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Elsevier

Books in Decision sciences

Our Decision Sciences titles care essential reading for students and professionals, and cover key topics in decision support systems, and global logistics, among other areas of research and practice

  • Handbook of Financial Econometrics Set

    • 1st Edition
    • Yacine Ait-Sahalia + 1 more
    • English
    Vol 1 covers fundamental econometric techniques and tools on recent advances in financial econometrics. Parametric and nonparametric, in continuous time and discrete time, these techniques and tools include Markov processes, a system for categorizing volatility concepts, a simulated method of moments indicator, and models for the timing of events. Together they reveal the ways that local characterizations can lead to long-run implications and how relationships between observed and unobserved values can be inferred. Vol 2 covers important research even as they make unique empirical contributions to the literature. These subjects are familiar: portfolio choice, trading volume, the risk-return tradeoff, option pricing, bond yields, and the management, supervision, and measurement of extreme and infrequent risks. Yet their treatments are exceptional, drawing on current data and evidence to reflect recent events and scholarship.

  • Handbook of Econometrics

    • 1st Edition
    • Volume 6
    • James J. Heckman + 1 more
    • English

  • Philosophy of Information

    • 1st Edition
    • English
    Information is a recognized fundamental notion across the sciences and humanities, which is crucial to understanding physical computation, communication, and human cognition. The Philosophy of Information brings together the most important perspectives on information. It includes major technical approaches, while also setting out the historical backgrounds of information as well as its contemporary role in many academic fields. Also, special unifying topics are high-lighted that play across many fields, while we also aim at identifying relevant themes for philosophical reflection. There is no established area yet of Philosophy of Information, and this Handbook can help shape one, making sure it is well grounded in scientific expertise. As a side benefit, a book like this can facilitate contacts and collaboration among diverse academic milieus sharing a common interest in information.

  • Neuroeconomics

    Decision Making and the Brain
    • 1st Edition
    • Paul W. Glimcher + 3 more
    • English
    Neuroeconomics is a new highly promising approach to understanding the neurobiology of decision making and how it affects cognitive social interactions between humans and societies/economies. This book is the first edited reference to examine the science behind neuroeconomics, including how it influences human behavior and societal decision making from a behavioral economics point of view. Presenting a truly interdisciplinary approach, Neuroeconomics presents research from neuroscience, psychology, and behavioral economics, and includes chapters by all the major figures in the field, including two Economics Nobel laureates.

  • Handbook of Econometrics

    • 1st Edition
    • Volume 6B
    • James J. Heckman + 1 more
    • English
    As conceived by the founders of the Econometric Society, econometrics is a field that uses economic theory and statistical methods to address empirical problems in economics. It is a tool for empirical discovery and policy analysis. The chapters in this volume embody this vision and either implement it directly or provide the tools for doing so. This vision is not shared by those who view econometrics as a branch of statistics rather than as a distinct field of knowledge that designs methods of inference from data based on models of human choice behavior and social interactions. All of the essays in this volume and its companion volume 6A offer guidance to the practitioner on how to apply the methods they discuss to interpret economic data. The authors of the chapters are all leading scholars in the fields they survey and extend.Handbook of Econometrics is now available online at ScienceDirect — full-text online from volume 1 onwards.

  • Handbook of Econometrics

    • 1st Edition
    • Volume 6A
    • James J. Heckman + 1 more
    • English
    As conceived by the founders of the Econometric Society, econometrics is a field that uses economic theory and statistical methods to address empirical problems in economics. It is a tool for empirical discovery and policy analysis. The chapters in this volume embody this vision and either implement it directly or provide the tools for doing so. This vision is not shared by those who view econometrics as a branch of statistics rather than as a distinct field of knowledge that designs methods of inference from data based on models of human choice behavior and social interactions. All of the essays in this volume and its companion volume 6B offer guidance to the practitioner on how to apply the methods they discuss to interpret economic data. The authors of the chapters are all leading scholars in the fields they survey and extend.

  • Handbooks in Operations Research and Management Science: Financial Engineering

    • 1st Edition
    • Volume 15
    • John R. Birge + 1 more
    • English
    The remarkable growth of financial markets over the past decades has been accompanied by an equally remarkable explosion in financial engineering, the interdisciplinary field focusing on applications of mathematical and statistical modeling and computational technology to problems in the financial services industry. The goals of financial engineering research are to develop empirically realistic stochastic models describing dynamics of financial risk variables, such as asset prices, foreign exchange rates, and interest rates, and to develop analytical, computational and statistical methods and tools to implement the models and employ them to design and evaluate financial products and processes to manage risk and to meet financial goals. This handbook describes the latest developments in this rapidly evolving field in the areas of modeling and pricing financial derivatives, building models of interest rates and credit risk, pricing and hedging in incomplete markets, risk management, and portfolio optimization. Leading researchers in each of these areas provide their perspective on the state of the art in terms of analysis, computation, and practical relevance. The authors describe essential results to date, fundamental methods and tools, as well as new views of the existing literature, opportunities, and challenges for future research.

