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‐4 15. U D D D ‐5 16. D D D D ‐4

Table 2.5 Calculations for two UD sample paths for processes

s	0	1	2	3	4
		U	D	D	U
	10	11	10	9	10
	1	2	2	2	3
	0
		D	U	U	U
	10	9	10	11	12
	1	1	2	3	4
	0

For transition sample path number 7, UDDU, the overall gain in shareholding value is

where is a “negative gain” or net loss. With , this can be interpreted as the Stieltjes integral³

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