 3, 5,...Ch. 2.1 - Find nA for each of the following sets A. 3, 4, 5,...Ch. 2.1 - Find nA for each of the following sets A. x: x is...Ch. 2.1 - Find nA for each of the following sets A. x: x is...Ch. 2.1 - Prob. 47ECh. 2.1 - Find nA for each of the following sets A. x: x is...Ch. 2.1 - In Exercises 49-52, draw a bag diagram similar to...Ch. 2.1 - In Exercises 49-52, draw a bag diagram similar to...Ch. 2.1 - Prob. 51ECh. 2.1 - In Exercises 49-52, draw a bag diagram similar to...Ch. 2.1 - Prob. 53ECh. 2.1 - Prob. 54ECh. 2.1 - Prob. 55ECh. 2.1 - Describe each of the following sets as either...Ch. 2.1 - Prob. 57ECh. 2.1 - Prob. 58ECh. 2.1 - In Exercises 57-64, find an element of set A that...Ch. 2.1 - In Exercises 57-64, find an element of set A that...Ch. 2.1 - Prob. 61ECh. 2.1 - Prob. 62ECh. 2.1 - Prob. 63ECh. 2.1 - Prob. 64ECh. 2.1 - Applying What Youve Learned In Exercises 65-68,...Ch. 2.1 - Prob. 66ECh. 2.1 - Prob. 67ECh. 2.1 - Prob. 68ECh. 2.1 - Prob. 69ECh. 2.1 - Prob. 70ECh. 2.1 - Prob. 71ECh. 2.1 - Prob. 72ECh. 2.1 - Prob. 73ECh. 2.1 - Prob. 74ECh. 2.1 - Prob. 75ECh. 2.1 - Prob. 76ECh. 2.1 - Communicating Mathematics The Analogies Principle...Ch. 2.1 - Prob. 78ECh. 2.1 - Communicating Mathematics Give a careful...Ch. 2.1 - Communicating Mathematics Often good notation...Ch. 2.1 - Challenge Yourself Sets of well-known people. Let...Ch. 2.1 - Prob. 84ECh. 2.1 - We will define a paradox as a statement that...Ch. 2.1 - We will define a paradox as a statement that...Ch. 2.1 - Prob. 87ECh. 2.2 - In Exercises 1-8, decide whether each pair of sets...Ch. 2.2 - In Exercises 1-8, decide whether each pair of sets...Ch. 2.2 - Prob. 3ECh. 2.2 - Prob. 4ECh. 2.2 - Prob. 5ECh. 2.2 - Prob. 6ECh. 2.2 - In Exercises 1-8, decide whether each pair of sets...Ch. 2.2 - Prob. 8ECh. 2.2 - In Exercises 9-14, decide whether each statement...Ch. 2.2 - In Exercises 9-14, decide whether each statement...Ch. 2.2 - In Exercises 9-14, decide whether each statement...Ch. 2.2 - Prob. 12ECh. 2.2 - In Exercises 9-14, decide whether each statement...Ch. 2.2 - In Exercises 9-14, decide whether each statement...Ch. 2.2 - In Exercises 15-24, decide whether each pair of...Ch. 2.2 - In Exercises 15-24, decide whether each pair of...Ch. 2.2 - In Exercises 9-14, decide whether each statement...Ch. 2.2 - Prob. 18ECh. 2.2 - Prob. 19ECh. 2.2 - In Exercises 15-24, decide whether each pair of...Ch. 2.2 - In Exercises 15-24, decide whether each pair of...Ch. 2.2 - Prob. 22ECh. 2.2 - Prob. 23ECh. 2.2 - Prob. 24ECh. 2.2 - Prob. 25ECh. 2.2 - Prob. 26ECh. 2.2 - Prob. 27ECh. 2.2 - Prob. 28ECh. 2.2 - If set A has five elements, how many subsets does...Ch. 2.2 - If A has seven elements, how many subsets does A...Ch. 2.2 - Use the following table to answer Exercises 31-34....Ch. 2.2 - Use the following table to answer Exercises 31-34....Ch. 2.2 - Use the following table to answer Exercises 31-34....Ch. 2.2 - Prob. 34ECh. 2.2 - Prob. 35ECh. 2.2 - Prob. 36ECh. 2.2 - Prob. 37ECh. 2.2 - Prob. 38ECh. 2.2 - Dominos Pizza advertises that you can order your...Ch. 2.2 - If Dominos Pizza wants to advertise that there are...Ch. 2.2 - Burger King advertises that Have it your way. If...Ch. 2.2 - Burger King wishes to outdo Dominos Pizza in...Ch. 