We use the basic binomial option pricing method but allow someor all the parameters in the model to be uncertain and model this uncertaintyusing fuzzy numbers. We show that with the fuzzy model we can, with areasonably small number of steps, consider almost all possible future stockprices; whereas the crisp model can consider only n + 1 prices after n steps.

This paper describes an automated procedure to model imprecisely defined structures and solve them using the interval and fuzzy finite element methods (IFEM and FFEM). The IFEM and FFEM procedures both require an uncertain FE model as input. Since none of the available preprocessors can generate uncertain FE models, the first part of the research focuses on creating an uncertain FE model based ...

There exists a large number of PID tuning rules for LTI systems. However, these rules often use time delay approximations and ignore parameter uncertainties. This work updates the classical parameter space approach to an one step PID tuning approach to guarantee robust stability for LTI time delay systems with explicit consideration of uncertainties in the plant parameters and the time delay. T...

There are various uncertain parameters in the techno-economic assessments (TEAs) of biodiesel production, including capital cost, interest rate, feedstock price, maintenance rate, biodiesel conversion efficiency, glycerol price and operating cost. However, fewer studies focus on the influence of these parameters on TEAs. This paper investigated the effects of these parameters on the life cycle ...

The aim of this paper is to study the energy pumping (the irreversible energy transfer from one structure, linear, to another structure, nonlinear) robustness considering the uncertainties of the parameters of a two DOF mass-springdamper, composed of two subsystems, coupled by a linear spring: one linear subsystem, the primary structure, and one nonlinear subsystem, the so-called NES (non-linea...