{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,10,12]],"date-time":"2025-10-12T03:57:53Z","timestamp":1760241473534,"version":"build-2065373602"},"reference-count":20,"publisher":"MDPI AG","issue":"4","license":[{"start":{"date-parts":[[2018,4,3]],"date-time":"2018-04-03T00:00:00Z","timestamp":1522713600000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Entropy"],"abstract":"<jats:p>To describe the movement of asset prices accurately, we employ the non-extensive statistical mechanics and the semi-Markov process to establish an asset price model. The model can depict the peak and fat tail characteristics of returns and the regime-switching phenomenon of macroeconomic system. Moreover, we use the risk-minimizing method to study the hedging problem of contingent claims and obtain the explicit solutions of the optimal hedging strategies.<\/jats:p>","DOI":"10.3390\/e20040248","type":"journal-article","created":{"date-parts":[[2018,4,3]],"date-time":"2018-04-03T13:31:51Z","timestamp":1522762311000},"page":"248","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["Hedging for the Regime-Switching Price Model Based on Non-Extensive Statistical Mechanics"],"prefix":"10.3390","volume":"20","author":[{"given":"Pan","family":"Zhao","sequence":"first","affiliation":[{"name":"College of Finance and Mathematics, West Anhui University, Lu\u2019an 237012, China"},{"name":"Financial Risk Intelligent Control and Prevention Institute of West Anhui University, Lu\u2019an 237012, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Jian","family":"Pan","sequence":"additional","affiliation":[{"name":"College of Mathematics and Computer Science, Gannan Normal University, Ganzhou 341000, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Benda","family":"Zhou","sequence":"additional","affiliation":[{"name":"College of Finance and Mathematics, West Anhui University, Lu\u2019an 237012, China"},{"name":"Financial Risk Intelligent Control and Prevention Institute of West Anhui University, Lu\u2019an 237012, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Jixia","family":"Wang","sequence":"additional","affiliation":[{"name":"School of Mathematics and Information Sciences, Henan Normal University, Xinxiang 453002, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Yu","family":"Song","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Nanjing University of Science and Technology, Nanjing 210094, China"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2018,4,3]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"637","DOI":"10.1086\/260062","article-title":"The pricing of options and corporate liabilities","volume":"81","author":"Black","year":"1973","journal-title":"J. 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