  • Forecasting Expected Returns in the Financial Markets

    • 1st Edition
    • Stephen Satchell
    • English
    Forecasting returns is as important as forecasting volatility in multiple areas of finance. This topic, essential to practitioners, is also studied by academics. In this new book, Dr Stephen Satchell brings together a collection of leading thinkers and practitioners from around the world who address this complex problem using the latest quantitative techniques.

  • Business Process Change

    A Guide for Business Managers and BPM and Six Sigma Professionals
    • 2nd Edition
    • Paul Harmon + 1 more
    • English
    Every company wants to improve the way it does business, to produce goods and services more efficiently, and to increase profits. Nonprofit organizations are also concerned with efficiency, productivity, and with achieving the goals they set for themselves. Every manager understands that achieving these goals is part of his or her job. BUSINESS PROCESS MANAGEMENT (or BPM) is what they call these activities that companies perform in order to improve and adapt processes that will help improve the way they do business. In this balanced treatment of the field of business process change, Paul Harmon offers concepts, methods, and cases for all aspects and phases of successful business process improvement. Updated and added for this edition are coverage of business process management systems, business rules, enterprise architectures and frameworks (SCOR), and more content on Six Sigma and Lean--in addition to new coverage of performance metrics.

  • Handbook of Agricultural Economics

    Agricultural Development: Farmers, Farm Production and Farm Markets
    • 1st Edition
    • Volume 3
    • Robert E. Evenson + 1 more
    • English
    Volume 3 of this series of the Handbooks in Economics follows on from the previous two volumes by focusing on the fundamental concepts of agricultural economics. The first part of the volume examines the developments in human resources and technology mastery. The second part follows on by considering the processes and impact of invention and innovation in this field. The effects of market forces are examined in the third part, and the volume concludes by analysing the economics of our changing natural resources, including the past effects of climate change.Overall this volume forms a comprehensive and accessible survey of the field of agricultural economics and is recommended reading for anyone with an interest, either academic or professional, in this area.

  • Forecasting Volatility in the Financial Markets

    • 3rd Edition
    • Stephen Satchell + 1 more
    • English
    Forecasting Volatility in the Financial Markets, Third Edition assumes that the reader has a firm grounding in the key principles and methods of understanding volatility measurement and builds on that knowledge to detail cutting-edge modelling and forecasting techniques. It provides a survey of ways to measure risk and define the different models of volatility and return. Editors John Knight and Stephen Satchell have brought together an impressive array of contributors who present research from their area of specialization related to volatility forecasting. Readers with an understanding of volatility measures and risk management strategies will benefit from this collection of up-to-date chapters on the latest techniques in forecasting volatility. Chapters new to this third edition:* What good is a volatility model? Engle and Patton* Applications for portfolio variety Dan diBartolomeo* A comparison of the properties of realized variance for the FTSE 100 and FTSE 250 equity indices Rob Cornish* Volatility modeling and forecasting in finance Xiao and Aydemir* An investigation of the relative performance of GARCH models versus simple rules in forecasting volatility Thomas A. Silvey

  • Operations Risk

    Managing a Key Component of Operational Risk
    • 1st Edition
    • David Loader
    • English
    Operations Risk--a form of Operational Risk, is becoming increasingly important as more and more sophisticated products and the use of those products occurs in the financial services industry. Outsourcing, including overseas outsourcing, is changing the structure of firms and particularly operations teams. Thus understanding the existing and the changing risk environment in operations functions and its impact on operational risk is centrally important today. The book focuses on areas such as technology risk, people risk, and settlement risk, examining the dangers that lurk within different organisations. Case studies throughout the book illustrate the way in which risk can become magnified and ultimately become a serious danger to the businesses concerned. The reader is challenged throughout the book to interpret given situations in Operations Risk so as to understand the impact of the risks and devise solutions through a series of exercises included in the relevant chapters. (answers are provided). This “self-test” approach will help reinforce understanding of the detailed material contained throughout the book.

