๐”– Bobbio Scriptorium
โœฆ   LIBER   โœฆ

[Lecture Notes in Economics and Mathematical Systems] Managing Safety of Heterogeneous Systems Volume 658 || Evaluation of Portfolio of Financial and Insurance Instruments: Simulation of Uncertainty

โœ Scribed by Ermoliev, Yuri; Makowski, Marek; Marti, Kurt


Book ID
111679902
Publisher
Springer Berlin Heidelberg
Year
2011
Tongue
English
Weight
197 KB
Edition
1
Category
Article
ISBN
3642228844

No coin nor oath required. For personal study only.

โœฆ Synopsis


Managing safety of diverse systems requires decision-making under uncertainties and risks. Such systems are typically characterized by spatio-temporal heterogeneities, inter-dependencies, externalities, endogenous risks, discontinuities, irreversibility, practically irreducible uncertainties, and rare events with catastrophic consequences. Traditional scientific approaches rely on data from real observations and experiments; yet no sufficient observations exist for new problems, and experiments are usually impossible. Therefore, science-based support for addressing such new class of problems needs to replace the traditional โ€œdeterministic predictionsโ€ analysis by new methods and tools for designing decisions that are robust against the involved uncertainties and risks. The new methods treat uncertainties explicitly by using โ€œsyntheticโ€ information derived by integration of โ€œhardโ€ elements, including available data, results of possible experiments, and formal representations of scientific facts, with โ€œsoftโ€ elements based on diverse representations of scenarios and opinions of public, stakeholders, and experts. The volume presents such effective new methods, and illustrates their applications in different problem areas, including engineering, economy, finance, agriculture, environment, and policy making.


๐Ÿ“œ SIMILAR VOLUMES


[Lecture Notes in Economics and Mathemat
โœ Ermoliev, Y. ๐Ÿ“‚ Article ๐Ÿ“… 2006 ๐Ÿ› Springer Berlin Heidelberg ๐ŸŒ German โš– 321 KB

Facets Of Robust Decisions / Y. Ermoliev, L. Hordijk -- Stress Testing Via Contamination / J. Dupaฤovรก -- Structured Modeling For Coping With Uncertainty In Complex Problems / M. Makowski -- Using Monte Carlo Simulation To Treat Physical Uncertainties In Structural Reliability / D.c. Charmpis, G.i.