Free lunch?

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Free Lunch

In the world of digital imaging and digitisation the current ubiquity of large proprietary brands can sometimes be seen as a hindrance when considering embarking on a digitisation project. Within digitisation, the issue of digital preservation is a constant reminder of the vulnerability of our digital assets and it is possibly this ubiquity of proprietary software and formats that is seen as be...

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Abstract Since its inception, the "No Free Lunch" theorem (NFL) has concerned the application of symmetry results rather than the symmetries themselves. In our view, the conflation of result and application obscures the simplicity, generality, and power of the symmetries involved. This paper separates result from application, focusing on and clarifying the nature of underlying symmetries. The r...

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526 NOTICES OF THE AMS VOLUME 51, NUMBER 5 The notion of arbitrage is crucial in the modern theory of finance. It is the cornerstone of the option pricing theory due to F. Black and M. Scholes (published in 1973, Nobel Prize in Economics 1997). The underlying idea is best explained by telling a little joke. A finance professor and a normal person go on a walk, and the normal person sees a €100 ...

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ژورنال

عنوان ژورنال: Nature

سال: 1991

ISSN: 0028-0836,1476-4687

DOI: 10.1038/352482b0