Nadi Serhan Aydın

Asst. Prof. / HoD / FRM
Dept. of Industrial Engineering
Istinye University

About me

I’m an assistant professor of Industrial Engineering at Istinye University in Istanbul, Turkey. I obtained a BSc. in Management Engineering from Istanbul Technical University (2006), followed by an MSc. (2011) and a PhD. (2016) in Financial Mathematics from the Institute of Applied Mathematics at Middle East Technical University in Ankara, Turkey. I carried out my doctoral thesis studies at the Financial Signal Processing (FSP) Lab at Imperial College London. During my graduate studies, I was also granted research fellowships at Heidelberg and Ulm Universities. Prior to joining Istinye University, I was part-time faculty at the Department of Industrial Engineering at TED University in Ankara, Turkey. I am a designated Financial Risk Manager (FRM) and offer professional training courses to the financial industry. I’m also also serving on the editorial boards of a number of international journals and review networks, like zbMATH. My research interest lies in computational finance, stochastic modelling, mathematical optimization, dynamic programming, signal processing and machine learning.


Dept. of Industrial Engineering
Istinye University
Zeytinburnu 34010 Istanbul, Turkey

Google Scholar


Reinforcement learning based optimal trading in a simulated heterogeneous agent network Under review
Nadi Serhan Aydin
Simulation - Transactions of the Society for Modeling and Simulation International (A-21-0092)

Modelling and predicting the growth dynamics of COVID-19 pandemic (a comparative case of Turkey) Under review
Nadi Serhan Aydin and Erfan Babaee Tirkolaee
Gazi University Journal of Science (894640)

Integrated design of sustainable supply chain and transportation network using fuzzy goal programming Accepted with revision
Erfan Babaee Tirkolaee and Nadi Serhan Aydin
Applied Soft Computing (ASOC-D-20-03770)

Fuzzy integrated cell formation and production scheduling considering automated guided vehicles and human factors 2021
Alireza Goli, Erfan Babaee Tirkolaee and Nadi Serhan Aydin
Transactions on Fuzzy Systems

A sustainable medical waste collection and transportation model for pandemics 2021
Erfan Babaee Tirkolaee and Nadi Serhan Aydin
Waste Management & Research

Asset-backed Stable Numéraire Approach for Sustainable Valuation 2020
Nadi Serhan Aydin and Martin Rainer
Journal of Sustainable Finance & Investment

A robust bi-objective mathematical model for disaster rescue units allocation and scheduling with learning effect 2020
Erfan Babaee Tirkolaee, Nadi Serhan Aydin, Gerhard-Wilhelm Weber and Mehdi Ranjbar-Bourani
Computers & Industrial Engineering

Simulation and prediction of wind speeds (a neural network for Weibull) 2013
Stefan Giebel, Martin Rainer and Nadi Serhan Aydin
Journal of Iranian Statistical Society

Valuation of power swing options 2013
Nadi Serhan Aydin and Martin Rainer
Journal of Energy Markets

Stress testing of energy-related derivative instruments based on conditional market risk models 2010
Nadi Serhan Aydin and Coskun Kucukozmen
Journal of Energy, Market and Regulation

Scientific Projects

Sustainable Aggregate Production Planning using Multi-Criteria Decision-Making, Mathematical Modeling and Dynamic Programming

The project aims to contribute to the current theoretical as well as practical approaches in the domain of sustainable aggregate production planning (APP). In this context, it will focus on developing a hybrid multi-criteria production optimization model that incorporates sustainability as a factor and harnesses both conventional mathematical optimization and dynamic programming methods (such as reinforcement learning). The project also aims to develop a decision support system to enhance the utilization of the developed algorithm.

Deep learning based financial pattern recognition

The project aims to bring a new approach to financial prediction using deep learning based pattern recognition.

Deep learning based diabetic retinopathy stage diagnosis, change and risk prediction


Engineering Economics ISE203, Istinye University, 2020/21 Fall

Time value of money, economic equivalence, present worth (PW), annual equivalent worth (AEW), internal rate of return (IRR), benefit-cost analysis, uncertainty, replacement analysis.

Computational Thinking XXX, Istinye University, 2019/20 Spring

Timeline of computing; representation and processing of numbers, texts, images; understanding patterns; loops and iterative functions, Python.

Probability and Statistics EEE105/CoE105, Istinye University, 2019/20 Spring, 2020/21 Spring

Probability theory, axioms, discrete and continuous random variables, moments and moment generating functions, maximum likelihood estimation, statistical inference.

Operations Research (Linear Programming) ISL305, Istinye University, 2019/20 Fall

Formulating LPs, graphical method, simplex method, sensitivity, duality, transportation models, network models.

Differential and Integral Calculus YAZ101, Istinye University, 2018/19 Fall

Functions, limits, continuity, rules of differentiation and integration, rotational areas and volumes.

Lean Process Design IE212, TED University, 2016/17 Spring

The course covers lean techniques that are catered towards analysis, measurement, design, and improvement of business processes and work systems.