Reliable Computing (2007) 13: 113–117 DOI: 10.1007/s11155-006-9018-1 c Springer 2007 Interval-Related Talks at the Second International Conference on Fuzzy Sets and Soft Computing in Economics and Finance St. Petersburg, Russia, June 28—July 1, 2006 On June 28—July 1, 2006, an International Conference on Fuzzy Sets and Soft Computing in Economics and Finance was held in St. Petersburg, Russia. The main motivation for this conference was that in ﬁnancial and economic situations, most parameters are known with uncertainty. It is therefore important to take this uncertainty into account when processing ﬁnancial and economic data. Traditionally, the uncertainty in economics and ﬁnance is described by statistical models. This description is the basis of the current ﬁnancial mathematics, that started largely with the Nobel-prize winning work of Black and Scholes who applied stochastic differential equations to the pricing of options. One of the main limitations of the traditional probabilistic approach to uncer- tainty is that this approach requires that we known the exact values of all the relevant probabilities. In many situations in science and engineering, the processes are reasonably sta- tionary, so in principle, by making sufﬁciently many calibration measurements, we can determine—with reasonable accuracy—all the probabilities related to measure-
Reliable Computing – Springer Journals
Published: Nov 22, 2006
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