Research output: Working paper
Research output: Working paper
}
TY - UNPB
T1 - A snakes and ladders representation of stock prices and returns
AU - Gager, P
AU - Shackleton, M B
PY - 2009
Y1 - 2009
N2 - Snakes and ladders is an ancient Indian game of chance that offers amusement as well as a metaphor for life’s many ups and downs. Games offer useful and fun ways of conveying ideas as well as solution techniques and this game has considerable mathematical tractability. This note shows how snakes and ladders can be used to represent the ups and downs of share ownership and solve for fair values of a multistage project that pays fixed dividends at uncertain completion times and has random returns.
AB - Snakes and ladders is an ancient Indian game of chance that offers amusement as well as a metaphor for life’s many ups and downs. Games offer useful and fun ways of conveying ideas as well as solution techniques and this game has considerable mathematical tractability. This note shows how snakes and ladders can be used to represent the ups and downs of share ownership and solve for fair values of a multistage project that pays fixed dividends at uncertain completion times and has random returns.
M3 - Working paper
T3 - Accounting and Finance Working Paper Series
BT - A snakes and ladders representation of stock prices and returns
PB - The Department of Accounting and Finance
CY - Lancaster University
ER -