Matthias Ehrhardt

Michael Günther

This book gathers peer-reviewed contributions submitted to the 21st European Conference on Mathematics for Industry, ECMI 2021, which was virtually held online, hosted by the University of Wuppertal, Germany, from April 13th to April 15th, 2021. The works explore mathematics in a wide variety of applications, ranging from problems in electronics, energy and the environment, to mechanics and mechatronics. Topics covered include: Applied Physics, Biology and Medicine, Cybersecurity, Data Science, Economics, Finance and Insurance, Energy, Production Systems, Social Challenges, and Vehicles and Transportation. The goal of the European Consortium for Mathematics in Industry (ECMI) conference series is to promote interaction between academia and industry, leading to innovations in both fields. These events have attracted leading experts from business, science and academia, and have promoted the application of novel mathematical technologies to industry. They have also encouraged industrial sectors to share challenging problems where mathematicians can provide fresh insights and perspectives. Lastly, the ECMI conferences are one of the main forums in which significant advances in industrial mathematics are presented, bringing together prominent figures from business, science and academia to promote the use of innovative mathematics in industry.

Progress in Industrial Mathematics at ECMI 2021

‘The ugly duckling is a swan.’ Thus ends the fairy tale of The Ugly Duckling by Hans Christian Andersen. However, until that beautiful day when it met its fellow swans, the little bird had to go through some tough times. And the ugly duckling is not the only protagonist that faced difficult moments before seeing a happy ending. There are countless fairy tales such as ‘Cinderella’ and ‘Haensel and Gretel’, just to name a few. ‘Rags-to-riches plots’ have been used by leaders and societies at all times throughout history to recount their own stories. Interestingly, turn­around stories have gained more and more ‘scientific interest’, also in ‘marketing’, ‘entrepreneurship’, and, most recently, even as a ‘leadership tool’. Apparently, we seem to like protagonists which successfully make their way through troubled times. But why? Is it because they might inspire or encourage us and give us hope for a good ending? Or is there anything else we can learn from the ugly duckling, Cinderella, and their fellow protagonists? To that end, the four short essays in the present book examine foundations, features, and actual applications of turn­around stories in various areas. The central aim of all of this is that turnaround stories may give entrepreneurs and leaders hope but also advice so that they, after all kinds of challenges and crises in their own lives, may eventually come to experience that the ‘ugly duckling is a swan.’

On Turnaround Stories

The Ugly Duckling Is a Swan

E. Jan W. ter Maten

This book discusses the state-of-the-art and open problems in computational finance. It presents a collection of research outcomes and reviews of the work from the STRIKE project, an FP7 Marie Curie Initial Training Network (ITN) project in which academic partners trained early-stage researchers in close cooperation with a broader range of associated partners, including from the private sector. The aim of the project was to arrive at a deeper understanding of complex (mostly nonlinear) financial models and to develop effective and robust numerical schemes for solving linear and nonlinear problems arising from the mathematical theory of pricing financial derivatives and related financial products. This was accomplished by means of financial modelling, mathematical analysis and numerical simulations, optimal control techniques and validation of models. In recent years the computational complexity of mathematical models employed in financial mathematics has witnessed tremendous growth. Advanced numerical techniques are now essential to the majority of present-day applications in the financial industry. Special attention is devoted to a uniform methodology for both testing the latest achievements and simultaneously educating young PhD students. Most of the mathematical codes are linked into a novel computational finance toolbox, which is provided in MATLAB and PYTHON with an open access license. The book offers a valuable guide for researchers in computational finance and related areas, e.g. energy markets, with an interest in industrial mathematics.

Matthias Ehrhardt

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