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Complex Decision-Making in Economy and Finance

Author Pierre Massotte , Patrick Corsi
Release Date: 2020/02/01
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32
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Book Description

Pertinent to modern industry, administration, finance and society, the most pressing issue for firms today is how to reapproach the way we think and work in business.

With topics ranging from improving productivity and coaxing economic growth after periods of market inactivity, Complex Decision-Making in Economy and Finance offers pragmatic solutions for dealing with the critical levels of disorder and chaos that have developed throughout the modern age.

This book examines how to design complex products and systems, the benefits of collective intelligence and self-organization, and the best methods for handling risks in problematic environments. It also analyzes crises and how to manage them. This book is of benefit to companies and public bodies with regards to saving assets, reviving fortunes and laying the groundwork for robust, sustainable societal dividends. Examples, case studies, practical hints and guidelines illustrate the topics, particularly in finance.

Table of Contents

  1. Cover
  2. Introduction: New Beginnings
    1. I.1. A present-day situation
    2. I.2. A basic awareness: the governance of a system
    3. I.3. What lies ahead of us?
    4. I.4. Guidelines and ways forward
  3. PART 1: Dealing with Complexity
    1. 1 Engineering Complexity within Present-Day Industrial Systems
      1. 1.1. Introduction
      2. 1.2. Basic properties of complex industrial systems
      3. 1.3. The complexity of systems
      4. 1.4. Analysis of some industrial dynamic systems
      5. 1.5. Applications of new concepts in industrial systems
    2. 2 Designing Complex Products and Services
      1. 2.1. Complex systems engineering: the basics
      2. 2.2. The implementation conditions for self-organization
      3. 2.3. Advantages and benefits of a complexity approach
    3. 3 Engineering and Complexity Theory: A Field Design Approach
      1. 3.1. Design approach for a complex system
      2. 3.2. Applications and solutions
      3. 3.3. Application: organization and management in companies
      4. 3.4. Main conclusions related to the first three chapters
    4. 4 Organizational Constraints and Complexity Theory: Modeling with Agents
      1. 4.1. A preamble to modeling
      2. 4.2. Introducing collective intelligence
      3. 4.3. Studying the agent concept
      4. 4.4. Applications using agents
      5. 4.5. Conclusion: information related to the use and usage of modeling
    5. 5 Complexity and the Theory of Organizations: Implementation of Collective Intelligence
      1. 5.1. Introducing the notion of collective intelligence
      2. 5.2. Definition of a multi-agent system
      3. 5.3. Behavioral and interaction strategies between agents
      4. 5.4. Concluding comments
    6. 6 Complexity and the Theory of Organizations: The Notion of Collective Patterns
      1. 6.1. The emergence of collective patterns
      2. 6.2. System complexity factors and their measurement
      3. 6.3. Conclusion: towards the notion of “complex adaptive systems” (CAS)
    7. 7 Complexity and Theory of Organizations: Structure and Architecture of an Enterprise
      1. 7.1. Notions of structure in organizations
      2. 7.2. Structure of distributed complex systems
      3. 7.3. Conclusion
    8. 8 Complexity and the Theory of Organizations: Applications
      1. 8.1. Applications: trends and models
      2. 8.2. Application and implementation of concepts in the “Fractal Factory”
    9. 9 Complexity and the Theory of Organizations: Complex Systems Reengineering
      1. 9.1. The reengineering of complex systems
      2. 9.2. Comments on the technologies used
      3. 9.3. Theory of constraints and complexity management
      4. 9.4. Measurement of the complexity of a new organization
      5. 9.5. Concluding remark
    10. 10 Evaluating and Measuring Complexity: The CINSYS Methodology
      1. 10.1. A brief overview of the CINSYS system
      2. 10.2. What can be found in a CINSYS model?
      3. 10.3. Functional analysis of the method: interpretation by the CINSYS symbolic and structural diagram
      4. 10.4. Illustration of the method
      5. 10.5. What are the advantages of using the method?
      6. 10.6. “The network metaphor” as the general application context of the method
      7. 10.7. Perspectives beyond the CINSYS method
      8. 10.8. Conclusion
  4. PART 2: Dealing with Risk in Complex Environments
    1. 11 Underlying Mechanisms in Finance
      1. 11.1. Introduction to finance theory and its evolution
      2. 11.2. What are the best candidates for the so-called econophysics?
      3. 11.3. Action plans in financial regulation and bank regulation: are they ok?
      4. 11.4. Back to physics and matter: their contribution
      5. 11.5. From matter up to living beings: how can big events be generated?
      6. 11.6. The evolution of an economic system – the problem of CRISIS
      7. 11.7. Role of complexity and diversity in Nature
      8. 11.8. Application: how should we proceed when faced with crises and financial crashes/crises?
      9. 11.9. Crisis as the end of an evolution
      10. 11.10. Collapse theory and modeling – a theory of the “end”
      11. 11.11. Design of financial products: the example of world interconnections
      12. 11.12. Conclusion
    2. 12 Physics and Social Networks: Domain Similarities
      1. 12.1. Introducing a similarity of domains
      2. 12.2. On the principle of emergence
      3. 12.3. Finance, economics and physics: the quantification of emergence
      4. 12.4. About Gödel theorems
      5. 12.5. Conclusion
    3. 13 Managing Behavioral Risks: Uncertainty and Catastrophes
      1. 13.1. Introduction
      2. 13.2. Implications for intellectual approaches
      3. 13.3. The uncertainties
    4. 14 On Managing Risk in the Energy Domain: Conventional Problems Encountered
      1. 14.1. From a new oil crisis (peak oil) and the resulting energy crisis
      2. 14.2. The future: limit of price increases? Implications of the shortage
      3. 14.3. Modeling the problem correctly
      4. 14.4. Crisis or heuristic tactics? Large-scale oil shock?
      5. 14.5. A few conclusive remarks
    5. 15 On Managing Risk in the Financial Domain
      1. 15.1. Taking about disasters – from risks to catastrophes in finance
      2. 15.2. An interesting approach: financial analysis of losses
      3. 15.3. When the drama occurs
      4. 15.4. How to conduct a risk consequence analysis process?
      5. 15.5. Conservatory measures: risk and diversification
      6. 15.6. An additional risk: the decline and inversion rate at the stock exchange
      7. 15.7. Concluding with additional risks of the shared economy
    6. 16 Why Current Tools Are Inadequate
      1. 16.1. On the shortcomings of current tools: risk and probability
      2. 16.2. A thematic illustration
      3. 16.3. What regularities?
      4. 16.4. Characteristics of rational expectations in economics
      5. 16.5. Risk characteristics in the industry
      6. 16.6. A philosophical summary: chance and necessity
      7. 16.7. The environment’s new challenge
    7. 17 How to Manage Crises?
      1. 17.1. The fundamental principles of crisis management
      2. 17.2. Early warning risk signals and the basics of risk management
      3. 17.3. Five fundamental elements that describe a company
      4. 17.4. About stakeholders
    8. 18 Managing Crises in Finance and Other Domains
      1. 18.1. Reorienting company aims
      2. 18.2. Interactions: towards a crisis model?
    9. 19 Technological, Monetary and Financial Crashes
      1. 19.1. Yet another view to complexity
      2. 19.2. The reference financial systems are continuously changing
      3. 19.3. Conclusive discussion
  5. Conclusion: Different Types of Crises
    1. C.1. The crises mesh
    2. C.2. Changing economic and industrial cultures
  6. List of Abbreviations
  7. References
  8. Index
  9. End User License Agreement
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