The scope of this volume is primarily to analyze from different methodological perspectives similar valuation and optimization problems arising in financial applications, aimed at facilitating a theoretical and computational integration between methods largely regarded as alternatives. Increasingly in recent years, financial management problems such as strategic asset allocation, asset-liability management, as well as asset pricing problems, have been presented in the literature adopting formulation and solution approaches rooted in stochastic programming, robust optimization, stochastic dynamic programming (including approximate SDP) methods, as well as policy rule optimization, heuristic approaches and others. The aim of the volume is to facilitate the comprehension of the modeling and methodological potentials of those methods, thus their common assumptions and peculiarities, relying on similar financial problems. The volume will address different valuation problems common in finance related to: asset pricing, optimal portfolio management, risk measurement, risk control and asset-liability management. The volume features chapters of theoretical and practical relevance clarifying recent advances in the associated applied field from different standpoints, relying on similar valuation problems and, as mentioned, facilitating a mutual and beneficial methodological and theoretical knowledge transfer. The distinctive aspects of the volume can be summarized as follows: Strong benchmarking philosophy, with contributors explicitly asked to underline current limits and desirable developments in their areas. Theoretical contributions, aimed at advancing the state-of-the-art in the given domain with a clear potential for applications The inclusion of an algorithmic-computational discussion of issues arising on similar valuation problems across different methods. Variety of applications: rarely is it possible within a single volume to consider and analyze different, and possibly competing, alternative optimization techniques applied to well-identified financial valuation problems. Clear definition of the current state-of-the-art in each methodological and applied area to facilitate future research directions. Giorgio Consigli is currently professor of applied mathematics in economics and finance at the University of Bergamo. Dr. Consigli is Coordinator of the Stochastic Programming technical section within the Italian OR society and Board Member of the European Working Groups of Stochastic Programming and Commodity and Financial Modelling within the European OR society. He is Research Fellow of the School of Mathematical Studies of the University of Cambridge (UK) and the UK Institute of Mathematics and Applications (FIMA). He holds an honours degree in Economics at the University La Sapienza in Rome, a Diploma in Financial intermediation in the same University and a PhD in mathematics at the University of Essex in the UK. Dr. Consigli has a substantial cooperation and R&D record with the insurance and financial industry in Italy and Internationally on the development of advanced tools for risk management and asset-liability management. Throughout the years he maintained an active cooperation with the academic and scientific communities specifically in the areas of stochastic optimization, financial modelling, risk modelling and static and dynamic portfolio selection. He is associate editor of the J of Management Mathematics (OUP), the J of Computational Management Science (Springer), the J of Financial Engineering and Risk Management (Inderscience), Quantitative Finance Letters (Taylor and Francis). Daniel Kuhn holds the Chair of Risk Analytics and Optimization at EPFL. Before joining EPFL, he was a faculty member at Imperial College London (2007-2013) and a postdoctoral researcher at Stanford University (2005-2006). He received a PhD in Economics from the University of St. Gallen in 2004 and an MSc in Theoretical Physics from ETH Zurich in 1999. His research interests revolve around robust optimization and stochastic programming. Paolo Brandimarte is full professor of quantitative methods at the Department of Mathematical Sciences of Politecnico di Torino, where he teaches Financial Engineering and Business Analytics. He is also adjunct professor at ESCP Europe. His primary research interests are in the application of optimization and statistical modelling to finance and supply chain management. He has written/edited more
This book addresses an intriguing question: are our decisions rational? It explains seemingly irrational human decision-making behavior by taking into account our limited ability to process information. It also shows with several examples that optimization under granularity restriction leads to observed human decision-making. Drawing on the Nobel-prize-winning studies by Kahneman and Tversky, researchers have found many examples of seemingly irrational decisions: e.g., we overestimate the probability of rare events. Our explanation is that since human abilities to process information are limited, we operate not with the exact values of relevant quantities, but with granules that contain these values. We show that optimization under such granularity indeed leads to observed human behavior. In particular, for the first time, we explain the mysterious empirical dependence of betting odds on actual probabilities. This book can be recommended to all students interested in human decision-making, to researchers whose work involves human decisions, and to practitioners who design and employ systems involving human decision-making -so that they can better utilize our ability to make decisions under uncertainty.
Forschungsarbeit aus dem Jahr 2014 im Fachbereich BWL - Personal und Organisation, Note: 1.0, Hochschule für angewandtes Management GmbH Campus Berlin, Sprache: Deutsch, Abstract: Diese Arbeit befasst sich innerhalb der Kognitionspsychologie mit dem Themengebiet Entscheidungsfindung und der Kernfrage wodurch Entscheidungen beeinflusst werden. Im Folgenden wird die Studie Acute Stress Modulates Risk Taking in Financial Decision Making von Anthony J. Porcelli and Mauricio R. Delgado (2009) zusammengefasst, bewertet und im Kontext mit anderen Forschungsergebnissen betrachtet. Abschließend werden weiterführende Forschungsideen vorgestellt. Der Artikel Acute Stress Modulates Risk Taking in Financial Decision Making von Anthony J. Porcelli and Mauricio R. Delgado untersucht in zwei Experimenten den Einfluss von akutem Stress auf Finanzentscheidungen. Die Autoren stellen folgende Hypothese, auf Grundlage der dargelegten Forschungsergebnisse, auf: Gestresste Teilnehmer verhalten sich risikofreudiger bei finanziellen Entscheidungen mit Verlusten und konservativer bei finanziel-len Entscheidungen welche Gewinne beinhalten.
A former Navy SEAL sniper turned media CEO and New York Times best-selling author teaches business leaders how to make the best decisions under pressure. Over his four deployments as a Navy SEAL sniper, Brandon Webb learned all about performing while experiencing heart-pounding stress. After returning to civilian life, he started his first business venture - and failed miserably. He realized that his big mistake was neglecting to apply what he already knew about focus under pressure. By drawing on the lessons of his SEAL training and early business struggles, Webb went on to build a second business, a media network called Hurricane, which today has an audience of millions and a valuation over $100 million. Now Webb deconstructs the decision-making DNA of the most effective snipers and shows you how to develop the same mental acuity in civilian life. Drawing on stories from his own experiences and those of other Special Operations warriors and great entrepreneurs, like Solomon Choi of 16 Handles, Matt Meeker of BarkBox, and Betsy Morgan of The Huffington Post and TheBlaze, he teaches you how to have total situational awareness to stay out of danger and adapt to changing circumstances, to avoid the trap of overanalysis, and to understand that pain is temporary and learning is priceless. By following in the path of a generation of legendary snipers, you´ll find the clarity of mind you need to make key decisions and accomplish your mission, whatever it takes. 1. Language: English. Narrator: Johnathan McClain, Brandon Webb. Audio sample: http://samples.audible.de/bk/peng/003169de/bk_rhde_002536_sample.mp3. Digital audiobook in aax.
I am not a lawyer. I am survivor of a divorce that to a great extent was resolved amicably because my lawyer and I adhered to the principles and rules I put forth in this book. I derived the principles and rules from my experience, conversations with my lawyer, observations of several friends as they meandered and muddled through their divorce proceedings, and written cases that were similar to mine - all of which I found to be instructive, some of which I found to be bizarre. All of that doesn´t detract one bit from the validity of the principles and rules I so fearlessly put forth, and I hope that you and your spouse heed them - with the consent of your lawyers, of course. 1. Language: English. Narrator: Sandy Vernon. Audio sample: http://samples.audible.de/bk/acx0/042568de/bk_rhde_002536_sample.mp3. Digital audiobook in aax.