Excel is incredibly powerful when your data is complete, but what happens when you need to solve for unknown variables? Enter Goal Seek and the Solver add-in, two tools that let Excel do the heavy ...

We investigate an American exchange option (AEO) pricing problem. Under the perfect market assumption, an AEO pricing problem can be modeled as a free boundary problem (FBP). The FBP is converted into ...

We develop a new solution method for a broad class of discrete-time dynamic portfolio choice problems. The method efficiently approximates conditional expectations of the value function by using (i) a ...