Two of the most exciting topics of current research in stochastic networks are the complementary subjects of stability and rare events - roughly, the former deals with the typical behavior of networks, and the latter with significant atypical behavior. Both are classical topics, of interest since the early days of queueing theory, that have experienced renewed interest mo tivated by new applications to emerging technologies. For example, new stability issues arise in the scheduling of multiple job classes in semiconduc tor manufacturing, the so-called "re-entrant lines;" and a prominent need...

A discrete event system (DES) is an abstraction of many engineering and service systems characterized by event-driven dynamics. Examples include computer systems, communication networks, airports and highways. The evolution of DES is governed by events, typically occurring at random time periods. Developing new mathematical tools to study discrete event operations research, this study discusses the two lines of investigation in DES research that have emerged: logical/qualitative issues and temporal/quantitative analysis.

Monte Carlo simulation has become an essential tool in the pricing of derivative securities and in risk management. These applications have, in turn, stimulated research into new Monte Carlo methods and renewed interest in some older techniques.

This book develops the use of Monte Carlo methods in finance and it also uses simulation as a vehicle for presenting models and ideas from financial engineering. It divides roughly into three parts. The first part develops the fundamentals of Monte Carlo methods, the foundations of derivatives pricing, and the implementation of several of...