These terms get confused all the time (e.g., this question on CrossValidated.com), and so I thought it might be helpful to try to summarize the distinction and some of the associated models.
Posts Tagged ‘mathematics’:
Advice to PhD applicants
For students who are interested in doing a PhD at Monash under my supervision. First, read the instructions on how to apply. Second, poke around my website to see the sorts of topics I work on. There’s no point asking to do a PhD with me if you want to do research on something I don’t know much about. In particular, please note that I’m not really interested in finance or economics. There are some excellent researchers at Monash on both topics, but I’m not one of them. If you’re still interested, here is what I normally expect. You should have a strong background in statistics or econometrics (at least honours or Masters level) along with some mathematics and computing. It is essential that you have studied some matrix algebra, multivariate calculus and optimization. You should be capable of programming with a high level language such as R or Matlab; if you can write in C as well, even better. Students who struggle either find they don’t know enough mathematics (or didn’t pay attention when they learned it), or they don’t know enough computing. I don’t expect students to be whiz programmers, but I do expect them to know about for loops, if statements, local variables and functions, and I assume they have some idea about nonlinear
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Online mathematical resources
DLMF For nearly 50 years, a standard reference in mathematical work has been Abramowitz and Stegun’s (1964) Handbook of Mathematical Functions with Formulas, Graphs, and Mathematical Tables. It has provided a marvellous collection of results and tables that have been indispensable for a generation of mathematicians. I’ve used it to look up computationally efficient methods for calculating Bessel functions or gamma functions, or to find one of those trigonometric identities I learned in high school and no longer remember. Apparently nearly 1 million copies of the handbook have been printed and it has also been scanned and put online. Lately, the handbook has fallen out of favour a little, partly because there is not such a need for it. We no longer need tables for trigonometric functions or logarithms, and a lot of functions are built into R, including Bessel functions and variations on the gamma function. Another reason for its declining popularity has been the rise of online resources: if you want to know something about orthogonal polynomials, there is a good chance it is covered in the Wikipedia article. Now the handbook has been reissued as the NIST Handbook of Mathematical Functions (Cambridge University Press) with a free web edition called the NIST Digital Library of Mathematical Functions (DLMF).
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