ARC Centre of Excellence for Mathematical and Statistical Frontiers of Big Data, Big Models, New Insights. In today's world, massive amounts of data in a variety of forms are collected daily from a multitude of sources. Many of the resulting data sets have the potential to make vital contributions to society, business and government, as well as impact on international developments, but are so large or complex that they are difficult to process and analyse using traditional tools. The aim of this ....ARC Centre of Excellence for Mathematical and Statistical Frontiers of Big Data, Big Models, New Insights. In today's world, massive amounts of data in a variety of forms are collected daily from a multitude of sources. Many of the resulting data sets have the potential to make vital contributions to society, business and government, as well as impact on international developments, but are so large or complex that they are difficult to process and analyse using traditional tools. The aim of this Centre is to create innovative mathematical and statistical models that can uncover the knowledge concealed within the size and complexity of these big data sets, with a focus on using the models to deliver insight into problems vital to the Centre's Collaborative Domains: Healthy People, Sustainable Environments and Prosperous Societies.Read moreRead less
Quantitative and qualitative aspects of Asian and Australian options. While Asian options are highly popular and traded over the counter all over the world, they are traded on an institutional basis in only very few countries. Australia is one of them. Variable purchase options (VPO's), where the payoff is determined by the quotient of a stock and its average price, are traded on the Australian stock exchange since 1992. They build an important component of the Australian derivatives market and ....Quantitative and qualitative aspects of Asian and Australian options. While Asian options are highly popular and traded over the counter all over the world, they are traded on an institutional basis in only very few countries. Australia is one of them. Variable purchase options (VPO's), where the payoff is determined by the quotient of a stock and its average price, are traded on the Australian stock exchange since 1992. They build an important component of the Australian derivatives market and are particularly interesting for foreign investors, who are not able to find this sort of financial product on their domestic markets. A better understanding of these products is necessary to maximize the benefits for Australia's financial markets and economy. Read moreRead less
Large Markov decision processes and combinatorial optimisation. Markov decision processes continue to gain in popularity for modelling a wide range of applications ranging from analysis of supply chains and queueing networks to cognitive science and control of autonomous vehicles. Nonetheless, they tend to become numerically intractable as the size of the model grows fast. Recent works use machine learning techniques to overcome this crucial issue, but with no convergence guarantee. This project ....Large Markov decision processes and combinatorial optimisation. Markov decision processes continue to gain in popularity for modelling a wide range of applications ranging from analysis of supply chains and queueing networks to cognitive science and control of autonomous vehicles. Nonetheless, they tend to become numerically intractable as the size of the model grows fast. Recent works use machine learning techniques to overcome this crucial issue, but with no convergence guarantee. This project aims to provide theoretically sound frameworks for solving large Markov decision processes, and exploit them to solve important combinatorial optimisation problems. This timely project can promote Australia's position in the development of such novel frameworks for many scientific and industrial applications.Read moreRead less
Stochastic Scheduling for Production and Delivery of Perishable Products with Imperfect Information. Australia has a wide range of industries producing perishable goods such as wheat, fruit, vegetables, meat, milk, seafood and health products, as well as fashion and entertainment goods. These industries play a critical role in the Australian economy, as well as impacting on national health and the environment. This project will provide new strategies, models and techniques to increase efficiency ....Stochastic Scheduling for Production and Delivery of Perishable Products with Imperfect Information. Australia has a wide range of industries producing perishable goods such as wheat, fruit, vegetables, meat, milk, seafood and health products, as well as fashion and entertainment goods. These industries play a critical role in the Australian economy, as well as impacting on national health and the environment. This project will provide new strategies, models and techniques to increase efficiency in both the production and delivery of perishable products. The outcomes of the project will enable decision makers in industries handling perishable products to optimise the use of resources, reduce costs and waste, raise productivity and improve services. The nation will benefit with higher export income and better quality of consumer products.Read moreRead less