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Air Force Nike Uk sudden crashes This pattern is explained
Let X1, X2,…, Xn be identically distributed possibly dependent random variables with finite pth absolute moment assumed without loss of generality to be equal to 1. Denote the order statistics by X1:n, X2:n,…, Xn:n. Bounds are derived for E(Xn:n) when it is assumed that the Xi's are (i) arbitrarily dependent and (ii) independent. The effect of assuming Nike Air Force 1 a symmetric common distribution for the Xi's is discussed. Analogous bounds are described for the expected range of the sample. Bounds on expectations of general linear combinations of order statistics are described in the independent case. Many asset markets exhibit slow booms and sudden crashes. This pattern is explained by an endogenous flow of information. In the model, agents undertake more economic activity in good times than in bad. Economic activity generates public information about the Nike Air Force 1 Uk state of the economy. If the economic state changes when times are good and information is abundant, asset prices adjust quickly and a sudden crash occurs. When times are bad, scarce information and high uncertainty slow agents’ reactions as the economy improves; Air Force Nike Uk a gradual boom ensues. Data from U.S. and emerging credit markets support the theory.