## Section: Scientific Foundations

### Anticipative stochastic calculus and insider trading

Participants : A. Kohatsu-Higa, A. Sulem.

We study controlled stochastic systems whose state
is described by anticipative stochastic differential equations.
These SDEs can interpreted in the sense
of *forward integrals* , which are the natural generalization of the
semimartingale integrals [82] . This methodology
is applied for utility maximization with insiders.