Managing uncertainty:financial, actuarial and statistical modelling.

present value; Value; Actuarial;

Introduction to the special issue on neural networks in financial engineering

There are several phases that an emerging field goes through before it reaches maturity, and computational finance is no exception. There is usually a trigger for the birth of the field. In our case, new techniques such as neural networks, significant progress in computing technology, and the need for results that rely on more realistic assumptions inspired new researchers to revisit the traditional problems of finance, problems that have often been tackled by introducing simplifying assumptions in the past. The result has been a wealth of new approaches to these time-honored problems, with significant improvements in many cases

Behavioural Economics: Classical and Modern

In this paper, the origins and development of behavioural economics, beginning with the pioneering works of Herbert Simon (1953) and Ward Edwards (1954), is traced, described and (critically) discussed, in some detail. Two kinds of behavioural economics – classical and modern – are attributed, respectively, to the two pioneers. The mathematical foundations of classical behavioural economics is identified, largely, to be in the theory of computation and computational complexity; the corresponding mathematical basis for modern behavioural economics is, on the other hand, claimed to be a notion of subjective probability (at least at its origins in the works of Ward Edwards). The economic theories of behavior, challenging various aspects of 'orthodox' theory, were decisively influenced by these two mathematical underpinnings of the two theoriesClassical Behavioural Economics, Modern Behavioural Economics, Subjective Probability, Model of Computation, Computational Complexity. Subjective Expected Utility

Large-Scale Analysis of the Accuracy of the Journal Classification Systems of Web of Science and Scopus

Journal classification systems play an important role in bibliometric analyses. The two most important bibliographic databases, Web of Science and Scopus, each provide a journal classification system. However, no study has systematically investigated the accuracy of these classification systems. To examine and compare the accuracy of journal classification systems, we define two criteria on the basis of direct citation relations between journals and categories. We use Criterion I to select journals that have weak connections with their assigned categories, and we use Criterion II to identify journals that are not assigned to categories with which they have strong connections. If a journal satisfies either of the two criteria, we conclude that its assignment to categories may be questionable. Accordingly, we identify all journals with questionable classifications in Web of Science and Scopus. Furthermore, we perform a more in-depth analysis for the field of Library and Information Science to assess whether our proposed criteria are appropriate and whether they yield meaningful results. It turns out that according to our citation-based criteria Web of Science performs significantly better than Scopus in terms of the accuracy of its journal classification system