Central Economics and Mathematics Institute

About: Central Economics and Mathematics Institute is a facility organization based out in Moscow, Russia. It is known for research contribution in the topics: Population & Foreign-exchange reserves. The organization has 297 authors who have published 580 publications receiving 6449 citations. The organization is also known as: Federal State Institution of Science Central Economics and Mathematics Institute of the Russian Academy of Sciences.

Problem of temperature dependence in the dynamic spin-fluctuation theory for strong ferromagnets

Abstract: Temperature dependence of the magnetic characteristics of Fe and Fe–Ni Invar is considered in the dynamic nonlocal approximation of the spin-fluctuation theory. Calculations by several numerical methods show that the magnetic characteristics can have a discontinuous jump at high temperatures, well below the Curie temperature. Using the methods of catastrophe theory, we investigate the effect of small changes in the initial data on the results of the calculation. It is demonstrated that the discontinuous jump can only be smoothed but cannot be eliminated entirely without a significant change in the system of equations of the spin-fluctuation theory. Possible variants of such changes are discussed.

Strategies of Modernization, Institutions and Coalitions

Abstract: The article considers alternative variants of strategy formation: "modernization from above" and an approach based on the interaction of "coalitions of interests". To use the advantages of both approaches, it is suggested that a system of interactive control of growth be designed. It should be founded on procedures of compromise making and concerted efforts of the state and "coalitions of actions" such as business and consumers’ associations and trade unions that are already partially organized in Russia. The most important goal of the system is to work out mutually consistent plans of development for different economy sectors. At the first stage, the plans have to ensure fast economic growth by adaptation of western methods and technologies and gradual improvement of institutions as well. These conclusions follow from the analysis of policies of "economic miracle" countries and the theory of reform recommendations.

Extensions of metric regularity

Abstract: This article is devoted to some extensions of the metric regularity property for mappings between metric or Banach spaces. Several new concepts are investigated in a unified manner: uniform metric regularity, metric regularity along a subspace, metric multi-regularity for mappings into product spaces (when each component is perturbed independently), as well as their Lipschitz-like counterparts. The properties are characterized in terms of certain derivative-like constants. Regularity criteria are established based on a set-valued extension of a nonlocal version of the Lyusternik–Graves theorem due to Milyutin. †Dedicated to the memory of Prof. Dr. Alexender Moiseevich Rubinov; Guest Editors: Adil Bagirov and Gleb Beliakov.

Hedging of American options under transaction costs

Abstract: We consider a continuous-time model of a financial market with proportional transaction costs. Our result is a dual description of the set of initial endowments of self-financing portfolios super-replicating an American-type contingent claim. The latter is a right-continuous adapted vector process describing the number of assets to be delivered at the exercise date. We introduce a specific class of price systems, called coherent, and show that the hedging endowments are those whose “values” are larger than the expected weighted “values” of the payoff process for every coherent price system used for the “evaluation” of the assets.