Soft Computing in Economics and Finance

Currently the methods of Soft Computing are successfully used for risk analysis in: budgeting, e-commerce development, portfolio selection, Black-Scholes option pricing models, corporate acquisition systems, evaluating investments in advanced manufacturin

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Intelligent Systems Reference Library, Volume 6 Editors-in-Chief Prof. Janusz Kacprzyk Systems Research Institute Polish Academy of Sciences ul. Newelska 6 01-447 Warsaw Poland E-mail: [email protected]

Prof. Lakhmi C. Jain University of South Australia Adelaide Mawson Lakes Campus South Australia 5095 Australia E-mail: [email protected]

Further volumes of this series can be found on our homepage: springer.com Vol. 1. Christine L. Mumford and Lakhmi C. Jain (Eds.) Computational Intelligence: Collaboration, Fusion and Emergence, 2009 ISBN 978-3-642-01798-8 Vol. 2. Yuehui Chen and Ajith Abraham Tree-Structure Based Hybrid Computational Intelligence, 2009 ISBN 978-3-642-04738-1 Vol. 3. Anthony Finn and Steve Scheding Developments and Challenges for Autonomous Unmanned Vehicles, 2010 ISBN 978-3-642-10703-0 Vol. 4. Lakhmi C. Jain and Chee Peng Lim (Eds.) Handbook on Decision Making: Techniques and Applications, 2010 ISBN 978-3-642-13638-2 Vol. 5. George A. Anastassiou Intelligent Mathematics: Computational Analysis, 2011 ISBN 978-3-642-17097-3 Vol. 6. Ludmila Dymowa Soft Computing in Economics and Finance, 2011 ISBN 978-3-642-17718-7

Ludmila Dymowa

Soft Computing in Economics and Finance

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Prof. Dr. Ludmila Dymowa Czestochowa University of Technology Institute of Comp. & Information Sciences ul. Dabrowskiego 73 42-200 Czestochowa Poland E-mail: [email protected]

ISBN 978-3-642-17718-7

e-ISBN 978-3-642-17719-4

DOI 10.1007/978-3-642-17719-4 Intelligent Systems Reference Library

ISSN 1868-4394

c 2011 Springer-Verlag Berlin Heidelberg  This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Typeset & Cover Design: Scientific Publishing Services Pvt. Ltd., Chennai, India. Printed on acid-free paper 987654321 springer.com

This book is dedicated to Professor Cengiz Kahraman whose contribution and inspiration to implement the methods of Soft Computing in the solution of economic and financial problems should be greatly acknowledged. His papers and edited by him recent book entitled “Fuzzy Engineering Economics with Applications” is closely related to the subject of this book. This work is also dedicated to Professor Lotfi A. Zadeh known as the “Father of Fuzzy Logic”, who laid the foundations of fuzzy sets and systems, an