Using the path-integral formalism, Ryan Parker, Mark Stedman and Luca Capriotti develop an accurate and easy-to-compute semi-analytical approximation for a general class of default intensity models.

In the 70 years since the transistor was invented 1 and 60 years since the integrated circuit (IC) was invented, 2 we have taken the computer out of large rooms and put them into our pockets. It’s ...