Insurance Economics brings together the economic analysis of decision making under risk, risk management and demand for insurance by individuals and corporations, objectives pursued and management tools used by insurance companies, the regulation of insurance, and the division of labor between private and social insurance. Appropriete both for advanced undergraduate and graduate students of economics, management, and finance, this text provides the background required to understand current research. Predictions derived from theoretical argument are not only stated but confronted with empirical evidence. Throughout the book, conclusions summarize results, helping readers to check their knowledge and understanding. Issues discussed include paradoxa in decision making under risk, selection of favorable risks by insurers, the possibility of a "death spiral" in insurance markets, and future challenges such as re-regulation in the wake of the 2007-09 financial crisis and the increasing availability of generic information.

In complementarity theory, which is a relatively new domain of applied mathematics, several kinds of mathematical models and problems related to the study of equilibrium are considered from the point of view of physics as well as economics. In this book the authors have combined complementarity theory, equilibrium of economical systems, and efficiency in Pareto's sense. The authors discuss the use of complementarity theory in the study of equilibrium of economic systems and present results they have obtained. In addition the authors present several new results in complementarity theory and several numerical methods for solving complementarity problems associated with the study of economic equilibrium. The most important notions of Pareto efficiency are also presented.

This book addresses the interplay between stochastic processes and partial differential equations. More specifically, it focuses on the connection between the nonlinear p-Laplace equation and the stochastic game called tug-of-war with noise. The connection in this context was discovered approximately 15 years ago and has since provided new insights and approaches. These lecture notes provide a brief but detailed and accessible introduction to the subject and to the more research-oriented literature. The book also presents the parabolic case side by side with the elliptic case, highlighting the fact that elliptic and parabolic equations are close in spirit in certain aspects. Moreover, it covers some parts of the regularity theory for these problems.

This interesting book discusses why, as an activity, topic and metaphor, play and game have become an integral part of modern life. Empirically exemplary and theoretically grounded, this book discusses the developments and expansions in gaming, from easily accessible casual games to the galaxy-spanning gaming worlds of Massively Multiplayer Online Role-Playing Games (MMORPGs). It shows how gaming has become a focal point of the entertainment industry, marked by boundless professionalization and monetization, especially in the realm of sports, and how games become global platforms for social networks, where players from all over the world meet in digital sandboxes. The combination of the virtual and the ludic creates hyperreal spaces in which people try out new forms of interaction, cooperation, and even brainstorming. The authors ask if this behavior has become the new way of life and the new normal, and if this heralds the ludic century. They take readers on a journey to understand the dynamics of today's gaming society, and base their observations and analyses on an original theory of play, which, in contrast to social normalcy, revolves around the allure and threats of the unexpected.

This book uses game theory to analyze the strategies developed in negotiation processes. Offering a detailed analysis of competition and cooperation, it explores various bargaining strategies that result from the application of Nash equilibrium and mixed strategies. Employing a blend of game theory and real-world examples, the authors describe typical negotiation scenarios and unveil the art of negotiation strategy – dissecting both competitive and cooperative tactics.

This book serves as an advanced text for a graduate course on stochastic algorithms for the students of probability and statistics, engineering, economics and machine learning. This second edition gives a comprehensive treatment of stochastic approximation algorithms based on the ordinary differential equation (ODE) approach which analyses the algorithm in terms of a limiting ODE. It has a streamlined treatment of the classical convergence analysis and includes several recent developments such as concentration bounds, avoidance of traps, stability tests, distributed and asynchronous schemes, multiple time scales, general noise models, etc., and a category-wise exposition of many important applications. It is also a useful reference for researchers and practitioners in the field.

Gathering the proceedings of the 11th CHAOS2018 International Conference, this book highlights recent developments in nonlinear, dynamical and complex systems. The conference was intended to provide an essential forum for Scientists and Engineers to exchange ideas, methods, and techniques in the field of Nonlinear Dynamics, Chaos, Fractals and their applications in General Science and the Engineering Sciences.

Gathering the proceedings of the 11th CHAOS2018 International Conference, this book highlights recent developments in nonlinear, dynamical and complex systems. The conference was intended to provide an essential forum for Scientists and Engineers to exchange ideas, methods, and techniques in the field of Nonlinear Dynamics, Chaos, Fractals and their applications in General Science and the Engineering Sciences.

Concepts, methods and techniques of statistical physics in the study of correlated, as well as uncorrelated, phenomena are being applied ever increasingly in the natural sciences, biology and economics in an attempt to understand and model the large variability and risks of phenomena. This is the first textbook written by a well-known expert that provides a modern up-to-date introduction for workers outside statistical physics. The emphasis of the book is on a clear understanding of concepts and methods, while it also provides the tools that can be of immediate use in applications. Although this book evolved out of a course for graduate students, it will be of great interest to researchers and engineers, as well as to post-docs in geophysics and meteorology.

The developments within the computationally and numerically oriented ar­ eas of Operations Research, Finance, Statistics and Economics have been sig­ nificant over the past few decades. Each area has been developing its own computer systems and languages that suit its needs, but there is relatively little cross-fertilization among them yet. This volume contains a collection of papers that each highlights a particular system, language, model or paradigm from one of the computational disciplines, aimed at researchers and practitioners from the other fields. The 15 papers cover a number of relevant topics: Models and Modelling in Operations Research and Economics, novel High-level and Object-Oriented approaches to programming, through advanced uses of Maple and MATLAB, and applications and solution of Differential Equations in Finance. It is hoped that the material in this volume will whet the reader's appetite for discovering and exploring new approaches to old problems, and in the longer run facilitate cross-fertilization among the fields. We would like to thank the contributing authors, the reviewers, the publisher, and last, but not least, Jesper Saxtorph, Anders Nielsen, and Thomas Stidsen for invaluable technical assistance.

The Encyclopedia of Systems and Control collects a broad range of short expository articles that describe the current state of the art in the central topics of control and systems engineering as well as in many of the related fields in which control is an enabling technology. The editors have assembled the most comprehensive reference possible, and this has been greatly facilitated by the publisher’s commitment to continuously publish updates to the articles as they become available in the future. Although control engineering is now a mature discipline, it remains an area in which there is a great deal of research activity, and as new developments in both theory and applications become available, they will be included in the online version of the encyclopedia. A carefully chosen team of leading authorities in the field has written the well over 300 articles, 50 of them new in the second edition. The topics range from basic principles of feedback in servomechanisms to advanced topics such as the control of Boolean networks and evolutionary game theory and this range has also been expanded to include material on such subjects as the Internet of Things, quantum control and smart grids. Because the content has been selected to reflect both foundational importance and subjects that are of current interest to the research and practitioner communities, a broad readership that includes students, application engineers, and research scientists will find entries that are of interest.

This book presents the best papers from the 4th International Conference on Mathematical Research for Blockchain Economy (MARBLE) 2023, held in London, UK. While most blockchain conferences and forums are dedicated to business applications, product development, or Initial Coin Offering (ICO) launches, this conference focused on the mathematics behind blockchain to bridge the gap between practice and theory.

An introduction to game theory, complete with step-by-step tools and detailed examples.
This book offers condensed breakdowns of game-theory concepts. Specifically, this textbook provides “tools” or “recipes” to solve different classes of games.