In Merton (1987), idiosyncratic risk is priced in equilibrium as a consequence of incomplete diversification. We modify his model to allow the degree diversification vary with average volatility. This simple recognition results state‐dependent premium that higher when volatility low, and vice versa. The data appear be consistent positive for both US other developed markets.

abstract water deficit and consecutive droughts have lead to drought stress in most parts of the world recently. we need prepare a good program to use better available water. different material can be used to increase water use efficiency. super absorbent is one of the materials used around the world. these materials absorb water in the soil so that reserved water is usable by plant in the time...

Priced timed games are optimal-cost reachability games played between two players—the controller and the environment—by moving a token along the edges of infinite graphs of configurations of priced timed automata. The goal of the controller is to reach a given set of target locations as cheaply as possible, while the goal of the environment is the opposite. Priced timed games are known to be un...