Hostname: page-component-586b7cd67f-vdxz6 Total loading time: 0 Render date: 2024-11-22T15:04:49.854Z Has data issue: false hasContentIssue false
  • English
  • Français

Knowledge systems for financial advice

Published online by Cambridge University Press:  07 July 2009

V. Mital
V. Mital
Affiliation:
Centre for Computers in Law and Finance, Brunel University, Uxbridge UB8 3PH, UK
Get access Rights & Permissions [Opens in a new window]

Abstract

The financial domain has seen considerable knowledge Systems activity. Some of the efforts have resulted in deployable Systems, but many others have met with much less success. Commentators have attempted to discern broad, universal indicators which explain or predict success. More recently, however, it has become clearer that a principal cause of the difficultes encountered is the incongruence between the real world task and the System architecture employed by developers. Proceeding from the latter perspective, this paper concerns itself with knowledge Systems for the provision of investment related financial advice. The various tasks involved are differentiated and correlated to the System architectures employed by developers. It is seen that while simple rulebased Systems suffice for some tasks, others indicate the need for techniques such as Case-Based Design.

Type
Research Article
Information
The Knowledge Engineering Review , Volume 7 , Issue 3 , September 1992 , pp. 215 - 249
Copyright
Copyright © Cambridge University Press 1992

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Bareiss, R, 1989. Exemplar-Based Knowledge Acquisition Academic Press, San Diego.Google Scholar
Barletta, R, and Mark, W, 1988. “Explanation-based indexing of cases” In: DARPA Case-Based Reasoning Workshop pp 50–60.Google Scholar
Brown, DC and Chandrasekaran, B, 1989. Design Problem Solving: Knowledge Structures and Control Strategies Morgan Kaufman, San Mateo, CA.CrossRefGoogle Scholar
Butler, A and Chamberlin, G, 1988. “The Aries Clus experience of expert Systems in insurance and investment” In: Moralee, DS (ed.), Research and Development in Expert Systems IV, Proc. Expert Systems '87 Cambridge, Cambridge University Press, pp 246–257.Google Scholar
Bylander, T and Chandrasekaran, B, 1987. “Generic tasks for knowledge-based reasoning: the ‘right’ level of abstraction for knowledge acquisition” International Journal of Man-Machine Studies 26 pp 131–144.CrossRefGoogle Scholar
Chandrasekaran, B, 1985. “Generic tasks in knowledge-based reasoning: characterizing and designing expert Systems at the ‘right’ level of abstraction” Second Conference of Artificial Intelligence Applications pp 294–300.Google Scholar
Chierici, A, Filippini, MG and Minati, M, 1989. “PORTAFOGLIO: A portfolio advisor application” In: Shadbolt, N (ed.), Research and Development in Expet Systems VI, Proc. Expert Systems '89 Cambridge, Cambridge University Press, pp 140–152.Google Scholar
Coats, PK, 1988. “Why expert Systems fail” Financial Management pp 77–86, Autumn.CrossRefGoogle Scholar
Denna, EL, Hansen, JV and Meservy, RD, 1991. “Development and application of expert Systems in audit services” IEEE Transactions on Knowledge and Data Engineering 3(2) pp 172–184.CrossRefGoogle Scholar
Duda, RO, Hart, PE, Reboh, R, Reiter, J and Risch, T, 1987. “SYNTEL: Using a functional language for financial risk assessment” IEEE Expert 2(3) pp 18–31.CrossRefGoogle Scholar
Freedman, RS, 1991. “AI on Wall Street” IEEE Expert pp. 3–9, 04.CrossRefGoogle Scholar
Gardner, AvdL, 1987. An Artificial Intelligence Approach to Legal Reasoning MIT Press, Cambridge, MA.Google Scholar
Gentner, D and Toupin, C, 1986. “Systematicity and surface similarity in the development of analogy” Cognitive Science 10 pp 277–300.CrossRefGoogle Scholar
Gruber, TR and Cohen, PR, 1987. “Design for acquisition: principles of knowledge-system design to facilitate knowledge acquisition” International Journal of Man-Machine Studies 26 pp 143–159.CrossRefGoogle Scholar
Hammond, K, 1988. Case-Based Planning Morgan Kaufman, San Mateo, CA.Google Scholar
Heuer, S, Kock, U and Cryer, C, 1988. “INVEST: An expert System for financial investments” IEEE Expert pp 60–68, Summer.CrossRefGoogle Scholar
Holyoak, KJ and Thagard, P, 1989. “Analogical mapping by constraint satisfaction” Cognitive Science 35 pp 81–125.Google Scholar
Hudlicka, E, 1988. “Construction and use of a causal model for diagnosis” International Journal of Intelligent Systems 3(3) pp 315–349.CrossRefGoogle Scholar
Hunter, T, 1991. “Father sues over school fees investment plan” The Guardian, 02 9, p. 15.Google Scholar
Keravnou, ET and Johnson, L, 1986. Competent Expert Systems Kogan Page, London.Google Scholar
Keravnou, ET and Washbrook, J, 1989. An analysis of the architectural requirements of second-generation expert Systems The Knowledge Engineering Review 3(4) pp 205–233.CrossRefGoogle Scholar
McCarty, LT, 1989. “A language for legal discourse, I, Basic features” Second International Conference on Artificial Intelligence and Law.CrossRefGoogle Scholar
Michaelson, RH, 1984. “An expert System for Federal tax planning” In: Expert Systems 1 pp 149–167.CrossRefGoogle Scholar
Mital, V and Johnson, L, 1990. “Professional negligence and the reasonableness defence in financial-legal expert Systems: a developer's perspective” Second National Conference on Law, Computers and Artificial Intelligence.Google Scholar
Mital, V and Johnson, L, 1992. Advanced Information Systems for Lawyers Chapman & Hall, London.Google Scholar
Navinchandra, D, 1988. “Case-based reasoning in CYCLOPS, a design problem solver” In: DARPA Case-Based Reasoning Workshop pp 286–301.Google Scholar
Prosser, WL, 1971. Handbook of The Law of Torts West Publishing Co., St. Paul, MN.Google Scholar
Schank, RC, 1982. Dynamic Memory—A theory of Reminding and Learning in Computers and People Cambridge University Press, Cambridge.Google Scholar
Scholobohm, DA and McCarty, LT, 1989. “EPS II: Estate planning with prototypes” In: Second International Conference on Artificial Intelligence and Law pp 1–10.CrossRefGoogle Scholar
Shinn, HS, 1988. “Abstractional analogy: a model of analogical reasoning” Proc. DARPA Case-Based Reasoning Workshop pp 370–387.Google Scholar
Shortliffe, EH, 1976. Computer-Based Medical Consultations: MYCIN Elsevier, New York.Google Scholar
Stansfield, JL and Greenfield, NR, 1987. “PlanPower: A comprehensive financial planner” IEEE Expert pp 51–60, Fall.CrossRefGoogle Scholar
Stevenson, H, 1989. “Expert Systems in the UK financial services sector: a symbolic analysis of the hype” In: Doukidis, GI, Land, F and Miller, G (eds.), Knowledge-based Management Support Systems Ellis Horwood, Hemel Hempstead.Google Scholar