Faculty Achievement: Dr. Michael Otunuga

Dr. Olusegun Michael Otunuga, assistant professor of mathematics, has received  patent number US 10,719,578, titled “Local lagged Adapted Generalized Method of Moments Dynamic Process.” The patent, abbreviated LLGMM, was granted and issued on July 21, 2020. The embodiments described in the patent are directed towards the development of a time varying parameter and state estimation scheme. Summary of the patent work is described below. More information can be found on the United States Patent and Trademark Office (USPTO) website.

The embodiments described herein are directed towards the development of a time varying parameter and state estimation scheme called the “Local Lagged Adapted Generalized Method of Moments,“ or simply the “LLGMM” dynamic process. The development of the LLGMM dynamic process is motivated by and applicable to time dependent parameter and state estimation problems in a continuous-time nonlinear and non-stationary stochastic dynamic models in biological, chemical, engineering, financial, medical, physical, social sciences, energy commodity markets, and other related fields. Applications of the LLGMM method to models governing energy commodity price, U.S. Treasury Bill interest rate, foreign exchange rate, stock price processes, epidemiological data, etc. exhibit its unique role, scope and performance, in particular, in forecasting and confidence-interval problems in applied statistics.