以往財務理論在討論財務市場行為時，均是在完全市場( e market)的假 設上做分析。但是從現實的角度來看，由於時間 (time)與不確定(uncertainty) 等因素，導致市場往往是不完全的(incomplete)；亦即資產或證券的數目往往小 於未來各種可能發生的不確定狀態的數目。當各種不同狀態事件發生時,如果沒有足夠的 資產或證券工具來涵括(span)所有投資人所欲達成的跨時所得移轉，則有某些風 險因子不能以既有的財務工具來複製，此時投資人將無法完全地規避該項風險。 本文的分析方法屬於微分拓樸數學工具的應用。從基本可微分流行(differentiable manifold) 性質，我們可得到整體性的觀點，優於以往在歐氏空間，Hilbert 空 間等拓樸空間只考慮在局部的性質.首先由最基本平滑流形(smooth manifo-[念 切入，介紹平滑流形與歐氏空間的關係。再由市場均衡的定義找出均衡流形( equilibrium manifold)。結合Debreu(1970)與Balasko(1976,1988) 建立的正 規經濟，探討其性質.加入財務市場時，透過正規經濟的理論，證明不完全財物 市場均衡generic 存在性。最後，利用不完全財務市場均衡generic的存在性，證明單 一商品及多商品的資本資產定價(CAPM)；並且建立一以消費為基礎的資本資 產定價模式。

都市更新權利變換運作過程中的土地權利人與實施者的關係，是現代經濟活動典型的專業分工委託代理關係。土地權利人與實施者基於都市更新法制下相關的權利義務契約，執行都市更新事業，由於訊息不對稱、目標不一致與風險偏好之差異，實施者基於機會主義的決策或行動，經常不利於土地權利人的利益，於是產生代理問題、增加代理成本，雙方無法產生高度互信的基礎，而成為都市更新延宕與成效不彰的主因。本論文從土地權利人與實施者之間，於都市更新條例機制下的互動契約中，探討分析雙方之委託代理關係，並從土地權利人的角度設計監督方式，以維護土地權利人的權益，促進都市更新事業之實施。 當土地權利人與實施者，共同於一都市更新單元，組成生產團隊時，土地權利人初期擁有較強的提議與同意之控制權，隨著實施者握有超過都市更新法定之同意書門檻後，實施者掌握較強的執行控制權，土地權利人擁有較弱的監督控制權。又現行都市更新權利變換的價值分配，是實施者投入共同負擔費用，並以更新完成後之土地與建築物部分折價抵付，其餘土地及建築物則分配與原土地所有權人，因此土地權利人得到大部分的剩餘索取權。這樣的控制權與剩餘索取權分離狀態下，其權利變換價值分配模式，是否為適當的產權安排？對於都市更新參與人能否有所激勵？能否促進都市更新之推動效率？是本論文主要的探討分析重點。 此外，同一更新單元之土地權利人與實施者，具有短期且為一次性合作的特性，依現行都市更新法律規範，交易雙方以簽訂同意書做為實施都市更新事業的關鍵契約，由於契約簽定後，交易雙方所投入的特殊投資比例不相同，因而普遍引起期初契約簽署的遲疑，甚而契約簽定後，仍有權利義務不明確之爭議。本論文透過不完全契約理論的思維，探討分析土地權利人與實施者的契約關係與特殊投資關係，並建議一個新的交易契約模式，以降低雙方之機會主義行為，進而希能促進都市更新事業之推動。 / In the process of rights transformation of urban renewal, the relationships between land owners and the implementers are the typical Principal-Agent Relationship in modern economic activities. Based on the related rights and obligations under the regulations of urban renewal, land owners and the implementers execute urban renewal business. Due to the differences of asymmetric information, inconsistent goals, and risk preference, the decision-making and/or actions of implementers based on the opportunism, will often unfavorable to the benefits of land owners. Therefore, the problem of Principal-Agent Relationship arises that increases agent cost. Both sides cannot generate the foundation of highly mutual trust, and thus creates the major reason of delaying and inefficiency for urban renewal. This paper studies and analyzes the Principal-Agent Relationship of both land owners and the implementers from both sides with their interaction of contract under unban renewal regulation mechanism, and further from the land owners perspective to design ways of monitoring to protect rights and benefits of land owners, to facilitate the implementation of urban renewal business. When the land owners and the implementers organize as a「Production Team」on a very urban renewal unit, the land owners initially hold stronger control rights on both proposing step and agreement step; along the implementers hold agreement letters exceeding the official threshold of urban renewal regulations, they will control better execution rights, and the landowners hold weaker surveillance control rights. The current value allocation of rights transformation for urban renewal employs common sharing of expenses with the implementers. After deducting the common sharing of the discounted price substitute payment of the land and buildings after the rights transformation, the remaining lands and buildings shall be allocated to the original landowners according to the rights value proportion before each piece of land rights was transformed. In so doing, the land owners obtain most of the residual claim. Under such separation of the control rights and the residual claim, whether the value allocation of the rights transformation is as suitable arrangement for property rights? Will it be the incentives to the urban renewal participants? Whether it will facilitate the efficiency of urban renewal promotion? These are the main points of the analysis of this paper. Land owners and the implementers with the same Renewal Unit retain a short-term and once-for-all cooperative nature. According to the regulations of current Urban Renewal Act, both parties of the transaction by signing an agreement as the key contract of implementing urban renewal business. After signing up the contract, due to the different ratio of specific investment input by both sides of the transaction, the initial contract thus normally has been delaying or doubtfully signed. Even worse, after eventually signing the contract, there are still uncertain disputes on rights and obligations. Via the thoughts of Incomplete Contracts Theory, this paper not only analyzes the contractual relationship and the specific investment relationship of land owners and the implementers, but also recommends a new transaction contract model to decrease the opportunism behaviors of both sides, and further more, to facilitate the implement of urban renewal business.

