In this paper, a quantum model for the binomial market in finance is proposed. We show that its risk-neutral world exhibits an intriguing structure as a disk in the unit ball of R^3, whose radius is a function of the ...In this paper, a quantum model for the binomial market in finance is proposed. We show that its risk-neutral world exhibits an intriguing structure as a disk in the unit ball of R^3, whose radius is a function of the risk-free interest rate with two thresholds which prevent arbitrage opportunities from this quantum market. Furthermore, from the quantum mechanical point of view we re-deduce the Cox-Ross-Rubinstein binomial option pricing formula by considering Maxwell-Boltzmann statistics of the system of N distinguishable particles.展开更多
As a new form of authorization with independent legal status, the authorization of experimental administrative reform falls between legislative and administrative authorization. Decisions on authorization of experimen...As a new form of authorization with independent legal status, the authorization of experimental administrative reform falls between legislative and administrative authorization. Decisions on authorization of experimental administrative reform have two aspects, viz., 'the temporary adjustment or temporary suspension of the application of certain provisions of a law' and 'authorizing a given experimenting body to implement this decision.' In essence, the former is the organic combination of two elements: suspending the implementation of a law and formulating a new experimental law;it does not belong under amendment of the law. The latter, on the other hand, is a special legislative authorization similar to administrative franchise. As a method of exercising public power, authorization for experimental administrative reform should follow the procedural requirements laid down in the Decision of the Central Committee of the CPC on Certain Major Issues concerning Comprehensively Advancing the Law-based Governance of China;further, it may not overstep the bounds of the forms of expression or substantive contents determined by the principles of the modern rule of law.展开更多
文摘In this paper, a quantum model for the binomial market in finance is proposed. We show that its risk-neutral world exhibits an intriguing structure as a disk in the unit ball of R^3, whose radius is a function of the risk-free interest rate with two thresholds which prevent arbitrage opportunities from this quantum market. Furthermore, from the quantum mechanical point of view we re-deduce the Cox-Ross-Rubinstein binomial option pricing formula by considering Maxwell-Boltzmann statistics of the system of N distinguishable particles.
文摘As a new form of authorization with independent legal status, the authorization of experimental administrative reform falls between legislative and administrative authorization. Decisions on authorization of experimental administrative reform have two aspects, viz., 'the temporary adjustment or temporary suspension of the application of certain provisions of a law' and 'authorizing a given experimenting body to implement this decision.' In essence, the former is the organic combination of two elements: suspending the implementation of a law and formulating a new experimental law;it does not belong under amendment of the law. The latter, on the other hand, is a special legislative authorization similar to administrative franchise. As a method of exercising public power, authorization for experimental administrative reform should follow the procedural requirements laid down in the Decision of the Central Committee of the CPC on Certain Major Issues concerning Comprehensively Advancing the Law-based Governance of China;further, it may not overstep the bounds of the forms of expression or substantive contents determined by the principles of the modern rule of law.
