Rajeeva L. Karandikar

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A 2_2 game is played repeatedly by two satisficing players. The game considered includes the Prisoner's Dilemma, as well as games of coordination and common interest. Each player has an aspiration at each date, and takes an action. The action is switched at the subsequent period only if the achieved payoff falls below aspirations; the switching probability(More)
India The Indian insurance industry: challenges and prospects 1 Foreword India's rapid rate of economic growth over the past decade has been one of the more significant developments in the global economy. This growth has its roots in the introduction of economic liberalisation in the early 1990s, which has allowed India to exploit its economic potential and(More)
We consider the nonlinear filtering model with Ornstein-Uhlenbeck process as noise and obtain an analogue of the Bayes' formula for the filter. For this we need to consider a modified model, where the instaneteneous effect h(X t) of the signal in the usual model is replaced by ξ α t = α t (t− 1 α)∨0 h(X u) du, (where α is a large parameter). This means that(More)
There is a considerable consensus that over the multi-decade horizons encountered in pension investment, there are enormous gains which can be obtained through portfolios of corporate bonds and equities , instead of a focus on government bonds. However, such investment strategies do impose greater uncertainty upon the worker about post-retirement(More)
It is well-known that well-posedness of a martingale problem in the class of continuous (or r.c.l.l.) solutions enables one to construct the associated transition probability functions. We extend this result to the case when the martingale problem is well-posed in the class of solutions which are continuous in probability. This extension is used to improve(More)
We consider a signal process X taking values in a complete, separable metric space E. X is assumed to be a Markov process charachterized via the martingale problem for an operator A. In the context of the finitely additive white noise theory of filtering, we show that the optimal filter Γ t (y) is the unique solution of the analogue of the Zakai equation(More)
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