Mathematical Modeling in Economics and Finance: Probability, Stochastic Processes, and Differential Equations

Mathematical Modeling in Economics and Finance: Probability, Stochastic Processes, and Differential Equations PDF

Author: Steven R. Dunbar

Publisher: American Mathematical Soc.

Published: 2019-04-03

Total Pages: 232

ISBN-13: 1470448394

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Mathematical Modeling in Economics and Finance is designed as a textbook for an upper-division course on modeling in the economic sciences. The emphasis throughout is on the modeling process including post-modeling analysis and criticism. It is a textbook on modeling that happens to focus on financial instruments for the management of economic risk. The book combines a study of mathematical modeling with exposure to the tools of probability theory, difference and differential equations, numerical simulation, data analysis, and mathematical analysis. Students taking a course from Mathematical Modeling in Economics and Finance will come to understand some basic stochastic processes and the solutions to stochastic differential equations. They will understand how to use those tools to model the management of financial risk. They will gain a deep appreciation for the modeling process and learn methods of testing and evaluation driven by data. The reader of this book will be successfully positioned for an entry-level position in the financial services industry or for beginning graduate study in finance, economics, or actuarial science. The exposition in Mathematical Modeling in Economics and Finance is crystal clear and very student-friendly. The many exercises are extremely well designed. Steven Dunbar is Professor Emeritus of Mathematics at the University of Nebraska and he has won both university-wide and MAA prizes for extraordinary teaching. Dunbar served as Director of the MAA's American Mathematics Competitions from 2004 until 2015. His ability to communicate mathematics is on full display in this approachable, innovative text.

Mathematical Models in Economics - Volume II

Mathematical Models in Economics - Volume II PDF

Author: Wei-Bin Zhang

Publisher: EOLSS Publications

Published: 2010-06-10

Total Pages: 542

ISBN-13: 1848262299

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Mathematical Models in Economics is a component of Encyclopedia of Mathematical Sciences in which is part of the global Encyclopedia of Life Support Systems (EOLSS), an integrated compendium of twenty one Encyclopedias. This theme is organized into several different topics and introduces the applications of mathematics to economics. Mathematical economics has experienced rapid growth, generating many new academic fields associated with the development of mathematical theory and computer. Mathematics is the backbone of modern economics. It plays a basic role in creating ideas, constructing new theories, and empirically testing ideas and theories. Mathematics is now an integral part of economics. The main advances in modern economics are characterized by applying mathematics to various economic problems. Many of today's profound insights into economic problems could hardly be obtained without the help of mathematics. The concepts of equilibrium versus non-equilibrium, stability versus instability, and steady states versus chaos in the contemporary literature are difficult to explain without mathematics. The theme discusses on modern versions of some classical economic theories, taking account of balancing between significance of economic issues and mathematical techniques. These two volumes are aimed at the following five major target audiences: University and College students Educators, Professional practitioners, Research personnel and Policy analysts, managers, and decision makers and NGOs.

Mathematical Modeling in Economics, Ecology and the Environment

Mathematical Modeling in Economics, Ecology and the Environment PDF

Author: N.V. Hritonenko

Publisher: Springer Science & Business Media

Published: 2013-04-17

Total Pages: 225

ISBN-13: 1441997334

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The problems of interrelation between human economics and natural environment include scientific, technical, economic, demographic, social, political and other aspects that are studied by scientists of many specialities. One of the important aspects in scientific study of environmental and ecological problems is the development of mathematical and computer tools for rational management of economics and environment. This book introduces a wide range of mathematical models in economics, ecology and environmental sciences to a general mathematical audience with no in-depth experience in this specific area. Areas covered are: controlled economic growth and technological development, world dynamics, environmental impact, resource extraction, air and water pollution propagation, ecological population dynamics and exploitation. A variety of known models are considered, from classical ones (Cobb Douglass production function, Leontief input-output analysis, Solow models of economic dynamics, Verhulst-Pearl and Lotka-Volterra models of population dynamics, and others) to the models of world dynamics and the models of water contamination propagation used after Chemobyl nuclear catastrophe. Special attention is given to modelling of hierarchical regional economic-ecological interaction and technological change in the context of environmental impact. Xlll XIV Construction of Mathematical Models ...