<p>The purpose of this study is to investigate teachers 'and students' understanding of why students finish school with incomplete scores and which resources they consider necessary for students to accomplish the goals that are set for the students. Owing to the reuse of pupils and teachers' experiences, this study will highlight significant qualitative aspects of work with students who finish school with incomplete high school grades. Hopefully, will this study be a support and information base in secondary school.</p><p>The material forming the basis for the report's theoretical assumptions and the basic assumption is based on Lev Vygotsky sociocultural perspective on learning that Olga Dysthe discuss and develop further in his book, <em>Dialog, samspel och lärande</em>.  The present work is based on qualitative research method. I selected this research method because I am interested in getting an understanding of the importance and significance of this research The study applied a qualitative interview format.</p><p>As a result of the investigation as it has appeared that students difficulties to achieve the goals,depends on several factors, mostly on the student's socio-economic and psychosocial situation they live in. The life situation of the students determines the learning and knowledge process and how they reach their goals. The study concludes that a better synergy between the various stages need to be improved, the necessary resources, teachers need to understand the course objectives and then enlighten them to the students. As a final point, more explicit syllabus is needed owing to the easiness of being interpretable. Having more straightforward syllabus, unfair judgment will be prevented.</p><p> </p>

Thesis (M.Com. (Economics))--North-West University, Vaal Triangle Campus, 2006.

The purpose of this study is to investigate teachers 'and students' understanding of why students finish school with incomplete scores and which resources they consider necessary for students to accomplish the goals that are set for the students. Owing to the reuse of pupils and teachers' experiences, this study will highlight significant qualitative aspects of work with students who finish school with incomplete high school grades. Hopefully, will this study be a support and information base in secondary school. The material forming the basis for the report's theoretical assumptions and the basic assumption is based on Lev Vygotsky sociocultural perspective on learning that Olga Dysthe discuss and develop further in his book, Dialog, samspel och lärande.  The present work is based on qualitative research method. I selected this research method because I am interested in getting an understanding of the importance and significance of this research The study applied a qualitative interview format. As a result of the investigation as it has appeared that students difficulties to achieve the goals,depends on several factors, mostly on the student's socio-economic and psychosocial situation they live in. The life situation of the students determines the learning and knowledge process and how they reach their goals. The study concludes that a better synergy between the various stages need to be improved, the necessary resources, teachers need to understand the course objectives and then enlighten them to the students. As a final point, more explicit syllabus is needed owing to the easiness of being interpretable. Having more straightforward syllabus, unfair judgment will be prevented.

