Results: **2**

#### Portfolio optimization in the case of an exponential utility function and in the presence of an illiquid asset

We study an optimization problem for a portfolio with a risk-free, a liquid, and an illiquid risky asset. The illiquid risky asset is sold in an exogenous random moment with a prescribed **liquidation** time distribution. We assume that the investor chooses an exponential utility function. Study of optimization problems with three assets including an illiquid asset leads to three-dimensional nonlinear Hamilton — Jacobi — Bellman (HJB) ...

#### The methodological aspects and approaches to the implementation of automated management of banking resources under risk

... Автоматизация бизнес-процессов с помощью BPEL // BYTE/Рос¬сия. 2005. № 2.
Arounyants G., Badeyan A.
algorithm, bank resource, strategy fir bank resource management, assets of bank, liabilities of bank, **liquidity**, bank operations, bank profit, BPM-systems, programming environment, software package, operating system.
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