The major approach of this volume is using simulation as a computational aid in dealing with and creating models of reality. The main objective is to incorporate simulation as an integral part of the interaction between data and the models which may have approximately generated them. It incorporates substantial resampling procedures in order to test hypothesis and obtain a notion of the variability of the data. Features of the book include: communicates an applications-oriented approach with numerous case studies throughout to support conceptual thinking; laced with tabular results; and...

* Considers neoclassical models in light of results that can go wrong with them to bring about better models.
* Questions the assumption that markets clear quickly.
* Offers a timely examination of the LTCM collapse.
* Written by a group of well-respected and highly qualified authors.

< P> While the common practice of Quality Assurance aims to prevent bad units from being shipped beyond some allowable proportion, statistical process control (SPC) ensures that bad units are not created in the first place. Its philosophy of continuous quality improvement, to a great extent responsible for the success of Japanese manufacturing, is rooted in a paradigm as process-oriented as physics, yet produces a friendly and fulfilling work environment. The first edition of this groundbreaking text showed that the SPC paradigm of W. Edwards Deming was not at all the same as the...