Mathematical modeling in foreign trade contracts

Valeriy Viktorovich Ivanov and Yuriy Karenovich Sarkisyants
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Valeriy Viktorovich Ivanov: Russian Foreign Trade Academy; National research university “MIET”, Moscow, Russia
Yuriy Karenovich Sarkisyants: Russian Foreign Trade Academy, Moscow, Russia

Russian Foreign Economic Journal, 2020, issue 5, 77-92

Abstract: The article presents principles and algorithms of sales contract modeling with big data processing. Special emphasis is made on practical issues of selection and adjustment of mathematical models for each part of the algorithm. The authors suggest a complete contract model linking together different mathematical models into a single system for forming and monitoring execution of a foreign trade contract. When choosing the tools, the authors take into account the latest trends in data science, technical and technological innovations, as well as specific characteristics of conducting foreign trade. The suggested technology of contract modeling is based on experimental data analysis and big data forecasting. This approach allows to enhance the efficiency of contract business processes, exclude human factor and significantly mitigate possible losses caused by inaccurate and superficial predictive analysis.

Keywords: Mathematical modeling; sales contract; machine learning; artificial intelligence; automated decision making. (search for similar items in EconPapers)
Date: 2020
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