Simulation in Computational Finance and Economics: Tools and Emerging Applications

Brief Description: Simulation has become a tool difficult to substitute in many scientific areas like manufacturing, medicine, telecommunications, games, etc. Finance is one of such areas where simulation is a commonly used tool; for example, we can find Monte Carlo simulation in many financial applications like market risk analysis, portfolio optimization, credit risk related applications, etc. Simulation in Computational Finance and Economics: Tools and Emerging Applications presents a thorough collection of works, covering several rich and highly productive areas of research including Risk Management, Agent-Based Simulation, and Payment Methods and Systems, topics that have found new motivations after the strong recession experienced in the last few years. Despite the fact that simulation is widely accepted as a prominent tool, dealing with a simulation-based project requires specific management abilities of the researchers. Economic researchers will find an excellent reference to introduce them to the computational simulation models. The works presented in this book can be used as an inspiration for economic researchers interested in creating their own computational models in their respective fields. Marc Notes: Includes bibliographical references and index.; This book presents a thorough collection of works, covering several rich and highly productive areas of research including Risk Management, Agent-Based Simulation, and Payment Methods and Systems, topics that have found new motivations after the strong recession experienced in the last few years--Provided by publisher. Publisher Marketing: Simulation has become a tool difficult to substitute in many scientific areas like manufacturing, medicine, telecommunications, games, etc. Finance is one of such areas where simulation is a commonly used tool; for example, we can find Monte Carlo simulation in many financial applications like market risk analysis, portfolio optimization, credit risk related applications, etc. Simulation in Computational Finance and Economics: Tools and Emerging Applications presents a thorough collection of works, covering several rich and highly productive areas of research including Risk Management, Agent-Based Simulation, and Payment Methods and Systems, topics that have found new motivations after the strong recession experienced in the last few years.

Contributor Bio:  Tsang, Edward The author Edward Tsang holds a first degree in Finance and a MSc and PhD degree in Computer Science. He is the Director of Centre for Computational Finance and Economic Agents (CCFEA), an interdisciplinary research centre which he co-founded in October 2002. He has international reputation in artificial intelligence. He is well known for his research in constraint satisfaction (a branch of combinatorial optimisation for decision support and scheduling) and computational finance and economics. His book on constraint satisfaction is the most cited literature on the subject. He founded the Technical Committee in Computation Finance and Economics in IEEE's Computational Intelligence Society in 2004. Edward Tsang's research is highly industry-relevant. He has given consultation to GEC Marconi, British Telecom, Honda Europe, Causeway, Old Mutual Asset Managers, Allianz RAS and other organizations.