Parabolic and hyperbolic stochastic partial differential equations in one-dimensional space have been proposed as models for the term structure of interest rates. The solution to these equations is ...

In this article the problem of obtaining the maximum likelihood estimates of the parameters from a special type of linear combination of discrete probability functions is discussed. It is shown that ...

Complex behaviour in many systems arises from the stochastic interactions of spatially distributed particles or agents. Stochastic reaction–diffusion processes are widely used to model such behaviour ...