  • Security Operations Management

    • 2nd Edition
    • Robert McCrie
    • English
    The second edition of Security Operations Management continues as the seminal reference on corporate security management operations. Revised and updated, topics covered in depth include: access control, selling the security budget upgrades to senior management, the evolution of security standards since 9/11, designing buildings to be safer from terrorism, improving relations between the public and private sectors, enhancing security measures during acute emergencies, and, finally, the increased security issues surrounding the threats of terrorism and cybercrime. An ideal reference for the professional, as well as a valuable teaching tool for the security student, the book includes discussion questions and a glossary of common security terms. Additionally, a brand new appendix contains contact information for academic, trade, and professional security organizations.

  • Handbooks in Operations Research and Management Science: Simulation

    • 1st Edition
    • Volume 13
    • Shane G. Henderson + 1 more
    • English
    This Handbook is a collection of chapters on key issues in the design and analysis of computer simulation experiments on models of stochastic systems. The chapters are tightly focused and written by experts in each area. For the purpose of this volume “simulation” refers to the analysis of stochastic processes through the generation of sample paths (realization) of the processes. Attention focuses on design and analysis issues and the goal of this volume is to survey the concepts, principles, tools and techniques that underlie the theory and practice of stochastic simulation design and analysis. Emphasis is placed on the ideas and methods that are likely to remain an intrinsic part of the foundation of the field for the foreseeable future. The chapters provide up-to-date references for both the simulation researcher and the advanced simulation user, but they do not constitute an introductory level ‘how to’ guide. Computer scientists, financial analysts, industrial engineers, management scientists, operations researchers and many other professionals use stochastic simulation to design, understand and improve communications, financial, manufacturing, logistics, and service systems. A theme that runs throughout these diverse applications is the need to evaluate system performance in the face of uncertainty, including uncertainty in user load, interest rates, demand for product, availability of goods, cost of transportation and equipment failures.

  • Info-Gap Decision Theory

    Decisions Under Severe Uncertainty
    • 2nd Edition
    • Yakov Ben-Haim
    • English
    Everyone makes decisions, but not everyone is a decision analyst. A decision analyst uses quantitative models and computational methods to formulate decision algorithms, assess decision performance, identify and evaluate options, determine trade-offs and risks, evaluate strategies for investigation, and so on. Info-Gap Decision Theory is written for decision analysts. The term "decision analyst" covers an extremely broad range of practitioners. Virtually all engineers involved in design (of buildings, machines, processes, etc.) or analysis (of safety, reliability, feasibility, etc.) are decision analysts, usually without calling themselves by this name. In addition to engineers, decision analysts work in planning offices for public agencies, in project management consultancies, they are engaged in manufacturing process planning and control, in financial planning and economic analysis, in decision support for medical or technological diagnosis, and so on and on. Decision analysts provide quantitative support for the decision-making process in all areas where systematic decisions are made. This second edition entails changes of several sorts. First, info-gap theory has found application in several new areas - especially biological conservation, economic policy formulation, preparedness against terrorism, and medical decision-making. Pertinent new examples have been included. Second, the combination of info-gap analysis with probabilistic decision algorithms has found wide application. Consequently "hybrid" models of uncertainty, which were treated exclusively in a separate chapter in the previous edition, now appear throughout the book as well as in a separate chapter. Finally, info-gap explanations of robust-satisficing behavior, and especially the Ellsberg and Allais "paradoxes", are discussed in a new chapter together with a theorem indicating when robust-satisficing will have greater probability of success than direct optimizing with uncertain models.

  • Ethical Decision Making for Digital Libraries

    • 1st Edition
    • Cokie Anderson
    • English
    This book examines the ethical issues and dilemmas that arise in digital libraries, and the codes of conduct, professional guidelines and ethics resources used in resolving them. The book begins with an overview of classical and applied ethics, then reviews the codes of conduct of professional information societies (libraries, archivists, information technology). The book then examines issues and situations that arise in digitization and digital library management, and explores the ways established information ethics can be applied and adapted to these cases.

  • Handbook of Economic Forecasting

    • 1st Edition
    • Volume 1
    • G. Elliott + 2 more
    • English
    Research on forecasting methods has made important progress over recent years and these developments are brought together in the Handbook of Economic Forecasting. The handbook covers developments in how forecasts are constructed based on multivariate time-series models, dynamic factor models, nonlinear models and combination methods. The handbook also includes chapters on forecast evaluation, including evaluation of point forecasts and probability forecasts and contains chapters on survey forecasts and volatility forecasts. Areas of applications of forecasts covered in the handbook include economics, finance and marketing.

