The paper describes a general framework for contingent claim valuation for finance, insurance and general risk management. It considers security prices and portfolios with finite expected returns, where the growth optimal portfolio is taken as numeraire or benchmark. Benchmarked nonnegative wealth processes are shown to be supermartingales. Fair benchmarked values are conditional expectations o...

Cake cutting is a common metaphor for the division of a heterogeneous divisible good. There are numerous papers that study the problem of fairly dividing a cake; a small number of them also take into account self-interested agents and consequent strategic issues, but these papers focus on fairness and consider a strikingly weak notion of truthfulness. In this paper we investigate the problem of...

Fair value accounting is a concept whose main goal to provide quality information about financial status, success and cash flows in order satisfy the informational needs of investors. By introducing this concept, focus placed on balance sheet not income statement as was case historical cost concept. The reporting show assets, liabilities net assets at fair date. subject research work applicatio...

The Shapley value solution occupies a central place in fair division literature, specially in settings where a set of positions in a queue need to be shared between a set of agents using payments. But computing the Shapley value of an agent requires solving exponential number of optimization problems (marginal value problem). Moreover, it requires exact knowledge of valuation functions of agent...

We study the problem of fair division of a heterogeneous resource among strategic players. Given a divisible heterogeneous cake, we wish to divide the cake among n players in a way that meets the following criteria: (I) every player (weakly) prefers his allocated cake to any other player’s share (such notion is known as envy-freeness), (II) the mechanism is strategy-proof (truthful), and (III) ...

The near-future penetration of plug-in electric vehicles is expected to be large enough to have a significant impact on the power grid. If PEVs were allowed to charge simultaneously at the maximum power rate, the distribution grid would face serious problems of stability. Therefore, mechanisms are needed to coordinate various PEVs that charge simultaneously. In this article we propose an alloca...