<div>Değerli liste üyeleri,</div>
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<div>Istanbul Teknik Universitesi Matematik Mühendisliği Bölümü'nün düzenlemiş olduğu seminerle ilgili bilgiler ektedir. Bilgilerinize sunulur.</div>
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<div><span style="FONT-FAMILY: 'Arial Narrow'; COLOR: black; FONT-SIZE: 14pt; mso-bidi-font-family: Arial">Başlık : <i style="mso-bidi-font-style: normal">A Bachelier Model for the Optimal Acquisition Problem of a Partially Hedgeable House</i></span><span style="FONT-SIZE: 14pt"></span></div>
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<div>Konuşmacı :<a href="http://Yrd.xn--do-5ia.Dr.Co">Yrd.Doç.Dr.Co</a>şkun Çetin, California State University, Sacramento</div><pre> </pre>
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<pre><font size="2">Tarih</font></pre></td>
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<pre><font size="2">28 Mayıs Cuma, 2010</font></pre></td></tr>
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<pre><font size="2">Zaman</font></pre></td>
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<pre><font size="2">15:30-16:30</font></pre></td></tr>
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<pre><font size="2">Yer</font></pre></td>
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<pre><font size="2">ITU,Fen-Edebiyat Fakültesi Matematik Mühendisliği Bölümü B-226 nolu seminer salonu</font></pre></td></tr></tbody></table><pre> </pre>
<div><font size="3"><font face="Times New Roman"> Özet :</font><span style="FONT-FAMILY: 'Arial Narrow'; COLOR: black; mso-bidi-font-family: Arial">We consider the expected utility maximization and the optimal acquisition problems of a <span style="mso-spacerun: yes"> </span></span></font></div>
<div><font size="3"><span style="FONT-FAMILY: 'Arial Narrow'; COLOR: black; mso-bidi-font-family: Arial"><span style="mso-spacerun: yes"></span></span></font><span style="FONT-FAMILY: 'Arial Narrow'; COLOR: black; mso-bidi-font-family: Arial"><font size="3"><span style="mso-spacerun: yes"> </span>risk-averse investor to purchase a house in a complete financial market at some fixed horizon T</font></span></div>
<div><span style="FONT-FAMILY: 'Arial Narrow'; COLOR: black; mso-bidi-font-family: Arial"><font size="3"><span style="mso-spacerun: yes"> </span>The house price is only partially correlated with financial markets and, therefore, house price risk </font></span></div>
<div><font size="3"><span style="FONT-FAMILY: 'Arial Narrow'; COLOR: black; mso-bidi-font-family: Arial"> </span><span style="FONT-FAMILY: 'Arial Narrow'; COLOR: black; mso-bidi-font-family: Arial">cannot be perfectly hedged. We are able to fully characterize the problem in the case of </span><span style="FONT-FAMILY: 'Arial Narrow'; COLOR: black; mso-bidi-font-family: Arial">CARA</span><span style="FONT-FAMILY: 'Arial Narrow'; COLOR: black; mso-bidi-font-family: Arial"> <span style="mso-spacerun: yes"> </span></span></font></div>
<div><font size="3"><span style="FONT-FAMILY: 'Arial Narrow'; COLOR: black; mso-bidi-font-family: Arial"><span style="mso-spacerun: yes"> </span></span></font><span style="FONT-FAMILY: 'Arial Narrow'; COLOR: black; mso-bidi-font-family: Arial"><font size="3">utility and a Bachelier model for the house price dynamics. We also generate simple numerical </font></span></div>
<p style="MARGIN: 0cm 0cm 0pt" class="MsoNormal"><span style="FONT-FAMILY: 'Arial Narrow'; COLOR: black; mso-bidi-font-family: Arial"><font size="3"><span style="mso-spacerun: yes"> </span>solutions for different parameter values, and study the trade-off between the two conflicting <span style="mso-spacerun: yes"> </span></font></span></p>
<p style="MARGIN: 0cm 0cm 0pt" class="MsoNormal"><font size="3"><span style="FONT-FAMILY: 'Arial Narrow'; COLOR: black; mso-bidi-font-family: Arial"><span style="mso-spacerun: yes"> i</span>ncentives of either buying the house as soon as possible or delaying the purchase decision.</span><span style="FONT-FAMILY: 'Arial Narrow'"></span></font></p>
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<div> Burhaneddin Izgi</div><pre> </pre>
<p style="MARGIN: 0cm 0cm 0pt" class="MsoNormal"><font size="3"><font face="Times New Roman"> <a href="http://www.mat.itu.edu.tr/izgi/seminer_2009-2010.html">http://www.mat.itu.edu.tr/izgi/seminer_2009-2010.html</a></font></font></p>