  • Managing Maintenance Resources

    • 1st Edition
    • Anthony Kelly
    • English
    Managing Maintenance Resources shows how to reduce the complexity involved in engineering, or re-engineering, a maintenance organization. It recognises that this is a complex problem involving many inter-related decisions – such as whether or not resources should be centralized, contractor alliances be entered into or flexible working be adopted. This book provides a unique approach to modeling maintenance-producti... organizations. It enables the identification of problems and delivers guidelines to develop effective solutions. This is one of three stand-alone volumes designed to provide maintenance professionals in any sector with a better understanding of maintenance management, enabling the identification of problems and the delivery of effective solutions.

  • Handbooks in Operations Research and Management Science

    Discrete Optimization
    • 1st Edition
    • Volume 12
    • K. Aardal + 2 more
    • English
    The chapters of this Handbook volume cover nine main topics that are representative of recenttheoretical and algorithmic developments in the field. In addition to the nine papers that present the state of the art, there is an article on the early history of the field. The handbook will be a useful reference to experts in the field as well as students and others who want to learn about discrete optimization.

  • Measuring the Marginal Social Cost of Transport

    • 1st Edition
    • Volume 14
    • Christopher Nash + 1 more
    • English
    Many transport economists have for some time proposed marginal social cost as the principle on which prices in the transport sector should be based and, in recent years, their prescription has come to be taken more and more seriously by policy-makers. However, in order to properly test the possible implications of implementing pricing based on marginal social cost and, ultimately, to introduce such a system, it is necessary to actually measure the marginal social costs concerned, and how they vary according to mode, time and context. This book reviews the transport pricing policy debate and reports on the significant advances made in measuring the marginal social costs of transport, particularly through UNITE and other European research projects. We look in turn at infrastructure, operating costs, user costs (both of congestion and of charges in frequency of scheduled transport services) accidents and environmental costs, and how these estimates have been used to examine the impact of marginal cost pricing in transport. We finish by examining how the results of case studies might be generalised to obtain estimates of marginal social costs for all circumstances and, finally, presenting our conclusions.

  • Statistics in Medicine

    • 2nd Edition
    • Robert H. Riffenburgh
    • English
    Medicine deals with treatments that work often but not always, so treatment success must be based on probability. Statistical methods lift medical research from the anecdotal to measured levels of probability. This book presents the common statistical methods used in 90% of medical research, along with the underlying basics, in two parts: a textbook section for use by students in health care training programs, e.g., medical schools or residency training, and a reference section for use by practicing clinicians in reading medical literature and performing their own research. The book does not require a significant level of mathematical knowledge and couches the methods in multiple examples drawn from clinical medicine, giving it applicable context.

  • Reliability, Maintainability and Risk

    Practical Methods for Engineers including Reliability Centred Maintenance and Safety-Related Systems
    • 7th Edition
    • David J. Smith
    • English
    For over 30 years, Reliability, Maintainability and Risk has been recognised as a leading text for reliability and maintenance professionals. Now in its seventh edition, the book has been updated to remain the first choice for professional engineers and students. The seventh edition incorporates new material on important topics including software failure, the latest safety legislation and standards, product liability, integrity of safety-related systems, as well as delivering an up-to-date review of the latest approaches to reliability modelling, including cutsec ranking. It is also supported by new detailed case studies on reliability and risk in practice.

  • Economic Capital Allocation with Basel II

    Cost, Benefit and Implementation Procedures
    • 1st Edition
    • Dimitris N. Chorafas
    • English
    This book is a complimentary follow-on book to Operational Risk Control with Basel II. While the previous book focuses on operational risk, Economic Capital Allocation provides an overview of credit risk within the context of the Basel II accords.The book provides:* comprehensive coverage of the evolution of the banking industry with Basel II in mind* extensive information on the capital requirements for bank liquidity and solvency * coverage of the new rules as laid down by the supervisory authorities of the Group of Ten industrialized nations* key information on the technical requirements for credit institutions such as: new credit rating scales, modeling of credit risk, control of operational risks, and, novel ways and means for the management of exposure to Credit Risk