2.2 - The owners of Phoenix Flames football team won...Ch. 2.2 - Five internet companies are so that they can...Ch. 2.2 - Prob. 45ECh. 2.2 - Prob. 46ECh. 2.2 - Prob. 47ECh. 2.2 - Prob. 48ECh. 2.2 - Prob. 49ECh. 2.2 - Prob. 50ECh. 2.2 - Your friend Noah does not understand why his...Ch. 2.2 - Your friend Noah does not understand why his...Ch. 2.2 - Prob. 53ECh. 2.2 - Prob. 54ECh. 2.2 - When mathematicians find a solution to a problem,...Ch. 2.2 - Prob. 56ECh. 2.2 - Prob. 57ECh. 2.2 - Prob. 58ECh. 2.2 - In Exercises 59 -62, recall that in Section 1.1 we...Ch. 2.2 - In Exercises 59 -62, recall that in Section 1.1 we...Ch. 2.2 - Prob. 61ECh. 2.2 - Prob. 62ECh. 2.2 - Prob. 63ECh. 2.2 - Notice that the arrangement of numbers in each row...Ch. 2.2 - Assume the law firm of Dewey, Cheatum, and Howe...Ch. 2.2 - Prob. 66ECh. 2.2 - We mentioned that the subset notation, , and the...Ch. 2.2 - We mentioned that the subset notation, , and the...Ch. 2.2 - Prob. 69ECh. 2.2 - Discuss why it would be impossible with finite...Ch. 2.3 - Prob. 1ECh. 2.3 - Prob. 2ECh. 2.3 - Prob. 3ECh. 2.3 - Prob. 4ECh. 2.3 - Prob. 5ECh. 2.3 - Prob. 6ECh. 2.3 - Prob. 7ECh. 2.3 - Prob. 8ECh. 2.3 - Prob. 9ECh. 2.3 - Prob. 10ECh. 2.3 - In Exercises 1-12, let U=1,2,3,,10, A=1,3,5,7,9,...Ch. 2.3 - Prob. 12ECh. 2.3 - Prob. 13ECh. 2.3 - Prob. 14ECh. 2.3 - Prob. 15ECh. 2.3 - Prob. 16ECh. 2.3 - Prob. 17ECh. 2.3 - Prob. 18ECh. 2.3 - Consider the following large and small colored...Ch. 2.3 - Consider the following large and small colored...Ch. 2.3 - Consider the following large and small colored...Ch. 2.3 - Consider the following large and small colored...Ch. 2.3 - Prob. 23ECh. 2.3 - Prob. 24ECh. 2.3 - Prob. 25ECh. 2.3 - Prob. 26ECh. 2.3 - Prob. 27ECh. 2.3 - Prob. 28ECh. 2.3 - Prob. 29ECh. 2.3 - Prob. 30ECh. 2.3 - Prob. 31ECh. 2.3 - Prob. 32ECh. 2.3 - Prob. 33ECh. 2.3 - Prob. 34ECh. 2.3 - Prob. 35ECh. 2.3 - Prob. 36ECh. 2.3 - Prob. 37ECh. 2.3 - Prob. 38ECh. 2.3 - Prob. 39ECh. 2.3 - Prob. 40ECh. 2.3 - We have indicated the number of elements in each...Ch. 2.3 - Prob. 42ECh. 2.3 - We have indicated the number of elements in each...Ch. 2.3 - Prob. 44ECh. 2.3 - We have indicated the number of elements in each...Ch. 2.3 - We have indicated the number of elements in each...Ch. 2.3 - Prob. 47ECh. 2.3 - We have indicated the number of elements in each...Ch. 2.3 - Appling What youve learned In the following table,...Ch. 2.3 - Appling What youve learned In the following table,...Ch. 2.3 - Applying What Youve Learned In the following...Ch. 2.3 - Applying What Youve Learned In the following...Ch. 2.3 - Applying What Youve Learned In the following...Ch. 2.3 - Prob. 54ECh. 2.3 - Applying What Youve Learned In the following...Ch. 2.3 - Applying What Youve Learned In the following...Ch. 2.3 - Prob. 57ECh. 2.3 - Prob. 58ECh. 2.3 - Prob. 59ECh. 2.3 - Prob. 60ECh. 2.3 - Prob. 61ECh. 2.3 - Prob. 62ECh. 2.3 - Prob. 63ECh. 2.3 - Prob. 64ECh. 2.3 - As of January 2016, Box Office Mojo reported that,...Ch. 2.3 - As of January 2016, Box Office Mojo reported that,...Ch. 2.3 - As of January 2016, Box Office Mojo reported that,...Ch. 2.3 - As of January 2016, Box Office Mojo reported that,...Ch. 2.3 - As of January 2016, Box Office Mojo reported