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Modeling with Optimization and Simulation

In: An Introduction to Computational Science

Author

Listed:
  • Allen Holder

    (Rose-Hulman Institute of Technology)

  • Joseph Eichholz

    (Rose-Hulman Institute of Technology)

Abstract

Earlier chapters have already developed several examples demonstrating how an optimal property can characterize a computational study. For instance, optimization was used in the method of least squares in Sects. 3.1 and 3.2 , the development of principal component analysis in Sect. 3.4 , the examples and techniques in Chap. 4 , and the design of radiotherapy treatments in Sect. 8.2 . This chapter introduces two models associated with optimization and simulation, the latter of which is regularly employed within a search for optimality, see Sects. 4.3.1 (simulated annealing) and 4.3.2 (genetic algorithms) as examples. The first model of this chapter optimizes the selection of stocks for a portfolio, where stock prices are stochastic and simulated. The second model uses simulation to predict abrupt changes in a material property. We specifically study the Ising model to computationally illustrate magnetic phase transitions. Both models are famous and have had profound impacts.

Suggested Citation

  • Allen Holder & Joseph Eichholz, 2019. "Modeling with Optimization and Simulation," International Series in Operations Research & Management Science, in: An Introduction to Computational Science, chapter 0, pages 403-430, Springer.
    • Handle: RePEc:spr:isochp:978-3-030-15679-4_12
    DOI: 10.1007/978-3-030-15679-4_12
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