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Introductory remarks by Prof. Lotfi A. Zadeh

The past few decades have witnessed an accelerating growth in the use of mathematical concepts and techniques in the analysis of financial and economic systems. Such concepts and techniques have achieved notable successes. However, they fall short of providing realistic models for systems which function in an environment of pervasive imprecision and uncertainty. There is a reason. Traditional mathematical methods are based on classical, Aristotelian, bivalent logic. Bivalent logic is intolerant of imprecision and partiality of truth. What is widely unrecognized is that bivalent logic is intrinsically not the right logic for dealing with imprecision an uncertainty in financial and economic systems. What is needed for this purpose are methods based on soft computing—principally on fuzzy logic and neurocomputing. Basically, fuzzy logic is a system of reasoning of computation in which the objects of reasoning and computation are classes with unsharp (boundaries). In the realms of finance and economics, such classes are the norm rather than exception. Neuro-fuzzy methodology is a synergistic combination of concepts and techniques drawn from neurocomputing and fuzzy logic. Neurocomputing provides effective techniques for dealing with problems in which adaptation and identification of complex dependencies play important roles—as they do in many financial and economic systems.

In recent years, many researchers in Eastern Europe, including Ukraine, have employed techniques drawn from fuzzy logic and neurocomputing. Launching of the journal "Neuro-Fuzzy Modeling Techniques in Economics" should make an important contribution to dissemination of knowledge and expertise in neuro-fuzzy-based methodologies not only in Eastern Europe and Ukraine but also worldwide. Furthermore, it will contribute to the establishment of closer contacts between Ukrainian researchers and scientific communities in other countries.

I would like to congratulate the founders of "Neuro-Fuzzy Modeling Techniques in Economics" for taking an important step toward enhancing and enlarging the use of neuro-fuzzy-based methodologies in economics and finance—areas which play vital roles in modern society.

Prof. Lotfi A. Zadeh
Professor Emeritus and
Director, Berkeley Initiative in Soft Computing (BISC)
University of California, Berkeley
Department of Electrical Engineering and Computer Sciences