  • Regulation and Compliance in Operations

    • 1st Edition
    • David Loader
    • English
    'Regulation and Compliance in Operations' looks at how regulation affects the operations function by focusing on regulatory issues and drivers. As regulatory demands ever increasing, it is important for operations teams to be aware of the important regulatory issues which exist globally. Like any other part of an organization in the financial services industry, operations has rules and regulations to comply with. Although many view regulation as being about rooting out rogue traders and controlling speculators, its role is much more profound than this, and without it many more 'scandals' would undoubtedly occur. The problem for the regulator is that unless total oversight of every transaction, account, business and individual can be made, there will always be rogue traders or more recent examples like Enron and World.Com. As such intense oversight is not practical, the regulator can only do so much, with most of the responsibility resting with the firms and organizations themselves.For operations teams their role in protecting the firm stems from their ability to manage critical processes like reconciliation, asset position agreements and the nostro accounts efficiently and effectively. Regulators need the help and support of the businesses to have a 'business-friendly environment'. When some abuse the trust placed in them and the regulatory environment, a 'scandal' or worse occurs, with the result that the majority are penalized as regulators react to criticism and apply more onerous regulations.It is often the operations teams that bear most, or at least some, of the repercussions of greater regulatory oversight of the business. It is therefore vitally important for operations teams to have a firm understanding of the regulatory issues and drivers. This book will help you gain that understanding, as well as looking at the important regulatory issues in the various global markets in which your business operates.

  • Introduction to Security

    • 7th Edition
    • Robert Fischer
    • English
    Introduction to Security, Seventh Edition, presents the latest in security issues from security equipment and design theory to security management practice. This complete revision of the classic textbook has been reorganized to reflect the industry changes since the 9/11 World Trade Center attacks. It includes new coverage throughout of terrorism as it relates to cargo and travel security, potential areas of attack and target hardening techniques, and the use of current technologies to combat new threats. The book begins with a new chapter on the development of Homeland Security in the United States. Traditional physical and guard security is covered in addition to advances in the electronic and computer security areas, including biometric security, access control, CCTV surveillance advances, as well as the growing computer security issues of identity theft and computer fraud. The Seventh Edition provides the most comprehensive breakdown of security issues for the student while detailing the latest trends, legislation, and technology in the private and government sectors for real-world application in students' future careers. As the definitive resource for anyone entering or currently working in the security industry, this book will also benefit law enforcement personnel, security consultants, security managers, security guards and other security professionals, and individuals responsible for Homeland Security.

  • Stochastic Programming

    • 1st Edition
    • Volume 10
    • English
    Brings together leading in the most important sub-fields of stochastic programming to present a rigourous overview of basic models, methods and applications of stochastic programming. The text is intended for researchers, students, engineers and economists, who encounter in their work optimization problems involving uncertainty.

  • The Manager's Handbook for Corporate Security

    Establishing and Managing a Successful Assets Protection Program
    • 1st Edition
    • Gerald L. Kovacich + 1 more
    • English
    Kovacich and Halibozek offer you the benefit of more than 55 years of combined experience in government and corporate security. Throughout the book, the authors use a fictional global corporation as a model to provide continual real-world challenges and solutions. New and experienced managers alike will find a wealth of information and practical advice to help you develop strategic and tactical plans and manage your daily operations.

  • Managing Technology in the Operations Function

    • 1st Edition
    • David Loader + 1 more
    • English
    'Managing Technology in The Operations Function' looks at issues in technology from the operations function rather than from an IT perspective. It explores the use of technology for processing, provision of client services, risk management and business management. The authors analyse the benefits of straight through processing and the practical implications of managing technology products in operations. System risk and opportunities are explored and case studies are examined along with industry trends to assess upcoming developments and their impacts.The use of technology is one of the key drivers of growth in the volumes of business in the financial markets today. The impact that technology has had, and is still having in the operations function is truly substantial. Technology now reaches into just about every aspect of the business. Electronic trading, messaging systems, and information distribution have created a global market that is, relatively speaking, instantly accessible and available. For operations this manifests itself in two ways: the automation of processes and the automation of information gathering and distribution. For operations managers this period of change has elevated the function from a pure support service into a dynamic revenue protector/generator, with a heavy client service and risk management focus. The reliance on technology to drive this progression forward and to meet the challenge is therefore of crucial consideration for the operations manager.The challenge for the operations teams and managers is to embrace technology and maximize the use of this vital and powerful tool within the business. A failure to do so will inevitably have a negative impact on the operations function and ultimately damage the whole business.

