Modelling Reality

Financial modelling takes many forms, as evidenced by the wide spread of topics covered in this volume. All the papers published herein were presented at either the 9th meeting, in Curaçao, or the 10th meeting, in London, of the EURO Working Group and subsequently independently refereed and in many cases revised. I would like to express my gratitude to all the referees for their work. I would especially like to thank Robin Hewins for co-organising the London meeting with me, and for helping in the production of this volume. The topics range from the simulation of a pension fund to the management of a swaps portfolio; from inventory evaluation to the pricing of contingent claim securities; from the behaviour of traders to the inclusion of subjective beliefs in forecasting.