Στην παρούσα μεταπτυχιακή διπλωματική εργασία χρησιμοποιούμε έννοιες και εργαλεία της Θεωρίας Παιγνίων με σκοπό να μελετήσουμε την απόδοση μηχανισμών κατανομής διαιρέσιμων πόρων εστιάζοντας κυρίως στον μηχανισμό αναλογικής κατανομής. Σύμφωνα με αυτόν τον μηχανισμό, ένα σύνολο χρηστών ανταγωνίζονται για ένα διαιρέσιμο πόρο -- όπως το εύρος ζώνης ενός τηλεπικοινωνιακού καναλιού -- υποβάλλοντας προσφορές. Ο μηχανισμός κατανέμει σε κάθε χρήστη ένα μέρος του πόρου το οποίο είναι ανάλογο της προσφοράς του και συλλέγει ένα ποσό ίσο με την προσφορά αυτή ως πληρωμή. Οι χρήστες στοχεύουν στη μεγιστοποίηση της ωφέλειας τους και συμπεριφέρονται στρατηγικά αλλάζοντας τις προσφορές τους με σκοπό να το πετύχουν. Έτσι, ο μηχανισμός ορίζει ένα παιχνίδι αναλογικής κατανομής. Παρουσιάζουμε γνωστά αποτελέσματα από τη σχετική βιβλιογραφία καθώς και νέα βελτιωμένα φράγματα για το κόστος της αναρχίας ως προς το κοινωνικό όφελος για συσχετιζόμενες ισορροπίες στο μοντέλο πλήρους πληροφόρησης και για ισορροπίες κατά Bayes-Nash στο μοντέλο ελλιπούς πληροφόρησης. Πιο συγκεκριμένα, παρουσιάζουμε ένα κάτω φράγμα 1/2 για το κόστος της αναρχίας ως προς τις προαναφερθείσες έννοιες ισορροπίας, βελτιώνοντας σημαντικά το προηγούμενο καλύτερο κάτω φράγμα 26.8% που πρόσφατα απέδειξαν οι Syrgkanis και Tardos (STOC 2013). Επίσης, μελετάμε για πρώτη φορά τη περίπτωση όπου οι χρήστες διαθέτουν περιορισμένους προϋπολογισμούς και παρουσιάζουμε ένα κάτω φράγμα περίπου 36% και ένα άνω φράγμα 50% για το κόστος της αναρχίας χρησιμοποιώντας ως αντικειμενική συνάρτηση το αποτελεσματικό όφελος το οποίο λαμβάνει υπόψη προϋπολογισμούς. / In this thesis, we use notions and techniques from Game Theory in order to analyze the performance of divisible resource allocation mechanisms focusing mainly on the proportional allocation mechanism. According to this mechanism, a set of users are competing for a divisible resource -- such as bandwidth of a communication link -- by submitting bids. The mechanism allocates to each user a fraction of the resource that is proportional to the user's bid and collects an amount equal to the bid as payment. Users aim to maximize their individual utility and act strategically in order to achieve their goal. Hence, the mechanism defines a proportional allocation game. We cover previously known results from the related literature and present new bounds on the price of anarchy with respect to the social welfare over coarse-correlated and Bayes-Nash equilibria in the full and incomplete information settings, respectively. In particular, we prove a lower bound of $1/2$ for the price of anarchy over both equilibrium concepts, significantly improving the previously best known lower bound, presented by Syrgkanis and Tardos (STOC 2013). Furthermore, we study for the first time the scenario where users have budget constraints and present lower bounds on the price of anarchy using the effective welfare (which takes budgets into account) as an objective function.

Incomplete data represents a major challenge for a successful prediction and subsequent removal of multiples. In this paper, a new method will be represented that tackles this challenge in a two-step approach. During the first step, the recenly developed curvelet-based recovery by sparsity-promoting inversion (CRSI) is applied to the data, followed by a prediction of the primaries. During the second high-resolution step, the estimated primaries are used to improve the frequency content of the recovered data by combining the focal transform, defined in terms of the estimated primaries, with the curvelet transform. This focused curvelet transform leads to an improved recovery, which can subsequently be used as input for a second stage of multiple prediction and primary-multiple separation.

This thesis consists of a summary and five papers, dealing with financial applications of optimal stopping, optimal control and volatility. In Paper I, we present a method to recover a time-independent piecewise constant volatility from a finite set of perpetual American put option prices. In Paper II, we study the optimal liquidation problem under the assumption that the asset price follows a geometric Brownian motion with unknown drift, which takes one of two given values. The optimal strategy is to liquidate the first time the asset price falls below a monotonically increasing, continuous time-dependent boundary. In Paper III, we investigate the optimal liquidation problem under the assumption that the asset price follows a jump-diffusion with unknown intensity, which takes one of two given values. The best liquidation strategy is to sell the asset the first time the jump process falls below or goes above a monotone time-dependent boundary. Paper IV treats the optimal dividend problem in a model allowing for positive jumps of the underlying firm value. The optimal dividend strategy is of barrier type, i.e. to pay out all surplus above a certain level as dividends, and then pay nothing as long as the firm value is below this level. Finally, in Paper V it is shown that a necessary and sufficient condition for the explosion of implied volatility near expiry in exponential Lévy models is the existence of jumps towards the strike price in the underlying process.