  • Relationship and Resource Management in Operations

    • 1st Edition
    • David Loader
    • English
    'Relationship and Resource Management in Operations' explains in practical terms the importance of the business relationships with internal and external counterparts while demonstrating how things can go wrong and what causes the situation. The authors examine the need to instil cultures in the team focusing on client service, risk and cost effectiveness. The text covers, via practical examples, the kind of scenario managers or supervisors might face in their role and shows what decisions could and should be made. The operations function in a financial organization is crucial to the success of the business. It drives both profitability and reputation as well as contributing to business development and support. It is also a complex part of a business and one that is treated differently in different types of organizations. The complexity of operations and the diverseness of the teams and the people they interact with create a need for a high degree of relationship and resource management. For instance a bank that is involved in both retail and investment banking will have hundreds of different relationship situations, but so too will a small private client broker. Some situations may be common to all types of organizations; others common to particular types of organizations and a few will be very specific to an organization. These relationships may be very open or highly discreet and confidential. Whatever the type of relationship, whether problematic or successful, it is likely that any problems will have an impact of the business. For operations managers their role is a key one. Charged with managing resources and the numerous relationship issues, it is neither a simple task nor, because of the variety and frequency of the issues that might arise, one that is easy to find solutions for. This book, however, explores some of the situations that managers might find themselves in and puts forward some solutions. Relationships and resources are the energy source that makes operations work and managed well they will provide the means to grow and to attain success. The central aim of this book is to provide knowledge and guidance on this important and key area of operations management. Successful operations teams are built on talented resource and effective management - let this book be your guide.

  • Controls, Procedures and Risk

    • 1st Edition
    • David Loader
    • English
    'Controls, Procedures and Risk' covers the skills and procedures needed to enable the monitoring and managing of risk and the authors focus on procedures design, implementation and documentation. Considerable emphasis is also given to the key controls and the importance of control functions, audit and risk management groups and policy. Case studies are used to effectively demonstrate 'success' and 'failure'. In the financial services industry risk is a constant threat to organizations of all sizes and to the markets themselves. Many industry 'events' have shown how dangerous it is when a business operates in an uncontrolled way, particularly when the lack of control was not evident to the management of the business until it was too late.Controls, procedures and risk are occupying more and more management time. The responsibility to manage the risks lies with the whole operations team. If it is successful in fulfilling this role the overall risk of the business is reduced, if it is not successful the consequences may be severe.In this book the author has deliberately focussed on the practical side of risk, controls and procedures, rather than analyse the Basel Capital Accord and the capital requirements etc.(however, the Accord and updates are contained in the Appendices). Operations teams need to be aware of risk but not overwhelmed by it. Risk management within, and by, the operations function is the focus of this book. From day-to-day risk to wider risk implications the operations function is reviewed to show the sources and implications of risk situations.

  • Handbook of Econometrics

    • 1st Edition
    • Volume 5
    • J.J. Heckman + 1 more
    • English
    The Handbook is a definitive reference source and teaching aid for econometricians. It examines models, estimation theory, data analysis and field applications in econometrics. Comprehensive surveys, written by experts, discuss recent developments at a level suitable for professional use by economists, econometricians, statisticians, and in advanced graduate econometrics courses.For more information on the Handbooks in Economics series, please see our home page on http://www.elsevier....

  • Information Gap Decision Theory

    Decisions under Severe Uncertainty
    • 1st Edition
    • Yakov Ben-Haim
    • English
    Information-Gap Decision Theory presents a distinctive new theory of decision-making under severe uncertainty. Applications in engineering design and analysis, project management, economics, strategic planning, social decision making, environmental management, medical decisions, search and evasion problems, risk assessment, and other areas are discussed. Info-gap theory deals with many of the problems and questions of classical decision analysis such as risk assessment, gambling, value of information, trade-off analysis, and preference reversal, but the distinctive character of info-gap uncertainty repeatedly gives rise to new insights and unique decision algorithms. Furthermore, this book deals with many of the difficult interface issues facing the responsible decision maker such as value judgments concerning risk and immunity to failure, as well as philosophical implications of decision under uncertainty. This book is a fresh approach to the age-old problem of deciding responsibly with deficient information.An info-gap is the disparity between what is known and what needs to be known in order to make a well-founded decision. The book begins with a discussion of info-gap models of uncertainty, which provides an innovative approach to the quantification of severe lack of information.This book can be used in advanced undergraduate and graduate courses on decision theory and risk analysis. It is also of interest to practicing decision analysts and to researchers in decision theory and in human decision-making.

