Discounting in Games across Time Scales

Discounting in Games across Time Scales

We introduce two-level discounted games played by two players on a perfect-information stochastic game graph. The upper level game is a discounted game and the lower level game is an undiscounted reachability game. Two-level games model hierarchical and sequential decision making under uncertainty across different time scales. We show the existence of pure memoryless optimal strategies for both...

Expected Returns Across Time Scales

This paper studies the role of ‡uctuations in the aggregate price-earning ratio at di¤erent time scales for predicting stock returns and explore the channels through which returns are predicted. Using U.S. quarterly and international monthly data, we …nd that cycles in the price-earning ratio are strong and better predictors of future returns at short and intermediate horizons than the aggregat...

Imaging brain change across different time scales

Brain imaging can be used to characterize changes occurring in a brain during very different time-scales. Anatomical brain imaging can be used to probe the changes in brains between different species due to evolution (e.g., Schoenemann et al., 2005) and, at the other end of the spectrum, functional imaging with electroencephalography (EEG) andmagnetoencephalography (MEG) can be used to study ve...

Robustness of systematic risk across time scales

In this paper we propose a new approach to estimating the systematic risk (the beta of an asset) in a capital asset pricing model (CAPM). The proposed method is based on a wavelet multiscaling approach that decomposes a given time series on a scale-by-scale basis. At each scale, the wavelet variance of the market return and the wavelet covariance between the market return and a portfolio are ca...

Epitaxial Nanostructures across Length and Time Scales