that,...Ch. 2.3 - As of January 2016, Box Office Mojo reported that,...Ch. 2.3 - Prob. 71ECh. 2.3 - Prob. 72ECh. 2.3 - Communicating Mathematics Students often mistake...Ch. 2.3 - Communicating Mathematics Give some examples in...Ch. 2.3 - Prob. 77ECh. 2.3 - Prob. 78ECh. 2.3 - Challenge Yourself In Exercise 77 80, decide...Ch. 2.3 - Challenge Yourself In Exercise 77 80, decide...Ch. 2.3 - In Exercise 81 84, assume AB. Express each set in...Ch. 2.3 - Prob. 82ECh. 2.3 - In Exercise 81 84, assume AB. Express each set in...Ch. 2.3 - In Exercise 81 84, Assume AB. Express each set in...Ch. 2.3 - Prob. 85ECh. 2.3 - Example 8 shows that in set theory, intersection...Ch. 2.4 - Sharpening Your Skills In Exercises 14, determine...Ch. 2.4 - Sharpening Your Skills In Exercises 14, determine...Ch. 2.4 - Sharpening Your Skills In Exercises 14, determine...Ch. 2.4 - Sharpening Your Skills In Exercises 14, determine...Ch. 2.4 - Sharpening Your Skills In Exercises 5-10, describe...Ch. 2.4 - Prob. 6ECh. 2.4 - Sharpening Your Skills In Exercises 5-10, describe...Ch. 2.4 - Sharpening Your Skills In Exercises 5-10, describe...Ch. 2.4 - Prob. 9ECh. 2.4 - Prob. 10ECh. 2.4 - Prob. 11ECh. 2.4 - Sharpening Your Skills The numbers in the regions...Ch. 2.4 - Prob. 13ECh. 2.4 - Sharpening Your Skills The numbers in the regions...Ch. 2.4 - Prob. 15ECh. 2.4 - Sharpening Your Skills The numbers in the regions...Ch. 2.4 - Sharpening Your Skills The numbers in the regions...Ch. 2.4 - Sharpening Your Skills The numbers in the regions...Ch. 2.4 - Sharpening Your Skills The numbers in the regions...Ch. 2.4 - Sharpening Your Skills The numbers in the regions...Ch. 2.4 - Sharpening Your Skills In Exercises 21 26, find,...Ch. 2.4 - Sharpening Your Skills In Exercises 21 26, find,...Ch. 2.4 - Sharpening Your Skills In Exercises 21 26, find,...Ch. 2.4 - Sharpening Your Skills In Exercises 21 26, find,...Ch. 2.4 - Sharpening Your Skills In Exercises 21 26, find,...Ch. 2.4 - Sharpening Your Skills In Exercises 21 26, find,...Ch. 2.4 - Applying What Youve Learned Automobile accidents....Ch. 2.4 - Applying What Youve Learned Concerns about social...Ch. 2.4 - Applying What Youve Learned There are 82 people...Ch. 2.4 - Applying What Youve Learned There are 95 students...Ch. 2.4 - Applying What Youve Learned Survey of vacationers....Ch. 2.4 - Applying What Youve Learned Search engine survey....Ch. 2.4 - Applying What Youve Learned Fitness survey....Ch. 2.4 - Applying What Youve Learned Academic services...Ch. 2.4 - Applying What Youve Learned 35. World issues...Ch. 2.4 - Prob. 36ECh. 2.4 - Prob. 37ECh. 2.4 - Applying What Youve Learned 38. Online music...Ch. 2.4 - Prob. 39ECh. 2.4 - Prob. 40ECh. 2.4 - Prob. 41ECh. 2.4 - Prob. 42ECh. 2.4 - Prob. 43ECh. 2.4 - Prob. 44ECh. 2.4 - Prob. 45ECh. 2.4 - Prob. 46ECh. 2.4 - Prob. 47ECh. 2.4 - Prob. 48ECh. 2.4 - A person can safely receive a transfusion from...Ch. 2.4 - Prob. 50ECh. 2.4 - Prob. 51ECh. 2.4 - Communicating Mathematics In Figure 2.13a,...Ch. 2.4 - Math in Your: Life: Between the Numbers Validity...Ch. 2.4 - Math in Your Life: Between the Numbers Validity of...Ch. 2.4 - Challenge Yourself As you saw in Section 2.3, a...Ch. 2.4 - Prob. 56ECh. 2.4 - Prob. 57ECh. 2.4 - Challenge