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This book is mainly focused on the development of tools for
decision-makers in finance, ranging from treasurers of firms to
professional investors and bank managers. It presents a broad
variety of applications using techniques and methodologies from
various fields such as econometrics, operations research and
financial mathematics. The tools for decision-making have been
modified towards financial decision support systems. The role of
the decision-maker has become dominant, both in the development and
in the use of the decision support systems. The developments in
both the computer hardware and software for computers simplify the
design of individualized decision support systems. Financial
modelling functions as a liason between theoretical financial
expertise and practice.
Both the 'First International Summer School on Multiple Criteria
Decision Making Methods, Applications and Software' and the present
volume of readings could only be realised with assistance and
support from many sides. We would like to express our gratitude to
all those who have contributed to making a success of the first of
a hopefully long series of summer schools in this field and to all
those who have contribut. ed to the present volume. First of all we
are grateful for the financial means supplied by a long list of
sponsors, the most important of which are mentioned on the
copyright page. Next, we are grateful to the members of the
organising committee, Anna Ostanello and Giovanni Zambruno. Since
this is the first of what will become a series of summer schools,
the chairman of the organising committee, Benedetto Matarazzo, will
start this volume with a brief account of the school held in
Acireale. The programme committee consisted of Jean Fichefet, Anna
Ostanello, Bernard Roy, Jaap Spronk (chairman) and Stanley Zionts.
Their valuable contribu tion is gratefully acknowledged, as is the
contribution of all the lecturers at the school. Of course, a
school is not only made by its teachers, but just as much by its
students. The primary aim of a school is to teach and to stimulate
the students."
The pioneering study by Bowman [1980) reawakened interest in risk
and return relations in the strategic management literature. We do
not examine this literature here because we have elsewhere reviewed
it in detail 1 and because, for the most part, these studies have
been confined to ex post data. Discussions of the strategies which
subjects used to direct their ex ante evaluations of risks and
returns have either been omitted or else have been only indirectly
inferred from ex post data. In addition, with few exceptions, this
literature does not attempt to ascertain the meanings that might
have been assigned by subjects to terms like "risk" and/or the
"returns" with which they have been concerned. Even fewer of these
studies have attempted to ascertain how the subjects implemented
their definitions en of prospective strategies. Thus, tius
literature may route to arriving at evaluations best be regarded as
bearing only indirect relations to the present study which is
concerned not only with the meanings assigned to terms like "risk"
and "return" but also with how these terms are used in arriving at
risk and return evaluations of proposed strategies as well as how
they are measured and used, on an ex ante basis en route to seeing
how these evaluations match with ex post performance. In a sense,
one part of this study--i. e.
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