Problem solvers vary their approaches to solving problems depending on the context of the problem, the requirements of the solution, and the ways in which the problems and material to solve the problem are represented, or representations. Representations take many forms (i.e. tables, graphs, figures, images, formulas, visualizations, and other similar contexts) and are used to communicate information to a problem solver. Engagement with certain representations varies between problem solvers and can influence design and solution quality. A problem solver’s evaluation of representations and the reasons for using a representation can be considered factors in problem-solving heuristics. These factors describe unique problem-solving behaviors that can help understand problem solvers. These behaviors may lead to important relationships between a problem solver’s decisions and their ability to solve a problem and overall quality of the solution. Therefore, we pose the following research question: How do factors of problem-solving heuristics describe the unique behaviors of engineering students as they solve multiple problems? To answer this question, we interviewed 16 undergraduate engineering students studying civil engineering. The interviews consisted of a problem-solving portion that was followed immediately by a semi-structured retrospective interview with probing questions created based on the real time monitoring of the problem-solving interview using eye tracking techniques. The problem-solving portion consisted of solving three problems related to the concept of headloss in fluid flow through pipes. Each of the three problems included the same four representations that were used by the students as approaches to solving the problem. The representations are common ways to present the concept of headloss in pipe flow and included two formulas, a set of tables, and a graph. This paper presents a set of common reasons for why decisions were made during the problem-solving process that help to understand more about the problem-solving behavior of engineering students.
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Deep stochastic optimization in finance
This paper outlines, and through stylized examples evaluates a novel and highly effective computational technique in quantitative finance. Empirical Risk Minimi- zation (ERM) and neural networks are key to this approach. Powerful open source optimization libraries allow for efficient implementations of this algorithm making it viable in high-dimensional structures. The free-boundary problems related to Amer- ican and Bermudan options showcase both the power and the potential difficulties that specific applications may face. The impact of the size of the training data is studied in a simplified Merton type problem. The classical option hedging problem exemplifies the need of market generators or large number of simulations.
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- Award ID(s):
- 2106462
- PAR ID:
- 10519316
- Publisher / Repository:
- Springer
- Date Published:
- Journal Name:
- Digital Finance
- Volume:
- 5
- Issue:
- 1
- ISSN:
- 2524-6984
- Page Range / eLocation ID:
- 91 to 111
- Format(s):
- Medium: X
- Sponsoring Org:
- National Science Foundation
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