  • Pricing Derivative Securities

    An Interactive, Dynamic Environment with Maple V and Matlab
    • 1st Edition
    • Eliezer Z. Prisman
    • English
    Pricing derivatives theory comes alive in this self-contained interactive experience in financial pricing. The no-arbitrage perspective in a one-period state-preference model drives the book, and the Maple® and Matlab® programs help readers visualize payoffs and respond to various constraints and conditions. With clear explanations and lavish illustrations, Pricing Derivative Securities: An Interactive, Dynamic Environment with Maple V and Matlab teaches the core theoretical concepts so often disguised behind difficult terms and institutional details.Readers can experiment with the electronic packages forever, using the book and its solutions manual as a tutorial that can help solve problems of increasing complexity.

  • Microscopic Simulation of Financial Markets

    From Investor Behavior to Market Phenomena
    • 1st Edition
    • Haim Levy + 2 more
    • English
    Microscopic Simulation (MS) uses a computer to represent and keep track of individual ("microscopic") elements in order to investigate complex systems which are analytically intractable. A methodology that was developed to solve physics problems, MS has been used to study the relation between microscopic behavior and macroscopic phenomena in systems ranging from those of atomic particles, to cars, animals, and even humans. In finance, MS can help explain, among other things, the effects of various elements of investor behavior on market dynamics and asset pricing. It is these issues in particular, and the value of an MS approach to finance in general, that are the subjects of this book. The authors not only put their work in perspective by surveying traditional economic analyses of investor behavior, but they also briefly examine the use of MS in fields other than finance. Most models in economics and finance assume that investors are rational. However, experimental studies reveal systematic deviations from rational behavior. How can we determine the effect of investors' deviations from rational behavior on asset prices and market dynamics? By using Microscopic Simulation, a methodology originally developed by physicists for the investigation of complex systems, the authors are able to relax classical assumptions about investor behavior and to model it as empirically and experimentally observed. This rounded and judicious introduction to the application of MS in finance and economics reveals that many of the empirically-observed "puzzles" in finance can be explained by investors' quasi-rationality. Researchers use the book because it models heterogeneous investors, a group that has proven difficult to model. Being able to predict how people will invest and setting asset prices accordingly is inherently appealing, and the combination of computing power and statistical mechanics in this book makes such modeling possible. Because many finance researchers have backgrounds in physics, the material here is accessible.

  • An Introduction to the Mathematics of Financial Derivatives

    • 2nd Edition
    • Salih N. Neftci
    • English
    An Introduction to the Mathematics of Financial Derivatives, Second Edition, introduces the mathematics underlying the pricing of derivatives. The increased interest in dynamic pricing models stems from their applicability to practical situations: with the freeing of exchange, interest rates, and capital controls, the market for derivative products has matured and pricing models have become more accurate. This updated edition has six new chapters and chapter-concluding exercises, plus one thoroughly expanded chapter. The text answers the need for a resource targeting professionals, Ph.D. students, and advanced MBA students who are specifically interested in financial derivatives. This edition is also designed to become the main text in first year masters and Ph.D. programs for certain courses, and will continue to be an important manual for market professionals and professionals with mathematical, technical, or physics backgrounds.

  • The Grouting Handbook

    A Step-by-Step Guide to Heavy Equipment Grouting
    • 1st Edition
    • Donald M. Harrison
    • English
    Based on twenty years of research and field experience, this book collects a vast amount of information into a handy reference for mechanical and civil engineers. It focuses on four basic elements of grouting: load carrying capability of the foundation soil; mass design, concrete mix and installation, and curing procedures of the foundation; anchor bolts; and the grout. From the ground up, this book takes you step by step through the grouting process. Clear, straightforward directions give you details on preparing the foundation and surface, and selecting the best material and method. Comprehensive yet concise, this is a convenient handbook for veteran and rookie engineers alike.

  • Analysing and Aiding Decision Processes

    • 1st Edition
    • Volume 14
    • P. Humphreys + 2 more
    • English
    This book contains an edited selection of papers presented at the Eighth Research Conference on Subjective Probability, Utility and Decision Making, held in Budapest. Together they span a wide range of new developments in studies of decision making, the practice of decision analysis and the development of decision-aiding technology.The volume is arranged in sections: Societal Decision Making; Organizational Decision Making; Aiding the Structuring of Small Scale Decision Problems, and Tracing Decision Processes.The emphasis is on decision processes and structures and their applications, rather than formal modelling in isolation, thus reflecting current developments in research and practice which follow from the understanding of the nature and operation of decision theoretical models gained during the 1970's.The fifth section, A Symposium on the Validity of Studies on Heuristics and Biases, is of a different nature. The papers take stock of the considerable volume of work investigation ``heuristics and biases'' in decision making over the past decade, and their implication for theory and practice.

