Karl Schmedders's Books

Handbook of Computational Economics

By: Karl Schmedders,Kenneth L. Judd

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Handbook of Computational Economics

By: Karl Schmedders,Kenneth L. Judd

Handbook of Computational Economics summarizes recent advances in economic thought, revealing some of the potential offered by modern computational methods. With computational power increasing in hardware and algorithms, many economists are closing the gap between economic practice and the frontiers of computational mathematics. In their efforts to accelerate the incorporation of computational power into mainstream research, contributors to this volume update the improvements in algorithms that have sharpened econometric tools, solution methods for dynamic optimization and equilibrium models, and applications to public finance, macroeconomics, and auctions. They also cover the switch to massive parallelism in the creation of more powerful computers, with advances in the development of high-power and high-throughput computing. Much more can be done to expand the value of computational modeling in economics. In conjunction with volume one (1996) and volume two (2006), this volume offers a remarkable picture of the recent development of economics as a science as well as an exciting preview of its future potential. - Samples different styles and approaches, reflecting the breadth of computational economics as practiced today - Focuses on problems with few well-developed solutions in the literature of other disciplines - Emphasizes the potential for increasing the value of computational modeling in economics

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680

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Newnes

Published Date

ISBN 10

0080931782

ISBN 13

9780080931784

Milk and Money

By: Karl Schmedders,Patrick Johnson,Charlotte Snyder,Charlotte Turgeon

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Milk and Money

By: Karl Schmedders,Patrick Johnson,Charlotte Snyder,Charlotte Turgeon

The financial success of dairy farms depends critically on the price of their main output, milk. Large volatility in the price of milk poses a considerable business risk to dairy farms. This is particularly true for family-run dairy farms. The question then arises: how can a farm owner hedge the milk price risk? The standard approach to establish a price floor for a commodity such as milk is to purchase put options on commodity futures. At the Chicago Mercantile Exchange, farmers can buy put options on the price of a variety of milk products. However, the price a farm receives for its milk depends on many factors and is unique to the farm. Thus, a farmer cannot directly buy put options on the price he receives for the milk his farm produces. Instead the farmer needs to determine which of the options available for trade at the Chicago Mercantile Exchange offer the best hedge for his own milk price. The assignment in this case is to examine historical data on several prices of milk products and the milk price received by a family-run dairy farm in California. Students need to find the price that is most closely correlated to the farm's milk price and to then choose options with the appropriate strike price that serve as the best hedge for the farm's price risk. The objective is to expose students to an interesting but simple finance application of linear regression analysis. To solve the case, students must run several simple linear regressions, then use the best regression model they find to make a prediction for the dependent price variable and analyze the prediction interval in order to achieve the desired objective outlined in the case. By completing the case, students will acquire a good understanding of their regression model and its usefulness.

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ISBN 10

1473970334

ISBN 13

9781473970335

Operations Research Proceedings 2011

Selected Papers of the International Conference on Operations Research (OR 2011), August 30 - September 2, 2011, Zurich, Switzerland

By: Diethard Klatte,Hans-Jakob Lüthi,Karl Schmedders

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Operations Research Proceedings 2011

Selected Papers of the International Conference on Operations Research (OR 2011), August 30 - September 2, 2011, Zurich, Switzerland

By: Diethard Klatte,Hans-Jakob Lüthi,Karl Schmedders

This book contains a selection of refereed papers presented at the “International Conference on Operations Research (OR 2011)” which took place at the University of Zurich from August 30 to September 2, 2011. The conference was jointly organized by the German speaking OR societies from Austria (ÖGOR), Germany (GOR) and Switzerland (SVOR) under the patronage of SVOR. More than 840 scientists and students from over 50 countries attended OR 2011 and presented 620 papers in 16 parallel topical streams, as well as special award sessions. The conference was designed according to the understanding of Operations Research as an interdisciplinary science focusing on modeling complex socio-technical systems to gain insight into behavior under interventions by decision makers. Dealing with “organized complexity” lies in the core of OR and designing useful support systems to master the challenge of system management in complex environment is the ultimate goal of our professional societies. To this end, algorithmic techniques and system modeling are two fundamental competences which are also well-balanced in these proceedings.

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608

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Springer Science & Business Media

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ISBN 10

3642292100

ISBN 13

9783642292101

Book's by Karl Schmedders

Handbook of Computational Economics

Handbook of Computational Economics

Milk and Money

Milk and Money

Operations Research Proceedings 2011

Operations Research Proceedings 2011

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