Some Remarks on the Approximation of Transitional Density in Stochastic Differential Equations

Aijt-Sahalia (2002) introduced a method to estimate transitional probability densities of di®usion processes by means of Hermite expansions with coe±cients determined by means of Taylor series. This note describes a numerical procedure to ¯nd these coe±cients based on the calculation of moments. One advantage of this procedure is that it can be used e®ectively when the mathematical operations required to ¯nd closed-form expressions for these coe±cients are otherwise infeasible.

Creative industries as a globally contestable policy field

The development of the creative industries “proposition” has caused a great deal of controversy. Even as it has been examined and adopted in several, quite diverse, jurisdictions as a policy language seeking to respond to both creative production and consumption in new economic conditions, it is subject to at times withering critique from within academic media, cultural and communication studies. It is held to promote a simplistic narrative of the merging of culture and economics and represents incoherent policy; the data sources are suspect and underdeveloped; there is a utopianization of “creative” labor; and a benign globalist narrative of the adoption of the idea. This article looks at some of these critiques of creative industries idea and argues against them.