Mathematical Models in Economics - Volume I

Mathematical Models in Economics - Volume I PDF

Author: Wei-Bin Zhang

Publisher: EOLSS Publications

Published: 2009-06-10

Total Pages: 520

ISBN-13: 1848262280

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Mathematical Models in Economics is a component of Encyclopedia of Mathematical Sciences in which is part of the global Encyclopedia of Life Support Systems (EOLSS), an integrated compendium of twenty one Encyclopedias. This theme is organized into several different topics and introduces the applications of mathematics to economics. Mathematical economics has experienced rapid growth, generating many new academic fields associated with the development of mathematical theory and computer. Mathematics is the backbone of modern economics. It plays a basic role in creating ideas, constructing new theories, and empirically testing ideas and theories. Mathematics is now an integral part of economics. The main advances in modern economics are characterized by applying mathematics to various economic problems. Many of today's profound insights into economic problems could hardly be obtained without the help of mathematics. The concepts of equilibrium versus non-equilibrium, stability versus instability, and steady states versus chaos in the contemporary literature are difficult to explain without mathematics. The theme discusses on modern versions of some classical economic theories, taking account of balancing between significance of economic issues and mathematical techniques. These two volumes are aimed at the following five major target audiences: University and College students Educators, Professional practitioners, Research personnel and Policy analysts, managers, and decision makers and NGOs.

Aspects of Mathematical Modelling

Aspects of Mathematical Modelling PDF

Author: Roger J. Hosking

Publisher: Springer Science & Business Media

Published: 2008-03-02

Total Pages: 373

ISBN-13: 376438591X

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The construction of mathematical models is an essential scientific activity. Mathematics is associated with developments in science and engineering, but more recently mathematical modelling has been used to investigate complex systems that arise in other fields. This book demonstrates the application of mathematics to research topics in ecology and environmental science, health and medicine, phylogenetics and neural networks, theoretical chemistry, economics and management.

Mathematical Modelling in Economics

Mathematical Modelling in Economics PDF

Author: W. Erwin Diewert

Publisher: Springer Verlag

Published: 2012-07-31

Total Pages: 713

ISBN-13: 9783642785108

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This volume presents a collection of more than sixty papers on mathematical economics. All papers use a model-based approach. The focus of the book is to demonstrate the state-of-the-art in modelling and research in important areas of economic theory. It is divided into four parts: Part I: Economics; Part II: Operations Research and Models of the Firm; Part III: Risk, Insurance, and Statistics; Part IV: Policy and Methodology. The papers are written by international experts who have dedicated their contributions to Wolfgang Eichhorn on the occasion of his 60th birthday. Researchers as well as graduate students interested in mathematical modelling in economics will find this book a rich source of interesting and novel results.

An Introduction to Mathematical Modeling

An Introduction to Mathematical Modeling PDF

Author: Edward A. Bender

Publisher: Courier Corporation

Published: 2012-05-23

Total Pages: 273

ISBN-13: 0486137120

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Employing a practical, "learn by doing" approach, this first-rate text fosters the development of the skills beyond the pure mathematics needed to set up and manipulate mathematical models. The author draws on a diversity of fields — including science, engineering, and operations research — to provide over 100 reality-based examples. Students learn from the examples by applying mathematical methods to formulate, analyze, and criticize models. Extensive documentation, consisting of over 150 references, supplements the models, encouraging further research on models of particular interest. The lively and accessible text requires only minimal scientific background. Designed for senior college or beginning graduate-level students, it assumes only elementary calculus and basic probability theory for the first part, and ordinary differential equations and continuous probability for the second section. All problems require students to study and create models, encouraging their active participation rather than a mechanical approach. Beyond the classroom, this volume will prove interesting and rewarding to anyone concerned with the development of mathematical models or the application of modeling to problem solving in a wide array of applications.

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