Yourself Thinking along the lines of...Ch. 2.4 - Prob. 59ECh. 2.4 - Prob. 60ECh. 2.5 - Prob. 1ECh. 2.5 - Prob. 2ECh. 2.5 - Prob. 3ECh. 2.5 - Prob. 4ECh. 2.5 - Prob. 5ECh. 2.5 - Sharpening Your Skills In Exercises 1-8, show that...Ch. 2.5 - Prob. 7ECh. 2.5 - Sharpening Your Skills In Exercises 1-8, show that...Ch. 2.5 - In Exercises 9-12, we give an expression...Ch. 2.5 - In Exercises 9-12, we give an expression...Ch. 2.5 - In Exercises 9-12, we give an expression...Ch. 2.5 - In Exercises 9-12, we give an expression...Ch. 2.5 - Prob. 13ECh. 2.5 - Prob. 14ECh. 2.5 - Prob. 15ECh. 2.5 - Prob. 16ECh. 2.5 - Prob. 17ECh. 2.5 - Prob. 18ECh. 2.5 - Prob. 19ECh. 2.5 - Prob. 20ECh. 2.5 - Prob. 21ECh. 2.5 - Prob. 22ECh. 2.5 - In Example 3, we showed you how to match the...Ch. 2.5 - In Example 3, we showed you how to match the...Ch. 2.5 - In Example 3, we showed you how to match the...Ch. 2.5 - In Example 3, we showed you how to match the...Ch. 2.5 - Communicating Mathematics In Example 3, what did...Ch. 2.5 - Communicating Mathematics What was the essence of...Ch. 2.5 - Communicating Mathematics How would you convince...Ch. 2.5 - Communicating Mathematics How would you convince...Ch. 2.5 - Communicating Mathematics In Example 3, why did we...Ch. 2.5 - In constructing the number x in Example 4, how...Ch. 2.5 - Prob. 33ECh. 2.5 - Prob. 34ECh. 2.5 - The arithmetic of infinite cardinal numbers has...Ch. 2.5 - Prob. 36ECh. 2.5 - Imagine that we bend a line segment representing...Ch. 2.5 - Use an argument similar to that of Exercise 37 to...Ch. 2.CR - Prob. 1CRCh. 2.CR - Explain whyCh. 2.CR - Make up a bag diagram to illustrate the set 3, ,1,...Ch. 2.CR - Find the cardinal number of each of these sets....Ch. 2.CR - Prob. 5CRCh. 2.CR - Decide whether each statement is true and false....Ch. 2.CR - Prob. 7CRCh. 2.CR - Prob. 8CRCh. 2.CR - Prob. 9CRCh. 2.CR - Using the same sets as in Exercise 9, find the...Ch. 2.CR - Prob. 11CRCh. 2.CR - Use DeMorgans laws to represent (AB) in a...Ch. 2.CR - a. List three algebraic properties satisfied by...Ch. 2.CR - State the Inclusion-Exclusion Principle. What is a...Ch. 2.CR - Use the following information to answer the given...Ch. 2.CR - .A survey was taken of college freshman regarding...Ch. 2.CR - Prob. 17CRCh. 2.CR - What is the definition of an infinite set?Ch. 2.CR - Show that the set of natural numbers is infinite.Ch. 2.CR - In matching the rational numbers with the natural...Ch. 2.CR - In creating the number x in Example 4 in Section...Ch. 2.CT - Chapter Test Use an alternative method to express...Ch. 2.CT - Prob. 2CTCh. 2.CT - Prob. 3CTCh. 2.CT - Let U={1,2,3,...,10} and let A={1,2,5,6,9},...Ch. 2.CT - Explain why {}:Ch. 2.CT - Prob. 6CTCh. 2.CT - Prob. 7CTCh. 2.CT - Make up a bag diagram to illustrate the set...Ch. 2.CT - Prob. 9CTCh. 2.CT - Prob. 10CTCh. 2.CT - Prob. 11CTCh. 2.CT - Chapter Test Use the following information to...Ch. 2.CT - Chapter Test A survey was taken of drivers...Ch. 2.CT - Prob. 14CTCh. 2.CT - Prob. 15CTCh. 2.CT - Chapter Test In matching the rational numbers with...Ch. 2.CT - Chapter Test 17.In creating the number x in...Ch. 2.CT - Using the blood type classifications that we...
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