  • Handbooks in Operations Research and Management Science: Transportation

    • 1st Edition
    • Volume 14
    • Cynthia Barnhart + 1 more
    • English
    This book contains eleven chapters describing some of the most recent methodological operations research developments in transportation. It is structured around the main transportation modes, and each chapter is written by a group of well-recognized researchers. Because of the major impact of operations research methods in the field of air transportation over the past forty years, it is befitting to open the book with a chapter on airline operations management. This book will prove useful to researchers, students, and practitioners in transportation and will stimulate further research in this rich and fascinating area.

  • Submodular Functions and Optimization

    • 1st Edition
    • Volume 47
    • S. Fujishige
    • English
    The importance of submodular functions has been widely recognized in recent years in combinatorial optimization. This is the first book devoted to the exposition of the theory of submodular functions from an elementary technical level to an advanced one. A unifying view of the theory is shown by means of base polyhedra and duality for submodular and supermodular systems. Among the subjects treated are: neoflows (submodular flows, independent flows, polymatroidal flows), submodular analysis (submodular programs, duality, Lagrangian functions, principal partitions), nonlinear optimization with submodular constraints (lexicographically optimal bases, fair resource allocation). Special emphasis is placed on the constructive aspects of the theory, which lead to practical, efficient algorithms.

  • Stochastic Models

    • 1st Edition
    • Volume 2
    • English
    One of the central problems in operations research and management science is how to quantify the effects of uncertainty about the future. This, the second volume in a series of handbooks, is devoted to models where chance events play a major role. The thirteen chapters survey topics in applied probability that have been particularly useful in operations research and management science. Each chapter was written by an expert, both in subject matter and in its exposition. The chapters fall into four groups. The first four cover the fundamentals of stochastic processes, and lay the foundation for the following chapters. The next three chapters are concerned with methods of getting numbers. This includes numerical solution of models, parameter estimation for models, and simulation of models. Chapters 8 and 9 describe the fundamentals of dynamic optimization. The last four chapters are concerned with the most important structured models in operations research and management science; queues, queueing networks, inventories, and reliability.

  • Fuzzy Sets in Psychology

    • 1st Edition
    • Volume 56
    • T. Zetenyi
    • English
    This volume provides an up-to-date picture of the current status of theoretical and empirical developments in the application of fuzzy sets in psychology. Fuzzy set theory could benefit researchers in at least two ways: first, as a metaphor or model for ordinary thought, and secondly, as an aid to data analysis and theory construction. One can find examples for both kinds in the volume, which will be of interest both to the advanced student in the field as well as to anyone possessing a basic scientific background.

  • Handbook of Econometrics

    • 1st Edition
    • Volume 2
    • Z. Griliches + 1 more
    • English
    The Handbook is a definitive reference source and teaching aid for econometricians. It examines models, estimation theory, data analysis and field applications in econometrics. Comprehensive surveys, written by experts, discuss recent developments at a level suitable for professional use by economists, econometricians, statisticians, and in advanced graduate econometrics courses.For more information on the Handbooks in Economics series, please see our home page on http://www.elsevier....

  • Handbook of Econometrics

    • 1st Edition
    • Volume 1
    • M.D. Intriligator + 1 more
    • English
    The Handbook is a definitive reference source and teaching aid for econometricians. It examines models, estimation theory, data analysis and field applications in econometrics. Comprehensive surveys, written by experts, discuss recent developments at a level suitable for professional use by economists, econometricians, statisticians, and in advanced graduate econometrics courses.For more information on the Handbooks in Economics series, please see our home page on http://www.elsevier....

  • Stochastic Methods in Economics and Finance

    • 1st Edition
    • Volume 17
    • A.G. Malliaris + 1 more
    • English
    Theory and application of a variety of mathematical techniques in economics are presented in this volume. Topics discussed include: martingale methods, stochastic processes, optimal stopping, the modeling of uncertainty using a Wiener process, Itô's Lemma as a tool of stochastic calculus, and basic facts about stochastic differential equations. The notion of stochastic ability and the methods of stochastic control are discussed, and their use in economic theory and finance is illustrated with numerous applications. The applications covered include: futures, pricing, job search, stochastic capital theory, stochastic economic growth, the rational expectations hypothesis, a stochastic macroeconomic model, competitive firm under price uncertainty, the Black-Scholes option pricing theory, optimum consumption and portfolio rules, demand for index bonds, term structure of interest rates, the market risk adjustment in project valuation, demand for cash balances and an asset pricing model.

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