This dissertation studies the role of education and training in job creation and poverty alleviation in the Sicelo Township. The study focuses on three areas, namely, unemployment, poverty and education and training. The actual state of unemployment and poverty in Sicelo is determined and the role of education and training in solving the problems of unemployment and poverty is discussed. Unemployment is identified, amongst others, as a major determinant of poverty. The main component of any policy aimed at eradicating poverty should therefore focus on employment creation. Education and training is found to be important in labour force participation, finding employment and, therefore, in alleviating poverty. Across both genders, individuals with a low level of education have less chance of finding employment than those with a higher level. Both unemployment and poverty is measured and a profile of the poor in Sicelo is given in terms of several household-level indicators. To measure poverty, the following tools are used: the household subsistence level (HSL) as poverty line, the headcount index, the poverty gap and the dependency ratio. The dissertation shows that Sicelo, compared to Bophelong, experiences lower unemployment rates as well as lower levels of poverty. Most of the indicators show that households in Sicelo are better off than Bophelong. From the analysis it is clear that a high percentage of the poor population have only a primary or incomplete secondary education, which could therefore imply that the lack of education (especially higher education) is a contributing factor to unemployment and poverty in Sicelo. Hence this study shows that access to education is clearly a key component, not only for human resource development, but also of an individual's ability to cope with modern living and to benefit from available opportunities. The unemployment rate amongst the poor was determined at 61.7 percent for Sicelo and the number of poor unemployed persons estimated at 908. If the poor unemployed with skills could be assisted in acquiring further training in the same field in which they already have skills, job opportunities could possibly be found in catering, retail trade, building construction, sewing and welding. Assuming that jobs for all 908 unemployed poor persons in Sicelo could be created at an average monthly income of R600 per month, the impact on the Sicelo community would be that the headcount index would be reduced from 0.50 to 0.23 and the poverty gap index from 0.37 to 0.22. This implies that the percentage of households below their poverty lines would be reduced from the present 50 percent to only 23 percent, and the average shortfall in income of the poor households would be reduced from 37 percent to 22 percent. More training and/or higher qualifications may lead to an increase in the average income, which will result in the reduction of the headcount index. Finally, the dissertation concludes that investing in education and training indeed can create job opportunities and reduce unemployment. This conclusion was drawn from the contention that uneducated individuals have fewer employment opportunities than their educated counterparts. Educated people have also a higher income earning potential, and are better able to improve the quality of their lives. / Thesis (M.Com. (Economics))--North-West University, Vaal Triangle Campus, 2006.

This dissertation studies the role of education and training in job creation and poverty alleviation in the Sicelo Township. The study focuses on three areas, namely, unemployment, poverty and education and training. The actual state of unemployment and poverty in Sicelo is determined and the role of education and training in solving the problems of unemployment and poverty is discussed. Unemployment is identified, amongst others, as a major determinant of poverty. The main component of any policy aimed at eradicating poverty should therefore focus on employment creation. Education and training is found to be important in labour force participation, finding employment and, therefore, in alleviating poverty. Across both genders, individuals with a low level of education have less chance of finding employment than those with a higher level. Both unemployment and poverty is measured and a profile of the poor in Sicelo is given in terms of several household-level indicators. To measure poverty, the following tools are used: the household subsistence level (HSL) as poverty line, the headcount index, the poverty gap and the dependency ratio. The dissertation shows that Sicelo, compared to Bophelong, experiences lower unemployment rates as well as lower levels of poverty. Most of the indicators show that households in Sicelo are better off than Bophelong. From the analysis it is clear that a high percentage of the poor population have only a primary or incomplete secondary education, which could therefore imply that the lack of education (especially higher education) is a contributing factor to unemployment and poverty in Sicelo. Hence this study shows that access to education is clearly a key component, not only for human resource development, but also of an individual's ability to cope with modern living and to benefit from available opportunities. The unemployment rate amongst the poor was determined at 61.7 percent for Sicelo and the number of poor unemployed persons estimated at 908. If the poor unemployed with skills could be assisted in acquiring further training in the same field in which they already have skills, job opportunities could possibly be found in catering, retail trade, building construction, sewing and welding. Assuming that jobs for all 908 unemployed poor persons in Sicelo could be created at an average monthly income of R600 per month, the impact on the Sicelo community would be that the headcount index would be reduced from 0.50 to 0.23 and the poverty gap index from 0.37 to 0.22. This implies that the percentage of households below their poverty lines would be reduced from the present 50 percent to only 23 percent, and the average shortfall in income of the poor households would be reduced from 37 percent to 22 percent. More training and/or higher qualifications may lead to an increase in the average income, which will result in the reduction of the headcount index. Finally, the dissertation concludes that investing in education and training indeed can create job opportunities and reduce unemployment. This conclusion was drawn from the contention that uneducated individuals have fewer employment opportunities than their educated counterparts. Educated people have also a higher income earning potential, and are better able to improve the quality of their lives. / Thesis (M.Com. (Economics))--North-West University, Vaal Triangle Campus, 2006.