Invited Speaker
Dr. Nataliya Kalashnykova, Professor

Dr. Nataliya Kalashnykova, Professor

University of Nuevo León (UANL), Mexico
Speech Title: Consistent Conjectural Variations Equilibrium for a Financial Model

Abstract: In this talk, we consider a general model of financial flows and prices with multiple sectors and instruments. Each sector optimizes the composition of assets and liabilities in its portfolio, whose utility is given by a quadratic function constrained to satisfy the accounting identity that appears in flow-of-funds accounts and the equilibrium conditions that guarantee market clearance. To define the financial equilibrium, we make use of the concept of conjectural variations, in which each sector conjectures the possible dependence of the instruments’ prices upon its portfolio structure. The problem is modeled as a continuous two-stage game. In the first stage, the set of strategies for each sector consists of its possible conjectures about its influence on the prices. The second stage is the financial model’s equilibrium problem where, according to the conjectures selected in the first stage, each sector decides its portfolio composition.


Biography: Nataliya Kalashnykova graduated from Novosibirsk University (Novosibirsk, Russia) in 1978. After two years of working as a postgraduate, she entered the Ph.D. Courses at the same University of Novosibirsk in 1980, and graduated from this in 1989 after having obtained her Ph.D. degree in optimization. In 1993, she went to Sumy, where she worked as Professor at Sumy State University until 2000, when she moved to Mexico. In Mexico, she started to work as Professor of the Public University of Nuevo Leon (UANL) in 2001 and continues to work there up to now. Her publications in Complementarity Problems and Variational Inequalities are well-known in the world of Mathematics.
She has published more than 60 papers in prestigeous international journals and delivered more than 200 talks at various international conferences. Under her direction, 9 students of Ph.D. Courses and 7 Master Students defended their theses and obtained the desired degrees.